Document:

exv10w15

 

EXHIBIT 10.15

ALLONGE TO REVOLVING NOTE

     THIS ALLONGE TO CONVERTIBLE PROMISSORY NOTE (the “Allonge”) is made and
entered into as of the 20th day of December, 2001, by and between Akorn, Inc.,
a Louisiana corporation (the “Company”), and The John N. Kapoor Trust Dated
September 20, 1989, or its administrators, representatives, successors or
assigns (“Holder”).

WITNESSETH:

     WHEREAS, the Company made in favor of Holder that certain Convertible
Promissory Note dated as of July 21, 2001 (the “Tranche A Note”), in the
original principal amount of THREE MILLION and 00/100 Dollars ($3,000,000); a
copy of which is attached as Exhibit A hereto and incorporated herein by this
reference; and

     WHEREAS, in order to extend the maturity date of the Tranche A Note, the
parties have agreed to execute this Allonge.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, the undersigned agree as follows:

     1. The parties hereby acknowledge and agree to extend the stated maturity
date of the Tranche A Note from thirty-six (36) months after the original
issuance date of the Tranche A Note (i.e., July 12, 2004) to December 20, 2006
[the same maturity date as the new lenders].

     2. The Company hereby agrees to use its best efforts to comply with the
National Association of Securities Dealers Rule 4350(i)(1)(A) as to shareholder
approval of the issuance of shares of the Company’s common stock in accordance
with the Loan Agreement upon conversion of the accrued interest on the Tranche
A Note.

     3. Except as amended or revised by this Allonge, the terms of the Tranche
A Note remain in full force and effect as of the date hereof. In the event the
terms of the Tranche A Note should conflict with this Allonge, the terms of
this Allonge shall control.

     4. This Allonge shall be governed by and construed in accordance with the
laws of the State of Illinois, without regard to any choice or conflict of law
provisions.

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

[SIGNATURE PAGE FOLLOWS]

 

 

     IN WITNESS WHEREOF, this Allonge to Tranche A Note has been executed and
delivered as of the date first above written.

	 	 	 
	COMPANY

	 	HOLDER:
	 
	 	 
	AKORN, INC.

	 	THE JOHN N. KAPOOR TRUST DATED

SEPTEMBER 20, 1989
	 
	 	 
	By: /s/ Ben J. Pothast

Name: Ben J. Pothast

	 	By: /s/ John N. Kapoor

Name:

	Its: CFO

	 	Its:

2

 

EXHIBIT A

CONVERTIBLE PROMISSORY NOTE

See Attached.

3exv10w16

 

Exhibit 10.16

FIRST AMENDMENT TO CONVERTIBLE BRIDGE LOAN AND WARRANT

AGREEMENT

     THIS FIRST AMENDMENT TO CONVERTIBLE BRIDGE LOAN AND WARRANT AGREEMENT
(this “Amendment”) is entered into as of December 20, 2001 by and between
Akorn, Inc., a Louisiana corporation (the “Company”), and The John N. Kapoor
Trust Dated September 20, 1989 (the “Lender”).

WITNESSETH:

     WHEREAS, the Company and the Lender are parties to that certain
Convertible Bridge Loan and Warrant Agreement dated as of July 12, 2001 (the
“Agreement”); and

     WHEREAS, the Company and the Lender wish to amend the Agreement.

     NOW, THEREFORE, for and in consideration of the promises and mutual
agreements herein contained and for the purposes of setting forth the terms and
conditions of this Amendment, the parties, intending to be bound, hereby agree
as follows:

     1. Incorporation of the Agreement. All capitalized terms which are not
defined hereunder shall have the same meanings as set forth in the Agreement.
To the extent any terms and provisions of the Agreement are inconsistent with
the amendments set forth in Paragraph 2 below, such terms and provisions shall
be deemed superseded hereby. Except as specifically set forth herein, the
Agreement shall remain in full force and effect and its provisions shall be
binding on the parties hereto.

     2. Amendment of the Agreement.

          a. The definition of “Prime Rate” set forth in Section 1 of the Agreement
is hereby amended and restated in its entirety as follows:

               “Prime Rate” shall mean (a) a rate per year equal
to that rate of interest per year announced from time
to time by The Northern Trust Company, an Illinois
banking corporation (the “Bank”), called its prime
rate, which rate at any time may not be the lowest
rate charged by the Bank, plus (b) three percent (3%)
per annum.”

          b. The first sentence of Section 3 of the Agreement is hereby amended and
restated in its entirety as follows:

               “Subject to the Subordination Agreement (as
defined herein), the term of each of the Tranche A
Loan and the Tranche B Loan will commence on the date
of issuance (the “Issuance Date”) of the Tranche A
Note and the Tranche B Note, respectively, and will
end on December 20, 2006 (the “Repayment Date”).”

