Document:

Exhibit 10.1

Exhibit 10.1

[TO BE INSERTED ON RELEVANT BROKER’S LETTERHEAD]

Private and Confidential

[insert date] November 2010

	 	 	 
	[name]

	 	URGENT
	[company]
	 	 
	[address]

	 	FAX CONFIRMATION REQUIRED TO BE
	[address]

	 	RECEIVED BY YOUR BROKER BY
	 

	 	4.00PM (AEDT)
	Email: [insert details]

	 	26 November 2010

Dear [insert name]

UNILIFE CORPORATION — PLACEMENT OFFERS & ALLOCATION FOR AUSTRALIAN RESIDENTS

We act as a placement agent for Unilife Corporation (Unilife).

Unilife is pleased to invite you to subscribe for CHESS Depositary Interests (CDIs) (each
representing an interest in one-sixth of a share of common stock) and free unlisted attaching
options in Unilife under a placement to raise up to approximately A$33.9 million (Placement) on the
terms set out in this letter (Subscription Agreement). Details of the CDIs and free unlisted
attaching options in Unilife for which you are invited to subscribe are set out in Section 2.

Unilife also proposes to offer additional CDIs to its existing Australian and New Zealand resident
shareholders at the Placement Price under a Share Purchase Plan to raise up to approximately A$7
million. Unilife reserves the right to accept applications for such higher amount as the Company,
in its absolute discretion, determines subject to the maximum number of CDIs which Unilife is
permitted to issue under the NASDAQ Listing Rules without shareholder approval (ie, not more than
20% of the issued capital of Unilife when aggregated with the CDIs issued under the Placement). For
this purpose, investors should be aware that the calculation of the 20% limit under the NASDAQ
Listing Rules is determined differently to the calculation of Unilife’s 15% issue capacity under
the ASX Listing Rules.

	1.	 	Summary of the Placement

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

	 	 	 
	Company or Unilife

	 	Unilife Corporation (ARBN 141 042 057)
	 
	 	 
	Placement

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

	 	Up to A$33.9 million.
	 
	 	 
	 

	 	The Company reserves the right to accept any lesser
amount raised under the Placement at its absolute
discretion.
	 
	 	 
	 

	 	To the extent that the Company receives applications
for in excess of A$28.3 million, the issue of the
Tranche 2 Placement Options will be subject to
Shareholder Approval as described below.
	 
	 	 
	Option Agreement

	 	The Option Agreement setting out the terms on which
the Placement Options will be granted in the form
annexed to this Subscription Agreement.

 

 

 

			
	Subscription Agreement for Unilife Placement
	 	Page 2

	 	 	 
	Placement CDIs

	 	Up to 39,986,592 CDIs in the Company (each
representing an interest in one-sixth of a share of
common stock) to be issued under the Placement at the
Placement Price.
	 
	 	 
	 

	 	Placement CDIs will be quoted on ASX and the
Company’s shares of common stock are quoted on
NASDAQ.
	 
	 	 
	 

	 	Subject to ASX approval, all CDIs in the Company
(including CDIs which may be issued upon conversion
of the Underlying Shares) will be subject to a FOR US
restriction which will prevent resale of such CDIs
into the US without a registration statement or an
available exemption from registration. In addition,
the Underlying Shares may not be resold in the US
without registration or an available exemption from
registration.
	 
	 	 
	Placement Price

	 	A$0.85 per CDI (equivalent to A$5.10 per share of
common stock in the Company).
	 
	 	 
	Placement Options

	 	For every 24 Placement CDIs allotted, investors will
be issued for nil cash consideration, two free
unlisted options (a Tranche 1 option and a Tranche 2
option) in the Company. Fractional entitlements to
Placement Options will be rounded down to the nearest
whole number of Placement Options.
	 
	 	 
	 

	 	Each option will entitle the investor to subscribe
for one fully paid share of common stock in the
Company. Investors may elect to receive the
Underlying Shares issued on exercise of the Placement
Options in the form of common stock or CDIs (with
each CDI representing an interest in one-sixth of a
share of common stock).
	 
	 	 
	 

	 	The options will be issued with an exercise price per
share of common stock of: Tranche 1 — A$7.50
(equivalent to A$1.25 per CDI), Tranche 2 A$12.00
(equivalent to A$2.00 per CDI) on the terms and
conditions set out in the Option Agreement.
	 
