Document:

Exhibit 10.28

    

     

    

    
      CONSULTING AGREEMENT

      Effective Date:  April 1, 2019

      

      

      THIS CONSULTING AGREEMENT (this “Agreement”), is entered into by and between 
          BioSpecifics Technologies Corporation, a Delaware corporation (“BSTC” or the “Company”), and
          Pat Caldwell, an individual, with a primary address at 13485 Harding Avenue, San Martin, California 95046 (“Consultant”), as of the date set forth above (the “Effective Date”).  BSTC and Consultant may each be referred to as a “Party” or together, the “Parties”.

       

        

      WHEREAS, BSTC wishes to obtain the services of Consultant for certain purposes, and Consultant wishes to provide such services, all subject to the terms and
          conditions of this Agreement.

       

        

      NOW, THEREFORE, in consideration of the mutual covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, BSTC and Consultant
          hereby agree to be legally bound as follows:

       

        

      
        
          	1.	
                  Services.

                

           

          

        

      

      During the Term, Consultant shall perform for BSTC the consulting services described in Schedule 1 (the “Services”).

       

        

      
        
          	2.	
                  Compensation.

                

           

          

        

      

      2.1          Fees for Services.  In connection with the Services, BSTC shall pay Consultant a monthly stipend of Thirty Thousand Dollars
          ($30,000) for each completed one (1) month period, which shall be payable in accordance with Section 2.5.

       

        

      2.2          Restricted Stock Units.  Provided this Agreement has not earlier been terminated for Cause (as defined below), after the new equity incentive plan of BSTC is adopted and made effective (which is expected to follow BSTC’s
          annual meeting in June 2019), pursuant to award agreements which shall govern such awards, BSTC shall issue to Consultant,  on a quarterly basis after the end of each quarter commencing on the Effective Date (i.e. July 1, 2019), five hundred
          (500) restricted stock units (“RSUs”) up to a maximum of two thousand (2,000) RSUs.  Twenty-five per cent (25%) of each RSU award will vest each year, on the first through fourth anniversaries of the date of issuance to Consultant, provided that
          Consultant continues to provide Services to BSTC through the applicable vesting date, and all outstanding RSUs will vest immediately if BSTC terminates Consultant’s Services without Cause.

       

        

      2.3          Benefits.  Consultant is not an employee of BSTC and will not be entitled to participate in or receive any benefit or right as a Company employee under any Company employee benefit and welfare plan, including employee
          insurance, pension, savings and security plans as a result of Consultant entering into this Agreement.

       

        

      2.4          Expenses.  BSTC shall reimburse Consultant for all reasonable expenses incurred by Consultant in connection with the performance of the Services, including travel expenses.  Consultant shall invoice BSTC for such
          expenses, which invoice shall include reasonable supporting documentation (such as copies of receipts) verifying such expenses, in accordance with Section 2.5.

       

        

      
        
          

      

      
      2.5          Invoicing and Payment.  Consultant shall use his reasonable efforts to consolidate invoices deliverable pursuant to this Section 2 into no more than one (1) invoice per month.    BSTC shall pay all invoices within ten
          (10) business days of receipt of invoice.

       

        

      2.6          Taxes and Withholdings.  All taxes relating to Consultant’s performance under this Agreement shall be the responsibility of Consultant.  In particular, Consultant shall be solely responsible for the payment of all
          federal, state and local taxes or contributions imposed or required under unemployment insurance, social security and income tax laws that pertain to the compensation paid or reimbursements provided to Consultant.

       

        

      
        
          	3.	
                  Duties of Consultant.

                

           

          

        

      

      3.1          Availability; Communication, Reports and Performance.  Consultant shall be available to BSTC at its offices or such other places as the Parties may agree, at such times as the Parties may agree, and shall be available for
          telephone consultations as requested by BSTC.  Consultant shall perform all Services in a prompt and professional manner.  Consultant shall not be entitled to subcontract any of his obligations hereunder.

       

        

      3.2          Efforts of Consultant.  Consultant shall perform all Services conscientiously and in a professional and timely manner, and devote his best
          efforts and abilities thereto.  Consultant shall observe all policies and procedures of BSTC, and such other directives as may be promulgated from time to time by BSTC’s officers or board of directors.  In addition, Consultant shall follow
          generally accepted professional standards of care and all applicable federal, national, state, and local laws, rules and regulations of each country where Services shall be conducted.

