Document:

Exhibit 10.12

 

 

AGREEMENT OF SALE

 

Between

Anvil Construction Company, Inc.

(as Seller)

 

-and-

 

Lannett Company, Inc.

Or its nominee

 

(as Buyer)

 

 

	
  Dated:

  	
   

  	
  July
  31, 2009 

  

 

	
  Property:

  	
   

  	
  13200
  Townsend Road

  
	
   

  	
   

  	
  Byberry
  East Section of the Philadelphia Industrial Park

  
	
   

  	
   

  	
  Philadelphia,
  PA

  

 

 

SCHEDULE OF EXHIBITS

 

 

Exhibit “A”:                            Legal
Description

 

Exhibit “B”:                            FIRPTA
Certificate

 

Exhibit “C”:                            Seller’s
W-9 Form

 

Exhibit “D”:                            Buyer’s
W-9 Form

 

 

TABLE OF CONTENTS

 

	
  1.

  	
  Sale
  and Purchase

  	
  3

  
	
  2.

  	
  Purchase
  Price

  	
  3

  
	
  3.

  	
  Escrow
  of Deposit

  	
  3

  
	
  4.

  	
  Covenants,
  Representations and Warranties of Seller

  	
  4

  
	
  5.

  	
  Representations &
  Warranties of Buyer

  	
  4

  
	
  6.

  	
  Closing

  	
  4

  
	
  7.

  	
  Apportionments;
  Expenses

  	
  5

  
	
  8.

  	
  Damage
  or Destruction; Condemnation

  	
  5

  
	
  9.

  	
  Quality
  of Title

  	
  6

  
	
  10.

  	
  Notices

  	
  6

  
	
  11.

  	
  Condition
  of the Property

  	
  7

  
	
  12.

  	
  Commission

  	
  7

  
	
  13.

  	
  Licensing
  Act

  	
  8

  
	
  14.

  	
  W-9
  Forms

  	
  8

  
	
  15.

  	
  Defaults
  Prior to Closing

  	
  8

  
	
  16.

  	
  Recording

  	
  8

  
	
  17.

  	
  Miscellaneous

  	
  8

  
	
  18.

  	
  Assignability

  	
  9

  
	
  19.

  	
  Counterparts

  	
  9

  
	
  20.

  	
  Conditions
  to Closing

  	
  9

  

 

2

 

AGREEMENT
OF SALE

 

THIS AGREEMENT OF SALE (the “Agreement”) is made as of July 31, 2009,
by and between Anvil Construction Company, Inc. a Pennsylvania
Corporation,  having an address of 2817
Southampton Road, Philadelphia, PA, 19154 (the “Seller”), and Lannett Company, Inc.,
a Delaware Corporation having an address of 
9000 State Road, Philadelphia, PA 19136 , or its nominee or assignee
(the “Buyer”). 

 

Intending to be legally bound hereby, the parties hereto agree:

 

1.                                      Sale
and Purchase. 
Subject to the terms and conditions hereinafter set forth, Seller agrees
to sell and convey to Buyer, and Buyer agrees to purchase and accept from
Seller:  (a) all certain lots or
pieces of ground (the “Land”), together with the buildings, structures and
other improvements erected thereon (the “Improvements”), situated at 13200
Townsend Road, Byberry East section of the Philadelphia Industrial Park,
Philadelphia, PA (under and subject to a lease with Buyer as Lessee and Seller
as Lessor referred to herein as (the “Existing Lease”) and attached hereto as Exhibit “E”,
all as more particularly described in Exhibit “A” attached hereto (the
Land and the Improvements are referred to herein, together, as the “Real Estate”);
(b) all easements, rights and privileges appurtenant to the Real Estate
(the “Appurtenances”) (the Real Estate and Appurtenances are referred to herein
collectively as the “Property).

