Document:

Form of Restricted Stock Unit Agreement

 Exhibit 10.1 

POWERSECURE INTERNATIONAL, INC. 

RESTRICTED STOCK UNIT AGREEMENT 

2008 Stock Incentive Plan 

This RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”) is made to be effective as of the “Grant Date” set forth on
the Signature Page (the “Grant Date”) by and between PowerSecure International, Inc., a Delaware corporation (the “Company”), and the individual named as the “Grantee” (the “Grantee”) in
the attached Notice of Restricted Stock Unit Grant (“Grant Notice”). 
 Recitals 

WHEREAS, the Company has adopted the PowerSecure International, Inc. 2008 Stock Incentive Plan (as amended and/or restated from time to time,
the “Plan”); and 
 WHEREAS, pursuant to the provisions of the Plan, the Board of Directors of the Company, acting directly
or through its Compensation Committee (the “Board”), has authorized a grant to the Grantee of restricted stock units (“RSUs”), subject to the restrictions and upon the terms and conditions set forth in this
Agreement; 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 1. Grant of RSUs. Upon
the terms and subject to the conditions set forth in the Plan, this Agreement and the attached Grant Notice, the Company hereby grants to the Grantee the number of RSUs set forth in the Grant Notice. Each RSU represents the right to receive one
share of Common Stock, par value $.01 per share (“Share”), of the Company, subject to the terms and conditions set forth in the Grant Notice, this Agreement and the Plan, which is incorporated herein by this reference. Unless
otherwise defined herein, all terms defined in the Plan and used in this Agreement shall have the same respective meanings in this Agreement. The Grantee hereby agrees that all RSUs are subject to, and the Grantee hereby agrees to abide by, all
terms and conditions set forth in the Plan, this Agreement and the Grant Notice. 
 2. Vesting of RSUs. 

(a) Except as otherwise provided in this Agreement, the RSUs shall vest in accordance with the vesting schedule contained in the Grant Notice
(the “Vesting Schedule”), provided the Grantee remains continuously employed by or in the service of the Company from the Grant Date through each “Vesting Date” specified in the Vesting Schedule. The number of RSUs
that shall vest on each Vesting Date shall be equal to the total number of RSUs granted hereunder multiplied by the applicable “Vesting Percentage” set forth in the Vesting Schedule. 

(b) Subject to Section 2(c), in the event of the Grantee’s termination of employment with or service to the Company, the RSUs shall
cease vesting immediately upon such termination, and any and all unvested RSUs awarded by this Agreement and the Grant Notice shall be forfeited 

(c) Notwithstanding the Vesting Schedule, any and all unvested RSUs shall become vested RSUs in the event the Grantee’s employment with
or service to the Company 

 
terminates due to the Grantee’s death or Disability (as defined below). In the event of the death of the Grantee prior to the Settlement Date, any delivery of Shares to be made to the
Grantee under this Agreement shall be made to the Grantee’s designated beneficiary, provided that such beneficiary has been designated prior to the Grantee’s death, and provided further that in the absence of any such effective designation
the Shares shall be delivered to the administrator or executor of the Grantee’s estate. 
 (d) Unless and until any RSUs become vested
RSUs and the applicable Settlement Date shall have occurred, the Grantee shall have no right to receive any Shares with respect thereto. 

3. Settlement of RSUs. 

(a) Subject to the terms and conditions of the Plan, this Agreement and the Grant Notice, any RSUs that vest shall be released and settled in
Shares as promptly as practicable after the Settlement Date selected by Grantee as set forth on the Grant Notice. The Company shall settle the vested RSUs by issuing to the Grantee one Share for each vested RSU, represented by stock certificates or
in book-entry form or otherwise in the discretion of the Company, subject to satisfaction of applicable Taxes (as defined herein). No fractional Shares shall be issued under this Agreement, and any fractional Shares shall be rounded up to the
nearest whole Share. 
 (b) Prior to the actual delivery of the Shares upon settlement of the RSUs, the RSUs (whether vested or unvested)
shall represent only an unfunded, unsecured oblation of the Company, payable (if at all) only from the general assets of the Company. 
 4.
Change in Control. In the event of a “Change in Control” (as defined in the Plan), subject to the applicable restrictions set forth in the Plan, all unvested RSUs (not otherwise forfeited prior to the Change in Control) shall
vest in full and become vested RSUs upon the date of such Change in Control. The rights of the Grantee in the event of a Change in Control shall be governed by the provisions of the Plan. Notwithstanding the foregoing, with respect to any RSU that
is characterized as “non-qualified deferred compensation” within the meaning of Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended, and the rules and regulations thereunder (the
“Code”), an event shall not be considered to be a “Change in Control” under the Plan for purposes of any settlement in respect of such RSU unless such event is also a “change in ownership,” a “change in
effective control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code. 

5. Adjustments in Shares. 

(a) In the event that any dividend or other distribution (whether in the form of cash, Common Stock, other securities or other property, but
excluding regular cash dividends), recapitalization, forward or reverse stock split, reorganization, merger, consolidation, split-up, combination, spin-off, combination, repurchase, liquidation, dissolution, exchange of Shares or other securities of
the Company, or other similar corporate transaction or event affects the Shares such that an adjustment is necessary or determined by the Board to be appropriate in order to prevent dilution or enlargement of the Grantee’s rights under this
Agreement, then the Board shall proportionately adjust the number and kind of RSUs. Any new, additional or different securities to which the Grantee shall be entitled in respect of RSUs by reason of such adjustment shall be deemed to be RSUs and
shall be subject to the same terms, conditions and restrictions as the RSUs so adjusted. 
 (b) The grant of unvested RSUs shall not affect
in any way the right of the Company to adjust, reclassify, reorganize, or otherwise change its capital stock or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets. 

  
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 6. Termination of Employment or Service; Forfeiture of Unvested RSUs. 

(a) Except as otherwise expressly provided in this Section 6, in the event the Grantee’s employment with or service to the Company
is terminated for any reason, other than due to the Grantee’s death or Disability, all rights of the Grantee with respect to RSUs that are then unvested RSUs shall terminate and be forfeited in their entirety as of the date of such termination,
and the Grantee shall have no further rights to receive Shares with respect to such unvested RSUs. 
 (b) For purposes of this Agreement,
the Grantee shall be deemed to be employed by or in service to the Company so long as the Grantee is an employee, director, officer, consultant or advisor of the Company or any Subsidiary (as defined in the Plan) of the Company. In the event the
Grantee ceases to be employed by or in service to the Company in order to become employed by or in service to any subsidiary of the Company, or the Grantee ceases to be employed by or in service to any such subsidiary in order to become employed by
or in service to of the Company or of another subsidiary of the Company, then the Grantee shall be deemed to continue to be employed by or in service to the Company for all purposes of this Agreement. 

