Document:

Document

Exhibit 10.17

AMGEN INC. EXECUTIVE INCENTIVE PLAN

I.    PURPOSE

    The purpose of the Amgen Inc. Executive Incentive Plan (the "Plan") is to attract and retain highly qualified individuals to Amgen Inc., and its subsidiary companies (collectively, “Amgen” or the “Company”); to obtain from each the best possible performance; to establish a performance goal based on objective criteria; to further underscore the importance of achieving business objectives for the short and long term; and to include in such individual's compensation package an annual incentive component which is tied directly to the achievement of those objectives.

II.    EFFECTIVE DATE; TERM 

    The Plan was approved by the affirmative vote of a majority of shares of Amgen Inc.'s common stock, $.0001 par value, voting at Amgen Inc.'s 2002 annual meeting of stockholders effective as of January 1, 2003, shall remain in effect until such time as it shall be terminated by the Compensation and Management Development Committee of the Company’s board of directors or any successor thereto (the "Compensation Committee"), was previously amended and restated effective as of January 1, 2009, and is hereby amended and restated, effective as of January 1, 2022.

III.    ELIGIBILITY AND PARTICIPATION

    Eligibility to participate in the Plan is limited to senior executives of the Company.  Participants in the Plan ("Participants") shall be elected annually by the Compensation Committee from those eligible to participate in the Plan. 

IV.    BUSINESS CRITERIA

    The Plan's performance goal shall be based upon Amgen’s consolidated net income for the performance period computed in accordance with accounting principles generally accepted in the U.S. adjusted by certain items ("Non-GAAP Adjustments") net of tax (collectively, “Non-GAAP Net Income”).  Non-GAAP Adjustments are approved by the Compensation Committee, as specified in writing at the time the goal is established for the performance period:  

    No award shall be paid unless there is positive Non-GAAP Net Income for the performance period.

V.    PERFORMANCE GOAL

    By no later than the 90th day after the commencement of a performance period (provided the performance period is at least one year), the Compensation Committee shall specify the adjustments which shall be included in determining Non-GAAP Net Income for such performance period pursuant to Section IV, shall establish the Plan's performance goal for such performance period based upon Non-GAAP Net Income, and shall adopt targeted awards for Participants for such performance period.

    Subject to the foregoing and to the limitations set forth in Section VI, no awards shall be paid to Participants unless and until the Compensation Committee makes a certification in writing with respect to the attainment of the performance goal.

VI.    DETERMINATION OF AMOUNTS OF AWARDS

(A)The Compensation Committee may grant an award to a Participant which shall be payable if there is positive Non-GAAP Net Income.  The maximum award payable to each of the Chief Executive Officer and President, if each is a Participant for such performance period, shall be 0.25% (twenty-five hundredths of one percent) of Non-GAAP Net Income for such period, the maximum award payable to an Executive Vice President, if each is a Participant for such performance period, shall be 0.15% (fifteen hundredths of one percent) of Non-GAAP Net Income for such period, and the maximum award payable to any other individual Participants shall be 0.10% (one tenth of one percent) of Non-GAAP Net Income for such period.  The maximum total awards payable to all Participants shall be 2.0% (two percent) of Non-GAAP Net Income for such period.

(B)The Compensation Committee shall have authority to exercise discretion in determining the amount of the targeted award granted to each Participant at the beginning of a performance period, provided that no such targeted award shall exceed the foregoing maximum award limits, and to exercise discretion to reduce the amount of a targeted award which shall be payable to each Participant at the end of each performance period, subject to the terms, conditions and limits of the Plan and of any other written commitment authorized by the Compensation Committee.  The Compensation Committee may at any time establish (and once established, rescind, waive or amend) additional conditions and terms of payment of awards (including but not limited to the achievement of other financial, strategic or individual goals, which may be objective or subjective) as it deems desirable in carrying out the purposes of the Plan and may take into account such other factors as it deems appropriate in administering any aspect of the Plan.  However, the Compensation Committee shall have no authority to increase the amount of a targeted award granted to any Participant or to pay an award under the Plan if the performance goal has not been satisfied.  In determining the amount of any award to be granted or to be paid to any Participant, the Compensation Committee shall give consideration to the contribution which may be or has been made by the Participant to achievement of Amgen's established objectives and such other matters as it shall deem relevant.

