Document:

Exhibit 10.1

 

PROMISSORY NOTE 

New York, NY U.S.A

U.S. $___,000.00

______, 2016

 

FOR VALUE RECEIVED,
the undersigned, Immune Pharmaceuticals, Inc., a Delaware corporation located at 430 East 29th Street, Suite 940, New
York, NY 10016 (“Immune”) promises to pay to the order of ______ (“Lender”), the principal sum of _________
Thousand United States dollars (US $___,000.00).

 

Interest Rate: Interest shall accrue
on the outstanding balance of this note beginning on the date hereof, until the note is paid in full, at a rate of five percent
(5%) per annum, except as otherwise stated herein. All interest due shall be paid on the Due Date (defined below), or on the date
that the outstanding principal amount of this note is paid in full, whichever is earlier.

 

Payment Schedule: The outstanding
principal amount of this note shall be due and payable in full on or before ______, 2017 (the “Due Date”). This note
shall be payable in cash or shares of common stock of the Company, par value $0.0001 per share at the option of either Immune or
the Lender. The number of shares will be based on the closing price of the Company’s common stock on the day of the approval
by the Board of Directors of the promissory note. For the avoidance of doubt the closing price of the Company’s common stock
on ____, 2016, the date of Board of Directors approval of the promissory note was $____ per share

 

Default: If any of the following
events shall occur, the outstanding principal balance of this note together with accrued interest thereon shall, on demand by the
holder of this note, be due and payable:

 

		·	any amount owing under this note is not paid when due;

		·	a breach of any representation or warranty under this note or under any such other agreement;

		·	the liquidation or dissolution or Immune;

		·	the filing of a petition under any bankruptcy, insolvency or similar law against Immune or any
subsidiary of Immune and such petition not being dismissed within a period of thirty (30) days of the filing; and

 

In each of the above cases, the holder
shall give written notice of default to Immune, and Immune shall have five (5) days to cure any such default without penalty, and
if cured, then this note shall not be deemed in default.

 

Where to Make Payments: All payments
of principal and interest shall be made in lawful currency of the United States of America in immediately available funds before
5:00 p.m. New York time on the due date thereof at the offices of Lender as stated in the first paragraph of this instrument, or
in such other manner or at such other place as the holder of this note designates in writing.

 

Expenses: Immune agrees to pay on
demand any expenses of collecting and enforcing this note and any collateral securing this note, including, without limitation,
reasonable expenses and fees of legal counsel, court costs and the cost of appellate proceedings.

 

Governing Law: This note and the
obligations of Immune shall be governed by and construed in accordance with the law of the State of New York, U.S.A. For purposes
of any proceeding involving this note or any of the obligations of Immune, Immune hereby submits to the non-exclusive jurisdiction
of the courts of the State of New York, and of the United States having jurisdiction in the City of New York, and agrees not to
raise and waives any objection to or defense based upon the venue of any such court or based upon forum non conveniens.
Immune agrees not to bring any action or other proceeding with respect to this note or with respect to any of its obligations in
any other court unless such courts of the State of New York and of the United States determine that they do not have jurisdiction
in the matter.

 

Waiver of Presentment, Etc.: Immune
waives presentment for payment, demand, protest and notice of protest and of non-payment.

 

     

     

    

 

Delay; Waiver: The failure or delay
by the holder of this note in exercising any of its rights hereunder in any instance shall not constitute a waiver thereof in that
or any other instance. The holder of this note may not waive any of its rights except by an instrument in writing signed by the
holder.

 

Prepayment: Immune may prepay
all or any portion of the principal of this note at any time and from time to time without premium or penalty. Any such prepayment
shall be applied against the installments of principal due under this note in the inverse order of their maturity.

 

Amendment: This note may not
be amended without the written approval of the holder.

 

 

	 	Maker:	 
	 	 	 
	 	IMMUNE PHARMACEUTICALS INC. 	 
	 	 	 
