Document:

Exhibit 10.27

Exhibit 10.27

UNILIFE MEDICAL SOLUTIONS LIMITED

SHARE PURCHASE AGREEMENT 

                                       
 , 2009

 

 

 

UNILIFE MEDICAL SOLUTIONS LIMITED

SHARE PURCHASE AGREEMENT 

THIS SHARE PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of
                    , 2009, by and between UNILIFE MEDICAL SOLUTIONS LIMITED, a public
company
incorporated under the laws of Australia, and registered under ABN 14 008 071 403 (the
“Company”), and the person whose name is set forth on Exhibit A attached hereto (the
“Purchaser”).

Recitals

Whereas, the Company will seek to issue up to (i) 47,058,823 ordinary shares and
(ii) 23,529,411 free unlisted attaching options in the Company to certain investors,
including the Purchaser, in a private placement on the terms and conditions set out in this
Agreement (the “Offering”) to raise up to A$40,000,000; and

Whereas, the Purchaser desires to purchase from the Company, and the Company desires
to sell and issue to the Purchaser, certain number of shares and free unlisted attaching
options in the Offering on the terms and subject to the conditions set forth herein.

Whereas, the Company is proposing to offer additional shares to existing
shareholders at the Placement Price under a Share Purchase Plan to raise up to a further A$10
million.

Whereas, the Company announced on September 1, 2009 that it proposes to redomicile
in the United States. Provided that the Conditions are fulfilled, it is intended that the
Offering will be completed and the Placement Shares and Placement Options will be issued to
the Purchaser prior to the redomiciliation occurring. Accordingly, if the Company proceeds
with the redomiciliation:

	 	(a)	 	the Placement Shares would participate in the scheme of arrangement which will be
proposed to Unilife shareholders with the result that the Placement Shares would be
replaced with common stock in the new United States parent company, Unilife Corporation;
and

	 	(b)	 	the Placement Options would be exchanged for equivalent options in Unilife
Corporation.

 

 

 

Agreement

Now, Therefore, in consideration of the foregoing recitals and the mutual promises,
representations, warranties and covenants hereinafter set forth and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

	1.	 	DEFINITIONS

The following terms have the meaning ascribed to them below when used in this Agreement:

“Additional Shares means the further allocation of Placement Shares (as referred to on page
2) being the excess of the Company’s 15% placement capacity under ASX Listing Rule 7.1 which
will be issued to investors upon satisfaction of the Conditions.

“ASX Listing Rules” means the listing rules of ASX Limited (ACN 008 624 691).

“Cancellation Deed” means the cancellation deed in the form set out in Exhibit D.

“Cleansing Statement” means a statement meeting the requirements of section 708A(6) of the
Corporations Act.

“Corporations Act” means the Corporations Act 2001 (Cth).

“Conditions” means the conditions to which the issue of the Additional Shares and the
Placement Options are subject namely, that the Company obtains Shareholder Approval for the
issue of the Additional Shares and the Placement Options and with respect to the issue of the
Placement Options, the investor providing a duly executed Cancellation Deed to the Company by
2 October, 2009.

“Firm Shares” means the initial allocation of Placement Shares (as referred to on page 2)
which may be issued without Shareholder Approval under the Company’s 15% placement capacity
under ASX Listing Rule 7.1.

“Placement Price” means A$0.85 per Placement Share.

“Placement Shares” Up to 47,058,023 fully paid ordinary shares in the Company to be issued
under the Offering, at the Placement Price comprising the Firm Shares and the Additional
Shares.

“Placement Options” means two free unlisted options (a Tranche 1 option and a Tranche 2
option) to acquire one fully paid ordinary share in the Company for every four Placement
Shares allotted to the investor, to be issued for nil cash consideration. Each option will
entitle the investor to subscribe for one ordinary share in the Company.

The options will be issued with an exercise price of: Tranche 1 — A$1.25 and Tranche 2 -
A$2.00 and otherwise on the terms and conditions set out in Exhibit B.

“Redomiciliation” means the proposed redomiciliation of the Company in the United States
which was announced on September 1, 2009.

 

 

 

“Replacement Options” means the options over common stock in Unilife Corporation which will
be issued to investors upon implementation of the Redomiciliation and which will be on
substantially the same terms as the Placement Options as described in the Cancellation Deed.

“Shareholder Approval” means the approval of shareholders of the Company for the issue of the
Additional Shares and the Placement Options in accordance with ASX Listing Rule 7.1 at an
extraordinary general meeting of the Company which is scheduled to occur in early November
2009 (“EGM”). The Company does not warrant that shareholder approval will be obtained for the
placement of the Additional Shares and the Placement Options.

“Underlying Shares” means the ordinary shares in the Company issued to investors on exercise
of Placement Options and/or the shares of common stock in Unilife Corporation issued to
investors on exercise of the Replacement Options (as applicable).

	2.	 	Agreement To Sell And Purchase.

	 	2.1	 	Firm Shares. The issue of the Firm Shares does not require shareholder approval.

	 	2.2	 	Authorization of the Additional Shares. The issue of the Additional Shares is
subject to the Company obtaining Shareholder Approval for the issue of the Additional
Shares.

	 	2.3	 	Authorization of Placement Options. The issue of the Placement Options is subject
to satisfaction of the Conditions.

	 	2.4	 	Issue of the Additional Shares and Placement Options. The Board is fully
committed to issuing the Additional Shares and Placement Options to investors subject to
the terms and conditions hereof and will take all steps within its power to ensure that
Shareholder Approval is obtained for the issue of the Additional Shares and the
Placement Options.

	 	2.5	 	Sale and Purchase. Subject to the terms and conditions hereof, at the Closing
(as hereinafter defined) the Company hereby agrees to issue and sell to the Purchaser,
and the Purchaser agrees to purchase from the Company the number of Placement Shares set
forth opposite the Purchaser’s name on Exhibit A for the Purchase Price. Subject to
satisfaction of the Conditions, the Company agrees to issue to the Purchaser and the
Purchaser agrees to acquire the Placement Options for nil consideration. The parties
hereby acknowledge and agree that the Purchaser shall not be entitled to, and any
reference to the Placement Shares shall not include, any dividend or other distribution
declared or paid on the ordinary shares in the share capital of the Company prior to the
Closings.

 

 

 

	 	2.6	 	Proposed Timetable. The proposed timetable for the Offering is as follows:

	 	 	 	 	 
	Return of Placement Application Form
	 	by 5.00pm 2 October 2009
	Payment of subscription amount
	 	by 5.00pm 6 October 2009
	Allotment of Firm Shares (not subject to Shareholder Approval being obtained)
	 	8 October 2009
	Unilife Extraordinary General Meeting to consider resolution to approve issue of Additional Shares and Placement Options
	 	early November 2009
	Allotment of Additional Shares and Placement Options (subject to Shareholder Approval being obtained)
	 	within 3 business days after the EGM

	3.	 	Payment of Purchase Price.

	 	3.1	 	Upon the execution and return of this Agreement to the Company, the Purchaser
shall pay, by wire transfer of immediately available funds or a certified or official
bank check, the total Placement Price for the Placement Shares and such action shall
constitute the Purchaser’s irrevocable application for the Placement Shares and
Placement Options on the terms and conditions set out in this Agreement.

	 	3.2	 	The Company reserves the right not to proceed with the Offering or any part of it
at any time before the issue of Placement Shares and Placement Options to the Purchaser.
If the Offering or any part of it does not proceed or is cancelled, all relevant amounts
of the Placement Price will be refunded (without interest).

	 	3.3	 	In order to confirm the Purchaser’s irrevocable application for the allotment and
issue of the number of Placement Shares and Placement Options set out in Exhibit A to
the Purchaser, on the terms set out in this Agreement and the Purchaser’s acceptance of
the terms and conditions of the Offering as set out in this Agreement, the Purchase
shall complete, sign and return a copy of this Agreement to the Company by fax on or
before 5.00pm (US Eastern Time) 2 October 2009 to:

Unilife Medical Solutions Limited

Fax No: +1 717 938 9364

Attention: Alan Shortall

	4.	 	Closing; Delivery of Shares.

	 	4.1	 	Closing of Placement Share issue. Upon the Purchaser complying with Section 2 of
this Agreement and subject to Section 4.3 below, the Company agrees to allot and issue
to the Purchaser the number of Placement Shares set out in Exhibit A. The closing of
the sale and purchase of the Firm Shares under this Agreement (the “Closing”) shall take
place on or about 2 October, 2009 (the “End Date”) electronically. The date on which the
Closing occurs is hereinafter referred to as the “Closing Date”.

 

 

 

	 	4.2	 	Closing of the Additional Shares and the Placement Option issue. Upon the
Purchaser complying with Section 2 of this Agreement and subject to fulfillment of the
Conditions, the Company agrees to allot and issue to the Purchaser the number of
Additional Shares and Placement Options set out in Exhibit A. The Additional Shares and
the Placement Options will be issued within 3 business days of the
satisfaction of the Conditions. The Placement Options will be options to acquire fully
paid ordinary shares on the terms set out in Exhibit B. The issue of Placement Options
is conditional upon the Purchaser delivering to the Company a duly executed
Cancellation Deed with respect to the Placement Options, under which the Placement
Options will be replaced with Replacement Options upon implementation of the Company’s
Redomiciliation.

	 	4.3	 	Holding of Subscription Amounts for Additional Shares. The business day following
the Closing Date, the Company shall transfer the subscription amounts received from
investors for the Additional Shares (“Subscription Amounts ”) into the escrow account
established and operated by its escrow agent. In the event that:

	 	(a)	 	the Conditions are satisfied on or before 31 December 2009, the
Company shall direct the escrow agent to release the Subscription Amounts to the
Company promptly upon becoming aware that the Conditions have been satisfied;

	 	(b)	 	Shareholder Approval is not obtained at the EGM (or at any deferral
of the EGM) or the Conditions are not satisfied on or before 31 December 2009
2009, the Company shall direct the escrow agent to release the Subscription
Amounts to the Company for refund to investors on the earliest business day after:

	 	(i)	 	the EGM (if the resolution approving the Offering was not passed);

	 	(ii)	 	the Company becomes aware that the Conditions are not capable
of being satisfied; and

	 	(iii)	 	31 December 2009.

	 	(c)	 	Upon receipt of the Subscription Amounts from the escrow agent in
accordance with clause 4.3(b), the Company shall promptly refund your Subscription
Amount to you.

	 	(d)	 	Any interest which accrues on the Subscription Amounts while in the
escrow account shall follow the principal amount and shall be paid to the Company
or refunded to investors (as the case may be) at the same time as payment of the
corresponding principal.

 

 

 

	 	4.4	 	Closing Conditions.

	 	(a)	 	The Company’s obligation to proceed with the Closing shall be subject
to the following conditions: (i) the representations and warranties made by the
Purchaser are true and correct as of the Closing Date and the Purchaser has
fulfilled those undertakings of the Purchaser to be fulfilled prior to the
Closing; and (ii) the Company has simultaneously completed the purchases and sales
of Placement Shares with the other investors in the Offering under share purchase
agreements entered into separately with each of such other investors on
substantially the same form as this Agreement; provided that any one or
more of
the conditions set forth in clauses (i) and (ii) immediately above may be waived by
the Company.

	 	(b)	 	The Purchaser’s obligation to proceed with the Closing shall be
subject to the following conditions, which may be waived by the Purchaser: the
representations and warranties made by the Company are true and correct in all
material respects as of the Closing Date and the Company has fulfilled in all
material respects those undertakings of the Company to be fulfilled prior to the
Closing.

	 	4.5	 	Delivery of Firm Shares. At the Closing, or as soon as reasonably practicable
thereafter, subject to the terms and conditions hereof, the Company will deliver or
procure the delivery by its registrar to the Purchaser, a holding statement evidencing
the number of the Firm Shares issued to the Purchaser.

	 	4.6	 	Delivery of Additional Shares. Within 3 business days following the satisfaction
of the Conditions, subject to the terms and conditions hereof, the Company will issue
the Additional Shares to the Purchaser and deliver or procure the delivery by its
registrar to the Purchaser, a holding statement evidencing the number of Additional
Shares issued to the Purchaser.

	 	4.7	 	Delivery of Placement Options. Within 3 business days following the satisfaction
of the Conditions, subject to the terms and conditions hereof, the Company will issue
the Placement Options to the Purchaser and deliver or procure the delivery by its
registrar to the Purchaser, a certificate evidencing the number of the Placement Options
issued to the Purchaser.

	 	4.8	 	Registration. The Company will seek approval for quotation of the Placement
Shares on ASX promptly after the Closing or within 3 business days following
satisfaction of the Conditions (as applicable). The Purchaser acknowledges that ASX
Participating Organisations (as defined in the ASX Business Rules) cannot deal in the
Placement Shares either as principal or agent until official quotation is granted in
respect of the Placement Shares. The Company will not apply for quotation of the
Placement Options on ASX or any other exchange.

 

 

 

	5.	 	Representations And Warranties Of The Company.

The Company hereby represents and warrants to the Purchaser as of the date of this Agreement
as set forth below.

	 	5.1	 	Organization and Qualification. The Company is a corporation duly organized and
validly existing under the laws of Australia. Subject to the requisite shareholder
approval as required under the ASX Listing Rules in relation to the Additional Shares
and Placement Options, the Company has all requisite corporate power and authority to
execute and deliver this Agreement, to issue and sell the Placement Shares and the
Placement Options (subject to satisfaction of the Conditions) and to carry out the
provisions of this Agreement.

	 	5.2	 	Capitalization.

(a) The issued capital of Company, immediately prior to the signing of this Agreement
comprises 221,374,809 ordinary shares, all of which are issued and outstanding.

(b) When issued in compliance with the provisions of this Agreement, the Placement
Shares will be validly issued, fully paid ordinary shares , and will be free of any
liens or encumbrances other than liens and encumbrances created by or imposed upon the
Purchaser provided, however, that the Placement Shares may be subject to restrictions
on transfer under state and/or federal securities laws as set forth herein or as
otherwise required by such laws at the time a transfer is proposed. The sale of the
Placement Shares is not and will not be subject to any preemptive rights that have not
been properly waived or complied with prior to the Closing.

	 	5.3	 	Authorization; Binding Obligations. All corporate action on the part of Company,
its officers, directors and stockholders necessary for the authorization of the
Agreement, the performance of all obligations of the Company hereunder at the Closing
and the authorization, sale, issuance and delivery of the Placement Shares and the
Placement Options (except for the Shareholder Approval) pursuant hereto has been duly
taken. This Agreement, when executed and delivered, will be a valid and binding
obligation of the Company enforceable in accordance with its terms, except (a) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws
of general application affecting enforcement of creditors’ rights and (b) general
principles of equity that restrict the availability of equitable remedies.

	 	5.4	 	Compliance with Laws. To its knowledge, the Company is not in violation of any
applicable statute, rule, regulation, order or restriction of any domestic or foreign
government or any instrumentality or agency thereof in respect of the conduct of its
business or the ownership of its properties, which violation of which would materially
and adversely affect the business, assets, liabilities, financial condition or
operations of the Company.

	 	5.5	 	Compliance with Other Instruments. The Company is not in violation or default of
any term of its Constitution or of any provision of any mortgage, indenture or contract
to which it is a party and by which it is bound or of any judgment, decree, order or
writ, other than such violation(s) that would not have a material adverse effect on the
Company. The execution, delivery and performance of this Agreement, and the consummation
of the transactions contemplated hereby will not result in any such material violation
or be in conflict with, or constitute, with or without the passage of time and giving of
notice, either a material default under any such provision, instrument, judgment,
decree, order or writ or an event that results in the creation of any lien, charge or
encumbrance upon any assets of the Company or the suspension, revocation, impairment,
forfeiture, or nonrenewal of any material permit,
license, authorization or approval applicable to the Company, its business or
operations or any of its assets or properties.

 

 

 

	 	5.6	 	Compliance with ASX Listing Rules. The Company is in compliance with the ASX
Listing Rules, including its obligations to make periodic and continuous disclosure
pursuant to the ASX Listing Rules, and has not received any notification that, and has
no knowledge that, ASX is contemplating terminating such listing and, to the Company’s
knowledge, there is no basis for it doing so. The issue and sale of the Placement
Shares and the Placement Options to the Purchaser does not and will not contravene the
ASX Listing Rules.

	 	5.7	 	Filings. The Company is not required to make any filings with any Australian
federal, state, local or other governmental authority in relation to the issue of the
Placement Shares or the Placement Options other than the filing of a “Form 484 –
Change of Company Details” with the Australian Securities & Investments Commission
(“ASIC”) and the filing of an Appendix 3B with ASX after the issue of the Placement
Shares and the Placement Options. The failure to file a “Form 484 – Change of Company
Details” with the ASIC or an Appendix 3B with ASX does not prevent or otherwise affect
the issue of the Placement Shares to the Purchaser.

5.8 Offering.

(a) Assuming the accuracy of the representations and warranties of the Purchaser
contained in Section 5 hereof, the Company believes the offer, issue, and sale of the
Placement Shares and the Placement Options is exempt from the registration requirements
of the Securities Act of 1933, as amended (the “Act”).

(b) The offer, issue and sale of the Placement Shares and the Placement Options does
not contravene any applicable statute, regulation, by-law or order of Australia or any
State of Australia (“Australian Law”).

(c) The Company acknowledges that the Purchaser’s obligation to purchase the Placement
Shares from Company under this Agreement is subject to the Company lodging a Cleansing
Statement.

 

 

 

	6.	 	Representations And Warranties Of the Purchaser.

The Purchaser hereby represents and warrants to the Company as follows as of the date of this
Agreement and as of the Closing:

	 	6.1	 	Requisite Power and Authority. The Purchaser has all necessary power and
authority to execute, deliver and perform this Agreement. All action on the Purchaser’s
part required for the lawful execution and delivery of this Agreement has been taken.
Upon execution and delivery by the Purchaser, this Agreement will be a valid and binding
obligation of the Purchaser, enforceable in accordance with its terms, except (a) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws
of general application affecting enforcement of creditors’
rights and (b) as limited by general principles of equity that restrict the
availability of equitable remedies. The Purchaser agrees to be bound by the Company’s
constitution from the Closing and authorizes its name to be placed on the register of
members of the Company as the legal owner of the Placement Shares and on the Company’s
option register as the legal owner of the Placement Options issued to the Purchaser.

	 	6.2	 	Investment Representations.

(a) The Purchaser understands that the Placement Shares, Placement Options, Replacement
Options and Underlying Shares have not been registered under the Act. The Purchaser
also understands that the Placement Shares, the Placement Options, the Replacement
Options and the Underlying Share are being or will be offered and sold pursuant to an
exemption from registration contained in the Act based in part upon the Purchaser’s
representations contained in this Agreement. The Purchaser further acknowledges and
understands that the Placement Shares, Placement Options, Replacement Options and
Underlying Shares must be held indefinitely unless they are subsequently registered
under the Act or an exemption from registration is available. The Purchaser
acknowledges and agrees that it is solely responsible for obtaining such legal,
including tax, advice as it considers necessary and appropriate in connection with the
execution, delivery and performance of this Agreement and the purchase by it of the
Placement Shares and Placement Options.