(C)The payment of an award to a Participant with respect to a performance period shall be conditioned upon the Participant's employment by Amgen on the last day of the performance period; provided, however, that in the discretion of the Compensation Committee, awards may be paid to Participants who have retired or whose employment has terminated after the beginning and before the last day of the period for which an award is made, subject to the Participant’s timely execution and non-revocation of a general release and waiver in favor of the Company, its affiliates and related parties in a form provided by the Company.  Notwithstanding the foregoing, in the discretion of the Compensation Committee, awards may also be paid to Participants to the designee or estate of a Participant who died after the beginning and before the last day of the period for which an award is made.

(D)If a Participant engaged in misconduct that caused serious financial or reputational damage to Amgen during any performance period, including a previous performance period, the Compensation Committee may determine that an award has not been earned or may consider such conduct when determining the amount of any award.  This provision is in no way intended to limit any other action that the Company could take against a Participant (including other disciplinary actions (up to termination), ordinary course performance considerations, disclosure of wrongdoing to the government and pursuit of any other legal claims against such Participant). 

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VII.    FORM OF AWARDS

    All awards shall be determined by the Compensation Committee and shall be paid in cash.  Before the beginning of each performance period, each Participant may elect that part of the Participant's award for that period will be deferred and distributed at a later date under the Amgen Inc. Nonqualified Deferred Compensation Plan subject to the terms of the Amgen Inc. Nonqualified Deferred Compensation Plan.

VIII.    PAYMENT OF AWARDS

    Awards shall be paid promptly following the end of the performance period; provided, however, that no awards shall be paid unless and until the Compensation Committee certifies, in writing, that the amounts payable with respect to each award, and all awards in the aggregate, do not exceed the limitations set forth in Section VI and that the amount payable to each Participant does not exceed the amount of the targeted award granted to the Participant at the beginning of the performance period.  If the Compensation Committee deems it appropriate or advisable, it may request a report from a nationally recognized public accounting firm stating the amount of Non-GAAP Net Income for such performance period.  Notwithstanding the foregoing, awards under this Plan shall in any event be paid no later than the fifteenth day of the third month following the later to occur of (i) the close of the Participant’s tax year, or (ii) the close of the Company’s tax year, in either case, in which the applicable performance period ends (it being understood that such payment date is intended to comply with the “short-term deferral” exemption from the application of Section 409A of the Internal Revenue Code of 1986, as amended (together with the regulations and other official guidance promulgated thereunder, the “Code”)).  If, for any reason, any amounts payable under this Plan are nevertheless deemed to constitute “nonqualified deferred compensation” under Code Section 409A for any reason, then, notwithstanding the foregoing, with respect to any such amounts, the specified payment date applicable to such amounts shall be the year immediately following the applicable Plan Year.

IX.    SPECIAL AWARDS AND OTHER PLANS

    Nothing contained in the Plan shall prohibit Amgen from granting awards or authorizing other compensation to any person under any other plan or authority or limit the authority of Amgen to establish other special awards or incentive compensation plans providing for the payment of incentive compensation to employees (including those employees who are eligible to participate in the Plan).

X.    ADMINISTRATION, AMENDMENT AND INTERPRETATION OF THE PLAN

    The Compensation Committee shall administer the Plan.  The Compensation Committee shall have full power to construe and interpret the Plan, establish and amend rules and regulations for its administration, and perform all other acts relating to the Plan, including the delegation of administrative responsibilities, that it believes reasonable and proper and in conformity with the purposes of the Plan.

    The Compensation Committee shall have the right to amend the Plan from time to time or to repeal it entirely or to direct the discontinuance of awards either temporarily or permanently.

    Any decision made, or action taken, by the Compensation Committee arising out of or in connection with the interpretation and/or administration of the Plan shall be final, conclusive and binding on all persons affected thereby.

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XI.    RIGHTS OF PLAN PARTICIPANTS

    Neither the Plan, nor the adoption or operation of the Plan, nor any documents describing or referring to the Plan (or any part hereof) shall confer upon any Participant any right to continue in the employ of Amgen or shall interfere with or restrict in any way the rights of Amgen, which are hereby expressly reserved, to discharge any Participant at any time for any reason whatsoever, with or without cause.
    No individual to whom an award has been made or any other party shall have any interest in the cash or any other asset of Amgen prior to such amount being paid.