	 	 	 
	 	By:  	 	 
	 	(Duly Authorized Representative)	 
	 	 	 	 
	Accepted by:	 Lender:	 
	 	 	 
	 	 	 
	 	By:  	 	 
	 	LenderEX-10.1

 Exhibit 10.1 

RETENTION BONUS AGREEMENT 

This Retention Bonus Agreement is made by and between Sparton Corporation, an Ohio corporation (the “Company”), and
                             (“Executive”). 

SECTION 1 
 RECITALS

 1.1 Retention. The Company desires to provide to the Executive a Retention Bonus upon the terms and conditions set forth
herein. As described below, Executive shall receive the Retention Bonus upon the earlier of (x) a Change in Control date, (y) two days after filing of the Company’s Form 10-K for fiscal 2017, or (z) upon termination other than
for Cause. 
 1.2 Compliance. This Agreement is intended to be exempt from Code Section 409A pursuant to the short term deferral
rule described in Treas. Reg. §1.409A-1(b)(4) and shall be interpreted consistent with that provision to the fullest extent possible. 

1.3 Consideration. In consideration of the promises and the mutual agreements contained herein, the Company and the Executive hereby
agree as follows. 
 SECTION 2 

DEFINITIONS 
 2.1
Definition. As used in this Agreement, the following terms shall have the following meanings. 
 (a) Affiliate means the
Company and any corporation which is a member of a controlled group of corporations (as defined in Code Section 414(b)), any trade or business (whether or not incorporated) which is under common control (as defined in Code Section 414(c)),
or an affiliated service group (as defined in Code Section 414(m) or (o)). 
 (b) Agreement means this Retention Bonus
Agreement, as amended. 
 (c) Board means the Board of Directors of the Company. 

(d) Cause (i) has the meaning provided in Executive’s employment agreement (if Executive has an employment agreement with the
Company) as “cause” or “just cause” with the Company as is effective on the date hereof, or (ii) if Executive has no employment agreement with the Company, “Cause” shall mean any of the following: Executive’s
personal dishonesty; gross negligence; violation of any law, rule or regulation; breach of applicable confidentiality, nonsolicitation or noncompetition provisions to which Executive is subject; a breach of any material provision of Company’s
Code of Business Conduct and Ethics or other policies and procedures; use of alcohol or drugs to the extent such use adversely affects Executive’s ability to perform Executive’s duties or adversely affects the business reputation of
Executive or Company; use of illegal drugs; or failure or refusal to substantially perform Executive’s duties and responsibilities to Company as reasonably determined from time to time by the Board or its designee. 

 (e) Change in Control shall have the meaning in Exhibit A of the Plan. 

(f) Code means the Internal Revenue Code of 1986, as amended from time to time. 

(g) Effective Date means the date hereof. 

(h) Plan means the Company’s 2010 Long-Term Stock Option Incentive Plan, as amended to date. 

(i) Retention Bonus means an amount equal to $            . 

(j) Retention Bonus Payment Date means the payroll date coinciding with or immediately following the earlier of (x) a Change in
Control date, (y) two days after filing of the Company’s Form 10-K for fiscal 2017, or (z) upon termination other than for Cause. 

(k) Retention Bonus Period means the period of time commencing on the Effective Date through and including the Retention Bonus Payment
Date. 
 SECTION 3 

RETENTION BONUS 
 3.1
Retention Bonus. The Company shall pay the Executive the Retention Bonus provided the Executive remains continuously employed with the Company, or an Affiliate, throughout the Retention Bonus Period. The Executive shall be deemed to have been
continuously employed throughout the Retention Bonus Period if the Executive’s employment is terminated by the Company, other than for Cause. 

