Document:

First Amendment to Real Estate Term Credit Agreement

 Exhibit 10.3 (a) 
  
 FIRST AMENDMENT TO 
 REAL ESTATE TERM CREDIT AGREEMENT 
  
 THIS FIRST AMENDMENT TO REAL ESTATE TERM CREDIT AGREEMENT (this “Amendment”) dated as of March 26, 2003, by and among HUGHES SUPPLY, INC., a Florida corporation (the “Parent”), HUGHES SUPPLY SHARED
SERVICES, INC., a Delaware corporation (the “Borrower”) and SUNTRUST BANK, a Georgia banking corporation (the “Bank”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Parent, the Borrower and the Bank have entered into that certain Real Estate Term Credit Agreement, dated as of May 31, 2002 (the
“Real Estate Credit Agreement”; capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Real Estate Credit Agreement), whereby the Bank established a real estate term
credit facility in favor of the Borrower in an amount not exceeding $25,000,000; and 
  
 WHEREAS, the Parent and the Bank are entering into that certain Revolving Credit Agreement, dated as of March 26, 2003, by and among the Parent, the lenders from time to time parties thereto (the
“Lenders”) and SunTrust Bank, as Administrative Agent for the Lenders, Issuing Bank and Swingline Lender (the “Credit Agreement”); and 
  
 WHEREAS, the parties hereto desire to amend the terms of the Real Estate Credit Agreement as set forth herein to
bring certain terms thereof into conformity with the terms of the Credit Agreement; 
  
 NOW, THEREFORE, for and in consideration of the mutual premises contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be
legally bound, agree as follows: 
  
 1.    The
Real Estate Credit Agreement is hereby amended as follows: 
  
 a.    The definitions of “1999 Line of Credit Agreement” and the “1999 Revolving Credit Agreement” are hereby deleted, and in lieu thereof, the following new definition of “Syndicated Credit
Agreement” shall be inserted: 
  
 “Syndicated Credit
Agreement” shall mean that certain Revolving Credit Agreement, dated as of March 26, 2003, by and among the Parent, the lenders from time to time parties thereto and SunTrust Bank, as Administrative Agent, as the same may be amended,
restated, 

 
supplemented, replaced, refinanced or otherwise modified from time to time, so long as SunTrust Bank remains the Administrative Agent thereof; 
  
 b.    All prior references to the “1999 Line of
Credit Agreement” and the “1999 Revolving Credit Agreement” shall be deemed references to the “Syndicated Credit Agreement”; and 
  
 c.    The definition of “Term Credit Termination Date” is hereby deleted, and in lieu thereof, the following new definition
of “Term Credit Termination Date” shall be inserted: 
  
 “Term Credit Termination Date” shall mean the earlier of (i) June 22, 2006, and (ii) the date on which the Term Credit Commitment is terminated in accordance with Article IX. 
  
 2.    To induce the Bank to enter into this Amendment,
each Credit Party hereby represents and warrants to the Bank that: 
  
 (a)    The execution, delivery and performance by such Credit Party of this Amendment (i) are within such Credit Party’s power and authority; (ii) have been duly authorized by all necessary corporate and shareholder
action; (iii) are not in contravention of any provision of such Credit Party’s certificate of incorporation or bylaws or other organizational documents; (iv) do not violate any law or regulation, or any order or decree of any governmental
authority; (v) do not conflict with or result in the breach or termination of, constitute a default under or accelerate any performance required by, any indenture, mortgage, deed of trust, lease, agreement or other instrument to which such Credit
Party or any of its Subsidiaries is a party or by which such Credit Party or any such Subsidiary or any of their respective property is bound; (vi) do not result in the creation or imposition of any Lien upon any of the property of such Credit Party
or any of its Subsidiaries; and (vii) do not require the consent or approval of any governmental authority or any other person; 
  
 (b)    This Amendment has been duly executed and delivered for the benefit of or on behalf of each Credit Party and constitutes a
legal, valid and binding obligation of each Credit Party, enforceable against such Credit Party in accordance with its terms except as the enforceability hereof may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws
affecting creditors’ rights and remedies in general; and 
  
 (c)    After giving effect to this Amendment, the representations and warranties contained in the Real Estate Credit Agreement and the other Loan Documents are true and correct in all material respects, and no Default or
Event of Default has occurred and is continuing as of the date hereof. 
  