    No right or interest of any Participant shall be assignable or transferable, or subject to any claims of any creditor or subject to any lien.

XII.    MISCELLANEOUS

    Amgen shall deduct all federal, state and local taxes required by law or Amgen policy from any award paid hereunder.

    In no event shall Amgen be obligated to pay to any Participant an award for any period by reason of Amgen's payment of an award to such Participant in any other period, or by reason of Amgen's payment of an award to any other Participant or Participants in such period or in any other period. Nothing contained in this Plan shall confer upon any person any claim or right to any payments hereunder. Such payments shall be made at the sole discretion of the Compensation Committee.

    The Plan shall be unfunded.  Amounts payable under the Plan are not and will not be transferred into a trust or otherwise set aside.  Amgen shall not be required to establish any special or separate fund or to make any other segregation of assets to assure the payment of any award under the Plan.  Any accounts under the Plan are for bookkeeping purposes only and do not represent a claim against the specific assets of Amgen.

    Any provision of the Plan that is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of the Plan.

    The Plan and the rights and obligations of the parties to the Plan shall be governed by, and construed and interpreted in accordance with, the law of the State of Delaware (without regard to principles of conflicts of law).

    Although the Company intends and expects that the Plan and its payments and benefits will not give rise to taxes imposed under Section 409A of the Code, neither the Company, nor its employees, directors, or agents, shall have any obligation to mitigate or to hold any Participant harmless from any or all of such taxes.  The Plan is intended to be exempt from Section 409A of the Code, and the Compensation Committee shall have complete discretion to interpret and construe this Plan and any associated documents in any manner that establishes an exemption from or otherwise conforms them to the requirements of Section 409A.  If, for any reason including imprecision in drafting, any Plan provision does not accurately reflect its intended establishment of an exemption from or compliance with Section 409A of the Code, as demonstrated by consistent interpretations or other evidence of intent, the provision shall be considered ambiguous and shall be interpreted by the Compensation Committee in a fashion consistent herewith, as determined in the sole and absolute discretion of the Compensation Committee.  The Compensation Committee reserves the right to unilaterally amend this Plan without the consent of any Participant in order to accurately reflect its correct interpretation and 
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operation, as well as to maintain an exemption from or compliance with Section 409A of the Code.

To record the amendment and restatement of the Plan as set forth herein, effective as of the date set forth above, the Company has caused its authorized officer to execute the same this 9th day of March, 2022.

Amgen Inc.

                    By    /s/ Lori A. Johnston        
Lori A. Johnston
Executive Vice President,
Human Resources

5Exhibit 10.1

 

AEGIS CAPITAL CORP.

 

April 25, 2022

 

PERSONAL AND CONFIDENTIAL

 

Dr. Steve Slilaty, Chief Executive Officer

Sunshine
Biopharma, Inc.

6500 Trans-Canada Highway, 4th Floor

Pointe-Claire,
Québec, Canada 9R0A5

 

 

Re:SBFM
Private Placement

 

Dear Dr. Slilaty:

 

The purpose
of this engagement letter is to outline our agreement pursuant to which Aegis Capital Corp. (“Aegis”) will
act as the placement agent on a “best efforts” basis in connection with the proposed private placement (the “Placement”)
by Sunshine Biopharma, Inc. (collectively, with its subsidiaries and affiliates, the “Company”) of units considered
at the market under Nasdaq listing rules, consisting of one (1) share of common stock and two warrants to purchase shares of common stock
exercisable at the unit offering price (the “Securities”). This engagement letter sets forth certain conditions
and assumptions upon which the Placement is premised. The Company confirms that entry into this Agreement and completion of the Placement
with Aegis will not breach or otherwise violate the Company’s obligations to any other investment bank.

 

The terms of our agreement in principle are as follows:

 

1.                  
Engagement. The Company hereby engages Aegis, for the period beginning on the date
hereof and ending two (2) months thereafter or upon the completion of the Placement (the “Closing”), whichever
is sooner (the “Engagement Period”), to act as the Company’s exclusive placement agent and investment
banker in connection with the proposed Placement. During the Engagement Period or until the consummation of the Placement, and as long
as Aegis is proceeding in good faith with preparations for the Placement, the Company agrees not to solicit, negotiate with or enter into
any agreement with any other source of financing (whether equity, debt or otherwise), any underwriter, potential underwriter, placement
agent, financial advisor, investment banking firm or any other person or entity in connection with an offering of the Company’s
debt or equity securities or any other financing by the Company.

