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EXHIBIT 10.2

PERFORMANCE-BASED RESTRICTED SHARES AWARD AGREEMENT

PURSUANT TO THE

VECTOR GROUP LTD.

2014 MANAGEMENT INCENTIVE PLAN

                        THIS AGREEMENT (the “Agreement”), made as of [Grant Date] (“Grant Date”), by and between Vector Group Ltd., a Delaware Corporation, with its principal office at 4400 Biscayne Boulevard, 10th Floor, Miami, FL 33137 (the “Company”), and [Participant] (the “Participant”).  

                        WHEREAS, the Board of Directors of the Company (the “Board”) adopted the Vector Group Ltd. 2014 Management Incentive Plan on March 10, 2014 (approved by the stockholders of the Company on May 16, 2014) (as such plan may be amended from time to time, the “Plan”); 

                        WHEREAS, the Plan provides that the Company, through the Compensation Committee of the Board (the “Committee”), can grant awards of Restricted Shares to Employees, Non-Employee Directors and Consultants who provide services to the Company; and

                        WHEREAS, subject to the terms and conditions of this Agreement and the Plan, the Committee has determined that Participant, an Employee of the Company, shall be awarded Restricted Shares in the amount set forth below and subject to the terms, conditions and restrictions set forth herein.  

                        NOW, THEREFORE, the Company and the Participant each agree as follows: 

                        1.         Grant of Restricted Shares.  Subject to the terms, conditions and restrictions of the Plan and this Agreement, the Company hereby grants to the Participant [Amount of] Restricted Shares effective as of the Grant Date.  For the avoidance of doubt, the Participant is being granted the Restricted Shares at the closing price as of the Grant Date of $[Price] and on the same terms as were approved by the Committee on such date, and, accordingly, the Participant shall be entitled to all rights of a holder of shares of common stock of the Company (“Common Stock”) set forth in Section 4 hereof as of the Grant Date.  Pursuant to the Plan and Section 2 of this Agreement, the Restricted Shares are subject to certain restrictions, some of which shall expire in accordance with the provisions of the Plan and Section 2 hereof.  A book entry in Participant’s name evidencing the Restricted Shares will be made with the Company or its designated agent until such Restricted Shares are released to the Participant or forfeited in accordance with this Agreement.  Unless otherwise provided herein, capitalized terms used herein that are not defined herein shall have the meanings attributable thereto in the Plan.  

                        2.         Vesting.  (a) Except as otherwise provided in Sections 2(b) and 3 hereof, the Restricted Shares shall become vested in the following percentages and at the following times subject to both (i) satisfying the target for [Performance Criteria] (as defined below) on the applicable Vesting Date and (ii) Participant’s continued employment or engagement with the Company through and on the applicable Vesting Date:

Vesting Date              Number of Vested Shares (Cumulative)

[Vesting Dates]           [Vesting Schedule]

[Description of Performance Criteria]

There shall be no proportionate or partial vesting of the Restricted Shares in or during the months, days or periods prior to each Vesting Date, and all vesting of the Restricted Shares shall occur only on the applicable Vesting Date.  Upon the termination or cessation of the Participant’s employment or engagement with the Company, other than a Without Cause Termination or a Good Reason Termination, any portion of the Restricted Shares which is not yet then vested shall automatically and without notice terminate, be forfeited and be and become null and void except as otherwise provided herein.

                        (b)       Notwithstanding any other term or provision of this Agreement, (i) the Restricted Shares subject to this Agreement shall become immediately fully vested as of the date of a Change in Control (as defined below) provided that the Participant’s employment or engagement with the Company and its Related Entities continues through and on the date of such Change in Control; and (ii) the requirement to be continuously employed on any future Vesting Date shall be waived in the event the Participant’s employment or engagement with the Company and its Related Entities terminates through either a Without Cause Termination or a Good Reason Termination (as such quoted terms are defined below), in which case vesting will continue to be subject to achievement of the applicable level of [Performance Metric].  

                        (c)       For purposes of this Agreement, “Change in Control” shall be as defined in Section 13.3 of the Plan.