(b) Purchaser hereby represents, warrants and undertakes as follows:

(i) Purchaser Bears Economic Risk. The Purchaser has substantial experience in
evaluating and investing in private placement transactions of securities in
companies similar to the Company so that it is capable of evaluating the merits
and risks of its investment in the Company and has the capacity to protect its
own interests. The Purchaser may be required to bear the economic risk of this
investment indefinitely. The Purchaser understands that the Company has no
present intention of registering the Placement Shares, Placement Options,
Replacement Options or Underlying Shares in the United States pursuant to the
Act.

(ii) Acquisition for Own Account. The Purchaser is acquiring the Placement
Shares and the Placement Options in the ordinary course of its business and for
the Purchaser’s own account for investment only, and not with a view towards
their distribution or resale. The Purchaser has not acquired the Placement
Shares or the Placement Options for the purpose of selling or transferring them,
or granting, issuing or transferring interests in, or options over, them. The
Purchaser has not entered into any arrangement or understanding with any other
persons regarding the distribution of the Placement Shares or the Placement
Options.

 

 

 

(iii) Purchaser Can Protect Its Interest. The Purchaser represents either that
(i) by reason of its, or of its management’s, business or financial experience,
the Purchaser has the capacity to protect its own interests in connection with
the transactions contemplated by this Agreement; and (ii) the Purchaser has a
preexisting personal or business relationship with the Company, Summer Street
Research Partners (“Summer Street”) or any of their respective officers,
directors or controlling persons. Further, the Purchaser is not aware of any
general solicitation or publication of any advertisement, as such terms are
defined in Regulation D under the Act, in connection with the transactions
contemplated by the Agreement.

(iv) Accredited Investor. The Purchaser represents that (i) at the time of the
Purchaser’s subscription originated, (ii) at the time of allotment of the
Placement Shares and the Placement Options, (iii) at the time of the issuance of
the Replacement Options and (iv) at the time of exercise of the Placement Options
or the Replacement Options, as applicable, the Purchaser is an accredited
investor, within the meaning of Regulation D under the Act. The Purchaser has
completed or caused to be completed and delivered to the Company the Investor
Questionnaire attached hereto as Exhibit C, which questionnaire is true, correct
and complete in all material respects.

(v) Company Information. The Purchaser is aware of the Company’s business
affairs and financial condition and has acquired sufficient information about the
Company, including publicly available information concerning the Company, to
reach an informed and knowledgeable decision to acquire the Placement Shares and
Placement Options. The Purchaser has had an opportunity to discuss the Company’s
business, management and financial affairs with directors, officers and
management of the Company. The Purchaser has also had the opportunity to ask
questions of and receive answers from, the Company and its management regarding
the terms and conditions of this investment. The Purchaser has, in connection
with its decisions to purchaser the Placement Shares and Placement Options,
relied only upon the Company’s filings with the ASX and the representations and
warranties of the Company contained herein.

(vi) Rule 144. The Purchaser acknowledges and agrees that the Placement Shares,
Placement Options, Replacement Options and Underlying Shares are “restricted
securities” as defined in Rule 144 promulgated under the Act as in effect from
time to time.

 

 

 

(vii) No reliance. The Purchaser acknowledges and agrees that it has not relied
on any representations made by the Company, Summer Street or any of their
respective officers, employees, agents, advisers or affiliates except as set out
in this Agreement. The Purchaser further acknowledges and agrees that it has not
relied on any investigation that the Company, Summer Street or any of their
respective officers, employees, agents, advisers or affiliates or any persons
acting on their behalf may have conducted with respect to the Placement Shares
and the Placement Options or the Company. None of such persons has made any
representation to the Purchaser, express or implied, with respect to the
Placement Shares and the Placement Options or the Company.

(viii) No securities recommendation . The Purchaser acknowledges and agrees that
this Agreement does not constitute a securities recommendation or financial
product advice and that the Company and Summer Street have not considered the
Purchaser’s particular objectives, financial situation and needs.

(ix) No responsibility. The Purchaser acknowledges and agrees that except to the
extent that liability cannot by law be excluded, none of the Company, Summer
Street or any of their respective related bodies corporate or any officers,
employees, agents, advisers or affiliates of the Company or Summer Street, accept
any responsibility in relation to the Offering.

(x) Related party. The Purchaser represents and warrants that it is not a Related
Party (as defined in the ASX Listing Rules) of the Company.

(xi) Indemnity. The Purchaser acknowledges that the Company or Summer Street and
their affiliates will rely upon the truth and accuracy of the foregoing
acknowledgments, representations, warranties and agreements and agree that if any
such acknowledgments, representations or warranties are no longer accurate, the
Purchaser will notify the Company immediately. The Purchaser shall indemnify the
Company or Summer Street and their respective officers, employees, advisers and
affiliates against any loss, damage or costs incurred and arising out of or in
relation to any breach by the Purchaser of the acknowledgments, representations,
warranties and agreements.

(xii) Insider trading. The Purchaser acknowledges that if it has material
non-public information regarding the Company, insider trading restrictions may
apply to it. The Purchaser agrees not to, and not to cause any other person to,
acquire any of the Company’s securities after it has had access to material
non-public information if doing so would be a breach of insider trading
restrictions.

 

 

 

	 	6.3	 	Transfer Restrictions. The Purchaser acknowledges and agrees that the Placement
Shares, Placement Options, Replacement Options and Underlying Shares are subject to
restrictions on transfer as set forth in this Agreement. The Purchaser shall not offer,
sell, contract to sell or otherwise dispose of or deliver any of the Placement Shares and
Underlying Shares unless: (i) the Placement Shares and Underlying Shares are sold on the
ASX in compliance with Regulation S under the Act; or (ii) the Placement Shares and
Underlying Shares are sold in a transaction that does not require registration under the
Act or any applicable laws and regulations of the states of the United States governing
the offer and sale of securities and, (iii) prior to and as a condition to the execution
of the offer, sale or delivery described in clauses (i) and (ii) immediately above, the
Purchaser has furnished to the Company an opinion of counsel satisfactory to the Company
to such effect, unless the Company waives receipt of such opinion. The Purchaser further
acknowledges that each
Placement Option certificate and Replacement Option certificate will bear a legend that
it and the Underlying Shares have not been registered under the Act or any applicable
state securities laws and that such option may not be exercised unless registered under
the Act and any applicable state securities laws, or an exemption therefrom is
available.

	7.	 	Miscellaneous.

	 	7.1	 	Governing Law. This Agreement shall be governed by and construed under the laws
of the state of New South Wales, Australia in all respects as such laws are applied to
agreements among Australian residents entered into and performed entirely within
Australia, without giving effect to conflict of law principles thereof. The parties
agree that any action brought by either party under or in relation to this Agreement,
including without limitation to interpret or enforce any provision of this Agreement,
shall exclusively be brought in, and each party agrees to and does hereby submit to the
jurisdiction and venue of, any state or federal court located in the state of New South
Wales, Australia.

	 	7.2	 	Survival. The representations, warranties, covenants and agreements made herein
shall survive the Closing for a one-year period.

	 	7.3	 	Successors and Assigns. Except as otherwise expressly provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon the parties hereto
and their respective successors, assigns, heirs, executors and administrators and shall
inure to the benefit of and be enforceable by each person who shall be a holder of the
Placement Shares and Placement Options from time to time; provided, however, that prior
to the receipt by the Company of adequate written notice of the transfer of any
Placement Shares and Placement Options specifying the full name and address of the
transferee, the Company may deem and treat the person listed as the holder of such
Placement Shares and Placement Options in its records as the absolute owner and holder
of such Placement Shares or Placement Options (as the case may be) for all purposes.

	 	7.4	 	Entire Agreement. This Agreement and the Exhibits hereto shall constitute the
full and entire understanding and agreement between the parties with regard to the
subjects hereof.

 

 

 

	 	7.5	 	Severability. In the event one or more of the provisions of this Agreement
should, for any reason, be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other provisions of
this Agreement, and this Agreement shall be construed as if such invalid, illegal or
unenforceable provision had never been contained herein.

	 	7.6	 	Amendment and Waiver. This Agreement may be amended, modified or waived only
pursuant to a written instrument signed by the Company and (a) the investors in the
Offering holding a majority of the ordinary shares issued and sold in the
Offering, provided that such amendment, modification or waiver is made with respect to
all such investors and does not adversely affect the Purchaser without adversely
affecting all such investors in a similar manner; or (b) the Purchaser.

	 	7.7	 	Delays or Omissions. It is agreed that no delay or omission to exercise any
right, power or remedy accruing to any party, upon any breach, default or noncompliance
by another party under this Agreement shall impair any such right, power or remedy, nor
shall it be construed to be a waiver of any such breach, default or noncompliance, or
any acquiescence therein, or of or in any similar breach, default or noncompliance
thereafter occurring. It is further agreed that any waiver, permit, consent or approval
of any kind or character on any party’s part of any breach, default or noncompliance
under this Agreement or any waiver on such party’s part of any provisions or conditions
of the Agreement must be in writing and shall be effective only to the extent
specifically set forth in such writing. All remedies, either under this Agreement, by
law, or otherwise afforded to any party, shall be cumulative and not alternative.

	 	7.8	 	Notices. All notices required or permitted hereunder shall be in writing and
shall be deemed effectively given: (a) upon personal delivery to the party to be
notified, (b) when sent by confirmed electronic mail, telex or facsimile if sent during
normal business hours of the recipient, if not, then on the next business day, or
(c) two (2) days after deposit with a nationally recognized overnight courier,
specifying express delivery, with written verification of receipt. All communications
shall be sent to the Company at the address as set forth on the signature page hereof
and to the Purchaser at the addresses set forth on Exhibit A attached hereto or at such
other addresses as the Company or the Purchaser may designate by ten (10) days advance
written notice to the other party hereto.

	 	7.9	 	Expenses. Each party shall pay all costs and expenses that it incurs with
respect to the negotiation, execution, delivery and performance of this Agreement.

	 	7.10	 	Attorneys’ Fees. In the event that any suit or action is instituted under or in
relation to this Agreement, including without limitation to enforce any provision in
this Agreement, the prevailing party in such dispute shall be entitled to recover from
the losing party all fees, costs and expenses of enforcing any right of such prevailing
party under or with respect to this Agreement, including without limitation, such
reasonable fees and expenses of attorneys and accountants, which shall include, without
limitation, all fees, costs and expenses of appeals.

 

 

 

	 	7.11	 	Titles and Subtitles. The titles of the sections and subsections of the
Agreement are for convenience of reference only and are not to be considered in
construing this Agreement.

	 	7.12	 	Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be an original, but all of which together shall constitute one
instrument. This Agreement is binding on the parties on the exchange of
counterparts. A copy of a counterpart sent by facsimile machine or other electronic
means must be treated as an original counterpart, is sufficient evidence of the
execution of the original and may be produced in evidence for all purposes in place of
the original.

	 	7.13	 	Broker’s Fees. Each party hereto represents and warrants that no agent, broker,
investment banker, person or firm acting on behalf of or under the authority of such
party hereto is or will be entitled to any broker’s or finder’s fee or any other
commission directly or indirectly in connection with the transactions contemplated
herein, except that the Company has agreed to pay the following aggregate commissions to
brokers in connection with the Offering: a cash payment of up to 6.5% of the value of
the Offering and the issue of options with an exercise price of A$0.85 per option
totaling up to 6.5% of the value of the Offering. Each party hereto further agrees to
indemnify each other party for any claims, losses or expenses incurred by such other
party as a result of the representation in this Section 7.13 being untrue.

	 	7.14	 	Further Assurance. The parties agree to take such further action(s) and execute
such further documentation as may reasonably be necessary to carry out and consummate
this Agreement and the subject matter hereof.

	 	7.15	 	Currency. Except where otherwise expressly provided, all amounts set forth in
this Agreement are stated in, and will be paid in, US dollars.

	 	7.16	 	Pronouns. All pronouns contained herein, and any variations thereof, shall be
deemed to refer to the masculine, feminine or neutral, singular or plural, as to the
identity of the parties hereto may require.

[Signature Page Follows]

 

 

 

In Witness Whereof, the parties hereto have executed this Share
Purchase
Agreement as of the date set forth in the first paragraph hereof.

	 	 	 	 	 	 	 
	Executed by UNILIFE MEDICAL
SOLUTIONS LIMITED acting by the
following persons or, if the seal is affixed,
witnessed by the following persons:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of director

	 	 	 	 

Signature of director/company secretary
	 	 
	 
	 	 	 	 	 	 
	 

Name of director (print)

	 	 	 	 

Name of director/company secretary (print)
	 	 

PURCHASER:

	 	 	 	 	 
	Signature:
	 	 	 	 
	 

	 	 

	 	 
	Print Name:
	 	 	 	 
	 

	 	 

	 	 
	Title:
	 	 	 	 
	 

	 	 

	 	 

 

 

 

Exhibit A

SCHEDULE OF INVESTOR

	 	 	 	 	 
	 	 	Aggregate	 
	Name and Address of Purchaser	 	Purchase Price	 
	 
	 	 	 	 

                     Placement shares
comprising

-                      Firm Shares

-                      Additional Shares

                     Placement Options
*

	 	 	 
	*	 	The Purchaser will receive two Placement Options (a Tranche 1 option and a Tranche 2
option) for every four Placement Shares which the Purchaser purchases under the Offering.

 

 

 

Exhibit B

TERMS AND CONDITIONS OF PLACEMENT OPTIONS

	1.	 	Subject to satisfaction of the Conditions, the Placement Options shall be issued for nil cash
consideration. Each Placement Option entitles the holder to subscribe for one fully paid
ordinary share (Share) in Unilife Medical Solutions Limited (Company).The Placement Options
granted to each subscriber under the Offering shall be issued in two equal tranches as
follows:

	 	1.1	 	Tranche 1: the exercise price for each Placement Option is A$1.25

	 
	 	1.2	 	Tranche 2: the exercise price for each Placement Option is A$2.00

The exercise price for any Placement Option shall be payable in full on exercise of the
Placement Option.

	2.	 	The Placement Options shall be exercisable at any time from the date of grant until the third
anniversary of the date of grant (Exercise Period).

	3.	 	If the Placement Option is not exercised on or prior to the expiry of the Exercise Period,
the Placement Option will automatically lapse.

	4.	 	A certificate shall be issued for the Placement Options. Each certificate will bear a legend
stating that it and the Underlying Shares have not been registered under the US Securities Act
and that such option may not be exercised by or on behalf of any US person unless registered
under the US Securities Act or if an exemption from registration is available and (ii) upon
exercise of such option, the Optionholder will be required to give a written certification
that he/she is outside the US and that he/she is not a US person and that the Placement Option
is not being exercised on behalf of a US person.

	5.	 	Placement Options shall be exercisable by notice in writing to the registered office of the
Company accompanied by the holder’s option certificate. The notice must state the number of
Placement Options being exercised (in multiples of 20,000 or where the number of Placement
Options held is less than 20,000 such lesser amount). If the notice does not state the number
of Placement Options being exercised, the notice shall be void and the Company shall request
the Optionholder to provide a further notice.

	6.	 	The Optionholder shall either:

 
	 	(a)	 	include with the notice to the Company referred to in clause 5, a cheque
payable to the Company; or

	 	(b)	 	at the time of issuing the notice to the Company referred to in clause 5,
arrange for an electronic funds transfer directly into an account nominated by the
Company,

for the total exercise price of the Placement Options being exercised.

	7.	 	Upon receipt of a valid notice in accordance with clause 5 and subject to the Company
receiving cleared funds from the Optionholder in accordance with clause 6, the Company must
issue the requisite number of Shares in the name of the Optionholder and update its share
register to record the Optionholder as the holder of that number of Shares equal to the number
of Placement Options exercised within five (5) business days of the exercise of the Placement
Option.

 

 

 

	9.	 	Shares issued pursuant to an exercise of Placement Options shall rank equally in all respects
with existing Shares of the Company from the date of allotment.

	10.	 	An Optionholder may not sell, transfer, assign, give or otherwise dispose of, in equity or in
law, the benefit of some or all of the Placement Options without the prior written consent of
the Board.

	11.	 	If Shares of the class are quoted, the Company shall, in accordance with ASX Listing Rule
2.8, make application to have Shares issued pursuant to an exercise of Placement Options
listed for official quotation.

	12.	 	If Placement Options are exercised before the record date of an entitlement, Optionholders
can participate in a pro rata issue to the holders of Shares in the Company.

	13.	 	Optionholders do not have any right to participate in new issues of securities by the Company
without exercising Placement Options.

	14.	 	In accordance with the ASX Listing Rules, in the event of any reorganisation of capital of
the Company, the rights of the Optionholder will be changed to the extent necessary to comply
with the ASX Listing Rules applying to a reorganisation of capital at the time of the
reorganisation.

	15.	 	The Placement Options will not give any right to participate in dividends until Shares are
allotted pursuant to the exercise of the relevant Placement Options.

	16.	 	In the event that an issue of Shares is made to the holders of securities in the Company
(excluding a bonus issue), the exercise price of the Placement Options will be reduced in
accordance with ASX Listing Rule 6.22.

	17.	 	The number of Shares to be issued pursuant to the exercise of Placement Options will be
adjusted for bonus issues made prior to exercise of Placement Options. The effect will be
that upon exercise of the Placement Options, the number of Shares received by the Optionholder
will be increased by the number of bonus Shares that would have been issued to such holder if
the Placement Options had been exercised prior to the record date for the bonus issue. The
exercise price of the Placement Options will not change as a result of any such bonus issue.

	18.	 	If there has been a Change in Ownership or the Board concludes that the replacement of the
majority of the Board is imminent, the Board must resolve to notify the Optionholder that all
Placement Options may be exercised prior to 5pm (Sydney time) on the 90th day after
the date of the notice (or by such earlier date as the Board determines).

 

 

 

	19.	 	Subject always to clause 21 below, a ‘Change in Ownership’ shall occur if:

(a) a person acquires a relevant interest (within the meaning of section 608 of the
Corporations Act 2001) in more than fifty per cent (50%) of the Shares in the Company as a
result of a takeover bid;

(b) a person acquires a relevant interest (within the meaning of section 608 of the
Corporations Act 2001) in more than fifty per cent (50%) of the Shares in the Company as a
result of a scheme of arrangement;

(c) through the acquisition of Shares in the Company a person is able to determine the
majority composition of the Board; or

(d) any other event (including, but not limited to, a merger of the Company with another
company) which the Board determines, in its absolute discretion, to be a Change in
ownership.

	20.	 	A ‘Change in Ownership’ does not include, unless otherwise determined by the Board, either an
internal restructure of the Company’s group or a transaction whereby the Company’s group is
redomiciled by imposing a new parent company of the Company’s group (including where such
transaction is effected by a scheme of arrangement under the Corporations Act 2001 (Cth)).
This exception to a ‘Change in Ownership’ includes a scheme of arrangement pursuant to which:

(a) a subsidiary of the Company will become the new parent company of the Company; or

(b) the shareholders of the Company on the record date of the scheme of arrangement will
be entitled to be issued shares equal to at least fifty per cent (50%) of the issued
ordinary share capital of the new parent company of the Company on the implementation date
of the scheme of arrangement.