 

2.                  
The Placement. The Placement is expected to consist of a sale of approximately $15.0
to $20.0 million of the Company’s Securities. The pricing of the Placement will be mutually agreed upon by the Company and the
investors thereto. Aegis will act as placement agent for the Placement subject to, among other matters referred to herein and additional
customary conditions, completion of Aegis’s due diligence examination of the Company and its affiliates, listing approval by the
Nasdaq Stock Exchange (“Exchange”) of the Securities to be issued, and the execution of definitive transaction
documents between the Company and investors in connection with the Placement (the “Transaction Documents”).
The actual size of the Placement, the precise number of Securities to be offered by the Company and the offering price will be the subject
of continuing negotiations among the Company, Aegis and investors.

 

3.                  
Placement Compensation. The placement agent commission will be 10.0% for the Placement
of any Securities sold at closing and 5.0% of the proceeds from the exercise of any warrants, payable on exercise, and a non-accountable
expense allowance equal to 2.0% of the Placement.

 

 

 

 

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4.                  
Registration Statement. To the extent the Company decides to proceed with the Placement,
the Company will, as soon as practicable after Closing of the Placement and not later than fifteen (15) days following closing of the
Placement, prepare and file with the Securities and Exchange Commission (the “Commission”) a Registration Statement
on Form S-1 (the “Registration Statement”) under the Securities Act of 1933, as amended (the “Securities
Act”) and a prospectus included therein (the “Prospectus”) covering the resale of the Securities
offered and sold in the Placement, which Registration Statement shall be declared effective no more than fifteen (15) days after filing
if it is not reviewed by the Commission or not more than forty-five (45) days after filing if it is reviewed by the Commission. The Registration
Statement (including the Prospectus therein), and all amendments and supplements thereto, will be in form reasonably satisfactory to Aegis,
counsel to Aegis and investors in the Placement. Other than any information provided by Aegis in writing specifically for inclusion in
the Registration Statement or the Prospectus, the Company will be solely responsible for the contents of its Registration Statement and
Prospectus and any and all other written or oral communications provided by or on behalf of the Company to any actual or prospective investor
of the Securities, and the Company represents and warrants that such materials and such other communications will not, as of the date
of each filing of the Registration Statement and any amendments or as of the date of effectiveness, contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading. If at any time prior to the completion of the resale of the Securities
by the investors an event occurs that would cause the Registration Statement or Prospectus (as supplemented or amended) to contain an
untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading, the Company will notify Aegis and the investors immediately of such event
and the Company shall prepare a supplement or amendment to the Registration Statement or Prospectus that corrects such statement or omission.

 

6.                  
Lock-Ups. The Transaction Documents will provide, among other items, that the Company's
directors, executive officers, employees and shareholders holding at least ten percent (10%) of the outstanding ordinary shares will enter
into customary "lock-up" agreements in favor of the underwriters for a period of one hundred eighty (180) days from the closing
date of the Placement; provided, however, that any sales by parties to the lock-ups shall be subject to the lock-up agreements and provided
further, that none of such shares shall be saleable in the public market until the expiration of the one hundred eighty (180) day period
described above.

 

