Document:

EX-4.3

 Exhibit 4.3 

Execution Version 

SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of January 21, 2022, by and among Builders
FirstSource, Inc., a Delaware corporation (the “Issuer”), the guarantors party hereto (the “Guarantors”) and Wilmington Trust, National Association, as trustee (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
the Issuer, the Guarantors and the Trustee have heretofore executed and delivered an indenture, dated as of July 23, 2021 (as supplemented by the First Supplemental Indenture, dated as of January 1, 2022, the “Indenture”),
relating to the issuance of 4.250% Senior Notes due 2032; 
 WHEREAS, pursuant to the Indenture, the Issuer has issued $1,000,000,000
aggregate principal amount of its 4.250% Senior Notes due 2032 on July 23, 2021 (collectively, the “Initial Notes”); 

WHEREAS, Section 2.1 of the Indenture provides that Additional Notes ranking pari passu with the Initial Notes may be issued from
time to time by the Issuer (subject to the Issuer’s compliance with Section 3.2 of the Indenture) without notice to or consent of the Holders and shall be consolidated with and form a single class with the Initial Notes and, except as set
forth therein, shall have the same terms as to status, redemption or otherwise as the Initial Notes; 
 WHEREAS, the Issuer and the
Guarantors desire to execute and deliver this Supplemental Indenture for the purpose of issuing an additional $300,000,000 aggregate principal amount of 4.250% Senior Notes due 2032, having terms substantially identical in all material respects to
the Initial Notes (the “Additional 2032 Notes” and, together with the Initial Notes, the “Notes”); and 

WHEREAS, Section 9.1 of the Indenture provides that, among other things, the Issuer, the Guarantors and the Trustee may supplement the
Indenture without the consent of any Holder to provide for the issuance of Additional Notes in accordance with the terms of the Indenture. 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
 (1)
Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

(2) Additional Notes. As of the date hereof, the Issuer will issue, and the Trustee is directed to authenticate and
deliver, the Additional 2032 Notes, which constitute Additional Notes under the Indenture, having terms substantially identical in all material respects to the Initial Notes, at an issue price of 100.500%, plus accrued and unpaid interest from
July 23, 2021. The interest on the Additional 2032 Notes shall accrue from July 23, 2021 and the first interest payment date shall be February 1, 2022. The Additional 2032 Notes shall be issued as Restricted Notes under the Indenture.
The Initial Notes and the Additional 2032 Notes shall be treated as a single class for all purposes under the Indenture. The Additional 2032 Notes issued as Rule 144A Global Notes shall bear temporary CUSIP No. 12008R AQ0 and ISIN US12008RAQ02 and
Additional 2032 Notes issued as Regulation S Global Notes shall bear temporary CUSIP No. U08985 AM2 and ISIN USU08985AM25. 

(3) Special Record Date. Notwithstanding anything to the contrary in the Indenture, the record date for the payment of
accrued and unpaid interest in respect of the Additional 2032 Notes on February 1, 2022 shall be January 21, 2022. 

 (4) Necessary Actions. Each of the Issuer and the Guarantors hereby
represents and warrants that all actions necessary to give effect to this Supplemental Indenture have been taken. 
 (5)
Governing Law. THIS SUPPLEMENTAL INDENTURE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE, WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

(6) Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. This Supplemental Indenture may be executed in multiple counterparts which, when taken together, shall constitute one instrument. The exchange of copies of this Supplemental Indenture
and of signature pages by facsimile or PDF transmissions shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes.
Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

(7) Effect of Headings. The Section headings herein have been inserted for convenience of reference only, are not to be
considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

(8) The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Issuer and the Guarantors. 

(9) Continued Effect. Except as expressly supplemented and amended by this Supplemental Indenture, the Indenture shall
continue in full force and effect in accordance with the provisions thereof, and the Indenture (as supplemented and amended by this Supplemental Indenture) is in all respects hereby ratified and confirmed. This Supplemental Indenture and all the
terms and conditions of this Supplemental Indenture, with respect to the Notes, shall be and be deemed to be part of the terms and conditions of the Indenture for any and all purposes. 