 

 

 

Exhibit C

INVESTOR QUESTIONNAIRE

 

 

 

UNILIFE MEDICAL SOLUTIONS LIMITED

INVESTOR QUESTIONNAIRE

(ALL INFORMATION WILL BE TREATED CONFIDENTIALLY)

			
	To:	 	Unilife Medical Solutions Limited

Suite 3, Level 11,

1 Chifley Square,

Sydney 2000 NSW

Australia

This Investor Questionnaire (“Questionnaire”) must be completed by each potential
investor in connection with the offer and sale of ordinary shares of Unilife Medical Solutions
Limited (the “Shares”).  The Shares are being offered and sold by Unilife Medical Solutions
Limited (the “Company”) without registration in the United States under the Securities Act
of 1933, as amended (the “Act”), and the securities laws of certain states, in reliance on
the exemptions contained in Section 4(2) of the Act and on Regulation D promulgated thereunder and
in reliance on similar exemptions under applicable state laws.  The Company must determine that a
potential investor meets certain suitability requirements before offering or selling the Shares to
such investor.  The purpose of this Questionnaire is to assure the Company that each investor will
meet the applicable suitability requirements.  The information supplied by you will be used in
determining whether you meet such criteria, and reliance upon the private offering exemption from
registration is based in part on the information herein supplied.

This Questionnaire does not constitute an offer to sell or a solicitation of an offer to buy
any security.  Your answers will be kept strictly confidential.  However, by signing this
Questionnaire you will be authorizing the Company to provide a completed copy of this Questionnaire
to such parties as the Company deems appropriate in order to ensure that the offer and sale of the
Shares will not result in a violation of the Act or the securities laws of any state and that you
otherwise satisfy the suitability standards applicable to purchasers of the Shares.  All potential
investors must answer all applicable questions and complete, date and sign this
Questionnaire.  Please print or type your responses and attach additional sheets of paper if
necessary to complete your answers to any item.  Capitalized terms used but not defined herein have
the meaning given thereto in the Share Purchase Agreement to which this Questionnaire is attached
(the “Share Purchase Agreement”).

 

 

 

A. BACKGROUND INFORMATION

Name [Exact Name as It will Appear on the Share Certificate or Holding Statement]:

 

Business Address:

 

(Number and Street)

 

(City, State and Zip Code)

 

(Telephone and Facsimile Numbers)

Residence Address [If Different from Business Address]:

 

(Number and Street)

 

(City, State and Zip Code)

 

(Telephone and Facsimile Numbers)

If an Individual:

 

(Age; Citizenship; Where Registered to Vote)

If an Existing Shareholder of the Company:

 

(Shareholder Registration Number)

 If a Corporation, Partnership, limited liability company, trust or other entity:

 

(Type of Entity; State and Date of Formation)

 

(Social Security or Taxpayer Identification No.)

 

 

 

Send all correspondence to (check one):                      Residence
Address                      Business Address

Name and Email address of contact person:

 

B. STATUS AS ACCREDITED INVESTOR

The undersigned is an “accredited investor” as such term is defined in Regulation D under the
Act, as at the time of the sale of the Shares the undersigned falls within one or more of the
following categories (Please initial one or more, as applicable)1:

 _____ (1) a bank as defined in Section 3(a)(2) of the Act, or a savings and loan association
or other institution as defined in Section 3(a)(5)(A) of the Act whether acting in its individual
or fiduciary capacity; a broker or dealer registered pursuant to Section 15 of the Securities
Exchange Act of 1934; an insurance company as defined in Section 2(13) of the Act; an investment
company registered under the Investment Corporation Act of 1940 or a business development company
as defined in Section 2(a)(48) of that Act; a Small Business Investment Corporation licensed by the
U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act
of 1958; a plan established and maintained by a state, its political subdivisions, or any agency or
instrumentality of a state or its political subdivisions for the benefit of its employees, if such
plan has total assets in excess of $5,000,000; an employee benefit plan within the meaning of the
Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan
fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan
association, insurance company, or registered investment adviser, or if the employee benefit plan
has total assets in excess of $5,000,000 or, if a self-directed plan, with the investment decisions
made solely by persons that are accredited investors;

 _____ (2) a private business development company as defined in Section 202(a)(22) of the
Investment Adviser Act of 1940;

 _____ (3) an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986,
as amended, corporation, Massachusetts or similar business trust, or
partnership, not formed for the specific purpose of acquiring the Securities offered, with total assets in
excess of $5,000,000;

 

	 	 	 
	1	 	As used in this Questionnaire, the term “net worth”
means the excess of total assets over total liabilities.  In computing net
worth for the purpose of subsection (4), the principal residence of the
investor must be valued at cost, including cost of improvements, or at recently
appraised value by an institutional lender making a secured loan, net of
encumbrances.  In determining income, the investor should add to the investor’s
adjusted gross income any amounts attributable to tax exempt income received,
losses claimed as a limited partner in any limited partnership, deductions
claimed for depiction, contributions to an IRA or Keogh retirement plan,
alimony payments, and any amount by which income from long-term capital gains
has been reduced in arriving at adjusted gross income.

 

 

 

 _____ 
(4) a natural person whose individual net worth, or joint net worth with that person’s
spouse, at the time of such person’s purchase of the Securities exceeds $1,000,000;

 _____ 
(5) a natural person who had an individual income in excess of $200,000 in each of the
two most recent years or joint income with that person’s spouse in excess of $300,000 in each of
those years and has a reasonable expectation of reaching the same income level in the current year;

 _____ 
(6) a trust, with total assets in excess of $5,000,000, not formed for the specific
purpose of acquiring the Securities offered, whose purchase is directed by a sophisticated person
as described in Rule 506(b)(2)(ii) of Regulation D; and

 _____ 
(7) an entity in which all of the equity owners are accredited investors (as defined
above) (If the answer is yes, all shareholders, partners or other equity owners must complete an
Individual Questionnaire).

C.  REPRESENTATIONS

The undersigned hereby represents and warrants to the Company as follows:

	1.	 	Any purchase of the Shares would be solely for the account of the undersigned and not for the
account of any other person or with a view to any resale, fractionalization, division, or
distribution thereof.

	2.	 	The information contained herein is complete and accurate and may be relied upon by the
Company, and the undersigned will notify the Company immediately of any material change in any
of such information occurring prior to the closing, if any, with respect to the purchase of
the Shares by the undersigned or any co-purchaser.

	3.	 	There are no suits, pending litigation, or claims against the undersigned that could
materially affect the net worth of the undersigned as reported in this Questionnaire.

	4.	 	The overall commitment of the undersigned to investments which are not readily marketable is
not excessive in view of the undersigned’s net worth and financial circumstances, and any
purchase of the Shares will not cause such commitment to become excessive.  The undersigned is
able to bear the economic risk of an investment in the Shares.

	5.	 	The undersigned is aware of its obligations under applicable securities laws with respect to
use and disclosure of non-public information regarding the Company.

 

 

 

	6.	 	The undersigned has carefully considered the potential risks relating to the Company and a
purchase of the Shares, and fully understands that the Shares are speculative investments
which involve a high degree of risk of loss of the undersigned’s entire investment.  Among
others, the undersigned has carefully considered the Company’s filings with the ASX.

	7.	 	The undersigned understands that the Shares that it is acquiring are characterized as
“restricted securities” under the federal securities laws of the United States inasmuch as
they are being acquired in a transaction not involving a public offering, and that under such
laws and applicable regulations such securities may be resold without registration under the
Act, only in certain limited circumstances. In this connection, the undersigned represents
that it is familiar with SEC Rule 144 or Regulation S, as presently in effect, and understands
the resale limitations imposed thereby and by the Act.

IN WITNESS WHEREOF, the undersigned has executed this Questionnaire this
 _____ 
day of
                     2009, and declares under oath that it is truthful and correct.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Print Name	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Signature
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

Title (if an entity)
	 	 

 

 

 

EXHIBIT D

CANCELLATION DEED

 

 

 

201 Elizabeth Street

Sydney NSW 2000

Australia

DX 107 Sydney

Tel +61 2 9286 8000

Fax +61 2 9283 4144

www.dlaphillipsfox.com

Standalone Option Cancellation Deed

Unilife Medical Solutions Limited

Unilife Corporation

[Standalone Option Holder]

DLA Phillips Fox is a member of

DLA Piper Group, an alliance of

independent legal practices. It is a

separate and distinct legal entity.

DLA Phillips Fox offices are located

in Adelaide Auckland Brisbane

Canberra Melbourne Perth Sydney

and Wellington.

 

 

 

Table of contents

	 	 	 	 	 
	Parties
	 	 	2	 
	 
	 	 	 	 
	Background
	 	 	2	 
	 
	 	 	 	 
	Operative provisions
	 	 	2	 
	 
	 	 	 	 
	1 Cancellation of Standalone Options
	 	 	2	 
	 
	 	 	 	 
	2 Issue of Unilife Corporation Standalone Options
	 	 	2	 
	Time of issue
	 	 	3	 
	 
	 	 	 	 
	3 Conditions
	 	 	3	 
	Cancellation and offer conditional
	 	 	3	 
	Effective Time
	 	 	3	 
	Termination
	 	 	3	 
	No waiver
	 	 	3	 
	 
	 	 	 	 
	4 Representations and warranties
	 	 	4	 
	 
	 	 	 	 
	5 Release
	 	 	5	 
	Release
	 	 	5	 
	 
	 	 	 	 
	6 Miscellaneous
	 	 	5	 
	Notices
	 	 	5	 
	Conflict of interest
	 	 	6	 
	Costs
	 	 	6	 
	Counterparts
	 	 	6	 
	Binding agreement
	 	 	7	 
	Further assurances
	 	 	7	 
	No merger
	 	 	7	 
	No rights
	 	 	7	 
	Publicity
	 	 	7	 
	Variation and waiver
	 	 	7	 
	 
	 	 	 	 
	7 Definitions and interpretation
	 	 	8	 
	Definitions
	 	 	8	 
	Interpretation
	 	 	9	 
	Headings
	 	 	10	 
	 
	 	 	 	 
	Schedule 1
	 	 	11	 
	 
	 	 	 	 
	Execution and date
	 	 	12	 
	 
	 	 	 	 
	Annexure A
	 	 	14	 
	Unilife Corporation Option Agreement
	 	 	14	 

 

1

 

Parties

Unilife Medical Solutions Limited ABN 14 008 071 403 of Suite 3, Level 11, 1 Chifley Square, Sydney
NSW 2000 (Company)

Unilife Corporation a company incorporated in Delaware United States of 633 Lowther Road,
Lewisberry, Pennsylvania 17339, United States (Unilife Corporation)

[insert name of Optionholder] (Standalone Option Holder)

Background

	A	 	The Company has granted the Standalone Options to the Standalone Option Holder.
	 
	B	 	The Company and Unilife Corporation have entered into a Merger Implementation Agreement under
which, amongst other things, the Company and Unilife Corporation have agreed to effect a
transaction by means of a scheme of arrangement pursuant to Part 5.1 of the Corporations Act under
which Unilife Corporation will acquire all of the issued share capital of the Company with the
result that the Unilife group will be re-domiciled in the US.
	 
	C	 	The parties have agreed that in conjunction with the Share Scheme, the Standalone Options will be
cancelled and, in consideration of the cancellation, Unilife Corporation will issue Unilife
Corporation Standalone Options to the Standalone Option Holder.

Operative provisions

	1	 	Cancellation of Standalone Options

	1.1	 	Subject to clause 3.1, the Standalone Option Holder agrees to the cancellation of all, and
not part only, of the Standalone Options held by it as at the date of this deed without any
further action or consent on the part of the Company or the Standalone Option Holder.

	2	 	Issue of Unilife Corporation Standalone Options

	2.1	 	In consideration of, and subject to, the cancellation of its Standalone Options pursuant to
clause 1.1 and subject to the satisfaction or waiver of the conditions set out in clause 3.1,
Unilife Corporation will:

	 	2.1.1	 	issue the Unilife Corporation Standalone Options to the Standalone
Option Holder;

	 	2.1.2	 	deliver to the Standalone Option Holder a duly executed counterpart of
the Unilife Corporation Option Agreement;

 

2

 

	 	2.1.3	 	enter the name of the Standalone Option Holder in its register of option
holders; and
	 
	 	2.1.4	 	no later than seven Business Days after the date of grant, despatch or
procure the despatch to each Standalone Option Holder of a certificate representing
the Unilife Corporation Standalone Options granted to it under this deed.

	2.2	 	Subject to the satisfaction or waiver of the conditions set out in clause 3.1, the Standalone
Option Holder will execute and deliver to the Company a counterpart of the Unilife Corporation
Option Agreement.

Time of issue

	2.3	 	Subject to the satisfaction of the conditions in clause 3.1, the Unilife Corporation
Standalone Options must be issued by Unilife Corporation with effect from the Effective Time.

	3	 	Conditions

Cancellation and offer conditional

	3.1	 	The cancellation of the Standalone Options pursuant to clause 1.1 and the offer of Unilife
Corporation Standalone Options pursuant to clause 2.1 is conditional upon:

	 	3.1.1	 	the Share Scheme becoming Effective; and
	 
	 	3.1.2	 	the Company obtaining from ASX a waiver of any requirement under ASX
Listing Rule 6.23.2 to obtain the approval of the Company’s shareholders to the
cancellation of the Standalone Options.

Effective Time

	3.2	 	Subject to the satisfaction of the conditions in clause 3.1, the Standalone Option Holder
agrees to the cancellation of the Standalone Options with effect from the Effective Time, at
which time the Standalone Options will have no further force or effect and the rights and
entitlements of the Standalone Option Holder with respect to the Standalone Options will
cease.

Termination

	3.3	 	This deed will automatically terminate on the earlier of:

	 	3.3.1	 	the date on which the Merger Implementation Agreement is terminated; and

	 	3.3.2	 	30 June 2010 (or such other date and time agreed in writing between the
Company and Unilife Corporation) if the conditions set out in clause 3.1 are not
satisfied or waived before that date.

No waiver

	3.4	 	The conditions precedent in clause 3.1 cannot be waived.

 

3

 

	4	 	Representations and warranties

	4.1	 	The Standalone Option Holder represents and warrants to the Company and Unilife Corporation
that as at the Effective Time:

	 	4.1.1	 	the number of Shares subject to, and the exercise price of, the
Standalone Options, as set out in Schedule 1, is complete and accurate;
	 
	 	4.1.2	 	it has read and understood the terms of this deed and the Unilife
Corporation Option Agreement;
	 
	 	4.1.3	 	it is not in breach of any provision or condition of the Standalone
Options;
	 
	 	4.1.4	 	it has full power and capacity to agree to the cancellation of the
Standalone Options;
	 
	 	4.1.5	 	it is the legal and beneficial holder of the Standalone Options;
	 
	 	4.1.6	 	it will be taking the Unilife Corporation Standalone Options for
investment purposes only and not with a view to distribution; and
	 
	 	4.1.7	 	it is an accredited investor as defined in Regulation D promulgated by
the SEC pursuant to the Securities Act of 1933.

	4.2	 	The Standalone Option Holder acknowledges that the issue of the Unilife Corporation
Standalone Options constitutes good and valuable consideration for the cancellation of the
Standalone Options and the release in clause 5.1.

	4.3	 	The Standalone Option Holder acknowledges that the issue of the Unilife Corporation
Standalone Options in exchange for the cancellation of the Standalone Options may not be an
economically equivalent exchange because of, among other things, the different tax laws that
apply to the options.

	4.4	 	The Standalone Optionholder acknowledges that the transfer of the Standalone Options and the
securities issued on the exercise of the Standalone Options is restricted under applicable US
securities laws.

	4.5	 	The Standalone Option Holder acknowledges that the certificate or other instrument evidencing
the Unilife Corporation Standalone Options and the securities issuable upon exercise of the
Standalone Options will bear an appropriate legend reflecting the restrictions on transfer
which will apply to the Unilife Corporation Standalone Options and such underlying securities
under applicable US securities laws.

 

4

 

	5	 	Release

Release

	5.1	 	Following cancellation of the Standalone Options:

	 	5.1.1	 	the Company releases the Standalone Option Holder and the Standalone
Option Holder releases the Company and its officers, directors, shareholders,
affiliates, successors, agents, attorneys, representatives, and any other person or
entity that may have any liability for the Standalone Options (each a Released
Party) from all actions, claims, losses, liabilities and expenses in respect of the
cancellation and extinguishment of the Standalone Options, and all rights and
entitlements attaching to the Standalone Options, with effect from the Effective
Time; and
	 
	 	5.1.2	 	the Company and the Standalone Option Holder agree not to make any claim
or demand, or participate in any actions, claims, demands or proceedings against any
Released Party inconsistent with clause 5.1.1 and agree that this deed may be
pleaded as a bar to any such action, claim, proceeding or demand.
	 
	 	5.1.3	 	the Standalone Option Holder agrees that, upon the issue of the Unilife
Corporation Standalone Options, the Standalone Option Holder will have no further
claim of right to purchase or receive Shares or any other securities or
consideration for the Standalone Options, except as specifically set out in this
deed.

	6	 	Miscellaneous

Notices

	6.1	 	Any notice, demand, consent or other communication (a Notice) given or made under this
Agreement:

	 	6.1.1	 	must be in writing and signed by a person duly authorised by the sender;
	 
	 	6.1.2	 	must be delivered to the intended recipient by prepaid post or by hand
or fax to the address or fax number below or the address (being an address in
Australia) or fax number last notified by the intended recipient to the sender:

Company:

	 	 	 
	Address:

	 	Level 11, 1 Chifley Square,
	 

	 	Sydney NSW 2000
	Fax:

	 	(02) 8346 6511
	Attention:

	 	Mr Jeff Carter
	 
	Unilife Corporation:
	 
	 	 
	Address:

	 	633 Lowther Road,
	 

	 	Lewisberry, Pennsylvania 17339
	Fax:

	 	+1 717 938 9364
	Attention:

	 	Mr Alan Shortall
	 	 	 
	Standalone Optionholder:
	 
	 	 
	Address:

	 	[                    ]
	Fax:

	 	[                    ]
	Attention:

	 	[                    ]

 

5

 

	 	6.1.3	 	will be taken to be duly given or made:

	 	(a)	 	in the case of delivery in person, when delivered;
	 
	 	(b)	 	in the case of delivery by post:

	 	(i)	 	within Australia to an
Australian address, two Business Days after the date of
posting; and
	 
	 	(ii)	 	in any other case, 10 Business
Days after the date of posting;

	 	(c)	 	in the case of fax, on receipt by the sender of a
transmission control report from the dispatching machine showing the
relevant number of pages and the correct destination fax machine number or
name of recipient and indicating that the transmission has been made
without error,

but if the result is that a Notice would be taken to be given or made on a day
that is not a Business Day in the place to which the Notice is sent or is
later than 4.00pm (local time) it will be taken to have been duly given or
made at the commencement of business on the next Business Day in that place.

