Document:

Securities Purchase Agreement, dated as of July 15, 2008

 Exhibit 10.3 
 SECURITIES PURCHASE AGREEMENT 
 THIS SECURITIES
PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of July 15, 2008 by and between LEV PHARMACEUTICALS, INC., a Delaware
corporation (the “Company”), and VIROPHARMA INCORPORATED, a Delaware corporation (the “Purchaser”). 
 WHEREAS, the Company, the Purchaser and HAE Acquisition Corp. have entered into that certain Agreement and Plan of Merger, dated as of the date hereof
(the “Merger Agreement”), whereby on the terms and subject to the conditions set forth therein, HAE Acquisition Corp. will merge with and into the Company and the Company will become a wholly-owned subsidiary of the Purchaser (the
“Merger”); 
 WHEREAS, on the terms and subject to the conditions set forth in this Agreement, the Company desires to issue
and sell to the Purchaser, and the Purchaser desires to purchase from the Company, securities of the Company as more fully described in this Agreement; and 
 WHEREAS, the Shares (as defined below) will be sold to the Purchaser pursuant to the Company’s effective Registration Statement on Form S-3 (Reg. No. 333-143196) (the “Registration
Statement”). 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and
valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and the Purchaser agree as follows: 
 ARTICLE I. 
 DEFINITIONS 
 1.1 Definitions. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Merger Agreement. In addition to the terms defined elsewhere in this Agreement, for all
purposes of this Agreement, the following terms have the meanings indicated in this Section 1.1: 
 “Commission” means the Securities and Exchange Commission. 
 “Common Stock” means
the common stock of the Company, par value $0.01 per share. 
 “Exchange Act” means the Securities and
Exchange Act of 1934, as amended. 
 “Person” means an individual or corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Shares” means the 9,661,836 shares of Common Stock issued to the Purchaser pursuant to this Agreement. 
 “Termination Date” means the date the Merger Agreement is terminated in accordance with its terms. 

 ARTICLE II. 
 PURCHASE AND SALE 
 2.1 Closing. Concurrent with the execution and delivery of this Agreement,
on the basis of the representations, warranties and agreements herein and subject to the satisfaction of the conditions set forth in Section 2.2, the Company shall sell, and the Purchaser shall purchase, the Shares for an aggregate cash
purchase price of $20,000,000 (the “Purchase Price”). The closing of such issuance and purchase (the “Closing”) shall take place at 9:00 A.M., New York City time, on the date hereof (the “Closing
Date”), at the offices of Becker & Poliakoff, 45 Broadway 11th Floor New York, NY, or at such other time and place as the Purchaser and the Company shall mutually select. 
 2.2 Deliveries. At the Closing, 
 (a)
the Company shall deliver or cause to be delivered to the Purchaser a copy of irrevocable instructions to the Company’s transfer agent instructing the transfer agent to deliver, on an expedited basis, a certificate evidencing the Shares,
registered in the name of the Purchaser; and 
 (b) the Purchaser shall deliver or cause to be delivered to the Company the Purchase Price by
wire transfer in immediately available funds to the account as specified in writing by the Company; and 
 (c) the Company shall deliver to
Purchaser (i) a certificate of good standing, dated a recent date, with respect to the Company, and (ii) a copy, certified by the Secretary or an Assistant Secretary of the Company, of resolutions duly adopted by the Company’s Board
of Directors evidencing the taking of all corporate action necessary to authorize the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby. 
 ARTICLE III. 
 REPRESENTATIONS AND
WARRANTIES 
 3.1 Representations and Warranties of the Company. 
 (a) The representations and warranties of the Company set forth in Article 5 of the Merger Agreement, including the definitions of all capitalized terms
used therein, are hereby incorporated by reference herein as if set forth in full in this Agreement. Any references in such Article 5 or any such definitions (other than in Section 5.2 thereof) to “this Agreement” or “this
Agreement and the transactions contemplated hereby,” or words of similar import, shall mean this Agreement and the purchase and sale of the Shares contemplated by this Agreement. 
 (b) In addition to the foregoing, the Company hereby makes the following representations and warranties to the Purchaser: 
 (i) Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and otherwise to carry out its obligations hereunder. The execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all
necessary action on the part of the Company. This Agreement has been duly executed by the Company and constitutes the valid and binding obligation of the Company enforceable against the Company in accordance with its terms except (A) as limited
by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, and (B) as limited by laws relating to the
availability of specific performance, injunctive relief or other equitable remedies. 
  