[The remainder of this page is intentionally left blank.] 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the date first above written. 
  

			
	BUILDERS FIRSTSOURCE, INC.
		
	By:	 	 /s/ Timothy D. Johnson

		 	Name: Timothy D. Johnson
		 	Title: Executive Vice President, General Counsel and Corporate Secretary
	
	ON BEHALF OF EACH OF THE GUARANTORS LISTED ON SCHEDULE I HERETO
		
	By:	 	 /s/ Timothy D. Johnson

		 	Name: Timothy D. Johnson
		 	Title: Executive Vice President, General Counsel and Corporate Secretary

 [Signature Page to the Second Supplemental Indenture] 

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Arlene Thelwell

		 	Name: Arlene Thelwell
		 	Title: Vice President

 [Signature Page to the Second Supplemental Indenture] 

 SCHEDULE I 

Guarantors 
  

	 	1.	 Builders FirstSource—Dallas, LLC, a Delaware limited liability company 

 

	 	2.	 BFS Group LLC, a Delaware limited liability company 

 

	 	3.	 BFS Real Estate LLC, a Delaware limited liability company 

 

	 	4.	 Spenard Builders Supply LLC, an Alaska limited liability company 

 

	 	5.	 BFS Design Services LLC, a Delaware limited liability company 

 

	 	6.	 BFS Operations LLC, a Delaware limited liability company 

 

	 	7.	 BFS Texas Sales LLC, a Delaware limited liability company 

 

	 	8.	 BFS Procurement LLC, a Delaware limited liability company 

 

	 	9.	 BFS Asset Holdings LLC, a Delaware limited liability company 

 

	 	10.	 Builders FirstSource—Texas Installed Sales, LLC, a Texas limited liability company 

 

	 	11.	 Timber Roots, LLC, a Washington limited liability company 

 

	 	12.	 CCWP, Inc., a South Carolina statutory close corporation 

 

	 	13.	 WTS Paradigm, LLC, a Wisconsin limited liability companyExhibit
10.1

 

	 	 	520
Broad Street

ewark, NJ 07102

 

January 20,
2022

 

VIA EMAIL 

 

William Conkling

110 Woods End Drive

Basking Ridge,
NJ 07920

		william.conkling@rafaelholdings.com	

 

Dear Bill,

 

It is our
pleasure to offer you continued employment at Rafael Holdings, Inc. (“Rafael” or the “Company”) in accordance
with the terms and conditions provided herein. Effective February 1, 2022 (the “Effective Date”), the Employment Agreement
between you and the Company dated as of March 7, 2021 (the “Prior Agreement”) shall terminate and be of no further force and
effect and shall be superseded and replaced in its entirety by this letter agreement (the “Letter Agreement”), which outlines
the terms of your continued employment at the Company as follows:

 

		1.	Position and Duties: 

 

From and after the Effective Date,
you will be employed as the Chief Executive Officer of the Company (the “Position”), which shall be an executive officer position
with the Company, and in that role you will oversee and direct, subject to the direction, supervision and oversight of the Board of Directors
of the Company (the “Board”) and the Chairman of the Board of the Company (the “Chairman”), all of the Company’s
operations and its subsidiaries, affiliates, and entities in which the Company holds equity and other interests. You shall also serve
in such additional capacities with subsidiaries and affiliates of the Company as shall be agreed upon in writing between you and the Company
from time to time.

 

During the Term, you shall devote substantially
all of your business time, and on a full-time basis, use your skills and render services to the best of your abilities on behalf of the
Company (and its subsidiaries and affiliates). You shall report directly to the Board or to such other parties as reasonably designated
by the Chairman from time to time commensurate with the Position. You shall be responsible for all duties as reasonably required by the
Position as determined by the Board that are commensurate with the Position. You shall comply with all of the published policies and procedures
of the Company. Notwithstanding the foregoing, with the prior written consent of the Board (which
consent shall not be unreasonably withheld or delayed), you shall be permitted to act or serve as a director, trustee, or committee member
of any type of business, civic, or charitable organization, provided that such activities do not, individually or in the aggregate, create
a potential or actual conflict with the interests of the Company or materially interfere with your service to the Company or duties hereunder
(in each case, as determined by the Board).