 

2.                                      Purchase
Price.  The aggregate purchase price
for the Property (the “Purchase Price”) shall be as outlined below based on the
date of Closing under this Agreement:

 

	
  Purchase Period

  	
   

  	
  Purchase Price

  	
   

  
	
  9/1/06-8/31/07

  	
   

  	
  $

  	
  3,625,000.00

  	
   

  
	
  9/1/07-8/31/08

  	
   

  	
  $

  	
  3,733,750.00

  	
   

  
	
  9/1/08-8/31/09

  	
   

  	
  $

  	
  3,845,763.00

  	
   

  

 

The Purchase Price shall be paid to Seller by Buyer as follows:

 

2.1                                         Three
Hundred, Sixty Thousand ($360,000.00) Dollars (the “Deposit”) by certified
check on the date of this Agreement, the receipt whereof (subject to
collection) is hereby acknowledged, which sum has been delivered into escrow in
accordance with Paragraph 3 hereof; and

 

2.2                                         The
balance of the Purchase Price at Closing (as hereinafter defined) in cash or by
bank certified or cashier’s check or, at Seller’s direction, by wire transfer
of immediately available federal funds (if a check or by wire transfer, then in
any case payable to or transferred to the order or account of Seller or such
other person as Seller may designate in writing).

 

3.                                      Escrow
of Deposit.

 

3.1                                         The Deposit has this day been deposited with and shall be held in escrow
by Roddy, Inc. (the “ Agent”).  The
parties and Agent agree that the Deposit, together with all interest earned
thereon (the “Escrow Funds”), shall be applied as follows:

 

3.1.1                                  If
Closing is held, the Escrow Funds shall be paid over to Seller and shall be
credited to the Purchase Price.

 

3.1.2                                  If
Closing is not held by reason of Buyer’s default, the Escrow Funds shall be
paid over to Seller and shall be retained by Seller as provided for in
Paragraph 15.1 below.

 

3.1.3                                  If Closing
is not held by reason of Seller’s default, the Escrow Funds shall be paid over
to Buyer for use and application by Buyer as provided for in Paragraph 15.2
below.

 

3.1.4                                  If
Closing is not held by reason of a failure of condition and not by reason of a default
by Seller or Buyer hereunder, the Escrow Funds shall be paid over to Buyer,
neither party shall have any further liability or obligation hereunder, and
this Agreement shall terminate.

 

3.2                                         The
Escrow Funds shall be held in an interest bearing money-market type account
with a federally insured national or state-chartered bank, savings bank, or
savings and loan association.

 

3

 

3.3                                         Agent
and its stockholders and employees are acting as agents only, and will in no
case be held liable either jointly or severally to either party for the
performance of any term or covenant of this Agreement or for damages for the
nonperformance hereof, nor shall Agent be required or obligated to determine
any questions of fact or law.  Agent’s
only responsibility hereunder shall be for the safekeeping of the Escrow Funds
and the full and faithful performance by the Agent of the duties imposed by
this Paragraph 3.

 

3.4                                         Agent
shall be obligated to disburse the proceeds of the Escrow Funds at Closing or
upon any cancellation or termination of this Agreement, only upon the written
instructions of both parties, should Agent in its sole discretion request such
instructions; and in the absence of such instructions or in the event of any
dispute, Agent shall be and is hereby authorized, but not obligated, to pay the
entire amount of the Escrow Funds into court, and any expenses to Agent for so
doing shall be payable out of the Escrow Funds.

 

4.                                      Covenants,
Representations and Warranties of Seller.  Seller covenants, represents and warrants to
Buyer as follows:

 

4.1                                         Seller
has the power and authority to sell, transfer, convey and deliver the Property
to be sold and purchased hereunder.

 

4.2                                         The
execution and delivery of this Agreement, the consummation of the transactions
provided for herein and the fulfillment of the terms hereof will not result in
a breach of any of the terms or provisions of, or constitute a default under,
any agreement of Seller or any instrument to which Seller is a party or by
which Seller or the Properties are bound, or any judgment, decree or order of
any court or governmental body, or any applicable law, rule or regulation.

