Document:

2016 10-K Exhibit 10.32

EXHIBIT 10.32

December 16, 2016

Kenneth Pina 

   627 Vassar Road

   Wayne, PA 19087

Dear Ken, 

We are pleased to extend an offer of employment to you with Pernix Therapeutics. You are being offered a full-time position as Senior Vice President, General Counsel & Chief
Compliance Officer reporting to John Sedor, Chairman & Chief Executive Officer. You will be expected to work at least forty (40) hours per week and you will be compensated on a semi-monthly
basis, on the 15th and last day of each month, less applicable deductions. This position will be based at our corporate headquarters in Morristown, NJ. Your
compensation and related information will be as follows: 

	Annual starting salary will be $340,000. Because you will be joining the Company after a hire date of September 30, 2016, please be advised that you will not be eligible to be included in the
2016 annual merit increase process that is generally completed in early 2017.

	Annual target bonus of 50% of your base salary based on achievement of specific goals set forth by the CEO. Because you will be joining the Company after a hire date of
September 30, 2016, you will not be eligible for the 2016 Bonus program, which is generally provided to employees by March of 2017.    

	A sign-on bonus of $150,000 (taxable) to be paid in the next regular semi-monthly pay period date that is administratively feasible following your start date.  If you voluntarily leave
the company prior to a year following your date of hire, you will be required to re-pay this entire payment.

	15,000 options and 5,000 Restricted Stock Units subject to the approval of the Board of Directors. Options will vest over a four-year period, 25% vest on each year of your employment
anniversary. The Restricted Shares vesting schedule will be a 25% cliff vest at the one year anniversary of the date of the grant and the remaining 75% in equal installments for three years
thereafter. 

10 Park Place, Suite 201, Morristown, NJ 07960 * www.pernixtx.com 

	At-Will Severance Provision: Our Company adheres to a policy of employment-at-will, which allows either party to terminate the employment relationship at any time for any reason without
cause or notice. If you are terminated by the Company without Cause (as defined below), or you resign for Good Reason, (i) you will receive severance equal to your then-current annual base
salary payable in equal installments over a twelve month (12) period beginning with the first regular payroll date following such termination and continuing thereafter at such intervals as other
salaried employees are paid, (ii) you will be provided subsidized healthcare benefit continuation for you and eligible family members for such twelve month (12) period at the same rate of
company contribution as in effect immediately prior to termination as long as you (a) were already a participant in the Company healthcare insurance benefits at the time of the termination event,
(b) enroll in the COBRA plan following termination within the required COBRA enrollment period, and (c) you submit the required payments at the employee contribution rates through COBRA
administration; and (iii) you will receive all accrued amounts including unpaid base salary, accrued but unused vacation, expense reimbursements due, and amounts under benefit plans in
accordance with their terms. You will have 90 days from termination to exercise any vested options. You will be required to execute and deliver a Release Agreement in form and substance
satisfactory to the Company in exchange for receiving these severance benefits. "Cause" shall mean (i) your failure to perform your duties to the Company; (ii) your commission of any
fraud, material misappropriation, embezzlement, willful material misrepresentation or willful material dishonesty with respect to the Company or any affiliate, customer or supplier thereof; (iii) your
commission of a felony, including without limitation of the illegal use of drugs; (iv) any other willful engagement by you in illegal conduct in the performance of your employment that you know
violates applicable law or that causes the Company or any subsidiary thereof to violate applicable law and (v) a willful breach by you of this Agreement and/or any confidentiality, non-solicitation,
non-competition or similar agreement.  "Good Reason" shall consist of (i) a material diminution in your base compensation; (ii) a material change in the geographic location at which
you must perform your duties; or (iii) any other action or inaction that constitutes a material breach by Pernix under this Agreement.  Good Reason shall not be deemed to exist unless you notify
the Company of this event within thirty (30) days of such notice and you resign for Good Reason effective within sixty (60) days of the end of the cure period.      