	 	 
	 

	 	In the event that the Company receives applications
under the Placement for in excess of A$28.3 million,
the issue of the Tranche 2 options will be subject to
the Company obtaining Shareholder Approval for their
issue.
	 
	 	 
	Shareholder Approval

	 	The issue of the Tranche 2 Placement Options will, in
the event that Unilife receives applications under
the Placement in excess of A$28.3 million, be
conditional upon approval being obtained from
shareholders of Unilife for their issue in accordance
with ASX Listing Rule 7.1 at an extraordinary meeting
of shareholders of the Company which is scheduled to
occur in late January 2011.
	 
	 	 
	 

	 	Unilife does not warrant that shareholder approval
(if required) will be obtained for the issue of the
Tranche 2 Placement Options.
	 
	 	 
	Underlying Shares

	 	The shares of common stock in Unilife Corporation
issued to investors on exercise of the Placement
Options.
	 
	 	 
	Use of Proceeds

	 	Unilife intends to use the proceeds raised from the
Placement for the purchase of capital equipment, for
general operations and to cover the costs of the
Placement.
	 
	 	 
	 

	 	Notwithstanding the above, the Unilife reserves the
right to change the use of proceeds in its sole
discretion, from time to time.

 

 

 

			
	Subscription Agreement for Unilife Placement
	 	Page 3

	2.	 	Your allocation

Unilife is pleased to confirm that you, as the addressee of this Subscription Agreement (you), are
invited to subscribe for the number of Placement CDIs and Placement Options set out below.

	 	 	 	 	 	 	 
	 	 	Subscription	 	DVP settlement funds	 	If not settling via DVP -
	Number of securities	 	amount (A$)	 	required by	 	funds required by
	[insert amount]

Placement CDIs

[insert amount]

Placement 
Options*

	 	A$[insert amount]
	 	5:00pm, Thursday 2

December 2010

(Australian Eastern

Daylight Time)
	 	If paying by cheque -

5.00pm on Monday 29

November (Australian

Eastern Daylight Time)

If paying by electronic

funds transfer - 5.00pm,

on Tuesday 30
 November
2010
 (Australian Eastern

Daylight Time)

	 	 	 
	*	 	Investors will receive two Placement Options (a Tranche 1 option and a Tranche 2 option) for
every 24 Placement CDIs which they 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” in this letter shall include any person or entity which applies for or is allotted
Placement CDIs and/or 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 Option
Agreement, you are irrevocably applying for the allotment and issue to you of the number of
Placement CDIs and Placement Options set out above on the terms set out in this Subscription
Agreement and the Option Agreement without the need for any separate instrument of application.

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 CDIs and Placement Options set out above.

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

	(a)	 	accept the Placement CDIs and Placement Options issued to you on the terms of the offer as
set out in this Subscription Agreement;

	 
	(b)	 	be bound by the Company’s certificate of incorporation and by-laws; and

	(c)	 	authorise your name to be placed on the register of members of the Company as the legal owner
of the Placement CDIs and on the Company’s option register as the legal owner of the Placement
Options issued to you.

Pursuant to the terms of the Placement Application Form and this Subscription Agreement, you
acknowledge that the Placement CDIs, Placement Options and the Underlying Shares have been offered
and will be sold to you, in compliance with Regulation S of the United States Securities Act of
1933, as amended (the US Securities Act) and, as a result, the Placement CDIs, the Placement
Options and the Underlying Shares will constitute “restricted securities” as such term is defined
under Rule 144 of the US Securities Act. In light of the restricted nature of the Placement CDIs,
the Placement Options and the Underlying Shares, you covenant and agree (i) not to sell the
Placement CDIs, the Placement Options or the Underlying Shares except as permitted under the US
Securities
Act pursuant to registration or to an exemption from registration, and (ii) not to engage in
hedging transactions involving the Placement CDIs, the Placement Options or the Underlying Shares
unless in compliance with the US Securities Act. You also covenant and agree that you will not
exercise the Placement 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 will not be acquiring the
Underlying Shares on behalf of or for the account of or benefit of, a US person).