 

You will work at the Company’s
headquarters -- currently located at 520 Broad Street, Newark, NJ 07102 -- or such other location designated by the Company, on a regular
basis, and you will travel for purposes of Company business, in accordance with the Company’s needs and as otherwise determined
by the Board.

 

		2.	Term: 

 

Your employment pursuant
to this Letter Agreement shall be from the Effective Date through January 31, 2023; and thereafter, the term of this Letter Agreement
will automatically renew for additional successive terms of one (1) year each unless either party gives notice to the other party at least
ninety (90) days before January 31, 2023 or January 31st of any succeeding year that such party does not wish to renew this Letter Agreement,
in which case both the Letter Agreement and your employment hereunder shall automatically terminate on such January 31st (the term in
effect, the “Term”). Notwithstanding the foregoing, your employment shall be at will may be terminated at any time by either
you or the Company pursuant to Section 7 hereof.

 

     

     

    

 

	 	 	520
Broad Street

ewark, NJ 07102

 

		3.	Compensation: 

 

From and
after the Effective Date during the Term, you will be compensated at an annual base salary rate of $500,000.00 (the “Base Salary”),
which will be paid to you on a prorated basis less payroll deductions and required withholdings, in accordance with the Company’s
standard payroll procedures. Your position is classified as exempt for purposes of relevant wage-hour law and therefore you will not be
entitled to overtime pay.

 

In addition
to the Base Salary, you will also be eligible for an annual discretionary bonus (the “Annual Bonus”). The Annual Bonus at
target or 100% achievement will be in the amount of 50% of your Base Salary, your entitlement to which and any amount thereof to be determined
in the sole and absolute discretion of the Compensation Committee of the Board.

 

		4.	Paid Time Off and Benefits: 

 

In addition
to Company-designated paid holidays, each calendar year you shall be eligible to accrue twenty (20) days of paid vacation time (prorated
for partial years of employment), as well as use sick time, in each case as shall be calculated and administered in accordance with the
Company’s applicable policies, as may be updated from time to time, and applicable law.

 

As a full-time
employee of the Company, you will be eligible for health insurance coverage and other employee benefits, in each case as available to
similarly situated employees, in accordance with the relevant plans, as such plans are adopted by the Company.

 

You shall
also be entitled to reimbursement for pre-approved business expenses incurred by you in the course of your performance of your duties,
as per Company policy, provided that you submit to the Company applicable invoices and other documentation, in form and in substance in
accordance with Company policy.

 

		5.	Equity:

 

Within thirty (30) days following
the Effective Date, the Company will grant to you, under the Company’s 2021 Equity Incentive Plan (as amended from time to time,
the “Plan”), SIX HUNDRED TWENTY-THREE THOUSAND SEVEN HUNDRED THIRTY-TWO (623,732) shares (“Shares”) of Restricted
Class stock of the Company.

 

In the event that the Company
issues capital stock or derivative equity securities in connection with the consummation, modification or termination of the Agreement
and Plan of Merger, dated as of June 17, 2021 (the “Merger Agreement”), by and among the Company, Rafael Pharmaceuticals,
Inc. (“Pharma”) and the other parties thereto, provided that you shall not have given notice of termination of this Letter
Agreement or your employment with the Company and this Letter Agreement or your employment with the Company shall not have otherwise terminated,
the Company will grant you additional restricted shares of Class B common stock of the Company so that your relative equity interest in
the Company shall not be diluted thereby.

 

Twenty-five percent of the Shares
(including any anti-dilution grants) will vest on December 21, 2022 at (the “Initial Vesting Date”) and the remainder of the
Shares shall vest in twelve substantially equal amounts on or near each of the first through the twelfth quarterly anniversaries of the
Initial Vesting Date, provided that vesting will be timed to coincide with expected open trading windows under the Company’s Insider
Trading policy. The terms and conditions of the grant of the Shares shall be as set forth in the Plan and the related grant agreement.
Except as otherwise specifically set forth herein, all unvested Shares shall terminate if your full-time employment with the Company shall
cease for any reason.  All unvested Shares shall vest upon a “Change of Control” (as defined in the Plan). Any tax liability
in connection with the Shares shall be borne solely by you.