(c) For purposes hereof, “Disability” shall be deemed to be the physical or mental inability of the Grantee to perform the
Grantee’s duties to the Company because of a physical or mental disability expected to last for a continuous period of at least one year. 

(d) The Board, in its discretion, may determine whether any leave of absence constitutes a termination of employment or service for purposes
of this Agreement. 
 7. Compliance with Legal and Other Requirements. Notwithstanding any other provision of this Agreement,
the Company may, to the extent it deems necessary or advisable, postpone the issuance or delivery of Shares to be issued upon the settlement of RSUs or other payment of other benefits under the RSUs until all of the following conditions are
satisfied: 
 (a) the admission of the Shares to listing on any stock exchange on which such Shares are then listed, 

(b) the completion of any registration or other qualification of such RSUs or Shares or other required action under any federal or state law,
rule or regulation or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, or listing or other required action required with respect to any stock exchange or stock market on which the
Shares or other securities of the Company are listed for trading, which the Company shall, in its sole discretion, deem necessary or advisable; 

  
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 (c) the obtaining of any approval or other clearance from any federal or state governmental
agency, which the Company shall, in its sole discretion, determine to be necessary or advisable; 
 (d) the Company has complied with any
other obligations related thereto; 
 (e) the lapse of any such reasonable period of time following the applicable Settlement Date of
any portion of the RSUs as the Committee may establish from time to time for reasons of administrative convenience; and 
 (f) the receipt
from Grantee of such representations and information as the Company may consider appropriate in connection with the issuance or delivery of the RSUs or payment of other benefits in compliance with applicable laws, rules, regulations, listing
requirements, or other applicable obligations. 
 8. Taxes. 

(a) Upon the settlement of the RSUs, or earlier if applicable due to tax elections by the Grantee, the Grantee shall make arrangements
satisfactory to the Company to make payment of all federal, state and local income, social security, payroll and other taxes (collectively, “Taxes”) arising in connection the RSUs, and the Grantee acknowledges that the Grantee is
ultimately liable and responsible for any and all such Taxes, regarding of any action the Company take with respect to such Taxes. The Grantee further acknowledges that the Company (i) does not make any representation or undertaking regarding
the treatment of any Taxes in connection with any aspect of the RSUs, including the grant, vesting and settlement thereof, or the subsequent sale of any Shares acquired upon settlement of any RSUs, and (ii) does not commit, and is under no
obligation, to structure the terms of the RSUs or any aspect thereof to reduce or eliminate the Grantee’s liability for Taxes or to achieve any particular Tax result. 

(b) Notwithstanding any contrary provision of this Agreement, no portion of the RSUs shall be settled unless and until satisfactory
arrangements (as determined by the Company) have been made by the Grantee with respect to the payment of any Taxes which the Company determines must be withheld with respect to such portion of the RSUs. 

9. Transferability of RSUs. 

(a) The Grantee shall not sell, assign, transfer (by gift or otherwise), pledge, hypothecate or otherwise dispose of by operation of law or
otherwise (“Transfer”), any RSUs (whether vested or unvested), or any rights or privileges conferred under this Agreement, except as otherwise provided by this Agreement or the terms of the Plan. If any Transfer of any RSUs, or any
rights or privileges under this Agreement, is made or attempted to be made contrary to the terms of this Agreement, such Transfer or attempted Transfer shall be null and void and ineffectual and shall cause such RSUs (even if then vested) to be
forfeited. In addition to any other legal or equitable remedies it may have, the Company may enforce its rights to specific performance to the extent permitted by law and may exercise such other equitable remedies then available to it. 

(b) Notwithstanding the restrictions on Transfer set forth in this Section 3, the Grantee may Transfer any RSUs in whole or in part as
follows: 
 (i) By will or the laws of descent and distribution; or 

(ii) Pursuant to a Qualified Domestic Relations Order as defined under the Code or Title I of the Employee Retirement Income Security Act of
1974. 

  
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 10. Plan As Controlling. The RSUs are granted pursuant to, and this Agreement and the
Grant Notice shall be interpreted in a manner consistent with, the Plan. Any provision of this Agreement or the Grant Notice that is inconsistent or in conflict with any provision of the Plan shall be deemed to be superseded and governed by the
provision of the Plan. All terms and conditions of the Plan applicable to the RSUs which are not set forth in this Agreement shall be deemed to be incorporated herein by this reference. Grantee acknowledges that Grantee has received a copy of the
Plan prior to executing the Grant Notice. 
 11. Insider Trading Policy. By accepting the RSUs, the Grantee acknowledges that
(a) a copy of the Company’s Insider Trading Policy has been made available to the Grantee, (b) the Grantee has had an opportunity to review the Company’s Insider Trading Policy and (c) the Grantee is bound by all the terms
and conditions of the Company’s Insider Trading Policy. 
 12. Rights as Stockholder. 

(a) Generally. Neither the Grantee nor any person claiming by, through or under the Grantee shall have any of the rights or privileges
of a stockholder of the Company in respect of any Shares deliverable pursuant to the RSUs unless and until such Shares have been issued on the books and records of the Company or its transfer agent or registrar. After such issuance, the Grantee
shall have all the rights as a stockholder of the Company with respect to such Shares. 
 (b) Dividend Rights. Notwithstanding
Section 12(a), upon the settlement of any vested RSUs, the Grantee shall also be entitled to receive a payment in cash equal to the product of (i) the aggregate amount of any cash dividends paid with respect to one share of Common Stock
from the Grant Date through the date of settlement of such RSUs, multiplied by (ii) the number of vested RSUs, provided that such dividend rights shall be applicable only to RSUs that become vested hereunder and payable only upon the settlement
of such RSUs. 
 13. No Right to Continued Employment or Future Awards. Nothing contained in the Plan or this Agreement shall confer,
and the grant of the RSUs shall not be construed as conferring, upon the Grantee, any right to continue in the employ or service of the Company or any Subsidiary, or as interfering in any way with the right of the Company or any Subsidiary of the
Company to (a) terminate the Grantee’s employment or service at any time, or (b) increase or decrease the compensation of the Grantee from the rate in existence on the Grant Date. The grant of RSUs is at the sole discretion of the
Company and does not create any contractual or other right to receive future awards of RSUs, or benefits in lieu of RSUs, even if RSUs have been awarded to the Granted repeatedly in the past. 

