Series J Preferred Stock and Warrant Anti-Dilution Waiver Agreement between Elite Pharmaceuticals, Inc. and Nasrat Hakim
This agreement is between Elite Pharmaceuticals, Inc. and Nasrat Hakim. Nasrat Hakim agrees to waive his anti-dilution rights related to his Series J Preferred Stock and Series J Warrants for transactions under Elite's new 2020 equity line purchase agreement with Lincoln Park Capital Fund LLC. This waiver means Hakim will not receive additional shares or adjustments to his securities as a result of new issuances under this specific agreement. The waiver only applies to the 2020 LPC Agreement and does not affect other rights or agreements.
Exhibit 10.57
Elite Pharmaceuticals, Inc.
165 Ludlow Avenue
Northvale, NJ 07647
Attn: Carter Ward
Dear Carter,
Elite Pharmaceuticals, Inc. has entered into an equity line purchase agreement with Lincoln Park Capital Fund LLC (the “2020 LPC Agreement”) to replace the prior equity line purchase agreement with Lincoln Park that expired on July 1, 2020 (the “2017 LPC Agreement”). Pursuant to the terms of my Series J Preferred Stock and Series J Warrants (collectively, the “Series J Securities”), transactions pursuant to the 2017 LPC Agreement were excluded from the anti-dilution provisions of the Series J Securities.
I hereby waive my rights under the anti-dilution provisions of the Series J Securities with regard to transactions under the 2020 LPC Agreement.
| Very truly yours, | ||
| By: | /s/ Nasrat Hakim | |
| Nasrat Hakim | ||