10 Park Place, Suite 201, Morristown, NJ 07960 * www.pernixtx.com 

You will be entitled to four (4) weeks paid vacation per year in addition to Company scheduled holidays and office closures. Vacation time will accrue pro-rata throughout the year.
Additionally, you will be eligible for health insurance, dental insurance, life, vision, and short term and long term disability insurance on the first day of employment.  You are eligible for our 401(k)
plan upon completion of the requirements listed in the 401(k) plan and a summary of the plan is provided separately.  You will also be required to sign and return a confidentiality, non-disclosure,
and non-solicitation agreement upon joining the company.

 

Under the Immigration Reform and Control Act (IRCA), our company is required to verify the identity and work authorization of all newly hired employees.  Therefore, you will be required to
complete the I-9 form upon hire.  Within three business days of beginning employment, you will need to supply acceptable documentation (as noted on the enclosed I-9 form) of your identity and
work authorization. 

OUR COMPANY ADHERES TO A POLICY OF EMPLOYMENT-AT-WILL WHICH ALLOWS EITHER PARTY TO TERMINATE THE EMPLOYMENT RELATIONSHIP AT ANY
TIME, FOR ANY REASON, WITH OR WITHOUT CAUSE OR NOTICE. 

As with all potential employees, you will undergo a background check and drug screen, which will be conducted in accordance with applicable laws. Your employment is contingent on
successful completion of your background check and drug screen.    

  

Your official start date will be a date proximate to January 4, 2017.  Please confirm your acceptance of this offer by signing and dating the acknowledgement below and returning a signed
letter to me at clehrer@pernixtx.com.  If you have any questions concerning the above details, please contact me at 973-803-0768 (cell).    

 Sincerely, 

/s/ Cindy Lehrer 

Cindy Lehrer 

Vice President of Human Resources 

ACKNOWLEDGEMENT: 

/s/ K. R. Pina

Kenneth Pina

December 21, 2016

Date

10 Park Place, Suite 201, Morristown, NJ 07960 * www.pernixtx.com2016 10-K Exhibit 10.33

EXHIBIT 10.33

STOCK OPTION AND RESTRICTED STOCK AGREEMENT FOR THE GRANT OF
NON-QUALIFIED STOCK OPTIONS AND RESTRICTED STOCK UNDER THE

PERNIX THERAPEUTICS HOLDINGS, INC. 2009 STOCK INCENTIVE PLAN

THIS AGREEMENT is entered into as of Enter Date Here, by and between Pernix Therapeutics Holdings, Inc., a Maryland corporation ("Pernix"),
and NAME OF EMPLOYEE (the "Participant").

WHEREAS, the Participant is an officer, director, key employee, consultant or advisor of Pernix or one of its subsidiaries and Pernix considers it desirable and
in its best interest that the Participant be given an added incentive to advance the interests of Pernix by possessing an option to purchase shares of the common stock of Pernix, $0.01 par
value per share (the "Common Stock") and/or restricted shares of Common Stock in accordance with the Pernix Therapeutics Holdings, Inc. 2009 Stock Incentive Plan (the
"Plan"), which was approved by the shareholders of Pernix at the March 8, 2010 special meeting of stockholders.  Pernix and its subsidiaries shall be collectively
referred to herein as the "Company."

NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties as follows:

I.

Stock Options

1.1   Grant of Options.  Pernix hereby grants to the Participant effective DATE OF OPTION (the "Date of Grant") the right, privilege and option
to purchase Number of Shares shares of Common Stock (the "Option") at an exercise price of DOLLAR AMOUNT$ per share (the "Exercise Price").  The Option shall be
exercisable at the times specified in Section 1.2 below.  With respect to all of the shares subject to the Option, the Option is intended to be a non-qualified stock option.  

