Document:

EX-4.21

 Exhibit 4.21 

[Form of Note] 
 (FACE
OF NOTE) 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY
OR A NOMINEE OF A DEPOSITORY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE PROVISIONS OF THE INDENTURE AND THE TERMS OF THE SECURITIES, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITORY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO AT&T INC., OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 AT&T INC. 

5.150% Global Notes due 2042 

CUSIP NO. [●] 
 ISIN NO.
[●] 
 No. R-[●] 
 $500,000,000 

AT&T Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein called “AT&T”, which
term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of Five Hundred Million Dollars ($500,000,000) on
March 15, 2042 (the “Maturity Date”), and to pay interest on said principal sum from March 15, 2016 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually in arrears on
March 15 and September 15 in each year, commencing on September 15, 2016 (each an “Interest Payment Date”) and on the Maturity Date, at the interest rate of 5.150% per annum, until the principal hereof is paid or made
available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more

 
Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be the close of business on March 1 or September 1, as the case may
be (each, a “Regular Record Date”), next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be
paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on a special record date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Notes not less than 15 days prior to such special record date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in said Indenture. 
 Any money that AT&T deposits with the Trustee or any
Paying Agent for the payment of principal or any interest on this Note that remains unclaimed for two years after the date upon which the principal and interest are due and payable, will be repaid to AT&T upon AT&T’s request unless
otherwise required by mandatory provisions of any applicable unclaimed property law. After that time, unless otherwise required by mandatory provisions of any unclaimed property law, the Holder of this Note will be able to seek any payment to which
such Holder may be entitled to collect only from AT&T. 
 If the Notes are issued in definitive form, payment of the principal and
interest on this Note due at the Maturity Date or upon redemption will be made at the Maturity Date or upon redemption, as the case may be, upon presentation of this Note, in immediately available funds, at the office of The Bank of New York Mellon
Trust Company, N.A., the Paying and Transfer Agent and Registrar for the Notes, currently located at 601 Travis Street, 16th Floor, Houston, Texas 77002. 

Payment of interest on this Note due on an Interest Payment Date, other than interest at maturity or upon redemption, may be paid by check
mailed to the address of the Holder entitled thereto as such address shall appear in the Note register. Notwithstanding the foregoing, (1) the Depository as Holder of the Notes or (2) a Holder of more than U.S.$5,000,000 in aggregate
principal amount of Notes in definitive form is entitled to require the Paying Agent to make payments of interest, other than interest due at maturity or upon redemption, by wire transfer of immediately available funds into an account maintained by
the Holder in the United States, by sending appropriate wire transfer instructions as long as the Paying Agent receives the instructions not less than ten days prior to the applicable Interest Payment Date. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
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 IN WITNESS WHEREOF, AT&T INC. has caused this instrument to be signed in its corporate name,
manually or by facsimile, by its duly authorized officers and has caused its corporate seal to be imprinted hereon. 
  

									
	Dated:	 	March 21, 2016	 		 	AT&T INC.
				
	[SEAL]	 		 		 	
					
		 		 		 	By:	 	  

		 		 		 		 	John J. Stephens
		 		 		 		 	Senior Executive Vice President and Chief Financial Officer
					
		 		 		 	By:	 	  

		 		 		 		 	Jonathan P. Klug
		 		 		 		 	Senior Vice President and Treasurer

 Trustee’s Certificate of Authentication 

This is one of the 5.150% Global Notes due 2042 
 of the series
designated herein referred to 
 in the within-mentioned Indenture. 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
 as Trustee

  

									
	By:	 	  
	 		 	Dated:	 	March 21, 2016
		 	Authorized Signatory	 		 		 	

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of debt securities of AT&T of the series specified on the face hereof, issued under and
pursuant to an Indenture, dated as of May 15, 2013, between AT&T and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee,” which term includes any successor Trustee under the Indenture), to which indenture
and all indentures supplemental thereto (collectively, the “Indenture”) reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, AT&T and the Holders
of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. The Notes will be issued in fully registered form only and in minimum denominations of $2,000 and integral multiples of $1,000 thereafter. This Note
is one of the series designated on the face hereof initially limited in aggregate principal amount to $1,208,505,000. 
 The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of AT&T and the rights of the Holders of the Notes under the Indenture at any time by AT&T and the Trustee with
the consent of the Holders of a majority in principal amount of the Notes at the time outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at the time outstanding to
waive compliance by AT&T with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and
upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of AT&T, which
is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

Registrar and Paying Agent 

AT&T shall maintain in the Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered for registration
of transfer or exchange (“Registrar”) and an office or agency where Notes may be presented for payment or for exchange (“Paying Agent”). AT&T has initially appointed the Trustee, The Bank of New York Mellon Trust Company,
N.A., as its Registrar and Paying Agent. AT&T may vary or terminate the appointment of any of its paying or transfer agencies, and may appoint additional paying or transfer agencies. 

Optional Redemption by AT&T 

The Notes will be redeemable, as a whole or in part, at AT&T’s option, at any time and from time to time, on at least 30 days’,
but not more than 60 days’, prior notice mailed (or 

 
otherwise transmitted in accordance with DTC procedures) to the registered address of each Holder of the Notes. The redemption price will be calculated by AT&T and will be equal to the
greater of (1) 100% of the principal amount of the Notes to be redeemed or (2) the sum of the present values of the Remaining Scheduled Payments (as defined below) discounted to the redemption date, on a semiannual basis (assuming a
360-day year consisting of twelve 30-day months), at a rate equal to the sum of the Treasury Rate (as defined below) plus 35 basis points. In the case of each of clauses (1) and (2), accrued but unpaid interest will be payable to the redemption
date. 
 “Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield
to maturity or interpolation (on a day count basis) of the interpolated Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such
redemption date, as determined by AT&T or an Independent Investment Banker appointed by AT&T. 
 “Comparable Treasury
Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such Notes. 