	6.2	 	The Standalone Option Holder agrees to waive any right it may have under or arising from the
Standalone Option to advance notice of the transactions contemplated under the Share Scheme,
except as otherwise required under applicable law.

Conflict of interest

	6.3	 	The parties’ rights and remedies under this deed may be exercised even if this involves a
conflict of duty or a party has a personal interest in their exercise.

Costs

	6.4	 	Each party shall pay their own legal and other costs and expenses in connection with the
preparation, execution and completion of this deed and other related documentation.

Counterparts

	6.5	 	This deed may be executed in counterparts. All counterparts when taken together are to be
taken to constitute one instrument.

 

6

 

Binding agreement

	6.6	 	Each party agrees that this deed is binding on each party and their heirs, executors,
administrators, and all persons claiming any right, benefit, or interest to the Standalone
Options or the underlying Shares, and inures to the benefit of the Released Parties and their
successors and assigns.

Further assurances

	6.7	 	Each party agrees, at the Company’s expense, to do anything another party asks (such as
obtaining consents, signing and producing documents and getting documents completed and
signed):

	 	6.7.1	 	to bind the party and any other person intended to be bound under this
deed;
	 
	 	6.7.2	 	to enable the Company to cancel the Standalone Options;
	 
	 	6.7.3	 	to show whether the party is complying with this deed; and
	 
	 	6.7.4	 	to give full effect to this deed.

Governing law

	6.8	 	This deed is governed by the laws of New South Wales. The Parties submit to the
non-exclusive jurisdiction of its courts and courts of appeal from them. The Parties will not
object to the exercise of jurisdiction by those courts on any basis.

No merger

	6.9	 	This deed constitutes the entire understanding between the parties with respect the subject
matter of this deed, except as otherwise set out in the Share Scheme. The warranties,
undertakings and indemnities in this deed do not merge at the Effective Time.

No rights

	6.10	 	The Standalone Option Holder agrees that the transactions contemplated under this deed do not
result in the right to receive future grants of equity or other compensation other than the
Unilife Corporation Standalone Options.

Publicity

	6.11	 	The Standalone Option Holder may not make press or other announcements or releases relating
to this deed or the transactions the subject of this deed.

Variation and waiver

	6.12	 	A provision of this deed or a right created under it, may not be waived or varied except in
writing, signed by the party or parties to be bound.

 

7

 

	7	 	Definitions and interpretation

Definitions

	7.1	 	In this deed the following definitions apply:

ASX means ASX Limited (ABN 98 008 624 691).

Business Day means a day that is not a Saturday, Sunday, public holiday or bank holiday
in Sydney, Australia.

Corporations Act means the Corporations Act 2001 (Cth).

Consolidation Ratio means the number of Shares in the Company which will be transferred
to Unilife Corporation under the Share Scheme for every share of common stock in Unilife
Corporation issued to Scheme Shareholders.

Court means the Federal Court of Australia.

Effective means, when used in relation to the Share Scheme, the coming into effect,
pursuant to section 411(10) of the Corporations Act, of the Court order made under
section 411(4)(b) of the Corporations Act in relation to the Share Scheme.

Effective Date means the date on which the Share Scheme becomes Effective.

Effective Time means 5:00pm on the Implementation Date.

Implementation Date means the third Business Day after the Scheme Record Date.

Merger Implementation Agreement means the merger implementation agreement dated 1
September 2009 between the Company and Unilife Corporation (as amended from time to
time).

Related Body Corporate has the meaning given to that term in section 50 of the
Corporations Act.

Scheme Record Date means 7.00pm on the fifth Business Day after the Effective Date.

Share means a fully paid ordinary share in the Company.

Share Scheme means the scheme of arrangement under Part 5.1 of the Corporations Act
between the Company and Scheme Shareholders.

Scheme Shareholder means a Shareholder as at the Scheme Record Date.

 

8

 

Standalone Options means the options issued to the Standalone Option Holder to subscribe
for the Shares under a Share Purchase Agreement between the Company and the Standalone
Option Holder dated on or around 1 October 2009, the key terms of which are set out in
the second column of Schedule 1.

Unilife Corporation Standalone Options means the options to be issued to the Standalone
Option Holder to subscribe for common stock in Unilife Corporation under the Unilife
Corporation Option Agreement in substantially the form attached as Annexure A to this
deed.

Interpretation

	7.2	 	In the interpretation of this deed, the following provisions apply unless the context
otherwise requires:

	 	7.2.1	 	The singular includes the plural and conversely.
	 
	 	7.2.2	 	A gender includes all genders.
	 
	 	7.2.3	 	If a word or phrase is defined, its other grammatical forms have a
corresponding meaning.
	 
	 	7.2.4	 	A reference to a person, corporation, trust, partnership, unincorporated
body or other entity includes any of them.
	 
	 	7.2.5	 	A reference to a clause, schedule or annexure is a reference to a clause
of, or schedule or annexure to, this deed.
	 
	 	7.2.6	 	A reference to an agreement or document (including a reference to this
deed) is to the agreement or document as amended, varied, supplemented, novated or
replaced, except to the extent prohibited by this deed or that other agreement or
document.
	 
	 	7.2.7	 	A reference to a person includes a reference to the person’s executors,
administrators, successors, substitutes (including persons taking by novation) and
assigns.
	 
	 	7.2.8	 	A reference to legislation or to a provision of legislation includes a
modification or re-enactment of it, a legislative provision substituted for it and a
regulation or statutory instrument issued under it.
	 
	 	7.2.9	 	A reference to $ is to the lawful currency of Australia.
	 
	 	7.2.10	 	Words and phrases not specifically defined in this deed have the same meanings (if
any) given to them in the Corporations Act.
	 
	 	7.2.11	 	A reference to time is a reference to time in Sydney, Australia.

 

9

 

	 	7.2.12	 	If the day on which any act, matter or thing is to be done is a day other than a
Business Day, such act, matter or thing must be done on the immediately succeeding
Business Day.
	 
	 	7.2.13	 	The meaning of general words is not limited by specific examples introduced by
including, or for example, or similar expressions.

Headings

	7.3	 	Headings are for convenience only and do not affect the interpretation of this deed.

 

10

 

Schedule 1

Standalone Options

	 	 	 	 	 
	 	 	 	 	Number and key terms of
	Name and address of 	 	Number and key terms of	 	Unilife Corporation Standalone
	Standalone Optionholder	 	Standalone Options	 	 Options
	 
	[     ]

	 	Tranche 1

Number: [     ]

Exercise Price: A$1.25

Expiry date: Third
anniversary of the
date of grant of the
Standalone Option.
	 	Tranche 1

Number: [     ] x the
Consolidation Ratio 

Exercise Price: A$1.25 x the
Consolidation Ratio 

Expiry date: Third
anniversary of the
date of grant of the
Standalone Options the
Unilife Corporation
Standalone Option replaces.
	 
	 	 	 	 
	 

	 	Tranche 2

Number: [     ]

Exercise Price: A$2.00

Expiry date: Third
anniversary of the
date of grant of the
Standalone Option.
	 	Tranche 2

Number: [     ] x the
Consolidation Ratio 

Exercise Price: A$2.00 x the
Consolidation Ratio 

Expiry
date: Third anniversary of
the date of grant of the
Standalone Options the
Unilife Corporation
Standalone Option replaces.

 

11

 

Execution and date

Executed as a deed.

Date:

 

12

 

	 	 	 	 	 
	Executed as a deed by Unilife Medical Solutions Limited acting
by the following persons:
	 	 	 	 
	 
	 	 	 	 
	 

Signature of director

	 	 

Signature of director/company secretary
	 	 
	 
	 	 	 	 
	 

Name of director (print)

	 	 

Name of director/company secretary (print)
	 	 
	 
	 	 	 	 
	Executed as a deed by Unilife Corporation acting 

by the following person:
	 	 	 	 
	 
	 	 	 	 
	 

Signature of duly authorised officer

	 	 	 	 
	 
	 	 	 	 
	 

Name of officer (print)

	 	 	 	 
	 
	 	 	 	 
	Executed as a deed by [insert name of Standalone Option
Holder] acting by the following persons:
	 	 	 	 
	 
	 	 	 	 
	 

Signature of director/duly authorised officer

	 	 

Signature of director/company secretary/ duly authorised
officer
	 	 
	 
	 	 	 	 
	 

Name of director/officer (print)

	 	 

Name of director/company secretary/officer (print)
	 	 

 

13

 

			
	
	 	??Standalone Option Cancellation Deed

Annexure A

Unilife Corporation Option Agreement

 

14

 

Exhibit 10.27

Option Agreement

Unilife Corporation

[insert name of Option Holder]

 

 

 

Table of contents

	 	 	 	 	 
	Parties
	 	 	3	 
	 
	 	 	 	 
	1 Grant of Options
	 	 	3	 
	 
	 	 	 	 
	2 Tranches
	 	 	3	 
	 
	 	 	 	 
	3 Exercise Period
	 	 	3	 
	 
	 	 	 	 
	4 Exercise Price
	 	 	3	 
	 
	 	 	 	 
	5 Notice of Exercise
	 	 	4	 
	 
	 	 	 	 
	6 Allotment of Unilife Corporation Shares
	 	 	4	 
	 
	 	 	 	 
	7 Quotation of Options and Shares
	 	 	4	 
	 
	 	 	 	 
	8 Shareholder approval
	 	 	5	 
	 
	 	 	 	 
	9 Shares rank equally
	 	 	5	 
	 
	 	 	 	 
	10 No participation in new issues
	 	 	5	 
	 
	 	 	 	 
	11 Reorganisation of capital
	 	 	5	 
	 
	 	 	 	 
	12 Options not transferable
	 	 	5	 
	 
	 	 	 	 
	13 Change of control
	 	 	6	 
	 
	 	 	 	 
	14 Option register
	 	 	6	 
	 
	 	 	 	 
	15 Governing Law
	 	 	6	 
	 
	 	 	 	 
	16 Notices
	 	 	6	 
	 
	 	 	 	 
	17 Definitions
	 	 	6	 

 

2

 

Parties

Unilife Corporation a company incorporated in Delaware United States of 633 Lowther Road,
Lewisberry, Pennsylvania 17339, United States (Unilife Corporation)

	 
	[insert name of Optionholder] (Option Holder)

	1	 	Grant of Options
	 
	1.1	 	Unilife Corporation grants the Option Holder [insert amount] Options to subscribe for Unilife
Corporation Shares on the terms and conditions set out in this Agreement; and
	 
	1.2	 	Each Option entitles the Option Holder to acquire one Unilife Corporation Share.
	 
	2	 	Tranches
	 
	2.1	 	The Options are granted in two tranches:

	 	2.1.1	 	Tranche 1: [insert amount] Options; and
	 
	 	2.1.2	 	Tranche 2: [insert amount] Options.

	3	 	Exercise Period
	 
	3.1	 	Subject to clause 13, each Option is exercisable at any time in the period from the date of
grant until the third anniversary of the Original Grant and if the Option is not exercised on
or prior to the expiry of the relevant Option Period, the Option will automatically lapse.
	 
	4	 	Exercise Price
	 
	4.1	 	The exercise price for each Option is as follows:

	 	4.1.1	 	Tranche 1: [A$insert price equal to $1.25 x Consolidation Ratio] per Option
	 
	 	4.1.2	 	Tranche 2: [A$insert price equal to $2.00 x Consolidation Ratio] per Option

	 	 	and is payable immediately on exercise by bank cheque or wire transfer to an account of
the Unilife Corporation.

 

3

 

	5	 	Notice of Exercise
	 
	5.1	 	The Options may be exercised wholly or in part by giving notice in writing to the Unilife
Corporation at any time during the Option Period stating the number of Options being
exercised. Options may only be exercised in multiples of 3,000 unless all of the then
unexercised Options are being exercised under the relevant Notice of Exercise.
	 
	6	 	Allotment of Unilife Corporation Shares
	 
	6.1	 	Subject to clause 6.3, on receipt by Unilife Corporation of a valid Notice of Exercise in
accordance with clause 5 and payment of the Exercise Price in accordance with clause 4,
Unilife Corporation must, within two Business Days, issue and allot to the Option Holder the
number of Unilife Corporation Shares set out in the Exercise Notice and despatch the relevant
share certificate or other appropriate acknowledgment as soon as reasonably practicable
thereafter.
	 
	6.2	 	Whilst Unilife Corporation remains listed on ASX, the Option Holder will be entitled to elect
whether to receive Unilife Corporation Shares in the form of common stock of Unilife
Corporation or as CDIs.
	 
	6.3	 	If at any time the Board determines that the delivery of Unilife Corporation Shares under
this Agreement is or may be unlawful under Applicable Law, the Option Holder’s right to
exercise the Option or receive the Unilife Corporation Shares pursuant to the Option shall be
suspended until the Board determines that such delivery is lawful.
	 
	6.4	 	Unilife Corporation may require that the Option Holder, as a condition to exercise of the
Option, and as a condition to the delivery of any share certificate, make such written
representations (including representations to the effect that the Option Holder will not
dispose of the Unilife Corporation Shares so acquired in violation of Applicable Law) and
furnish such information as may, in the opinion of counsel for Unilife Corporation, be
appropriate to permit Unilife Corporation to issue the Unilife Corporation Shares in
compliance with Applicable Law.
	 
	7	 	Quotation of Options and Shares
	 
	7.1	 	The Options will not be listed for quotation on ASX or any other exchange.
	 
	7.2	 	As soon as reasonably practicable following the exercise of an Option:

	 	7.2.1	 	to the extent that the Option Holder elects to receive their Unilife
Corporation Shares in the form of CDIs, Unilife Corporation shall apply for the CDIs
to be admitted for quotation on the Official List of ASX (so long as CDIs are quoted
on the Official List of the ASX at that time); or
	 
	 	7.2.2	 	to the extent that the Option Holder elects to receive their Unilife
Corporation Shares in the form of common stock, Unilife Corporation shall apply for
the Unilife Corporation Shares to be admitted for quotation on NASDAQ (so long as the
Unilife Corporation shares are quoted on NASDAQ at that time).

 

4

 

	8	 	Shareholder approval
	 
	8.1	 	If, for any reason, an issue of Unilife Corporation Shares to the Option Holder in accordance
with this Agreement would require approval of Shareholders, Unilife Corporation must convene
the necessary meeting as soon as reasonably practicable and at its own cost.
	 
	9	 	Shares rank equally
	 
	9.1	 	Unilife Corporation Shares issued on the exercise of Options will rank equally in all
respects with the other Unilife Corporation Shares on issue at the date of allotment and will
be subject to the provisions of Unilife Corporation’s certificate of incorporation.
	 
	10	 	No participation in new issues
	 
	10.1	 	An Option does not confer a right to participate in new issues of securities of Unilife
Corporation, unless the Option Holder has first exercised the Option and such exercise took
place on or before the record date for determining entitlements to the issue.
	 
	10.2	 	In the event that a pro rata issue of Unilife Corporation shares is made to the holders of
securities in Unilife Corporation, the exercise price of the Options shall be reduced in
accordance with the ASX Listing Rules (so long as CDIs are quoted on ASX at that time).
	 
	11	 	Reorganisation of capital
	 
	11.1	 	In the event of any reorganisation (including consolidation (reverse split), sub-division
(stock split), split-up, spin-off or similar transaction, recapitalisation, reduction or
return, merger or share exchange) of the issued capital of Unilife Corporation, the rights of
the Option Holder including the number of Options or the Exercise Price or both shall be
reorganised (as appropriate);

	 	11.1.1	 	while CDIs are quoted on the Official List of ASX, to the extent necessary to
comply with the Listing Rules applying to a reorganisation of capital at the time of
the reorganisation; or
	 
	 	11.1.2	 	if CDIs are no longer quoted on the Official List of ASX, as otherwise determined
by the Board to be appropriate to reflect the reorganisation.

	12	 	Options not transferable
	 
	12.1	 	Subject to clause 12.2 below, the Options are not transferable without the prior written
consent of Unilife Corporation, except to a family member, family trust or estate of a
shareholder or officer of the Option Holder,
	 
	12.2	 	Transfers to a partner, shareholder, officer, subsidiary, affiliate, affiliated partnership
or other affiliated entity are not permitted without the prior written consent of Unilife
Corporation, such permission to be granted by Unilife Corporation only after the Option Holder
provides satisfactory assurances to Unilife Corporation that there is an available exemption
from
registration under which Unilife
Corporation will be able to issue Unilife
Corporation Shares upon exercise of the
Options by the transferee.

 

5

 

	13	 	Change of control
	 
	13.1	 	Each outstanding Option shall lapse upon the effective time of a Change of Control Event
unless the transaction the subject of the Change of Control Event provides for the
continuation or assumption of outstanding Options by the surviving or successor entity or a
parent company of that entity, or for the substitution of equivalent awards, as determined in
the sole discretion of the Board, of the surviving or successor entity or a parent of that
entity. This is subject to the proviso that holders of Options that lapse under this clause
13.1 are permitted to exercise all of their Options immediately before the Change of Control
Event.
	 
	14	 	Option register
	 
	14.1	 	Unless otherwise determined by the Board of Directors of Unilife Corporation (or a committee
of the Board), Unilife Corporation’s share registry will maintain a register of the Options.
	 
	15	 	Governing Law
	 
	15.1	 	The Options and this Agreement shall in all respects be governed by and construed in
accordance with the laws of the State of Delaware, without regard to its conflict of laws
principles.
	 
	15.2	 	Any suit with respect to an Option will be brought in the federal or state courts in the
State of Delaware, and the Option Holder, by accepting the Options, irrevocably and
unconditionally agrees and submits to the personal jurisdiction and venue thereof.
	 
	16	 	Notices
	 
	16.1	 	Notices may be given by Unilife Corporation to the Option Holder in writing and to the
address set out above or such new address as is notified from time to time by the Option
Holder to Unilife Corporation.
	 
	17	 	Definitions
	 
	17.1	 	In these Rules, unless the context otherwise requires:
	 
	 	 	A$ means Australian currency.
	 
	 	 	Applicable Law means any one or more or all, as the context requires, of:

	 	(a)	 	the Corporations Act and any regulations to it;
	 
	 	(b)	 	the ASX Listing Rules;
	 
	 	(c)	 	the certificate of incorporation of the Unilife Corporation;

 

6

 

	 	(d)	 	the United States Securities Act of 1933, as amended (including the rules
thereunder), Exchange Act and any other applicable United States federal or state
law, including without limitation the Delaware General Corporation Law;
	 
	 	(e)	 	the Internal Revenue Code of 1986, as amended, and any regulations to it;
	 
	 	(f)	 	the NASDAQ Rules; and
	 
	 	(g)	 	any practice note, policy statement, class order, declaration, guideline,
policy or procedure pursuant to the provisions of which any of the SEC, ASIC or ASX
is authorised or entitled to regulate, implement or enforce, either directly or
indirectly, the provisions of any of the foregoing statutes, regulations or rules or
any conduct of any duly authorised person, pursuant to any of the abovementioned
statutes, regulations or rules.

	 	 	ASIC means the Australian Securities and Investments Commission.
	 
	 	 	ASX means ASX Limited (ACN 008 624 691) and any successor body corporate or the financial
market it operates (as the context requires).
	 