1.2   Time of Exercise.  

	Subject to the provisions of the Plan and the other provisions of this Section I, the Option shall be vested and exercisable in the amounts and on the dates provided
below, if the Participant continues to be employed by the Company or, with respect to non-employees, continues to perform services to the Company on such date:

	
Date Exercisable
	
Non-Qualified

Stock Option

Shares

	
XX-XX-XXXX
	
XXX

	
XX-XX-XXXX
	
XXX

	
XX-XX-XXXX
	
XXX

	
XX-XX-XXXX
	
XXX

                                                                                                   1

	The Option shall terminate ten years following the Date of Grant and may terminate earlier in the event of termination of the Participant's services as provided below
or a Change of Control of Pernix as provided in the Plan.  During Participant's lifetime, the Option may be exercised only by the Participant or the Participant's curator if the Participant has been
interdicted.

	If the Participant's service with the Company terminates, other than as a result of death or disability within the meaning of Section 22(e)(3) ("Disability")
of the Internal Revenue Code of 1986, as amended, (the "Code") or retirement, the Option may be exercised, but only to the extent otherwise exercisable on the date of termination
of service, within 90 days following termination of service, but in no event later than ten years after the Date of Grant.

	If the Participant's service with the Company is terminated because of Disability or because of retirement, the Option may be exercised, but only to the extent
otherwise exercisable on the date of termination of service, within two years from the date of termination of service, but in no event later than ten years after the Date of Grant.  

	In the event of the Participant's death, the Option may be exercised by the Participant's estate, or by the person to whom such right devolves from him by reason of
the Participant's death, but only to the extent otherwise exercisable on the date of death, within two years from the date of death, but in no event later than ten years after the Date of
Grant.

	The Option shall become fully exercisable upon a Change of Control of Pernix as provided in the Plan.

	Any portion of the Option that is not exercisable at the time of termination of service shall be terminated upon termination of service.  Any portion of the Option that
is exercisable but not exercised within the permitted time period following termination of service provided in this Section I, shall be terminated upon expiration of such permitted time
period.

1.3   Method of Exercise of Option.

	The Participant may exercise all or a portion of the Option by delivering to the Company a signed written notice of his intention to exercise the Option, specifying
therein the number of shares to be purchased.  Upon receiving such notice, and after the Company has received full payment of the Exercise Price in accordance with the Plan, including as
provided in Section 1.3(b) below, the appropriate officer of the Company shall cause the transfer of title of the shares purchased to Participant on Pernix's stock records and cause to be issued
to Participant a stock certificate for the number of shares being acquired.  Participant shall not have any rights as a shareholder until the stock certificate is issued to him.

	As permitted in the Plan, the Committee has authorized the use of the net exercise procedure described in the Plan for the exercise of the non-qualified stock
options granted pursuant to this Agreement.

1.4   Non-Transferability.  Unless permitted by the Committee in an amendment to this Agreement as provided in the Plan, the Option granted hereby may not
be transferred, assigned, pledged or hypothecated in any manner, by operation of law or otherwise, other than by will or by the laws of descent and distribution and shall not be subject to
execution, attachment or similar process.

                                                                                                   2

II.

Restricted Stock

2.1   Grant of Restricted Stock.  Pernix hereby grants to Participant a restricted stock award effective on the Date of Grant of XXXXXX shares of Common
Stock (the "Restricted Stock") subject to the terms, conditions, and restrictions set forth in the Plan and in this Agreement.  

2.2   Award Restrictions.  The period during which the restrictions imposed on the Restricted Stock by the Plan and this Agreement are in effect is referred to
herein as the "Restricted Period."  During the Restricted Period, the Participant shall be entitled to all rights of a stockholder of Pernix, including the right to vote the shares and to
receive all dividends and other distributions declared thereon.  The right to vote the Restricted Stock and any right to receive dividends thereon may not be sold, assigned, transferred,
exchanged, pledged, hypothecated, or otherwise encumbered during the Restricted Period.  