                        (d)       For purposes of this Agreement, (i) a “Without Cause Termination” shall mean a termination of the Participant’s employment by the Company or a subsidiary thereof other than for Cause (as defined below) or as a result of the Participant’s death or disability, (ii) a “Good Reason Termination” shall mean a termination of the Participant’s employment by the Participant for “good reason” pursuant to and in accordance with the Participant’s written employment agreement with the Company or a subsidiary thereof (if any) on the date hereof, and (iii) “Cause” shall mean (x) the Participant’s willful misconduct or gross negligence in the performance of his or her duties for the Company or a subsidiary thereof that is not cured by the Participant within thirty (30) days after his or her receipt of written notice from the Company or such subsidiary (as applicable); (y) the Participant’s conviction of, or plea of guilty or nolo contendere to, a crime relating to the Company or a subsidiary thereof or any felony; or (z) a material breach by the Participant of the Participant’s employment agreement, offer letter or other offer arrangement with the Company or a subsidiary, or any other material written agreement entered into between the Participant and the Company or any subsidiary thereof (if any) that is not cured by the Participant within thirty (30) days after his or her receipt of written notice from the Company or such subsidiary (as applicable).   

                        3.         Effect of Vesting; Forfeiture.  

                        (a)       Upon the vesting of any Restricted Shares, such vested Restricted Shares will no longer be subject to forfeiture as provided in this Agreement.  Promptly after vesting, the Company will deliver to the Participant the Restricted Shares that have vested subject to applicable tax withholding obligations pursuant to Section 10.

                        (b)       If the Participant’s employment or engagement with the Company and the Related Entities is terminated for any reason other than a Without Cause Termination or a Good Reason Termination, the Participant shall automatically forfeit any unvested Restricted Shares and the Company shall acquire such unvested Restricted Shares for the amount paid by the Participant for such Restricted Shares (or, if no amount was paid by the Participant for such Restricted Shares, then the Company shall acquire such Restricted Shares for no consideration).  The Committee shall have the power and authority to enforce on behalf of the Company any rights of the Company under this Agreement in the event of the Participant’s forfeiture of the Restricted Shares pursuant to this Section 3.

                        4.         Rights as a Holder of Restricted Shares.  From and after the Grant Date, the Participant shall have, with respect to the Restricted Shares (whether vested or unvested), all of the rights of a holder of shares of Common Stock of the Company, including, without limitation, the right to vote the shares, and to exercise all other rights, powers and privileges of a holder of shares with respect to the Restricted Shares; provided that the Participant shall be entitled to receive and retain dividends and distributions payable on the Restricted Shares (and with a record on and after the Grant Date) only if the Restricted Shares on which they are paid are subsequently vested.  Any such dividend or other distribution shall be paid to the Participant as soon as reasonably practicable after the underlying Restricted Shares have become vested.  No interest shall be paid on any dividends or other distributions.  

                        5.         Taxes; Section 83(b) Election.  The Participant acknowledges that (i) no later than the earlier of (x) the date on which any Restricted Shares shall have become vested or (y) the date on which the Participant makes a Section 83(b) election (if he or she so chooses to make such an election), the Participant shall pay to the Company, or make arrangements satisfactory to the Company regarding payment of, any Federal, state or local or other taxes of any kind required by law to be withheld with respect to any Restricted Shares which shall have 

become so vested; (ii) the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Participant any Federal, state or local or other taxes of any kind required by law to be withheld with respect to any Restricted Shares which shall have become so vested, including that the Company may, but shall not be required to, sell a number of Restricted Shares sufficient to cover applicable withholding taxes; and (iii) in the event that the Participant does not satisfy (i) above on a timely basis, the Company may, but shall not be required to, pay such required withholding and, to the extent permitted by applicable law, treat such amount as a demand loan to the Participant at the maximum rate permitted by law, with such loan, at the Company’s sole discretion and provided the Company so notifies the Participant within thirty (30) days of the making of the loan, secured by the Restricted Shares and any failure by the Participant to pay the loan upon demand shall entitle the Company to all of the rights at law of a creditor secured by the Restricted Shares.  The Company may hold as security any certificates representing any Restricted Shares and, upon demand of the Company, the Participant shall deliver to the Company any certificates in his or her possession representing the Restricted Shares together with a stock power duly endorsed in blank.  The Participant also acknowledges that it is his or her sole responsibility, and not the Company’s, to file timely and properly any election under Section 83(b) of the Code, and any corresponding provisions of state tax laws, if the Participant wishes to utilize such election.  

                        6.         No Obligation to Continue Employment.  This Agreement is not an agreement of employment.  Neither the execution of this Agreement nor the issuance of the Restricted Shares hereunder constitute an agreement by the Company or any Related Entity thereof to employ or to continue to employ the Participant during the entire, or any portion of, the term of this Agreement, including but not limited to any period during which any Restricted Shares are outstanding.  