	 	 	ASX Listing Rules means the Listing Rules published by ASX from time to time.
	 
	 	 	Board means all or some of the directors of Unilife Corporation acting as a board from
time to time.
	 
	 	 	Business Day means any day, other than a Saturday, Sunday or public holiday in New York,
United States of America.
	 
	 	 	CDI means a CHESS Depositary Interest over [insert fraction] of a share of Unilife
Corporation common stock.
	 
	 	 	Change of Control Event means the occurrence of any of the following events:

	 	(a)	 	a change of Ownership of Unilife Corporation;
	 
	 	(b)	 	a change of Effective Control of Unilife Corporation; or
	 
	 	(c)	 	a change of Ownership of Assets of Unilife Corporation; or

	 	 	as described in these Rules and construed consistent with Section 409A of the Code. For
the purposes of a Change of Control Event, fair market value is determined by the Board,
and share ownership is determined under section 318(a) of the Code. A Change of Control
Event excludes any transfer to a related person as described in Section 409A of the Code
or a public offering of the Shares.
	 
	 	 	Change of Effective Control of Unilife Corporation means the date on which a majority of
members of Unilife Corporation’s full board of directors is replaced during any 12-month
period by directors whose appointment or election is not endorsed by a majority of the
members of Unilife Corporation’s full board of directors before the date of the
appointment or election.

 

7

 

	 	 	Change of Ownership of Assets of Unilife Corporation means the date on which any one
person acquires, or Persons Acting as a Group acquire (or has or have acquired during the
12 month period ending on the date of the most recent acquisition by such Person or
Persons), assets from Unilife Corporation that have a total gross fair market value more
than 50% of the total gross fair market value of all of the assets of Unilife Corporation
immediately before such acquisitions. For this purpose, gross fair market value means the
value of the assets of Unilife Corporation, or the value of the assets being disposed of,
determined without regard to any liabilities associated with such assets.
	 
	 	 	Change of Ownership of Unilife Corporation means the date on which any one Person
acquires, or Persons Acting as a Group acquire, ownership of Shares that, together with
the Shares held by such Person or Persons Acting as Group, constitutes more than 50% of
the total fair market value or total voting power of the Shares of Unilife Corporation.
However, if any one Person is, or Persons Acting as a Group are, considered to own more
than 50% of the total fair market value or total voting power of the Shares of Unilife
Corporation, the acquisition of additional Shares by the same Person or Persons Acting as
a Group is not considered to cause a Change of Ownership of Unilife Corporation or to
cause a Change of Effective Control of Unilife Corporation. An increase in the percentage
of Shares owned by any one Person, or Persons Acting as a Group, as a result of a
transaction in which Unilife Corporation acquires its Shares in exchange for property will
be treated as an acquisition of Shares.
	 
	 	 	Corporations Act means the Corporations Act 2001 (Cth).
	 
	 	 	Exchange Act means the United States Securities Exchange Act of 1934, as amended,
including the rules promulgated thereunder.
	 
	 	 	Exercise Price means the exercise price payable to acquire one Share pursuant to the
exercise of each Option.
	 
	 	 	NASDAQ Rules means the Nasdaq Listing Rules as published by The Nasdaq Stock Market from
time to time.
	 
	 	 	Notice of Exercise means the notice provided to Unilife Corporation by the Option Holder
in respect of the exercise of the Options.
	 
	 	 	Option Period means the date from which the Options become exerciseable until the date on
which the Options lapse.
	 
	 	 	Options means the options granted to the Option Holder under this Agreement.
	 
	 	 	Original Grant means the date of grant of the Original Option.
	 
	 	 	Original Option means the Unilife Medical Solutions Limited options granted to the Option
Holder which the Option replaces.
	 
	 	 	Person means any individual, entity or group within the meaning of section 13(d)(3) or
14(d)(2) of the Exchange Act, other than employee benefit plans sponsored or maintained by
the Company and by entities controlled by the Company or an underwriter of the Shares of
the Company in a registered public offering;

 

8

 

	 	 	Persons Acting as a Group means persons who are owners of a corporation that enters into a
merger, consolidation, purchase or acquisition of shares, or similar business transaction
with the corporation. If a Person owns shares in both corporations that enter into a
merger, consolidation, purchase or acquisition of shares, or similar transaction, such
shareholder is
considered to be a Person Acting as a Group with other shareholders only with respect to
the ownership in that corporation before the transaction giving rise to the change and not
with respect to the ownership interest in the other corporation. Persons will not be
considered to be Persons Acting as a Group solely because they purchase assets of the same
corporation at the same time or purchase or own shares of the same corporation at the same
time, or as a result of the same public offering;
	 
	 	 	Unilife Corporation Shares means shares of fully paid common stock in the capital of
Unilife Corporation.
	 
	 	 	Unilife Medical Solutions Limited means Unilife Medical Solutions Limited (ABN 14 008 071
403).
	 
	 	 	SEC means the United States Securities and Exchange Commission.

 

9

 

Date:

THESE OPTIONS AND THE SECURITIES TO BE ISSUED UPON THEIR EXERCISE HAVE NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (US
SECURITIES ACT) AND THE OPTIONS MAY NOT BE EXERCISED BY OR ON BEHALF OF ANY
U.S. PERSON, AS SUCH TERM IS DEFINED IN REGULATION S OF THE US SECURITIES ACT,
UNLESS A REGISTRATION STATEMENT UNDER THE SECURITIES ACT IS FILED AND MADE
EFFECTIVE, OR AN OPINION OF COUNSEL SATISFACTORY TO THE UNILIFE CORPORATION TO
THE EFFECT THAT REGISTRATION UNDER THE US SECURITIES ACT IS NOT REQUIRED.
NEITHER THE OPTIONS NOR THE SECURITIES TO BE ISSUED UPON THEIR EXERCISE MAY BE
TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF IN THE ABSENCE OF (I) AN EFFECTIVE
REGISTRATION STATEMENT WITH RESPECT TO THE OPTIONS OR THE SECURITIES TO BE
ISSUED UPON THEIR EXERCISE, OR (II) AN EXEMPTION FROM REGISTRATION UNDER THE US
SECURITIES ACT AND AN OPINION OF COUNSEL SATISFACTORY TO THE UNILIFE
CORPORATION TO THE EFFECT THAT REGISTRATION UNDER THE US SECURITIES ACT IS NOT
REQUIRED.

	 	 	 
	Executed by Unilife Corporation acting by the following person:
	 	 
	 
	 	 
	 

Signature of duly authorised officer

	 	 
	 
	 	 
	 

Name of officer (print)

	 	 
	 
	 	 
	Executed by [insert name of Option Holder] 

in the presence of:
	 	 
	 
	 	 
	 

Signature of duly authorised officer

	 	 
	 
	 	 
	 

Name of officer (print)

	 	 

 

10Exhibit 10.28

Exhibit 10.28

Private and Confidential

1 October 2009

	 	 	 
	[name]

	 	URGENT
	[company]
	 	 
	[address]

	 	FAX CONFIRMATION REQUIRED BY
	[address]

	 	5.00PM (AEST)
	 

	 	2 October 2009
	Email: [  ]
	 	 

Dear [name]

UNILIFE MEDICAL SOLUTIONS LIMITED – PLACEMENT OFFERS & ALLOCATION FOR NON-US PERSONS

Unilife Medical Solutions Limited (“Unilife”) is pleased to invite you and/or your clients to
subscribe for shares and free unlisted attaching options in Unilife under a placement to raise up
to A$40 million in Australia and the US (“Placement”) on the terms set out in this letter
(“Subscription Agreement”). Details of the shares and free unlisted attaching options in Unilife
for which you are invited to subscribe (conditional upon satisfaction of the Conditions) are set
out in Section 2.

Unilife is also proposing to offer additional shares to existing shareholders at the Placement
Price under a Share Purchase Plan to raise up to a further A$10 million.

Unilife announced on 1 September 2009 that it proposes to redomicile in the United States. Provided
that the Conditions are fulfilled, it is intended that the Placement will be completed and the
Placement Shares and Placement Options will be issued prior to the redomiciliation occurring.
Accordingly, if Unilife proceeds with the redomiciliation:

	 	(a)	 	the Placement Shares would participate in the scheme of arrangement which will be
proposed to Unilife shareholders with the result that the Placement Shares would be
replaced with common stock in the new United States parent company, Unilife Corporation;
and
	 
	 	(b)	 	the Placement Options would be exchanged for equivalent options in Unilife Corporation.

Unilife Medical Solutions Limited, Suite 3, Level 11, 1 Chifley Square, Sydney NSW 2000, Australia T +61 2 8346 6500 F +61 2 8346 6511

W www.unilife.com

 

 

 

Non-US Subscription Agreement for Unilife Placement

	1.	 	Details of the Placement

The following are the principal details of the Placement and defined terms used in this
Subscription Agreement:

	 	 	 
	Company or Unilife

	 	Unilife Medical Solutions Limited (ABN 14 008 071 403)
	 
	 	 
	Placement

	 	The proposed issue by the Company of (i) the Placement
Shares at the Placement Price and (ii) the Placement
Options to investors in the US and Australia.
	 
	 	 
	Amount of Placement

	 	Up to A$40 million
	 
	 	 
	Placement Shares

	 	Up to 47,058,823 fully paid ordinary shares in the
Company to be issued under the Placement, at the
Placement Price comprising the Firm Shares and the
Additional Shares.
	 
	 	 
	Placement Price

	 	A$0.85 per Placement Share
	 
	 	 
	Firm Shares

	 	The initial allocation of Placement Shares (as referred
to on page 1), which may be issued without shareholder
approval under the Company’s 15% placement capacity
under Listing Rule 7.1.
	 
	 	 
	Additional Shares

	 	The further allocation of Placement Shares (as referred
to on page 1), being the excess over the Company’s 15%
placement capacity under ASX Listing Rule 7.1 which
will be issued to investors upon satisfaction of the
Conditions.
	 
	 	 
	Placement Options

	 	For every four Placement Shares allotted, the Placees
will be issued for nil cash consideration, two free
unlisted options (a Tranche 1 option and a Tranche 2
option) in the Company. Each option will entitle the
Placee to subscribe for one ordinary share in the
Company.
	 
	 	 
	 

	 	The options will be issued with an exercise price of: Tranche 1 — A$1.25, Tranche 2 — A$2.00, and otherwise
on the terms and conditions set out in Schedule 1
	 
	 	 
	Redomiciliation

	 	The proposed redomiciliation of the Company in the
United States which was announced on 1 September 2009.
	 
	 	 
	Replacement Options

	 	The options over common stock in Unilife Corporation
which will be issued to investors by Unilife
Corporation upon implementation of the Redomiciliation
and which will be on substantially the same terms as
the Placement Options as described in the Cancellation
Deed.
	 
	 	 
	Conditions

	 	The issue of the Additional Shares and the Placement
Options is subject to the Company obtaining Shareholder
Approval for their issue. The issue of the Placement
Options is also conditional upon the placee providing a
duly executed Cancellation Deed to the Company by 2
October 2009.
	 
	 	 
	Cancellation Deed

	 	The cancellation deed in the form set out in Schedule 2.
	 
	 	 
	Shareholder Approval

	 	The Placement is conditional upon the approval of
Unilife shareholders for the issue of the Additional
Shares and the Placement Options in accordance with ASX
Listing Rule 7.1 at an extraordinary general meeting of
the Company which is scheduled to occur in early
November 2009 (“EGM”).
	 
	 	 
		 	Unilife does not warrant that shareholder approval will
be obtained for the placement of the Additional Shares
or the Placement Options.
	 
	 	 
	Underlying Shares

	 	The ordinary shares in the Company issued to investors
on exercise of Placement Options and/or the shares of
common stock in Unilife Corporation issued to investors
on exercise of the Replacement Options (as applicable).
	 
	 	 
	Use of Proceeds

	 	Unilife intends to use the proceeds raised from the
Placement in the expansion of its operational
capabilities in the United States, for the continued
industrialisation of the Unilife Ready-to-Fill Syringe,
and for the development of other pipeline products.
	 
	 	 
		 	Notwithstanding the above, the Company reserves the
right to change the use of proceeds in its sole
discretion, from time to time.

Unilife Medical Solutions Limited, Suite 3, Level 11, 1 Chifley Square, Sydney NSW 2000, Australia T +61 2 8346 6500 F +61 2 8346 6511

W www.unilife.com

 

Page 2

 

Non-US Subscription Agreement for Unilife Placement

	2.	 	Your Allocation

Unilife is pleased to confirm that you, as the addressee of this Subscription Agreement (“you”),
are invited to subscribe for or procure your clients to subscribe for the number of Placement
Shares and Placement Options set out below.

	 	 	 	 	 
	[  ] Placement Shares 

comprising:

	 	A$[  ]
	 	5:00pm, Tuesday, 6 October 2009

(Australian Eastern Standard Time)
	 
	 	 	 	 
	•    [  ] Firm Shares; and

	 	 	 	 
	 
	 	 	 	 
	•    [  ] Additional Shares

	 	 	 	 
	 
	 	 	 	 
	[  ] Placement Options*
	 	 	 	 

 

	 	 	 
	*	 	You will receive two Placement Options (a Tranche 1 option and a Tranche 2 option) for every
four Placement Shares which you subscribe for under the Placement.

This offer is made to you on the terms and conditions set out in this Subscription Agreement. The
term “you” shall include any person or entity which applies for Placement Shares and Placement
Options on your behalf, including as nominee or custodian.

By returning the completed Placement Application Form (attached to this Subscription Agreement)
including the making of your investor representations in this Subscription Agreement and the
Placement Application Form and providing payment of the subscription price for your Placement
Shares (“Subscription Amount”) to the Company in cleared funds by no later than 5:00pm Tuesday 6
October 2009, you are irrevocably applying for the allotment and issue to you of the number of
Placement Shares and Placement Options set out above on the terms set out in this Subscription
Agreement without the need for any separate instrument of application by you.

Upon receipt of the completed Placement Application Form, together with payment of the above
Subscription Amount in cleared funds the Company agrees to allot and issue to you the number of
Placement Shares set out above and, if the Conditions are satisfied, agrees to issue to you the
number of Placement Options set out above.

Upon the allotment of Placement Shares and Placement Options to you, you agree to:

	 	(a)	 	accept the Placement Shares and Placement Options issued to you on the terms of the
offer as set out in this Subscription Agreement;
	 
	 	(b)	 	to be bound by the Company’s constitution; and
	 
	 	(c)	 	authorise your name to be placed on the register of members of the Company as the legal
owner of the Placement Shares and on the Company’s option register as the legal owner of
the Placement Options issued to you.

Unilife Medical Solutions Limited, Suite 3, Level 11, 1 Chifley Square, Sydney NSW 2000, Australia T +61 2 8346 6500 F +61 2 8346 6511

W www.unilife.com

 

Page 3

 

Non-US Subscription Agreement for Unilife Placement

Pursuant to the terms of the Placement Application Form and this Subscription Agreement, you
acknowledge that the Placement Shares, Placement Options, the Replacement Options and the
Underlying Shares have been or will be offered and sold to you (upon the satisfaction of the
Conditions in the case of the Placement Options), in reliance on Regulation S of the United States
Securities Act of 1933, as amended (the “US Securities Act”) and therefore you covenant and agree
not to sell the Placement Shares, the Placement Options, the Replacement Options or the Underlying
Shares except as permitted under the US Securities Act pursuant to registration or to an exemption
from registration. You also covenant and agree that you will not exercise the Placement Options or
the Replacement Options unless at the time of exercise (i) you are outside the United States and
(ii) you are not a US person, as defined in Regulation S (and are not acquiring the Underlying
Shares on behalf of or for the account of or benefit of, a US person).

	3.	 	Timetable

The proposed timetable for the Placement is as follows:

	 	 	 
	Return of Placement Application Form

	 	by 5.00pm 2 October 2009
	Payment of subscription amount

	 	by 5.00pm 6 October 2009
	Allotment of Firm Shares (not subject to Shareholder Approval being obtained)

	 	8 October 2009
	Unilife Extraordinary General Meeting to consider resolution to approve issue of Additional Shares and Placement Options

	 	early November 2009
	Allotment of Additional Shares and Placement Options (subject to Shareholder Approval being obtained)

	 	within 3 business days after the EGM

	 	 	 
	*	 	All times above are references to Sydney time.

Quotation of Placement Shares (on ASX) will occur following allotment of the relevant Placement
Shares. The Company will not apply for listing of the Placement Options on ASX or any other
exchange.

Please note that the above timetable may change without consultation with you and you are bound by
your Subscription Agreement, notwithstanding any such changes to the timetable.

The Company reserves the right not to proceed with the Placement or any part of it at any time
before the allotment of Placement Shares and Placement Options to you. If the Placement or any
part of it does not proceed or is cancelled, all relevant Subscription Amounts relating to the
cancelled part of the Placement will be refunded (without interest).

	4.	 	Rights and Restrictions attaching to the Placement Shares, the Placement Options, the
Replacement Options and the Underlying Shares

The Placement Shares will be fully paid ordinary shares and will rank pari passu in all respects
with the ordinary shares of Unilife on issue as at the date of their allotment. With respect to
the transferability of the Placement Shares, the Placement Shares are being offered pursuant to the
Regulation S exemption from registration under the US Securities Act, and as such, cannot be
offered or sold to “US persons” (as defined under Regulation S of the US Securities Act).

The Placement Options will be options to acquire ordinary shares in Unilife on the key terms set
out in Schedule 1. The Placement Options will not be listed on ASX. The issue of the Placement
Options is conditional upon you delivering to the Company a duly executed Cancellation Deed with
respect to the Placement Options, under which the Placement Options will be replaced with
equivalent options in Unilife Corporation, upon implementation of the Unilife Group’s
redomiciliation in the United States. The terms of the Replacement Options are set out in the
Option Deed attached to the Cancellation Deed attached as Schedule 2.

Unilife Medical Solutions Limited, Suite 3, Level 11, 1 Chifley Square, Sydney NSW 2000, Australia T +61 2 8346 6500 F +61 2 8346 6511

W www.unilife.com

 

Page 4

 

Non-US Subscription Agreement for Unilife Placement

Allotment of the Placement Options will only take place once the Conditions have been satisfied.

Upon allotment, Unilife will apply to ASX for official quotation of the Placement Shares on the
ASX. Please note that ASX Participating Organisations (as defined in the ASX Business Rules)
cannot deal in the Placement Shares either as principal or agent until official quotation is
granted in respect
of the Placement Shares. The Placement Options, the Replacement Options and the Underlying Shares
are being or will be offered pursuant to the Regulation S exemption from registration under the US
Securities Act and as such cannot be offered or sold to ‘US’ persons as defined under Regulation S
of the US Securities Act.

	5.	 	Issue of Placement Shares and Placement Options

Subject to the Company receiving payment in full in cleared funds for the Placement Price, the Firm
Shares will be issued on or about 8 October 2009.

The Additional Shares and the Placement Options will be issued to Applicants within 3 business days
of the satisfaction of the Conditions.