7.                  
Company Standstill. The Transaction Documents will provide, among other items, that
the Company will agree, for a period of twenty-four (24) months from the closing date of the Placement, that without the prior written
consent of Aegis, it will not (a) offer, sell, issue, or otherwise transfer or dispose of, directly or indirectly, any equity of the Company
or any securities convertible into or exercisable or exchangeable for equity of the Company; (b) file or caused to be filed any registration
statement with the Commission relating to the offering of any equity of the Company or any securities convertible into or exercisable
or exchangeable for equity of the Company; or (c) enter into any agreement or announce the intention to effect any of the actions described
in subsections (a) or (b) hereof (all of such matters, the “Standstill”). So long none of such equity securities
shall be saleable in the public market until the expiration of the twenty-four (24) month period described above, the following matters
shall not be prohibited by the Standstill: (i) the adoption of an equity incentive plan and the grant of awards or equity pursuant to
any equity incentive plan, and the filing of a registration statement on Form S-8 provided that the maximum number of shares of common
stock issuable under any such plan adopted after the date hereof will not exceed in the aggregate 15% of the number of outstanding shares
(on a fully diluted basis) as of the date hereof, (ii) securities issued or issuable upon the exercise or exchange of or conversion of
any securities exercisable or exchangeable for or convertible into Common Stock issued and outstanding on the date of (or issuable under)
this Agreement, the Securities Purchase Agreement dated March 10, 2022 or the underwriting agreement dated February 15, 2022, between
the Company and Aegis Capital Corp., provided that such securities have not been amended since the date of this Agreement to increase
the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities; and (iii) the
issuance of equity securities in connection with an acquisition or a strategic relationship, which may include the sale of equity securities.
In no event should any equity transaction during the Standstill period result in the sale of equity at an offering price to the public
less than that of the Offering referred herein.

 

 

 

 

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8.                  
Right of First Refusal. If, for the period beginning on the closing date of the Placement
and ending twenty-four (24) months after the closing date of the Placement, the Company or any of its subsidiaries (a) decides to finance
or refinance any indebtedness, Aegis (or any affiliate designated by Aegis) shall have the right to act as sole book runner, sole manager,
sole placement agent or sole agent with respect to such financing or refinancing; or (b) decides to raise funds by means of a public offering
(including at-the-market facility) or a private placement or any other capital raising financing of equity, equity-linked or debt securities,
Aegis (or any affiliate designated by Aegis) shall have the right to act as sole book-running manager, sole underwriter or sole placement
agent for such financing. If Aegis or one of its affiliates decides to accept any such engagement, the agreement governing such engagement
(each, a “Subsequent Transaction Agreement”) will contain, among other things, provisions for customary fees for transactions
of similar size and nature, but in no event will the fees be less than those outlined herein, and the provisions of this Agreement, including
indemnification, which are appropriate to such a transaction. Notwithstanding the foregoing, the decision to accept the Company’s
engagement under this Section 8 shall be made by Aegis or one of its affiliates, by a written notice to the Company, within ten (10) days
of the receipt of the Company’s notification of its financing needs.

 

9.                  
Expenses. The Company will be responsible for and will pay all expenses relating to
the Placement, including, without limitation, (a) all filing fees and expenses relating to the registration of the Securities with the
Commission; (b) all FINRA filing fees; (c) all fees and expenses relating to the listing of the Company’s equity or equity-linked
securities on an Exchange; (d) all fees, expenses and disbursements relating to the registration or qualification of the Securities under
the “blue sky” securities laws of such states and other jurisdictions as Aegis may reasonably designate (including, without
limitation, all filing and registration fees, and the reasonable fees and disbursements of the Company’s “blue sky”
counsel, which will be Aegis’s counsel) unless such filings are not required in connection with the Company’s proposed Exchange
listing; (e) all fees, expenses and disbursements relating to the registration, qualification or exemption of the Securities under the
securities laws of such foreign jurisdictions as Aegis may reasonably designate; (f) the costs of all mailing and printing of the Placement
documents; (g) transfer and/or stamp taxes, if any, payable upon the transfer of Securities from the Company to Aegis; (h) the fees and
expenses of the Company’s accountants; (i) such fees of legal counsel of the investors in the Placement as may be agreed between
the Company and such investors; and (j) $125,000 for fees and expenses including “road show”, diligence, and reasonable legal
fees and disbursements for Aegis’s counsel.

 

10.               
Survival. Except as provided in Paragraphs 3, 6, 10, 8, 12, 13, 14, 15, and 16 hereof
(which Paragraphs are intended to be legally binding and enforceable on and against the Company and Aegis) and the exclusivity
language in Section 1, this engagement letter is not intended to be a binding legal document nor a legal commitment on the part of Aegis
to provide any financing to the Company, as the agreement between the parties hereto on these matters will be embodied in the Transaction
Documents.

