Document:

ptx_ex102.htm

Exhibit 10.2

 

	 	 

 

 

 

August 14, 2014

Pernix Therapeutics Holdings, Inc.

Worrigan Limited

c/o Pernix Therapeutics Holdings, Inc.

10 Park Place, Suite 201

Morristown, New Jersey 07960

Re:  Purchase Price Reduction and Agreement Amendments

Gentlemen:

	
1.  

	
Reference, etc.  Reference is made to the (i) Asset Purchase and Sale Agreement dated as of May 13, 2014 between Pernix Therapeutics Holdings, Inc. (“Pernix”) and Glaxo Group Limited, GlaxoSmithKline Intellectual Property Management Limited, GlaxoSmithKline Intellectual Property Holdings Limited, and GlaxoSmithKline LLC (collectively, “GSK”) for the purchase and sale of certain assets relating to the pharmaceutical product marketed under the Treximet® trademark (the “Asset Purchase Agreement”); and (ii) Supply Agreement dated as of May 13, 2014 between Pernix and GlaxoSmithKline LLC (“Supply Agreement”).  Pernix will assign its interests under the Asset Purchase Agreement and the Supply Agreement to Worrigan Limited (“Worrigan” together with Pernix, “Purchaser”) prior to the Closing.  Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Asset Purchase Agreement.

 

	
2.  

	
Background.  Pursuant to the Asset Purchase Agreement, the parties agree that a portion of the Purchase Price, the Holdback Amount, would be held back until FDA’s issuance of the Written Request.  Due to certain unexpected manufacturing issues related to the Product, the parties anticipate that there would be a period of stock-out for the Product following the Closing.  Purchaser has advised that the stock-out affects the valuation of the Transaction.  To ensure that a Closing will occur under the Asset Purchase Agreement, as planned by the parties, GSK and Purchaser agree to reduce the Purchase Price as set forth in this letter agreement and to amend the Asset Purchase Agreement and Supply Agreement to reflect the Purchase Price reduction.

 

	
3.  

	
Purchase Price Reduction.  The parties agree to reduce the Purchase Price as follows:

 

(i)           for each Business Day beginning on August 1, 2014 and ending on the Closing Date, the Purchase Price will be reduced by US$375,000;

 

(ii)           for each Business Day following the Closing Date and ending on September 2, 2014, the Purchase Price will be reduced by $375,000, that GSK does not make available for shipment (E.X.W. (Incoterm 2010), GSK Zebulon, North Carolina manufacturing facility) to Purchaser or its distributor the quantities of Products produced in the first two (2) batches to be supplied to Purchaser following Closing (“Batch #1 and Batch #2”);

 

  

 

  

 

(iii)  for each Business Day beginning on September 3, 2014, the Purchase Price will be reduced by $400,000, that GSK does not make available for shipment (E.X.W. (Incoterm 2010), GSK Zebulon, North Carolina manufacturing facility) Batch #1 and Batch #2 to Purchaser or its distributor; and

 

(iv) for each Business Day beginning on September 25, 2014, the Purchase Price will be reduced by $400,000, that GSK does not make available for shipment (E.X.W. (Incoterm 2010), GSK Zebulon, North Carolina manufacturing facility) Batch #3 to Purchaser or its distributor.

 

For example, if Batch 3 was made available for shipment on September 25, 2014 then the Purchase Price would be reduced by $400,000.  For the avoidance of doubt, the day GSK makes a Batch available for shipment shall not count as a day for purposes of accruing a Purchase Price reduction.

 

The targeted dates by which GSK will make available for shipment the first seven (7) batches of Product following Closing are set forth on Exhibit A.

 

GSK hereby confirms QC release for Batch #2 on August 14, 2014.

