Document:

FORM OF SUBSCRIPTION AND INVESTMENT REPRESENTATION AGREEMENT

The Company is offering up to $1,000,000 of Units for sale with each Unit comprised of (i) one (1) share of common stock, at $.20 per share (the “Common Stock”) and (i) two (2) warrants, with each warrant allowing the  purchase of one (1) additional share of Common Stock, (collectively the “Unit” or “Units”)

 (Except as otherwise noted, all references to “dollars” or “$” are in United States dollars).

The undersigned, ______________________ (the “undersigned” or the “Investor”), hereby subscribes for the purchase of Units of Next 1 Interactive, Inc., a Nevada corporation (“Next 1”), in the aggregate amount of up to a maximum of $1,000,000.  The undersigned herewith submits the undersigned’s check or effects a wire transfer of immediately available funds in the amount of $____________ in full payment for such Units (the “Subscription Price
”).  In exchange for such payment of the Subscription Price, the undersigned shall receive from the Next 1 $_______________ of Units representing ________________ shares and __________ warrants.

The undersigned understands that (i) Next 1 is offering up to $1,000,000 in Units and the minimum number of Units that may be purchased shall not be less than $100,000, (ii) the offering and sale of the Units will only remain open until February 15th, 2011, unless such offer is extended by the Company.

The undersigned hereby agrees to send payment of the $_______________ Subscription Price either:

	
  

	
a.

	
by mailing a check, payable to “Next 1 Interactive, Inc.”

	
  

	
b.

	
wiring payment of the Subscription Price to the account set forth below

Name of Bank:  Bank of America

Address of Bank:  1381 Weston Rd, Weston FL

Account Name: Next 1 Interactive, Inc.

Account No.:

ABA No.:

Reference: Next 1 Interactive, Inc.

In either case, the undersigned agrees to execute this Subscription and Investment Representation Agreement and mail same to Next One Interactive Inc, 2690 Weston Road, Suite 200, Weston, Florida, 33331, Attn: Bill Kerby – CEO.

Consummation of the sale of the Securities to the undersigned and to all other Investors in connection with the offering of a maximum of $1,000,000 of Units shall be completed on or before February 15th, 2011 (the “Closing Date”), unless such Closing Date shall be extended by  the Company .

1.    Certain Representations of the Subscriber

In connection with, and in consideration of, the sale of the Securities to the undersigned, the undersigned hereby represents and warrants to the Company and its officers, directors, employees, agents and shareholders that the undersigned:

(a)           Is familiar with (i) Next 1’s Public Filings and is entering this private placement agreement in connection with this Next 1’s offering of up to $1,000,000 in units with the total units comprised of 5,000,000 common shares of Next 1 Interactive Inc. and 10,000,000 warrants with each warrant having a three (3) year term and an exercise price of $0.25 for Next 1 Common Stock and (ii) such other information as the undersigned has received from Next 1 (collectively, the “Next 1 Materials”).

 

  

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(b)           Has had an opportunity to review and ask questions of an officer of Next 1 concerning the Next 1 Materials and desires no further information respecting such Next 1 Materials.

(c)           Realizes that Next 1 has incurred losses since its inception and must raise additional funds to support its operations.

(d)           Realizes and accepts the personal financial risk attendant to the fact that that purchase of the Units represents a speculative investment involving a high degree of risk, and should not be purchased by any persons not prepared to lose their entire investment.

(e)           Can bear the economic risk of an investment in the Units for an indefinite period of time, can afford to sustain a complete loss of such investment, has no need for liquidity in connection with an investment in the Units, and can afford to hold the Units indefinitely.

(f)           Realizes that there will be a limited market for the Units, and that there are significant restrictions on the transferability of such Units.

(g)           Realizes that the Units have not been registered for sale under the Securities Act of 1933, as amended (the “Act”), or applicable state securities laws (the “State Laws”), and they may be sold only pursuant to registration under the Act and State Law, or an opinion of counsel that such registration is not required.

(h)           Is experienced and knowledgeable in financial and business matters, capable of evaluating the merits and risks of investing in the Units and does not need or desire the assistance of a knowledgeable representative to aid in the evaluation of such risks (or, in the alternative, has a knowledgeable representative whom such investor intends to use in connection with a decision as to whether to purchase the Units).

(i)           Realizes that (a) there are substantial restrictions on the transfer of the Units; (b) there is currently limited public market for the Units and accordingly, for the above and other reasons, the undersigned may not be able to liquidate an investment in such securities for an indefinite period.