14. Nature of Grant. In accepting the Award, the Grantee acknowledges, understands and agrees that: 

(a) the Plan is established voluntarily by the Company, it is discretionary in nature, and it may be modified, amended or terminated by the
Company at any time, to the extent permitted by the Plan; 

  
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 (b) the grant of the RSUs is voluntary and occasional and does not create any contractual or
other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past; 
 (c) all decisions
with respect to future grants of RSUs, if any, will be at the sole discretion of the Company; 
 (d) the Grantee is voluntarily
participating in the Plan; 
 (e) the future value of the Shares subject to the RSUs is unknown, indeterminable and cannot be predicted with
certainty; and 
 (f) no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from the Grantee
ceasing to provide services to the Company (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Grantee is employed or the terms of the Grantee’s employment
agreement, if any) and in consideration of the grant of the RSUs to which the Grantee is otherwise not entitled, the Grantee irrevocably agrees never to institute any claim against the Company, waives his or her ability, if any, to bring any such
claim, and releases the Company from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Grantee shall be deemed irrevocably to have agreed not to
pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claims. 
 15. No
Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding participation in the Plan, or the Grantee’s acquisition or sale of Shares. The Grantee is
hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan. 

16. Electronic Delivery and Participation. The Company may, in its sole discretion, decide to deliver any documents related to the RSUs
or future RSUs granted under the Plan by electronic means or request the Grantee’s consent to participate in the Plan by electronic means. The Grantee hereby consents to receive such documents by electronic delivery and agrees to participate in
the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. 

17. Miscellaneous. 
 (a)
Notices. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed given when sent by first class certified or registered mail, postage prepaid, return receipt requested, or by personal
delivery, addressed as follows: 
  

	 	(i)	If to the Company, at its principal executive offices; or 

  

	 	(ii)	If to the Grantee, at the address set forth on the Signature Page. 

  
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 The addresses for such notices may be changed from time to time by written notice given in the manner provided
for herein. 
 (b) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware, without regard to provisions governing conflicts of laws. 
 (c) Entire Agreement. This Agreement (along with the Plan and
the Grant Notice) constitutes the entire agreement and understanding between the parties hereto regarding the subject matter hereof, and supersedes all prior written or oral agreements, understandings and communications between the parties related
to the subject matter of this Agreement. 
 (d) Amendment. This Agreement may be modified, amended or rescinded only by a written
Agreement executed by Grantee and the Company; provided, however, that the Company reserves the right, to the extent the Company deems necessary or advisable in its sole discretion, to unilaterally alter or modify the terms of the RSUs set forth in
this Agreement (i) in any respect that is not material to Grantee and will not detrimentally affect Grantee’s rights or obligations hereunder, or (ii) as provided in Section 17(e). 

(e) Section 409A Compliance. It is intended that the Plan, the Agreement and the RSUs comply with, or be exempt from, the
requirements of Section 409A and any related guidance promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service. Accordingly, to the maximum extent permitted, this Agreement shall be
interpreted and administered to be in compliance therewith or exempt therefrom. Notwithstanding any other provisions of this Agreement or the Grant Notice, the Company reserves the right, to the extent the Company deems necessary or advisable, if
the Grantee is or becomes subject to federal income taxation, and without any obligation to do so or to indemnify the Grantee for any failure to do so, to unilaterally amend the Plan and/or this Agreement to ensure that all RSUs are awarded in a
manner that qualifies for exemption from or complies with Section 409A, provided, however, that the Company makes no representation that the RSUs will comply with or be exempt from Section 409A and makes no undertaking to preclude
Section 409A from applying to the RSUs. 
 (f) Severability. If any provision of the Plan, this Agreement or the RSUs is or
becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or would disqualify the Plan, this Agreement or the RSUs under any law, this Agreement and the RSUs shall be deemed amended to conform to applicable laws or, if it
cannot be construed or deemed without, in the determination of the Board, materially altering the intent of the Agreement and the RSUs, it shall be deleted and the remainder of the Agreement shall remain in full force and effect. If any of the terms
or provisions of this Agreement or the RSUs conflict with the requirements of applicable law or applicable rules and regulations thereunder, including the requirements of Rule 16b-3, then such terms or provisions shall be deemed inoperative to the
extent necessary to avoid the conflict with applicable law, or applicable rules and regulations, without invalidating new remaining provisions hereof. 

(g) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
heirs, legatees, legal representatives, successors and assigns, subject to the limitations set forth in Section 9. 
 (h) Specific
Performance and Remedies. The rights of the parties under this Agreement are unique and, accordingly, the parties shall have the right to, in addition to any 

  
 7 

 
other remedies as may be available to any of them at law or in equity, to enforce their rights hereunder by actions for specific performance in addition to any other legal or equitable remedies
that they might have to the extent permitted by law. All rights and remedies of the Company and of the Grantee enumerated in this Agreement shall be accumulative, and, except as expressly provided otherwise in this Agreement, none shall exclude any
other rights or remedies allowed by law or in equity, and each of said rights or remedies may be exercised and enforced concurrently. 
 (i)
Waivers. Any of the provisions of this Agreement may be waived by an instrument in writing with the consent of the party or parties whose rights are being waived. Any waiver of a breach of any provision of this Agreement shall not operate or
be construed as a waiver of any subsequent breach of that provision or of any other provision hereof. 
 (j) Captions. The captions
contained in this Agreement are included for convenience of reference only and do not define, limit, explain or modify this Agreement or its interpretation, construction or meaning and are in no way to be construed as a part of this Agreement. 

(k) Construction. For purposes of this Agreement, the following rules of construction shall apply: (i) the word “or” is
disjunctive but not necessarily exclusive; and (ii) the number and gender of each pronoun shall be construed to be such number and gender as the context, circumstances or its antecedent may require. 

*  *  *  *  *  *  *  *  * 

  
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 POWERSECURE INTERNATIONAL, INC. 