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 (ii) Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver,
authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the
Company of this Agreement, including the sale and issuance of the Shares, other than (A) filings required pursuant to this Agreement, (B) filings with the Commission (such as any prospectus, prospectus supplement and any Current Report on
Form 8-K) and such filings as are required to be made under applicable state securities laws, and (C) those made or obtained prior to the date hereof. 
 (iii) Issuance of the Shares. The Shares are duly authorized and, when issued and paid for in accordance with this Agreement, will be duly and validly issued, fully paid and nonassessable, free and clear of all
liens imposed by the Company other than restrictions on transfer provided for in this Agreement. 
 (iv) Anti-Takeover Laws. The
Company has taken all necessary action to exempt the transactions contemplated by this Agreement from, or if necessary to challenge the validity or applicability of, any applicable “moratorium,” “fair price,” “business
combination,” “control share,” or other anti-takeover Laws, including Section 203 of the DGCL. 
 (v) Registration
Statement and Prospectus Supplement. The Registration Statement has been declared effective and includes sufficient shares of Common Stock for the Company to issue and sell the Shares thereunder. No stop order suspending the effectiveness of the
Registration Statement has been issued and no proceeding for that purpose has been initiated or, to the Company’s knowledge, threatened by the SEC. The Company will file a prospectus supplement covering the sale of the Shares to the Purchaser
with the SEC within two (2) business days after the date hereof (the “Prospectus Supplement”). At the time of the filing of the Prospectus Supplement, the Registration Statement (including the base prospectus, the Prospectus
Supplement and the documents incorporated by reference therein), and any amendments and supplements thereto, will comply in all material respects with the applicable provisions of the Securities Act, will not contain an untrue statement of a
material fact and will not omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading. 
 (vi) Over-the-Counter (“OTC”) Bulletin Board Requirements. The Company’s Common Stock is registered pursuant to Section 12 of the Exchange Act, and the Company has taken no action designed
to, or which, to its knowledge, is likely to have the effect of, terminating the registration under the Exchange Act nor has the Company received any notification that the SEC is contemplating terminating such registration. The Company has not, in
the two (2) years preceding the date hereof, received notice from the OTC Bulletin Board to the effect that the Company is not in compliance with the requirements to maintain eligibility for quotation of the Common Stock thereon. The Company
is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with the requirements to maintain eligibility for quotation of the Company’s Common Stock thereon. 
 3.2 Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Company as follows: 
 (a) Organization; Authority. The Purchaser is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of
its organization with full right, corporate or partnership power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder. The execution, delivery and
performance by the Purchaser of the transactions contemplated by this Agreement have been duly authorized by all necessary corporate or similar action on the part of the Purchaser. This Agreement has been duly executed 

  

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by the Purchaser and constitutes the valid and binding obligation of the Purchaser enforceable against the Purchaser in accordance with its terms except
(i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws
relating to the availability of specific performance, injunctive relief or other equitable remedies. 
 (b) Filings, Consents and
Approvals. The Purchaser is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Purchaser of this Agreement, other than (A) filings required pursuant to this Agreement, and (B) the filing of a Form 8-K with the Commission and such filings as are
required to be made under applicable state securities laws. 
 (c) Access to Information. The Purchaser acknowledges that it has been
afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Shares and the merits and risks of
investing in the Shares; (ii) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the
opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. 
 (d) Independent Investment Decision. The Purchaser has independently evaluated the merits of its decision to purchase the Shares pursuant to this
Agreement, such decision has been independently made by the Purchaser and the Purchaser confirms that it has only relied on the advice of its own business and/or legal counsel in making such decision. Purchaser has not relied on the truth, accuracy
or completeness of the statements contained in any research report concerning the Company that was prepared by an investment banking firm. 
 ARTICLE IV. 
 OTHER AGREEMENTS OF THE PARTIES 
 4.1 Use of Proceeds. The Company shall use the net proceeds from the sale of the Shares solely for the research, development and commercialization
of Cinryze, including but not limited to (i) building inventory for the potential launch of Cinryze for the treatment of HAE in the United States; (ii) obtaining approval for Cinryze; (iii) independently commercializing Cinryze for
the treatment of HAE in the United States; (iv) conducting research and development activities of Cinryze for HAE, including clinical trials, (v) opening and operating plasma centers, (vi) developing and implementing related marketing
plans; and (vii) related payroll, travel, entertainment, education and other related expenses and corporate overhead. Notwithstanding anything in this Agreement to the contrary, this Section 4.1 shall terminate upon the earlier of the
termination of the Merger Agreement or the consummation of the Merger. 
 4.2 Agreement to Vote Shares. 
 (a) The Purchaser understands and agrees that if it attempts to vote or provide any other person with the authority to vote any of the Shares other than
in compliance with this Agreement, the Company shall not, and the Purchaser hereby unconditionally and irrevocably instructs the Company not to, record such vote unless and until the Purchaser shall have complied with the terms of this Agreement.