 

 

 

			
	Subscription Agreement for Unilife Placement
	 	Page 4

	3.	 	Timetable

The proposed timetable for the Placement is as follows:

	 	 	 	 	 
	Action	 	Time*	 
	Return of Placement Application Form to Brokers
	 	by 4.00pm on 26 November 2010	 
	Payment of subscription amount (if paying subscription amount by cheque)**
	 	by 5.00 pm on 29 November 2010	 
	Payment of subscription amount (if paying subscription amount by EFT)
	 	by 5.00pm on 30 November 2010	 
	Settlement via DVP
	 	2 December 2010	 
	Allotment of Placement CDIs
	 	3 December 2010	 
	Allotment of Placement Options (not subject to shareholder approval being obtained)
	 	10 December 2010***	 
	Unilife Extraordinary Meeting of shareholders to consider resolution to approve the issue of the Tranche 2 Placement Options (if required)
	 	late January 2011	 
	Allotment of Tranche 2 Placement Options (if Shareholder Approval is required to be obtained for their allotment)
	 	within 3 business days after the Extraordinary Meeting****	 

	 	 	 
	*	 	All times above are references to Australian Eastern Daylight time.

	 
	**	 	Settlement via DVP or by electronic funds transfer is preferred to settlement by cheque.

	 
	***	 	Delay in timing of allotment is necessary to effect the preparation and delivery of option
certificates.

	 
	****	 	Assuming shareholder approval is obtained at the Extraordinary Meeting

Quotation of the CDIs on ASX will occur following allotment of the relevant Placement CDIs. The
Company will not apply for listing of the Placement Options on ASX, NASDAQ 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 CDIs 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 CDIs, the Placement Options and the
Underlying Shares

The Placement CDIs will rank pari passu in all respects with the CDIs of Unilife on issue as at the
date of their allotment. The Placement CDIs 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).

 

 

 

			
	Subscription Agreement for Unilife Placement
	 	Page 5

Subject to ASX approval, all CDIs in the Company will be subject to a FOR US restriction which will
prevent resale of such CDIs into the US without a registration statement or an available exemption
from registration.

Investors should be aware that restrictions will be imposed on the ability of an investor to
convert the Placement CDIs into shares of common stock in Unilife until a registration statement
has been filed with the SEC.

The Placement Options will be options to acquire common stock in Unilife and will be issued on the
terms set out in the Option Agreement. The Placement Options will not be listed on ASX, NASDAQ or
any other exchange. Investors should be aware that the Underlying Shares will bear a legend
stating that transfers of the shares will be prohibited except in accordance with Regulation S,
pursuant to a registration statement or pursuant to an available exemption from registration and
that hedging transactions involving the Placement Options and the Underlying Shares may not be
conducted unless in compliance with the US Securities Act.

Investors should further be aware that allotment of the Tranche 2 Placement Options may be subject
to Shareholder Approval as described in Section 1 above.

Upon allotment, Unilife will apply for official quotation of the Placement CDIs on ASX. Please
note that ASX Participating Organisations (as defined in the ASX Business Rules) cannot deal in the
Placement CDIs either as principal or agent until official quotation is granted in respect of the
CDIs. The Placement 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 CDIs and Placement Options

Placement CDIs — DVP settlement

Subject to the Company receiving payment in full for your Subscription Amount, the Placement CDIs
will be issued on a DVP basis on 3 December 2010.

Placement CDIs — Non-DVP settlement

Subject to the Company receiving payment in full in cleared funds for the Subscription Amount, the
Placement CDIs will be issued on 3 December 2010.

Placement Options

The Placement Options (excluding any Tranche 2 Placement Options which are subject to Shareholder
Approval) will, subject to the Company receiving payment in full for your Subscription Amount, be
issued on 10 December 2010.

In the event that Shareholder Approval is required for the allotment of the Tranche 2 Placement
Options, allotment of the Tranche 2 Placement Options will occur (subject to Shareholder Approval
for their issue being obtained which is expected to take place in late January 2011) within 3
business days after the Extraordinary Meeting approving their allotment.

	6.	 	Offer personal

The invitation for you to subscribe for Placement CDIs 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 CDIs and Placement Options, assign, transfer or deal in any other
manner, with Placement CDIs and Placement Options, or your rights or obligations under this
Subscription Agreement without the prior written agreement of Unilife.

 

 

 

			
	Subscription Agreement for Unilife Placement
	 	Page 6

	7.	 	Representations, warranties and agreements

By accepting this invitation (by returning the completed Placement Application Form) you represent,
warrant and agree for the benefit of Unilife and its related bodies corporate and any officers,
employees, agents, advisers or brokers of any of them (affiliates) that:

	(a)	 	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)	 	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 CDIs and Placement Options on the terms
set out in this Subscription Agreement.

