Document:

Exhibit 4.5

    

     

    

    
      FOURTH AMENDMENT TO RIGHTS AGREEMENT

       

      

      This FOURTH AMENDMENT (this
          “Amendment”), dated as of May 27, 2016, to the RIGHTS AGREEMENT, dated as of May 14, 2002, as amended on June 19, 2003, and as further amended on of February 3, 2011 and
          March 5, 2014 (the “Rights Agreement”), between BioSpecifics Technologies Corp., a Delaware corporation (the “Company”), and Worldwide Stock Transfer, LLC (as successor in interest to OTC Corporate Transfer Service Company) as Rights Agent (the “Rights Agent”).

       

        

      WHEREAS the Company may from time to time supplement or amend the Rights Agreement in accordance with the
          provisions of Section 27 thereof; and

       

        

      WHEREAS the Company desires to amend certain provisions of the Rights Agreement as set forth herein.

       

        

      NOW, THEREFORE, in consideration of the foregoing and the mutual agreements set forth in the Rights Agreement
          and this Amendment, the parties hereto hereby agree as follows:

       

        

      1.          Section 7. Section 7(a) of the Rights Agreement is hereby amended by deleting the reference to “May 31, 2016” in clause (i) thereof and inserting “May 31, 2018” in place thereof.

       

        

      2.          Exhibit B. Exhibit B to the Rights Agreement is hereby amended by deleting all references therein to “May 31, 2016” and inserting “May 31, 2018” in place thereof.

       

        

      3.          Exhibit C. Exhibit C to the Rights Agreement is hereby amended by deleting all references therein to “May 31, 2016” and inserting “May 31, 2018” in place thereof.

       

        

      4.          Full Force and Effect. Except as expressly amended hereby, the Rights Agreement shall continue in full force and effect in accordance with the provisions thereof.

       

        

      5.         Governing Law. This Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of
          such State applicable to contracts to be made and performed entirely within such State; provided, however,
          that all provisions regarding the rights, duties and obligations of the Rights Agent shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made to be performed entirely within such State.

       

        

      6.          Counterparts; Effectiveness. This Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts
          shall together constitute but one and the same instrument. This Amendment shall be effective as of the date hereof.

       

        

      
        
          

      

      
      7.          Descriptive Headings. Descriptive headings of the several Sections of this Amendment are inserted for convenience only and shall not control or affect the meaning or construction of any
          of the provisions hereof.

       

        

      8.          Rights Agreement as Amended. From and after the date hereof, any reference to the Rights Agreement shall mean the Rights Agreement as amended hereby.

       

        

      9.         Severability. If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the
          remainder of the terms, provisions, covenants and restrictions of this Amendment shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

       

        

      [Remainder of page intentionally left blank]

       

        

      
        2

        
          

      

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

      

      

      	

            	
              BIOSPECIFICS TECHNOLOGIES CORP.

            
	

            	

            
	

            	
              By:

            	
              Thomas L. Wegman

            
	

            	

            	

            
	

            	
              Name:

            	
              Thomas L. Wegman

            
	

            	

            	

            
	

            	
              Title:

            	
              President

            

      

      

      	 	
              WORLDWIDE STOCK TRANSFER, LLC

            
	 	

            
	 	
              By:

            	
              Yonah J. Kopstick

            
	 	

            	

            
	 	
              Name:

            	
              Yonah J. Kopstick

            
	 	

            	

            
	 	
              Title:

            	
              Senior Vice PresidentExhibit 4.6

    

     

    

    
      FIFTH AMENDMENT TO RIGHTS AGREEMENT

       

      

      This FIFTH AMENDMENT (this
          “Amendment”), dated as of May 11, 2018, to the RIGHTS AGREEMENT, dated as of May 14, 2002, as amended on June 19, 2003, and as further amended on of February 3, 2011,
          March 5, 2014 and May 27, 2016 (the “Rights Agreement”), between BioSpecifics Technologies Corp., a Delaware corporation (the “Company”), and Worldwide Stock Transfer, LLC (as successor in interest to OTC Corporate Transfer Service Company) as Rights Agent (the “Rights
              Agent”).