  

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 (b) From and after the date hereof, except as otherwise permitted by this Agreement or by order of a
court of competent jurisdiction, the Purchaser will not commit any act that would restrict its legal power, authority and right to vote all of the Shares purchased hereunder or otherwise prevent or disable the Purchaser from performing any of its
obligations under this Agreement. Without limiting the generality of the foregoing, except for this Agreement, the Purchaser will not enter into any voting agreement with any person or entity with respect to any of the Shares purchased hereunder,
grant any person or entity any proxy (revocable or irrevocable) or power of attorney with respect to any of such Shares, deposit any of such Shares in a voting trust or otherwise enter into any agreement or arrangement with any person or entity
limiting or affecting the Purchaser’s legal power, authority or right to vote such Shares in favor of the approval of the Proposed Transaction (as defined below). 
 (c) Prior to the Termination Date, at every meeting of the stockholders of Company called, and at every adjournment or postponement thereof, and on every action or approval by written consent of the stockholders of
the Company, the Purchaser shall appear at the meeting or otherwise cause the Shares to be present thereat for purposes of establishing a quorum and, to the extent not voted by the persons appointed as proxies pursuant to this Agreement, vote the
Shares, in proportion to the vote by the other stockholders of the Company, (i) in favor of approval of the Merger, the Merger Agreement and the other transactions contemplated thereby (collectively, the “Proposed Transaction”),
(ii) against the approval or adoption of any proposal made in opposition to, or in competition with, the Proposed Transaction, and (iii) against any of the following (to the extent unrelated to the Proposed Transaction): (A) any
merger, consolidation or business combination involving the Company or any of its subsidiaries other than the Proposed Transaction; (B) any sale, lease or transfer of all or substantially all of the assets of the Company or any of its
subsidiaries; (C) any reorganization, recapitalization, dissolution, liquidation or winding up of the Company or any of its subsidiaries; or (D) any other action that is intended, or would reasonably be expected to materially impede,
interfere with, delay, postpone, discourage or adversely affect the consummation of the Proposed Transaction. The Purchaser shall ensure that any of its Affiliates to whom it transfers Shares shall vote such Shares in accordance with this
Section 4.2. Notwithstanding the foregoing, the parties acknowledge and agree that the provisions of this Section 4.2 shall not be deemed to prohibit the Purchaser from selling or transferring any interest in any of the Shares at any time
and shall apply to Shares only if and for so long as such Shares shall continue to be beneficially owned by the Purchaser or an Affiliate of the Purchaser (determined in accordance with Rule 13d-3 under the Exchange Act). 
 4.3 Transfers of Shares; Compliance with Applicable Securities Laws. The Purchaser acknowledges that during the period commencing with the
execution and delivery of this Agreement and expiring on the Termination Date, the Purchaser may have access to material non-public information concerning the Company, and agrees that during such period any sale or transfer of any of the Shares
shall be in compliance with all applicable securities laws. 
 ARTICLE V. 
 MISCELLANEOUS 
 5.1 Survival of Representations, Warranties, Agreements,
Etc. Each of the representations and warranties set forth in this Agreement shall survive the Closing but only for a period of 12 months following the Closing Date and thereafter shall expire and have no further force and effect. 
 5.2 Fees and Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other
expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all transfer agent fees, stamp taxes and other taxes and duties levied in connection with the
delivery of the Shares to the Purchaser. 
  

