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Adamis Pharmaceuticals Corporation 10-Q [adamis-10q_093011.htm]
 
Exhibit 10.1
SECOND AMENDMENT TO
 
COMMON STOCK PURCHASE AGREEMENT
 
This Second Amendment to Common Stock Purchase Agreement (this “Second
Amendment”) is dated as of November 10, 2011 (the “Effective Date”), and is
entered into by and between Adamis Pharmaceuticals Corporation, a Delaware
corporation (the “Company”) and Eses Holdings (FZE), a limited liability free
zone establishment formed in accordance with the laws of Sharjah, United Arab
Emirates (“Purchaser” and together with the Company, the “Parties”, and each,
individually, a “Party”).
 
BACKGROUND
 
A.           The Parties previously entered into (i) a Common Stock Purchase
Agreement, dated as of November 10, 2010 (the “Original Agreement”), and (ii)
the First Amendment to the Common Stock Purchase Agreement, dated as of June 30,
2011 (the “First Amendment”).  The Original Agreement, as amended by the First
Amendment, is referred to herein as the “Agreement”.
 
B.           Pursuant to Section 1(a) of the First Amendment, the Parties
amended the Original Agreement to provide that, among other things, Purchaser
would pay the Company US $1,400,000 (the “Third Installment Payment”) on or
before September 29, 2011 in respect of the first Milestone Closing relating to
Milestone No. 1, and that the Company would issue to Purchaser a proportionate
number of shares of common stock of the Company based on the purchase price per
share set forth in the Original Agreement.
 
C.           The Company and Purchaser desire to further amend the Agreement as
provided for in this Second Amendment.
 
AGREEMENT
 
Effective as of the Effective Date, the Agreement is hereby amended as set forth
below.  Capitalized terms not defined herein will have the meanings given to
them in the Agreement.
 
1.  
Payments With Respect to the First Milestone Closing.

 
 
(a) The Parties agree that in lieu of making the Third Installment Payment as
contemplated by Section 1(a) of the First Amendment, Purchaser shall pay the
Company: (i) Seven Hundred Thousand United States Dollars (US$700,000) on or
before November 10, 2011, in respect of the first Milestone Closing relating to
Milestone No. 1; and (ii) Seven Hundred Thousand United States Dollars
(US$700,000) on or before December 15, 2011, in respect of the first Milestone
Closing relating to Milestone No. 1.  The number of shares of common stock of
the Company issuable to Eses by the Company in connection with each such payment
shall be proportionately adjusted, based on the purchase price set forth in the
Agreement.
 
 
 

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(b) Amendment of Agreement and Exhibit A.  The Agreement and Exhibit A thereto
are hereby amended to reflect the above provisions.
 
2.  
Milestone Outside Date.  With respect to Milestone No. 2 on Exhibit A to the
Agreement, the “Milestone Outside Date” of December 31, 2011 that is set forth
on Exhibit A to the Agreement is hereby amended to be March 31, 2012.

 
3.  
No Other Changes; Agreement Effective.  Except as amended as set forth above,
the Agreement and the provisions thereof shall continue and remain in full force
and effect.  Each Party hereby waives and releases the other Party from any
claims against the other Party, and any right to terminate the Agreement, based
on actions or omissions of the other Party before the date of this Second
Amendment relating to the subject matter of the Agreement or the other Party’s
obligations thereunder.

 
4.  
Counterparts.  This Second Amendment may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument.

 
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IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment to
Common Stock Purchase Agreement by their duly authorized representatives as of
the day and year first written above.
 

ADAMIS PHARMACEUTICALS CORPORATION   ESES HOLDINGS (FZE)                       
        By: /s/ Dennis J. Carlo   By: /s/ Ahmed Shayan Fazlur Rahman   Name:
Dennis Carlo   Name: Ahmed Shayan Fazlur Rahman   Its: President and Chief
Executive Officer   Its: Owner and Manager  

 

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