 

Notwithstanding the foregoing, the maximum amount the Purchase Price may be reduced pursuant to this Section 3 shall be of US$17 million.  The Parties further acknowledge and agree that the maximum amount the Purchase Price will be reduced will be $375,000 per Business Day for the period from the Closing Date until September 2, 2014 and $400,000 per Business Day thereafter.  The Purchase Price reduction described above shall be deducted from the Holdback Amount.  Within three Business Days after Batch #3 has been made available for shipment (E.X.W. (Incoterm 2010), GSK Zebulon, North Carolina manufacturing facility) (the “End Delivery Date”) to Purchaser’s or Purchaser’s distributor, GSK and Purchaser shall agree upon the total amount reduced from the Purchase Price (“Reduction Amount”) and the amount remaining to be paid to GSK as part of the Purchase Price following FDA’s issuance of the Written Request (the “Adjusted Holdback Amount”).  If the Reduction Amount is US$17 million, then the Adjusted Holdback Amount is zero.  For purposes of clarity, the Reduction Amount shall not exceed US$17 million.  The “Purchase Price” as set forth in the Asset Purchase Agreement is hereby redefined to mean the Cash Amount and the Adjusted Holdback Amount.

 

	
4.  

	
Payment of the Adjusted Holdback Amount.  Purchaser’s obligation to make payment to GSK following FDA’s issuance of the Written Request shall be the Adjusted Holdback Amount and not the Holdback Amount.  Purchaser shall not have any obligation to pay GSK the Adjusted Holdback Amount until the End Delivery Date.  In the event the FDA issues the Written Request prior to the End Delivery Date, Purchaser shall pay GSK the Adjusted Holdback Amount within three Business Days of agreement between the Parties on the Reduction Amount.  If the FDA issues the Written Request after the End Delivery Date, Purchaser’s obligation to pay GSK the Adjusted Holdback Amount is as set forth in Section 8.17 of the Asset Purchase Agreement.  The Holdback Amount referenced in Section 14.2(b) of the Supply Agreement is hereby replaced with the Adjusted Holdback Amount.

 

 

  

2

  

 

	
5.  

	
Miscellaneous.  Except as specifically set forth in this letter agreement, all other terms and conditions under the Asset Purchase Agreement and Supply Agreement remain unchanged.   This letter agreement shall be governed by and construed in accordance with the laws of the State of New York.  Each of GSK, Pernix and Worrigan irrevocably submits to the exclusive jurisdiction of the state and federal court of New York City, as set forth in Section 11.9 of the Asset Purchase Agreement, in connection with any dispute arising under this letter agreement.

 

Please confirm your agreement and acceptance of the foregoing terms by signing this letter agreement in the space provided below.

 

 

[Signature Page Follows]

 

 

  

3

  

 

 

	 	 
GLAXO GROUP LIMITED

 

By:  /s/ Leigh McCaveny______

Name:  Leigh McCaveny

Title:  Authorised Signatory

 

GLAXOSMITHKLINE INTELLECTUAL 

PROPERTY MANAGEMENT LIMITED

 

By:  /s/ Leigh McCaveny______

Name:  Leigh McCaveny

Title:  Authorised Signatory

 

GLAXOSMITHKLINE INTELLECTUAL 

PROPERTY HOLDINGS LIMITED

 

By:  /s/ Leigh McCaveny______

Name:  Leigh McCaveny

Title:  Authorised Signatory

 

GLAXOSMITHKLINE LLC

 

By:  /s/ William J. Mosher_____

Name:  William J. Mosher

Title:  Vice President & Secretary

 

 

 

  

4

  

Acknowledged and agreed to

on the date set forth above:

PERNIX THERAPEUTICS HOLDINGS, INC.

