Document:

Exhibit
10.54

 

EXPLANATORY
NOTE: [***] INDICATES THE PORTION OF THIS EXHIBIT

THAT
HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND

(II)
WOULD BE COMPETITIVELY HARMFUL IN PUBLICLY DISCLOSED.

 

FIRST
AMENDMENT TO 

 

THE
LICENSE, SUPPLY AND DISTRIBUTION AGREEMENT BETWEEN ELITE

PHARMACEUTICALS, INC./ELITE LABORATORIES, INC. AND LANNETT COMPANY, INC.

 

This
Amendment, dated as of July 29, 2019 (the “Amendment”), by and between Elite Pharmaceuticals, Inc., a Nevada corporation
and Elite Laboratories, Inc., a Delaware corporation with offices at 165 Ludlow Avenue, Northvale, New Jersey 07647 (collectively
“Elite”) and Lannett Company, Inc., a Delaware corporation located at 9000 State Road, Philadelphia, PA 19136 and/or
its Affiliates (“Lannett”) (and together the “Parties”) relating to that License, Supply and Distribution
Agreement between the Parties dated March 6, 2019 (the “Agreement”);

 

WHEREAS
Lannett and Elite desire to amend the Agreement on the terms and subject to the conditions contained herein, and

 

WHEREAS,
capitalized terms used herein and not otherwise defined shall have the meaning assigned to such terms in the Agreement.

 

NOW,
THEREFORE in consideration of the mutual covenants and agreements contained herein, the sufficiency, adequacy and satisfaction
of which are hereby acknowledged, Lannett and Elite hereby agree as follows:

 

		1.	Section
                                         1.1 (v) shall be replaced in its entirety with the new Section 1.1 (v) below:

 

v.
“Net Profits” is calculated as listed in Schedule C and means the Net Sales of a Product minus the sum of (i)
the Distribution Fee, (ii) Transfer Price of Product and (iii) shipping costs from the Facility:

 

    1

     

    

 

EXPLANATORY NOTE: [***] INDICATES THE
PORTION OF THIS EXHIBIT

THAT HAS BEEN OMITTED BECAUSE IT IS BOTH
(I) NOT MATERIAL AND

(II) WOULD BE COMPETITIVELY HARMFUL IN
PUBLICLY DISCLOSED.

 

		2.	Section
                                         3.3 shall be replaced in its entirety with new Section 3.3 below:

 

		a.	License
                                         Fees. Throughout the Initial Term and Renewal Term, LANNETT shall pay to ELITE *** percent
                                         (***%) of the Net Profits received from sales of each Product within forty-five (45)
                                         days of the end of each calendar quarter (“License Fees”). Such payment shall
                                         additionally include a sales summary for each Product, generally in the format as provided
                                         in Schedule C. In no case shall the License Fees for any calendar quarter be negative;
                                         provided, however, in the event of a loss in any calendar quarter, subject to ELITE’s
                                         written approval of any Product pricing by LANNETT that leads to quarterly losses and
                                         subject to the loss carryover clause that follows, the amount of that loss shall be carried
                                         forward to subsequent calendar quarters until the amount of such loss has been fully
                                         absorbed. In the event that Net Profits for calendar quarter are negative, LANNETT shall
                                         carry over *** percent (***%) of the value by which the Net Profits are negative in such
                                         calendar quarter and deduct this amount from the calculation of Net Sales for the following
                                         calendar quarter. If Net Profits are negative in two (2) or more consecutive calendar
                                         quarters, LANNETT shall invoice ELITE for *** percent (***%) of the value by which the
                                         Net Profits are negative for the previous calendar quarter and carry over *** percent
                                         (***%) of the value by which Net Profits are negative for the current calendar quarter
                                         and deduct this amount from the calculation of Net Sales for the following calendar quarter.
                                         For the avoidance of doubt, if Net Profits are negative in subsequent calendar quarters,
                                         the amounts will be similarly carried over or reimbursed as per the terms set forth in
                                         this Section 3.3 until Net Profits are positive. Reimbursement of negative Net Profits
                                         owed by ELITE in this Section 3.3 shall be payable to LANNETT within forty-five (45)
                                         days after receipt of an invoice from LANNETT.

 

		3.	The
                                         Title Page for the Schedules that follows the signatures and precedes the schedules shall
                                         be replaced in its entirety with the new titles listed below:

 

Schedule
A:Products

 

Schedule
B:Product Specifications

 

Schedule
C:Quarterly Report for Calculation of Net Profit

 

Schedule
D: Shipping Instructions

 

		4.	Schedule
                                         C of the Agreement shall be replaced in its entirety with new Schedule C below:

 

    2

     

    

 

EXPLANATORY NOTE: [***] INDICATES THE
PORTION OF THIS EXHIBIT

THAT HAS BEEN OMITTED BECAUSE IT IS BOTH
(I) NOT MATERIAL AND

(II) WOULD BE COMPETITIVELY HARMFUL IN
PUBLICLY DISCLOSED.