“Independent Investment Banker” means one of the Reference Treasury Dealers, appointed by AT&T. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer
Quotations for such redemption date after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if AT&T obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such quotations.

 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by AT&T, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to AT&T by such Reference Treasury Dealer at 3:30 p.m., New
York City time, on the third Business Day preceding such redemption date. 
 “Reference Treasury Dealer” means each of Credit
Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated and their respective affiliates and, at the option of AT&T, one other nationally recognized investment banking firm that
is a primary U.S. Government Securities dealer in the United States (a “Primary Treasury Dealer”); provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, AT&T will substitute therefor another
Primary Treasury Dealer. 
 “Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the remaining
scheduled payments of principal of and interest on the Note that would be due after 

  
 2 

 
the related redemption date but for the redemption. If that redemption date is not an Interest Payment Date with respect to a Note, the amount of the next succeeding scheduled interest payment on
the Note will be reduced by the amount of interest accrued on the Note to the redemption date. 
 On and after the redemption date, interest
will cease to accrue on the Notes or any portion of the Notes called for redemption, unless AT&T defaults in the payment of the redemption price and accrued interest. On or before the redemption date, AT&T will deposit with a Paying Agent or
the Trustee money sufficient to pay the redemption price of and accrued interest on the Notes to be redeemed on that date. 
 In the case of
any partial redemption, selection of the Notes to be redeemed will be made in accordance with applicable procedures of DTC. 
 Payment of
Additional Amounts 
 AT&T will, subject to the exceptions and limitations set forth below, pay as additional interest on the Notes
such additional amounts (“Additional Amounts”) as are necessary so that the net payment by AT&T or its Paying Agent of the principal of and interest on this Note to a person that is a United States Alien, after deduction for any
present or future tax, assessment or governmental charge of the United States or a political subdivision or taxing authority thereof or therein, imposed by withholding with respect to the payment, will not be less than the amount that would have
been payable in respect of the Notes had no withholding or deduction been required. As used herein, “United States Alien” means any person who, for United States federal income tax purposes, is a foreign corporation, a non-resident alien
individual, a non-resident alien fiduciary of a foreign estate or trust, or a foreign partnership one or more of the members of which is, for United States federal income tax purposes, a foreign corporation, a non-resident alien individual or a
non-resident alien fiduciary of a foreign estate or trust. 
 The foregoing obligation to pay Additional Amounts shall not apply: 

(1) to any tax, assessment or governmental charge that is imposed or withheld solely because the beneficial owner, or a
fiduciary, settlor, beneficiary or member of the beneficial owner if the beneficial owner is an estate, trust or partnership, or a person holding a power over an estate or trust administered by a fiduciary holder: 

(a) is or was present or engaged in a trade or business in the United States, has or had a permanent establishment in the
United States, or has any other present or former connection with the United States or any political subdivision or taxing authority thereof or therein; 

(b) is or was a citizen or resident or is or was treated as a resident of the United States; 

  
 3 

 (c) is or was a foreign or domestic personal holding company, a passive foreign
investment company or a controlled foreign corporation with respect to the United States or is or was a corporation that has accumulated earnings to avoid United States federal income tax; 

(d) is or was a bank receiving interest described in Section 881(c)(3)(A) of the Internal Revenue Code of 1986, as amended
(the “Code”); or 
 (e) is or was an actual or constructive owner of 10% or more of the total combined voting power
of all classes of stock of AT&T entitled to vote; 
 (2) to any Holder that is not the sole beneficial owner of the
Notes, or a portion thereof, or that is a fiduciary or partnership, but only to the extent that the beneficial owner, a beneficiary or settlor with respect to the fiduciary, or a member of the partnership would not have been entitled to the payment
of an additional amount had such beneficial owner, beneficiary, settlor or member received directly its beneficial or distributive share of the payment; 

(3) to any tax, assessment or governmental charge that is imposed or withheld solely because the beneficial owner or any other
person failed to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the Holder or beneficial owner of the Notes, if compliance is
required by statute, by regulation of the United States Treasury Department or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental charge; 

(4) to any tax, assessment or governmental charge that is imposed other than by deduction or withholding by AT&T or a
Paying Agent from the payment; 
 (5) to any tax, assessment or governmental charge that is imposed or withheld solely
because of a change in law, regulation, or administrative or judicial interpretation that is announced or becomes effective after the day on which the payment becomes due or is duly provided for, whichever occurs later; 

(6) to an estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax or any similar tax, assessment or
governmental charge; 
 (7) to any tax, assessment or other governmental charge any paying agent (which term may include us)
must withhold from any payment of principal of or interest on any Note, if such payment can be made without such withholding by any other paying agent; or 

(8) in the case of any combination of the above items. 

  
 4 

 In addition, any amounts to be paid on the Notes will be paid net of any deduction or withholding
imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory
legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code, and no additional amounts will be required to be paid on account of any such
deduction or withholding. 
 The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial
interpretation applicable. Except as specifically provided under this section entitled “Payment of Additional Amounts” and under the heading “Redemption Upon a Tax Event”, AT&T shall not have to make any payment with
respect to any tax, assessment or governmental charge imposed by any government or a political subdivision or taxing authority. 
 Any
reference in the terms of the Notes of each series to any amounts in respect of the Notes shall be deemed also to refer to any Additional Amounts which may be payable under this provision. 