                        7.         Legend.  In the event that a certificate evidencing the Restricted Shares is issued, the certificate representing the Restricted Shares shall have endorsed thereon the following legends:  

                        (a)       “THE ANTICIPATION, ALIENATION, ATTACHMENT, SALE, TRANSFER, ASSIGNMENT, PLEDGE, ENCUMBRANCE OR CHARGE OF THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF VECTOR GROUP LTD. (THE “COMPANY”) 2014 MANAGEMENT INCENTIVE PLAN ADOPTED BY THE COMPANY’S BOARD OF DIRECTORS ON MARCH 10, 2014 (APPROVED BY THE STOCKHOLDERS OF THE COMPANY ON MAY 16, 2014) (AS SUCH PLAN MAY BE AMENDED FROM TIME TO TIME, THE “PLAN”) AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND THE COMPANY DATED AS OF [GRANT DATE].  COPIES OF SUCH PLAN AND AGREEMENT ARE ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY.” 

                        (b)       Any legend required to be placed thereon by applicable blue sky laws of any state.  

Notwithstanding the foregoing, in no event shall the Company be obligated to issue a certificate representing the Restricted Shares prior to vesting as set forth in Section 2 hereof.

                        8.         Power of Attorney.  The Company, its successors and assigns, is hereby appointed the attorney-in-fact, with full power of substitution, of the Participant for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instruments which such attorney-in-fact may deem necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest.  The Company, as attorney-in-fact for the Participant, may in the name and stead of the Participant, make and execute all conveyances, assignments and transfers of the Restricted Shares provided for herein, and the Participant hereby ratifies and confirms that which the Company, as said attorney-in-fact, shall do by virtue hereof.  Nevertheless, the Participant shall, if so requested by the Company, execute and deliver to the Company all such instruments as may, in the judgment of the Company, be advisable for this purpose.  

9.         Transferability.  Unless otherwise determined by the Committee, the Restricted Shares shall not be subject to a Transfer (as defined below), otherwise than by will or under the applicable laws of descent and distribution, unless and until the shares become vested under Section 2 hereof. The terms of this Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Participant.  Except as otherwise permitted pursuant to the first sentence of this Section 9, any attempt to effect a Transfer of any Restricted 

Shares shall be void ab initio.  For purposes of this Agreement, “Transfer” shall mean any sale, transfer, encumbrance, gift, donation, assignment, pledge, hypothecation, or other disposition, whether similar or dissimilar to those previously enumerated, whether voluntary or involuntary, and including, but not limited to, any disposition by operation of law, by court order, by judicial process, or by foreclosure, levy or attachment.

                        10.       Tax Withholding.  Upon each vesting of the Restricted Shares, the Company shall withhold shares of Common Stock having a Fair Market Value (as defined in the Plan) on the date the tax is to be determined equal to the minimum statutory amount to satisfy any federal, state or local taxes required by law to be withheld as a result of such vesting. 

                        11.       Miscellaneous.  

                        (a)       This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, personal legal representatives, successors, trustees, administrators, distributes, devisees and legatees.  The Company may assign to, and require, any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree in writing to perform this Agreement.  Notwithstanding the foregoing, the Participant may not assign this Agreement or any of the Participant’s rights, interest or obligations hereunder.  

                        (b)       This award of Restricted Shares shall not affect in any way the right or power of the Board or stockholders of the Company to make or authorize an adjustment, recapitalization or other change in the capital structure or the business of the Company, any merger or consolidation of the Company or subsidiaries, any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Restricted Shares, the dissolution or liquidation of the Company, any sale or transfer of all or part of its assets or business or any other corporate act or proceeding.  

                        (c)       The Participant agrees that the award of the Restricted Shares hereunder is special incentive compensation and that, with the exception of dividends paid thereon, will not be taken into account as “salary”, “Base Salary” (as defined in the Participant’s employment agreement), “compensation” or “bonus” in determining the amount of any matching payment under the Liggett Vector Brands Savings Plan or any other pension, retirement or profit-sharing plan of the Company or subsidiary thereof or any life insurance, disability or other benefit plan of the Company or subsidiary thereof.  

                        (d)       No modification or waiver of any of the provisions of this Agreement shall be effective unless in writing and signed by the party against whom it is sought to be enforced.  