	6.	 	Holding of Subscription Amounts for Additional Shares

	(a)	 	The business day following the date that the Company closes the Placement, the Company shall
transfer the subscription amounts received from investors for the Additional Shares (“Escrow
Amounts”) into the escrow account established and operated by its escrow agent.
	 
	(b)	 	In the event that:

	 	(i)	 	the Conditions are satisfied on or before 31 December 2009, Unilife shall
direct the escrow agent to release the Escrow Amounts to the Company promptly upon
becoming aware that the Conditions have been satisfied;
	 
	 	(ii)	 	Shareholder Approval is not obtained at the EGM (or at any deferral of the EGM)
or the Conditions are not satisfied on or before 31 December 2009. Unilife shall direct
the escrow agent to release the Escrow Amounts to the Company for refund to investors
on the earliest of the business day after:

	 	•	 	the EGM (if the resolution approving the Placement was not passed);
	 
	 	•	 	the Company becomes aware that the Conditions are not capable of being
satisfied; and
	 
	 	•	 	31 December 2009.

	(c)	 	Upon receipt of the Escrow Amounts from the escrow agent in accordance with clause 6(b)(ii),
the Company shall promptly refund your Subscription Amount to you.

	(d)	 	Any interest which accrues on the Escrow Amounts while in the Escrow Account shall follow the
principal amount and shall be paid to the Company or refunded to investors (as the case may
be) at the same time as payment of the corresponding principal.

	7.	 	Offer Personal

The invitation for you to subscribe for Placement Shares and Placement Options on the terms and
conditions set out in this Subscription Agreement is personal to you. You may not, prior to
allotment of the Placement Shares and Placement Options, assign, transfer or deal in any other
manner, with Placement Shares and Placement Options, or your rights or obligations under this
Subscription Agreement without the prior written agreement of Unilife.

Unilife Medical Solutions Limited, Suite 3, Level 11, 1 Chifley Square, Sydney NSW 2000, Australia T +61 2 8346 6500 F +61 2 8346 6511

W www.unilife.com

 

Page 5

 

Non-US Subscription Agreement for Unilife Placement

	8.	 	Representations, Warranties and Agreements

By accepting this invitation (by returning the completed Placement Application Form and
Subscription Amount to the Company) you represent, warrant and agree for the benefit of Unilife and
Inteq Limited and their respective related bodies corporate and any officers, employees, agents or
advisers of any of them (“affiliates”) that:

	(a)	 	If you are in Australia you are:

	 	(i)	 	a “Sophisticated Investor” under section 708(8) of the Corporations Act 2001
(Cth) (Corporations Act); or
	 
	 	(ii)	 	a “Professional Investor” under section 708(11) of the Corporations Act.

	(b)	 	If you are outside Australia, you are a person to whom an invitation or offer to subscribe
for Placement Shares in the manner contemplated by this Subscription Agreement is permitted by
the laws of the jurisdiction in which you are situated, and to whom Placement Shares can
lawfully be issued under all applicable laws, without the need for any registration, filing or
lodgement. This Subscription Agreement does not constitute an offer to subscribe for
Placement Shares in any jurisdiction in which, or to any person to whom, such an offer would
be illegal.

	(c)	 	You confirm that you are in compliance with all relevant laws and regulations and will not
cease to be in compliance if you apply for Placement Shares and Placement Options on the terms
set out in this Subscription Agreement.

	(d)	 	In accepting this offer to apply for Placement Shares and Placement Options on the terms set
out in this Subscription Agreement you are not subscribing for Placement Shares and Placement
Options for the purpose of selling or transferring the Placement Shares and Placement Options
issued to you or granting, issuing or transferring interests in, or options over the Placement
Shares and Placement Options within 12 months of their date of issue. This confirmation is
understood to be a statement by you of present intention only but not an undertaking not to
sell, particularly where your investment objectives or market conditions change.

	(e)	 	You acknowledge that no disclosure document has been prepared under the Corporations Act in
connection with the offer of the Placement Shares or the Placement Options.

	(f)	 	You have such knowledge and experience in financial and business matters that you are capable
of evaluating the merits and risks of a subscription for Placement Shares and Placement
Options and you acknowledge that an investment in Placement Shares and Placement Options
involves a degree of risk.

	(g)	 	You have the financial ability to bear the economic risk of an investment in Placement Shares
and Placement Options.

	(h)	 	You are aware that publicly available information about Unilife can be obtained from ASX
(including its web site http://www.asx.com.au), and that certain publicly available
information about Unilife can be obtained free of charge from Unilife‘s web site:
www.unilife.com.

	(i)	 	You have had access to all information that you believe is necessary or appropriate in
connection with your application for Placement Shares and Placement Options. You acknowledge
and agree that you will not hold Unilife, Inteq Limited or any of their respective officers,
employees, agents, advisers or affiliates responsible for any misstatements in, or omissions
from, any publicly available information concerning Unilife.

	(j)	 	You have made and relied upon your own assessment of Unilife and have conducted your own
investigation with respect to the Placement Shares and Placement Options and Unilife
including, without limitation, the particular tax consequences of subscribing, owning or
disposing of Placement Shares and Placement Options in light of your particular situation as
well as any consequences arising under the laws of any other taxing jurisdiction.

Unilife Medical Solutions Limited, Suite 3, Level 11, 1 Chifley Square, Sydney NSW 2000, Australia T +61 2 8346 6500 F +61 2 8346 6511

W www.unilife.com

 

Page 6

 

Non-US Subscription Agreement for Unilife Placement

	(k)	 	You have not relied on any representations made by Unilife, Inteq Limited or any of their
respective officers, employees, agents, advisers or affiliates except as set out in this
Subscription Agreement.

	(l)	 	You have not relied on any investigation that Unilife, Inteq Limited or any of their
respective officers, employees, agents, advisers or affiliates or any persons acting on their
behalf may have conducted with respect to the Placement Shares and the Placement Options or
Unilife. None of such persons has made any representation to you, express or implied, with
respect to the Placement Shares and the Placement Options or Unilife.

	(m)	 	You acknowledge that this Subscription Agreement does not constitute a securities
recommendation or financial product advice and that Unilife and Inteq Limited have not
considered your particular objectives, financial situation and needs.

	(n)	 	You agree to be bound by the provisions of the constitution of Unilife upon allotment of
Placement Shares to you (and upon any subsequent issue of Placement Options to you).

	(o)	 	Except to the extent that liability cannot by law be excluded, you acknowledge that none of
Inteq Limited, Unilife or any of their respective related bodies corporate or any officers,
employees, agents, advisers or affiliates of Inteq Limited or Unilife, accept any
responsibility in relation to the Placement.
	 
	(p)	 	You are not a Related Party (as defined in the ASX Listing Rules) of Unilife.

	(q)	 	You understand and agree that the offer and sale to you of the Placement Shares, the
Placement Options, the Replacement Options and the Underlying Shares have not been and will
not be registered under the US Securities Act or the laws of any state or other jurisdiction
in the United States but rather the issue of the Placement Shares, the Placement Options and
the Replacement Options under this Subscription Agreement and the issue of the Underlying
Shares on exercise of the Placement Options or the Replacement Options will be made in
reliance on an exemption from registration contained in Regulation S under the US Securities
Act for offers and sales made outside of the US. Therefore, you agree that you may not and
will not offer, sell, pledge, transfer or otherwise dispose of any Placement Shares, any
Placement Options, any Replacement Options or any Underlying Securities in the United States
or for the account or benefit of a U.S. person (as defined in Regulation S of the US
Securities Act) (“US Person”) unless and until the Placement Shares, the Placement Options,
the Replacement Options or the Underlying Shares (as applicable) are registered under the US
Securities Act (which you acknowledge Unilife has no obligation to do) or offered, sold,
pledged, transferred or otherwise disposed of in a transaction exempt from, or not subject to,
the registration requirements of the US Securities Act or the laws of any state or other
jurisdiction in the United States. You further acknowledge that (i) each Placement Option
certificate and Replacement Option certificate will bear a legend stating that it and the
Underlying Shares have not been registered under the US Securities Act and that such option
may not be exercised by or on behalf of any US person unless registered under the US
Securities Act or an exemption from registration is available and (ii) upon exercise of such
option, you will be required to give a written certification that you are outside the US and
that you are not a US person and that the Placement Option or Replacement Option is not being
exercised on behalf of a US person.

	(r)	 	You represent that (i) at the time that you submit your Placement Application Form to the
Company, (ii) at the time of allotment of the Placement Shares and the Placement Options,
(iii) at the time of the issue of the Replacement Options and (iv) at the time of exercise of
the Placement Options or the Replacement Options, as applicable, you are and will be (i)
outside the United States and (ii) not a US person, as defined in Regulation S and are not and
will not be acquiring the Placement Shares, the Placement Options, the Replacement
Options or the Underlying Shares on behalf of or for the account of or benefit of, a US
person.

Unilife Medical Solutions Limited, Suite 3, Level 11, 1 Chifley Square, Sydney NSW 2000, Australia T +61 2 8346 6500 F +61 2 8346 6511

W www.unilife.com

 

Page 7

 

Non-US Subscription Agreement for Unilife Placement

	(s)	 	You will not engage in hedging transactions with regard to either the Placement Shares, the
Placement Options, the Replacement Options or the Underlying Shares unless in compliance with
the US Securities Act

	(t)	 	You have full corporate power and lawful authority to execute and deliver this Subscription
Agreement and to perform, or cause to be performed, your obligations under this Subscription
Agreement.

	(u)	 	This Subscription Agreement constitutes a legal, valid and binding obligation on you,
enforceable in accordance with its terms.

	(v)	 	If you are acquiring any Placement Shares and Placement Options for an account of one or more
persons, you have full power to make the foregoing acknowledgments, representations,
warranties and agreements on behalf of each such person and you will take reasonable steps to
ensure that each such person will comply with its obligations herein.

	(w)	 	You acknowledge that Unilife, Inteq Limited and their affiliates will rely upon the truth and
accuracy of the foregoing acknowledgments, representations, warranties and agreements and
agree that if any such acknowledgments, representations or warranties are no longer accurate,
you will notify Unilife immediately. You indemnify Unilife, Inteq Limited and their respective
officers, employees, advisers and affiliates against any loss, damage or costs incurred and
arising out of or in relation to any breach by you of the acknowledgments, representations,
warranties and agreements.

	(x)	 	You acknowledge that if you have material non-public information regarding the Company
insider trading restrictions may apply to you. You agree not to, and not to cause any other
person to, acquire any of the Company’s securities after you have had access to material
non-public information if doing so would be a breach of insider trading restrictions.

	9.	 	Announcements

You may not make any public announcement or communication concerning the transactions referred to
in this Subscription Agreement without obtaining the prior written consent of Unilife except as
required by law or a regulation of a stock exchange.

	10.	 	Governing Law and Jurisdiction

This Subscription Agreement between us arising out of your acceptance of the terms of this
invitation to apply for Placement Shares shall be governed by the laws of New South Wales,
Australia and you agree to submit to the exclusive jurisdiction of the courts of that State and the
Commonwealth of Australia.

	11.	 	Entire Agreement

The terms contained in this Subscription Agreement including, without limitation, your executed
Placement Application Form, constitute the entire agreement among you and Unilife and your
participation in the Placement to the exclusion of all prior representations, understandings and
agreements among you and Unilife. Any variation of the terms of this Subscription Agreement must
be in writing signed by Unilife and you.

Unilife Medical Solutions Limited, Suite 3, Level 11, 1 Chifley Square, Sydney NSW 2000, Australia T +61 2 8346 6500 F +61 2 8346 6511

W www.unilife.com

 

Page 8

 

Non-US Subscription Agreement for Unilife Placement

	12.	 	Notices

Any notice to be given relating to the offer of Placement Shares and Placement Options or this
Subscription Agreement may be sent by mail or by facsimile to the facsimile number of the party to
whom the notice is sent and will be deemed to have been given one business day after being mailed
or upon the successful transmission to that facsimile number.

	13.	 	Commission

The Company has agreed to pay the following aggregate commissions to brokers in connection with the
Placement:

	(a)	 	a cash payment of up to 6.5% of the value of the Placement; and
	 
	(b)	 	the issue of options with an exercise price of A$0.85 per option totalling up to 6.5% of the
number of shares allotted to subscribers under the Placement.

	14.	 	Placement Application Form & Payment Details

To confirm your irrevocable application for the allotment and issue of the number of Placement
Shares and Placement Options set out in Section 2 above to you, on the terms set out in this
Subscription Agreement and your acceptance of the terms and conditions of the Placement as set out
in this Subscription Agreement, please complete, sign and return a copy of the Placement
Application Form to Unilife Medical Solutions Limited by fax on or before 5.00pm (Australian
Eastern Standard Time) 2 October 2009 to:

Unilife Medical Solutions Limited

	 	 	 
	Fax No:

	 	+612 8346 6511
	Attention:

	 	Jeff Carter, Company Secretary

Cheque Payment:

Please make cheques payable to Unilife Medical Solutions Limited – Subscription Account in
Australian currency, cross it and mark it “Not Negotiable”. Cheques must be made in Australian
currency, and cheques must be drawn on an Australian Bank.

Electronic Funds Transfers:

Electronic funds transfers must be made in Australian currency and all transfer fees and bank
charges must be deducted from the sending bank. Transfers should be directed as follows:

	 	 	 
	Account Holder:

	 	 Unilife Medical Solutions Limited
	Account Name:

	 	 Unilife Medical Solutions Limited — Subscription Account
	Bank Name:

	 	 Westpac Banking Corporation
	Branch:

	 	 Royal Exchange
	BSB (Australian transfers):

	 	 032-002
	SWIFT Ref (International transferees):

	 	 WPACAU2S
	Account Number:

	 	 494645

Unilife Medical Solutions Limited, Suite 3, Level 11, 1 Chifley Square, Sydney NSW 2000, Australia T +61 2 8346 6500 F +61 2 8346 6511

W www.unilife.com

 

Page 9

 

Non-US Subscription Agreement for Unilife Placement

Any questions relating to settlement should be directed to Jeff Carter on +61 2 8346 6511. Please
note that while this settlement is being undertaken via CHESS it is not covered by the National
Guarantee Fund.

Yours faithfully,

Mr Jeff Carter

Company Secretary

Unilife Medical Solutions Limited

Enclosures: Placement Application Form

Unilife Medical Solutions Limited, Suite 3, Level 11, 1 Chifley Square, Sydney NSW 2000, Australia T +61 2 8346 6500 F +61 2 8346 6511

W www.unilife.com

 

Page 10

 

Non-US Subscription Agreement for Unilife Placement

SCHEDULE 1

TERMS AND CONDITIONS OF PLACEMENT OPTIONS

	1.	 	Subject to satisfaction of the Conditions, the Placement Options shall be issued for nil cash
consideration. Each Placement Option entitles the holder to subscribe for one fully paid
ordinary share (Share) in Unilife Medical Solutions Limited (Company).The Placement Options
granted to each subscriber under the Placement shall be issued in two equal tranches as
follows:

	 	1.1	 	Tranche 1: the exercise price for each Placement Option is A$1.25
	 
	 	1.2	 	Tranche 2: the exercise price for each Placement Option is A$2.00

The exercise price for any Placement Option shall be payable in full on exercise of the
Placement Option.

	2.	 	The Placement Options shall be exercisable at any time from the date of grant until the third
anniversary of the date of grant (Exercise Period).

	3.	 	If the Placement Option is not exercised on or prior to the expiry of the Exercise Period,
the Placement Option will automatically lapse.

	4.	 	A certificate shall be issued for the Placement Options. Each certificate will bear a legend
stating that it and the Underlying Shares have not been registered under the US Securities Act
and that such option may not be exercised by or on behalf of any US person unless registered
under the US Securities Act or if an exemption from registration is available and (ii) upon
exercise of such option, the Optionholder will be required to give a written certification
that he/she is outside the US and that he/she is not a US person and that the Placement Option
is not being exercised on behalf of a US person.

	5.	 	Placement Options shall be exercisable by notice in writing to the registered office of the
Company accompanied by the holder’s option certificate. The notice must state the number of
Placement Options being exercised (in multiples of 20,000 or where the number of Placement
Options held is less than 20,000 such lesser amount). If the notice does not state the number
of Placement Options being exercised, the notice shall be void and the Company shall request
the Optionholder to provide a further notice.
	 
	6.	 	The Optionholder shall either:

	 	(a)	 	include with the notice to the Company referred to in clause 5, a cheque
payable to the Company; or
	 
	 	(b)	 	at the time of issuing the notice to the Company referred to in clause 5,
arrange for an electronic funds transfer directly into an account nominated by the
Company,

for the total exercise price of the Placement Options being exercised.

	7.	 	Upon receipt of a valid notice in accordance with clause 5 and subject to the Company
receiving cleared funds from the Optionholder in accordance with clause 6, the Company must
issue the requisite number of Shares in the name of the Optionholder and update its share
register to record the Optionholder as the holder of that number of Shares equal to the number
of Placement Options exercised within five (5) business days of the exercise of the Placement
Option.

Unilife Medical Solutions Limited, Suite 3, Level 11, 1 Chifley Square, Sydney NSW 2000, Australia T +61 2 8346 6500 F +61 2 8346 6511

W www.unilife.com

 

Page 11

 

Non-US Subscription Agreement for Unilife Placement

	9.	 	Shares issued pursuant to an exercise of Placement Options shall rank equally in all respects
with existing Shares of the Company from the date of allotment.

	10.	 	An Optionholder may not sell, transfer, assign, give or otherwise dispose of, in equity or in
law, the benefit of some or all of the Placement Options without the prior written consent of
the Board.

	11.	 	If Shares of the class are quoted, the Company shall, in accordance with ASX Listing Rule
2.8, make application to have Shares issued pursuant to an exercise of Placement Options
listed for official quotation.

	12.	 	If Placement Options are exercised before the record date of an entitlement, Optionholders
can participate in a pro rata issue to the holders of Shares in the Company.

	13.	 	Optionholders do not have any right to participate in new issues of securities by the Company
without exercising Placement Options.

	14.	 	In accordance with the ASX Listing Rules, in the event of any reorganisation of capital of
the Company, the rights of the Optionholder will be changed to the extent necessary to comply
with the ASX Listing Rules applying to a reorganisation of capital at the time of the
reorganisation.

	15.	 	The Placement Options will not give any right to participate in dividends until Shares are
allotted pursuant to the exercise of the relevant Placement Options.

	16.	 	In the event that an issue of Shares is made to the holders of securities in the Company
(excluding a bonus issue), the exercise price of the Placement Options will be reduced in
accordance with ASX Listing Rule 6.22.

	17.	 	The number of Shares to be issued pursuant to the exercise of Placement Options will be
adjusted for bonus issues made prior to exercise of Placement Options. The effect will be
that upon exercise of the Placement Options, the number of Shares received by the Optionholder
will be increased by the number of bonus Shares that would have been issued to such holder if
the Placement Options had been exercised prior to the record date for the bonus issue. The
exercise price of the Placement Options will not change as a result of any such bonus issue.