 3.    Each Guarantor consents to the execution and delivery by the Borrower of this Amendment and jointly and severally ratifies and confirms the terms of the Guaranty 

  

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Agreement (or Article VIII of the Real Estate Credit Agreement, with respect to the Parent) with respect to the Indebtedness of the Borrower now or hereafter
outstanding under the Real Estate Credit Agreement as amended hereby and all promissory notes issued thereunder. Each Guarantor acknowledges that, notwithstanding anything to the contrary contained herein or in any other document evidencing any
Indebtedness of the Borrower to the Bank or any other obligation of the Borrower, or any actions now or hereafter taken by the Bank with respect to any obligation of the Borrower, the Guaranty Agreement (and Article VIII of the Real Estate Credit
Agreement with respect to the Parent) (i) is and shall continue to be a primary obligation of the Guarantors, (ii) is and shall continue to be an absolute, unconditional, joint and several, continuing and irrevocable guaranty of payment, and (iii)
is and shall continue to be in full force and effect in accordance with its terms. Nothing contained herein to the contrary shall release, discharge, modify, change or affect the original liability of the Guarantors under the Guaranty Agreement (or
Article VIII of the Real Estate Credit Agreement with respect to the Parent). 
  
 4.    Except as set forth expressly herein, all terms of the Credit Agreement, as amended hereby, and the other Loan Documents shall be and remain in full force and effect and shall constitute the
legal, valid, binding and enforceable obligations of the Borrower to the Lenders and the Administrative Agent. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of the Lenders under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement. This Amendment shall constitute a Loan Document for all purposes of the Credit Agreement. 
  
 5.    This Amendment shall be governed by, and construed
in accordance with, the internal laws of the State of New York and all applicable federal laws of the United States of America. 
  
 6.    This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the Credit Agreement or an
accord and satisfaction in regard thereto. 
  
 7.    The Borrower agrees to pay on demand all costs and expenses of the Bank in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the reasonable fees and
out-of-pocket expenses of outside counsel for the Bank with respect thereto. 
  
 8.    This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, each of which shall be deemed an original and all of which, taken together, shall
be deemed to constitute one and the same instrument. Delivery of an executed counterpart of this Amendment by facsimile transmission or by electronic mail in “.pdf” form shall be as effective as delivery of a manually executed counterpart
hereof. 
  

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 9.    This Amendment shall be binding upon and inure to the benefit of the parties
hereto, their respective successors, successors-in-titles, and assigns. 
  
 10.    This Amendment sets forth the entire understanding of the parties with respect to the matters set forth herein, and shall supersede any prior negotiations or agreements, whether written or oral, with respect
thereto. 
  
 [signature pages follow] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed, under seal, by
their respective authorized officers as of the day and year first above written. 
  

	PARENT:
	
	HUGHES SUPPLY, INC.
		
	 By:
	 	

	Name:	 	David Bearman
	Title:	 	Chief Financial Officer

  

	BORROWER:
	
	HUGHES SUPPLY SHARED SERVICES, INC.
		
	 By:
	 	

	Name:	 	David Bearman
	Title:	 	Treasurer

  

	 BANK:

	
	SUNTRUST BANK
		
	 By:
	 	

	Name:	 	 
	Title:	 	 

  
 [SIGNATURE PAGE
TO FIRST AMENDMENT TO REAL ESTATE TERM CREDIT AGREEMENT] 

	 	 	Acknowledged and Agreed to:
		
	 	 	GUARANTORS:
		