(j)           Realizes that Next 1 is offering existing shareholders this private placement as part and parcel of a larger underwriting.

(k)           Realizes that, within 90 days of this signed subscription agreement, the existing shareholders will have pari passu rights to the same terms and conditions that the company offers for any additional funding beyond $3,000,000 (this $1,000,000 subscription and $2,000,000 in a separate private placement).

(l)           Realizes that the shares included in this offering contain piggyback rights and the shares will be included if the Company is required to file a Registration Statement.

 

 

2.    REPRESENTATIONS AND WARRANTIES OF NEXT 1. Next 1 represents and warrants to and agrees with Investor, as follows:

(a)           The Next 1 Materials as of their respective dates do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

(b)           Next 1 is authorized to issue 200,000,000 shares of its Common Stock. As of the date of the last quarterly filing, an aggregate of 45,166,388 shares of Common Stock are issued and outstanding.

 

  

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(c)           All of the outstanding shares of capital stock of Next 1 has been duly authorized and validly issued, is fully paid and non-assessable.

 

(d)           Next 1 has the requisite corporate power and authority to enter into and execute, deliver and perform their obligations under this Agreement, the Units and the Warrants (collectively, the “Transaction Documents”), including, without limitation to to permit the exercise of such Warrants into Common Stock of Next 1. Each of the Transaction Documents has been duly and validly authorized by Next 1 and, when executed and delivered by Next 1, will constitute a valid and legally binding agreement of Next 1, enforceable against Next 1 in accordance with their terms except as the enforcement thereof may be limited by (A) bankruptcy, insolvency, reorganization, fraudulent
conveyance, moratorium or other similar laws now or hereafter in effect relating to or affecting creditors' rights generally or (B) general principles of equity and the discretion of the court before which any proceeding therefore may be brought (regardless of whether such enforcement is considered in a proceeding at law or in equity) (collectively, the "Enforceability Exceptions").

 

(e)           The Units have been duly authorized and, when issued upon payment thereof in accordance with this Agreement, will have been validly issued, fully paid and nonassessable.  The stockholders of Next 1 have no preemptive or similar rights with respect to the Common Stock.

 

(f)           The execution, delivery and performance by Next 1 of the Transaction Documents and the consummation by Next 1 of the transactions contemplated thereby and the fulfillment of the terms thereof will not violate, conflict with or constitute or result in a breach of or a default under  (i) the articles of incorporation of Next 1 or the bylaws of Next 1 (or similar organizational document) or (ii) any statute, judgment, decree, order, rule or regulation of any court or governmental agency or other body applicable to Next 1or any of its respective properties or assets.

 

3.    Investment Intent

The undersigned has been advised that the Units have not been registered under the Act or relevant State Laws but are being offered, and will be offered, and sold pursuant to exemptions from the Act and State Laws, and that Next 1’s reliance upon such exemption is predicated in part on the undersigned’s representations contained herein.  The undersigned represents and warrants that the Units are being purchased for the undersigned’s own account and for long term investment and without the intention of reselling or redistributing the Units; that the undersigned has made no agreement with others regarding any of the Units; and that the undersigned’s financial condition is such that it is not likely that it will be necessary for the undersigned to dispose of any of the Units in the
foreseeable future.  The undersigned is aware that (1) there is presently no public market for the Units, and in the view of the Securities and Exchange Commission a purchase of securities with an intent to resell by reason of any foreseeable specific contingency or anticipated change in market values, or any change in the liquidation or settlement of any loan obtained for the acquisition of any of the Units and for which the Units were or may be pledged as security would represent an intent inconsistent with the investment representations set forth above, and (2) the transferability of the Units is restricted and (a) requires the written consent of Next 1, and (b) will be further restricted by a legend placed on the certificate(s) representing the Units containing substantially the following language:

The securities represented by this certificate have not been registered under either the Securities Act of 1933 or applicable state securities laws and may not be sold, transferred, assigned, offered, pledged or otherwise distributed for value unless there is an effective registration statement under such Act and such laws covering such securities, or Next 1 receives an opinion of counsel acceptable to Next 1 stating that such sale, transfer, assignment, offer, pledge or other distribution for value is exempt from the registration and prospectus delivery requirements of such Act and such laws.