Redemption Upon a Tax Event 

If (a) AT&T becomes or will become obligated to pay Additional Amounts as a result of any change in, or amendment to, the laws (or any
regulations or rulings promulgated thereunder) of the United States (or any political subdivision or taxing authority thereof or therein), or any change in, or amendments to, any official position regarding the application or interpretation of such
laws, regulations or rulings, which change or amendment is announced or becomes effective, on or after March 21, 2016 or (b) a taxing authority of the United States takes an action on or after March 21, 2016, whether or not with
respect to AT&T or any of its affiliates, that results in a substantial probability that AT&T will or may be required to pay such Additional Amounts, then AT&T may, at its option, redeem, as a whole, but not in part, the Notes on any
Interest Payment Date on not less than 30 nor more than 60 calendar days’ prior notice, at a redemption price equal to 100% of their principal amount, together with interest accrued thereon to the date fixed for redemption. No redemption
pursuant to (b) above may be made unless AT&T shall have received an opinion of independent counsel to the effect that an act taken by a taxing authority of the United States results in a substantial probability that AT&T will or may be
required to pay the Additional Amounts and AT&T shall have delivered to the Trustee a certificate, signed by a duly authorized officer, stating that based on such opinion AT&T is entitled to redeem the Notes pursuant to their terms. 

Further Issues 
 AT&T
reserves the right from time to time, without notice to or the consent of the Holders of the Notes, to create and issue further notes ranking equally and ratably with the Notes in all respects, or in all respects except for the payment of interest
accruing prior to the issue date or except for the first payment of interest following the issue date of those further notes. Any 

  
 5 

 
further notes will have the same terms as to status, redemption or otherwise as, and will be fungible for United States federal income tax purposes with, the Notes. Any further Notes shall be
issued pursuant to a resolution of the board of directors of AT&T, a supplement to the Indenture, or under an officers’ certificate pursuant to the Indenture. 

Notes in Definitive Form 

If (1) an Event of Default has occurred with regard to the Notes represented by this Note and has not been cured or waived in accordance
with the Indenture, or (2) the Depository is at any time unwilling or unable to continue as depository and a successor depository is not appointed by AT&T within 90 days, AT&T may issue notes in definitive form in exchange for this
Note. In either instance, an owner of a beneficial interest in the Notes will be entitled to the physical delivery in definitive form in exchange for this Note, equal in principal amount to such beneficial interest and to have such Notes registered
in its name. 
 Notes so issued in definitive form will be issued as registered notes in minimum denominations of $2,000 and integral
multiples of $1,000, unless otherwise specified by AT&T. 
 Notes so issued in definitive form may be transferred by presentation for
registration to the Registrar at its New York office and must be duly endorsed by the Holder or the Holder’s attorney duly authorized in writing, or accompanied by a written instrument or instruments of transfer in form satisfactory to AT&T
or the Trustee duly executed by the Holder or his attorney duly authorized in writing. 
 AT&T may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration of transfer of definitive Notes. 

Default 
 In case an Event
of Default, as defined in the Indenture, shall have occurred and be continuing, the principal hereof may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in
the Indenture. 
 Miscellaneous 

For purposes of the Notes, a Business Day means a business day in The City of New York and London. 

No director, officer, employee or stockholder, as such, of AT&T shall have any liability for any obligations of AT&T under this Note,
the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting this Note waives and releases all such liability. The waiver and release are part of the consideration for the issue
of this Note. 

  
 6 

 The Notes are the unsecured and unsubordinated obligations of AT&T and will rank pari
passu with all other evidences of indebtedness issued in accordance with the Indenture. 
 Notices to Holders of the Notes will be
published by AT&T in authorized newspapers in The City of New York and in London. AT&T is deemed to have given the notice on the date of each publication or, if published more than once, on the date of the first publication. 

Prior to due presentment of this Note for registration of transfer, AT&T, the Trustee and any agent of AT&T or the Trustee may treat
the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither AT&T, the Trustee nor any such agent shall be affected by notice to the contrary. 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

The Indenture and this Note shall be governed by and construed in accordance with the laws of the State of New York. 

  
 7ADAMIS PHARMACEUTICALS CORPORATION 10-K

 

 

 

Exhibit 10.19

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT
AGREEMENT (“Agreement”) is dated as of December 31, 2015 (the “Effective Date”)
and is entered into by and between Adamis Pharmaceuticals Corporation, a Delaware corporation (“Company”),
and Dennis J. Carlo, Ph.D. (“Executive”).

 

RECITALS

 

A.           Executive is currently
employed by the Company as its President and Chief Executive Officer.

 

B.            Executive
and the Company are currently parties to an Employment Agreement dated November 9, 2010 (the “Prior Agreement”).

 

C.            The
Company and Executive desire to formally restate the terms and conditions of Executive’s employment by the Company and to
provide Executive with certain benefits upon a qualifying termination of such employment.

 

D.            The
Company desires to continue to employ Executive in the executive capacity hereinafter stated, and the Executive desires to continue
in the employ of the Company in such capacity for the period and with the terms and conditions set forth herein.

 

E.            This
Agreement shall supersede and completely replace the Prior Agreement as of the Effective Date.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the promises and the covenants set forth in this Agreement and for other valuable consideration, the parties hereby agree as
follows:

 

1.            Employment.
The Company hereby employs Executive as President and Chief Executive Officer, assigned with responsibilities to do and perform
all services, acts, or things necessary or advisable to manage and conduct the business of the Company, subject at all times to
the policies set by the Board of Directors of the Company (the “Board”), and to the consent of the Board
when required by the terms of this contract. Executive hereby accepts such employment and agrees to devote such time and energies
as appropriate to fulfill all responsibilities to the Company. Executive shall be employed at will.