NOTICE OF RESTRICTED STOCK UNIT GRANT 

Under the 2008 Stock Incentive Plan 
  

					
	Name of Grantee:		  
		
			
	Number of RSUs:		  
		
			
	Grant Date:		                                      
  , 201    		

 Vesting Schedule (subject to Grantee’s continued service with the Company): 

 

	 	 ̈	20% Per Year commencing on First Anniversary of Grant Date 

  

	 	 ̈	25% Per Year commencing on First Anniversary of Grant Date 

  

	 	 ̈	33 1/3% Per Year commencing on First Anniversary of Grant Date 

  

	 	 ̈	25% Per Quarter commencing on First Quarter after Grant Date 

  

	 	 ̈	100% Immediate 

  

	 	 ̈	20% Per Year commencing on Grant Date 

  

	 	 ̈	25% Per Year commencing on Grant Date 

  

	 	 ̈	33 1/3% Per Year commencing on Grant Date 

  

	 	 ̈	Performance Vesting (See attached Vesting Schedule) 

  

	 	 ̈	Other (See attached Vesting Schedule) 

 Settlement Date (which regardless of the election
below shall be no later than upon a Change in Control of the Company): 
  

	 	 ̈	The date the RSUs become 100% vested 

  

	 	 ̈	The earlier of the third (3rd) Anniversary of Grant Date or Termination of Service 

 

	 	 ̈	The earlier of the fifth (5th) Anniversary of Grant Date or Termination of Service 

 

	 	 ̈	The later of the third (3rd) Anniversary of Grant Date or Termination of Service 

 

	 	 ̈	The later of the fifth (5th) Anniversary of Grant Date or Termination of Service 

 

	 	 ̈	Termination of Service 

 By their execution of this Notice of Restricted Stock Unit Grant, the Company
and the Grantee agree that the Restricted Stock Units (RSUs) are granted under and governed by the terms and conditions of the PowerSecure International, Inc. 2008 Stock Incentive Plan (as amended and restated from time to time) and the Restricted
Stock Unit Agreement attached to this Notice. 
  

			
	POWERSECURE INTERNATIONAL, INC.
		
	By:		  

		
	Its:		  

  

					
	GRANTEE:
	
	  

	Signature
	
	  

	Street Address
	
	  

	City		State		Zip Code

  
 9 

 Vesting Schedule 

 

			
	 Vesting Date(s) or Performance Condition(s)
	  	Vesting Percentage
		  	
		  	
		  	

  
 10Exhibit 10.85

 

Redacted Version

 

LICENSE AGREEMENT

 

Between

 

Elite Pharmaceuticals, Inc.

 

and

 

Epic Pharma LLC

  

 

 

{***} 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.

Confidential

 

    	 

    	 

    

 

Redacted Version

  

LICENSE AGREEMENT

 

This License Agreement (“Agreement”)
is entered into as of the 4th day of June, 2015 by and between EPIC PHARMA LLC,
a Delaware limited liability company (“EPIC”) located at 227-15 N. Conduit Avenue, Laurelton, New York 11413
and ELITE PHARMACEUTICALS, INC., a Nevada corporation and ELITE LABORATORIES, INC. (a subsidiary of Elite Pharmaceuticals, Inc.),
a Delaware corporation (collectively, “ELITE”) located at 165 Ludlow Avenue, Northvale, New Jersey 07647.

 

WHEREAS, ELITE has
ownership rights to product/NDA specified on Schedule A (the “Product” or “Products”), and EPIC wishes
to license from ELITE the right to market and sell the Product on the terms and conditions set forth in this Agreement;

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth in this Agreement, and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto agree as follows:

 

Article 1

GRANT OF LICENSE

 

1.1             
Exclusive Product License. ELITE hereby grants to EPIC an exclusive license (“License” or “Licensing
Rights”) without the right to sublicense, to market and sell the Products as listed in Schedule A in the United States, including
the right to reference the NDA Number, where appropriate, for approval to market the Product in the United States.

 

1.2             
Trademarks. EPIC agrees and acknowledges that it shall not acquire by virtue of this Agreement any interest in any
trademarks or trade names of ELITE, except that ELITE authorizes EPIC to place the ELITE trade names and trademarks on marketing
and packaging materials of the Products during the term of this Agreement. The labeling will incorporate a statement that Products
are manufactured by Elite Laboratories, Inc., 165 Ludlow Avenue, Northvale, NJ 07647 and distributed by Epic Pharma LLC, 227-15
N. Conduit Avenue, Laurelton, New York 11413.

 

1.3             
Regulatory and Pharmacovigilance. EPIC shall be responsible for all regulatory and pharmacovigilance matters related
to these Product.

 

1.4             
Improvements. Any new information, developments, or improvements relating to the Product subject to this Agreement,
and any patent or copyright rights arising from or related thereto (collectively, “Improvements”) will be owned solely
by ELITE but shall be automatically included in the License, and if EPIC develops an Improvement that may be used beyond the Product
which are the subject of this Agreement, then ELITE does now automatically grant a worldwide, non-exclusive, irrevocable, royalty-free
right for EPIC to use the Improvement.

 

 

 

{***} 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.

Confidential

 

    	 

    	 

    

 

Redacted Version

 

Article 2

COMPENSATION

 

2.1.           
License Fee, Milestone, and Transfer Cost Payments. In return for the Licensing Rights described in this Agreement,
EPIC shall pay to ELITE the milestone payments (“Milestone Payments”) and a license fee (“License Fee”)
all as specified in Schedule B.

 

2.2.           
Records. EPIC shall keep complete and accurate records of all of the components of the calculations in Appendix B
including sales of the Product and the calculation of all gross invoice sales, cash, discounts, net invoice sales, deductions and
net sales of the Product. ELITE shall have the right, at ELITE’s expense and after thirty (30) days’ prior written
notice to EPIC, through an independent certified public accountant, on a mutually agreeable date, to examine such records at any
time within one (1) year after the due date of the License Fee payments to which such records relate, during regular business hours,
during the term of this Agreement and for twelve (12) months after expiration of the last production lot of Product sold by EPIC,
in order to verify the accuracy of the reports to be made under this Agreement. If the accountant determines that EPIC has under-compensated
ELITE, the findings shall be shared with EPIC. If EPIC agrees that EPIC has not paid ELITE all of the compensation ELITE was entitled
to receive, or it is later determined that EPIC did not pay all of the compensation due to ELITE, then EPIC shall pay the proper
amount of compensation and all costs and expenses incurred by ELITE to hire the accountant and all of the accountant’s expenses,
and all legal expenses, to obtain the appropriate compensation. If EPIC disputes in good faith the accuracy of the results of such
examination, the parties will retain a second independent certified public accountant whose examination will be binding upon both
parties. The if the second independent certified public accountant verifies the findings of the first independent certified public
accountant then EPIC will pay all of the expenses of both independent certified public accountant examinations.

 

2.3.           
Reports. EPIC will provide Reports as described in Schedule B.

 

2.4.           
Payments by EPIC. 

 

(a)       
All Milestone Payments will be made by check and mailed to ELITE within ten (10) days after the payment becomes due.