 

11.               
Termination. Notwithstanding anything to the contrary contained herein, the Company
agrees that the provisions relating to the payment of fees, reimbursement of expenses, right of first refusal, indemnification and contribution,
confidentiality, conflicts, independent contractor and waiver of the right to trial by jury will survive any termination or expiration
of this Agreement. During the engagement hereunder: (i) the Company will not, and will not permit its representatives to, other than in
coordination with Aegis, contact or solicit institutions, corporations or other entities or individuals as potential purchasers of the
Securities and (ii) the Company will not pursue any financing transaction which would be in lieu of a Placement. Furthermore, the company
agrees that during Aegis’s engagement hereunder, all inquiries from prospective investors will be referred to Aegis.

 

12.               
Publicity. The Company agrees that it will not issue press releases or engage in any
other publicity, without Aegis’s prior written consent, commencing on the date hereof and continuing until the final closing of
the Placement.

 

 

 

 

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13.               
Information. During the Engagement Period or until the Closing, the Company agrees
to cooperate with Aegis and to furnish, or cause to be furnished, to Aegis, any and all information and data concerning the Company,
and the Placement that Aegis deems appropriate (the “Information”). The Company will provide Aegis reasonable
access during normal business hours from and after the date of execution of this engagement letter until the date of the Closing to all
of the Company’s assets, properties, books, contracts, commitments and records and to the Company’s officers, directors,
employees, appraisers, independent accountants, legal counsel and other consultants and advisors. Except as contemplated by the terms
hereof or as required by applicable law, Aegis will keep strictly confidential all non-public Information concerning the Company provided
to Aegis. No obligation of confidentiality will apply to Information that: (a) is in the public domain as of the date hereof or hereafter
enters the public domain without a breach by Aegis, (b) was known or became known by Aegis prior to the Company’s disclosure thereof
to Aegis as demonstrated by the existence of its written records, (c) becomes known to Aegis from a source other than the Company which
information is not provided by the breach of an obligation of confidentiality owed to the Company, (d) is disclosed by the Company to
a third party without restrictions on its disclosure or (e) is independently developed by Aegis as demonstrated by its written records.
For the avoidance of doubt, except as otherwise provided herein, all information which is not publicly available relating to the Company’s
proprietary technology is proprietary and confidential.

 

14.               
No Third Party Beneficiaries; No Fiduciary Obligations. This engagement letter does
not create, and shall not be construed as creating, rights enforceable by any person or entity not a party hereto, except those entitled
hereto by virtue of the indemnification provisions hereof. The Company acknowledges and agrees that: (i) Aegis is not and shall not be
construed as a fiduciary of the Company and shall have no duties or liabilities to the equity holders or the creditors of the Company
or any other person by virtue of this engagement letter or the retention of Aegis hereunder, all of which are hereby expressly waived;
and (ii) Aegis is a full service securities firm engaged in a wide range of businesses and from time to time, in the ordinary course of
its business, Aegis or its affiliates may hold long or short positions and trade or otherwise effect transactions for its own account
or the account of its customers in debt or equity securities or loans of the companies which may be the subject of the transactions contemplated
by this Agreement. During the course of Aegis’s engagement with the Company, Aegis may have in its possession material, non-public
information regarding other companies that could potentially be relevant to the Company or the transactions contemplated herein but which
cannot be shared due to an obligation of confidence to such other companies.

 

15.               

Indemnification, Advancement & Contribution.

 