 

2.            Compensation.
In consideration for all services rendered by Executive under this Agreement, Executive shall receive the compensation described
in this Section 2. All such compensation shall be paid subject to appropriate tax withholding and similar deductions.

 

(a)          Salary.
Executive shall be paid an initial annual salary of $550,000, payable in equal installments in accordance with the Company’s
normal salary and wages practices, but not less than 24 increments annually.

 

    	1

    	 

    

 

(b)          Executive
Benefit and Incentive Compensation Plans. During employment hereunder, Executive shall be entitled to receive those benefits
which are routinely made available to executive officers of the Company, including participation in any executive stock ownership
plan, profit sharing plan, incentive compensation or bonus plan, retirement plan, Company-provided life insurance, or similar executive
benefit plans maintained or sponsored by the Company. The Company shall not take any action that would materially diminish the
aggregate value of Executive’s fringe benefits as they exist as of the Effective Date of this Agreement or as the same may
be increased from time to time, except for actions taken with respect to officers or employees generally.

 

(c)          Expense
Reimbursement. The Company shall promptly reimburse Executive for all reasonable expenses necessarily incurred during conduct
of Company business, and for which adequate documentation is presented, but in no event later than December 31 of the year following
the year in which the expense was incurred. Furthermore, if any reimbursements or in-kind benefits provided by the Company pursuant
to this Agreement would constitute deferred compensation for purposes of Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”), such reimbursements or in-kind benefits shall be subject to the following rules:
(i) the amounts to be reimbursed, or the in-kind benefits to be provided, shall be determined pursuant to the terms of the applicable
benefit plan, policy or agreement and shall be limited to Executive’s lifetime and the lifetime of Executive’s eligible
dependents; (ii) the amounts eligible for reimbursement, or the in-kind benefits provided, during any calendar year may not affect
the expenses eligible for reimbursement, or the in-kind benefits provided, in any other calendar year; (iii) any reimbursement
of an eligible expense shall be made on or before the earlier of (A) the last day of the calendar month following the calendar
month in which the expense report and any required documentation were submitted or (B) the last day of the calendar year following
the calendar year in which the expense was incurred; and (iv) Executive’s right to an in-kind benefit or reimbursement is
not subject to liquidation or exchange for cash or another benefit.

 

(d)          Personal
Time Off. Executive shall be entitled to paid time off in accordance with the Company’s policies applicable to executives.

 

3.            Termination.
Executive’s employment may be terminated as follows, with the following effects:

 

(a)          Death.
Executive’s employment shall terminate immediately upon the Executive’s death, in which event the Company’s
only obligations hereunder shall be to pay all compensation and expense reimbursements owing for services rendered and reasonable
business expenses incurred by the Executive prior to the date of his death. If Executive’s employment ceases as a result
of death, then all unvested options to purchase common stock, par value $0.001, of the Company (“Common Stock”)
held by Executive as of the date of Executive’s death shall immediately terminate and become unexercisable and all vested
options held by Executive as of the date of Executive’s death shall remain exercisable until the one year anniversary of
the date of cessation of service.

 

(b)          Disability.
In the event the Executive is disabled from performing his assigned duties under this Agreement due to illness or injury for
a period in excess of sixty

    	2

    	 

    

 

(60) consecutive days or a period or periods of more than one hundred and twenty (120) days in the
aggregate in any twelve month period, the Board, in its sole discretion, may terminate Executive’s employment immediately
upon written notice to Executive, in which event the Company’s only obligations hereunder shall be to pay all compensation
and expense reimbursements owing for services rendered and reasonable business expenses incurred by the Executive prior to the
effective date of termination. If Executive’s employment ceases as a result of disability, then all unvested options to purchase
Common Stock held by Executive on the date of Executive’s termination shall immediately terminate and become unexercisable
and all vested options held by Executive on the date of Executive’s termination shall remain exercisable until the one year
anniversary of the date of cessation of service.

 

(c)          For
Cause. The Company may terminate Executive’s employment for Cause immediately upon written notice from the Board to Executive.
For purposes of this Agreement, “Cause” means the occurrence of any one or more of the
following: (i) Executive’s conviction of or plea of nolo contendere to any felony crime involving fraud, dishonesty or moral
turpitude under the laws of the United States or any state thereof; (ii) Executive’s attempted commission of, or participation
in, a fraud or act of dishonesty against the Company; (iii) Executive’s intentional, material violation of any contract or
agreement between Executive and the Company or of any statutory duty owed to the Company; (iv) Executive’s unauthorized use
or disclosure of the Company’s confidential information or trade secrets; or (v) Executive’s gross misconduct. In the
event Executive’s employment is terminated for Cause, the Company shall have no further obligations to Executive other than
to pay all compensation and expense reimbursements owing for services rendered and reasonable business expenses incurred by Executive
prior to the effective date of such termination. If Executive’s employment ceases as a result of a termination for Cause,
then all options (unvested and vested) to purchase Common Stock held by Executive on the date of his termination shall immediately
terminate.