       

        

      WHEREAS the Company may from time to time supplement or amend the Rights Agreement in accordance with the
          provisions of Section 27 thereof; and

       

        

      WHEREAS the Company desires to amend certain provisions of the Rights Agreement as set forth herein.

       

        

      NOW, THEREFORE, in consideration of the foregoing and the mutual agreements set forth in the Rights Agreement
          and this Amendment, the parties hereto hereby agree as follows:

       

        

      1.          Section 7. Section 7(a) of the Rights Agreement is hereby amended by deleting the reference to “May 31, 2018” in clause (i) thereof and inserting “May 31, 2020” in place thereof.

       

        

      2.          Exhibit B. Exhibit B to the Rights Agreement is hereby amended by deleting all references therein to “May 31, 2018” and inserting “May 31, 2020” in place thereof.

       

        

      3.          Exhibit C. Exhibit C to the Rights Agreement is hereby amended by deleting all references therein to “May 31, 2018” and inserting “May 31, 2020” in place thereof.

       

        

      4.          Full Force and Effect. Except as expressly amended hereby, the Rights Agreement shall continue in full force and effect in accordance with the provisions thereof.

       

        

      5.         Governing Law. This Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of
          such State applicable to contracts to be made and performed entirely within such State; provided, however,
          that all provisions regarding the rights, duties and obligations of the Rights Agent shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made to be performed entirely within such State.

       

        

      6.         Counterparts; Effectiveness. This Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts
          shall together constitute but one and the same instrument. This Amendment shall be effective as of the date hereof.

       

        

      
        
          

      

      
      7.         Descriptive Headings. Descriptive headings of the several Sections of this Amendment are inserted for convenience only and shall not control or affect the meaning or construction of any
          of the provisions hereof.

       

        

      8.         Rights Agreement as Amended. From and after the date hereof, any reference to the Rights Agreement shall mean the Rights Agreement as amended hereby.

       

        

      9.         Severability. If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the
          remainder of the terms, provisions, covenants and restrictions of this Amendment shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

       

        

      [Remainder of page intentionally left blank]

       

        

      
        2

        
          

      

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

      

      

      	 	
              BIOSPECIFICS TECHNOLOGIES CORP.

            
	 	 
	 	
              By:

            	
              /s/ Thomas L. Wegman

            
	 	 	 
	 	
              Name:

            	
              Thomas L. Wegman

            
	 	 	 
	 	
              Title:

            	
              President

            

      

      

      	 	
              WORLDWIDE STOCK TRANSFER LLC

            
	 	 
	 	
              By:

            	
              /s/ Yonah J. Kopstick

            
	 	 	 
	 	
              Name:

            	
              Yonah J. Kopstock

            
	 	 	 
	 	
              Title:

            	
              Senior Vice PresidentExhibit 10.24

    

     

    

    
      [Advance Biofactures Corporation Letterhead]

      

      

      November 15, 2018

      

      

      Dr. Ronald E. Law

      

      

      Re: Offer of employment

       

        

      Dear Dr. Law:

       

        

      I am pleased to offer you a position with Advance Biofactures Corporation (“Advance Biofactures”) as Senior Vice President of
          Business Development and Licensing. If you accept this offer, you will begin employment with us on November 15, 2018.  As Senior Vice President of Business Development and Licensing, you will report directly to me, in my capacity as President of
          Advance Biofactures.  Your primary workplace shall be your home office in Lake Barrington, Illinois, and you will travel to Advance Biofactures’s headquarters in Lynbrook, New York as needed.

       

        

      If you decide to join us, your twice monthly compensation will be $11,250.00, which equates to an annual salary of $270,000.00, and
          which will be paid, less applicable withholdings and deductions, in accordance with Advance Biofactures's normal payroll procedures on the middle of the month and end of the month.  The first payday is November 30, 2018.  Your position will be at
          75% of full time and will be exempt from eligibility for overtime pay.