                        (e)       This Agreement may be executed in one or more counterparts, all of which taken together shall constitute one contract, and such execution may be evidenced by electronic means pursuant to any procedures established by the Company for electronic acceptance.  

                        (f)        The failure of any party hereto at any time to require performance by another party of any provision of this Agreement shall not affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right under this Agreement.  

                        (g)       The headings of the sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or modify any of the terms or provisions hereof.  

                        (h)       All notices, consents, requests, approvals, instructions and other communications provided for herein shall be in writing and validly given or made when delivered, or on the second succeeding business day after being mailed by registered or certified mail, whichever is earlier, to the persons entitled or required to receive the same, at the addresses set forth at the heading of this Agreement or to such other address as either party may designate by like notice.  Notices to the Company shall be addressed to Vector Group Ltd. at 4400 Biscayne Boulevard, 10th Floor, Miami, Florida 33137, Attn: Marc N. Bell, Senior Vice President, General Counsel and Secretary.  

                        (i)        This Agreement shall be construed and interpreted in accordance with and governed by the laws of the state of Florida (disregarding any choice of law rules which might look to the laws of any other jurisdiction).  

                        12.       Provisions of Plan Control.  This Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted thereunder and as may be in effect from time to time.  The Plan is incorporated herein by reference.  A copy of the Plan has been delivered to the Participant.  If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof (other than any other documents expressly contemplated herein or in the Plan) and supersedes any prior agreements between the Company and the Participant.  

[signature page(s) follow]

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

VECTOR GROUP LTD.

By: __________________________________
      Name:   Name of Officer]
      Title:     [Title of Officer]

Participant:

