SEC Contract Filing

Filing Date: 2017-03-28

Document Content:
<DOCUMENT>
<TYPE>EX-10.34
<SEQUENCE>9
<FILENAME>exh10-34.htm
<DESCRIPTION>FORM OF NONQUALIFIED STOCK OPTION AGREEMENT UNDER THE AMENDED AND RESTATED
<TEXT>
<HTML>
<HEAD>

<TITLE>2016 10-K Exhibit 10.34</TITLE>
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">
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<B><P ALIGN="RIGHT">EXHIBIT 10.34</P></B>

<B><P ALIGN="CENTER">STOCK OPTION AND RESTRICTED STOCK AGREEMENT FOR THE GRANT OF<BR>NON-QUALIFIED STOCK OPTIONS AND RESTRICTED STOCK UNDER THE<BR>
PERNIX THERAPEUTICS HOLDINGS, INC. 2015 OMNIBUS INCENTIVE PLAN, AS AMENDED</P></B>

<B><P ALIGN="JUSTIFY">THIS AGREEMENT</B> is entered into as of Enter Date Here by and between Pernix Therapeutics Holdings, Inc., a Maryland corporation (&quot;Pernix&quot;),
and NAME OF EMPLOYEE (the &quot;Participant&quot;).</P>

<B><P ALIGN="JUSTIFY">WHEREAS,</B> the Participant is an officer, director, key employee, consultant or advisor of Pernix or one of its subsidiaries and Pernix considers it desirable and
in its best interest that the Participant be given an added incentive to advance the interests of Pernix by possessing an option to purchase shares of the common stock of Pernix, $0.01 par
value per share (the &quot;Common Stock&quot;) and/or restricted shares of Common Stock in accordance with the Pernix Therapeutics Holdings, Inc. 2015 Omnibus Incentive Plan (the
&quot;Plan&quot;), as amended, which has been approved by the shareholders of Pernix an annual meeting of shareholder held on June 18, 2015. Pernix and its subsidiaries shall be
collectively referred to herein as the &quot;Company.&quot;</P>

<B><P ALIGN="JUSTIFY">NOW, THEREFORE,</B> in consideration of the premises, it is agreed by and between the parties as follows:</P>

<B><P ALIGN="CENTER">I.<BR>
Stock Options</P></B>

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

<OL TYPE="a">

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

<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=1 WIDTH=301>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<B><U><FONT SIZE=2><P ALIGN="CENTER">Date Exercisable</B></U></TD>
<TD WIDTH="44%" VALIGN="BOTTOM">
<B><FONT SIZE=2><P ALIGN="CENTER">Non-Qualified<BR>
Stock Option<BR>
<U>Shares</B></U></TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">XX-XX-XXXX</TD>
<TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">XXX</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">XX-XX-XXXX</TD>
<TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">XXX</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">XX-XX-XXXX</TD>
<TD WIDTH="44%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="CENTER">XXX</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="BOTTOM" HEIGHT=5>
<FONT SIZE=2><P ALIGN="CENTER">XX-XX-XXXX</TD>
<TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=5>
<FONT SIZE=2><P ALIGN="CENTER">XXX</TD>
</TR>
</TABLE>
</CENTER></P>

</OL>

<P ALIGN="CENTER"> 1
<HR WIDTH="100%">
<P style="PAGE-BREAK-BEFORE: always" align=left>

<OL TYPE="a" START=2>

<P ALIGN="JUSTIFY"><LI>The Option shall terminate ten years following the Date of Grant and may terminate earlier in the event of termination of the Participant's services as provided
below or a Change of Control of Pernix as provided in the Plan. During Participant's lifetime, the Option may be exercised only by the Participant or the Participant's curator if the Participant
has been interdicted.</P>
<P ALIGN="JUSTIFY"><LI>If the Participant's service with the Company terminates, other than as a result of death or disability within the meaning of Section 22(e)(3) (&quot;Disability&quot;)
of the Internal Revenue Code of 1986, as amended, (the &quot;Code&quot;) or retirement, the Option may be exercised, but only to the extent otherwise exercisable on the date of
termination of service, within 90 days following termination of service, but in no event later than ten years after the Date of Grant.</P>
<P ALIGN="JUSTIFY"><LI>If the Participant's service with the Company is terminated because of Disability or because of retirement, the Option may be exercised, but only to the extent
otherwise exercisable on the date of termination of service, within two years from the date of termination of service, but in no event later than ten years after the Date of Grant. </P>
<P ALIGN="JUSTIFY"><LI>In the event of the Participant's death, the Option may be exercised by the Participant's estate, or by the person to whom such right devolves from him by reason
of the Participant's death, but only to the extent otherwise exercisable on the date of death, within two years from the date of death, but in no event later than ten years after the Date of
Grant.</P>
<P ALIGN="JUSTIFY"><LI>The Option shall become fully exercisable upon a Change of Control of Pernix as provided in the Plan.</P>
<P ALIGN="JUSTIFY"><LI>Any portion of the Option that is not exercisable at the time of termination of service shall be terminated upon termination of service. Any portion of the Option that
is exercisable but not exercised within the permitted time period following termination of service provided in this Section I,