 

(d)          Without
Cause. The Company in its sole discretion may terminate Executive’s employment without Cause (as defined above) immediately
upon written notice from the Board to Executive. In such event, if such termination occurs prior to, or more than thirteen (13)
months following, the effective date of a Change in Control (as defined in Section 4(c) below), the Company shall pay to Executive
all compensation and expense reimbursements owing for services rendered and reasonable business expenses incurred by Executive
prior to the effective date of termination, and provided such termination is a “separation from service” as such term
is defined in Code Section 409A(a)(2)(A)(i) and the applicable guidance thereunder, contingent upon Executive’s delivery
to the Company of an effective Release and Waiver as provided in Section 3(e) below, the Company shall also provide the following
benefits to Executive: (i) severance consisting of continued payment of Executive’s base salary at the rate in effect as
of the effective date of termination, less standard deductions and withholdings, for a period of eighteen (18) months following
the effective date of termination, to be paid in accordance with the Company’s normal payroll practices; (ii) to the extent
that Executive is eligible to continue medical benefits under COBRA and upon timely election by Executive complying with COBRA
and to the extent it does not result in a penalty to the Company, reimbursement by the Company, within thirty (30) days of the
Company’s receipt of evidence of Executive’s payment for the prior month, of the Company’s portion of the premiums
required to continue Executive’s medical, dental and vision insurance coverage pursuant to COBRA, for a period of eighteen
(18) months following the date of termination (with Executive being

 

    	3

    	 

    

 

responsible to pay that amount of the portion of the premiums,
if any, that Executive would have been responsible to pay if Executive had remained an employee during such period) or, if earlier,
the date that Executive accepts full time employment with another employer; and (iii) immediate acceleration of the vesting of
all options to purchase Common Stock granted to Executive prior to the effective date of such termination (the “Options”)
such that Executive shall be deemed vested as to the same number of shares as if Executive had continued to be employed by the
Company for a period of eighteen (18) months following the effective date of such termination and all vested options held by Executive
shall remain exercisable until the one year anniversary of the date of cessation of service. As a condition to receiving the continuing
benefits specified in this Section 3(d), to the maximum extent permitted by applicable law, during the eighteen (18) month period
following the Executive’s termination date, Executive shall not engage in any employment or business activity that is directly
competitive with the Company’s business activities as of such termination date and Executive shall not induce any employee
of the Company to leave the employ of the Company. Each payment under this Section 3(d) shall be considered a separate payment
and not one of a series of payments for Code Section 409A. Subject to Section 5, any amount due to Executive pursuant to this Section
3(d) during the 60-day period following Executive’s termination without Cause shall be paid to Executive in a single lump
sum on the first payroll date immediately after the end of the 60-day period.

 

(e)          Release
and Waiver. As a condition to receiving the benefits specified in Sections 3(d) and 4(b) of this Agreement, Executive must
deliver to the Company a waiver and release of claims in the form attached hereto as Exhibit A (the “Release
and Waiver”) within the time frame set forth therein, but in no event later than sixty (60) days following the Executive’s
termination date, and any applicable revocation period must expire during the 60-day period following Executive’s termination
as described in Section 3(d) or 4(b) without Executive revoking such release.

 

(f)           Voluntary
Termination by Executive. Executive may terminate his employment hereunder at any time, whether with or without cause, effective
sixty (60) days after delivery of written notice of such termination to the Company, except for Executive’s Emergency Need.
“Emergency Need”, as used in this Section, is defined to be the advent of illness or related health issues
in Executive or his immediate family which a medical doctor would conclude poses a mortal health risk to that person. The Company
shall have the option, in its sole discretion, to specify an earlier termination date than that provided by Executive in the written
notice. Upon voluntary termination pursuant to this Section, the Company shall have no further obligations to Executive other than
to pay all compensation and expense reimbursements owing for services rendered and reasonable business expenses incurred by Executive
prior to effective date of termination as determined by the Company. If Executive voluntarily terminates Executive’s employment,
then all unvested options to purchase Common Stock of the Company held by Executive as of the date of Executive’s termination
shall immediately terminate and become unexercisable and all vested options held by Executive as of the date of Executive’s
termination shall remain exercisable for six (6) months from the date of the voluntary termination.

 

(g)          Resignation
as a Director. In the event of any termination of employment pursuant to this Agreement, Executive shall be deemed to have
resigned voluntarily from the Board and any Committee of the Board, and from the board of directors (and any

 

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committee thereof)
of all subsidiaries of the Company, upon the effective date of termination or such earlier date as may be agreed in writing between
the Company and Executive, and Executive’s signature on this Agreement shall, without the need to any further action, constitute
Executive’s resignation from such boards of directors in such circumstance.

 

(h)          Returning
Company Documents. In the event of any termination of Executive’s employment hereunder, Executive shall, prior to or
on such termination deliver to the Company (and will not maintain possession of or deliver to anyone else) any and all devices,
records, data, data bases software, software documentation, laboratory notebooks, notes, reports, proposals, lists, customer lists,
correspondence, specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions
of any of the above aforementioned items belonging to the Company, its successors or assigns.

 

4.            Change
in Control.

 

(a)          Option
Acceleration Upon a Change in Control. Effective immediately upon the closing of a Change in Control (as defined below), the
vesting of all of the then unvested shares of Common Stock subject to the Options shall be accelerated in full and the Options
shall become fully vested and immediately exercisable as to such additional vested shares (and, if any Options have been early
exercised by Executive, the reacquisition or repurchase rights held by the Company with respect to the shares of Common Stock subject
to such acceleration shall lapse in full, as appropriate).