2.3   Vesting Terms.

	Types of Restricted Stock.  XXXXXX of the shares of Restricted Stock shall vest based on the Participant's continued service with the Company as
provided in Section 2.3(b) below (the "Time-Based Restricted Stock"). 

	Time-Based Restricted Stock.  The Restricted Period for the Time-Based Restricted Stock shall end and the shares of Time-Based Restricted Stock shall
become vested and freely transferable as set forth below, subject to the Participant's continued service with the Company on such dates:

	
Percentage of Time-Based
Restricted Stock
	
Vesting Date

	
[____]
	
[_______ ___, 20___]

	
[____]
	
[_______ ___, 20___]

	
[____]
	
[_______ ___, 20___]

	
[____]
	
[_______ ___, 20___]

	All Restricted Stock.  The Restricted Period shall end and the Restricted Stock will become fully vested and freely transferable by the Participant or his
estate upon the death of the Participant or if the Participant becomes Disabled.  Termination of Participant's service to the Company for any other reason prior to the end of the Restricted
Period shall result in forfeiture of all Restricted Stock.  The shares of Restricted Stock shall also become fully vested and the Restricted Period shall end in the event of a Change of Control of
Pernix as provided in the Plan.

                                                                                                   3

III.

Book Entry

3.1   The Company's Stock Issuance Records.  A book entry in the Company's stock issuance records shall reflect the Restricted Stock as registered in the
name of the Participant and that during the Restricted Period the transferability of shares of Restricted Stock is restricted in accordance with the terms and conditions (including conditions of
forfeiture) contained in the Plan and this Agreement and that copies of the Plan and Agreement are on file in the office of the Secretary of Pernix.

3.1   Removal of Restrictions.  Upon termination of the Restricted Period with respect to all or a portion of the Restricted Stock, Pernix shall cause the
restrictions on transfer reflected in the book entry with respect to such shares to be removed and upon the Participant's request, shall cause a stock certificate without a restrictive legend
covering the vested Restricted Stock to be issued in the name of the Participant or his nominee.  Upon removal of the restrictive legend from the book entry or upon receipt of a stock certificate
without a restrictive legend, the Participant is free to hold or dispose of such shares, subject to applicable securities laws.

IV.

Defined Terms

The definition of all capitalized terms used herein and not otherwise defined herein shall be as provided in the Plan.

V.

Recovery Right of the Company

The Company has the right to recover any Options or Restricted Stock issued under the Plan to the Participant, if (a) the grant, vesting or value of such awards was
based on the achievement of financial results that were subsequently the subject of a restatement; (b) the Participant engaged in intentional misconduct that caused or partially caused the
need for the restatement; and (c) the effect of the restatement was to decrease the financial results such that such grant would not have been earned or would have had a lesser value.  The
Participant accepts the Options and the Restricted Stock subject to such recovery rights of the Company and in the event the Company exercises such rights, the Participant shall promptly
return the Options (or the shares acquired upon exercise) and the Restricted Stock to the Company upon demand.  If the Participant no longer holds the shares subject to the Options or the
Restricted Stock at the time of demand by the Company, the Participant shall pay to the Company, without interest, all cash, securities or other assets received by the Participant upon the sale
or transfer of such shares.  The Company may, if it chooses, effect such recovery by withholding from other amounts due to the Participant by the Company.

VI.

Withholding Taxes

6.1   Options.  At any time that the Participant is required to pay to the Company an amount required to be withheld under applicable income tax laws in
connection with the exercise of an Option, the Participant may satisfy this obligation in whole or in part by electing (the "Election") to deliver currently owned shares of Common
Stock or to have the Company withhold from the distribution shares of Common Stock, in each case having a value equal to the minimum statutory amount required to be withheld.
Notwithstanding the terms of the Plan, the Committee shall not have the right to disapprove of an Election.  The value of the shares to be delivered or withheld shall be based on the Fair Market
Value of the Common Stock on the date that the amount of tax to be withheld shall be determined (the "Tax Date").  Each Election must be made prior to the Tax Date.  