By:  /s/ Douglas Drysdale

Name:  Douglas Drysdale

Title:  Chief Executive Officer

WORRIGAN LIMITED

By:  /s/ Douglas Drysdale

Name:  Douglas Drysdale

Title:    Director

 

 

  

5

  

 

Exhibit A

	
Batch Number

	
Targeted Shipment Date

	
1

	
September 2, 2014

	
2

	
September 2, 2014

	
3

	
September 24, 2014

	
4

	
October 31, 2014

	
5

	
October 31, 2014

	
6

	
October 31, 2014

	
7

	
October 31, 2014

6ex10a.htm

Exhibit (10)(a)

Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm

We consent to the reference to our firm under the caption “Independent Registered Public Accounting Firm” in Post-Effective Amendment No. 52 to the 1933 Act Registration Statement (Form N-4 No. 333-63505) pertaining to Lincoln National Variable Annuity Account H, which is incorporated by reference into Post-Effective Amendment No. 53 to the 1933 Act Registration Statement (Form N-4 No. 333-63505) and Amendment No. 371 to the 1940 Act Registration Statement (Form N-4 No. 811-05721), and to the use therein of our reports dated (a) April 1, 2014, with respect to the consolidated financial statements of The Lincoln National Life Insurance Company and (b) April 1, 2014, with respect to the financial statements of Lincoln National Variable Annuity Account H for the registration of interests in a separate account under individual flexible payment deferred variable annuity contracts.

/s/ Ernst & Young LLP

Philadelphia, Pennsylvania

August 22, 2014ex10b.htm

Exhibit 10(b)

POWER OF ATTORNEY

We, the undersigned directors and/or officers of The Lincoln National Life Insurance Company, hereby constitute and appoint Delson R. Campbell, Scott C. Durocher, Kimberly A. Genovese, Daniel P. Herr, Donald E. Keller, Brian A. Kroll, Eric S. Levy, John L. Reizian, Lawrence A. Samplatsky, Stephen R. Turer and John D. Weber,  individually, our true and lawful attorneys-in-fact, with full power to each of them to sign for us, in our names and in the capacities indicated below, any Registration Statements and any and all amendments to Registration Statements; including exhibits, or other documents filed on Forms N-6 or N-4 or any successors or amendments to these Forms, filed with the Securities and Exchange Commission, under the Securities Act of 1933 and/or Securities Act of 1940, on behalf of the Company in its own name or in the name of one of its Separate Accounts, hereby ratifying and confirming our signatures as they may be signed by any of our attorneys-in-fact to any such amendments to said Registration Statements as follows:

Variable Life Insurance Separate Accounts:

Lincoln Life Flexible Premium Variable Life Account D: File No. 033-00417; 811-04592

Lincoln Life Flexible Premium Variable Life Account F: File No. 033-14692, 333-40745; 811-05164

Lincoln Life Flexible Premium Variable Life Account G: File No. 033-22740; 811-05585

Lincoln Life Flexible Premium Variable Life Account J: File No. 033-76434; 811-08410

Lincoln Life Flexible Premium Variable Life Account K: File No. 033-76432; 811-08412

Lincoln Life Flexible Premium Variable Life Account M: File No. 333-82663, 333-84360, 333-42479, 333-54338, 333-84370, 333-63940, 333-111137, 333-111128, 333-118478, 333-118477, 333-145090, 333-139960,

333-146507; 333-181796; 333-191329; 333-192303; 811-08557

Lincoln Life Flexible Premium Variable Life Account R: File No. 333-43107, 333-33782, 333-90432, 333-115882, 333-125792, 333-125991, 333-145235, 333-145239; 333-188891; 811-08579

Lincoln Life Flexible Premium Variable Life Account S: File No. 333-72875, 333-104719, 333-125790; 811-09241

Lincoln Life Flexible Premium Variable Life Account Y: File No. 333-81884, 333-81882, 333-90438, 333-118482, 333-118481, 333-115883; 333-156123; 811-21028

Lincoln Life Flexible Premium Variable Life Account JF-A: File No. 333-144268, 333-144269, 333-144271, 333-144272; 333-144273, 333-144274, 333-144275; 811-04160

Lincoln Life Flexible Premium Variable Life Account JF-C: File No. 333-144270, 333-144264; 811-08230