 

4.3                                         No
notice by any governmental or other public authority has been served upon the
Seller, or anyone on the Seller’s behalf, nor does Seller have any knowledge
relating to violations of any applicable state or federal statutes or
regulations together with all housing, building, safety, fire or other local
ordinances.  Provided there is a Closing
hereunder, Buyer will be responsible for and shall comply, at Buyer’s expense,
with the requirements of any and all notices relating to violations of the
foregoing issued after Closing.  Seller
further represents that the Property is zoned L-2 —
Limited Industrial.

 

4.4                                         As of
the Commencement Date of the Lease between Seller and Buyer referred to in Article 6.2.4
hereinbelow, there is no action, suit or proceeding pending or, to the
knowledge of Seller, threatened, against or affecting the Property or any
portion thereof or relating to or arising out of the ownership, management or
operation of the Property in any court or before or by any federal, state or
local department, commission, board, bureau or agency or other governmental
instrumentality which could, if adversely decided, have any adverse effect on
Buyer’s acquisition, ownership, development or use of the Property.

 

4.5                                         Except
for the Lease, there are no outstanding leases, tenancies, licenses or other
rights of occupancy or use for any portion of the Property.

 

5.                                      Representations
and Warranties of Buyer. 
Buyer represents and warrants to Seller as follows:

 

5.1                                         Buyer
has the power and authority to purchase the Property hereunder.

 

5.2                                         The
execution and delivery of this Agreement, the consummation of the transactions
provided for herein and the fulfillment of the terms hereof will not result in
a breach of any of the terms or provisions of, or constitute a default under,
any agreement of Buyer or any instrument to which Buyer is a party or by which Buyer
is bound or any judgment, decree or order of any court or governmental body or
any applicable law, rule or regulation.

 

5.3                                         It is understood that the Property has been or will be inspected by Buyer
or Buyer’s duly authorized agent pursuant to Paragraph 21 hereof; that the same
shall be purchased as a result of such inspections and not in reliance upon any
representations, inducements or promises, either oral or written, made by the
Seller, Agent or any selling agent or other agent or Seller except as expressly
stated in this Agreement, and Seller and Agent shall not be responsible or
liable for any agreement, condition or stipulation not set forth herein
relating to or affecting the Property.

 

6.                                      Closing.

 

6.1                                         The Closing under this Agreement (the “Closing”) shall
be held on or before the date that is sixty (60) days  from the date of this Agreement. 

 

6.2                                         At Closing, Seller shall deliver to Buyer the
following:

 

4

 

6.2.1                                       A
Special Warranty Deed to the Real Estate, duly executed and acknowledge by
Seller and in proper form for recording, conveying fee simple title to the Real
Estate to Buyer;

 

6.2.2                                        Possession
to the Property shall be delivered in “AS IS WHERE IS” condition as
of the date of this Agreement, under and subject to the existing lease between
Buyer as Lessee and Seller as Lessor.

 

6.2.3                                     A valid assignment of the existing lease, duly executed and acknowledged,
pursuant to which Seller shall assign to Buyer all of Seller’s right, title and
interest in and to the existing lease and Buyer shall assume the obligations of
Seller under the existing lease.  Such
assignment shall include an indemnification from Seller to Buyer against
liability for claims asserted against Buyer under the existing lease for events
occurring prior to Closing and an indemnification from Buyer to Seller against
liability for claims asserted against Seller for events occurring after
Closing.

 

6.2.4                                     A written certification from the Department of Licenses and Inspections
of the City of Philadelphia setting forth the zoning classification of the
Property and that there are no notices of any uncorrected municipal code
violations.  Buyer shall be responsible
to correct any municipal code violations in accordance with its obligations under
the Existing Lease  by and between Seller
and Buyer for the Premises dated June 26, 2006, a copy of which is attached
hereto as Exhibit “      ”, but in no event is Buyer responsible for any violations relating to
conditions that pre-date the Commencement Date of the Existing Lease so long as
any such violations are not due to acts of Buyer. 

 

6.3                                         At Closing, Buyer shall deliver to Seller the
following:

 

6.3.1                                   A title
company or bank certified or cashier’s check, or at Seller’s direction, a wire
transfer of immediately available federal funds in either case payable to or
transferred to the order or account of Seller or to such other person as Seller
shall designate in writing for the balance of the Purchase Price required under
Paragraph 2 hereof.