 

Additionally, the vesting schedule
of the Options granted to you pursuant to the Prior Agreement shall be amended to be as follows: all Options will vest on September 30,
2026.

 

    2

     

    

 

	 	 	520
Broad Street

ewark, NJ 07102

 

		6.	Company Property: 

 

During the
Term, the Company may provide you with the benefit of using Company property, such as, but not limited to, a Company-provided laptop.
You are obligated to use such Company property in accordance with Company guidelines, and to return any such property to the Company upon
the Company’s request, but in any case, upon the termination of your employment, regardless of the reason for such termination.

 

		7.	Termination:

 

Your employment at
the Company may be terminated as set forth below:

 

(a) Death;
Disability. Your employment at the Company shall terminate upon your death or, as permitted by law, “Disability” (as hereafter
defined). Upon any such termination, you (or, in the event of your death, your estate) shall receive the Base Salary and all benefits
as generally eligible, in each case through the Date of Termination (as hereafter defined). You (and, in the event of your death,
your estate) shall not be entitled to any other amounts or benefits from the Company other than as set forth in this Section 7(a). For
purposes of this Letter Agreement, “Disability” shall mean your inability to perform your duties on account of a physical
or mental illness for a period of sixty (60) consecutive days or ninety (90) days in any six (6) month period. Notwithstanding anything
contained herein to the contrary, during any period of disability, the Company shall not be obligated to pay any compensation or other
amounts to you.

 

(b) Termination
for Cause/Resignation without Good Reason. The Company may terminate your employment at the Company at any time without advance notice
for “Cause” and you may terminate your employment at the Company without “Good Reason” (as hereafter defined)
upon thirty (30) days’ written notice from you to the Company in accordance with Section 7(e) below. For purposes of this Letter
Agreement, the Company shall have Cause to terminate your employment upon your:

 

		(i)	commission of fraud, theft, embezzlement, self-dealing, or misappropriation of corporate assets or acts
constituting a felony under the laws of the United States or any state thereof;

 

		(ii)	commission of willful or negligent acts or omissions in connection with your employment which result in
an assessment of a civil or criminal penalty against you, the Company, or its affiliates;

 

		(iii)	commission of acts or omissions constituting gross negligence or gross misconduct in the performance of
any aspect of your lawful duties or responsibilities which have or may be expected to have an adverse effect on the Company or its affiliates;

 

		(iv)	commission of any serious offense that results in or would reasonably be expected to result in (i) financial
or other harm or (ii) negative publicity, to the Company or its affiliates;

 

		(v)	engaging in any act covered by Rule 506(d) of Regulation D under the Securities Act of 1933, as amended,
and/or engaging in any act, or existence of any circumstances that would, in the reasonable judgment of the Company, be harmful to the
Company’s ability to have its common stock be granted approval to list, or continue to be listed, on the NYSE, American, or Nasdaq
exchanges;

 

		(vi)	willful or continued failure to substantially perform your duties hereunder (other than any such failure
resulting from your incapacity due to physical or mental illness or disability), after written notice has been delivered to you by the
Company identifying the manner in which you have not substantially performed your duties. For the sake of clarity, failure to achieve
certain results shall not, on its own, be deemed Cause;

 

    3

     

    

 

	 	 	520
Broad Street

ewark, NJ 07102

 

		(vii)	willful or continued failure to perform an act permitted by the Company’s rules, policies, or procedures,
including without limitation, the Company’s Code of Business Conduct and Ethics that is within your material duties hereunder (other
than by reason of physical or mental illness or disability) or directives of the Board, or material breach of the terms of this Letter
Agreement, of the NDNC (as hereafter defined), or Company policy;

 

		(viii)	breach of any fiduciary duty owed to the Company or its affiliates that results in or would reasonably
be expected to result in (i) financial or other harm, or (ii) negative publicity, to the Company or its affiliates;

 

		(ix)	extended unexcused absence; or

 

		(x)	knowing and intentional misrepresentation or concealment of material information regarding the Company
from the Board or the Chairman.