       

        

      3.3          No Conflicting Agreements.  Consultant represents and warrants that Consultant is not a party to any existing agreement that would prevent Consultant from entering into and performing Consultant’s obligations under this
          Agreement in accordance with its terms.  Consultant shall not enter into any agreement that is in conflict with, or that would prohibit or impair the performance of, Consultant’s obligations under this Agreement in accordance with its terms.

       

        

      3.4          Independent Contractor.  Consultant understands and agrees that he is acting solely as an independent contractor of BSTC in
          performing any of the Services and as such agrees that, at all times, Consultant is not an employee of BSTC. Consultant is free to perform services for any other person provided that Consultant does not breach any obligations owed to the Company

       

        

      
        
          	4.	
                  Confidentiality.

                

           

          

        

      

      4.1          Company Confidential Information. Consultant shall hold in strict confidence, and not use, except for the benefit of BSTC, and not disclose to any person or entity without written authorization of BSTC, any Confidential
          Information (as defined below).  “Confidential Information” means any proprietary or confidential information of BSTC, including technical data, trade secrets or
          know-how, including research, product plans, products, services, customer lists and customers, markets, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, marketing, distribution and sales methods
          and systems, sales and profit figures, finances and other business information disclosed to Consultant by or on behalf of BSTC, either directly or indirectly, whether in writing, orally or by drawings or inspection of documents or other tangible
          property; provided, that Confidential Information shall not include any of the foregoing items to the extent they have become publicly known and made generally
          available through no wrongful act of Consultant.

       

        

      
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      4.2          Third Party Information Held by Consultant.  Consultant represents and warrants that Consultant shall not improperly use or disclose to BSTC or any of its directors, officers, employees or agents, any Confidential
          Information of any current or former client or other person or entity with whom Consultant has an agreement or duty to keep such information confidential, and that Consultant shall not bring onto the premises of BSTC any such information in any
          medium unless consented to in writing by such client, person or entity.  In the event of Consultant’s breach of this Section 4.2, Consultant shall ensure that BSTC may freely and fully utilize the information so disclosed for any and all
          purposes.

       

        

      4.3          Third Party Information Held by BSTC. Consultant recognizes that BSTC has received, and in the future may receive, from third parties Confidential Information subject to a duty on BSTC’s part to maintain the
          confidentiality of such information and to use it only for certain limited purposes.  Consultant shall hold all such information in strict confidence and not disclose it to any person or entity or use it except as necessary in carrying out
          Services, consistent with BSTC’s agreement with such third party.  For purposes of this Agreement, such third party information shall be deemed part of the Confidential Information of BSTC.

       

        

      4.4          Required Disclosure of Confidential Information.  If Consultant is required by law or court or governmental order to disclose Confidential Information, Consultant shall give BSTC prompt written notice of such requirement
          such that BSTC shall have the opportunity to apply for a protective order, injunction or for confidential treatment of such Confidential Information.  Notwithstanding the forgoing,
            any information disclosed by Consultant pursuant to a court or governmental order shall remain Confidential Information, and may not be disclosed under any other circumstances unless and until the Confidential Information so disclosed becomes
            publicly known and generally available through no wrongful act of Consultant.

       

          

      4.5          Reports to Government Entities.  Nothing in this Agreement shall prohibit or restrict Consultant from lawfully (A) initiating communications directly with, cooperating with, providing information to, causing information
          to be provided to, or otherwise assisting in an investigation by the Securities and Exchange Commission (“SEC”), the Department of Justice, the Congress, or any other governmental or regulatory agency, entity, or official(s) or self-regulatory
          organization (collectively, “Governmental Authorities”) regarding a possible violation of any law, rule, or regulation; (B) responding to any inquiry or legal process directed to Consultant individually (and not directed to BSTC) from any such
          Governmental Authorities, including an inquiry about the existence of this Agreement or its underlying facts or circumstances; (C) testifying, participating or otherwise assisting in an action or proceeding by any such Governmental Authorities
          relating to a possible violation of law; or (D) making any other disclosures that are protected under the whistleblower provisions of any applicable law, rule, or regulation.  Nor does this Agreement require Consultant to obtain prior
          authorization from BSTC before engaging in any conduct described in this paragraph, or to notify BSTC that Consultant has engaged in any such conduct.