	Address:	 	CAROLINA PUMP & SUPPLY CORP
	 20 North Orange Avenue
 Suite 200
 Orlando, FL 32801
 Attn:
Treasurer
	 	DOUGLAS LEONHARDT & ASSOCIATES, INC.
	 	ELECTRIC LABORATORIES AND SALES CORPORATION
	 	GILLELAND CONCRETE PRODUCTS, INC
	 	HSI ACQUISITION CORPORATION
	 	 	HSI FUSION SERVICES, INC.
	 	 	HSI INDIANA, LLC
	 	 	HSI NORTH CAROLINA, LLC
	 	 	HUGHES AVIATION, INC.
	 	 	HUGHES MRO, INC.
	 	 	HUGHES SUPPLY (VA), INC.
	 	 	HUGHES WATER & SEWER COMPANY
	 	 	JUNO INDUSTRIES, INC.
	 	 	KAMEN SUPPLY COMPANY, INC.
	 	 	KINGSTON PIPE INDUSTRIES, INC.
	 	 	METALS INCORPORATED
	 	 	METALS, INC.—GULF COAST DIVISION
	 	 	MILLS & LUPTON SUPPLY COMPANY
	 	 	MOORE ELECTRIC SUPPLY, INC.
	 	 	MOUNTAIN COUNTRY SUPPLY, INC.
	 	 	OLANDER & BROPHY, INCORPORATED
	 	 	ONE-STOP SUPPLY, INC.
	 	 	PAINE SUPPLY OF JACKSON, INC.
	 	 	PANHANDLE PIPE & SUPPLY CO., INC.
	 	 	REACTION SUPPLY CORPORATION
	 	 	SCOTT-PARISH ELECTRICAL SUPPLY COMPANY
	 	 	SHRADER HOLDING COMPANY, INC.
	 	 	STAINLESS TUBULAR PRODUCTS, INC.
	 	 	USCO INCORPORATED
	 	 	U.S. FUSION SERVICES, INC.
	 	 	UTILISERVE, INC.
	 	 	WATERWORKS SALES COMPANY
	 	 	WCC MERGER CORPORATION
	 	 	HUGHES SUPPLY CA, LLC
		
	 	 	By:
                                        
                        
	 	 	Name: David Bearman
	 	 	Title: Treasurer

  
 [SIGNATURE PAGE TO
FIRST AMENDMENT TO REAL ESTATE TERM CREDIT AGREEMENT] 

			
	Address:	 	 	 	L & T OF DELAWARE, INC.
	1403 Foulk Road, Suite 102	 	 	 	SWS ACQUISITION, LLC
	Wilmington, DE 19803	 	 	 	SWS FUNDING, LLC
	Attn: Treasurer	 	 	 	 
			
	 	 	 	 	 By:

	 	 	 	 	Name:
	 	 	 	 	Title:

  

		
	Address:	 	HSI FUNDING, LLC
	1403 Foulk Road, Suite 102	 	HSI HOLDINGS, INC.
	Wilmington, DE 19803	 	HSI IP, INC.
	Attn: Treasurer	 	 
		
	 	 	 By:

	 	 	Name:
	 	 	Title:

  

		
	Address:	 	SOUTHWEST STAINLESS, L.P.
	1403 Foulk Road, Suite 102	 	 
	Wilmington, DE 19803	 	By:    Z&L ACQUISITION CORP., its General Partner
	Attn: Treasurer	 	 
		
	 	 	 By:

	 	 	Name: David Bearman
	 	 	Title: Treasurer
		
	Address:	 	Z & L ACQUISITION CORP.
	1403 Foulk Road, Suite 102	 	 
	Wilmington, DE 19803	 	 
	Attn: Treasurer	 	 
		
	 	 	 By:

	 	 	Name: David Bearman
	 	 	Title: Treasurer
		
	Address:	 	NATIONAL POWERX, INC.
	2800 Quail Run, Suit 100	 	 
	Corinth, TX 76208	 	 
	Attn: Treasurer	 	 By:

	 	 	Name: David Bearman
	 	 	Title: Treasurer

  
 [SIGNATURE PAGE TO
FIRST AMENDMENT TO REAL ESTATE TERM CREDIT AGREEMENT]Investment Letter and Conversion Notice, dated September 12, 2003

 Exhibit 10.56 
  
 IMPORTANT: PLEASE READ CAREFULLY BEFORE SIGNING 
 SIGNIFICANT REPRESENTATIONS ARE 
 CALLED FOR HEREIN

  
 INVESTMENT LETTER 
  
 Antares Pharma, Inc. 
 707 Eagleview Boulevard 
 Suite 414 
 Exton, Pennsylvania 19341 
  
 Gentlemen and Mesdames: 
  
 The undersigned investor (“Investor”) hereby agrees to convert the
Term Notes listed below (the “Notes”) into Two Million Three Hundred Ninety-eight Thousand Six Hundred Thirty-five (2,398,635) shares of common stock (the “Shares”) of Antares Pharma, Inc., a Minnesota corporation (the
“Company”), at a price of $1.00 per share: 
  

	 Date of Note

	  	Balance (including accrued interest)

	 July 20, 2002
	  	$329,281.72
	 September 26, 2002
	  	$216,207.64
	 December 13, 2002
	  	$211,770.00
	 March 28, 2003
	  	$134,567.38
	 April 15, 2003
	  	$495,210.73
	 April 28, 2003
	  	$144,013.40
	 May 8, 2003
	  	$256,574.90
	 May 22, 2003
	  	$153,465.33
	 June 10, 2003
	  	$178,259.39
	 June 20, 2003
	  	$152,499.70
	 June 30, 2003
	  	$126,785.50

