SEC Contract Filing

Filing Date: 2015-03-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.28
<SEQUENCE>5
<FILENAME>t1500483_ex10-28.htm
<DESCRIPTION>EXHIBIT 10.28
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.28</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 16pt Cambria, Times, Serif; margin: 0; text-align: center">Summary Separation
Proposal</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: rgb(98,36,35) 1pt solid; border-bottom: rgb(98,36,35) 3pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 16pt Cambria, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following sets forth the principal<B> </B>terms
of the proposed separation proposal involving the resignation by Martin Shkreli as an employee and officer and Director of Retrophin,
Inc. (the &ldquo;Term Sheet&rdquo;). The Parties acknowledge and agree that, except for Mr. Shkreli&rsquo;s resignations as expressly
set forth herein (which resignations are binding and irrevocable), this proposal and all discussions in connection herewith are
non-binding and there are no legally binding obligations between Retrophin, Inc. and Mr. Shkreli relating to the proposal or the
entry into a definitive agreement, whether set out herein or otherwise, setting forth these terms. The terms of this proposal are
confidential. The parties will work together in good faith to execute the transactions contemplated by this agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border: Black 1pt solid">&nbsp;<FONT STYLE="font-variant: small-caps"><B>Parties</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Retrophin, Inc., a company organized
and existing under the laws of Delaware, USA and having its principal office at 777, Third Avenue, 22<SUP>nd</SUP> Floor, New York,
New York 10017 (&ldquo;Retrophin&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Martin Shkreli, 245 East 40<SUP>th</SUP>
Street, 20C, New York, New York 10016 (Mr. Shkreli&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border: Black 1pt solid">&nbsp;<FONT STYLE="font-variant: small-caps"><B>Proposal
summary</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Mr. Shkreli hereby resigns as an
employee and officer of Retrophin and from the Board of Directors of Retrophin as set forth below. Retrophin will assign to a company
formed by Mr. Shkreli (&ldquo;NewCo&rdquo;) the Retrophin Vecamyl, oxytocin and ketamine licenses and assets (the &ldquo;Assigned
Programs&rdquo;) on the terms and conditions set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border: Black 1pt solid"><FONT STYLE="font-variant: small-caps"><B>&nbsp;Employment
agreement and directorship</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Mr. Shkreli hereby resigns as an
employee or officer of Retrophin for &ldquo;Good Reason&rdquo; as set forth in the employment agreement dated December 16, 2013
by and between Mr. Shkreli and Retrophin (the &ldquo;Employment Agreement&rdquo;). Mr. Shkreli will receive the severance and other
benefits associated with resignation for Good Reason including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">12 mos annual base salary, unpaid bonus and health insurance coverage on the same terms as made
available to Retrophin employees (Severance Benefits)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">12 mos of continued vesting of time based stock options (no vesting of performance based stock
options)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">subject to the conditions for the
receipt of those benefits set forth in the Employment Agreement including but not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Return of Company property and records</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Non-solicitation provided that this shall be waived with respect to any employees who elect to
join NewCo at any time prior to the effec