 

  

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The undersigned further represents and agrees that if contrary to the undersigned’s foregoing intentions, the undersigned should later desire to dispose of or transfer any of the Units in any manner, the undersigned shall not do so without first obtaining (1) an opinion of counsel satisfactory to Next 1 that such proposed disposition or transfer may be made lawfully without the registration of such Units pursuant to the Act and applicable State Laws, or (2) registration of such Units (it being expressly understood that Next 1 shall not have any obligation to register such Units, subject to piggyback rights granted above, except as explicitly provided by written agreement).

4.    Residence

The undersigned represents and warrants that the undersigned is a bona fide resident of _________________________ and that the Units are being accepted by the undersigned in the undersigned’s name solely for the undersigned’s own beneficial interest and not as nominee for, on behalf of, for the beneficial interest of, or with the intention to transfer to, any other person, trust or organization except as specifically set forth in this Agreement).

PARAGRAPH 6 BELOW IS REQUIRED IN CONNECTION WITH EXEMPTIONS FROM THE ACT AND STATE LAWS BEING RELIED ON BY NEXT 1 WITH RESPECT TO OFFER AND SALE OF THE UNITS.  ALL OF SUCH INFORMATION WILL BE KEPT CONFIDENTIAL AND WILL BE REVIEWED ONLY BY NEXT 1, THE AGENT, AND THEIR COUNSEL.  THE UNDERSIGNED AGREES TO FURNISH ANY ADDITIONAL INFORMATION WHICH NEXT 1 OR THEIR COUNSEL DEEMS NECESSARY IN ORDER TO VERIFY THE RESPONSES SET FORTH ABOVE.

5.    Accredited Status

The undersigned represents and warrants as follows (check if applicable):

a.           Accredited Investor: Individual

(1)_______ The undersigned is an individual with a net worth, or a joint net worth together with his or her spouse, in excess of $1,000,000.  (In calculating net worth, you may include equity in personal property and real estate, including your principal residence, cash, short term investments, stock and securities.  Equity in personal property and real estate should be based on the fair market value of such property minus debt secured by such property.)

(2)________ The undersigned is an individual who had an individual income in excess of $200,000 in each of the prior two years and reasonably expects an income in excess of $200,000 in the current year; or

(3)________ The undersigned is an individual who had with his/her spouse joint income in excess of $300,000 in each of the prior two years and reasonably expects an income in excess of $300,000 in the current year.

(4)________ The undersigned is a director or executive officer of the Company.

 

  

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b.           Accredited Investor: Entity

(1)________ The undersigned is an entity all of whose equity owners meet one of the tests set forth in a through d above.

(2)________ The undersigned is an entity and is an “Accredited Investor” as defined in Rule 501(a) of Regulation D under the Act.  This representation is based on the following (check one or more, as applicable):

(a)______ The undersigned (or in the case of a trust, the undersigned trustee) is a bank or savings and loan association as defined in Sections 3(a)(2) and 3(a)(5)(A) of the Act, acting either in its individual or fiduciary capacity.

(b)______ The undersigned is an insurance company as defined in Section 2(13) of the Act.

(c)_______ The undersigned is an investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of that Act.

(d)________ The undersigned is a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958.

(e)________ The undersigned is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974 and either (check one of more, as applicable):

(i)________ the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company, or registered investment advisor; or

(ii)________ the employee benefit plan has total assets in excess of $5,000,000; or

(iii)________ the plan is a self-directed plan with investment decisions made solely by persons who are “Accredited Investors” as defined under the 1933 Act.

(f)________ The undersigned is a private business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940.

(g)________ The undersigned has total assets in excess of $5,000,000, was not formed for the specific purpose of acquiring shares of the Company and is one or more of the following (check one or more, as appropriate):

(i)________an organization described in Section 501(c)(3) of the Internal Revenue Code; or

(ii)________ a corporation; or

(iii)________ a Massachusetts or similar business, trust; or

(iv)________ a partnership.

 

  

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(h)_________ The undersigned is a trust with total assets exceeding $5,000,000, which was not formed for the specific purpose of acquiring shares of the Company and whose purchase is directed by a person who has such knowledge and experience in financial and business matters that he/she is capable of evaluating the merits and risks of the investment in the Units.  IF ONLY THIS RESPONSE IS CHECKED, PLEASE CONTACT THE COMPANY TO RECEIVE AND COMPLETE AN INFORMATION STATEMENT BEFORE THIS SUBSCRIPTION CAN BE CONSIDERED BY NEXT 1.