  
 As of the date hereof,
the total principal and unpaid interest on said Notes amounts to $2,398,635.69. Investor is hereby delivering to the Company the original Notes for conversion and cancellation, along with a Conversion Notice in the form attached hereto as Exhibit A.
Investor acknowledges that, as further consideration for Investor’s agreement to convert the Notes, the Company shall issue to Investor a five-year warrant to purchase One Million Seven Hundred Ninety-eight Thousand Nine Hundred Seventy-six
(1,798,976) shares of common stock of the Company at an exercise price of $1.25 per share (the “Warrant”). 
  
 Investor’s agreement to consummate the conversion of the Notes described herein is contingent upon (i) the consummation of a license agreement
between the Company and Eli Lilly 

 
and Company on or prior to September 30, 2003 (the “Lilly Transaction”) and (ii) the simultaneous consummation of the conversion by Xmark Fund,
L.P., Xmark Fund, Ltd. and SDS Merchant Fund, L.P. of their 8% Senior Secured Convertible Debentures and Amended and Restated 8% Senior Secured Convertible Debentures into the Company’s Series D Convertible Preferred Stock (the “Xmark
Conversion”). By accepting this Investment Letter, the Company acknowledges its agreement to such contingency, and the Company agrees that Investor shall not be obligated to surrender the Notes until the Lilly Transaction and the Xmark
Conversion are consummated. If the Lilly Transaction and the Xmark Conversion are not consummated by September 30, 2003, this Investment Letter shall terminate, and neither Investor nor the Company shall have any obligations hereunder. 

 
 By execution below, Investor acknowledges that the Company is relying upon
the accuracy and completeness of the representations contained herein in complying with its obligations under applicable securities laws. 
  

	 	1.	 	In connection with the conversion of the Notes and the issuance of the Shares and the Warrants, Investor acknowledges and represents as follows: 

  

	 	(a)	 	Investor is familiar with the business and operations of the Company; 

  

	 	(b)	 	Investor is in a financial position to hold the Shares and the Warrant for an indefinite period of time and is able to withstand a complete loss of his investment in the Shares and
the Warrant; 

  

	 	(c)	 	Investor has substantial experience in evaluating and investing in private placement transactions of securities in companies similar to the Company, so that he is capable evaluating
the merits and risks of his investment in the Company, and he has the capacity to protect his own interests; 

  

	 	(d)	 	That by reason of his business or financial experience, Investor has the capacity to protect his own interests in connection with his ownership of the Shares and the Warrant;

  

	 	(e)	 	Investor has been given access to full and complete information regarding the Company and has utilized such access to his satisfaction for the purpose of obtaining information, and
Investor has either met with or been given reasonable opportunity to meet with officers of the Company for the purpose of asking questions of, and receiving answers from, such officers concerning the terms and conditions of his conversion of the
Notes, the issuance of the Shares and the Warrant and the current and proposed business and operations of the Company and to obtain any additional information, to the extent reasonably available; 

  

	 	(f)	 	Investor acknowledges that he has made his own investigation of the Company, its business, personnel and prospects; has had an opportunity to discuss the Company’s business,
management and financial affairs with 

  

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directors, officers, and management of the Company; and has had the opportunity to review the Company’s operations and facilities to his satisfaction;

  

	 	(g)	 	Investor has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment in the Shares and
the Warrant and has the net worth to undertake such risks; 

  

	 	(h)	 	Investor believes that the investment in the Shares and the Warrant is suitable for him based upon his investment objectives and financial needs, and Investor has adequate means for
providing for his current financial needs and contingencies and has no need for liquidity of investment with respect to the Shares and the Warrant; 

  

	 	(i)	 	Investor recognizes that the Shares and the Warrant as investments are highly speculative, and involve a high degree of risk including, but not limited to, the risk of economic
losses from operations of the Company and the total loss of his investment; 

  

	 	(j)	 	Investor recognizes that any financial projections, forecasts, assumptions or estimates delivered or communicated to Investor are not statements of fact and that no representation
or warranties are made, by the Company or any officer, director, shareholder, employee or agent thereof, with respect to the accuracy of such projections, forecasts, assumptions or estimates or with respect to the future operations or the amount of
any future income or loss of the Company. 