 

6.4                                         Notwithstanding anything to the contrary herein
concerning apportionment and/or responsibility for expenses, real estate taxes,
insurance, pro rations and maintenance the responsibilities, terms and
conditions of the Existing Lease shall supersede and amend any terms to the
contrary set forth in this Agreement of Sale.

 

7.                                      Apportionments;
Expenses.

 

7.1                                         Apportionments. 
The following items shall be adjusted and apportioned between Seller and
Buyer as follows:

 

(a)                                        Real estate taxes, minimum and additional rents
from tenant under the Existing Lease, all utilities, operating expenses and
other apportionable income and expenses paid to or payable by Seller shall be
apportioned pro rata on a per diem basis as of Closing, with Buyer paying the
taxes and other expenses of ownership and being credited with rentals payable
for the date of Closing.  Taxes, and
additional rent paid on account thereof, shall be apportioned based on the
fiscal year of the taxing authority.

 

7.2                                         Expenses.                                 Each party shall pay all its own expenses
incurred in connection with this Agreement and the transactions contemplated
hereby, including, without limiting the generality of the foregoing, (i) all
costs and expenses stated herein to be borne by a party, and (ii) all of
their respective accounting, legal and appraisal fees.  Buyer, in addition to Buyer’s other expenses,
shall pay for (a) all recording charges incident to the recording of the
deeds for the Real Estate, (b) all title insurance premiums incurred by
Buyer.  Seller and Buyer shall each pay
one half of all realty transfer taxes.

 

8.                                      Damage
or Destruction; Condemnation.

 

8.1                                         Risk of loss to the Property from fire or other
casualty shall be borne by Seller until Closing.  If the Property or any portion thereof is
substantially damaged or are destroyed by fire or other casualty prior to
Closing and Seller is unable or fails to restore, by the date established for
Closing, the damaged portion of the Property to a condition equivalent to that
which existed immediately prior to the casualty, then Buyer shall have the
option of canceling the Agreement or electing to proceed.  For purposes of this paragraph, substantial
damage shall be damage estimated by a contractor of Seller’s selection and
reasonably acceptable to Buyer, to cost in excess of $100,000 to repair.  In the event that damage is not substantial
or if, notwithstanding substantial damage, Buyer elects to proceed with
Closing, Seller shall assign to Buyer all of the Seller’s right, title and
interest in the proceeds to be paid on the claim of loss.

 

5

 

8.2                                         If prior to Closing, any “substantial portion” of the
Property become subject to a condemnation proceeding or a threat thereof by
public or quasi public authority having the power of eminent domain, Seller
shall immediately notify Buyer thereof in writing and Buyer may elect to
terminate this Agreement.  For purposes
of this Paragraph, “substantial portion” shall be defined as a taking of such
portion of the Property such that Buyer’s use of the Property would be
materially impacted as Buyer shall determine or the taking of such land which
prevents access to the Property from a public road.  If Buyer elects to terminate this Agreement,
it shall so notify Seller within fifteen (15) days after Buyer has received
written notice of such proceedings from Seller and the Escrow Funds shall be
returned to the Buyer and this Agreement shall be deemed null and void and the
parties hereto shall have no further obligations to or recourse against each
other with regard to the matters provided for herein.  If Buyer has not elected to terminate this
Agreement as provided in this Paragraph, the transaction shall proceed as
contemplated herein, in which event Buyer shall be entitled to receive all proceeds
of any award or payment in lieu thereof.

 

8.3                                         All existing casualty insurance policies respecting
the Property shall be maintained and kept in full force and effect by Seller
pending Closing.