(a)               
Indemnification. The Company agrees to indemnify and hold harmless Aegis, its affiliates and each person controlling Aegis
(within the meaning of Section 15 of the Securities Act), and the directors, officers, agents and employees of Aegis, its affiliates
and each such controlling person (Aegis, and each such entity or person hereafter is referred to as an “Indemnified Person”)
from and against any losses, claims, damages, judgments, assessments, costs and other liabilities (collectively, the “Liabilities”),
and shall reimburse each Indemnified Person for all fees and expenses (including the reasonable fees and expenses of counsel for the
Indemnified Persons) (collectively, the “Expenses”) and agrees to advance payment of such Expenses as they
are incurred by an Indemnified Person in investigating, preparing, pursuing or defending any actions, whether or not any Indemnified
Person is a party thereto, arising out of or based upon (i) any untrue statement or alleged untrue statement of a material fact contained
in (A) the Registration Statement, Prospectus or any other transaction documents in connection with the Placement (as from time to time
each may be amended and supplemented), (B) any materials or information provided to investors by, or with the approval of, the Company
in connection with the marketing of the Placement, including any “road show” or investor presentations made to investors
by the Company (whether in person or electronically), or (C) any application or other document or written communication (collectively
called “application”) executed by the Company or based upon written information furnished by the Company in any jurisdiction
in order to qualify the Securities under the securities laws thereof or to file for an exemption from such requirement or filed with
the Commission, any state securities commission or agency, any national securities exchange; or (ii) the omission or alleged omission
therefrom of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, unless such statement or omission was made in reliance upon, and in conformity with, information
provided to the Company by Aegis in writing specifically for use in the Registration Statement, Prospectus or any other placement documents
with respect which or resulting from conduct by Aegis or another Indemnified Party, as to which Aegis shall indemnify and hold harmless
the Company, its officers, directors and controlling parties in the manner set forth in this Section 15. The Company also agrees to reimburse
and advance each Indemnified Person for all Expenses as they are incurred in connection with such Indemnified Person’s enforcement
of his or its rights under this Section 15.

 

 

 

 

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(b)              
Procedure. Upon receipt by an Indemnified Person of actual notice of an action against such Indemnified Person with respect
to which indemnity may reasonably be expected to be sought under this Section 15, such Indemnified Person shall promptly notify the Company
in writing; provided that failure by any Indemnified Person so to notify the Company shall not relieve the Company from any obligation
or liability which the Company may have on account of this Section 15 or otherwise to such Indemnified Person. The Company shall, if requested
by Aegis, assume the defense of any such action (including the employment of counsel designated by Aegis and reasonably satisfactory to
the Company). Any Indemnified Person shall have the right to employ separate counsel in any such action and participate in the defense
thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless: (i) the Company has failed
promptly to assume the defense and employ separate counsel reasonably acceptable to Aegis for the benefit of Aegis and the other Indemnified
Persons or (ii) such Indemnified Person shall have been advised that in the opinion of counsel that there is an actual or potential conflict
of interest that prevents (or makes it imprudent for) the counsel designated by and engaged by the Company for the purpose of representing
the Indemnified Person, to represent both such Indemnified Person and any other person represented or proposed to be represented by such
counsel, in which event the Company shall pay the reasonable fees and expenses of one counsel, plus local counsel, for all Indemnified
Parties, which counsel shall, if Aegis is a defendant, be designated by Aegis. The Company shall not be liable for any settlement of any
action effected without its written consent (which shall not be unreasonably withheld). In addition, the Company shall not, without the
prior written consent of Aegis, settle, compromise or consent to the entry of any judgment in or otherwise seek to terminate any pending
or threatened action in respect of which advancement, reimbursement, indemnification or contribution may be sought hereunder (whether
or not such Indemnified Person is a party thereto) unless such settlement, compromise, consent or termination (i) includes an unconditional
release of each Indemnified Person, acceptable to such Indemnified Party, from all Liabilities arising out of such action for which indemnification
or contribution may be sought hereunder and (ii) does not include a statement as to or an admission of fault, culpability or a failure
to act, by or on behalf of any Indemnified Person. The advancement, reimbursement, indemnification and contribution obligations of the
Company required hereby shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as
every Liability and Expense is incurred and is due and payable, and in such amounts as fully satisfy each and every Liability and Expense
as it is incurred (and in no event later than 30 days following the date of any invoice therefore).

 

(c)               
Contribution. In the event that a court of competent jurisdiction makes a finding, final beyond right of review, that indemnity
is unavailable to an Indemnified Person, the Company shall contribute to the Liabilities and Expenses paid or payable by such Indemnified
Person in such proportion as is appropriate to reflect (i) the relative benefits to the Company, on the one hand, and to Aegis and any
other Indemnified Person, on the other hand, of the matters contemplated by this Section 15 or (ii) if the allocation provided by the
immediately preceding clause is not permitted by applicable law, not only such relative benefits but also the relative fault of the Company,
on the one hand, and Aegis and any other Indemnified Person, on the other hand, in connection with the matters as to which such Liabilities
or Expenses relate, as well as any other relevant equitable considerations; provided that in no event shall the Company contribute less
than the amount necessary to ensure that all Indemnified Persons, in the aggregate, are not liable for any Liabilities and Expenses in
excess of the amount of commissions and non-accountable expense allowance actually received by Aegis in the Placement. The relative fault
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission
or alleged omission to state a material fact relates to information supplied by the Company on the one hand or Aegis on the other and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
The Company and Aegis agree that it would not be just and equitable if contributions pursuant to this subsection 15(c) were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above
in this subsection 15(c). For purposes of this paragraph, the relative benefits to the Company, on the one hand, and to Aegis on the
other hand, of the matters contemplated by this Section 15 shall be deemed to be in the same proportion as: (a) the total value received
by the Company in the Placement, whether or not such Placement is consummated, bears to (b) the commissions paid to Aegis under this
Agreement. Notwithstanding the above, no person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities
Act shall be entitled to contribution from a party who was not guilty of fraudulent misrepresentation.