       

        

      
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      4.6          U.S. Defend Trade Secrets Act.  The U.S. Defend Trade Secrets Act of 2016 (“DTSA”) provides that an individual shall not be held criminally or
          civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (a) (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (ii)
          solely for the purpose of reporting or investigating a suspected violation of law; or (b) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  In addition, DTSA provides that an individual
          who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (x)
          files any document containing the trade secret under seal; and (y) does not disclose the trade secret, except pursuant to court order. Nothing in this Agreement is intended to limit any rights under such federal law.

       

        

      
        
          	5.	
                  Term and Termination. 

                

           

          

        

      

      5.1          Termination by BSTC.  BSTC shall have the right to terminate this Agreement, without notice or penalty, upon the occurrence of any
          of the following events:  (a) the Consultant fails to perform Services as contemplated in this Agreement, (b) Consultant breaches its obligations under this
          Agreement or (c) the death or disability of Consultant.  In addition, BSTC shall have the right, without penalty, to terminate this Agreement upon providing
          thirty (30) days prior written notice to Consultant.

       

        

      5.2          Obligations.  Upon termination, except as set forth in Section 5.3 below, BSTC shall have no obligation to pay Consultant any fees or expenses that accrued subsequent to (a) a notice of breach of Consultant’s obligations
          hereunder, (b) the failure of Consultant to perform the Services as contemplated by this Agreement or (c) the commission of fraud upon BSTC by Consultant.

       

        

      5.3          Severance.  If BSTC terminates this Agreement without Cause (other than due to Consultant’s death or inability to provide the Services), Consultant shall be entitled to receive as severance (subject to Section 5.3(b)) (i)
          a lump sum payment in the amount of Three Hundred Sixty Thousand and 00/100 Dollars ($360,000.00); and (ii)  if the Consultant has not been issued a total of two thousand (2,000) RSUs at such time, then the Company shall issue to the Consultant
          the difference between two thousand (2,000) RSUs and the number of RSUs actually issued to the Consultant, which RSUs will be fully vested at the time of issuance  Payment of such amount and issuance of the RSUs, if any, shall be made within
          thirty (30) days after the separation agreement referred to in Section 5.3(b) below becomes irrevocable.

       

        

      (a)           Definitions.  For purposes of this Agreement:

       

        

      (i)          “Cause” means a finding by a
          majority of the Board of Directors of BSTC that Consultant (i) has materially breached this Agreement, which breach has not been remedied by Consultant within thirty (30) days after written notice has been provided to Consultant of such breach,
          (ii) has engaged in disloyalty to BSTC that involves personal profit in connection with BSTC or any other entity having a business relationship with BSTC, including, without limitation, fraud, embezzlement or, theft from BSTC (iii) has committed
          a felony involving moral turpitude or any type of fraud, (iii) has disclosed trade secrets or confidential information of BSTC to persons not entitled to receive such information, or (iv) has engaged in such other misconduct, including the
          blatant disregard of the policies of BSTC, which is materially injurious to the financial condition or business reputation of, or otherwise materially injurious to, BSTC.

       

        

      
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      (b)          Release of Claims.  As a condition of receiving any
          severance for which Consultant otherwise qualifies under Section 5.3, Consultant agrees to execute, deliver and not revoke, within 60 days following the date of termination of this Agreement, a separation agreement containing a general release of
          BSTC, its affiliates, and their respective employees, officers, directors, owners and members from any and all claims, obligations and liabilities of any kind whatsoever, including, without limitation, those arising from or in connection with
          Consultant’s provision of services to BSTC or this Agreement (including, without limitation, civil rights claims), in such form as is requested by the Company, such separation agreement to be delivered, and to have become fully irrevocable, on or
          before the end of such 60-day period.  If such a separation agreement described in the immediately preceding sentence has not been executed and delivered and become irrevocable on or before the end of such 60-day period, no amounts or benefits
          under Section 5.3 shall be or become payable.