  

	 	(k)	 	Investor realizes that (1) the acquisition the Shares and the Warrant is a long-term investment, (2) the holder of the Shares and the Warrant must bear the economic risk of
investment in the Shares and the Warrant for an indefinite period of time because neither the Shares nor the Warrant has been registered under the Securities Act of 1933, as amended (the “Act”), and, therefore, they cannot be sold unless
they are subsequently registered under the Act or an exemption from such registration is available, and (3) the transferability of the Shares and the Warrant is restricted and (A) requires conformity with the restrictions contained in paragraph 2
below, and (B) will be further restricted by a legend placed on the certificates representing the Shares and on the Warrant stating that they have not been registered under the Act and referencing the restrictions on transferability; and

  

	 	2.	 	Investor acknowledges that the following registration rights are applicable to the issuance of the Shares and the Warrant: 

  

 3 

	 	(a)	 	Investor has been advised that the Shares and the Warrant are not being registered under the Act or relevant state securities laws but are being offered and sold pursuant to
exemptions from such laws and that the Company’s reliance upon such exemptions is predicated in part on Investor’s representations as contained herein. Investor represents and warrants that the Shares and the Warrant are being acquired for
his own account and for investment and without the intention of reselling or redistributing the same, that he has made no agreement with others regarding any of the Shares or the Warrant and that his financial condition is such that it is not likely
that it will be necessary to dispose of any of the Shares or the Warrant in the foreseeable future. Investor is aware that, in the view of the U.S. Securities and Exchange Commission, a purchase of securities with an intent to resell any of the same
by reason of any foreseeable specific contingency or anticipated change in market value, or any change in the condition of the Company, or in connection with a contemplated liquidation or settlement of any loan obtained for the acquisition of the
Shares or the Warrant and for which the Shares or the Warrant were pledged as security, would represent an intent inconsistent with the representations set forth above. Investor further represents and agrees that if, contrary to his foregoing
intentions, he should later desire to dispose of or transfer any of the Shares or the Warrant in any manner, he shall not do so without first obtaining (1) the opinion of counsel reasonably acceptable to the Company that such proposed disposition or
transfer lawfully may be made without the registration of the Shares or the Warrant under the Act and applicable state securities laws, or (2) such registration. 

  

	 	(b)	 	If at any time prior to the expiration of ten (10) years from the date hereof, the Company proposes to register under the 1933 Act (except by a Form S-4 or Form S-8 Registration
Statement or any successor forms thereto) or qualify for a public distribution under Section 3(b) of the 1933 Act, any of its equity securities or debt with equity features, it will give written notice to Investor of its intention to do so and, on
the written request of Investor given within twenty (20) days after receipt of any such notice (which request shall specify the Shares or the shares of common stock issuable to Investor upon exercise of the Warrant (the “Warrant Shares”)
intended to be sold or disposed of by Investor and describe the nature of any proposed sale or other disposition thereof), the Company will use its best efforts to cause all such Shares or Warrant Shares to be included in such registration statement
proposed to be filed by the Company; provided, however, that nothing herein shall prevent the Company from, at any time, abandoning or delaying any registration. If any registration pursuant to this Section 2(b) is underwritten in whole or in part,
the Company may require that the Shares or Warrant Shares requested for inclusion pursuant to this Section 2(b) be included in the underwriting on the same terms and conditions as 

  

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the securities otherwise being sold through the underwriters. If a greater number of Shares of Warrant Shares is offered for participation in the proposed
offering than in the reasonable opinion of the managing underwriter of the proposed offering can be accommodated without adversely affecting the proposed offering, then the amount of Shares or Warrant Shares proposed to be offered by Investor for
registration, as well as the number of securities of any other selling shareholders participating in the registration, shall be proportionately reduced to a number deemed satisfactory by the managing underwriter. 

  

	 	(c)	 	With respect to each inclusion of securities in a registration statement pursuant to this Section 2, the Company shall bear the following fees, costs, and expenses: all
registration, filing and NASD fees, printing expenses, fees and disbursements of counsel and accountants for the Company, fees and disbursements of counsel for the underwriter or underwriters of such securities (if the offering is underwritten and
the Company is required to bear such fees and disbursements), all internal expenses, the premiums and other costs of policies of insurance against liability arising out of the public offering, and legal fees and disbursements and other expenses of
complying with state securities laws of any jurisdictions in which the securities to be offered are to be registered or qualified. Fees and disbursements of special counsel and accountants for Investor, underwriting discounts and commissions, and
transfer taxes for Investor and any other expenses relating to the sale of securities by Investor not expressly included above shall be borne by Investor. 

