Document:

Exhibit 10.52

 

 

July 20, 2013

 

Personal and Confidential

 

Douglas Plassche

18 Sunrise Circle

Clinton, NJ 08809

 

Dear Doug,

 

This letter agreement (the “Agreement”)
shall confirm our understanding as to the terms of your employment with Elite Laboratories, Inc., a Delaware corporation (the “Company”).

 

		1.	Commencing on April 12, 2013, you shall become an employee of the Company as a Vice President of
Operations and your job responsibilities will include: scheduling and overseeing the manufacture and packaging of pharmaceutical
products according to Food and Drug Administration (FDA) guidelines and Good Manufacturing Practices (cGMP) for generic and branded
products; managing raw material and component purchasing for production; overseeing facility maintenance and shipping and receiving;
preparing department budget including capital requirements; identifying personnel needs and motivating subordinates; training and
developing junior staff members in a growing company; interfacing and consulting with R&D, Analytical and Quality Assurance
Groups and writing Standard Operating Procedures and validation protocols. You will report directly to the CEO.

 

		2.	You shall receive an annual base salary equal to $205,000.00 which shall be payable in accordance
with the Company’s payroll practices.

 

		3.	In addition to your base salary, you shall receive annual stock compensation at the rate of $25,000
(the “Stock Compensation”). The Stock Compensation is earned in equal increments, on an annual basis, with amounts
accruing only while you are employed by the Company. The Stock Compensation shall be paid to you annually on or before March 31st
after the end of each year via the issuance of shares of $0.001 par value common stock (the “ELTP Shares”) of Elite
Pharmaceuticals Inc. (“Elite”). The number of ELTP Shares to be issued in payment of the Stock Compensation is calculated
as the quotient of the annual amount of Stock Compensation accrued to you as of the December 31st immediately preceding
such issuance of ELTP Shares divided by the simple average of the daily closing price (as posted on Google, Yahoo, Wall Street
Journal or any similar data source) of each trading day during which you were employed by the Company during the prior year. The
ELTP Shares will be registered on Form S-8, if deemed appropriate by Elite’s Board of Directors.

 

165 Ludlow Avenue • Northvale, NJ 07647
• Ph: (201)750-2646 • Fax: (201)750-2755 www.elitepharma.com

 

    

     

    

 

		4.	In addition, you are eligible for an annual bonus in cash and/or equity-based awards for up to
an equivalent of 30% of your base salary. Such awards would be granted based upon agreed upon milestones in the discretion of the
Company and its Chief Executive Officer (the “CEO”).

 

		5.	You shall receive a monthly automobile allowance in the amount of Five Hundred Dollars ($500).

 

		6.	Upon the approval by the Board of Directors of Elite, you will be granted stock options to purchase
3,000,000 ELTP Shares at the stock price on the closing day of the signing of this letter. The options will vest over a three-year
period, commencing one year from the date of issuance.

 

		7.	You shall receive 15 days paid vacation time during each calendar year, pro rated for periods of
less than a full calendar year; provided, that the timing and duration of any particular vacation shall not interfere with the
business of the Company or the effective performance of your duties hereunder, as reasonably determined in good faith by the CEO.

 

		8.	Starting with the first day of your employment at the Company, you shall be entitled to participate
in all health insurance plans maintained by the Company for its employees, subject to applicable eligibility requirements. Nothing
in the foregoing shall limit or restrict the Company’s discretion to amend, revise or terminate any benefit or plan without
your notice or consent.

 

		9.	While you are employed by the Company, you agree to devote your best efforts to the interests of
the Company and to not knowingly undertake or engage in any employment, occupation or business enterprise that is directly or indirectly
adverse to the interest of the Company. You agree to observe in all material respects any and all rules and policies that the Company
may now or hereafter establish from time to time, governing the conduct of its employees or business.

 

		10.	You understand and agree that your employment with the Company is terminable at will by either
the Company or you. You may terminate your employment at any time with or without notice and the Company has a similar right to
terminate your employment for any reason or no reason. You acknowledge that there have been no representations or promises made
to you that your employment will continue for a set period of time or that your employment will be terminated only under particular
circumstances. You acknowledge that no representations, express or implied, may be made that are inconsistent with this policy
and no one at the Company is authorized to make representations, express or implied, inconsistent with this policy. If the Company
terminates this Agreement without Cause it will give Executive notice at least thirty (30) days prior to the effective termination
date; further Company shall pay you an amount equal to six months of base annual salary in effect upon the date of termination

 

165 Ludlow Avenue • Northvale, NJ 07647
• Ph: (201)750-2646 • Fax: (201)750-2755 www.elitepharma.com

 

    2

     

    

 

		11.	You represent that your employment with the Company will not conflict with or be constrained by
any prior employment obligations, covenants not to compete, confidentiality obligations or similar restrictions.

 

		12.	As a condition to entering into this Agreement and being employed by the Company you agree to execute
and deliver the Proprietary Rights Agreement in the form attached hereto as Exhibit A.