 

		(b)	The License Fee shall be paid to ELITE in quarterly payments based upon the previous quarterly’s Products that EPIC shipped
to its customers. All License Fee payments shall be made by check and mailed to ELITE within thirty (30) days after the end of
each quarterly. A copy of the Report for the prior quarter will accompany the check.

 

		(c)	A late fee of 1% per month will be accrued for all payments which EPIC fails to pay when due.

 

 

 

{***} 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.

Confidential

 

    	 

    	 

    

 

Redacted Version

 

Article 3

MANUFACTURING

 

3.1.           
Manufacturing and Supply Agreement. ELITE shall supply Product to EPIC at cost plus ten percent (10%) and the parties
agree to execute a separate Manufacturing and Supply Agreement (the “Manufacturing Agreement”).

 

3.2.           
 PDUFA Fees and Pediatric Study. Prescription Drug User Fee Act (PDUFA) fees will be paid for at cost out of Net
Product Sales and will be shared {***} by the partners based on the profit split. A pediatric study is required by the FDA for
the Product. The costs of the pediatric study will be paid for at cost out of Net Product Sales and will be shared equally by the
partners based on the profit split.

 

3.3.           
Quality Agreement. In conjunction with the execution of this Agreement, the parties shall execute a Quality Agreement.

  

Article 4 

CONFIDENTIALITY

 

4.1           
Confidential Information. Both
Parties acknowledge that it may be necessary for each to disclose certain technical and proprietary information with respect to
the Product to the other and such disclosures may also include either party’s know-how and intellectually property. For purposes
of this Agreement, the term "Confidential Information" shall mean all such information, but not limited to, inventions,
works of authorship, trade secrets, formula, strategy, patents, trademarks, patent applications or trademark applications or other
intellectual property rights, knowledge, know-how, data, processes, proposed processes, procedures, specifications, tests, forms,
customer lists, employee lists, associate lists and supplier lists, techniques, algorithms, software, programs, designs, drawings,
formula or test data relating to any research project or product, works-in-process, future development, market research, marketing
strategies, information relating to products, proposed products, agreements with proprietary information of third parties and clinical
data and analysis, clinical trials, applications and communications with the United States Food and Drug Administration or other
similar governmental bodies or agencies, or other results, regardless of form (whether written, oral, photographic, electronic,
magnetic, computer or otherwise), treated or designated by the Disclosing Party as confidential or proprietary and relating to
a party’s business, finances, intellectual property or other proprietary rights, Specifications, all technical and/or proprietary
information relating to the Product, information relating to the marketing of, customers, customer lists, and sales as well as
the pricing of Product, and all other written information clearly identified as "Confidential" when submitted by the
disclosing party to the receiving party.

 

 

 

{***} 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.

Confidential

 

    	 

    	 

    

 

Redacted Version

 

4.2           
Obligations. Each Party shall
hold in strict confidence any such Confidential Information received from the other and shall not disclose it to anyone, other
than a Party's Representatives or use it for its own benefit or the benefit of others except as may be necessary to fulfill its
obligations hereunder, provided such Party first obtains the prior written consent of the disclosing party. In such case, the Party
requesting such consent of the disclosing party shall cause any person to whom such disclosure may be authorized as aforesaid,
to agree to hold such information in confidence and not to use or disclose same to the same extent as such Party. However, the
foregoing obligations shall not apply to information which the receiving party can demonstrate:

 

		(a)	at the time of disclosure to the receiving party or at the time the receiving party learns of such Confidential Information,
was in the public domain, or which thereafter enters the public domain, through no act or omission of the receiving Party; or

 

		(b)	at the time of disclosure to the receiving Party or at the time the receiving Party learns of such Confidential Information,
was already in the possession of the receiving Party or its Representatives, and was not acquired (i) from the disclosing Party,
or (ii) from another source under an obligation of confidence and/or non-use, as documented by receiving Party’s written
records documenting such knowledge; or

 

		(c)	is hereafter lawfully received by the receiving Party or its Representatives on a non-restricted basis from another source
having rightful possession of such Confidential Information and the legal right to disclose it to the receiving Party as documented
by the receiving Party’s written records; or

 

		(d)	is hereafter independently developed by the receiving Party or its Representatives who is shown not to have received or have
available to him or her any such Confidential Information, as documented by the receiving Party’s written records.

 

4.3           
Additional Obligations. The burden of proving
the applicability of any one or more of the above exceptions shall at all times be with the receiving Party. The mutual obligations
of confidentiality under this Section shall survive expiration or earlier termination of this Agreement. If a receiving Party is
required by a government body or court of law to disclose Confidential Information, the receiving Party agrees, to the extent permitted
by law, to give the disclosing Party reasonable advance notice thereof and to cooperate with the reasonable efforts of disclosing
Party to contest the disclosure or seek an appropriate protective order.

 

 

 

{***} 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.

Confidential

 

    	 

    	 

    

  

Redacted Version

 

Article 5

TERM AND TERMINATION

 

5.1.           
Term. This Agreement shall become effective as of the date hereof and shall continue until five (5) years from such
date (the “Initial Term”), unless terminated earlier by mutual agreement of the parties or by one of the parties in
accordance with this Article 5; provided further that the parties shall have the option, by mutual agreement, to extend the Initial
Term of this Agreement for an additional five (5) years (a “Renewal Term” and collectively with the Initial Term, the
“Term”) by the parties exchanging written notice of such election not less than six (6) months prior to the expiration
of the Initial Term.

 

5.2.           
Modification for Lack of Licensing Fees.

 

		(a)	EPIC hereby agrees to exert commercially reasonable efforts and shall devote the same efforts to marketing the Products that
EPIC exerts for its other major pharmaceutical products being marketed in the United States.

 

		(b)	If the License Fee paid to ELITE is less than the amounts listed in Schedule C for each year, then at the end of five year
ELITE may terminate the License granted hereunder to EPIC for the Product. If ELITE desires to terminate the License granted hereunder,
then ELITE shall give EPIC ninety (90) days written notice of the License termination.

 

5.3.           
Termination by Mutual Agreement. The parties may terminate this Agreement any time by mutual written agreement.

 

5.4.           
Termination by Breach. Upon the breach or default in the performance or observance of any of the material provisions
of this Agreement by either Party, when such breach or default is not cured by the Party responsible for the breach or default
within sixty (60) days after written notice by the non-breaching Party, the non-breaching Party may terminate this Agreement upon
an additional thirty (30) days written notice to the breaching Party. termination will be without prejudice to either Party to
recover any and all damages to which it may be entitled, or to exercise any other remedies.