	18.	 	If there has been a Change in Ownership or the Board concludes that the replacement of the
majority of the Board is imminent, the Board must resolve to notify the Optionholder that all
Placement Options may be exercised prior to 5pm (Sydney time) on the 90th day after the date
of the notice (or by such earlier date as the Board determines).
	 
	19.	 	Subject always to clause 21 below, a ‘Change in Ownership’ shall occur if:

	 	(a)	 	a person acquires a relevant interest (within the meaning of section 608 of
the Corporations Act 2001) in more than fifty per cent (50%) of the Shares in the
Company as a result of a takeover bid;
	 
	 	(b)	 	a person acquires a relevant interest (within the meaning of section 608 of
the Corporations Act 2001) in more than fifty per cent (50%) of the Shares in the
Company as a result of a scheme of arrangement;
	 
	 	(c)	 	through the acquisition of Shares in the Company a person is able to
determine the majority composition of the Board; or
	 
	 	(d)	 	any other event (including, but not limited to, a merger of the Company
with another company) which the Board determines, in its absolute discretion, to be a
Change in ownership.

Unilife Medical Solutions Limited, Suite 3, Level 11, 1 Chifley Square, Sydney NSW 2000, Australia T +61 2 8346 6500 F +61 2 8346 6511

W www.unilife.com

 

Page 12

 

Non-US Subscription Agreement for Unilife Placement

	20.	 	A ‘Change in Ownership’ does not include, unless otherwise determined by the Board, either an
internal restructure of the Company’s group or a transaction whereby the Company’s group is
redomiciled by imposing a new parent company of the Company’s group (including where such
transaction is effected by a scheme of arrangement under the Corporations Act 2001 (Cth)).
This exception to a ‘Change in Ownership’ includes a scheme of arrangement pursuant to which:

	 	(a)	 	a subsidiary of the Company will become the new parent company of the
Company; or
	 
	 	(b)	 	the shareholders of the Company on the record date of the scheme of
arrangement will be entitled to be issued shares equal to at least fifty per cent
(50%) of the issued ordinary share capital of the new parent company of the Company
on the implementation date of the scheme of arrangement.

Unilife Medical Solutions Limited, Suite 3, Level 11, 1 Chifley Square, Sydney NSW 2000, Australia T +61 2 8346 6500 F +61 2 8346 6511

W www.unilife.com

 

Page 13

 

Non-US Subscription Agreement for Unilife Placement

SCHEDULE 2

CANCELLATION DEED

Unilife Medical Solutions Limited, Suite 3, Level 11, 1 Chifley Square, Sydney NSW 2000, Australia T +61 2 8346 6500 F +61 2 8346 6511

W www.unilife.com

 

Page 14

 

	 	 	 
	

	 	201 Elizabeth Street

Sydney NSW 2000

Australia

DX 107 Sydney

Tel +61 2 9286 8000

Fax +61 2 9283 4144

www.dlaphillipsfox.com

Standalone Option Cancellation Deed

Unilife Medical Solutions Limited

Unilife Corporation

DLA Phillips Fox is a member of

DLA Piper Group, an alliance of

independent legal practices. It is a

separate and distinct legal entity.

DLA Phillips Fox offices are located

in Adelaide Auckland Brisbane

Canberra Melbourne Perth Sydney

and Wellington.

 

 

 

Table of contents

	 	 	 	 	 
	Parties
	 	 	2	 
	 
	 	 	 	 
	Background
	 	 	2	 
	 
	 	 	 	 
	Operative provisions
	 	 	2	 
	 
	 	 	 	 
	1 Cancellation of Standalone Options
	 	 	2	 
	 
	 	 	 	 
	2 Issue of Unilife Corporation Standalone Options
	 	 	2	 
	Time of issue
	 	 	3	 
	 
	 	 	 	 
	3 Conditions
	 	 	3	 
	Cancellation and offer conditional
	 	 	3	 
	Effective Time
	 	 	3	 
	Termination
	 	 	3	 
	No waiver
	 	 	3	 
	 
	 	 	 	 
	4 Representations and warranties
	 	 	4	 
	 
	 	 	 	 
	5 Release
	 	 	4	 
	Release
	 	 	4	 
	 
	 	 	 	 
	6 Miscellaneous
	 	 	5	 
	Notices
	 	 	5	 
	Conflict of interest
	 	 	6	 
	Costs
	 	 	6	 
	Counterparts
	 	 	6	 
	Binding agreement
	 	 	6	 
	Further assurances
	 	 	6	 
	No merger
	 	 	7	 
	No rights
	 	 	7	 
	Publicity
	 	 	7	 
	Variation and waiver
	 	 	7	 
	 
	 	 	 	 
	7 Definitions and interpretation
	 	 	7	 
	Definitions
	 	 	7	 
	Interpretation
	 	 	8	 
	Headings
	 	 	9	 
	 
	 	 	 	 
	Schedule 1
	 	 	10	 
	 
	 	 	 	 
	Execution and date
	 	 	11	 
	 
	 	 	 	 
	Annexure A
	 	 	12	 
	Unilife Corporation Option Agreement
	 	 	12	 

 

1

 

Parties

Unilife Medical Solutions Limited ABN 14 008 071 403 of Suite 3, Level 11, 1 Chifley Square, Sydney
NSW 2000 (Company)

Unilife Corporation a company incorporated in Delaware United States of 633 Lowther Road,
Lewisberry, Pennsylvania 17339, United States (Unilife Corporation)

(Standalone Option Holder)

Background

	 	 	 
	A

	 	The Company has granted the Standalone Options to the Standalone Option Holder.
	 
	 	 
	B

	 	The Company and Unilife Corporation have entered into a Merger Implementation Agreement under which, amongst other
things, the Company and Unilife Corporation have agreed to effect a transaction by means of a scheme of arrangement
pursuant to Part 5.1 of the Corporations Act under which Unilife Corporation will acquire all of the issued share
capital of the Company with the result that the Unilife group will be re-domiciled in the US.
	 
	 	 
	C

	 	The parties have agreed that in conjunction with the Share Scheme, the Standalone Options will be cancelled and, in
consideration of the cancellation, Unilife Corporation will issue Unilife Corporation Standalone Options to the
Standalone Option Holder.

Operative provisions

	1	 	Cancellation of Standalone Options

	1.1	 	Subject to clause 3.1, the Standalone Option Holder agrees to the cancellation of all, and
not part only, of the Standalone Options held by it as at the date of this deed without any
further action or consent on the part of the Company or the Standalone Option Holder.

	2	 	Issue of Unilife Corporation Standalone Options

	2.1	 	In consideration of, and subject to, the cancellation of its Standalone Options pursuant to
clause 1.1 and subject to the satisfaction or waiver of the conditions set out in clause 3.1,
Unilife Corporation will:

	 	2.1.1	 	issue the Unilife Corporation Standalone Options to the Standalone Option
Holder;

	 	2.1.2	 	deliver to the Standalone Option Holder a duly executed counterpart of the
Unilife Corporation Option Agreement;

	 	2.1.3	 	enter the name of the Standalone Option Holder in its register of option
holders; and

 

2

 

	 	2.1.4	 	no later than seven Business Days after the date of grant, despatch or
procure the despatch to each Standalone Option Holder of a certificate representing
the Unilife Corporation Standalone Options granted to it under this deed.

	2.2	 	Subject to the satisfaction or waiver of the conditions set out in clause 3.1, the Standalone
Option Holder will execute and deliver to the Company a counterpart of the Unilife Corporation
Option Agreement.

Time of issue

	2.3	 	Subject to the satisfaction of the conditions in clause 3.1, the Unilife Corporation
Standalone Options must be issued by Unilife Corporation with effect from the Effective Time.

	3	 	Conditions

Cancellation and offer conditional

	3.1	 	The cancellation of the Standalone Options pursuant to clause 1.1 and the offer of Unilife
Corporation Standalone Options pursuant to clause 2.1 is conditional upon:

	 	3.1.1	 	the Share Scheme becoming Effective; and

	 	3.1.2	 	the Company obtaining from ASX a waiver of any requirement under ASX
Listing Rule 6.23.2 to obtain the approval of the Company’s shareholders to the
cancellation of the Standalone Options.

Effective Time

	3.2	 	Subject to the satisfaction of the conditions in clause 3.1, the Standalone Option Holder
agrees to the cancellation of the Standalone Options with effect from the Effective Time, at
which time the Standalone Options will have no further force or effect and the rights and
entitlements of the Standalone Option Holder with respect to the Standalone Options will
cease.

Termination

	3.3	 	This deed will automatically terminate on the earlier of:

	 	3.3.1	 	the date on which the Merger Implementation Agreement is terminated; and

	 	3.3.2	 	30 June 2010 (or such other date and time agreed in writing between the
Company and Unilife Corporation) if the conditions set out in clause 3.1 are not
satisfied or waived before that date.

No waiver

	3.4	 	The conditions precedent in clause 3.1 cannot be waived.

 

3

 

	4	 	Representations and warranties

	4.1	 	The Standalone Option Holder represents and warrants to the Company and Unilife Corporation
that as at the Effective Time:

	 	4.1.1	 	the number of Shares subject to, and the exercise price of, the Standalone
Options, as set out in Schedule 1, is complete and accurate;
	 
	 	4.1.2	 	it has read and understood the terms of this deed and the Unilife
Corporation Option Agreement;
	 
	 	4.1.3	 	it is not in breach of any provision or condition of the Standalone Options;
	 
	 	4.1.4	 	it has full power and capacity to agree to the cancellation of the Standalone Options;
	 
	 	4.1.5	 	it is the legal and beneficial holder of the Standalone Options;
	 
	 	4.1.6	 	it will be taking the Unilife Corporation Standalone Options for
investment purposes only and not with a view to distribution; and
	 
	 	4.1.7	 	it is a sophisticated or professional investor within the meaning of
section 708 of the Corporations Act 2001(Cth)

	4.2	 	The Standalone Option Holder acknowledges that the issue of the Unilife Corporation
Standalone Options constitutes good and valuable consideration for the cancellation of the
Standalone Options and the release in clause 5.1.

	4.3	 	The Standalone Option Holder acknowledges that the issue of the Unilife Corporation
Standalone Options in exchange for the cancellation of the Standalone Options may not be an
economically equivalent exchange because of, among other things, the different tax laws that
apply to the options.

	4.4	 	The Standalone Optionholder acknowledges that the transfer of the Standalone Options and the
securities issued on the exercise of the Standalone Options is restricted under applicable US
securities laws.

	4.5	 	The Standalone Option Holder acknowledges that the certificate or other instrument evidencing
the Unilife Corporation Standalone Options and the securities issuable upon exercise of the
Standalone Options will bear an appropriate legend reflecting the restrictions on transfer
which will apply to the Unilife Corporation Standalone Options and such underlying securities
under applicable US securities laws.
	 
	5	 	Release

Release

	5.1	 	Following cancellation of the Standalone Options:

	 	5.1.1	 	the Company releases the Standalone Option Holder and the Standalone
Option Holder releases the Company and its officers, directors, shareholders,
affiliates, successors, agents, attorneys, representatives, and any other person or
entity that may have any liability for the Standalone Options (each a Released Party)
from all actions, claims, losses, liabilities and expenses in respect of the
cancellation and
extinguishment of the Standalone Options, and all rights and entitlements
attaching to the Standalone Options, with effect from the Effective Time; and

 

4

 

	 	5.1.2	 	the Company and the Standalone Option Holder agree not to make any claim
or demand, or participate in any actions, claims, demands or proceedings against any
Released Party inconsistent with clause 5.1.1 and agree that this deed may be pleaded
as a bar to any such action, claim, proceeding or demand.

	 	5.1.3	 	the Standalone Option Holder agrees that, upon the issue of the Unilife
Corporation Standalone Options, the Standalone Option Holder will have no further
claim of right to purchase or receive Shares or any other securities or consideration
for the Standalone Options, except as specifically set out in this deed.

	6	 	Miscellaneous

Notices

	6.1	 	Any notice, demand, consent or other communication (a Notice) given or made under this
Agreement:

	 	6.1.1	 	must be in writing and signed by a person duly authorised by the sender;

	 	6.1.2	 	must be delivered to the intended recipient by prepaid post or by hand or
fax to the address or fax number below or the address (being an address in Australia)
or fax number last notified by the intended recipient to the sender:

Company:

	 	 	 	 	 
	 

	 	Address:
	 	Level 11, 1 Chifley Square,

Sydney NSW 2000
	 

	 	Fax:

Attention:
	 	(02) 8346 6511

Mr Jeff Carter
	 
	 	 	 	 
	 	 	Unilife Corporation:
	 
	 	 	 	 
	 

	 	Address:
	 	633 Lowther Road,

Lewisberry, Pennsylvania 17339
	 

	 	Fax: 

Attention:
	 	+1 717 938 9364

Mr Alan Shortall
	 
	 	 	 	 
	 	 	Standalone Optionholder:
	 
	 	 	 	 
	 

	 	Address:	 	 
	 

	 	Fax:	 	 
	 

	 	Attention:	 	 

 

5

 

	 	6.1.3	 	will be taken to be duly given or made:

	 	(a)	 	in the case of delivery in person, when delivered;
	 
	 	(b)	 	in the case of delivery by post:

	 	(i)	 	within Australia to an Australian
address, two Business Days after the date of posting; and
	 
	 	(ii)	 	in any other case, 10 Business Days
after the date of posting;

	 	(c)	 	in the case of fax, on receipt by the sender of a
transmission control report from the dispatching machine showing the
relevant number of pages and the correct destination fax machine number or
name of recipient and indicating that the transmission has been made
without error,

but if the result is that a Notice would be taken to be given or made on a day
that is not a Business Day in the place to which the Notice is sent or is later
than 4.00pm (local time) it will be taken to have been duly given or made at the
commencement of business on the next Business Day in that place.

	6.2	 	The Standalone Option Holder agrees to waive any right it may have under or arising from the
Standalone Option to advance notice of the transactions contemplated under the Share Scheme,
except as otherwise required under applicable law.

Conflict of interest

	6.3	 	The parties’ rights and remedies under this deed may be exercised even if this involves a
conflict of duty or a party has a personal interest in their exercise.

Costs

	6.4	 	Each party shall pay their own legal and other costs and expenses in connection with the
preparation, execution and completion of this deed and other related documentation.

Counterparts

	6.5	 	This deed may be executed in counterparts. All counterparts when taken together are to be
taken to constitute one instrument.

Binding agreement

	6.6	 	Each party agrees that this deed is binding on each party and their heirs, executors,
administrators, and all persons claiming any right, benefit, or interest to the Standalone
Options or the underlying Shares, and inures to the benefit of the Released Parties and their
successors and assigns.

Further assurances

	6.7	 	Each party agrees, at the Company’s expense, to do anything another party asks (such as
obtaining consents, signing and producing documents and getting documents completed and
signed):

	 	6.7.1	 	to bind the party and any other person intended to be bound under this deed;
	 
	 	6.7.2	 	to enable the Company to cancel the Standalone Options;
	 
	 	6.7.3	 	to show whether the party is complying with this deed; and
	 
	 	6.7.4	 	to give full effect to this deed.

 

6

 

Governing law

	6.8	 	This deed is governed by the laws of New South Wales. The Parties submit to the
non-exclusive jurisdiction of its courts and courts of appeal from them. The Parties will not
object to the exercise of jurisdiction by those courts on any basis.

No merger

	6.9	 	This deed constitutes the entire understanding between the parties with respect the subject
matter of this deed, except as otherwise set out in the Share Scheme. The warranties,
undertakings and indemnities in this deed do not merge at the Effective Time.

No rights

	6.10	 	The Standalone Option Holder agrees that the transactions contemplated under this deed do not
result in the right to receive future grants of equity or other compensation other than the
Unilife Corporation Standalone Options.

Publicity

	6.11	 	The Standalone Option Holder may not make press or other announcements or releases relating
to this deed or the transactions the subject of this deed.

Variation and waiver

	6.12	 	A provision of this deed or a right created under it, may not be waived or varied except in
writing, signed by the party or parties to be bound.
	 
	7	 	Definitions and interpretation

Definitions

	7.1	 	In this deed the following definitions apply:

ASX means ASX Limited (ABN 98 008 624 691).

Business Day means a day that is not a Saturday, Sunday, public holiday or bank holiday in
Sydney, Australia.

Corporations Act means the Corporations Act 2001 (Cth).

Consolidation Ratio means the number of Shares in the Company which will be transferred to
Unilife Corporation under the Share Scheme for every share of common stock in Unilife
Corporation issued to Scheme Shareholders.

Court means the Federal Court of Australia.

Effective means, when used in relation to the Share Scheme, the coming into effect,
pursuant to section 411(10) of the Corporations Act, of the Court order made under section
411(4)(b) of the Corporations Act in relation to the Share Scheme.

 

7

 

Effective Date means the date on which the Share Scheme becomes Effective.

Effective Time means 5:00pm on the Implementation Date.

Implementation Date means the third Business Day after the Scheme Record Date.

Merger Implementation Agreement means the merger implementation agreement dated 1
September 2009 between the Company and Unilife Corporation (as amended from time to time).

Related Body Corporate has the meaning given to that term in section 50 of the
Corporations Act.

Scheme Record Date means 7.00pm on the fifth Business Day after the Effective Date.

Share means a fully paid ordinary share in the Company.

Share Scheme means the scheme of arrangement under Part 5.1 of the Corporations Act
between the Company and Scheme Shareholders.

Scheme Shareholder means a Shareholder as at the Scheme Record Date.

Standalone Options means the options issued to the Standalone Option Holder to subscribe
for the Shares under a Subscription Agreement between the Company and the Standalone
Option Holder dated on or around 2 October 2009, the key terms of which are set out in the
second column of Schedule 1.

Unilife Corporation Standalone Options means the options to be issued to the Standalone
Option Holder to subscribe for common stock in Unilife Corporation under the Unilife
Corporation Option Agreement in substantially the form attached as Annexure A to this
deed.

Interpretation

	7.2	 	In the interpretation of this deed, the following provisions apply unless the context
otherwise requires:

	 	7.2.1	 	The singular includes the plural and conversely.
	 
	 	7.2.2	 	A gender includes all genders.

	 	7.2.3	 	If a word or phrase is defined, its other grammatical forms have a
corresponding meaning.

	 	7.2.4	 	A reference to a person, corporation, trust, partnership, unincorporated
body or other entity includes any of them.

	 	7.2.5	 	A reference to a clause, schedule or annexure is a reference to a clause
of, or schedule or annexure to, this deed.

	 	7.2.6	 	A reference to an agreement or document (including a reference to this
deed) is to the agreement or document as amended, varied, supplemented, novated or
replaced, except to the extent prohibited by this deed or that other agreement
or document.

 

8

 

	 	7.2.7	 	A reference to a person includes a reference to the person’s executors,
administrators, successors, substitutes (including persons taking by novation) and
assigns.

	 	7.2.8	 	A reference to legislation or to a provision of legislation includes a
modification or re-enactment of it, a legislative provision substituted for it and a
regulation or statutory instrument issued under it.
	 
	 	7.2.9	 	A reference to $ is to the lawful currency of Australia.

	 	7.2.10	 	Words and phrases not specifically defined in this deed have the same meanings (if
any) given to them in the Corporations Act.
	 