 

Schedule
C

 

Quarterly
Report for Calculation of NET Profit

 

Product
Name:________________________________________________________

 

	Quantity
    sold by SKU	XXXX
    units
	Gross
    Sales	$
	Deductions:	 
	Chargebacks	 
	Rebates	 
	ADministrative
    Fees	 
	Billbacks	 
	Returns	 
	Shelf
    Stock Adjustments	 
	Other
    deductions	 
	Cash
    Discounts	 
	Medicaid	 
	NET
    SALES	$
	Transfer
    Price	 
	DIstribution
    FEES	 
	Shipping
    COsts	 
	NET
    PROFIT	 
	Profit
    share Payment to ELITe at THE APPLICABLE LICENSE FEE PERCENTAGE SET FORTH IN SECTION 3.3	 

 

    3

     

    

 

EXPLANATORY NOTE: [***] INDICATES THE
PORTION OF THIS EXHIBIT

THAT HAS BEEN OMITTED BECAUSE IT IS BOTH
(I) NOT MATERIAL AND

(II) WOULD BE COMPETITIVELY HARMFUL IN
PUBLICLY DISCLOSED.

 

Except
as expressly provided in this Amendment, the Agreement and all provisions therein are and shall continue to be in full force and
effect in accordance with its terms.

 

IN
WITNESS WHEREOF, the Parties have caused this Amendment to be executed by their duly authorized representatives as of the day
and year first above written.

 

	Elite Pharmaceuticals, Inc.	 	Lannett Company, Inc.
	 	 	 	 	 
	By:	s/
    Nasrat Hakim	 	By:	s/
    John Kozlowski 
	Name:	Nasrat Hakim	 	Name: 	John Kozlowski
	Title:	President and CEO	 	Title:	COSSO
	Date:	7-29-2019	 	Date:	7-31-2019

  

	Elite Laboratories, Inc.	 
	 	 	 
	By:	s/
    Nasrat Hakim	 
	Name:	Nasrat Hakim	 
	Title:	President and CEO	 
	Date:	7-29-2019	 

  

 

4Exhibit
4.1

 

SHARE
CERTIFICATE

 

	Number of certificate	 	Number of shares
	 	 	 
	 	 	 
	 	 	 

 

ALE
GROUP HOLDING LIMITED

 

COMPANY
NUMBER [NUMBER]

 

This
is to certify that [Name] of [Address] is the registered holder of [Number] [Share Class] shares of [Value] each being [partly
paid to the extent of [amount in words] [amount in numerals] per share]]/[fully paid][and numbered [number]] in the above-named
company, subject to the memorandum and articles of association of the company.

 

[Transfer
date]

 

	 	 	 
	Director	 	 Director/SecretaryExhibit 10.3

 

Conyers
comments June 27, 2020

 

SUBSCRIPTION
AGREEMENT

ALE
GROUP HOLDING LIMITED

 

WHEREAS,
ALE Group Holding Limited, a company incorporated under the laws of the British Virgin Islands (the “Company”),
desires to issue up to [●] ordinary shares, par value $1.00 per share (“Ordinary Shares”) at a price
of $960 per share pursuant to the Registration Statement on Form F-1 initially filed with the Securities and Exchange Commission
(the “Commission”) filed on March 17, 2020, which was declared effective on [●], 2020 (the “Registration
Statement”);

 

WHEREAS,
the undersigned (the “Purchaser,” together with the Company, the “Parties”) desires
to acquire the number of shares set forth on the signature page hereto.

 

NOW,
THEREFORE, for and in the consideration of premises and the mutual covenants hereinafter set forth, the Parties hereby agree
the following:

 

1.
Subscription. The Purchaser hereby irrevocably subscribes for and agrees to purchase the number of Ordinary Shares of the
Company, set forth on the signature page of this Agreement at a price of US $[●] per share for the aggregate price
set forth on the signature page of this Agreement (U.S. dollars) (the “Funds”) pursuant to the Registration Statement.
A copy of Registration Statement was provided to the Purchaser by the Company. Together with this Subscription Agreement, the
Purchaser is delivering to the Company the full amount of the purchase price for the Shares in respect of which it is subscribing.

 

2.
Representations and Warranties of the Purchaser. In order to induce the Company to accept this subscription, the Purchaser
hereby represents and warrants to, and covenants with, the Company as follows:

 

A.
The Purchaser is purchasing the Shares for the Purchaser’s own account.

 

B.
The Purchaser has had the opportunity to ask and receive answers to any and all questions the Purchaser had with respect to the
Company, its Registration Statement, its business plan, management and current financial condition. The Purchaser acknowledges
that the Company is newly organized, does not have an operating history. The Purchaser recognizes that the purchase of the Shares
involves a high degree of risks.

 

C.
The Purchaser is capable of evaluating the merits and risks involved in an investment in the Shares and acknowledges that an investment
in the Shares entails a number of very significant risks and the Purchaser is able to withstand the total loss of its investment.
The Purchaser acknowledges that the Company has recommended that each Purchaser obtain independent legal and financial advice
prior to subscribing.

 

D.
Except as set forth in this Agreement, no representations or warranties have been made to the Purchaser by the Company or any
agent, employee or affiliate of the Company and in entering into this transaction the Purchaser is not relying upon any information,
other than that contained in this Agreement and the result of independent investigation by the Purchaser.