                                                                                                   4

6.2   Restricted Stock.  At any time that the Participant is required to pay to the Company an amount required to be withheld under the applicable income tax
laws in connection with the lapse of restrictions on Restricted Stock, unless the Participant has previously provided the Company with payment of all applicable withholding taxes, the Company
shall withhold from the shares of Restricted Stock on which the restrictions are lapsing shares with a value equal to the minimum statutory amount required to be withheld.  The value of the
shares to be withheld shall be based on the Fair Market Value of the Common Stock on the Tax Date.

VII.

No Contract of Employment Intended

Nothing in this Agreement shall confer upon the Participant any right to continue in the employment of the Company, or to interfere in any way with the right of the
Company to terminate the Participant's employment or service relationship with the Company at any time.

VIII.

Binding Effect

This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators and successors.

IX.

Amendment, Modification or Termination

The Committee may amend, modify or terminate any outstanding Option at any time prior to exercise and any Restricted Stock at any time prior to vesting in any
manner not inconsistent with the terms of the Plan. Notwithstanding the foregoing, no amendment, modification or termination may materially impair the rights of an Participant hereunder
without the consent of the Participant.

X.

Inconsistent Provisions

The Options and Restricted Stock granted hereby are subject to the provisions of the Plan, as in effect on the date hereof and as it may be amended.  In the event
any provision of this Agreement conflicts with such a provision of the Plan, the Plan provision shall control.  The Participant acknowledges that a copy of the Plan was distributed to the
Participant and that the Participant was advised to review such Plan prior to entering into this Agreement.  The Participant waives the right to claim that the provisions of the Plan are not
binding upon the Participant and the Participant's heirs, executors, administrators, legal representatives and successors.

                                                                                                   5

XI.

Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of Louisiana.

XII.

Severability

If any term or provision of this Agreement, or the application thereof to any person or circumstance, shall at any time or to any extent be invalid, illegal or
unenforceable in any respect as written, the Participant and Pernix intend for any court construing this Agreement to modify or limit such provision so as to render it valid and enforceable to the
fullest extent allowed by law.  Any such provision that is not susceptible of such reformation shall be ignored so as to not affect any other term or provision hereof, and the remainder of this
Agreement, or the application of such term or provision to persons or circumstances other than those as to which it is held invalid, illegal or unenforceable, shall not be affected thereby and
each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law.

XIII.

Entire Agreement; Modification

The Plan and the Agreement contain the entire agreement between the parties with respect to the subject matter contained herein.  The Agreement may not be
modified without the approval of the Committee and the Participant, except as provided in the Plan, as it may be amended from time to time in the manner provided therein, or in this
Agreement, as it may be amended from time to time.  Any oral or written agreements, representations, warranties, written inducements, or other communications with respect to the subject
matter contained herein made prior to the execution of the Agreement shall be void and ineffective for all purposes.

XIV.

Section 83(b) Election

The Participant has reviewed with the Participant's own tax advisors the federal, state, local and foreign tax consequences of the transactions contemplated by this
Agreement.  The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.  The Participant understands that the
Participant (and not the Company) shall be responsible for the Participant's own tax liability that may arise as a result of the transactions contemplated by this Agreement.  The Participant
understands that the Participant may elect to be taxed at the time the shares of Restricted Stock are granted by filing an election under Section 83(b) of the Code with the IRS within thirty days
from the Date of Grant and providing a copy to the Company.  The Participant acknowledges that it is the Participant's sole responsibility and not the Company's to file timely the election under
Section 83(b), even if the Participant requests the Company or its representatives to make this filing on the Participant's behalf.

                                                                                                   6

IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed as of the day and year first above written.

Pernix Therapeutics Holdings, Inc.

_________________________________
Name of EMPLOYEE

________________________________
Michael Golembiewski, VP 

Corporate Controller

   

   

   

   

                                                                                                   7

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