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 5.3 Amendments, Modifications and Waivers. No amendment, modification or waiver in respect of this
Agreement shall be effective against any party unless it shall be in writing and signed by the Company and the Purchaser. 
 5.4 Entire
Agreement. This Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all other prior agreements and understandings, both written and oral, among or between any of the
parties with respect to the subject matter hereof and thereof. 
 5.5 Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of law thereof. 
 5.6 Consent to Jurisdiction; Venue. Regardless of any conflict of law or choice of law principles that might otherwise apply, the parties agree that this Agreement shall be governed by an construed in all
respects in accordance with the laws of the State of Delaware. The parties all expressly agree and acknowledge that the State of Delaware has a reasonable relationship to the parties and/or this Agreement. As to any dispute, claim or litigation
arising out of or relating in any way to this Agreement or the transaction contemplated hereby, the parties hereto hereby agree and consent to be subject to the exclusive jurisdiction of any Delaware state court, or federal court of the United
States of America sitting in Delaware, and any appellate court from any thereof. Each party hereto hereby irrevocably waives, to the fullest extent permitted by law, (a) any objection that it may now or hereafter have to laying venue of any
suit, action or proceeding brought in such court, (b) any claim that any suit, action or proceeding brought in such court has been brought in an inconvenient forum, and (c) any defense that it may now or hereafter have based on lack of
personal jurisdiction in such forum. 
 5.7 WAIVER OF JURY TRIAL. EACH OF THE PARTIES IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL
BY JURY IN ANY ACTION OR PROCEEDING BETWEEN THE PARTIES ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 
 5.8 Assignment and Successors. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns,
provided that except as otherwise specifically provided herein, neither this Agreement nor any of the rights, interests or obligations of the parties hereto may be assigned by any of the parties hereto without the prior written consent of the
other parties hereto. Any assignment in violation of the foregoing shall be void and of no effect. 
 5.9 No Third Party Rights.
Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person (other than the parties hereto) any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 5.10 Cooperation. Each of the Purchaser and the Company agrees to reasonably cooperate with the other party and to execute and deliver such
further documents, certificates, agreements and instruments and to take such other actions as may be reasonably requested by such party to evidence or reflect the transactions contemplated by this Agreement and to carry out the intent and purpose of
this Agreement. 
 5.11 Severability. If any term or other provision of this Agreement is held invalid or unenforceable by any court
of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect so long as the economic or legal substance of this Agreement is not affected in any 

  

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manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the terms of this Agreement remain as originally
contemplated to the fullest extent possible. 
 5.12 Specific Performance; Injunctive Relief. The parties hereto acknowledge that the
parties shall be irreparably harmed and that there shall be no adequate remedy at law for a violation of any of the covenants or agreements of the other parties set forth in this Agreement. Therefore, each party hereby agrees that, in addition to
any other remedies that may be available to the Purchaser or the Company, as applicable upon any such violation, such party shall have the right to enforce such covenants and agreements by specific performance, injunctive relief or by any other
means to which they are entitled at law or in equity. 
 5.13 Notices. All notices, consents, requests, claims, demands and other
communications under this Agreement shall be in writing and shall be deemed given if (a) delivered to the appropriate address by hand or overnight courier (providing proof of delivery), or (b) sent by facsimile with confirmation of
transmission by the transmitting equipment confirmed with a copy delivered as provided in clause (a), in each case to the parties at the address or facsimile address (or at such other address or facsimile address for a party as shall be specified by
like notice) provided in the Merger Agreement, including to the persons designated therein to receive copies. 
 5.14 Counterparts.
This Agreement may be executed in several counterparts, including by facsimile, each of which shall be deemed an original and all of which shall constitute one and the same instrument, and shall become effective when counterparts have been signed by
each of the parties and delivered to the other parties; it being understood that all parties need not sign the same counterpart. 
 5.15
Headings. The headings contained in this Agreement are for the convenience of reference only, shall not be deemed to be a part of this Agreement and shall not be referred to in connection with the construction or interpretation of this
Agreement. 
 5.16 Legal Representation. This Agreement was negotiated by the parties with the benefit of legal representation and any
rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any party shall not apply to any construction or interpretation thereof. 
 (Signature Pages Follow) 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed
by their respective authorized signatories as of the date first indicated above. 
  