6.    Manner in Which Title to the Units and warrants Is To Be Held

Please check one:

______Individual

______Joint Tenant with Right of Survivorship

______Partnership

______Tenants in Common

______Corporation

______Other (Specify_____________________)

7.    Miscellaneous

(a)           The undersigned agrees that the undersigned understands the meaning and legal consequences of the agreements, representations, and warranties contained herein; agrees that such agreements, representations and warranties shall survive and remain in full force and effect after the execution of the Units; and further agrees to indemnify and hold harmless Next 1, each of their current and future officers, directors, employees, agents and shareholders from and against any and all loss, damage or liability due to, or arising out of, a breach of any agreement, representation or warranty of the undersigned contained herein.

(b)           This Agreement shall inure to the benefit of and be binding upon Investor, Next 1  and their respective successors and legal representatives. Neither Next 1, nor any Investor may assign this Agreement or any rights or obligation hereunder without the prior written consent of the other party.

(c)           This Agreement, together with Transaction Documents, constitutes the entire agreement among the parties hereto and supersedes all prior agreements, understandings and arrangements, oral or written, among the parties hereto with respect to the subject matter hereof and thereof.

 

(d)           If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby.

 

(e)           THE VALIDITY AND INTERPRETATION OF THIS AGREEMENT, AND THE TERMS AND CONDITIONS SET FORTH HEREIN SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PROVISIONS RELATING TO CONFLICTS OF LAW TO THE EXTENT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.  THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREE THAT ACTIONS, SUITS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY BE BROUGHT ONLY IN STATE OR FEDERAL COURTS LOCATED IN THE CITY OF NEW YORK, NEW YORK AND HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS FOR SUCH PURPOSE.

 

  

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(f)           This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

(g)           Facsimile signatures shall be construed and considered original signatures for purposes of enforcement of the terms of this agreement.

 

  

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SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT

	
INDIVIDUAL SUBSCRIBERS:

	  
	  
	
Signature

	  
	  
	
Name (Typed or Printed)

	  
	  
	
Street Address

	  
	  
	
City, State and Zip Code

	  
	  
	
Home Telephone Number

	  
	  
	
Social Security Number

	  
	  
	
Tax Identification Number (for corporations or other entities)

Next 1 Interactive, Inc., hereby acknowledges receipt from _________________ of such subscriber’s check in the amount of $__________________, and accepts this subscription as of ___________________, 2011.

	
NEXT 1 INTERACTIVE, INC.

	  
	  
	
Signature

	  
	  
	
Name (Typed or Printed)

	  
	  
	
Title

 

  

8Unassociated Document

 

Execution Copy

 

Settlement Agreement

           SETTLEMENT AGREEMENT, dated March 11, 2011 (this “Settlement Agreement”), between Elite Pharmaceuticals, Inc., a corporation organized and existing under the laws of Delaware having its principal place of business at 165 Ludlow Avenue, Northvale, New Jersey 07647 (“Elite”), and ThePharmaNetwork, LLC, a limited liability company organized and existing under the laws of New Jersey with its principal place of business at 180 Summit Avenue, Suite 200, Montvale, New Jersey 07645 (“TPN”).

 

           WHEREAS, by Product Collaboration Agreement, made as of November 10, 2006, by and between Elite and TPN (the “Collaboration Agreement”), Elite and TPN agreed to collaborate in the development, commercialization, manufacturing and distribution of a generic pharmaceutical product; and

 

           WHEREAS, subsequent to the date of the Collaboration Agreement, Elite and TPN agreed that the product that would be developed thereunder would be a generic formulation of methadone hydrochloride in a 10 mg. tablet (the “Product”); and

 

           WHEREAS, on or about November 25, 2009, the U.S. Food and Drug Administration (the “FDA”) approved the abbreviated new drug application, bearing ANDA No. 090635, for the Product (the “ANDA”); and

           WHEREAS, on or about August 27, 2010, TPN commenced an action against Elite in the Superior Court of New Jersey, Chancery Division:  Bergen County, General Equity Part, entitled ThePharmaNetwork, LLC v. Elite Pharmaceuticals, Inc. (Index No. C-272-10) (the “Action”) asserting various claims against Elite in connection with the Collaboration Agreement; and

 

           WHEREAS, on or about October 14, 2010, Elite served and filed a Verified Answer with Counterclaims in the Action asserting various claims against TPN in connection with the Collaboration Agreement; and

 

           WHEREAS, in order to avoid incurring the expense of further litigation, TPN and Elite now wish to settle, on mutually agreeable terms, all current and potential rights, disputes and claims between them, without admitting any of the claims, defenses or counterclaims asserted in the Action.