 

(b)          Benefits
Upon Termination. Notwithstanding anything herein to the contrary, in the event that Executive’s employment by the Company
is terminated without Cause (as defined above) or Executive terminates his employment for Good Reason (as defined below) within
thirteen (13) months following, the effective date of a Change in Control (as defined below), contingent upon Executive’s
delivery to the Company of a fully effective Release and Waiver as provided in Section 3(e) and provided such termination is a
“separation from service” as such term is defined in Code Section 409A(a)(2)(A)(i), the Executive shall be entitled
to the benefits and payments specified in Sections 3(d)(i) and 3(d)(ii) above, and the vesting of the unvested shares of Common
Stock subject to the Options shall immediately accelerate in full such that the Options shall become fully vested and exercisable
with respect to all of the shares of Common Stock subject to such Options (and, if any Options have been early exercised by Executive,
the reacquisition or repurchase rights held by the Company with respect to the shares of Common Stock subject to such acceleration
shall lapse in full, as appropriate). Any amounts owed pursuant to this Section 4(b) shall be paid in accordance with Section 3(d)
of this Agreement; provided, however, that if the Change in Control constitutes a “change in control event”
under Code Section 409A, any amounts owed as specified in Section 3(d)(i) shall instead be paid in a single lump sum on
the first payroll date immediately after the 60th day following the termination of Executive’s employment.

 

(c)          Change
in Control. “Change in Control” means the occurrence, in a single transaction or in a series of related
transactions, of any one or more of the following events:

 

    	5

    	 

    

 

(i)          any
Exchange Act Person (as defined below) becomes the beneficial owner, directly or indirectly, of securities of the Company representing
more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities other than by virtue
of a merger, consolidation or similar transaction. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur
(A) on account of the acquisition of securities of the Company by an investor, any affiliate thereof or any other Exchange Act
Person from the Company in a transaction or series of related transactions the primary purpose of which is to obtain financing
for the Company through the issuance of equity securities or (B) solely because the level of beneficial ownership held by any Exchange
Act Person (the “Subject Person”) exceeds the designated percentage threshold of the outstanding voting
securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of shares outstanding,
provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting
securities by the Company, and after such share acquisition, the Subject Person becomes the beneficial owner of any additional
voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding
voting securities beneficially owned by the Subject Person over the designated percentage threshold, then a Change in Control shall
be deemed to occur (for purposes of this Section 4(c), “Exchange Act Person” means any
natural person, entity or “group” (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934,
as amended (“Exchange Act”)), except that “Exchange Act Person” shall not include (A) the
Company or any subsidiary of the Company, (B) any employee benefit plan of the Company or any subsidiary of the Company or any
trustee or other fiduciary holding securities under an employee benefit plan of the Company or any subsidiary of the Company, (C)
an underwriter temporarily holding securities pursuant to an offering of such securities, (D) an entity beneficially owned, directly
or indirectly, by the stockholders of the Company in substantially the same proportions as their beneficial ownership of stock
of the Company; or (E) any natural person, entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange
Act) that, as of the date of this Agreement, is the beneficial owner, directly or indirectly, of securities of the Company representing
more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities);

 

(ii)         there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after
the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto
do not beneficially own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent
(50%) of the combined outstanding voting power of the surviving entity in such merger, consolidation or similar transaction or
(B) more than fifty percent (50%) of the combined outstanding voting power of the parent of the surviving entity in such merger,
consolidation or similar transaction, in each case in substantially the same proportions relative to each other as their beneficial
ownership of the outstanding voting securities of the Company immediately prior to such transaction;

 

(iii)        the
stockholders of the Company approve or the Board approves a plan of complete dissolution or liquidation of the Company, or a complete
dissolution or liquidation of the Company shall otherwise occur, except for a liquidation into a parent corporation;

 

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(iv)        there
is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of
the Company and its subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated
assets of the Company and its subsidiaries to an entity, more than fifty percent (50%) of the combined voting power of the voting
securities of which are beneficially owned by stockholders of the Company in substantially the same proportions relative to each
other as their beneficial ownership of the outstanding voting securities of the Company immediately prior to such sale, lease,
license or other disposition; or

 

(v)         individuals
who, on the date of this Agreement, are members of the Board (the “Incumbent Board”) cease for any reason
to constitute at least a majority of the members of the Board; (provided, however, that if the appointment or election (or
nomination for election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent
Board then still in office, such new member shall, for purposes of the Plan, be considered as a member of the Incumbent Board).

 

(d)          Good
Reason. “Good Reason” for the Executive to terminate the Executive’s employment hereunder shall mean
the occurrence of any of the following events without the Executive’s consent:

 

(i)          a
material adverse change in the nature of the Executive’s authority, duties or responsibilities, as they exist on the Effective
Date of this Agreement;

 

(ii)         a
material adverse change in the Executive’s reporting level requiring that the Executive report to a corporate officer or
executive instead of reporting directly to the Board;

 

(iii)        the
relocation of the Company’s executive offices or principal business location to a point more than sixty (60) miles from their
location as of the Effective Date of this Agreement; or

 

(iv)        a
material reduction by the Company of the Executive’s base salary as initially set forth herein or as the same may be increased
from time to time, except for across-the-board salary reductions based on the Company’s financial performance similarly affecting
all or substantially all senior officers of the Company and does not exceed 15% of Executive’s base salary.

 

Provided however that, such termination
by the Executive shall only be deemed for Good Reason pursuant to the foregoing definition if: (i) the Executive gives the Company
written notice of the intent to terminate for Good Reason within thirty (30) days following the first occurrence of the condition(s)
that the Executive believes constitutes Good Reason, which notice shall describe such condition(s); (ii) the Company fails to remedy
such condition(s) within thirty (30) days following receipt of the written notice (the “Cure Period”);
and (iii) the Executive terminates employment within thirty (30) days following the end of the Cure Period.