       

        

      5.4          Survival.  The provisions of Sections 4, 5, and 6 shall survive the expiration or termination of this Agreement.  The expiration or termination of this Agreement shall not impair any right or obligation of any Party accruing prior to the
            effective date of such expiration or termination.

       

          

      
        
          	6.	
                  Miscellaneous.

                

           

          

        

      

      6.1          Notices.  All notices and other communications required or permitted hereunder shall be in writing and deemed to have been given when hand delivered, or mailed by registered or certified mail or overnight courier with
          tracking capabilities, as follows or as a Party may otherwise notify to the other in accordance with this Section 7 (provided that such notice of change of address or recipient shall be deemed given only when received):

       

        

      	
              If to BSTC, to:

            	
              If to Consultant, to:

            
	
              BioSpecifics Technologies Corp

            	
              Pat Caldwell

            
	
              35 Wilbur St.

              Lynbrook, NY 11563

            	 
	 	 
	
              Attention:  Principal Executive Officer

            	
              Attention: Mr. Caldwell

            

      

      

      6.2          Property; Return or Destruction.  Consultant shall not remove any property from BSTC’s premises without prior written authorization from BSTC; provided, however, the Consultant will be entitled to use BSTC property at his
          home subject to suitable protection for confidentiality.  Promptly upon the expiration or termination of this Agreement, and earlier if requested by BSTC at any time, Consultant shall deliver to BSTC (and shall not keep in Consultant’s possession
          or deliver to anyone else) or, at BSTC’s option, destroy all Confidential Information of BSTC (and all embodiments thereof) and all software, documentation, devices, records, data, notes, reports, proposals, lists, correspondence, specifications,
          drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions of any aforementioned items, or any other work product whatsoever, developed by Consultant as part of or in connection with the Services or
          otherwise belonging to BSTC.  Consultant shall certify in writing as to such complete return or destruction.

       

          

      
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      6.3          Indemnification.  Consultant shall indemnify BSTC for all costs, fees (including reasonable attorneys’ fees), expenses, losses and other damages arising from (a) any injury to person or damage to property caused by
          Consultant, (b) any breach of this Agreement by Consultant or (c) Consultant’s negligence or willful misconduct except in each case to the extent that BSTC has an indemnification obligation to Consultant  pursuant to that Indemnification
          Agreement (the “Consultant Indemnification Agreement”) between BioSpecifics Technologies Corp. and Consultant with an effective date of September 18, 2012, which remains
          in full force and effect, and is unaffected by this Agreement. 

       

        

      6.4          Advice of Counsel.  Each Party acknowledges that, in executing this Agreement, such Party has had the opportunity to seek the advice of independent legal counsel, and has read and understood all of the terms and
          provisions of this Agreement.  Furthermore, this Agreement shall not be construed against any Party by reason of the drafting or preparation hereof.

       

        

      6.5          Assignment; No Third Party Beneficiaries.  BSTC may assign this Agreement without the prior written consent of Consultant. 
          Consultant hereby acknowledges and agrees that the duties and responsibilities of Consultant hereunder are of a personal nature and shall not be assignable or delegable in whole or in part by Consultant.  All of the terms and provisions of this
          Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives, successors and permitted assigns of the Parties.  Nothing in this Agreement, express or
          implied, is intended to confer on any person or entity other than the Parties hereto or their respective successors and permitted assigns, any benefits, rights or remedies.

       

        

      6.6          Governing Law, Arbitration and Attorney Fees.  This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York, United States of America, without giving effect to any conflict of
          laws provisions.  Any controversy arising out of or relating to this Agreement, the breach of this Agreement, or any dispute between Consultant and BSTC shall be settled by binding arbitration in New York, New York in accordance with the
          Commercial Arbitration 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/CommercialRules_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 any claim which by law is not subject to mandatory arbitration. THE PARTIES HEREBY WAIVE THEIR RIGHTS TO HAVE ALL SUCH CLAIMS FILED IN COURT INCLUDING THE RIGHT TO A JURY TRIAL.  The prevailing Party in
          any dispute or legal action regarding the subject matter of this Agreement shall be entitled to recover its attorney’s fees and costs.