 

No act, or failure
to act, on your part shall be considered “willful” if done or omitted to be done by you in good faith and in the belief that
your action or omission was in the best interest of the Company or its affiliates.

 

In the event that
the Company terminates your employment for Cause or you resign from the Company without Good Reason: (i) you shall receive the Base Salary
and all benefits as generally eligible, in each case through the Date of Termination and (ii) the Company shall have the right to determine
whether or not you will actively work for the Company during any notice period. You shall not be entitled to any other amounts or benefits
from the Company other than as set forth in this Section 7(b).

 

(c) Termination
without Cause. Your employment at the Company may be terminated by the Company without Cause upon thirty (30) days’ written
notice to you in accordance with Section 7(e) below.

 

In the event of your termination
by the Company without Cause or if the Company, in accordance with Section 2 hereof, provides notice to you that it does not want this
Letter Agreement to automatically renew: (i) you shall receive the Base Salary and all benefits as generally eligible, in each case through
the Date of Termination, (ii) the Company shall have the right to determine whether or not you will actively work for the Company during
the notice period, and (iii) provided that you execute and deliver a separation and release agreement in a form acceptable to the Company
within twenty-one (21) days after the Date of Termination (unless applicable law requires a longer time period, in which case this date
will be extended to the minimum time required by applicable law and such 21-day or extended period, as applicable, the “Release
Execution Period”) and do not revoke such agreement, (A) any unvested Shares shall continue to vest for six (6) months following
the Date of Termination and (B) you will receive (1) an amount equal to twelve (12) months of Base Salary, payable, subject to Section
11 hereof, in twenty-four (24) equal installments in accordance with the Company’s regular payroll schedule, (2) a prorated portion
of the Annual Bonus for the fiscal year in which the Date of Termination occurs equal to 100% of your target Annual Bonus amount for the
year during which the Date of Termination occurs multiplied by (y) a fraction, the numerator of which is the number of days
in the fiscal year that you were employed through the Date of Termination and the denominator of which is 365, payable, subject to
Section 11 hereof, in twenty-four (24) equal installments in accordance with the Company’s regular payroll schedule, (3) to the
extent not already paid, the Annual Bonus for the year preceding the Date of Termination that you would have received had you remained
continuously employed by the Company through the payment date of such Annual Bonus, if any, and (4) subject to your timely election of
continuation coverage under COBRA, the eligibility requirements and other terms and conditions of such insurance coverage, the terms and
conditions of Section 7(g) hereof, and upon your submission to the Company of appropriate documentation substantiating payment by you
to the Company’s COBRA vendor of the applicable COBRA coverage premium, reimbursement of the portion of the premium costs for such
coverage during the applicable COBRA Reimbursement Period (as hereafter defined) that the Company would pay if you remained employed by
the Company at the same level of coverage that was in effect as of the Date of Termination. You shall not be entitled to any other amounts
or benefits from the Company other than as set forth in this Section 7(c).

 

    4

     

    

 

	 	 	520
Broad Street

ewark, NJ 07102

 