___________________________________________

[Participant]Document

EXCHANGE AGREEMENT
This Exchange Agreement (this “Agreement”) is made and entered into as of May 6, 2021, by and between OPKO Health, Inc., a Delaware corporation (the “Company”), and the noteholder identified on Schedule A (the “Noteholder”).  The Company and the Noteholder are sometimes collectively referred to herein as the “Parties” and individually as a “Party.” 
WHEREAS, the Noteholder beneficially owns the aggregate principal amount of the Company’s 4.50% Convertible Senior Notes due 2025 set forth on Schedule A (the “Notes”) that were issued pursuant to that certain Indenture, dated as of February 7, 2019 (as supplemented by the First Supplemental Indenture, dated as of February 7, 2019, the “2025 Indenture”), between the Company and U.S. Bank National Association, as trustee; 
WHEREAS, the Noteholder wishes to exchange the Notes for (i) that number of shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), equal to the Exchanged Shares (as defined in Schedule B), which shall be calculated in accordance with the methodology set forth on Schedule B and (ii) cash in the amount set forth on Schedule B, representing accrued and unpaid interest on the Notes (the “Exchanged Cash”); and
WHEREAS, the Company is willing to issue the Exchanged Shares and deliver the Exchanged Cash in exchange for the Notes upon the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants, agreements and understandings herein contained, the Parties, intending to be legally bound, hereby agree as follows:
SECTION 1.Exchange of Notes.
1.1    The Exchange.  On and subject to the terms and conditions set forth in this Agreement on the Closing Date (as defined below), the Company shall, in exchange and in full consideration for the Notes, issue the Exchanged Shares and deliver the Exchanged Cash to the Noteholder, and the Noteholder shall accept the Exchanged Shares and the Exchanged Cash in full and final payment for the Notes (the “Exchange”).
1.2    No Additional Consideration.  The Company and the Noteholder acknowledge and agree that the Exchanged Shares shall be issued and the Exchanged Cash shall be paid to the Noteholder in exchange for the Notes without the payment of any additional consideration on the part of the Noteholder or any other person or entity.
1.3    Closing.  The closing of the transactions contemplated hereunder (the “Closing”) shall take place at 10:00 a.m. Eastern time on the second Business Day immediately following the last day of the VWAP Period (as defined in Schedule B) (the “Closing Date”).  “Business Day” means any day except Saturday, Sunday and any day which is a federal legal holiday or a day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.  At the Closing:
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(a)    The Noteholder shall deliver to the Company the Notes via DTC settlement in accordance with the instructions received from the Company set forth on Schedule C.
(b)    The Company shall deliver to the Noteholder the Exchanged Shares via book-entry delivery through the facilities of DTC in accordance with the DWAC instructions received from the Noteholder set forth on Schedule B.
(c)    The Company shall deliver to the Noteholder the Exchanged Cash via wire transfer in accordance with the instructions received from the Noteholder set forth on Schedule B.
SECTION 2.Conditions of the Noteholder’s Obligations at the Closing.  The obligation of the Noteholder to exchange the Notes for the Exchanged Shares and Exchanged Cash at the Closing is subject to the satisfaction as of the Closing of the following conditions:
2.1    Representations and Warranties True.  The representations and warranties contained in Section 4 hereof shall be true and correct at and as of the Closing as though made as of the Closing Date.
2.2    Litigation.  No suit, action or other proceeding shall be pending before any court or governmental or regulatory official, body or authority or threatened in writing seeking to restrain or prohibit (or seeking damages in connection with) the transactions contemplated hereby, and no injunction, judgment, order, decree or ruling with respect thereto shall be in effect.
SECTION 3.Conditions of the Obligations of the Company at the Closing.  The obligation of the Company to consummate the transactions contemplated hereby is subject to the satisfaction as of the Closing of the following conditions:
3.1    Representations and Warranties True.  The representations and warranties contained in Section 5 hereof shall be true and correct at and as of the Closing as though made as of the Closing Date.
3.2    Litigation.  No suit, action or other proceeding shall be pending before any court or governmental or regulatory official, body or authority or threatened in writing seeking to restrain or prohibit (or seeking damages in connection with) the transactions contemplated hereby, and no injunction, judgment, order, decree or ruling with respect thereto shall be in effect.
SECTION 4.Representations and Warranties of the Company. As a material inducement to the Noteholder to enter into this Agreement, the Company hereby represents and warrants to the Noteholder that the following statements are true and correct as of the date of this Agreement and will be true and correct as of the Closing Date.
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4.1    Power and Authorization.  The Company is a corporation duly organized, validly existing and in good standing under the laws of Delaware.  The Company possesses all requisite corporate power, authority and capacity to execute and deliver this Agreement and necessary to carry out the transactions contemplated by this Agreement.
4.2    Valid and Enforceable Agreement; No Violation.  The execution, delivery and performance of this Agreement have been duly authorized by the Company.  This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms and, when executed and delivered by the Company in accordance with its terms, shall constitute a valid and binding obligation of the Company, enforceable in accordance with its terms, except that such enforcement may be subject to (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other laws affecting or relating to enforcement or creditors’ rights generally, and (b) general principles of equity, whether such enforceability is considered in a proceeding at law or in equity (the “Enforceability Exceptions”).  This Agreement and the consummation of the Exchange will not violate, conflict with or result in a breach of or default under (i) the charter, bylaws or other organizational documents of the Company, (ii) any agreement or instrument to which the Company is a party or by which any of its assets are bound, or (iii) any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the Company.
4.3    Validity of Shares.  When issued and delivered in accordance with this Agreement, the Exchanged Shares shall (i) be duly and validly authorized, issued and outstanding, (ii) be fully paid and non-assessable, (iii) be free and clear of any liens (other than any liens created by the Noteholder), and (iv) not have been issued in violation of the preemptive rights of any person.  The Exchanged Shares have been approved for listing on the Nasdaq Global Select Market without requiring approval thereof by the Company’s stockholders under the rules of the Nasdaq Market, subject to official notice of issuance.
4.4    No Registration Required. The Exchanged Shares are being offered and sold pursuant to, and in compliance with, Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”).  Assuming the accuracy of the Noteholder’s representations in Section 5 hereof, it is not necessary in connection with the issuance of the Exchanged Shares to the Noteholder, in the manner contemplated by this Agreement, to register such issuance under the Securities Act. Upon issuance, the Exchanged Shares will be issued without any restricted CUSIP or other restrictive legend and will be freely tradable (other than by affiliates of the Company) under the Securities Act. 
