Document:

Exhibit 10.1

 

February 13, 2019

 

Mr. John Sedor 

218 Chester Road 

Devon, PA 19333

 

Dear John:

 

As an executive officer of Pernix Therapeutics, LLC. (the “Company”),
you are one of a core group of the Company’s key management employees. To encourage and reward your continued loyalty and
dedication to the Company through the remainder of 2019, our Board of Directors has approved a special one-time cash bonus payment
payable to you subject to the conditions outlined below (the “Special Bonus”).

 

The amount of your Special Bonus is $500,000.00, which
is an amount equal to 79.6% of your present annual base salary. The Special Bonus will be payable in a single lump sum immediately
on the date of this letter and will offset any potential bonus payments that you would otherwise receive from the Company for the
2018 fiscal year.

 

If you are terminated by the Company for Cause1
or if you resign from your employment with the Company without Good Reason2
prior to December 31,

 

 

 

_____________________

 

1
For these purposes, “Cause” means the unanimous determination by the Board of Directors, after written
notice to you, a reasonable opportunity to cure (if capable of being cured) and the opportunity to be heard, that one or more
of the following events has occurred: (i) your willful failure to perform your material duties with the Company; (ii) any willful
failure to follow lawful instructions of the Board of Directors; (iii) any material violation of the material policies of the
Company as set forth in a written code of conduct or similar document; (iv) any act of gross negligence, fraud or willful misconduct
by you that is materially injuring the interest, business or reputation of the Company, or any of its parents, subsidiaries or
affiliates; (v) your indictment for any felony or any crime involving moral turpitude; (vi) any misappropriation or embezzlement
of the property of the Company, or any of its parents, subsidiaries or affiliates; or (vii) any material breach by you of this
letter agreement.

 

2
For these purposes, “Good Reason” means the occurrence of any of following events or conditions unless
you have expressly consented in writing thereto or unless the event is remedied by the Company after receiving notice thereof
from you: (i) removal from your position as Chairman & Chief Executive Officer of the Company; (ii) material reduction
of your duties or responsibilities or the assignment of duties materially inconsistent with your position as Chairman & Chief
Executive Officer; (iii) a material reduction of your then-current base salary; (iv) the Company requiring you to be
based at a location more than forty (40) miles from your existing location; or (v) any material breach of this letter agreement
by the Company; in all cases after notice is provided by you to the Company within ninety (90) days after the initial existence
of any such condition that the condition constitutes Good Reason and the Company fails to cure such situation within thirty (30)
days after said notice.

 

     

     

    

2019, you will promptly pay to the Company an amount equal to
the after-tax value of 100% of the Special Bonus.

 

In addition, notwithstanding anything to the contrary in this
letter agreement, if a substantial portion of the assets of the Company are transferred to one or more acquirers and your employment
is terminated without cause in connection with such transfer, you will not be required to repay your Special bonus if (a) you are
not offered employment by such acquirer on terms substantially similar to your current position with the Company or (b) you accept
an offer of employment extended by such acquirer.

 

This letter agreement and your entitlement to the Special Bonus
will be effective only if you sign and return this letter agreement to the Company. By signing and returning this letter agreement
you agree to the terms of this letter agreement and acknowledge and agree that:

 

(1) This letter agreement and the payment
of the Special Bonus will be governed solely by the laws of the State of Delaware, without reference to principles of conflict
of law or the laws of any other state. Any dispute regarding payment of the Special Bonus shall be adjudicated solely by the State
or Federal courts sitting in the State of Delaware;

 

(2) You will remain an “at-will”
employee, nothing in this letter agreement guaranties your continued employment and you or the Company may terminate your employment
relationship at any time for any reason; and

 

(3) This letter agreement contains the entire
understanding between you and the Company with respect to the matters addressed in this letter agreement and the terms of this
letter agreement may not be modified, except by a written amendment signed by you and the Company.

 

If the terms of this letter agreement are
acceptable to you, please indicate your acceptance by signing below and returning the signed copy to Chis Bordiuk, Vice President
of Human Resources.

