EXHIBIT 10.21

 

Letter Agreement with Pall Corporation dated January 17, 2003

 

January 17, 2003

 

By Fax

 

Mr. Samuel T. Wortham

Group Vice President

Pall Corporation

2200 Northern Boulevard

East Hills, NY 11548

 

Re: Stock Purchase Agreement/Fourth Closing Trigger Date

 

Dear Sam:

 

With reference to our February 19, 1998 Stock Purchase Agreement as amended on
August 6, 2002 and as modified by our letter agreement on December 10, 2002, and
with reference to our August 6, 2002 Marketing Rights, Development, Royalty,
Revolving Credit and Security Agreement (“Revolving Credit Agreement”), Pall
Corporation (“Pall”) and V.I. Technologies, Inc. (“Vitex”) agree as follows:

 

  1.   Vitex has met the December 31, 2002 milestone for the Fourth Closing
Trigger Date.

 

  2.   In lieu of Paragraph 4 of the December 10, 2002 letter agreement, Pall
shall invest $4 million in Vitex common stock at $1.02 a share (pre-split) but
anything elsewhere in that letter agreement to the contrary notwithstanding,
shall close that purchase only coterminous with Vitex securing more than an
additional $11 million in equity financing by September 30, 2003.

 

  3.   On February 3, 2003, Pall shall make immediately available for Vitex to
draw upon the remaining $2.5 million under the original $5 million credit
facility established in Section 5 of our Revolving Credit Agreement under the
terms of that Agreement.

 

Would you please indicate your concurrence with this agreement by countersigning
and returning a copy of this agreement.

 

Very truly yours,

/s/ John R. Barr

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John R. Barr

President and CEO

 

AGREED:

 

By:

 

/s/ Samuel T. Wortham January 17, 2003         

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Samuel T. Wortham

Group Vice President

Pall Corporation