       

        

      You will also receive a signing bonus in the amount of $75,000.00, less applicable withholdings and deductions, to be paid within
          four (4) weeks after you commence employment, provided you remain employed as of the payment date.

       

        

      Subject to Board approval and the terms of the Amended and Restated 2001 Stock Option Plan, you will be awarded options to purchase
          50,000 shares in BioSpecifics Technologies Corp., our parent company, that will vest over four years commencing on the first anniversary of your start date.  All of our employees, including myself, are technically employed by Advance Biofactures.

       

        

      You will also receive a bonus in the form of a cash payment of $25,000.00, and options to purchase 25,000 shares in BioSpecifics
          Technologies Corp., after the execution of a non-collagenase in-licensing agreement (including Genascence) which has first been duly approved by the Board of Directors of BioSpecifics Technologies Corp.  The cash payment of $25,000.00 shall be
          payable to you within fifteen (15) business days after the execution of said Board-approved non-collagenase in-licensing agreement.  The options to purchase said 25,000 shares will vest over four years commencing on the first anniversary of
          signing said Board-approved non-collagenase in-licensing agreement.

       

        

      
        
          

      

      Dr. Ronald E. Law
        November 15, 2018

        Page 2

      

       

        

      You may be eligible to participate in those employee benefit plans that Advance Biofactures maintains, in accordance with the terms and eligibility requirements of those plans.  Currently Advance Biofactures maintains a medical insurance plan.  In addition, you will be
          eligible for ten (10) days of vacation each year, to be taken in accordance with Advance Biofactures's vacation policy. Advance Biofactures may
          modify salary and benefits, as well as its employment policies, from time to time as it deems necessary.

       

        

      Upon your presentation of reasonably acceptable documentation of expenses, Advance Biofactures will reimburse you for internet,
          phone, and computer services related to business communications.  Advance Biofactures will also reimburse you for business travel.  For travel under four hours, Advance Biofactures will reimburse you for economy-level seating.  For travel over
          four hours, Advance Biofactures will reimburse you for business- or first-class seating.

      

      

      
        You agree that you will resign as Oramed Pharmaceuticals Inc.’s and any and all of its parents’, subsidiaries’, and affiliates’
            (collectively, “Oramed”) Chief Strategy Officer before you commence employment with Advance Biofactures.  Advance Biofactures will permit you to continue to serve as an advisor to Oramed, subject to the following conditions: (1) any work you do
            for Oramed will not interfere with, or limit, the time you spend on your duties for Advance Biofactures; (2) any activity you engage in on behalf of entities other than Advance Biofactures will be on the “sell” side of the industry, and you
            will take all appropriate steps to ensure conflicts of interest do not arise, except that, subject to clause (3) below in this paragraph, you may continue to do work for Oramed solely in the area of oral peptides on either the “buy” side or the
            “sell” side of the industry; and (3) any relationship between you and Oramed will terminate on or before one year after the date you sign this agreement.

      

      

      

      Advance Biofactures is excited about the
          prospect of you joining the company and looks forward to a beneficial and fruitful relationship. Nevertheless, you should be aware that your employment with Advance Biofactures is for no specified period and constitutes at-will employment. As a result, you are free to resign at any time, for any reason or no reason at all. Similarly, Advance Biofactures is free to terminate its employment relationship with you at any time, for any legal reason, with or without cause and with or without notice.  We request that, in the event of your
          resignation, you give Advance Biofactures at least thirty days’ notice.  By accepting this offer of employment, you agree that your employment is at-will,
          and acknowledge that no one, other than the President of Advance Biofactures, has the authority to promise you, either orally or in writing, anything to the contrary.  Any such agreement must be in writing and signed by both you and the President
          of Advance Biofactures to be effective.