 

	Very truly yours,
	 
	/s/
    Kenneth R. Piña
	Kenneth R. Piña
	Senior
    Vice President, Chief Legal and Compliance Officer, and Corporate Secretary

 

ACCEPTED AND AGREED:

 

  /s/ John
Sedor                      

John SedorExhibit 10.2

 

February 13,
2019

 

Mr. Kenneth Piña 

627 Vassar Road 

Wayne, PA 19087

 

Dear Ken:

 

As an executive officer of Pernix
Therapeutics, LLC. (the “Company”), you are one of a core group of the Company’s key management employees. To
encourage and reward your continued loyalty and dedication to the Company through the remainder of 2019, our Board of Directors
has approved a special one-time cash bonus payment payable to you subject to the conditions outlined below (the “Special
Bonus”).

 

The amount of your Special
Bonus is $250,000.00, which is an amount equal to 69.4% of your present annual base salary. The Special Bonus will be payable
in a single lump sum immediately on the date of this letter and will offset any potential bonus payments that you would otherwise
receive from the Company for the 2018 fiscal year.

 

If you are terminated by
the Company for Cause1 or if you resign from your
employment with the Company without Good Reason2
prior to December 31,

  

 

 

 ____________________

 

1
                                         For these purposes, “Cause” means
                                         the unanimous determination by the Board of Directors, after written notice to you, a
                                         reasonable opportunity to cure (if capable of being cured) and the opportunity to be
                                         heard, that one or more of the following events has occurred: (i) your willful failure
                                         to perform your material duties with the Company; (ii) any willful failure to follow
                                         lawful instructions of the Board of Directors; (iii) any material violation of the material
                                         policies of the Company as set forth in a written code of conduct or similar document;
                                         (iv) any act of gross negligence, fraud or willful misconduct by you that is materially
                                         injuring the interest, business or reputation of the Company, or any of its parents,
                                         subsidiaries or affiliates; (v) your indictment for any felony or any crime involving
                                         moral turpitude; (vi) any misappropriation or embezzlement of the property of the Company,
                                         or any of its parents, subsidiaries or affiliates; or (vii) any material breach by you
                                         of this letter agreement.

 

2
For these purposes, “Good Reason” means the occurrence of any of following
events or conditions unless you have expressly consented in writing thereto or unless the event is remedied by the Company after
receiving notice thereof from you: (i) removal from your position as Senior Vice President, Chief Legal & Compliance Officer
and Corporate Secretary of the Company; (ii) material reduction of your duties or responsibilities or the assignment of duties
materially inconsistent with your position as Senior Vice President, Chief Legal & Compliance Officer and Corporate Secretary;
(iii) a material reduction of your then-current base salary; (iv) the Company requiring you to be based at a location
more than forty (40) miles from your existing location; or (v) any material breach of this letter agreement by the Company;
in all cases after notice is provided by you to the Company within ninety (90) days after the initial existence of any such condition
that the condition constitutes Good Reason and the Company fails to cure such situation within thirty (30) days after said notice.

 

     

     

    

2019, you will promptly pay to
the Company an amount equal to the after-tax value of 100% of the Special Bonus.

 

In addition, notwithstanding
anything to the contrary in this letter agreement, if a substantial portion of the assets of the Company are transferred to one
or more acquirers and your employment is terminated without cause in connection with such transfer, you will not be required to
repay your Special bonus if (a) you are not offered employment by such acquirer on terms substantially similar to your current
position with the Company or (b) you accept an offer of employment extended by such acquirer.

 

This letter agreement and your
entitlement to the Special Bonus will be effective only if you sign and return this letter agreement to me by the close of business
today. By signing and returning this letter agreement you agree to the terms of this letter agreement and acknowledge and agree
that:

 

(1) This
letter agreement and the payment of the Special Bonus will be governed solely by the laws of the State of Delaware, without reference
to principles of conflict of law or the laws of any other state. Any dispute regarding payment of the Special Bonus shall be adjudicated
solely by the State or Federal courts sitting in the State of Delaware;

 

(2) You will
remain an “at-will” employee, nothing in this letter agreement guaranties your continued employment and you or the
Company may terminate your employment relationship at any time for any reason; and

 

(3) This
letter agreement contains the entire understanding between you and the Company with respect to the matters addressed in this letter
agreement and the terms of this letter agreement may not be modified, except by a written amendment signed by you and the Company.

 

If the terms
of this letter agreement are acceptable to you, please indicate your acceptance by signing below and returning the signed copy
to Chis Bordiuk, Vice President of Human Resources.

 

	Very truly yours,

         

	 
	/s/ John Sedor
	John Sedor 

        Chief Executive Officer 

ACCEPTED AND AGREED:

 

  /s/ Kenneth R. Piña             

Kenneth R. Piña

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