 

		13.	This Agreement contains the entire understanding between the Company and you with respect to its
subject matter. It may not be extended, varied, modified, supplemented, or otherwise changed except by written agreement signed
by both you and an authorized officer of the Company. A waiver by the Company of any right or provision under this Agreement shall
not operate or be construed as a waiver of such right or provision at any other time. If a court finds a portion of this Agreement
unenforceable, such finding shall not affect enforcement of the other portions of this Agreement. Any portion found to be unenforceable
shall be construed to be reformed to extend as far as is enforceable. This Agreement shall inure to the benefit of, and may be
enforced by the successor and assigns of, the Company. This Agreement is entered into under the laws of the State of New Jersey
and shall be governed by the laws of the State of New Jersey. Any lawsuit or legal action or proceeding relating to this Agreement
shall be brought in one of the state of federal courts sitting in the City and State of New York, and both you and the Company
submit to the jurisdiction of such courts for that purpose.

 

		14.	If any term or provision hereof is determined to be invalid or unenforceable, the remaining terms
and provisions hereof shall be unimpaired and the invalid or unenforceable term or provision shall, for purposes of such jurisdiction,
be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of the
invalid or unenforceable term or provision.

 

		15.	You represent and warrant that you have had a full opportunity to seek legal advice and representation
by an independent counsel of your own choosing in connection with this Agreement.

 

		16.	This Agreement may be executed in one or more counterparts, each of which shall be deemed to be
an original and all of which taken together shall constitute one and the same agreement (and all signatures need not appear on
any one counterpart), and this Agreement shall become effective when one or more counterparts has been signed by each of the parties
hereto and delivered to each of the other parties hereto. This Agreement, once executed by a party, may be delivered to the other
party hereto by facsimile or electronic transmission of a copy of this Agreement bearing the signature of the party so delivering
this Agreement. A faxed or electronically delivered signature shall have the same legally binding effect as an original signature.

 

165 Ludlow Avenue • Northvale, NJ 07647
• Ph: (201)750-2646 • Fax: (201)750-2755 www.elitepharma.com

 

    3

     

    

 

If you find the foregoing arrangement acceptable
and believe that the foregoing accurately summarizes our understanding, please kindly so indicate by executing and dating the attached
copy of this Agreement in the space provided and returning a copy to me.

 

	 	Very truly yours,
	 	 
	 	Elite Laboratories, Inc.

 

	 	By:	s/Jerry Treppel
	 	Name:	Jerry Treppel
	 	Title:	Chairman & Ceo
	 	 	7/24/13

 

ACCEPTED & AGREED AS OF

 

	By:  	s/Doug Plassche 7/23/13	 
	Name:  	Doug Plassche	 

 

165 Ludlow Avenue • Northvale, NJ 07647
• Ph: (201)750-2646 • Fax: (201)750-2755 www.elitepharma.com

 

 

4Exhibit
10.53

 

 

June
21, 2019

 

Personal
and Confidential

 

Douglas
Plassche

 

Dear
Doug,

 

This
letter agreement (the “Agreement”) shall confirm our understanding as to the terms of your continuing employment with
Elite Laboratories, Inc., a Delaware corporation (the “Company”).

 

In
recognition of the value Elite places on your past and continued service to the Company, we are pleased to offer you an
incentive to continue to remain employed with the Company and to provide for the continuity of management and the success of
the Company’s operations during a period of substantial change by ensuring your commitment to continue to serve diligently in
your present position for an additional two year period starting June 30, 2019. In consideration of the foregoing Elite will
pay you $30,000 for relocation expenses within two weeks of executing this letter agreement. In addition, at any time after
June 30, 2021 and provided that you remain continuously employed with the Company through June 30, 2021, you will be entitled
to a lump sum retention payment of $253,552, less applicable withholding taxes, regardless of whether you remain with the
Company or leave the Company any time after June 30, 2021. Further in the two-year period up to June 30, 2021 your salary of
$253,552 per year and bonus of $75,000 is guaranteed. These benefits will replace what is stated in your offer
letter.

 

(Signature
Page follows)

 

165 Ludlow
Avenue. Northvale, NJ 07647, Ph: (201)750-2646, Fax: (201)750-2755 www.elitepharma.com

 

     

     

    

 

If
you find the foregoing arrangement acceptable and believe that the foregoing accurately summarizes our understanding, please kindly
so indicate by executing and dating the attached copy of this Agreement in the space provided and returning a copy to me.

	

 

	 	Very truly yours,
	 	 	 
	 	 	Elite Laboratories,
    Inc
	 	 	 
	 	By:	/s/ 
    Nasrat Hakim
	 	 	Nasrat Hakim
	 	 	President and CEO

 

	ACCEPTED & AGREED	 
	 	 	 
	By:	/s/Douglas
    Plassche	 
	 	Douglas
    Plassche	 

 

 

165 Ludlow
Avenue. Northvale, NJ 07647, Ph: (201)750-2646, Fax: (201)750-2755 www.elitepharma.com

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