 

 

 

 

    	 	5	 

     

    

 

(d)              
Limitation. The Company also agrees that no Indemnified Person shall have any liability (whether direct or indirect, in
contract or tort or otherwise) to the Company for or in connection with advice or services rendered or to be rendered by any Indemnified
Person pursuant to this engagement letter, the transactions contemplated thereby or any Indemnified Person’s actions or inactions
in connection with any such advice, services or transactions, except to the extent that a court of competent jurisdiction has made a finding
that Liabilities (and related Expenses) of the Company have resulted exclusively from such Indemnified Person’s gross negligence
or willful misconduct in connection with any such advice, actions, inactions or services.

 

16.               
Governing Law; Venue. This engagement letter will be deemed to have been made and
delivered in the State of New York, USA, and both the binding provisions of this engagement letter and the transactions contemplated
hereby will be governed as to validity, interpretation, construction, effect and in all other respects by the internal laws of the State
of New York, without regard to the conflict of laws principles thereof. Each of Aegis and the Company: (i) agrees that any legal
suit, action or proceeding arising out of or relating to this engagement letter and/or the transactions contemplated hereby will be instituted
exclusively in the courts located in the City of New York, County of New York, State of New York (ii) waives any objection which it may
have or hereafter to the venue of any such suit, action or proceeding, and (iii) irrevocably consents to the jurisdiction of the courts
located in the City of New York, County of New York and State of New York, in any such suit, action or proceeding. Each of Aegis and
the Company further agrees to accept and acknowledge service of any and all process which may be served in any such suit, action or proceeding
in such courts and agrees that service of process upon the Company mailed by certified mail to the Company’s address will be deemed
in every respect effective service of process upon the Company, in any such suit, action or proceeding, and service of process upon Aegis
mailed by certified mail to Aegis’s address will be deemed in every respect effective service process upon Aegis, in any such suit,
action or proceeding. Notwithstanding any provision of this engagement letter to the contrary, the Company agrees that neither Aegis
nor its affiliates, and the respective officers, directors, employees, agents and representatives of Aegis, its affiliates and each other
person, if any, controlling Aegis or any of its affiliates, will have any liability (whether direct or indirect, in contract or tort
or otherwise) to the Company for or in connection with the engagement and transaction described herein except for any such liability
for losses, claims, damages or liabilities incurred by the Company that are finally judicially determined to have resulted from the bad
faith or gross negligence of such individuals or entities. Aegis will act under this engagement letter as an independent contractor with
duties to the Company.

 

If you are
in agreement with the foregoing, please sign and return to us one copy of this engagement letter. This engagement letter may be executed
in counterparts (including facsimile or .pdf counterparts), each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

 

[Signature Page of SBFM Private Placement Letter of
Engagement Follows]

 

 

 

 

 

 

 

 

 

 

    	 	6	 

     

    

 

Very truly yours,

 

Aegis Capital Corp.

 

By: /s/ Robert Eide                                  

Name: Robert Eide

Title:   Chief Executive Officer

 

 

 

AGREED AND ACCEPTED:

 

The foregoing
accurately sets forth our understanding and agreement with respect to the matters set forth herein.

 

Sunshine Biopharma, Inc.

 

By:
   /s/ Steven Slilaty                         

Name: Steven Slilaty

Title:   Chief Executive Officer

 

[Signature Page of SBFM Private Placement
Letter of Engagement]

 

 

 

 

 

 

 

 

 

 

 

 

    	 	7

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