  

	(d)	 	The Company hereby indemnifies Investor against all losses, claims, damages, and liabilities caused by (1) any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement or Prospectus prepared in connection with any registration statement pursuant to this Section 2 (and as amended or supplemented if the Company shall have furnished any amendments thereof or supplements
thereto), any Preliminary Prospectus or any state securities law filings; (2) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading except insofar
as such losses, claims, damages, or liabilities are caused by any untrue statement or omission contained in information furnished in writing to the Company by Investor expressly for use therein; and Investor by his acceptance hereof agrees that he
will indemnify and hold harmless the Company, each of its officers who signs such Registration Statement, and each person, if any, who controls the Company, within the meaning of Section 15 of the 1933 Act, with respect to losses, claims, damages,
or liabilities which are caused by any untrue 

  

 5 

	 	 
statement or alleged untrue statement, omission or alleged omission contained in information furnished in writing to the Company by Investor expressly for
use therein. 

  

	 	3.	 	Investor represents and warrants that he is a bona fide resident of, and is domiciled in, the Country of Switzerland and that the Shares and the Warrant are being purchased by him
in his name solely for his own beneficial interest and not as nominee for, or on behalf of, or for the beneficial interest of, or with the intention to transfer to, any other person, trust or organization. 

  

	 	4.	 	Investor represents and warrants that he is an “accredited investor” as that term is defined in Regulation D of the General Rules and Regulations promulgated under the
Act. Investor agrees to furnish any additional information which the Company deems necessary in order to verify Investor’s status as an accredited investor. Investor understands that a false representation may constitute a violation of law, and
that any person who suffers damage as a result of a false representation may have a claim against Investor for damages. 

  
 * * * * * * * 
  
 Dated September 12, 2003 
  
 /s/    Jacques Gonella 

  
 Signature 
  
 Jacques Gonella 
 Hauptstrasse 16 
 4132 Muttenz 
 Switzerland 
  

Tax Identification
Number:                                       
      
 Telephone
Number:                                       
                  
  

 6 

 ACCEPTANCE 
  

The Company hereby accepts the foregoing Investment Letter as of the date above indicated. The Company acknowledges that Investor shall not be
obligated to surrender the Notes in accordance with the foregoing Investment Letter until such time as the Company has consummated the Lilly Transaction and the Xmark Conversion, both of which events must occur on or prior to September 30,
2003. 
  

	 	 	ANTARES PHARMA, INC.
			
	 Date: September 12, 2003
	 	By	 	/s/ Lawrence M. Christian
	 	 	 	

	 	 	 	 	 Its Chief Financial Officer

  

 7 

 EXHIBIT A 
  

CONVERSION NOTICE 
  
 Antares Pharma, Inc. 
 707 Eagleview Boulevard 
 Suite 414 
 Exton, PA 19341 
  
 Gentlemen and Mesdames: 
  
 The undersigned investor hereby tenders this Conversion Notice to convert $2,300,000.00 principal amount, together with $98,635.67 in accrued interest, of
the Term Notes (the “Notes”), dated July 20, 2002, September 26, 2002, December 13, 2002, March 28, 2003, April 15, 2003, April 28, 2003, May 8, 2003, May 22, 2003, June 10, 2003, June 20, 2003 and June 30, 2003, issued to the undersigned
into Two Million Three Hundred Ninety-eight Thousand Six Hundred Thirty-five (2,398,635) shares of Antares Pharma, Inc.’s common stock, par value $.01 per share, at a conversion price of $1.00 per share. The undersigned acknowledges that
fractional shares shall not be issued, and that the undersigned will receive cash in lieu of fractional shares. The undersigned understands that Antares Pharma, Inc. will also issue to him a five-year warrant to purchase One Million Seven Hundred
Ninety-eight Thousand Nine Hundred Seventy-six (1,798,976) shares of common stock at an exercise price of $1.25 per share. The undersigned’s conversion of the Notes is in lieu of all rights which the undersigned might otherwise have with
respect to repayment of the principal and interest of the Notes. The original Notes are delivered herewith for conversion. 
  
 Dated: September 12, 2003 
  

	
	 /s/    Jacques Gonella        

	Jacques Gonella

 Hauptstrasse 16 
 4132 Muttenz 
 Switzerland 
  
 Tax Identification
Number:

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