4.5    Reports and Financial Statements.  The Company has filed all reports on Form 10-K, Form 10-Q, Form 8-K and all other reports required to be filed with the Securities and Exchange Commission (the “SEC”) pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”) since January 1, 2019, and all such filings, as may have been amended, complied in all material respects with the Exchange Act and such rules and regulations as of the respective dates filed with the SEC.  
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4.6    Broker’s Fees.  Neither the Company nor any of its officers or directors has incurred any liability for any banker’s, broker’s or finder’s fees or commissions in connection with the transactions contemplated by this Agreement.
SECTION 5.Representations and Warranties of the Noteholder.  As a material inducement to the Company to enter into this Agreement, the Noteholder hereby represents and warrants to the Company that the following statements are complete and accurate as of the date of this Agreement and will be complete and accurate as of the Closing Date:
5.1    Power and Authorization.  The Noteholder is a [______] duly organized, validly existing and in good standing under the laws of [______].  The Noteholder possesses all requisite power, authority and capacity to execute and deliver this Agreement and necessary to carry out the transactions contemplated by this Agreement.   
5.2    Valid and Enforceable Agreement; No Violations.  The execution, delivery and performance of this Agreement has been duly authorized by the Noteholder.  This Agreement when executed and delivered by the Noteholder in accordance with the terms hereof, shall constitute a valid and binding obligation of the Noteholder, enforceable against the Noteholder in accordance with its terms, except that such enforcement may be subject to the Enforceability Exceptions.  This Agreement and the consummation of the Exchange will not violate, conflict with or result in a breach of or default under (i) the Noteholder’s organizational documents, (ii) any agreement or instrument to which the Noteholder is a party or by which the Noteholder or any of its assets are bound, or (iii) any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the Noteholder.
5.3    Title to the Notes.  The Noteholder is the sole beneficial owner of the Notes.  The Noteholder has good, valid and marketable title to the Notes, free and clear of any liens or encumbrances (other than pledges or security interests that the Noteholder may have created in favor of a prime broker under and in accordance with its prime brokerage agreement with such broker, and which will be released at Closing).  The Noteholder has not, in whole or in part, except as described in the preceding sentence, (a) assigned, transferred, hypothecated, pledged, exchanged or otherwise disposed of any of the Notes or its rights in the Notes, or (b) given any person or entity any transfer order, power of attorney or other authority of any nature whatsoever with respect to the Notes.  Upon the Noteholder’s delivery of the Notes to the Company pursuant to the Exchange, such Notes shall be free and clear of all liens.
5.4    Investment Purpose.  The Noteholder is acquiring the Exchanged Shares for its own account for investment only and not with a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered or exempted under the Securities Act.
5.5    Non-Affiliate Status.  The Noteholder is not, and has not been during the consecutive three month period preceding the date hereof, a director, officer or “affiliate” within the meaning of Rule 144 promulgated under the Securities Act of the Company. 
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5.6    Consultation with Counsel and Advisors.  The Noteholder has been represented by such legal and tax counsel and other counsel and advisors selected by the Noteholder as the Noteholder has found necessary to consult concerning this transaction, to review and evaluate the tax, economic and other ramifications of the Exchange, including, without limitation, whether the Exchange will result in any adverse tax consequences to the Noteholder.
5.7    Securities Representations.  The Noteholder is either (i) a “qualified institutional buyer” within the meaning of Rule 144A promulgated under the Securities Act, or (ii) an accredited investor (as defined in Regulation D promulgated under the Securities Act).  
5.8    Full Satisfaction of Obligations under the Notes.  The Noteholder acknowledges that upon issuance of the Exchanged Shares and Exchanged Cash, the obligations of the Company to the Noteholder under the Notes shall have been satisfied in full.  
5.9    Broker’s Fees.  Neither the Noteholder nor any of its officers or directors has incurred any liability for any banker’s, broker’s or finder’s fees or commissions in connection with the transactions contemplated by this Agreement.
SECTION 6.Termination.
6.1    Conditions of Termination.  This Agreement may be terminated at any time prior to the Closing:
(a)    by the mutual written consent of the Parties;
(b)    by the Company if there has been a material misrepresentation, material breach of warranty by the Noteholder in the representations and warranties set forth in this Agreement or the Schedules attached hereto; and
(c)    by the Noteholder if there has been a material misrepresentation, material breach of warranty by the Company in the representations and warranties set forth in this Agreement or the Schedules attached hereto.
SECTION 7.Miscellaneous.
7.1    Severability.  Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement or the application of any such provision to any person or circumstance shall be held to be prohibited by, illegal or unenforceable under applicable law in any respect by a court of competent jurisdiction, such provision shall be ineffective only to the extent of such prohibition or illegality or unenforceability, without invalidating the remainder of such provision or the remaining provisions of this Agreement.
7.2    Counterparts.  This Agreement may be executed in counterparts, any one of which need not contain the signatures of more than one Party, but all such counterparts taken together shall constitute one and the same Agreement.  Any counterpart or other signature 
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delivered by facsimile or e-mail (or other electronic means) shall be deemed for all purposes as constituting good and valid execution and delivery of this Agreement by such party.
7.3    Entire Agreement.  This Agreement and the agreements and documents referred to herein contain the entire agreement and understanding between the Parties with respect to the subject matter hereof and supersede all prior agreements and understandings, whether written or oral, relating to such subject matter in any way.  The Recitals to this Agreement are incorporated by reference and made a part of this Agreement.
7.4    Governing Law.  This Agreement shall in all respects be construed in accordance with and governed by the substantive laws of the State of New York, without reference to its choice of law rules that would cause the application of the laws of any jurisdiction other than the laws of the State of New York.
7.5    Notices.  All notices, requests, consents and other communications hereunder shall be in writing, shall be mailed by first-class registered or certified airmail, email (provided that an automated response is not received indicating that such email was not delivered to the recipient), confirmed facsimile or nationally recognized overnight express courier postage prepaid, and shall be deemed given when so mailed and shall be delivered as follows:
The Company:
OPKO Health, Inc.
4400 Biscayne Blvd.
Miami, FL  33137
Steve Rubin, Executive Vice President –Administration 
Email: [______]
Facsimile: [______]
The Noteholder:
To the Address under the Noteholder’s name
on Schedule A attached hereto