 

E.
The Purchaser has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder, and
this Agreement is a legally binding obligation of the Purchaser enforceable against the Purchaser in accordance with its terms.

 

F.
The Purchaser hereby acknowledges receipt of a copy of the Prospectus under the Registration Statement relating to this offering
and the Shares (the “Prospectus”), which is on file with the United States Securities and Exchange Commission.
The Purchaser represents and warrants that, in making his decision in investing the Shares, he is not relying on any representation
other that those contained in the Prospectus.

 

     

     

    

 

Conyers
comments June 27, 2020

 

3.
Representations of the Company. The Company represents and warrants to the Purchaser that:

 

A.
The Company is duly incorporated under the laws of the British Virgin Islands and is in good standing in accordance with the laws
of the British Virgin Islands.

 

B.
The execution, delivery and performance of this Agreement by the Company and the performance of its obligations hereunder do not
and will not constitute a breach or violation of any of the terms and provisions of, or constitute a default under or conflict
with or violate any provisions of (i) the Company’s Memorandum and Articles of Association, (ii) any indenture, mortgage,
deed of trust, agreement or any instrument to which the Company is a party or by which it or any of its property is bound, (iii)
any applicable statute or regulation, or (iv) any judgment, decree or order of any court or government body having jurisdiction
over the Company or any of its property.

 

C.
The execution, delivery and performance of this Agreement and the consummation of the issuance of the Shares and the transactions
contemplated by this Agreement are within the Company’s corporate powers and have been duly authorized by all necessary
corporate action on behalf of the Company.

 

D.
There is no action, suit or proceeding before or by any court or governmental agency or body, domestic or foreign, now pending
or, to the knowledge of the Company, threatened against or affecting the Company or any of its properties, which might result
in any material adverse change in the condition (financial or otherwise) or in the earnings, business affairs or business prospects
of the Company, or which might materially and adversely affect the properties or assets thereof.

 

E.
The Company is not in default in the performance or observance of any material obligation agreement, covenant or condition contained
in any material indenture, mortgage, deed of trust or other material instrument or agreement to which it is a party or by which
it or its property may be bound; and neither the execution, nor the delivery by the Company, nor the performance by the Company
of its obligations under this Agreement will conflict with or result in the breach or violation of any of the terms or provisions
of, or constitute a default or result in the creation or imposition of a lien or charge on any assets or properties of the Company
under any material deed of trust or other material agreement or instrument to which the Company is party or by which it is bound
or any statute or the Memorandum and Articles of Association of the Company, or any decree, judgment, order, ruling or regulation
of any court or government agency or body having jurisdiction over the Company or its properties.

 

F.
There is no fact known to the Company (other than general economic conditions known to the public generally) that has not been
disclosed in writing to the Purchaser that (i) could reasonably be expected to have a material adverse effect on the condition
(financial or otherwise) or on the earnings, business affairs, business prospects, properties or assets of the Company, or (ii)
could reasonably be expected to materially and adversely affect the ability of the Company to perform its obligations pursuant
to this Agreement.

 

4.
Non-Assignability. Neither this Agreement nor any of the rights of the Purchaser hereunder may be transferred or assigned
by the Purchaser. Moreover, the Company shall refuse to register any transfer of the Ordinary Shares not made in accordance with
the provisions of Regulation S, pursuant to registration under the Act, or pursuant to an available exemption from registration.

 

5.
Modification/Entire Agreement. This Agreement (i) may only be modified by a written instruction executed by the Purchaser
and the Company; (ii) sets forth the entire agreement of the Purchaser and the Company with respect to the subject matter hereof;
and (iii) shall ensure heirs, legal representatives, successors and permitted assigns.

 

6.
Governing Law. This Agreement will be construed and enforced in accordance with and governed by the laws of the State of
New York.

 

7.
Notices. All Notices or other communication hereunder shall be in writing and shall be deemed to have been duly given if
delivered personally (including courier service) or mailed by certified or registered mail, return receipt requested, postage
prepaid.

 

    2

     

    

 

Conyers
comments June 27, 2020

Signature
Page

 

Concurrent
with execution of this Agreement, the Purchaser is purchasing ____________ Ordinary Shares of the Company at a price of $960 per
Share (the “Subscription Price”).

 

Purchaser
hereby confirms the subscription for and purchase of said number of shares and hereby agrees to pay herewith the Subscription
Price for such Shares.

 

MAKE
CHECK PAYABLE TO: [ ]

 

Executed
this ____ day of _________________, 20____.

 

	 	 	 
	 	 	 
	 	 	Signature
    of Purchaser
	 	 	 
	 	 	 
	Address
    of Purchaser	 	 
	 	 	 
	Printed
    Name of Purchaser	 	 

 

PLEASE
ENSURE FUNDS ARE IN US DOLLARS

 

                                 ____________
X $_______= US$ __________

Number
of Shares Purchased                             
Total Subscription Price

 

Form
of Payment: Cash: _________ Check: __________ Other: ____________________

 

ALE
Group Holding Limited

 

	By:
    	 	 
	Title:	 	 

 

 

3

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