SEC Contract Filing

Filing Date: 2017-04-06

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v463406_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

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

<P STYLE="margin: 0; text-align: left"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Employment Agreement Acknowledgement</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Acknowledgment to the Employment Agreement
by and between Opiant Pharmaceuticals, Inc. (the &ldquo;<B><I>Company</I></B>&rdquo;) and Michael Sinclair (the &ldquo;<B><I>Employee</I></B>&rdquo;)
(collectively, the &ldquo;<B><I>Parties</I></B>&rdquo;) dated August 6, 2010 (the &ldquo;<B><I>Employment Agreement</I></B>&rdquo;),
and amended on December 31, 2012 (the &ldquo;<B><I>First Amendment</I></B>&rdquo;), December 31, 2013 (the &ldquo;<B><I>Second
Amendment</I></B>&rdquo;) and January 1, 2016 (the &ldquo;<B><I>Third Amendment</I></B>&rdquo;) (collectively, the &ldquo;<B><I>Amendments</I></B>&rdquo;),
is entered into by and between the Company and Employee effective March 31, 2017 (the &ldquo;<B><I>Effective Date</I></B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Parties hereby mutually acknowledge
and agree, in consideration of the Company&rsquo;s intention to enter into a new employment agreement with Employee, and other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, that fifty-five percent (55%) of
Employee&rsquo;s stock options, as listed on <B><U>Exhibit A</U></B> attached hereto (the &ldquo;<B><I>Options</I></B>&rdquo;),
shall be forfeited by the Employee to the Company as of the Effective Date. Employee hereby acknowledges and agrees that, upon
the forfeiture of these Options, he shall forfeit all right, title and interest in and to such Options, as well as all right, title
and interest in and to the shares of common stock underlying such Options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, the Parties hereby mutually
acknowledge and agree that thirty-five percent (35%) of Employee&rsquo;s Owed Amounts, as that term is defined in the Third Amendment
thereto and as set forth on <B><U>Exhibit B</U></B>, shall be forfeited by the Employee to the Company in the manner specified
in <B><U>Exhibit B</U></B>. Employee hereby acknowledges and agrees that, upon the forfeiture of the Owed Amounts, he shall forfeit
all right, title and interest in and to such Owed Amounts (collectively with the forfeited stock options, the &ldquo;<B><I>Forfeited
Amounts</I></B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Employee waives and relinquishes any claim
or right to the Forfeited Amounts. The delivery of this Employment Agreement Acknowledgement is irrevocable and, once delivered
to the Company, may not be withdrawn under any circumstances. Furthermore, this Employment Agreement Acknowledgement shall inure
to the benefit of the Company and its successors and assigns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[SIGNATURE PAGE FOLLOWS]</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF the parties have executed
this Employment Agreement Acknowledgement effective as of this 31<SUP>st</SUP> day of March, 2017.</P>

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

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 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OPIANT PHARMACEUTICALS, INC.</P>
 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By: &#9;<U>/s/ Dr. Roger Crystal</U></P>
 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:&#9;Chief Executive Officer</P>
 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date:&#9;March 31, 2017</P>
 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
 <P STYLE="font: 10pt Times New Roman, Times, Serif