 

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5.          Application
of Internal Revenue Code Section 409A. (a) Notwithstanding anything to the contrary contained in this Agreement, if any payment
or reimbursement, or the provision of any benefit under this Agreement that is paid or provided upon Executive’s “separation
from service” with the Company within the meaning of Code Section 409A(a)(2)(A)(i) would constitute a “deferral of
compensation” under Code Section 409A and Executive is a “specified employee” (as determined pursuant to procedures
adopted by the Company in compliance with Code Section 409A) on the date of Executive’s “separation from service”
with the Company within the meaning of Code Section 409A(a)(2)(A)(i), Executive will receive payment or reimbursement of such
amounts or the provision of such benefits upon the earlier of (i) the first day of the seventh month following the date of Executive’s
“separation from service” with the Company within the meaning of Section 409A(a)(2)(A)(i) of the Code or (ii) Executive’s
death.

 

(b)          To
the extent applicable, it is intended that this Agreement comply with the provisions of Code Section 409A, so that the income inclusion
provisions of Code Section 409A(a)(1) do not apply to Executive. This Agreement shall be administered in a manner consistent with
this intent. Reference to Code Section 409A is to Section 409A of the Internal Revenue Code of 1986, as amended, and will also
include any regulations or any other formal guidance promulgated with respect to such Section by the U.S. Department of the Treasury
or the Internal Revenue Service.

 

6.            Code
Section 280G. If any payment or benefit Executive would receive pursuant to a Corporate Transaction from the Company or otherwise
(“Payment”) would (i) constitute a “parachute payment” within the meaning of Code Section
280G, and (ii) but for this sentence, be subject to the excise tax imposed by Code Section 4999 (the “Excise Tax”),
then the Company shall cause to be determined, before any amounts of the Payment are paid to Executive, which of the following
two amounts would maximize Executive’s after-tax proceeds: (i) payment in full of the entire amount of the Payment (a “Full
Payment”), or (ii) payment of only a part of the Payment so that Executive receives the largest payment possible
without the imposition of the Excise Tax (a “Reduced Payment”), whichever amount results in Executive’s
receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may
be subject to the Excise Tax. For purposes of determining whether to make a Full Payment or a Reduced Payment, the Company shall
cause to be taken into account all applicable federal, state and local income and employment taxes and the Excise Tax (all computed
at the highest applicable marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction
of such state and local taxes). If a Reduced Payment is made, (i) the Payment shall be paid only to the extent permitted under
the Reduced Payment alternative, and Executive shall have no rights to any additional payments and/or benefits constituting the
Payment, and (ii) reduction in payments and/or benefits shall occur in the following order: reduction of cash payments, cancellation
of accelerated vesting of stock awards, and reduction of other benefits. In the event that acceleration of compensation from Executive’s
equity awards is to be reduced, such acceleration of vesting shall be canceled in the reverse order of the date of grant unless
Executive elects in writing a different order for cancellation.

 

The independent registered
public accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the Corporate
Transaction shall make all determinations required to be made under this Section 6. If the independent registered public accounting
firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the Corporate
Transaction, the Company shall appoint a

 

    	8

    	 

    

 

different nationally recognized independent registered public accounting firm to make
the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such independent
registered public accounting firm required to be made hereunder. The independent registered public accounting firm engaged to make
the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and
Executive within fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered (if requested
at that time by the Company or Executive) or at such other time as requested by the Company. If the independent registered public
accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application of the
Reduced Amount, it shall furnish the Company and Executive with an opinion reasonably acceptable to Executive that no Excise Tax
will be imposed with respect to such Payment. Any good faith determinations of the accounting firm made hereunder shall be final,
binding and conclusive upon the Company and Executive.

 

7.            Conflict
of Interest. During the Employment Period, Executive shall devote such time and energies as appropriate to fulfill all responsibilities
to the Company in the capacity set forth in Section 1. Executive shall be free to pursue business activities which do not interfere
with the performance of his duties and responsibilities under this Agreement; provided, however, Executive shall not engage in
any outside business activity which involves actual or potential competition with the business of the Company, except with the
written consent of the Board.

 

8.            Executive
Benefit Plans. All of the Executive benefit plans referred to or contemplated by this Agreement shall be governed solely by
the terms of the underlying plan documents and applicable law. Nothing in this Agreement shall impair the Company’s right
to amend, modify, replace, and terminate any and all such plans in its sole discretion as provided by law. This Agreement is for
the sole benefit of Executive and the Company, and is not intended to create an Executive benefit plan or to modify existing terms
of existing plans.

 

9.            Assignment.
This Agreement may not be assigned by Executive. This Agreement shall bind and inure to the benefit of the Company’s
successors and assigns, as well as Executive’s heirs, executors, administrators, and legal representatives. The Company shall
obtain from any successor, before the succession takes place, an agreement to assume the obligations and perform all of the terms
and conditions of this Agreement.

 

10.          Notices.
All notices required by this Agreement may be delivered by first class mail at the following addresses:

 

To Company:

 

Adamis Pharmaceuticals Corporation

11682 El Camino Real, Suite 300

San Diego, CA 92130

 

To Executive:

 

Dennis J. Carlo

P.O. Box 1176

Rancho Santa Fe, CA 92067

 

    	9

    	 

    

 

11.          Amendment.
This Agreement may be modified only by written agreement signed by both the Company and Executive.