       

        

      6.7          Equitable Relief.  Consultant agrees that the limitations on its ability to compete with BSTC and to solicit BSTC’s employees and customers as set forth in Sections 3.5 and 3.6, as well as the confidentiality, assignment,
          licensing and related obligations in Sections 4 and 5 are reasonably necessary to protect BSTC’s legitimate business interests.  Consultant acknowledges that such limitations will not constitute or cause it any undue hardship.  Consultant further
          agrees that it would be impossible or inadequate to measure and calculate BSTC’s damages from any breach of the covenants set forth in Sections 3, 4 and 5 of this Agreement, and that a breach of such covenants could cause serious and irreparable
          injury to BSTC.  Accordingly, BSTC shall be entitled, in addition to any other right or remedy available to it, to an injunction from a court or an arbitrator of competent jurisdiction restraining such a breach (or threatened breach) and to
          specific performance of any such Section.  Consultant further agrees that no bond or other security shall be required in obtaining such equitable relief and Consultant hereby consents to the issuance of such injunction and to the ordering of
          specific performance.

       

        

      
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      6.8          Entire Agreement, Amendment and Waiver.  This Agreement (including the schedule(s) hereto) contains the entire understandings of the Parties and, together with the Consultant Indemnification Agreement,  supersedes all
          previous agreements (oral and written), negotiations and discussions with respect to the Services.  The Parties may modify any of the provisions hereof only by an instrument in writing duly executed by the Parties.  No waiver of any rights under
          this Agreement shall be effective unless in writing signed by the Party to be charged.

       

        

      6.9          Severability.  In the event of the invalidity of any provisions of this Agreement containing any gaps, the Parties agree that such invalidity or gap shall not affect the validity of the remaining provisions of this
          Agreement.  The Parties will replace an invalid provision or fill any gaps with valid provisions, which most closely approximate the purpose and economic effect of the invalid provision or, in the case of a gap, the Parties’ presumable
          intentions.

          

        

      6.10         Interpretation.  The headings in this Agreement are intended solely for convenience or reference and shall be given no effect in the construction or interpretation of this Agreement.  The words “include”, “includes” and
          “including” (and words of similar meaning) shall be deemed to be followed by the phrase “without limitation”.

       

        

      6.11         Survival.  The rights and obligations of the Parties, which by intent or meaning have validity beyond such termination (including rights with respect to confidentiality and inventions) shall survive the termination or
          expiration of this Agreement.

       

        

      6.12         Counterparts.  This Agreement may be executed in two (2) or more counterparts, including by “PDF” exchange, each of which shall be deemed to be an original as against any Party whose signature appears thereon, but all of
          which together shall constitute but one and the same instrument.

       

        

      [Signature Page Follows]

       

        

      
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      IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have duly executed this Agreement as of the Effective Date.

      

      

      	
              BIOSPECIFICS TECHNOLOGIES CORP.

            	
              PAT CALDWELL

            
	 	 
	
              /s/ Jenn Chao

            	
              /s/ Pat Caldwell

            
	
              Authorized Signature

            	
              Pat Caldwell

            

      

      

      Name: Jenn Chao

      Title: Chair of the Compensation Committee

      

      

      
        Signature Page to Consulting Agreement

         

        

      

      
        
          

      

      

      

      SCHEDULE 1

      Services

      

      

      Consultant shall perform on an interim, part-time basis all of the services typically performed by an Principal Financing/Accounting Officer of a Nasdaq
          publicly-traded company such as BioSpecifics Technologies Corp.

    

    

    

    
      Schedule 1 to Consulting AgreementExhibit 10.29

    

    
      

      

      Patrick M. Caldwell Amended and Restated Indemnification Agreement

       

          

      Effective as of September 18, 2012

       

        

      Patrick M. Caldwell

      

      

      Dear Patrick,

       

        