 

9.                                      Quality
of Title.

 

9.1                                         Permitted Exceptions.  On or before the
date ten (10) days after the date of this Agreement, Buyer shall notify Seller in writing of
any objections to title as reported in a title commitment obtained by Buyer and
shall deliver to Seller a copy of the title commitment which contains such objectionable
item.  Seller may undertake to eliminate
any such objection.  Seller shall notify
Buyer in writing (the “Seller’s Notice”)  
within ten (10) days after receipt of Buyer’s notice whether or not
Seller will agree to cure or remove such objection at or prior to Closing.  If Seller does not elect to cure or remove
any such objection, then Buyer shall thereafter have the option, to be
exercised within five (5) days after receipt of Seller’s notice, to
terminate this Agreement, in which event this Agreement shall be null and void
and the Escrow Funds shall be returned to Buyer and the parties shall have no
further obligations to or recourse against each other.  If Buyer does not terminate this Agreement as
aforesaid, Buyer shall be deemed to have waived any objections to title
reported in Buyer’s title commitment that Seller has not agreed to cure or
remove in Seller’s Notice and such objections shall become Permitted
Exceptions.

 

9.2                                         Title.  Title to the
Property shall be good and marketable and such as will be insured by a
reputable title insurance company at regular rates.  Title to the Properties shall be conveyed
free and clear of all liens, easements and other encumbrances, other than the
Permitted Exceptions.  In the event
Seller shall not be able to convey title to the Property on the date of Closing
in accordance with the foregoing provisions of this Agreement, subject only to
Permitted Exceptions, then Buyer shall have the option, exercisable by written
notice to Seller at or prior to the Closing, of (i) accepting at Closing
such title as Seller is able to convey, with no deduction from or adjustment of
the Purchase Price except for adjustment equal to the amount of any lien,
judgment or other encumbrance of an ascertainable and liquidated amount
together with interest and penalties thereon, if any; or (ii) declining to
proceed to Closing; and in the latter event all obligations, liabilities and
rights of the parties under this Agreement shall terminate, and the Escrow
Funds shall be returned to Buyer. 
Notwithstanding anything to the contrary contained herein, Seller shall
remove, at or prior to Closing, all liens or encumbrances that can be removed
by the payment of money, whether or not Buyer objects to such liens or
encumbrances pursuant to Section 9.1 above.

 

9.3                                         No Further Encumbrance.  
Except for a conveyance to a family member(s) or trust for the
benefit of a family member(s) of Seller’s principals, which would be
subject to the terms and conditions of this Agreement, Seller shall not convey
or encumber the Property or any portion thereof without Buyer’s prior written
consent.

 

10.                               Notices.  All notices and other communications
hereunder shall be in writing (whether or not a writing is expressly required
hereby), and shall be deemed to have been given if hand delivered or sent by an
express mail service or by courier, then if and when delivered to and received
by the respective parties or one (1) day after delivery was refused at the
below addresses (or at such other address as a party may hereafter designate
for itself by notice to the other party as required hereby):

 

10.1                                  If to Seller:

 

Anvil Construction Company Inc.

2817 Southampton Road

Philadelphia, Pennsylvania  19154

 

Attention:  Mark
Andreassi (mcahardhat@aol.com)

 

6

 

With a required copy to:

 

COHEN, SEGLIAS, PALIAS, GREENHALL & FURMAN, PC

United Plaza / 19th Floor

30 South 17th Street

Philadelphia, PA  19103

 

Attention:  Lonny Cades, Esquire
(lcades@cohenseglias.com)

 

With a required copy to Agent:

 

Roddy Inc.

3220 Tillman Drive, Suite 112

Bensalem, PA  19020

 

Attention: Francis T. Roddy (frank@roddyinc.com)

 

10.3           If
to Buyer:

 

Lannett Company, Inc.

9000 State Road

Philadelphia, PA  19136

 

Attention:  Brian Kearns (bkearns@lannett.com)

 

With a
required copy to:

 

Fox Rothschild, LLP

2000 Market Street, 10th Floor

Philadelphia, PA  19103

 

Attention:  Samuel H.
Israel, Esquire (sisrael@foxrothschild.com)

 

With
a required copy to Agent:

 

Roddy Inc.