 

           NOW, THEREFORE, in consideration of the mutual covenants and undertakings set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Settlement Agreement agree as follows:

 

The parties are entering into this Settlement Agreement solely for the purpose of fully and finally resolving disputed claims.  Neither this Settlement Agreement nor any term(s) hereof shall be construed as, or offered or admitted into evidence in any proceeding in any forum as an admission by any party of any fact, matter, thing or liability of any kind.  Each party denies any liability of any kind to any other party for any purpose, and denies that any claim made or defense asserted by an adverse party has any merit.

 

  

  

  

 

Execution Copy

 

Elite and TPN agree that the Collaboration Agreement is hereby terminated and that the Collaboration Agreement is no longer of any force or effect. Effective immediately upon execution of this Settlement Agreement, all rights and obligations of TPN and Elite under the Collaboration Agreement shall cease, except as follows:

 

The obligations of confidentiality set forth in Article V of the Collaboration Agreement and in that certain Mutual Confidentiality Agreement, dated as of November 10, 2006, between TPN and Elite, shall survive the termination thereof; and

 

The obligations under Section 7.1 of Article VII of the Collaboration Agreement;

 

provided that, in each case, such obligations shall not limit or restrict the rights of Elite to develop a generic product containing methadone of any strength (including the filing of an abbreviated new drug application relating to such product).

 

In consideration of Elite’s agreement to: (i) terminate the Collaboration Agreement; and (ii) relinquish to TPN all rights and interest in the ANDA, TPN hereby agrees to pay to Elite, in cash, an amount equal to US$500,000, by certified check or wire transfer (the “Settlement Amount”) on the date hereof.

 

The performance of the obligations in this Settlement Agreement resolve all amounts owed to either party by the other under the Collaboration Agreement.

 

Notwithstanding anything to the contrary contained in this Settlement Agreement, (i) TPN acknowledges that Elite may develop a generic product containing methadone of any strength (including the filing of an abbreviated new drug application relating to such product) and (ii) nothing herein shall be construed to limit or otherwise restrict Elite from developing, commercializing, manufacturing and distributing any pharmaceutical product similar to, or which may compete with, the Product or the ANDA.

 

Each of Elite and TPN hereby agrees that, at any time and from time to time after the date hereof, at the reasonable request of the other party, it shall (a) promptly and duly execute and deliver, or cause to be executed and delivered to such other party, all such further documents and instruments necessary to effectuate the Settlement Agreement, and (b) take all such other and further actions as may be reasonably requested by such other party to more effectively satisfy its obligations hereunder.

 

Concurrently with the execution of this Settlement Agreement, counsel for the parties shall execute a Stipulation of Dismissal with prejudice of the Action, including the Counterclaims, in the form attached hereto as Exhibit A.

 

With the exception of the obligations created by this Settlement Agreement, upon receipt of the Settlement Amount, Elite, on its own behalf and on behalf of its affiliates, parents, subsidiaries, officers, directors, predecessors, successors, heirs and assigns, and all affiliates of each of the foregoing, fully and forever releases and discharges TPN and each of its affiliates, parents, subsidiaries, members, officers, directors, shareholders, predecessors, successors, heirs and assigns, and all affiliates of each of the foregoing, from any and all claims, demands, defenses, covenants, actions, suits, causes of action, obligations, controversies, attorneys’ fees and costs, expenses, damages, judgments, orders or liabilities of whatever kind and nature at law, equity or otherwise, known or unknown, upon or
by reason of any matter, cause or thing whatsoever from the beginning of the world to the day of the date of this Settlement Agreement.

 

  

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Execution Copy

 

With the exception of the obligations created by this Settlement Agreement, upon Elite’s receipt of the Settlement Amount, TPN, on its own behalf and on behalf of its affiliates, parents, subsidiaries, members, officers, directors, predecessors, successors, heirs and assigns, and all affiliates of each of the foregoing, fully and forever releases and discharges Elite and each of its affiliates, parents, subsidiaries, officers, directors, shareholders, predecessors, successors, heirs and assigns, and all affiliates of each of the foregoing, from any and all claims, demands, defenses, covenants, actions, suits, causes of action, obligations, controversies, attorneys’ fees and costs, expenses, damages, judgments, orders or liabilities of whatever kind and nature at law, equity or otherwise, known or
unknown, upon or by reason of any matter, cause or thing whatsoever from the beginning of the world to the day of the date of this Settlement Agreement.

 

Notwithstanding anything contained in this Settlement Agreement, including, without limitation, the releases set forth above, the parties to this Settlement Agreement shall have the right to enforce fully the terms of this Settlement Agreement.