(d) Resignation
by You for Good Reason. Your employment at the Company may be terminated by you for Good Reason if (x) you have given written
notice to the Company of the existence of Good Reason no later than forty-five (45) days after its initial existence, (y) the Company
has not remedied such Good Reason in all material respects within forty-five (45) days after its receipt of such written notice, and (z)
you provide written notice of your resignation to the Company in accordance with Section 7(e) hereunder within one hundred twenty (120)
days following the initial existence of such Good Reason. In the event of your termination of your employment for Good Reason: (i) you
shall receive the Base Salary and all benefits as generally eligible, in each case through the Date of Termination, (ii) the Company shall
have the right to determine whether or not you will actively work for the Company during any notice period, and (iii) provided that you
execute and deliver a separation and release agreement in a form acceptable to the Company within the Release Execution Period (and do
not revoke such agreement), (A) any unvested Shares shall immediately vest and (B) you will receive (1) an amount equal to twelve (12)
months of Base Salary, payable, subject to Section 11 hereof, in twenty-four (24) equal installments in accordance with the Company’s
regular payroll schedule, (2) a prorated portion of the Annual Bonus for the fiscal year in which the Date of Termination occurs equal
to 100% of your target Annual Bonus amount for the year during which the Date of Termination occurs multiplied by (y) a fraction,
the numerator of which is the number of days in the fiscal year that you were employed through the Date of Termination and the denominator
of which is 365, payable, subject to Section 11 hereof, in twenty-four (24) equal installments in accordance with the Company’s
regular payroll schedule, (3) to the extent not already paid, the Annual Bonus for the year preceding the Date of Termination that you
would have received had you remained continuously employed by the Company through the payment date of such Annual Bonus, if any, and (4)
subject to your timely election of continuation coverage under COBRA, the eligibility requirements and other terms and conditions of such
insurance coverage, the terms and conditions of Section 7(g) hereof, and upon your submission to the Company of appropriate documentation
substantiating payment by you to the Company’s COBRA vendor of the applicable COBRA coverage premium, reimbursement of the portion
of the premium costs for such coverage during the applicable COBRA Reimbursement Period (as hereafter defined) that the Company would
pay if you remained employed by the Company at the same level of coverage that was in effect as of the Date of Termination. You shall
not be entitled to any other amounts or benefits from the Company other than as set forth in this Section 7(d).

 

As used herein, the term “Good
Reason” shall mean the occurrence of either of the following, without your consent: (i) a material reduction of your responsibilities
or (ii) relocation of your principal place of employment more than fifty (50) miles outside of Newark, New Jersey. Your actions approving
or ratifying any of the foregoing changes (that otherwise may be considered Good Reason) in writing will be considered consent for the
purposes of this Good Reason definition.

 

(e) Notice
of Termination. Your resignation or any termination of your employment by the Company shall be communicated from one party to the
other party by written “Notice of Termination”. Such Notice of Termination shall specify the last day of the Term.

 

(f) Date
of Termination. “Date of Termination” shall mean: (i) if your employment is terminated by your death, the date of your
death, or (ii) if your Employment is terminated for any other reason, the date specified in the Notice of Termination as the last day
of the Term.

 

(g) COBRA
Reimbursement. In the event that you seek reimbursement for COBRA coverage premiums pursuant to Section 7(c) or 7(d), documentation
substantiating payment to the COBRA vendor shall be submitted by you to the Company within thirty (30) days of such payment and the Company
shall make reimbursement to you within thirty (30) days of receipt of such documentation. The “COBRA Reimbursement Period”
shall begin on the first day of the month following the Date of Termination and end upon the earliest of: (A) the conclusion of 12 months
thereafter; (B) the date you are no longer eligible to receive COBRA coverage; and (C) the date on which you otherwise become eligible
to receive medical insurance coverage from another employer. You agree to notify the Company within five (5) calendar days of becoming
eligible to receive medical insurance coverage from another employer. You agree that if you do not timely elect COBRA coverage with the
Company’s COBRA vendor, or do not timely submit COBRA premium payments to the COBRA vendor on an ongoing monthly basis, you will
have voluntarily waived you entitlement to receive COBRA reimbursement hereunder. Following the expiration of the COBRA Reimbursement
Period, you may elect to continue COBRA coverage for the remainder of the COBRA eligibility period as defined by law, if any, at your
own expense. In no event will the Company be obligated to pay any portion of your COBRA coverage premiums for a period beyond the COBRA
Reimbursement Period.

 

(h) Transition.
Regardless of the circumstances surrounding your resignation or termination of employment, you hereby agree that upon your resignation
or termination of employment, you will return to the Company all Company property and will make every effort to facilitate the orderly
transition of your duties and responsibilities.