3220 Tillman Drive, Suite 112

Bensalem, PA  19020

 

Attention: Francis T. Roddy (frank@roddyinc.com)

 

11.          Condition of the
Property.  Buyer further agrees to
accept the Property at Closing in the condition at that time subject to the
provisions of Paragraphs 6.2.2 and 8 hereof Buyer agrees and confirms (i) that
neither Seller, Agent, nor any agent, employee or representative of Seller, has
made and does not make herein any representation or warranty as to the
condition of all or any portion of the Property (including, without limitation,
the condition of the Property’s roof and mechanical, electrical, heating,
plumbing, air conditioning and structural units, systems and components, and (ii) that
the Property is being sold “as is-where is” and without any express or implied
warranty whatsoever as to the condition thereof, fitness for a particular
purpose, or otherwise.

 

12.          Commission.

 

12.1           Seller hereby agrees to pay to Roddy Inc., Agent for its
services rendered in this transaction a commission of six percent (6%) of the
gross sale price, said commissions to be paid if, as and when Closing
occurs.  Upon receipt of such commission,
Seller and Agent represent, warrant and agree that no further commission will
be owed to Roddy Inc. under or in connection with the Existing Lease, and
Seller represents and warrants that no further commission will be owed to any
other broker acting for or on behalf of Seller under or in connection with the
Existing Lease.

 

12.2           Seller and Buyer each represent and warrant to the other
that Roddy, Inc. is the sole broker in this transaction.  Seller agrees to compensate said broker at
the time of Closing in connection with the conveyance of the Property as set
forth above.  If any claim is asserted by
any person, firm or corporation, other than Roddy, 

 

7

 

Inc. in the sale of the Property resulting from any act, representation
or promise of either Seller or Buyer, such party shall indemnify, defend and
save harmless the other party from such claim.

 

Default

 

In the event Closing is not made due to the default
of Buyer, and the monies paid on account hereof are retained by Seller as
assessed and liquidated damages, Roddy Inc. shall receive for its services
fifty percent (50%) of the said monies retained not to exceed six percent (6%)
of the Purchase Price, and Seller agrees to pay the sum upon such retention

 

13.          Licensing Act.

 

13.1           Pursuant
to the provisions of the Pennsylvania Real Estate Licensing and Registration
Act, 63, PA state. Ann. Sections 455.101 as amended (the “Act”), Agent hereby
makes the following disclosures to Buyer:

 

(a)   Agent is the agent of
Seller, not Buyer;

 

(b)   Section 801
of the Act established a Real Estate Recovery Fund.  The basic purpose of the Real Estate Recovery
Fund is to compensate an aggrieved person for the unpaid portion of a judgment,
based on a claim against a person licensed under the Act, for fraud,
misrepresentation or deceit in any transaction for which a license is required
under the Act.  For further information
concerning the Real Estate Recovery Fund, Buyer should contact the Pennsylvania
Real Estate Commission at (717) 783-3500;

 

(c)   Access to a public road may
require issuance of a highway occupancy permit from the Department of
Transportation.

 

14.          W-9 Forms.

 

14.1           Buyer
and Seller warrant and represent that Buyer and Seller have completely filled
out the W-9 forms attached hereto as Exhibit “C” and Exhibit “D” and
made a part hereof and understand that the Deposit can not be deposited in the
Escrow Fund unless and until both of such W-9 forms are completed and delivered
to Agent.

 

Buyer’s Federal Tax ID number               23-0787699

Seller’s Federal Tax ID number               23-1596922

 

15.          Defaults Prior to
Closing.

 

15.1           Should
Buyer violate or fail (in breach of his obligations hereunder) to fulfill or
perform any of the terms, conditions or undertakings set forth in this
Agreement applicable to it at or prior to Closing, and if as a result thereof a
Closing hereunder shall not occur, then Seller shall, as its sole remedy
therefore, retain the Escrow Funds as liquidated damages (and not as a penalty)
for such breach, and Buyer and Seller shall each be released from all further
liability or obligation hereunder and this Agreement shall terminate.