3.2 Forfeiture. Notwithstanding anything in this Agreement to the contrary, upon the Executive’s termination of employment with
the Company prior to the Retention Bonus Payment Date either by (a) the Company for Cause, or (b) the Executive for any reason, the Executive shall forfeit the right to payment of the Retention Bonus. For clarity, the Executive shall not
forfeit the Retention Bonus in the event of termination by the Company other than for Cause. 
 3.3 Expiration. This Agreement shall
expire on the Retention Bonus Payment Date. 
 3.4 Payment and Distribution. The Company shall pay the Retention Bonus in accordance
with the Company’s normal payroll practices in effect for the payroll period that includes the Retention Bonus Payment Date. The payment shall be made in the form of a single lump sum payment on the Retention Bonus Payment Date and it shall be
subject to standard payroll deductions and all other legal requirements. 
 3.5 Other Compensation. The Retention Bonus shall not be
deemed to be compensation or earnings for purposes of calculating any other payment or benefit from the Company or its Affiliates, including, without limitation, severance of any kind. 

 SECTION 4 

MISCELLANEOUS 
 4.1
Amendment and Termination. This Agreement may not be amended, suspended, discontinued or terminated at any time without the written consent of all of the parties hereto. 

4.2 Limitation of Executive’s Right. Nothing in this Agreement shall be construed as conferring upon the Executive any right to
continue in the employment of the Company, nor shall it interfere with the rights of the Company to terminate the employment of the Executive and/or to take any personnel action affecting the Executive without regard to the effect which such action
may have upon the Executive as a recipient or prospective recipient of benefits under this Agreement. This Agreement does not alter the at-will nature of Executive’s employment. 

4.3 No Limitation on Company Actions. Nothing contained in this Agreement shall be construed to prevent the Company from taking any
action that is deemed by it to be appropriate or in its best interest. Neither the Executive nor any other person shall have any claim against the Company as a result of such action. 

4.4 Obligations to Company. If the Executive becomes entitled to a distribution of benefits under this Agreement, and if at such time
the Executive has outstanding any debt, obligation, or other liability representing an amount owing to the Company, then the Company may offset such amount owed to it against the amount of benefits otherwise distributable. Such determination shall
be made by the Company. 
 4.5 Nonalienation of Benefits. Except as expressly provided herein, the Executive shall not have the power
or right to transfer, alienate, or otherwise encumber the Executive’s interest under this Agreement. The provisions of this Agreement shall inure solely to the benefit of the Executive. 

4.6 Protective Provisions. The Executive shall cooperate with the Company by furnishing any and all information requested by the
Company in order to facilitate the payment of benefits hereunder. 
 4.7 Withholding Taxes. The Company may make such provisions and
take such action as it deems necessary or appropriate for the withholding of any taxes which the Company is required by any law or regulation of any governmental authority, whether Federal, state or local, to withhold in connection with any benefits
under this Agreement, including, but not limited to, the withholding of appropriate sums from any amount otherwise payable to the Executive. The Executive, however, shall be responsible for the payment of all individual tax liabilities relating to
any such benefits. 
 4.8 Severability. If any provision of this Agreement is held unenforceable, the remainder of the Agreement
shall continue in full force and effect without regard to such unenforceable provision and shall be applied as though the unenforceable provision were not contained in the Agreement. 

4.9 Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of Illinois, without
reference to the principles of conflict of laws. 

 4.10 Headings. Headings are inserted in this Agreement for convenience of reference only
and are to be ignored in the construction of the provisions of the Agreement. 
 4.11 Notice. Any notice, filing, or consent required
or permitted to be given under this Agreement shall be in writing and shall be deemed duly given when delivered personally, when transmitted by facsimile transmission, one (1) day after being deposited with Federal Express or other nationally
recognized overnight delivery service or three (3) days after being mailed by first class mail, charges for postage prepaid, properly addressed, if to the Company, at its principal office, and, if to the Executive, at her address set forth
following her signature below. Either party may change such address from time to time by notice to the other. 
 [The balance of this page is
intentionally left blank. 
 Signatures appear on a separate page.] 

 SECTION 5 

EXECUTION 
 This Agreement
is signed as of the Effective Date. 
  

									
	COMPANY	 		 	EXECUTIVE
					
	By:	 	  
	 		 	By:	 	  

		 	Joseph J. Hartnett	 		 	Name:	 	  

	Its:	 	Interim President and CEO	 		 	Address:

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