 

 

          c. The first sentence of Section 5(a) of the Agreement is hereby amended
and restated in its entirety as follows:

               “The Outstanding Balance plus accrued interest,
if any, on the Tranche A Loan shall be convertible, in
whole or in part, into Common Stock at the option of
the Lender at any time during the period commencing on
the Tranche A Note Issuance Date and ending on the
Tranche A Repayment Date at a conversion price of
$2.28 per share of Common Stock.

          d. The first sentence of Section 5(b) of the Agreement is hereby amended
and restated in its entirety as follows:

               “The Outstanding Balance plus accrued interest,
if any, on the Tranche B Loan shall be convertible, in
whole or in part, into Common Stock at the option of
the Lender at any time during the period commencing on
the Tranche B Note Issuance Date and ending on the
Tranche B Repayment Date at a conversion price of
$1.80 per share of Common Stock.”

          e. Section 9(e) of the Agreement is hereby amended and restated in its
entirety as follows:

               “The Company shall have failed to obtain all
necessary shareholder and third party consents to the
Tranche A Loan, Tranche B Loan, the issuance of the
Tranche A Note and the issuance of the Tranche B Note
on or prior to August 31, 2002.”

          f. Section 10.14 of the Agreement is hereby amended and restated in its
entirety as follows:

               “Subordination. The indebtedness evidenced by
the Notes shall be subordinated to that certain
indebtedness of the Company pursuant to (a) that
certain Subordination and Standby Agreement dated as
of July 12, 2001 (the “Northern Subordination
Agreement”), executed by the Lender in favor of The
Northern Trust Company and acknowledged by the Company
and Akorn (New Jersey), Inc., and (b) that certain
Subordination and Intercreditor Agreement dated as of
December 20, 2001 (the “NeoPharm Subordination
Agreement” and together with the Northern
Subordination Agreement, the “Subordination
Agreement”), executed by the Lender in favor of
NEOPHARM, INC., a Delaware corporation.”

     3. Effectuation. The amendments to the Agreement contemplated by this
Amendment shall be deemed effective immediately upon the full execution of this
Amendment and without any further action required by the parties hereto. There
are no conditions precedent or subsequent to the effectiveness of this
Amendment.

2

 

     4. Counterparts. This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original, and all of which
together shall constitute one and the same instrument. One or more
counterparts of this Amendment may be delivered by facsimile, with the
intention that delivery by such means shall have the same effect as delivery of
an original counterpart thereof.

[SIGNATURE PAGE FOLLOWS]

3

 

     SIGNED AND SEALED as of this 20th day of December, 2001.

	 	 	 
	COMPANY

	 	HOLDER:
	 
	 	 
	AKORN, INC.

	 	THE JOHN N. KAPOOR TRUST DATED SEPTEMBER 20, 1989
	 
	 	 
	By: /s/ Ben J. Pothast
	 	 
	

	 	 
	Name: Ben J. Pothast

	 	By: /s/ John N. Kapoor
	

	 	

	Its: CFO

	 	Name:
	

	 	

	

	 	Its:exv10w19

 

EXHIBIT 10.19

SECOND AMENDMENT

TO

CONVERTIBLE BRIDGE LOAN AND WARRANT AGREEMENT

     THIS SECOND AMENDMENT TO CONVERTIBLE BRIDGE LOAN AND WARRANT AGREEMENT
(this “Amendment”) is entered into as of the 31st day of August, 2002 by and
between Akorn, Inc., a Louisiana corporation (the “Company”), and the John N.
Kapoor Trust dated 9/20/89 (the “Lender”).

WITNESSETH:

     WHEREAS, the Company and the Lender are parties to that certain
Convertible Bridge Loan and Warrant Agreement dated as of July 12, 2001, as
amended by the First Amendment to Convertible Bridge Loan and Warrant Agreement
dated December 20, 2001 (collectively the “Agreement”); and

     WHEREAS, the Company and the Lender wish to amend the Agreement.

     NOW, THEREFORE, for and in consideration of the promises and mutual
agreements herein contained and for the purposes of setting forth the terms and
conditions of this Amendment, the parties, intending to be bound, hereby agree
as follows:

	 	1.	 	Incorporation of the Agreement. All capitalized terms which
are not defined hereunder shall have the same meanings as set forth
in the Agreement. To the extent any terms and provisions of the
Agreement are inconsistent with the amendment set forth in Paragraph
2 below, such terms and provisions shall be deemed superceded
hereby. Except as specifically set forth herein, the Agreement
shall remain in full force and effect and its provisions shall be
binding on the parties hereto.
	 
	 	2.	 	Amendment of the Agreement. Section 9(e) of the Agreement is
hereby amended and restated in its entirety as follows:
	 
	 	 	 	“The Company shall have failed to obtain all necessary shareholder
and third party consents to the Tranche A Loan, Tranche B Loan, the
issuance of the Tranche A Note and the issuance of the Tranche B
Note on or prior to December 31, 2002.”
	 
	 	3.	 	Effectuation. The amendment to the Agreement contemplated by
this Amendment shall be deemed effective as of the date hereof upon
the full execution of this Amendment and without any further action
required by the parties hereto. There are no conditions precedent
or subsequent to the effectiveness of this Amendment.
	 
	 	4.	 	Counterparts. This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original, and all of
which together shall

 

 

	 	 	 	constitute one and the same instrument. One or more counterparts
of this Amendment may be delivered by facsimile, with the intention
that delivery by such means shall have the same effect as delivery
of an original counterpart thereof.

Signed and sealed as of the 31st day of August 2002.

	 	 	 
	COMPANY:

	 	HOLDER:
	 
	 	 
	AKORN, INC.

	 	THE JOHN N. KAPOOR TRUST DTD.

9/20/89
	 
	 	 
	By: /s/ Ben Pothast

	 	By: /s/ John N. Kapoor

	Name: Ben Pothast

	 	Name:

	Its: CFO

	 	Its:

2

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