 

15.2           Should
Seller violate or fail (in breach of its obligations hereunder) to fulfill or
perform any of the terms, conditions or undertakings set forth in this
Agreement applicable to him at or prior to Closing, and if as a result thereof
a Closing hereunder shall not occur, then in such case Buyer shall have the
remedies available to it in law or equity including the right to specific
performance.

 

16.          Recording.    Intentionally omitted.

 

17.          Miscellaneous.

 

17.1           Tender.  Formal tender of an executed deed and
purchase money is hereby waived; but nothing herein shall be deemed a waiver of
the obligation of Seller to execute, acknowledge and deliver the deed to the
Property or the concurrent obligation of Buyer to pay the Purchase Price.

 

17.2           Time
of the Essence.  All times, wherever
specified herein, are of the essence of this Agreement.

 

17.3           FIRPTA.  At Closing Seller shall deliver to Buyer a
written certification in the form of Exhibit “B” to Buyer and dated no
earlier than ten (10) days prior to the date of Closing, which
certification shall be in compliance with The Tax Reform Act of 1984 (the “Act”)
and the regulations thereunder that are imposed by the Foreign

 

8

 

Investment in Real Property Tax Act (“FIRPTA”), and certifying that
Seller is not a person subject to withholding under FIRPTA and the Act, and
containing Seller’s tax identification number and address.

 

17.4           Governing
Laws; Parties at Interest.  This
Agreement shall be governed by Pennsylvania law and shall bind and inure to the
benefit of the parties hereto and, their respective heirs, executors,
administrators, personal representatives, successors and assigns.

 

17.5           Headings.  The headings preceding the text of the
paragraphs and subparagraphs hereof are inserted solely for convenience of
reference and shall not constitute a part of this Agreement, nor shall they
affect its meaning, construction or effect.

 

17.6           Entire
Agreement; Amendments.  This
Agreement and the Exhibits hereto set forth all of the promises, covenants,
agreements, conditions and undertakings between the parties hereto with respect
to the subject matter hereof, and supersede all prior and contemporaneous
agreements and understandings, inducements or conditions, express or implied,
oral or written, except as contained herein. 
This Agreement may not be changed orally but only by an agreement in
writing, duly executed by or on behalf of the party against whom enforcement of
any waiver, change, modification, consent or discharge is sought.

 

17.7           The
representations contained in Sections 4, 5 and 12 above shall survive Closing.

 

18.          Assignability.  At and concurrently with a Closing hereunder
Buyer may assign any portion or all of its rights or obligations under this
Agreement without the consent of Seller, provided that such an assignment is to
an entity controlling, controlled by or under common control with Lannett
Company Inc.  Notwithstanding any such
permitted assignment by Buyer, Buyer shall nevertheless remain liable for all
of Buyer’s obligations hereunder.

 

19.          Counterparts.  This Agreement may be executed simultaneously
in two (2) or more counterparts, each of which shall be deemed an
original, but all of which together constitute one and the same instrument.

 

20.          Conditions to
Closing:

 

20.1           The obligation of Buyer under this Agreement to purchase
the Property from Seller is subject to the satisfaction at the time specified
of each of the following conditions (any or all of which may be waived in whole
or in part by Buyer at or prior to Closing):

 

(a)        All of Seller’s representations set forth in this Agreement
shall be true and correct in all material respects as of the date of this
Agreement and as of the date of Closing as though made on and as the date of
Closing.

 

(b)        Seller shall have performed and complied with all of the
terms and conditions required by this Agreement to be performed or complied
with by Seller prior to or on the date of Closing.

 

In the event that all of the conditions set forth in this Section 20.1
are not satisfied on or before the date of Closing, then Buyer, at Buyer’s
option, may terminate this Agreement by written notice to Seller, whereupon the
Escrow Funds shall be returned to Buyer, this Agreement shall be null and void,
and Buyer and Seller shall have no further liabilities or obligations
hereunder.

 

20.2           The obligation of Seller under this Agreement to sell the
Property to Buyer is subject to the satisfaction at the time specified of each
of the following conditions (any or all of which may be waived in whole or in
part by Seller at or prior to Closing):

 

(a)        All of Buyer’s representations set forth in this Agreement
shall be true and correct in all material respects as of the date of this
Agreement and as of the date of Closing as though made on and as the date of
Closing.