      In connection with the engagement of Patrick M. Caldwell ("PMC") to advise and assist the undersigned (together with its affiliates
          and subsidiaries, referred to as the "Company") with the matters set forth in the oral agreement between the Company and PMC (the "Agreement"), in the event that PMC becomes involved in any capacity in any claim, suit, action, proceeding,
          investigation or inquiry (including, without limitation, any stockholder or derivative action or arbitration proceeding) (collectively, a "Proceeding") in connection with any matter in any way relating to or referred to in the Agreement or
          arising out of the matters contemplated by the Agreement, including, without limitation, related services and activities prior to the date of the Agreement, the Company agrees to indemnify, defend and hold PMC harmless to the fullest extent
          permitted by law, from and against any losses, claims, damages, liabilities and expenses in connection with any matter in any way relating to or referred to in the Agreement or arising out of the matters contemplated by the Agreement, including,
          without limitation, related services and activities prior to the date of the Agreement, except to the extent that it shall he determined by a court of competent jurisdiction in a judgment that has become final in that it is no longer subject to
          appeal or other review that such losses, claims, damages, liabilities and expenses resulted primarily from the gross negligence or willful misconduct of PMC. In addition, in the event that PMC becomes involved in any capacity in any Proceeding in
          connection with any matter in any way relating to or referred to in the Agreement or arising out of the matters contemplated by the Agreement, the Company will reimburse PMC for its legal and other expenses (including the cost of any
          investigation and preparation) as such expenses are incurred by PMC in connection therewith within twenty (20) days of a written request from PMC therefor. If such indemnification were not to be available for any reason, the Company agrees to
          contribute to the losses, claims, damages, liabilities and expenses involved (i) in the proportion appropriate to reflect the relative benefits received or sought to be received by the Company and its stockholders and affiliates and other
          constituencies, on the one hand, and PMC, on the other hand, in connection with the matters contemplated by the Agreement or (ii) if (but only if and to the extent) the allocation provided for in clause (i) is for any reason held unenforceable;
          in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company and its stockholders and affiliates and other constituencies, on the one hand, and the party
          entitled to contribution, on the other hand, as well as any other relevant equitable considerations. The Company agrees that for the purposes of this paragraph the relative benefits received, or sought to be received, by the Company and its
          stockholders and affiliates and other constituencies, on the one hand, and the party entitled to contribution, on the other hand, in connection with the matters contemplated by the Agreement shall be deemed to be in the same proportion that the
          total value received or paid or contemplated to be received or paid by the Company or its stockholders or affiliates and other constituencies, as the case may be, as a result of or in connection with the matters (whether or not consummated) for
          which PMC has been retained to perform financial services bears to the fees paid to PMC under the Agreement; provided, that in no event shall the Company contribute
          less than the amount necessary to assure that PMC is not liable for losses, claims, damages, liabilities and expenses in excess of the amount of fees actually received by PMC within the past twelve (12) months pursuant to the Agreement. Relative
          fault shall be determined by reference to, among other things, whether any alleged untrue statement or omission or any other alleged conduct relates to information provided by the Company or other conduct by the Company (or its employees or other
          agents), on the one hand, or by PMC, on the other hand. The Company will not settle any Proceeding in respect of which indemnity may be sought hereunder, whether or not PMC is an actual or potential party to such Proceeding, without PMC prior
          written consent, which consent shall not be unreasonably withheld if, in connection with such settlement, PMC is fully released fi-om all liabilities. The foregoing indemnity and contribution agreement shall be in addition to any
          rights that any indemnified party may have at common law or otherwise.

       

        

      
        
          

      

      
      The Company agrees that PMC shall not have any liability to the Company or any person asserting claims on behalf of or in right of the
          Company in connection with or as a result of either engagement under the Agreement or any matter referred to in the Agreement, including, without limitation, related services
          and activities prior to the date of the Agreement, except to the extent that it shall be determined by a court of competent jurisdiction in a judgment that has become final in that it is no longer subject to appeal or other review that any
          losses, claims, damages, liabilities or expenses incurred by the Company resulted primarily from the gross negligence or willful misconduct of PMC in performing the services that are the subject of the Agreement.

       

        