	(c)	 	In accepting this offer to apply for Placement CDIs and Placement Options on the terms set
out in this Subscription Agreement you are not subscribing for Placement CDIs and Placement
Options for the purpose of selling or transferring the Placement CDIs and Placement Options
issued to you or granting, issuing or transferring interests in, or options over the Placement
CDIs 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.

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

	(e)	 	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 CDIs and Placement Options
and you acknowledge that an investment in Placement CDIs and Placement Options involves a
degree of risk.

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

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

	(h)	 	You have had access to all information that you believe is necessary or appropriate in
connection with your application for Placement CDIs and Placement Options. You acknowledge and
agree that you will not hold Unilife or its affiliates 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.

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

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

	(k)	 	You have not relied on any investigation that Unilife, its affiliates 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 CDIs and the Placement Options or
Unilife. None of such persons has made any representation to you, express or implied, with
respect to the Placement CDIs and the Placement Options or Unilife.

 

 

 

			
	Subscription Agreement for Unilife Placement
	 	Page 7

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

	(m)	 	You agree to be bound by the provisions of the certificate of incorporation and by-laws of
Unilife upon allotment of Placement CDIs to you and the issue of the Underlying Shares on
exercise of the Placement Options held by you.

	(n)	 	Except to the extent that liability cannot be excluded by law, you acknowledge that none of,
Unilife or its affiliates or any of their respective related bodies corporate, officers,
employees, agents, advisers or affiliates, accept any responsibility in relation to the
Placement.

	(o)	 	You are not a Related Party (as defined in the ASX Listing Rules) of Unilife.

	(p)	 	You acknowledge and agree that, in order to ensure that US Persons do not purchase any
Placement CDIs or the Underlying Shares issued to you, a number of procedures governing the
trading and clearing of CDIs will be implemented, including the application to CDIs of the
status of Foreign Ownership Restriction (FOR) securities under the ASX Settlement Operating
Rules and the addition of the notation “FORUS” to the CDI description on ASX trading screens
and elsewhere, which will inform the market of the prohibition on US Persons acquiring CDIs.

	(q)	 	You understand and agree that the offer and sale to you of the Placement CDIs, the Placement
Options and the Underlying Shares has 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 CDIs and the Placement Options under this Subscription Agreement
and the issue of the Underlying Shares on exercise of the Placement 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 (i) you may not
and will not offer, sell, pledge, transfer or otherwise dispose of any Placement CDIs, any
Placement 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 CDIs, the Placement 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; and (ii) you may not
engage in hedging transactions involving the Placement CDIs, the Placement Options or the
Underlying Shares unless in compliance with the US Securities Act. You further acknowledge
that (i) each Placement 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 no hedging transactions
involving the Placement Options or the Underlying Shares may be conducted unless in compliance
with the US Securities Act, 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 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 CDIs and the Placement Options, and
(iii) at the time of exercise of the Placement Options, 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 CDIs, the Placement Options or the Underlying Shares on behalf of or
for the account of or benefit of, a US person.

 

 

 

			
	Subscription Agreement for Unilife Placement
	 	Page 8

	(s)	 	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.

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

	(u)	 	If you are acquiring any Placement CDIs 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.

	(v)	 	You acknowledge that Unilife and its 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, its affiliates 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.

	(w)	 	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, trade 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.

	8.	 	Confidentiality

You must not disclose the contents of this Subscription Agreement, any transactions contemplated by
this Subscription Agreement or any information provided to you with respect to the Company or the
Placement without the prior written consent of the Company, except to the extent that the
disclosure is required by law.

	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 CDIs and Placement Options 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.

	11.	 	Entire agreement

The terms contained in this Subscription Agreement including, without limitation, the Option
Agreement and 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.

	12.	 	Notices

Any notice to be given relating to the offer of Placement CDIs 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.

 

 

 

			
	Subscription Agreement for Unilife Placement
	 	Page 9

	13.	 	Commission

The Company has agreed to pay to the brokers in connection with the Placement a cash payment of 5%
of the value of the CDIs allotted under the Placement.

	14.	 	Placement application form & payment details

To confirm your irrevocable application for the allotment and issue of the number of Placement CDIs
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 us by fax on or before 4.00pm (Australian Eastern Daylight Time) on Friday, 26 November 2010 to:

[insert name of Broker]

	 	 	 	 	 
	 

	 	Fax No:
	 	[insert details]
	 

	 	Attention:
	 	[insert name]

DVP

As it is the intention that settlement of your participation in the Placement will be by way of
DVP, we will require cleared funds in your account with us to enable settlement. We will discuss
this directly with you.