 

(b)        Buyer shall have performed and complied with all of the terms
and conditions required by this Agreement to be performed or complied with by
Buyer prior to or on the date of Closing.

 

In the event that all of the conditions set forth in this Section 20.2
are not satisfied on or before the date of Closing, then Seller, at Seller’s
option, may terminate this Agreement by written notice to Buyer, whereupon the
Escrow Funds shall be paid to Seller, this Agreement shall be null and void,
and Buyer and Seller shall have no further liabilities or obligations
hereunder.

 

9

 

IN WITNESS WHEREOF, the parties have executed and delivered this
Agreement on the date and year first above written.

 

 

	
   

  	
   

  	
  SELLER:

  
	
   

  	
   

  	
  Anvil
  Construction Company, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
  /s/
  Mark Andreassi

  	
   

  	
  By:

  	
  /s/
  Mark Andreassi

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BUYER:

  
	
   

  	
   

  	
  Lannett
  Company, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
  /s/
  Keith R. Ruck

  	
   

  	
  By:

  	
  /s/
  Arthur P. Bedrosian

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  AGENT:

  
	
   

  	
   

  	
  Roddy
  Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
  /s/ Francis
  T. Roddy

  	
   

  	
  By:

  	
  /s/
  Francis T. Roddy

  

 

10Exhibit
10.1

 

AMENDMENT
TO CHANGE IN CONTROL AGREEMENT

 

This FIRST AMENDMENT TO
CHANGE IN CONTROL AGREEMENT (“Amendment”) dated as of September 28, 2009
is between Helicos BioSciences Corporation, a Delaware corporation (the “Company”),
and Ronald A. Lowy (the “Executive”).

 

WHEREAS, the Executive and the Company are the
parties to that Change in Control Agreement, dated as of the 28th day of
January, 2009 (the “Agreement”); and

 

WHEREAS, the Board of Directors of Company has
authorized new change of control arrangements in respect of Executive, and the
parties hereto consider it appropriate that the Agreement be amended to reflect
such arrangements;

 

NOW,
THERFORE, in
accordance with Section 17 of the Agreement, the Company and the Executive
agree to the following amendments to the Agreement.  Capitalized terms used in this Amendment that
are not otherwise defined shall have the same meanings as in the Agreement.

 

1. Section 2(b) of
the Agreement is hereby deleted in its entirety and replaced with the following:

 

“(b)         the
date a majority of the members of the Board is replaced during any 12-month
period by directors whose appointment or election is not endorsed by a majority
of the members of the Board before the date of the appointment or election.”

 

2. Section 2(c) of
the Agreement is hereby amended by deleting the “; or” at the end of Section 2(c) and
replacing it with “.”

 

3.  The Agreement is hereby amended by deleting Section 2(d) in
its entirety.

 

4.  Section 4(a) of the Agreement is
hereby amended by deleting the “$120,000” and replacing it with “$404,000.”

 

5.  Section 4(b) of the Agreement is
hereby deleted in its entirety and replaced with:

 

“(b)         [Intentionally omitted].”

 

6.  The Agreement is hereby amended by inserting
the following phrase at the end Section 4(c):

 

“; provided, however that only an
additional 25% of the shares of Stock underlying the stock options and
restricted stock awards granted to Executive by the Company on September 24,
2009 shall immediately accelerate and become exercisable or non-forfeitable as
of the effective date of such date referred to in the foregoing clause (1) or
(2), as applicable.

 

[Remainder of Page Intentionally Left Blank]

 

 

IN WITNESS WHEREOF, the
Executive and Company have executed this Amendment as of the date set forth
above.

 

 

	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Ronald A. Lowy

  
	
   

  	
  Ronald A. Lowy

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  HELICOS BIOSCIENCES
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Jeffrey R.
  Moore

  
	
   

  	
  Jeffrey
  R. Moore

  
	
   

  	
  Senior Vice President
  and Chief Financial Officer

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