 

12.          Choice
of Law; Arbitration. This Agreement shall be governed by the laws of the State of California, without regard to choice of law
principles. To provide a mechanism for rapid and economical dispute resolution, Executive and the Company agree that any and all
disputes, claims, or causes of action, in law or in equity, arising from or relating to this Agreement (including the Release and
Waiver) and its enforcement, performance, breach or interpretation, will be resolved, to the fullest extent permitted by law, by
final, binding and confidential arbitration before a single arbitrator held in San Diego, California and conducted by the American
Arbitration Association (“AAA”), under its then-existing rules and procedures. The parties shall be entitled
to conduct adequate discovery, and they may obtain all remedies available to the parties as if the matter had been tried in court.
The arbitrator shall issue a written decision which specifies the findings of fact and conclusions of law on which the arbitrator’s
decision is based. Judgment upon the award rendered by the arbitrator may be entered by any court having jurisdiction thereof.
Unless a different allocation is required by law, the parties shall each pay one-half of all fees and costs of the arbitration.
Punitive damages shall not be awarded. Unless otherwise required by law, the arbitrator will award reasonable expenses (including
reimbursement of the assigned arbitration costs) to the prevailing party. Nothing in this Section or in this Agreement is intended
to prevent either Executive or the Company from obtaining injunctive relief in a court of competent jurisdiction to prevent irreparable
harm pending the conclusion of any such arbitration. Notwithstanding the above, both Executive and the Company retain the right
to seek or obtain, and shall not be prohibited, limited or in any other way restricted from seeking or obtaining, equitable relief
from a court having jurisdiction over the parties in order to enforce the nonsolicitation and noncompetition provisions of this
Agreement or any disputes or claims relating to or arising out of the misuse or misappropriation of the Company’s intellectual
property.

 

13.          Partial
Invalidity. In the event any provision of this Agreement is void or unenforceable, the remaining provisions shall continue
in full force and effect.

 

14.          Waiver.
No waiver of any breach of this Agreement shall constitute a waiver of any subsequent breach.

 

15.          Complete
Agreement. As of the Effective Date, this Agreement, together with the stock option agreements and equity incentive plans governing
the Options, constitutes the entire agreement between the parties in connection with the subject matter hereof and supersedes any
and all prior or contemporaneous oral and written agreements or understandings between the parties, including the Prior Agreement.

 

16.          Headings.
Headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement
for any other purpose.

 

17.          Miscellaneous.
Executive acknowledges full understanding of the matters set forth herein and the obligations undertaken upon the execution
hereof.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	10

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this EXECUTIVE EMPLOYMENT AGREEMENT as of the date first written above.

 

ADAMIS PHARMACEUTICALS CORPORATION

  

By: /s/ David J. Marguglio 

Name:  David
J. Marguglio 

Title:    Senior Vice
President, Director

  

EXECUTIVE:

 

By: /s/ Dennis J. Carlo 

Name:  Dennis
J. Carlo

 

    	11

    	 

    

 

 

EXHIBIT A

 

RELEASE AND WAIVER OF CLAIMS

 

In consideration of the payments
and other benefits set forth in the Executive Employment Agreement dated December 31, 2015 (the “Employment Agreement”),
to which this form is attached, I, Dennis J. Carlo, hereby furnish Adamis Pharmaceuticals Corporation (the “Company”),
with the following release and waiver (“Release and Waiver”).

 

In exchange for the consideration
provided to me by the Employment Agreement that I am not otherwise entitled to receive, I hereby generally and completely release
the Company and its directors, officers, executives, shareholders, partners, agents, attorneys, predecessors, successors, parent
and subsidiary entities, insurers, affiliates, and assigns from any and all claims, liabilities and obligations, both known and
unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to my signing this
Release and Waiver. This general release includes, but is not limited to: (1) all claims arising out of or in any way related to
my employment with the Company or the termination of that employment; (2) all claims related to my compensation or benefits from
the Company, including, but not limited to, salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay,
fringe benefits, stock, stock options, or any other ownership interests in the Company; (3) all claims for breach of contract,
wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including, but not
limited to, claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all federal,
state, and local statutory claims, including, but not limited to, claims for discrimination, harassment, retaliation, attorneys’
fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities
Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), and the
California Fair Employment and Housing Act (as amended). Nothing in this Release and Waiver shall be deemed to require the waiver
or release of any claim that may not be released or waived under applicable federal or state law.

 

I also acknowledge that I have
read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend
to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which
if known by him or her must have materially affected his or her settlement with the debtor.” I hereby expressly waive
and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to any
claims I may have against the Company.

 

I acknowledge that, among other
rights, I am waiving and releasing any rights I may have under ADEA, that this Release and Waiver is knowing and voluntary, and
that the consideration given for this Release and Waiver is in addition to anything of value to which I was already entitled as
an executive of the Company. I further acknowledge that I have been advised, as required by the Older Workers Benefit Protection
Act, that: (a) the release and waiver granted herein does not relate to claims under the ADEA which may arise after this Release
and Waiver is executed; (b) I should consult with an attorney prior to executing this Release and Waiver; (c) I have twenty-one
(21) days from the date of termination of my employment with the

 

    	A-1

    	 

    

 

Company in which to consider this Release and Waiver (although
I may choose voluntarily to execute this Release and Waiver earlier); (d) I have seven (7) days following the execution of this
Release and Waiver to revoke my consent to this Release and Waiver; and (e) this Release and Waiver shall not be effective until
the seven (7) day revocation period has expired unexercised and no benefits will be paid unless and until this Release and Waiver
has become effective. In the event that this Release and Waiver is requested in connection with an exit incentive or other employment
termination program offered to a group or class of employees, I have forty-five (45) days to consider this Release and Waiver and
I shall be provided with the information required by 29 U.S.C. Section 626 (f)(1)(H).

 

This Release and Waiver constitutes
the complete, final and exclusive embodiment of the entire agreement between the Company and me with regard to the subject matter
hereof. I am not relying on any promise or representation by the Company that is not expressly stated herein. This Release and
Waiver may only be modified by a writing signed by both me and a duly authorized member of the Board of Directors of the Company.

 

	Date:	 

 

    	A-2

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