      THIS INDEMNIFICATION AGREEMENT AND ANY CLAIM, COUNTERCLAIM OR DISPUTE OF ANY KIND OR NATURE WHATSOEVER ARISING OUT OF OR IN ANY WAY
          RELATING TO THIS INDEMNIFICATION AGREEMENT ("CLAIM). DIRECTLY OR INDIRECTLY, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EXCEPT AS SET FORTH BELOW, NO CLAIM MAY BE COMMENCED, PROSECUTED OR CONTINUED IN
          ANY COURT OTHER THAN THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE CITY AND COUNTY OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, WHICH COURTS SHALL HAVE EXCLUSIVE JURISDICTION OVER THE ADJUDICATION
          OF SUCH MATTERS, AND THE COMPANY AND PMC CONSENT TO THE JURISDICTION OF SUCH COURTS AND PERSONAL SERVICE WITH RESPECT THERETO. THE COMPANY HEREBY CONSENTS TO PERSONAL JURISDICTION, SERVICE AND VENUE IN ANY COURT IN WHICH ANY CLAIM ARISING OUT OF
          OR IN ANY WAY RELATING TO THIS INDEMNIFICATION AGREEMENT IS BROUGHT BY ANY THIRD PARTY AGAINST PMC OR ANY INDEMNIFIED PARTY. EACH OF PMC AND THE COMPANY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING OR CLAIM (WHETHER BASED UPON CONTRACT,
          TORT OR OTHERWISE) ARISING OUT OF OR IN ANY WAY RELATING TO THIS INDEMNIFICATION AGREEMENT. THE COMPANY AGREES THAT A FINAL JUDGMENT IN ANY PROCEEDING OR CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS INDEMNIFICATION AGREEMENT BROUGHT IN ANY
          SUCH COURT SHALL BE CONCLUSIVE AND BINDING UPON THE COMPANY AND MAY BE ENFORCED IN ANY OTHER COURTS THE JURISDICTION OF WHICH THE COMPANY IS OR MAY BE SUBJECT, BY SUIT UPON SUCH JUDGMENT.

       

        

      This Indemnification Agreement shall bind and inure to the benefit of PMC's heirs and representatives and any successor in interest of
          the Company in connection with the transfer or sale of all or substantially all of the assets of the Company or in the event of its merger or consolidation with another company. Any other purported assignment of this Indemnification Agreement
          shall be null and void.

       

        

      
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      Notwithstanding any other provisions in this Indemnification Agreement to the contrary, the Company shall indemnify PMC against all
          expenses incurred by PMC in any Proceeding between the Company and PMC involving the interpretation or enforcement of the rights of PMC under this Indemnification Agreement, other than with respect to claims and/or defenses asserted by a PMC in
          any such Proceeding that a court of competent jurisdiction determines were frivolous or made in bad faith.

       

        

      The Company will pay PMC within 20 days of invoice at his normal consulting rate (currently $200/hour and $2,000/day) for any time he
          spends in connection with any Proceeding, including but not limited to document production, preparing for and/or participating in depositions, meeting with Company representatives and travel time. The Company will also within 20 days of invoice
          reimburse all reasonable out of pocket costs or expenses, including reasonable attorneys' fees and costs. For the sake of clarity, PMC may retain legal counsel to represent his interest in connection with any Proceeding, unless the use of counsel
          chosen by PMC to represent him would present such counsel with a conflict of interest.

       

        

      The above applies whether the Proceeding, claim, litigation or other legal proceeding is initiated by the Company or a third party and
          whether PMC is individually named or not.

       

        

      The Company shall promptly add PMC to its Directors and Officers Liability Insurance Policy as a named insured as a consultant, with
          coverage terms no less than for the Company's officers and directors. The Company shall provide evidence of such insurance to PMC. In the event that such insurance is cancelled or otherwise lapses for any reason, the Company shall provide PMC
          with prompt written notice within 14 days of such event.

       

        

      For the avoidance of doubt, that certain indemnification agreement by and between PMC and the Company dated October 30, 2006 is hereby
          amended and restated in its entirety by the foregoing.

       

        

      [signature page follows]

       

        

      
        3

        
          

      

      The foregoing Indemnification Agreement shall remain in full force and effect notwithstanding any termination of PMC's engagement.
          This Indemnification Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same agreement.

       

        

      	

            	
              Very truly yours,

            
	

            	

            
	

            	
              BIOSPECIFICS TECHNOLOGIES CORP,

            
	

            	

            
	

            	
              By:

            	
              /s/ Thomas Wegman

            
	

            	

            	
              Thomas Wegman

            
	

            	

            	
              President

            

      

      

      Accepted and agreed to as of

      the date first above written:

      

      

      	
              By:

            	
              /s/ Patrick M. Caldwell

            
	

            	
              Patrick M. Caldwell

            

      

      

      

      

      4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}]]