 

		8.	Restrictive Covenants:

 

You hereby acknowledge and agree
that the Non-Disclosure and Non-Competition Agreement between you and the Company effective as of March 7, 2021 (which agreement was attached
as Schedule A to the Prior Agreement) (the “NDNC”) shall remain in full force and effect.

 

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	 	 	520
Broad Street

ewark, NJ 07102

 

		9.	Governing Law and Agreements: 

 

During the
period of your employment at the Company, you will be required to abide by all policies of the Company, as established from time to time.
The terms of your employment, as well as your post-employment obligations, will be governed by the terms of this Letter Agreement, the
NDNC, and applicable law. It is agreed that as of the Effective Date, the terms of this Letter Agreement and the NDNC constitute the entire
understanding between you and the Company regarding the subject matter hereof and supersede any previous understanding or agreement (whether
oral or written) between you and the Company and/or the Company’s management. For the avoidance of doubt, it is clarified that the
Prior Agreement shall remain in effect up to and including January 31, 2022.

 

The Company
shall have the right to assign its rights and obligations under this Letter Agreement to any individual, entity, corporation, or partnership
that succeeds to all or a portion of the relevant business or assets of the Company. This Letter Agreement is personal to you, and you
may not assign your rights and obligations under this Letter Agreement to any third party.

 

By your
signature below, you represent that you are not bound by any agreement, whether oral or written, with a third party, where such agreement
would in any way limit your ability to perform your obligations under this Letter Agreement, and you agree that at no time during your
employment with the Company will you undertake responsibilities or obligations that will present a conflict of interest with, or limit
your ability to fulfil the duties of, your position at the Company.

 

		10.	Notices:

 

All notices and other
communications under this Letter Agreement shall be in writing and shall be given by hand, by email, or by first class mail, certified
or registered with return receipt requested, and shall be deemed to have been duly given three (3) days after mailing, twenty-four (24)
hours after transmission of an email, or immediately upon hand delivery or explicit acknowledgement of receipt.

 

		11.	Section 409A of the Internal Revenue Code of 1986 as amended:

 

You and the Company
hereby affirm that with respect to any and all payments and benefits under this Letter Agreement, the intent is that such payments and
benefits either: (i) do not constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Internal
Revenue Code (“Section 409A”), and therefore are exempt from Section 409A, (ii) are subject to a “substantial risk of
forfeiture” and are exempt from Section 409A under the “short−term deferral rule” set forth in Treasury Regulation
§1.409A−1(b)(4), or (iii) are in compliance with the terms of 409A. In any event, you and the Company further confirm that
they intend to have all provisions of this Letter Agreement construed, interpreted and administered in a manner consistent with the requirements
for avoiding taxes or penalties under Section 409A. By way of example, and not limitation, solely for purposes of determining the time
and form of payments, which are subject to Section 409A, due you under this Letter Agreement in connection with your termination of employment
with the Company, you shall not be deemed to have incurred a termination of employment unless and until you shall incur a “separation
from service” within the meaning of Section 409A. Each amount or installment to be paid or benefit to be provided under this Letter
Agreement shall be construed as a separate and distinct payment for purposes of Section 409A. Without limiting the foregoing and notwithstanding
anything contained herein to the contrary, to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A,
amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Letter Agreement or any other arrangement
between you and the Company during the six (6) month period immediately following your separation from service shall instead be paid on
the first business day after the date that is six (6) months following your separation from service (or, if earlier, your date of death).
To the extent required to avoid accelerated taxation and/or tax penalties under Section 409A, amounts reimbursable to you under this Letter
Agreement shall be paid to you on or before the last day of the year following the year in which the expense was incurred and the amount
of expenses eligible for reimbursement (and in-kind benefits provided to you) during one year may not affect amounts reimbursable or provided
in any subsequent year. The Company makes no representation that any or all of the payments described in this Letter Agreement will be
exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment. You understand
and agree that you shall be solely responsible for the payment of any taxes, penalties, interest or other expenses incurred by you on
account of non-compliance with Section 409A.

