SEC Contract Filing

Filing Date: 2020-02-27

Document Content:
<DOCUMENT>
<TYPE>EX-10.27
<SEQUENCE>5
<FILENAME>tm205343d1_ex10-27.htm
<DESCRIPTION>EXHIBIT 10.27
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.27</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM OF NON-STATUTORY STOCK OPTION
AGREEMENT<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><SUP>1</SUP></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">THIS NON-STATUTORY
STOCK OPTION AGREEMENT is entered into and effective as of this _______ day of _________, 20__ (the &#8220;<B>Date of Grant</B>&#8221;),
by and between ANI Pharmaceuticals, Inc., formerly known as BioSante Pharmaceuticals, Inc. (the &#8220;<B>Company</B>&#8221;) and
_________ (the &#8220;<B>Optionee</B>&#8221;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has adopted the BioSante Pharmaceuticals, Inc. Third Amended and Restated 2008 Stock Incentive Plan (the &#8220;<B>Plan</B>&#8221;)
authorizing the Board of Directors (the &#8220;<B>Board</B>&#8221;) of the Company, or a committee as provided for in the Plan
(the Board or such a committee to be referred to as the &#8220;<B>Committee</B>&#8221;), to grant non-statutory stock options to
employees (including, without limitation, officers and directors who are also employees) of the Company or any Subsidiary, and
any non-employee directors, consultants, advisors and independent contractors of the Company or any Subsidiary (as defined in the
Plan).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company desires to give the Optionee an inducement to acquire a proprietary interest in the Company and an added
incentive to advance the interests of the Company by granting to the Optionee an option to purchase shares of common stock of
the Company pursuant to the Plan.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Accordingly, the parties
agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Grant of Option</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Company hereby
grants to the Optionee the right, privilege, and option (the &#8220;<B>Option</B>&#8221;) to purchase ________ (_______) shares
(the &#8220;<B>Option Shares</B>&#8221;) of the Company&#8217;s common stock, $0.0001 par value (the &#8220;<B>Common Stock</B>&#8221;),
according to the terms and subject to the conditions hereinafter set forth and as set forth in the Plan. The Option is not intended
to be an &#8220;incentive stock option,&#8221; as that term is used in Section 422 of the Internal Revenue Code of 1986, as amended
(the &#8220;<B>Code</B>&#8221;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Option Exercise Price</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The per share price
to be paid by Optionee in the event of an exercise of the Option will be $_______, which represents 100% of the Fair Market Value
of a share of Common Stock on the Date of Grant, as determined in accordance with the Plan.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Duration of Option and Time of Exercise</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Initial
Period of Exercisability</U>. The Option will become exercisable with respect to the Option Shares [immediately/in _______
installments]. [The following table sets forth the initial dates of exercisabil