In the event that you decide not to settle by DVP:

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	 
	Account Number:

	 	398135	 
	Reference:

	 	Please ensure that the EFT contains a reference to the name of the applicant as set out on the
Application Form and the name of the placement agent.
	 

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 drawn on an Australian
Bank and in Australian currency.

Please note that payment by cheque is not the preferred option for settlement of funds as there is
no certainty that the Company will have cleared funds to enable settlement by the planned date.

 

 

 

			
	Subscription Agreement for Unilife Placement
	 	Page 10

Any questions relating to settlement should be directed to Andrew Cohen on +61 2 9229 2766. Please
note that while this settlement is being undertaken via CHESS it is not covered by the National
Guarantee Fund.

Yours faithfully,

[insert name]

[insert name of Broker]

	 	 	 
	Enclosures:

	 	Placement Application Form
	 

	 	Option AgreementExhibit 10.2

Exhibit 10.2

			
	 	 	 
	
	 	Unilife Corporation Option Agreement

Option Agreement

Unilife Corporation

The option holder identified in item 1 of Annexure A

 

 

 

			
	 	 	 
	
	 	Unilife Corporation Option Agreement

Table of contents

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

 

 

 

Unilife Corporation Option Agreement

Parties

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

The option holder identified in item 1 of Annexure A (Option Holder)

	1	 	Grant of Options

	1.1	 	Unilife Corporation grants the Option Holder the Options set out in item 2 of Annexure A to
subscribe for Unilife Corporation Shares to be allocated on the terms and conditions set out
in this Agreement.

	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 as set out in item 3 of Annexure A.
	 
	3	 	Exercise Period

	3.1	 	Subject to clause 13, each Option is exercisable at any time from the date which is six
months after their date of grant until the third anniversary of the date of grant and if the
Option is not exercised on or prior to the expiry of the 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$7.50; and
	 
	 	4.1.2	 	Tranche 2: A$12.00,

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

 

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Unilife Corporation Option Agreement

	5	 	Notice of Exercise

	5.1	 	The Options may be exercised by giving notice in writing to the Unilife Corporation, in the
form set out in Annexure B of this Agreement, at any time during the Option Period stating the
number of Options being exercised. Options may only be exercised in multiples of 1,000 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 ten Business Days, issue and allot to the Option Holder the
number of Unilife Corporation Shares or CDIs set out in the Exercise Notice and despatch the
relevant share certificate, holding statement 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. If the Option Holder elects to receive their Unilife Corporation
Shares in the form of CDIs, they will receive six CDIs for every Unilife Corporation Share to
which they would be entitled on exercise of the Options.

	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 or CDIs 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 (if relevant), 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 or CDIs in
compliance with Applicable Law.

	7	 	Quotation of Options and Shares
	 
	7.1	 	The Options will not be listed for quotation on ASX, NASDAQ 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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Unilife Corporation Option Agreement

	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 (or CDIs as relevant) issued on the exercise of Options will rank
equally in all respects with the other Unilife Corporation Shares (or CDIs as relevant) on
issue at the date of allotment and will be subject to the provisions of Unilife Corporation’s
certificate of incorporation and by-laws.
	 
	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	 	Option Holders have the right to exercise their Options prior to the date for determining
entitlements to participate in any issues made during the currency of the Options, and will be
granted a period of at least nine business days before the relevant record date to exercise
the Options.

	10.3	 	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 ASX Listing Rule 6.22 (as amended from time to time) (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.

 

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Unilife Corporation Option Agreement

	12	 	Options not transferable

	12.1	 	The Options are not transferable without the prior written consent of the Board of Directors
of Unilife Corporation.
	 
	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.

	13.2	 	In the event of a Change of Control Event, the Board will notify the Option Holder of the
forthcoming Change of Control Event and provide the Option Holder with a reasonable period in
which it may exercise its Options prior to them lapsing under clause 13.1.
	 
	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.

 

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Unilife Corporation Option Agreement

	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 this Agreement, 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 and by-laws of the Unilife Corporation;

	 	(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 NASDAQ Rules; and

	 	(f)	 	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 one-sixth of a share of Unilife Corporation
common stock.

 

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 Unilife Corporation Option Agreement

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.

For the purposes of a Change of Control Event, fair market value is determined by the
Board. A Change of Control Event excludes 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.

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 in the form set out in Annexure B to this
Agreement.

 

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 Unilife Corporation Option Agreement

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

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

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.