	 	7.2.11	 	A reference to time is a reference to time in Sydney, Australia.

	 	7.2.12	 	If the day on which any act, matter or thing is to be done is a day other than a
Business Day, such act, matter or thing must be done on the immediately succeeding
Business Day.

	 	7.2.13	 	The meaning of general words is not limited by specific examples introduced by
including, or for example, or similar expressions.

Headings

	7.3	 	Headings are for convenience only and do not affect the interpretation of this deed.

 

9

 

Schedule 1

Standalone Options

	 	 	 	 	 
	 	 	 	 	Number and key terms of
	Name and address of	 	Number and key terms of	 	Unilife Corporation
	Standalone Optionholder	 	Standalone Options	 	Standalone Options
	 
	 	 	 	 
	 

	 	Tranche 1 

Number: 

Exercise Price: A$1.25

Expiry date: Third
anniversary of the
date of grant of the
Standalone Option.
	 	Tranche 1

Number: __ x the
Consolidation
Ratio

Exercise Price: A$1.25
x the Consolidation
Ratio

Expiry date: Third
anniversary of the
date of grant of the
Standalone Options the
Unilife Corporation
Standalone Option
replaces.
	 
	 	 	 	 
	 

	 	Tranche 2

Number: 

	 	Tranche 2

Number: __ x the
Consolidation Ratio
	 

	 	Exercise Price: A$2.00

Expiry date: Third
anniversary of the
date of grant of the
Standalone Option.
	 	
Exercise Price: A$2.00
x the Consolidation
Ratio

Expiry date: Third
anniversary of the
date of grant of the
Standalone Options the
Unilife Corporation
Standalone Option
replaces.

 

10

 

Execution and date

Executed as a deed.

Date:

	 	 	 	 	 	 	 
	Executed as a deed by Unilife Medical Solutions 

Limited acting by the following persons:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of director

	 	 
	 	 

Signature of director/company secretary
	 	 
	 
	 	 	 	 	 	 
	 

Name of director (print)

	 	 
	 	 

Name of director/company secretary (print)
	 	 
	 
	 	 	 	 	 	 
	Executed as a deed by Unilife Corporation acting by the following person:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of duly authorised officer

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Name of officer (print)

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Executed as a deed by in
the presence of:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of witness

	 	 
	 	 

Signature of
	 	 
	 
	 	 	 	 	 	 
	 

Name of witness (print)

	 	 	 	 	 	 

 

11

 

Annexure A

Unilife Corporation Option Agreement

 

12

 

Exhibit 10.28

Option Agreement

Unilife Corporation

[insert name of Option Holder]

 

 

 

Table of contents

	 	 	 	 	 
	Parties
	 	 	3	 
	 
	 	 	 	 
	1 Grant of Options
	 	 	3	 
	 
	 	 	 	 
	2 Tranches
	 	 	3	 
	 
	 	 	 	 
	3 Exercise Period
	 	 	3	 
	 
	 	 	 	 
	4 Exercise Price
	 	 	3	 
	 
	 	 	 	 
	5 Notice of Exercise
	 	 	4	 
	 
	 	 	 	 
	6 Allotment of Unilife Corporation Shares
	 	 	4	 
	 
	 	 	 	 
	7 Quotation of Options and Shares
	 	 	4	 
	 
	 	 	 	 
	8 Shareholder approval
	 	 	5	 
	 
	 	 	 	 
	9 Shares rank equally
	 	 	5	 
	 
	 	 	 	 
	10 No participation in new issues
	 	 	5	 
	 
	 	 	 	 
	11 Reorganisation of capital
	 	 	5	 
	 
	 	 	 	 
	12 Options not transferable
	 	 	5	 
	 
	 	 	 	 
	13 Change of control
	 	 	6	 
	 
	 	 	 	 
	14 Option register
	 	 	6	 
	 
	 	 	 	 
	15 Governing Law
	 	 	6	 
	 
	 	 	 	 
	16 Notices
	 	 	6	 
	 
	 	 	 	 
	17 Definitions
	 	 	6	 

 

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Parties

Unilife Corporation a company incorporated in Delaware United States of 633 Lowther Road,
Lewisberry, Pennsylvania 17339, United States (Unilife Corporation)

[insert name of Optionholder] (Option Holder)

	1	 	Grant of Options

	1.1	 	Unilife Corporation grants the Option Holder [insert amount] Options to subscribe for Unilife
Corporation Shares on the terms and conditions set out in this Agreement; and

	1.2	 	Each Option entitles the Option Holder to acquire one Unilife Corporation Share.
	 
	2	 	Tranches
	 
	2.1	 	The Options are granted in two tranches:

	 	2.1.1	 	Tranche 1: [insert amount] Options; and
	 
	 	2.1.2	 	Tranche 2: [insert amount] Options.

	3	 	Exercise Period

	3.1	 	Subject to clause 13, each Option is exercisable at any time in the period from the date of
grant until the third anniversary of the Original Grant and if the Option is not exercised on
or prior to the expiry of the relevant Option Period, the Option will automatically lapse.

	4	 	Exercise Price
	 
	4.1	 	The exercise price for each Option is as follows:

	 	4.1.1	 	Tranche 1: [A$insert price equal to $1.25 x Consolidation Ratio] per Option
	 
	 	4.1.2	 	Tranche 2: [A$insert price equal to $2.00 x Consolidation Ratio] per Option

and is payable immediately on exercise by bank cheque or wire transfer to an account of
the Unilife Corporation.

 

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	5	 	Notice of Exercise

	5.1	 	The Options may be exercised wholly or in part by giving notice in writing to the Unilife
Corporation at any time during the Option Period stating the number of Options being
exercised. Options may only be exercised in multiples of 3,000 unless all of the then
unexercised Options are being exercised under the relevant Notice of Exercise.

	6	 	Allotment of Unilife Corporation Shares

	6.1	 	Subject to clause 6.3, on receipt by Unilife Corporation of a valid Notice of Exercise in
accordance with clause 5 and payment of the Exercise Price in accordance with clause 4,
Unilife Corporation must, within two Business Days, issue and allot to the Option Holder the
number of Unilife Corporation Shares set out in the Exercise Notice and despatch the relevant
share certificate or other appropriate acknowledgment as soon as reasonably practicable
thereafter.

	6.2	 	Whilst Unilife Corporation remains listed on ASX, the Option Holder will be entitled to elect
whether to receive Unilife Corporation Shares in the form of common stock of Unilife
Corporation or as CDIs.

	6.3	 	If at any time the Board determines that the delivery of Unilife Corporation Shares under
this Agreement is or may be unlawful under Applicable Law, the Option Holder’s right to
exercise the Option or receive the Unilife Corporation Shares pursuant to the Option shall be
suspended until the Board determines that such delivery is lawful.

	6.4	 	Unilife Corporation may require that the Option Holder, as a condition to exercise of the
Option, and as a condition to the delivery of any share certificate, make such written
representations (including representations to the effect that the Option Holder will not
dispose of the Unilife Corporation Shares so acquired in violation of Applicable Law) and
furnish such information as may, in the opinion of counsel for Unilife Corporation, be
appropriate to permit Unilife Corporation to issue the Unilife Corporation Shares in
compliance with Applicable Law.

	7	 	Quotation of Options and Shares

	7.1	 	The Options will not be listed for quotation on ASX or any other exchange.
	 
	7.2	 	As soon as reasonably practicable following the exercise of an Option:

	 	7.2.1	 	to the extent that the Option Holder elects to receive their Unilife
Corporation Shares in the form of CDIs, Unilife Corporation shall apply for the CDIs
to be admitted for quotation on the Official List of ASX (so long as CDIs are quoted
on the Official List of the ASX at that time); or

	 	7.2.2	 	to the extent that the Option Holder elects to receive their Unilife
Corporation Shares in the form of common stock, Unilife Corporation shall apply for
the Unilife Corporation Shares to be admitted for quotation on NASDAQ (so long as the
Unilife Corporation shares are quoted on NASDAQ at that time).

 

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	8	 	Shareholder approval

	8.1	 	If, for any reason, an issue of Unilife Corporation Shares to the Option Holder in accordance
with this Agreement would require approval of Shareholders, Unilife Corporation must convene
the necessary meeting as soon as reasonably practicable and at its own cost.

	9	 	Shares rank equally

	9.1	 	Unilife Corporation Shares issued on the exercise of Options will rank equally in all
respects with the other Unilife Corporation Shares on issue at the date of allotment and will
be subject to the provisions of Unilife Corporation’s certificate of incorporation.

	10	 	No participation in new issues

	10.1	 	An Option does not confer a right to participate in new issues of securities of Unilife
Corporation, unless the Option Holder has first exercised the Option and such exercise took
place on or before the record date for determining entitlements to the issue.

	10.2	 	In the event that a pro rata issue of Unilife Corporation shares is made to the holders of
securities in Unilife Corporation, the exercise price of the Options shall be reduced in
accordance with the ASX Listing Rules (so long as CDIs are quoted on ASX at that time).

	11	 	Reorganisation of capital

	11.1	 	In the event of any reorganisation (including consolidation (reverse split), sub-division
(stock split), split-up, spin-off or similar transaction, recapitalisation, reduction or
return, merger or share exchange) of the issued capital of Unilife Corporation, the rights of
the Option Holder including the number of Options or the Exercise Price or both shall be
reorganised (as appropriate);

	 	11.1.1	 	while CDIs are quoted on the Official List of ASX, to the extent necessary to
comply with the Listing Rules applying to a reorganisation of capital at the time of
the reorganisation; or
	 
	 	11.1.2	 	if CDIs are no longer quoted on the Official List of ASX, as otherwise determined
by the Board to be appropriate to reflect the reorganisation.

	12	 	Options not transferable

	12.1	 	Subject to clause 12.2 below, the Options are not transferable without the prior written
consent of Unilife Corporation, except to a family member, family trust or estate of a
shareholder or officer of the Option Holder,

	12.2	 	Transfers to a partner, shareholder, officer, subsidiary, affiliate, affiliated partnership
or other affiliated entity are not permitted without the prior written consent of Unilife
Corporation, such permission to be granted by Unilife Corporation only after the Option Holder
provides satisfactory assurances to Unilife Corporation that there is an available exemption
from registration under which Unilife
Corporation will be able to issue Unilife
Corporation Shares upon exercise of the
Options by the transferee.

 

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	13	 	Change of control

	13.1	 	Each outstanding Option shall lapse upon the effective time of a Change of Control Event
unless the transaction the subject of the Change of Control Event provides for the
continuation or assumption of outstanding Options by the surviving or successor entity or a
parent company of that entity, or for the substitution of equivalent awards, as determined in
the sole discretion of the Board, of the surviving or successor entity or a parent of that
entity. This is subject to the proviso that holders of Options that lapse under this clause
13.1 are permitted to exercise all of their Options immediately before the Change of Control
Event.

	14	 	Option register

	14.1	 	Unless otherwise determined by the Board of Directors of Unilife Corporation (or a committee
of the Board), Unilife Corporation’s share registry will maintain a register of the Options.

	15	 	Governing Law

	15.1	 	The Options and this Agreement shall in all respects be governed by and construed in
accordance with the laws of the State of Delaware, without regard to its conflict of laws
principles.

	15.2	 	Any suit with respect to an Option will be brought in the federal or state courts in the
State of Delaware, and the Option Holder, by accepting the Options, irrevocably and
unconditionally agrees and submits to the personal jurisdiction and venue thereof.

	16	 	Notices

	16.1	 	Notices may be given by Unilife Corporation to the Option Holder in writing and to the
address set out above or such new address as is notified from time to time by the Option
Holder to Unilife Corporation.

	17	 	Definitions

17.1 In these Rules, unless the context otherwise requires:

A$ means Australian currency.

Applicable Law means any one or more or all, as the context requires, of:

	 	(a)	 	the Corporations Act and any regulations to it;
	 
	 	(b)	 	the ASX Listing Rules;
	 
	 	(c)	 	the certificate of incorporation of the Unilife Corporation;

 

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	 	(d)	 	the United States Securities Act of 1933, as amended (including the rules
thereunder), Exchange Act and any other applicable United States federal or state
law, including without limitation the Delaware General Corporation Law;
	 
	 	(e)	 	the Internal Revenue Code of 1986, as amended, and any regulations to it;
	 
	 	(f)	 	the NASDAQ Rules; and
	 
	 	(g)	 	any practice note, policy statement, class order, declaration, guideline,
policy or procedure pursuant to the provisions of which any of the SEC, ASIC or ASX
is authorised or entitled to regulate, implement or enforce, either directly or
indirectly, the provisions of any of the foregoing statutes, regulations or rules or
any conduct of any duly authorised person, pursuant to any of the abovementioned
statutes, regulations or rules.

ASIC means the Australian Securities and Investments Commission.

ASX means ASX Limited (ACN 008 624 691) and any successor body corporate or the financial
market it operates (as the context requires).

ASX Listing Rules means the Listing Rules published by ASX from time to time.

Board means all or some of the directors of Unilife Corporation acting as a board from
time to time.

Business Day means any day, other than a Saturday, Sunday or public holiday in New York,
United States of America.

CDI means a CHESS Depositary Interest over [insert fraction] of a share of Unilife
Corporation common stock.

Change of Control Event means the occurrence of any of the following events:

	 	(a)	 	a change of Ownership of Unilife Corporation;
	 
	 	(b)	 	a change of Effective Control of Unilife Corporation; or
	 
	 	(c)	 	a change of Ownership of Assets of Unilife Corporation; or

as described in these Rules and construed consistent with Section 409A of the Code. For
the purposes of a Change of Control Event, fair market value is determined by the Board,
and share ownership is determined under section 318(a) of the Code. A Change of Control
Event excludes any transfer to a related person as described in Section 409A of the Code
or a public offering of the Shares.

Change of Effective Control of Unilife Corporation means the date on which a majority of
members of Unilife Corporation’s full board of directors is replaced during any 12-month
period by directors whose appointment or election is not endorsed by a majority of the
members of Unilife Corporation’s full board of directors before the date of the
appointment or election.

 

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Change of Ownership of Assets of Unilife Corporation means the date on which any one
person acquires, or Persons Acting as a Group acquire (or has or have acquired during the
12 month period ending on the date of the most recent acquisition by such Person or
Persons), assets from Unilife Corporation that have a total gross fair market value more
than 50% of the total gross fair market value of all of the assets of Unilife Corporation
immediately before such acquisitions. For this purpose, gross fair market value means the
value of the assets of Unilife Corporation, or the value of the assets being disposed of,
determined without regard to any liabilities associated with such assets.

Change of Ownership of Unilife Corporation means the date on which any one Person
acquires, or Persons Acting as a Group acquire, ownership of Shares that, together with
the Shares held by such Person or Persons Acting as Group, constitutes more than 50% of
the total fair market value or total voting power of the Shares of Unilife Corporation.
However, if any one Person is, or Persons Acting as a Group are, considered to own more
than 50% of the total fair market value or total voting power of the Shares of Unilife
Corporation, the acquisition of additional Shares by the same Person or Persons Acting as
a Group is not considered to cause a Change of Ownership of Unilife Corporation or to
cause a Change of Effective Control of Unilife Corporation. An increase in the percentage
of Shares owned by any one Person, or Persons Acting as a Group, as a result of a
transaction in which Unilife Corporation acquires its Shares in exchange for property will
be treated as an acquisition of Shares.

Corporations Act means the Corporations Act 2001 (Cth).

Exchange Act means the United States Securities Exchange Act of 1934, as amended,
including the rules promulgated thereunder.

Exercise Price means the exercise price payable to acquire one Share pursuant to the
exercise of each Option.

NASDAQ Rules means the Nasdaq Listing Rules as published by The Nasdaq Stock Market from
time to time.

Notice of Exercise means the notice provided to Unilife Corporation by the Option Holder
in respect of the exercise of the Options.

Option Period means the date from which the Options become exerciseable until the date on
which the Options lapse.

Options means the options granted to the Option Holder under this Agreement.

Original Grant means the date of grant of the Original Option.

Original Option means the Unilife Medical Solutions Limited options granted to the Option
Holder which the Option replaces.

Person means any individual, entity or group within the meaning of section 13(d)(3) or
14(d)(2) of the Exchange Act, other than employee benefit plans sponsored or maintained by
the Company and by entities controlled by the Company or an underwriter of the Shares of
the Company in a registered public offering;

 

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Persons Acting as a Group means persons who are owners of a corporation that enters into a
merger, consolidation, purchase or acquisition of shares, or similar business transaction
with the corporation. If a Person owns shares in both corporations that enter into a
merger, consolidation, purchase or acquisition of shares, or similar transaction, such
shareholder is
considered to be a Person Acting as a Group with other shareholders only with respect to
the ownership in that corporation before the transaction giving rise to the change and not
with respect to the ownership interest in the other corporation. Persons will not be
considered to be Persons Acting as a Group solely because they purchase assets of the same
corporation at the same time or purchase or own shares of the same corporation at the same
time, or as a result of the same public offering;

Unilife Corporation Shares means shares of fully paid common stock in the capital of
Unilife Corporation.

Unilife Medical Solutions Limited means Unilife Medical Solutions Limited (ABN 14 008 071
403).

SEC means the United States Securities and Exchange Commission.

 

9

 

Date:

THESE OPTIONS AND THE SECURITIES TO BE ISSUED UPON THEIR EXERCISE HAVE NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (US
SECURITIES ACT) AND THE OPTIONS MAY NOT BE EXERCISED BY OR ON BEHALF OF ANY
U.S. PERSON, AS SUCH TERM IS DEFINED IN REGULATION S OF THE US SECURITIES ACT,
UNLESS A REGISTRATION STATEMENT UNDER THE SECURITIES ACT IS FILED AND MADE
EFFECTIVE, OR AN OPINION OF COUNSEL SATISFACTORY TO THE UNILIFE CORPORATION TO
THE EFFECT THAT REGISTRATION UNDER THE US SECURITIES ACT IS NOT REQUIRED.
NEITHER THE OPTIONS NOR THE SECURITIES TO BE ISSUED UPON THEIR EXERCISE MAY BE
TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF IN THE ABSENCE OF (I) AN EFFECTIVE
REGISTRATION STATEMENT WITH RESPECT TO THE OPTIONS OR THE SECURITIES TO BE
ISSUED UPON THEIR EXERCISE, OR (II) AN EXEMPTION FROM REGISTRATION UNDER THE US
SECURITIES ACT AND AN OPINION OF COUNSEL SATISFACTORY TO THE UNILIFE
CORPORATION TO THE EFFECT THAT REGISTRATION UNDER THE US SECURITIES ACT IS NOT
REQUIRED.

	 	 	 
	Executed by Unilife Corporation acting by the following person:
	 	 
	 
	 	 
	 

Signature of duly authorised officer

	 	 
	 
	 	 
	 

Name of officer (print)

	 	 
	 
	 	 
	Executed by [insert name of Option Holder] 

in the presence of:
	 	 
	 
	 	 
	 

Signature of duly authorised officer

	 	 
	 
	 	 
	 

Name of officer (print)

	 	 

 

10

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