 

This Settlement Agreement constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes any and all prior agreements.

 

This Settlement Agreement may be executed in counterparts.  Facsimile, photocopies and electronic copies of signatures shall be as effective and binding as original signatures.

 

This Settlement Agreement shall be binding upon and inure to the benefit of the respective parties and all of their successors, heirs and assigns.

 

This Settlement Agreement shall be governed by New York law (without giving effect to any choice or conflict of laws provisions).

 

Each of the parties understands and agrees that each provision of this Settlement Agreement, including but not limited to each of the representations and warranties set forth herein, constitutes a material term of this Settlement Agreement. In the event of a breach of any material term of this Settlement Agreement by one of the parties, the party aggrieved by any such breach may institute suit in a court of competent jurisdiction against the party alleged to be responsible for such breach, and may seek recovery of any and all damages or any other relief arising out of the breach against the breaching party.  In the event of any litigation between the parties to enforce this Settlement Agreement, the prevailing party shall be entitled to an award of reasonable legal fees and costs.

 

Should any provision of this Settlement Agreement be declared or determined by a court to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term, or provision shall be deemed not to be a part of this Settlement Agreement.

 

This Settlement Agreement may be amended or modified only by a written instrument duly executed by each party hereto.

 

  

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Execution Copy

 

The parties acknowledge that they have had the opportunity to consult legal counsel of their choosing, that they understand the terms of this Settlement Agreement, that no promise or inducement has been made except as set forth herein, and that they sign voluntarily.  The parties acknowledge that this Settlement Agreement was the product of negotiations between the parties and agree that this Settlement Agreement was mutually drafted by the parties.

 

Each of the parties represents and warrants that: (i) the undersigned individual is duly authorized to execute this Settlement Agreement on its behalf; and (ii) the execution, delivery, and performance of this Agreement: (a) is within each such parties’ power, and (b) has been duly authorized by all necessary corporate or other action.

 

Elite represents and warrants that neither it, nor anyone acting on its behalf has sold, transferred, pledged, alienated or otherwise impaired or encumbered any of its rights and/or interests in the ANDA prior to the execution of this Settlement Agreement.

 

This Settlement Agreement and the contents thereof shall be kept confidential by the parties hereto and shall not be disclosed by or to any person (other than lawyers or accountants of the parties) except in an action to enforce the provisions of this Settlement Agreement or as required by law or regulation or order of competent court or governmental authority.  In the event that any party determines that it is or may be required by law or regulation or order of competent court or government authority to disclose the Settlement Agreement or the contents thereof, such party shall not make such disclosure until at least five business days after notifying the other party.

 

Any notice required hereunder shall be sent by overnight mail to the following addresses, and shall be deemed delivered on the first business day following the day it was sent.

 

For Elite:

Elite Pharmaceuticals, Inc.

165 Ludlow Avenue

Northvale, New Jersey 07647

Facsimile: (201) 750-2755

Email: cdick@elitepharma.com

Attn.: Chris Dick, President

With a copy (which shall not constitute notice) to:

Reitler Kailas & Rosenblatt LLC

885 Third Avenue

20th Floor

New York, New York 10022

Facsimile: (212) 371-5500

Email: srosenblatt@reitlerlaw.com

Attn.: Scott Rosenblatt, Esq.

 

  

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Execution Copy

 

For TPN:

ThePharmaNetwork, LLC

180 Summit Avenue

Suite 200

Montvale, New Jersey 07645

Facsimile: (201) 476-1987

Email: jbrome@thepharmanetwork.com

Attn.: Jonathan B. Rome, President & CEO

With a copy (which shall not constitute notice) to:

Sills Cummis & Gross P.C.

One Riverfront Plaza

Newark, New Jersey 07102

Facsimile: (973) 643-6500

Email: smurray@sillscummis.com

Attn: Scott Murray, Esq.

 

No waiver of any term or condition of this Settlement Agreement shall be effective unless set forth in a written instrument duly executed by or on behalf of the party or parties waiving such term or condition.  No failure on the part of any party hereto to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise by such party of any right hereunder preclude any other or further exercise thereof of the exercise of any other right.

 

[Signature Page Follows]

 

  

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

	
Elite Pharmaceuticals, Inc.

	  
	
By:  

	
      

	  	
Name:

	  	
Title:

	  
	
ThePharmaNetwork, LLC

	  
	
By:  

	
      

	  	
Name:

	  	
Title:

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