 

5.5.           
Termination by ELITE Upon Bankruptcy or Reorganization of EPIC. If EPIC enters into any proceeding (whether voluntary
or otherwise) in bankruptcy, reorganization or arrangement for the appointment of a receiver or trustee to take possession of its
assets, or any other proceeding under any law for the relief of creditors or makes an arrangement for the benefit of its creditors,
and remains in such proceeding for 30 days, then ELITE shall retain its rights to the Product and may terminate this Agreement
without further payment to EPIC.

 

5.6.           
Licensing Rights upon Termination. Except as otherwise provided in this Agreement, upon termination of this Agreement:
all rights, privileges, and licenses will terminate and revert to ELITE, and EPIC must not thereafter make any use whatsoever of
any confidential information as described in section 3 of this Agreement, except that it is agreed that upon termination notwithstanding
any other terms of this Agreement, EPIC may retain one archival copy to have sufficient information solely to respond to state
and federal regulatory inquiries regarding the Product.

 

 

 

{***} 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.

Confidential

 

    	 

    	 

    

 

Redacted Version

 

5.7.           
Accrued Rights. Expiration or termination of this Agreement shall be without prejudice to the right of either Party
to receive all payments accrued and unpaid at the effective date of such expiration or termination, without prejudice to the remedy
of either Party in respect to any previous breach of the representations, warranties or covenants herein contained, without prejudice
to any rights to indemnification set forth herein and without prejudice to any other provision hereof which expressly or necessarily
calls for performance after such expiration or termination. EPIC expressly retains the right to sell Product on-hand after termination
of this Agreement and shall remain bound to pay ELITE the Licensing Fee as provided in this Agreement.

 

Article 6

REPRESENTATIONS, WARRANTIES AND COMPETITION, COOPERATION UPON BANKRUPTCY OF ELITE

 

6.1.        
EPIC Representations. EPIC hereby represents and warrants to ELITE that (a) it has obtained all necessary licenses,
authorizations and approvals required by applicable Law, including those required by the FDA, DEA or any other applicable regulatory
agency to enter into this Agreement and perform its obligations hereunder; (b) the execution, delivery and performance of this
Agreement by EPIC does not conflict with or constitute a breach of any order, judgment, agreement, or instrument to which it is
a party; (c) the execution, delivery and performance of this Agreement by EPIC does not require the consent of any person; and
(d) none of its officers or directors has ever been convicted of a felony under the laws of the United States for conduct relating
to the development or approval of a drug product or relating to the marketing or sale of a drug product

 

6.2.        
ELITE Representations. ELITE hereby represents and warrants to EPIC that (a) it has obtained all necessary licenses,
authorizations and approvals required by applicable Law, including those required by the FDA, DEA or any other applicable regulatory
agency to enter into this Agreement and perform its obligations hereunder; (b) the execution, delivery and performance of
this Agreement by ELITE does not conflict with or constitute a breach of any order, judgment, agreement, or instrument to which
it is a party; (c) the execution, delivery and performance of this Agreement by ELITE does not require the consent of any
person; and (d) none of its officers or directors has ever been convicted of a felony under the laws of the United States
for conduct relating to the development or approval of a drug product or relating to the marketing or sale of a drug product.

 

6.3.        
Non-competition by EPIC. EPIC hereby covenants and agrees that without the prior written consent of ELITE during
the Term of this Agreement, and for two (2) years after the last shipment of Product by EPIC, EPIC will not directly or indirectly
market a product which addresses the same therapeutic indication as the Product, contains the same active pharmaceutical ingredient
as the Product, and has an abuse-deterrent designation in the label.

 

 

 

{***} 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.

Confidential

 

    	 

    	 

    

 

Redacted Version

 

6.4.        
Cooperation Upon Bankruptcy Event of ELITE. ELITE shall use, and cause its representatives and affiliates to use,
best efforts to make all necessary arrangements and take all required actions to permit EPIC to retain all rights licensed hereunder
with respect to the Product in the event that ELITE (i) is dissolved or liquidated,
(ii) commences a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to
itself or its debts under any bankruptcy, insolvency or other similar
law, (iii) is subject to an involuntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to ELITE and an order for relief entered or such proceeding has not be dismissed or
discharged within sixty (60) days of commencement, (v) has made an assignment for the benefit of creditors, or (vi)
otherwise ceases to conduct business during the Term (each, an “Extraordinary Event”).

 

Article 7

INDEMNIFICATION AND INSURANCE

 

7.1.           
ELITE Indemnity. Subject to Sections 5.2 and 5.4, ELITE shall indemnify and hold harmless EPIC and its Affiliates
against all third party claims, actions, costs, expenses, including court costs and legal fees or other third party liabilities
("Third Party Liabilities") whatsoever in respect of:

 

		(a)	any breach of any representation, warranty, covenant or similar promise made under this Agreement or arising out of this Agreement;

 

		(b)	any negligence or willful misconduct by ELITE and/or any of its employees; and

 

any claim of patent infringement or intellectual
property, trademark or tradedress violation;

 

		(c)	any product liability claims in connection with the Products caused by ELITE or any third party acting on behalf of ELITE or
its Affiliates;

 

		7.1	EPIC Indemnity. Subject to Sections 5.1 and 5.4, EPIC shall indemnify and hold harmless ELITE and its Affiliates against
all Third Party Liabilities whatsoever in respect of:

 

		1)	EPIC’s and/or it Affiliates’, subcontractors’ or suppliers’ failure to comply with the cGMP or applicable
Laws;

 

		i.	the use, marketing, storage, distribution, handling
or sale of the Product after the Effective Date by EPIC or any third party, other than a third party acting on behalf of ELITE
or its Affiliates;

 

 

 

{***} 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.

Confidential

 

    	 

    	 

    

 

Redacted Version

 

		ii.	and

 

		iii.	any negligent or wrongful act by EPIC and any breach
by EPIC of any representation or warranty, covenant or similar promise made under this Agreement or arising out of this Agreement.