			
	LEV PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Judson Cooper

	Name:	 	Judson Cooper
	Title:	 	Chairman
	
	VIROPHARMA INCORPORATED
		
	By:	 	 /s/ Vincent J. Milano

	Name:	 	Vincent J. Milano
	Title:	 	Vice President, Chief Operating Officer, Chief Financial Officer and Treasurer

  

 8Form of Orderly Sale Agreement

 Exhibit 10.4 
 ORDERLY SALE AGREEMENT 
 THIS ORDERLY SALE AGREEMENT (this
“Agreement”) is made and entered into as of [•], [•], by and among ViroPharma Incorporated (“Buyer”), a Delaware corporation, Judson Cooper (“Cooper”) and Joshua
Schein (“Schein” and, together with Cooper, the “Holders” and each individually, a “Holder”).1 
 Preamble 
 Buyer, HAE Acquisition Corp., a Delaware corporation (“Sub”), and Lev Pharmaceuticals, Inc., a Delaware corporation (“Target”), have entered into that certain Agreement
and Plan of Merger, dated as of July 15, 2008 (the “Merger Agreement”), whereby on the terms and subject to the conditions set forth therein, Sub will merge with and into Target and Target will become a wholly-owned
subsidiary of the Purchaser (the “Merger”). 
 As a condition and inducement to Buyer’s willingness to enter
into the Merger Agreement and consummate the Merger, the Holders have agreed, among other things, subject to the terms of this Agreement, to make an orderly disposition of Buyer Common Stock received by them as consideration hereunder, as further
provided in this Agreement. 
 Certain capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed
thereto in the Merger Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, and for such
other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows: 
 ARTICLE I 
 DISPOSITION OF SHARES 
  

	1.01	Disposition of Shares. 

 Each Holder, severally and
not jointly, hereby agrees that during any one-month period, without the prior written consent of Buyer, such Holder shall not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any shares of Buyer Common Stock
acquired by such Holder in the Merger (the “Securities”), enter into a transaction which would have the same effect, or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic
consequences of ownership of such Securities, whether any such aforementioned transaction is to be settled by delivery of such Securities, in cash or otherwise, or publicly disclose the intention to make any such offer, sale, pledge or disposition,
or to enter into any such transaction, swap, hedge or other arrangement, in each case, that would result in the transfer of economic, voting or other beneficial ownership of the Securities in an amount that exceeds 25% of the total number of
Securities received by such Holder in the Merger. 
  

	1	Draft note: to the extent that Cooper or Schein transfer Target shares as permitted in the Voting Agreement to transferees (other than charitable trust transferees who are not
required by the terms of the Voting Agreement to execute the Voting Agreement as a result of such transfer), they will also need to sign this agreement as a Holder. 

	1.02	Notice of Disposition. 

 Each Holder agrees that
within five business days of executing any transaction or taking any other action that is subject to the terms of this Agreement, it will give notice thereof to Buyer of the transaction and shall provide Buyer in such notice, reasonable details of
any such transaction. 
  

	1.03	Subject Securities; Exceptions. 

 Any Securities
acquired by the Holder in the open market will not be subject to this Agreement. A transfer of Securities to a family member or trust or charity may be made, provided the transferee agrees to be bound in writing by the terms of this Agreement prior
to such transfer and such transfer shall not involve a disposition for value. In addition, the Holder may transfer Securities or securities convertible into or exchangeable or exercisable for any Securities (a) as a bona fide gift or
gifts, provided that the donee or donees thereof agree to be bound in writing by the restrictions set forth herein or (b) in connection with a merger or acquisition of Buyer or in connection with a tender offer for such Securities. 