 

    6

     

    

 

	 	 	520
Broad Street

ewark, NJ 07102

 

		12.	Section 280G.

 

(a) Notwithstanding
any other provision of this Letter Agreement or any other plan, arrangement or agreement to the contrary, if any of the payments or benefits
provided or to be provided by the Company or its affiliates to you or for your benefit pursuant to the terms of this Letter Agreement
or otherwise (“Covered Payments”) constitute parachute payments (“Parachute Payments”) within the meaning of Code
Section 280G and would, but for this Section 12 be subject to the excise tax imposed under Section 4999 of the Code (or any successor
provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively,
the “Excise Tax”), then prior to making the Covered Payments, a calculation shall be made comparing (i) the Net Benefit (as
defined below) to you of the Covered Payments after payment of the Excise Tax to (ii) the Net Benefit to you if the Covered Payments are
limited to the extent necessary to avoid being subject to the Excise Tax. Only if the amount calculated under (i) above is less than the
amount under (ii) above will the Covered Payments be reduced to the minimum extent necessary to ensure that no portion of the Covered
Payments is subject to the Excise Tax (that amount, the “Reduced Amount”). “Net Benefit” shall mean the present
value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

 

(b) The
Covered Payments shall be reduced in a manner that maximizes your economic position. In applying this principle, the reduction shall be
made in a manner consistent with the requirements of Section 409A of the Code, and where two economically equivalent amounts are subject
to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero.

 

(c) Any
determination required under this Section 12, including whether any payments or benefits are parachute payments, shall be made by the
Company in its sole discretion. You shall provide the Company with such information and documents as the Company may reasonably request
in order to make a determination under this Section 12. The Company’s determination shall be final and binding on you.

 

		13.	Dispute Resolution:

 

In the event
of a dispute between you and the Company arising out of or related to your employment with the Company (with the exception of disputes
arising under the NDNC and claims that pursuant to applicable law a party is prohibited from requiring another party to agree to submit
to arbitration), you and the Company agree to exclusively settle such dispute by means of arbitration pursuant to the Federal Arbitration
Act, administered by the American Arbitration Association (“AAA”), with such arbitration to take place in New Jersey or another
mutually agreed upon location and to be conducted in accordance with the AAA’s Employment Arbitration Rules. In such arbitration,
a single arbitrator, appointed by the mutual agreement of you and the Company: (i) shall not amend or modify the terms of this Letter
Agreement or of any Company policy, and (ii) shall render a decision within ten (10) business days from the later of closing statements
or submission of post-hearing briefs by the parties. The arbitration award shall be final and binding, and any state or federal court
shall have jurisdiction to enter a judgment on such award. It is understood that this requirement to arbitrate disputes means that by
signing below, you and the Company specifically waive any right either party may have to a trial by jury in a court of law with respect
to all claims and demands arising out of or related to your employment with the Company, including, without limitation, any rights you
may assert under any federal, state, or local laws or regulations applicable to your employment with the Company (with the exception of
disputes arising under the NDNC and claims that pursuant to applicable law a party is prohibited from requiring another party to agree
to submit to arbitration). For the avoidance of doubt, the parties acknowledge and agree that the existence of a claim by a party that
is not subject to arbitration pursuant to this paragraph shall not impair the enforceability of this paragraph with respect to any other
claim brought by that party. Notwithstanding the foregoing, nothing in this paragraph shall be interpreted to mean that you cannot file
a charge with the Equal Employment Opportunity Commission and/or the National Labor Relations Board or any comparable federal, state,
or local governmental agency.

 

To accept
this offer of continued employment and the terms and conditions hereof, please sign and date this Letter Agreement below and return the
signed document to David Polinsky at david.polinsky@rafaelholdings.com.

 

	 	Very truly yours, 
	 	 
	 	/s/ Howard Jonas
	 	Howard Jonas 
	 	Chairman of the Board

 

	AGREED TO AND ACCEPTED BY: 	/s/
    William Conkling
	 	William Conkling 
	 	 
	DATE: 1/20/22	 

 

 

7

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