 

		7.2	Procedures for Indemnification. In the event that a party (the "Indemnified Party") is seeking indemnification
under Sections 6.1 or 6.2, the Indemnified Party shall inform the other party (the "Indemnifying Party") of a
claim as soon as reasonably practicable after the Indemnified Party receives notice of the claim, shall permit the Indemnifying
Party to assume direction and control of the defense of the claim, and shall cooperate as requested by the Indemnifying Party (at
the expense of the Indemnifying Party) in the defense of the claim; provided, however, if the defendants in any such action include
both the Indemnified Party and the Indemnifying Party and the Indemnified Party shall have reasonably concluded that a conflict
may arise between the positions of the Indemnifying Party and the Indemnified Party in conducting the defense of any such action
or that there may be legal defenses available to it that are different from or additional to those available to the Indemnifying
Party, the Indemnified Party shall have the right to select separate counsel to assume such legal defenses and to otherwise participate
in the defense of such action or on behalf of the Indemnified Party. No Indemnifying Party shall, without the prior written consent
of the Indemnified Party, settle or compromise or consent to the entry of judgment with respect to any pending or threatened action
or claim whatsoever, in respect of which indemnification could be sought under Sections 6.1 or 6.2 (whether or not the Indemnified
Party is an actual or potential party thereto), unless such settlement, compromise or consent (i) includes an unconditional release
of the Indemnified Party in form and substance reasonably satisfactory to the Indemnified Party from all liability arising out
of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by
or on behalf of the Indemnified Party. The Indemnifying Party shall not be liable for settlement of any pending or threatened action
or any claim whatsoever that is effected without its written consent (which consent shall not be unreasonably withheld or delayed).

 

		7.3	Mitigation. In the event of any occurrence which may result in either party becoming liable under Section 7.1 or
Section 7.2, each party shall use its best efforts to take such actions as may be reasonably necessary to mitigate the damages
payable by the other party under Section 7.1 or Section 7.2, as the case may be.

 

		7.4	Limitation of Liability. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, IN NO EVENT SHALL ANY PARTY, ITS
DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR AFFILIATES BE LIABLE TO THE OTHER PARTIES FOR ANY CLAIMS RELATED TO LOST PROFITS AND
GOODWILL, WHETHER BASED UPON A CLAIM OR ACTION OF CONTRACT, WARRANTY, NEGLIGENCE, STRICT LIABILITY OR OTHER TORT, OR OTHERWISE,
ARISING OUT OF THIS AGREEMENT.

 

 

 

{***} 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.

Confidential

 

    	 

    	 

    

 

Redacted Version

 

		7.5	Insurance. Each party shall maintain commercial general liability insurance through the term of this Agreement upon
launch of the first Product, which insurance shall afford limits of not less than $5,000,000 for each occurrence for personal injury
or property damage liability. Furthermore, each party shall maintain product liability insurance, through the term of this Agreement
upon launch of the first Product and for a period of three (3) years thereafter, which insurance shall afford limits of not
less than $5,000,000 in the aggregate per annum with respect to product and completed operations liability. This insurance shall
be written to cover claims incurred, discovered, manifested, or made during or after the expiration of this Agreement. Each party
shall provide the other with a certificate of insurance evidencing the above and showing the name of the issuing company, the policy
number, the effective date, the expiration date and the limits of liability. The insurance certificate shall further provide for
a minimum of thirty (30) days' written notice to the insured of a cancellation of, or material change in, the insurance. If
a party is unable to maintain the insurance policies required under this Agreement through no fault on the part of such party,
then such party shall forthwith notify the other party in writing and the parties shall in good faith negotiate appropriate amendments
to the insurance provision of this Agreement in order to provide adequate assurances. In the event that either a customer or an
insurer of either party requires such party to increase its insurance limits above the $5,000,000 described above for any policy,
then the other party to this Agreement must also match the required insurance increase, so that the parties to this Agreement are
carrying the same insurance policy limits. It is the express intention of the parties that the parties shall endeavor to avoid
insurance policy limits above $10,000,000.

  

8

 MISCELLANEOUS

 

		8.1	Waiver; Remedies and Amendment. Any waiver by any party hereto of a breach of any provisions of this Agreement will
not be implied and will not be valid unless such waiver is recited in writing and signed by such party. Failure of any party to
require, in one or more instances, performance by the other party or parties in strict accordance with the terms and conditions
of this Agreement will not be deemed a waiver or relinquishment of the future performance of any such terms or conditions or of
any other terms and conditions of this Agreement. A waiver by any party of any term or condition of this Agreement, including this
Section 8.1, shall be valid only if in writing and will not be deemed or construed to be a waiver of such term or condition for
any other term. All rights, remedies, undertakings, obligations and agreements contained in this Agreement will be cumulative and
none of them will be a limitation of any other remedy, right, undertaking, obligation or agreement of any party. This Agreement
may not be amended except in a writing signed by all parties.

 

 

 

{***} 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.

Confidential

 

    	 

    	 

    

 

Redacted Version

 

		8.2	Affiliates, Assignment, No Inconsistent Agreements. EPIC may not assign its rights and obligations hereunder without
the prior written consent of ELITE. Neither EPIC nor ELITE will enter into any agreement that is inconsistent with its obligations
hereunder. Notwithstanding the foregoing, either party may assign this Agreement to an acquirer that acquires more than a fifty
(50%) interest in the party.

 

		8.3	Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed will be deemed
to be an original and all of which when taken together will constitute this Agreement.

 

		8.4	Governing Law; Dispute Resolution; Venue. This Agreement will be governed by and construed in accordance with the laws
of the state of New York without regard to conflict of law or choice of law rules. Any controversy or claim pursuant to this Agreement
or the breach thereof shall be referred for decision forthwith to a senior executive of each Party not directly involved in the
dispute. If no agreement is reached within thirty (30) days of the request by one Party to the other to refer the same to such
senior executive, then such controversy or claim shall be settled by arbitration in accordance with the Commercial Arbitration
Rules of the American Arbitration Association; such arbitration to be held in New York City on an expedited basis. Judgment upon
the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof.

 

		8.5	Headings. The headings set forth at the beginning of the various sections of this Agreement are for convenience and
form no part of the Agreement between the parties.

 

		8.6	Notices. All notices, requests, instructions, consents and other communications to be given pursuant to this Agreement
shall be in writing and shall be deemed received (a) on the same day if delivered in person, by same-day courier or by facsimile,
electronic mail or other electronic transmission, (b) on the next day if delivered by overnight mail or courier, or (c) on the
date indicated on the return receipt, or if there is no such receipt, on the third calendar day (excluding Sundays) if delivered
by certified or registered mail, postage prepaid, to the party for whom intended to the following addresses:

 

	If to EPIC:	 
	 	 
	
        EPIC

        227-15 North Conduit Avenue

        Laurelton, NY 11413

        Attn: President
	 

 

 

 

{***} 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.