[signature page follows]

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IN WITNESS WHEREOF, the Parties have executed this Exchange Agreement on the date first written above.
OPKO HEALTH, INC.
			
	
	Name:  Adam Logal
	Title:  Senior Vice President, CFO
	
	
	
	
	
	
	

[NOTEHOLDER] 
			
	
	Name:  
	Title:  

[Signature Page to Exchange Agreement]
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SCHEDULE A

									
	Name and Address of Noteholder		Principal Amount of Notes
			
	

		
			

    
    
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SCHEDULE B

The Exchanged Shares shall be calculated in accordance with the following definitions:

“Bond Reference Price” means $1,320.00.
“Daily Exchange Price” means the sum of (i) the product of (A) the difference between (a) the applicable Daily Reference Price during the VWAP Period and (b) Share Reference Price, multiplied by (B) the Existing Conversion Ratio, multiplied by (C) the Hedge Ratio, plus (ii) the Bond Reference Price, such resulting amount of clauses (i) and (ii) then divided by 4.
“Daily Exchange Ratio” means the quotient resulting from (i) the applicable Daily Exchange Price for the applicable trading day during the VWAP Period, divided by (ii) the Daily Reference Price for such trading day during the VWAP Period.
“Daily Reference Price” means the greater of (i) the Daily VWAP and (ii) $3.50.
“Daily VWAP” means, with respect to any Trading Day (as defined in the 2025 Indenture) during the VWAP Period, the per share volume-weighted average price of the Common Stock on the Nasdaq Global Select Market (during standard market hours from 9:30 am to 4:00 pm) as displayed under the heading “Bloomberg VWAP” on Bloomberg page “OPK <equity> AQR” (or its equivalent successor if such page is not available) with respect to such Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of Common Stock on such Trading Day determined, using a volume weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The “Daily VWAP” shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.
“Exchange Ratio” means the sum of each Daily Exchange Ratio during the VWAP Period.
“Exchanged Shares” means the product of (i) the principal amount of the Notes set forth on Schedule A to the Agreement divided by 1,000, and (ii) the Exchange Ratio.
“Existing Conversion Ratio” means 236.7424.
“Hedge Ratio” means 70%.
“Share Reference Price” means $4.09.
“VWAP Period” means the four (4) Trading Day (as defined in the 2025 Indenture) period beginning on and including the Trading Day immediately following the date of this Agreement.
[Schedule B continues on next page]
ACTIVE 57218815v2

SCHEDULE B

Name(s) into which Exchanged Shares will be Issued:     
If an entity, state of incorporation or formation:     
Taxpayer ID or Social Security Number:     
Address:     
    

DWAC Instructions:

Number of Exchanged Shares to be Delivered:    
Amount of Exchanged Cash to be Delivered: $    
Wire Transfer Instructions for Exchanged Cash: 
Bank of New York 
ABA #
A/C 
A/C 
Further Credit to:
ACTIVE 57218815v2

SCHEDULE C

 [Company’s Instructions]
ACTIVE 57218815v2
38623579

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