Exhibit 10.3
THIRD AMENDMENT TO STRATEGIC ALLIANCE
AGREEMENT
THIS THIRD AMENDMENT TO STRATEGIC
ALLIANCE AGREEMENT, dated as of August 18, 2009 (this “
Amendment ”), is made by and between Elite
Pharmaceuticals, Inc., a Delaware corporation, on the one hand, and
Epic Pharma, LLC, a Delaware limited liability company, and Epic
Investments, LLC, a Delaware limited liability company, on the
other hand, relating to that certain STRATEGIC ALLIANCE AGREEMENT,
dated as of March 18, 2009 (as amended, the “ Alliance
Agreement ”). Capitalized terms used herein and not
otherwise defined have the meaning assigned to such terms in the
Alliance Agreement.
WHEREAS,
the parties hereto have agreed to amend the Alliance Agreement as
hereinafter provided.
NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained
herein, and for other good and valuable consideration the receipt
and adequacy of which are hereby acknowledged, the parties hereto
agree as follows:
1.
Amendment . Section 4.10(a) of the Alliance Agreement is
hereby amended by deleting the date “July 31, 2009”
which appears therein and inserting “October 30, 2009”
in its place.
2.
Effect of Amendments . Except as expressly amended herein,
the terms of the Alliance Agreement are incorporated herein by
reference as if fully set out and shall remain in full force and
effect in accordance with their terms.
3.
Severability . If any provision or portion of this Amendment
shall be determined to be invalid or unenforceable for any reason,
in whole or in part, the remaining provisions of this Amendment
shall be unaffected thereby and shall remain in full force and
effect to the fullest extent permitted by law.
4.
Counterparts; Delivery by Facsimile . This Amendment may be
executed in any number of counterparts with the same effect as if
all parties hereto had signed the same document. All counterparts
shall be construed together and shall constitute one Amendment.
This Amendment and any amendments hereto, to the extent
signe