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.

SEC means the United States Securities and Exchange Commission.

 

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 Unilife Corporation Option Agreement

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. NO HEDGING TRANSACTIONS INVOLVING THE PLACEMENT OPTIONS OR
THE UNDERLYING SHARES MAY BE CONDUCTED UNLESS IN COMPLIANCE WITH THE US SECURITIES ACT.

Executed by Unilife Corporation acting by:

	 	 	 	 	 	 	 
	BY:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	TITLE:	 	 	 	 
	 

	 	 	 	 

	 	 

 

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 Unilife Corporation Option Agreement

Annexure A

DETAILS OF OPTION HOLDER

	 	 	 
	Item 1:

	 	[insert full name and address of Option Holder]
	 
	 	 
	Item 2:

	 	[insert number of Options to be granted to the Option Holder] Options
	 
	 	 
	Item 3

	 	Tranche 1: [insert number of Options] Options
	 
	 	 
	 

	 	Tranche 2: [insert number of Options] Options

 

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 Unilife Corporation Option Agreement

Annexure B

NOTICE OF EXERCISE OF OPTIONS

2010

The Company Secretary

Unilife Corporation

633 Lowther Road

Lewisberry, Pennsylvania 17339

UNITED STATES OF AMERICA

	 
	Dear Sir/Madam

Notice of Exercise of Options

I,                                          of                     
                                         give notice of the exercise

  Name                                        Address

 of ______________________ options for the purchase of Unilife Corporation shares, as identified by option

insert number of options

certificate #                     and pursuant to the terms and conditions of the applicable Unilife Corporation option agreement,

insert number

with a total exercise price of A$                                                                       .

insert amount payable on exercise of options

I represent and warrant to Unilife Corporation that I will not dispose of or engage in hedging
transactions involving the Unilife Corporation shares (whether in the form of common stock or CDIs,
as applicable) that I acquire through this exercise of the options in violation of Applicable Law,
as that term is defined in the option agreement, including without limitation, the United States
Securities Act of 1933, as amended (the “US Securities Act”).

I understand and acknowledge that (i) the shares that I acquire through this exercise of the
options may not be transferred, sold or otherwise disposed of in the absence of (x) an effective
registration statement, or (y) an exemption from registration under the US Securities Act and an
opinion of counsel satisfactory to Unilife Corporation to the effect that registration under the US
Securities Act is not required; and (ii) no hedging transactions involving such shares may be
conducted unless in compliance with the US Securities Act.

 

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Unilife Corporation Option Agreement

Election for CHESS Depositary Interests (CDIs) or common stock in Unilife Corporation

While Unilife Corporation remains listed on ASX and NASDAQ, you will be entitled to elect whether
to receive the Unilife Corporation shares which will be issued on exercise of the above options in
the form of common stock or CDIs (each representing one-sixth of a share of common stock).

Please tick one of the boxes below to elect to receive your Unilife Corporation shares in the form
of CDIs (tradable on ASX) or shares of common stock (tradeable on NASDAQ):

	o	 	CDIs, each representing one-sixth of a share of common stock
(only tradeable on ASX).
	 
	o	 	Common Stock (only tradeable on NASDAQ).

If you do not tick one of the boxes above, the shares which will be issued to you on exercise of
the above options will be issued in the form of Unilife Corporation CDIs, each representing
one-sixth of a share of common stock, which will only be tradeable on ASX.

The certificate for these options, along with a cheque made payable in Australian dollars to
“Unilife Corporation” for the amount set out above (being the total of the exercise price payable
on the exercise of these options), is enclosed.

	 	 	 	 	 
	[Individual]
	 	 	 	 
	 
	 	 	 	 
	Signed by
	 	 	 	 
	in the presence of:
	 	 	 	 
	 
	 	 	 	 
	 

	 	 

Optionholder
	 	 
	 
	 	 	 	 
	 

Witness

	 	 	 	 
	 
	 	 	 	 
	 

Name of Witness (print)

	 	 	 	 

 

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Unilife Corporation Option Agreement

	 	 	 	 	 
	[Company]
	 	 	 	 
	 
	 	 	 	 
	Executed by [insert name of
company] acting by the
following persons:
	 	 	 	 
	 
	 	 	 	 
	 

Signature of director

	 	 

Signature of director/company secretary
	 	 
	 
	 	 	 	 
	 

Name of director (print)

	 	 

Name of director/company secretary (print)
	 	 

 

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