 

	1.04	Authorization of Transfer Agent. 

 In furtherance of
the foregoing, each Holder hereby authorizes Buyer and its transfer agent and registrar to decline to make any transfer of shares of Securities if such transfer would constitute a violation or breach of this Agreement. 
 ARTICLE II 
 MISCELLANEOUS

  

	2.01	Representations and Warranties of the Holders. 

 Each of the Holders, severally and not jointly, represents and warrants to Buyer as follows: 
 (a) such Holder has all requisite
power, legal capacity, right and authority to enter into this Agreement and to perform his obligations hereunder. This Agreement has been duly executed and delivered by such Holder and constitutes a valid and binding agreement of such Holder
enforceable against such Holder in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the enforcement of creditors’ rights generally and
by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); and 
 (b) the
execution, delivery and performance by such Holder of this Agreement do not require the consent of any other Person, and do not and will not (a) contravene or constitute a default under or breach or violation of (i) any Laws of any
governmental authority applicable to such Holder or (ii) any Contract to which such Holder is a party by which any of his properties or assets are bound, other than defaults that individually or in the aggregate would not impair the ability of
such Holder to perform his obligations under this Agreement. 
  

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	2.02	Termination. 

 This Agreement shall terminate with
respect to a Holder on the earlier of six months after the date hereof or such time as such Holder no longer beneficially owns any Securities. 
  

	2.03	Rules of Construction. 

 This Agreement shall be
construed in accordance with the following rules of construction: 
 (a) the terms defined in this Agreement include the plural as well as the
singular; 
 (b) all references in the Agreement to designated “Articles,” “Sections” and other subdivisions are to the
designated articles, sections and other subdivisions of the body of this Agreement; 
 (c) pronouns of either gender or neuter shall include,
as appropriate, the other pronoun forms; the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision;
and the words “includes” and “including” are not limiting. 
  

	2.04	Expenses. 

 Each of the parties shall bear and pay
all direct costs and expenses incurred by it or on its behalf in connection with the transactions contemplated hereunder, including fees and expenses of their own financial or other consultants, investment bankers, accountants, and counsel.

  

	2.05	Entire Agreement. 

 This Agreement and the
documents, instruments and exhibits referred to herein constitute the entire agreement between the parties with respect to the transactions contemplated hereunder and supersede all prior arrangements or understandings with respect thereto, written
or oral. Nothing in this Agreement expressed or implied, is intended to confer upon any Person, other than the parties or their respective successors, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

 

	2.06	Amendments. 

 To the extent permitted by Law, this
Agreement may be amended by a subsequent writing signed by each of the parties upon the approval of each of the parties. 
  

	2.07	Waiver. 

 Each party shall have the right to waive
any Default in the performance of any term of this Agreement by any other party, to waive or extend the time for the compliance or fulfillment by any other party of any and all of its obligations under this Agreement, and to waive any or all of the
conditions precedent to the obligations of such party under this Agreement, except any condition which, if not satisfied, would result in the violation of any Law. No such waiver shall be effective unless in writing signed by the party giving such
waiver. 
 The failure of any party at any time or times to require performance of any provision hereof shall in no manner affect the right
of such party at a later time to enforce the same or any other provision of this Agreement. No waiver of any condition or of the breach of any term contained in this Agreement in one or more instances shall be deemed to be or construed as a further
or continuing waiver of such condition or breach or a waiver of any other condition or of the breach of any other term of this Agreement. 
  

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	2.08	Assignment. 

 Neither this Agreement nor any of the
rights, interests or obligations hereunder shall be assigned by any party hereto (whether by operation of Law or otherwise) without the prior written consent of the other party. Subject to the preceding sentence, this Agreement will be binding upon,
inure to the benefit of and be enforceable by the parties and their respective successors and permitted assigns. 
  

	2.09	Notices. 

 All notices or other communications which
are required or permitted hereunder shall be in writing and sufficient if delivered by hand, by facsimile transmission, by registered or certified mail, postage pre-paid, or by courier or overnight carrier, to the persons at the addresses set forth
below (or at such other address as may be provided hereunder), and shall be deemed to have been delivered as of the date so delivered: 
 Holders: 
 Judson Cooper 
 c/o Lev Pharmaceuticals, Inc. 
 675 Third Avenue, Suite 2200 
 New York, NY 10017 
 Facsimile Number: (212) 682-2559 
 Joshua Schein 
 c/o Lev Pharmaceuticals, Inc. 
 675 Third Avenue, Suite 2200 
 New York, NY 10017 
 Facsimile Number: (212) 682-2559 
 Copy to Counsel (which shall not constitute notice): 
 Willkie Farr & Gallagher LLP 
 787 Seventh Avenue 
 New York, NY 10019 
 Facsimile Number: (212) 728-9592 
 Attention: Jeffrey S. Hochman 
 Becker & Poliakoff, LLP 
 45 Broadway, 11th Floor 
 New York, NY 10006 
 Facsimile Number: (212) 557-0295 
 Attention: Victor J. DiGioia 
  