       

        

      
        
          

      

      Dr. Ronald E. Law
        November 15, 2018

        Page 3

      

       

        

      Our offer to you is contingent upon: (1) satisfactory verification of your references; (2) satisfactory completion of your
          background check (a consent form for which will be provided under separate cover); (3) your providing adequate documentation that you are authorized to work in the United States; and (4) your execution of the Confidentiality and Inventions
          Assignment Agreements which will be provided to you by Advance Biofactures.

       

        

      You represent and agree that: (i) you are not a party to or subject to any restrictive covenants, legal restrictions or other
          agreements in favor of any entity or person, including, but not limited to, Oramed, that would in any way preclude or limit your ability to work for Advance Biofactures, including, but not limited to, employment agreements, non-competition
          agreements, non-solicitation agreements or confidentiality agreements, except that, pursuant to a limited non-compete agreement between you and Oramed, you are prohibited from competing with Oramed in the area of oral peptides, and you represent
          and agree that you will not do any work for Advance Biofactures in the area of oral peptides during any period during which such restriction applies pursuant to said agreement between you and Oramed; (ii) as of the date hereof, you are not in
          breach of any obligation owed to any former or current employer including, but not limited to, Oramed (including, but not limited to, any obligation to not use or disclose confidential information of a former or current employer); (iii) you will
          not breach any such obligation or agreement covered in (i) and (ii) by accepting employment with Advance Biofactures; and (iv) you have returned to all prior employers including, without limitation, Oramed or (if permitted) destroyed any
          confidential or proprietary information belonging to such employers.  You agree not to bring any third party confidential information to Advance Biofactures, including that of any former employer including, without limitation, Oramed, and you
          agree that in performing your duties for Advance Biofactures you will not in any way utilize any such information.

       

        

      Any controversy arising out of or relating to your employment with Advance Biofactures, this letter agreement or the breach of this
          letter agreement shall be settled by binding arbitration in New York, New York in accordance with the Employment Dispute Resolution Rules of the American Arbitration Association (“AAA”) (before a single arbitrator) and judgment upon the award
          rendered may be entered in any court having jurisdiction thereof. The AAA rules may be accessed at https://www.adr.org/sites/default/files/EmploymentRules_Web.pdf. Any
          award made by such arbitrator shall be final, binding and conclusive on the parties for all purposes. This arbitration clause shall not apply to workers’ compensation claims, unemployment insurance claims or any claim which is not subject to
          mandatory arbitration by law. THE PARTIES HEREBY WAIVE THEIR RIGHTS TO HAVE ALL SUCH CLAIMS FILED IN COURT INCLUDING THE RIGHT TO A JURY TRIAL.

       

        

      
        
          

      

      Dr. Ronald E. Law
        November 15, 2018

        Page 4

         

          

      

      This letter shall be governed by the law of the State of New York without regard to its provisions regarding conflict or choice of
          law.  The terms described in this letter replace all prior agreements, understandings, and promises between you and Advance Biofactures concerning the terms
          and conditions of your employment. This letter, including, but not limited to, its at-will employment provision, may not be modified or amended except by a written agreement signed by Advance Biofactures's President and by you.

      

      

      To indicate your acceptance of this offer, please sign and date this letter in the space provided below and return it to me. A
          duplicate original is enclosed for your records.

       

        

      
        
          

      

      Dr. Ronald E. Law
        November 15, 2018

        Page 5

      

       

        

      We look forward to your favorable reply and to working with you at Advance Biofactures.

      

      

      	

            	
              Sincerely,

            
	

            	 
	

            	
              /s/ Thomas Wegman

            	

            
	

            	
              Thomas Wegman, President

            

      

      

      I understand and agree to the foregoing terms and conditions of employment with Advance Biofactures.  I further understand that I am employed at will and
          that I or Advance Biofactures may terminate my employment at any time and for any lawful reason with or without notice.

      

      

      	
              /s/ Ronald E. Law

            
	
              Dr. Ronald E. Law

            

      

      

      Date: November 15, 2018

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