Confidential

 

    	 

    	 

    

 

Redacted Version

 

	If to ELITE:	 
	 	 
	
        ELITE PHARMACEUTICALS, Inc.

        165 Ludlow Avenue

        Northvale, New Jersey 07647

        Attention: President and CEO
	 

 

		8.7	Notice. Each party may by written notice given to the other in accordance with this Agreement change the address to
which notices to such party are to be delivered.

 

		8.8	Severability. If any provision of this Agreement is held by
a court of competent jurisdiction to be invalid or unenforceable, it will be modified, if possible, to the minimum extent
necessary to make it valid and enforceable or, if such modification is not possible, it will be stricken and the remaining provisions
will remain in full force and effect.

 

		8.9	Survival. The rights and obligations which accrue to a party during the term of this agreement shall survive the termination
of this Agreement.

 

		8.10	Force Majeure. No party to this Agreement will be liable for failure or delay in the performance of any of its obligations
hereunder, if such failure or delay is due to causes beyond its reasonable control including, without limitation, acts of God,
earthquakes, fires, strikes, acts of war, or intervention of any governmental authority, but any such delay or failure will be
remedied by such party as soon as possible after the removal of the cause of such failure or delay.

 

		8.11	Entire Understanding. This Agreement, including the schedules attached hereto, contains the entire understanding relative
to the matters addressed herein, and supersedes all prior and collateral communications, reports, and understandings, if any, between
the parties regarding the matters addressed herein.

 

		8.12	Drafting. The parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity
or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties and no presumption
or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

 

		8.13	Not a Joint Venture. This Agreement does not constitute or create (and the Parties do not intend to create hereby) a
joint venture, pooling arrangement, Partnership, or formal business organization of any kind between and among any of the Parties,
and the rights and obligations of the Parties shall be only those expressly set forth herein. The relationship hereby established
between EPIC and ELITE is solely that of licensee and licensor, each is an independent contractor engaged in the operation of its
own respective business. Neither Party shall be considered to be an agent of the other for any purpose whatsoever. Each Party shall
be responsible for providing its own personnel and workers compensation, medical coverage or similar benefits and shall be solely
responsible for the payment of social security benefits, unemployment insurance, pension benefits, withholding any required amounts
for income and other employment-related taxes and benefits of its own employees, and shall make its own arrangements for injury,
illness or other insurance coverage to protect itself, its Affiliates, its subcontractors and personnel from any damages, loss
and/or liability arising out of the performance of this Agreement. Neither Party has the power or authority to act for, represent
or bind the other (or its Affiliates) in any manner.

 

 

 

{***} 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.

Confidential

 

    	 

    	 

    

 

Redacted Version

 

IN WITNESS WHEREOF,
the parties have executed this Agreement on the date first set forth above.

 

	ELITE PHARMACEUTICALS, INC.	 	EPIC PHARMA LLC
	 	 	 
	By:  	 	 	By:	 
	 	 	 
	
        Name: Nasrat Hakim
		
        Name: Ashok Nagalye

	 	 	 
	
        Title: CEO and President
	 	
        Title: CEO

	 	 	 
	Date:  	 	 	Date:  	 

 

 

 

{***} 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.

Confidential

 

    	 

    	 

    

 

Redacted Version

 

SCHEDULE A

 

Product List

 

	Name	NDA #
	{***} with sequestered naltrexone capsules with strengths of {***}	To be determined

 

 

 

{***} 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.

Confidential

 

    	 

    	 

    

 

Redacted Version

 

SCHEDULE B

 

Compensation
for Licensing Rights

 

Milestone Payments

 

EPIC shall pay to ELITE
Milestone Payments equal to fifteen million dollars ($15,000,000) in compensation for Elite’s R&D costs.

		·	{***} ({***})
shall be paid to Elite upon signing the agreement to be used for clinical studies including a bunionectomy.

		·	{***} ({***}),
covering ELI-200 R&D expenses which expenses shall be documented and provided to Epic prior to the following payments: {***}
Dollars upon filing of the NDA;

		·	{***} Dollars upon receipt of the approval letter for
the NDA from the Food and Drug Administration.

 

·         All
milestone payments shall be non-refundable and shall be credited towards research and development costs for ELI-200. Elite shall
document the ELI-200 research and development costs paid for by these milestones including but not limited to manufacturing of
clinical lots and registration batches, Bio-Equivalence studies, Methods Development, Analytical and Stability testing, Process
Development costs, Human Abuse Liability Clinical Trials, Withdrawal Studies and Regulatory Costs etc.

 

License Fee

 

EPIC will pay to ELITE a License Fee of {***}%
of Product Net Sales (“Product Net Sales”) of EPIC, as defined below, generated on Product sold and shipped to its
customers by EPIC.

 

Net Sales is defined as: Net Invoice Price less the following:
Charge backs, Buying Groups/Wholesaler Administrative Fees/Rebates, Allowances, Medicaid and Returns.

 

The calculation of Product Gross Profit and the Licensing Fee
shall be performed by Epic and presented to Elite as a report (“Report”) which shall include the following information:

 

 

 

{***} 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.

Confidential

 

    	 

    	 

    

 

Redacted Version

 

SCHEDULE B (cont’)

 

REPORT ITEMS

 

	Gross Invoice Sales	 	Total Sales for Month
	Cash Discount	 	Cash Discount 
	Net Invoice Sales	 	Total Sales - Cash Discount
	 	 	 
	Deductions 	 	Allowances including Medicaid rebate; state program rebates, price adjustments; returns, charge backs and GOGS
	Net Sales	 	Net Invoice Sales – Deductions
	Marketing Costs	 	Less {***}% of the Gross Sales 
	Amount Due 	 	Net Sales dollars x {***}% ({***}% after payments of R&D/Development cost)

 

Whenever possible, the Report will be made using actual sales,
charge backs, administrative fees/rebates, price adjustments, and returns; however, in some cases estimated numbers may be required
because of timing of charge backs, fees, returns, etc. A true up Report will be completed and presented to ELITE within 60 days
after the end of each calendar year.

 

 

 

{***} 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.

Confidential

 

    	 

    	 

    

 

Redacted Version

 

SCHEDULE C

 

Minimum Annual License Fee Paid to Elite

 

Epic to comply with the following minimum
License Fee amounts each year post Product launch

 

	 	Year 1 	Year 2	 Year 3 	Year 4 	Year 5
	($ million)	 	 	 	 	 
	Product	 ${***} M	${***} M	 ${***} M	 ${***} M	 ${***} M

 

 

 

{***} 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.

Confidential

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