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 Buyer: 
 ViroPharma Incorporated 
 397 Eagleview Boulevard 
 Exton, PA 19341 
 Facsimile Number: (610) 458-7380 
 Attention: J. Peter Wolf 
 Copy to Counsel (which shall not constitute notice): 
 DLA Piper US LLP 
 6225 Smith Avenue 
 Baltimore, MD 21209-3600 
 Facsimile Number: (410) 580-3251 
 Attention: Howard S. Schwartz 
  

	2.10	Governing Law. 

 Regardless of any conflict of law
or choice of law principles that might otherwise apply, the parties agree that this Agreement shall be governed by and construed in all respects in accordance with the laws of the State of Delaware. The parties all expressly agree and acknowledge
that the State of Delaware has a reasonable relationship to the parties and/or this Agreement. As to any dispute, claim, or Litigation arising out of or relating in any way to this Agreement or the transaction at issue in this Agreement, the parties
hereto hereby agree and consent to be subject to the exclusive jurisdiction of any Delaware state court, or federal court of the United States of America sitting in Delaware, and any appellate court from any thereof. Each party hereto hereby
irrevocably waives, to the fullest extent permitted by Law, (a) any objection that it may now or hereafter have to laying venue of any suit, action or proceeding brought in such court, (b) any claim that any suit, action or proceeding
brought in such court has been brought in an inconvenient forum, and (c) any defense that it may now or hereafter have based on lack of personal jurisdiction in such forum. 
  

	2.11	Counterparts. 

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

	2.12	Captions; Articles and Sections. 

 The captions
contained in this Agreement are for reference purposes only and are not part of this Agreement. Unless otherwise indicated, all references to particular Articles or Sections shall mean and refer to the referenced Articles and Sections of this
Agreement. 
  

	2.13	Interpretations. 

 Neither this Agreement nor any
uncertainty or ambiguity herein shall be construed or resolved against any party, whether under any rule of construction or otherwise. No party to this Agreement shall be considered the drafter. The parties acknowledge and agree that this Agreement
has been reviewed, negotiated, and accepted by all parties and their attorneys and shall be construed and interpreted according to the ordinary meaning of the words used so as fairly to accomplish the purposes and intentions of all parties hereto.

  

 - 5 - 

	2.14	Enforcement of Agreement. 

 Each of the Holders
agrees that the violation of any of the covenants or agreements contained in this Agreement would cause irreparable damage to Buyer and that Buyer will be entitled to any remedy at law, including damages, and at equity, including temporary and
permanent injunction or injunctions or other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court of the United States or any state having jurisdiction, this being in
addition to any other remedy to which they are entitled at law or in equity. 
  

	2.15	Waiver of Jury Trial. 

 Each party acknowledges and
agrees that any controversy that may arise under this Agreement is likely to involve complicated and difficult issues, and therefore each party hereby irrevocably and unconditionally waives any such right such party may have to a trial by jury in
respect of any Litigation, directly or indirectly, arising out of, or relating to, this Agreement, or the transactions contemplated by this Agreement. Each party certifies that (a) no representative, agent or attorney of the other party has
represented expressly or otherwise, that such other party would not, in the event of Litigation, seek to enforce the foregoing waiver, (b) each party understands and has considered the implications of this waiver, (c) each party makes this
waiver voluntarily, and (d) each arty as been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 2.15. 
  

	2.16	Severability. 

 Any term or provision of this
Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this
Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only
so broad as is enforceable. 
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and
year first above written. 
  

			
	“BUYER”
	
	 ViroPharma Incorporated,
 a Delaware
corporation

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	“HOLDERS”
	
	  

	Judson Cooper
	
	  

	Joshua Schein

  

 - 7 -

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