Variable Annuity Separate Accounts:

Lincoln National Variable Annuity Fund A: File No. 002-26342, 002-25618; 811-01434

Lincoln National Variable Annuity Account C: 033-25990, 333-50817, 333-68842, 333-112927; 333-179107; 811-03214

Lincoln National Variable Annuity Account E: 033-26032; 811-04882

Lincoln National Variable Annuity Account H: 033-27783, 333-18419, 333-35780, 333-35784, 333-61592,

333-63505, 333-135219; 333-170695; 333-175888; 333-181615; 811-05721

Lincoln National Variable Annuity Account L: 333-04999; 333-187072; 333-187069; 333-187070; 333-187071; 811-07645

Lincoln Life Variable Annuity Account N: 333-40937, 333-36316, 333-36304, 333-61554, 333-135039,

333-138190, 333-149434; 333-170529; 333-170897; 333-172328; 333-174367; 333-181612; 333-186894; 333-193272; 333-193273; 333-193274; 811-08517

Lincoln Life Variable Annuity Account Q: 333-43373; 811-08569

Lincoln Life Variable Annuity Account T: 333-32402, 333-73532; 811-09855

Lincoln Life Variable Annuity Account W: 333-52572, 333-52568, 333-64208; 811-10231

Lincoln Life Variable Annuity Account JL-A: File No. 333-141888; 811-02188

Lincoln Life Variable Annuity Account JF-I: File No. 333-144276, 333-144277; 811-09779

Lincoln Life Variable Annuity Account JF-II: File No. 333-144278; 811-08374

Except as otherwise specifically provided herein, the power-of-attorney granted herein shall not in any manner revoke in whole or in part any power-of-attorney that each person whose signature appears below has previously executed.  This power-of-attorney shall not be revoked by any subsequent power-of-attorney each person whose signature appears below may execute, unless such subsequent power specifically refers to this power-of-attorney or specifically states that the instrument is intended to revoke all prior general powers-of-attorney or all prior powers-of-attorney.

This Power-of-Attorney may be executed in separate counterparts each of which when executed and delivered shall be an original; but all such counterparts shall together constitute one and the same instrument.  Each counterpart may consist of a number of copies, each signed by less than all, but together signed by all, of the undersigned.

	
Signature

	
Title

 

	
/s/ Dennis R. Glass 

Dennis R. Glass

 

	
President and Director

	
/s/ Charles C. Cornelio 

Charles C. Cornelio

 

	
Executive Vice President; Chief Administrative Officer and Director

	
/s/ Ellen Cooper 

Ellen Cooper

 

	
Executive Vice President, Chief Investment Officer and Director

	
/s/ Randal J. Freitag 

Randal J. Freitag

 

	
Executive Vice President; Chief Financial Officer and Director

	
/s/ Mark E. Konen 

Mark E. Konen

 

	
Executive Vice President and Director

	
/s/ Keith J. Ryan 

Keith J. Ryan

	
Vice President and Director

We, Delson R. Campbell, Scott C. Durocher, Kimberly A. Genovese, Daniel P. Herr, Donald E. Keller, Brian A. Kroll, John L. Reizian, Lawrence A. Samplatsky, Stephen R. Turer and John D. Weber, have read the foregoing Power of Attorney.  We are the person(s) identified therein as agent(s) for the principal named therein.  We acknowledge our legal responsibilities.

/s/ Delson R. Campbell

____________________________________

Delson R. Campbell

/s/ Scott C. Durocher

____________________________________

Scott C. Durocher

/s/ Kimberly A. Genovese

____________________________________

Kimberly A. Genovese

/s/ Daniel P. Herr

_____________________________________

Daniel P. Herr

/s/ Donald E. Keller

__________________________________

Donald E. Keller

/s/ Brian A. Kroll

____________________________________

Brian A. Kroll

/s/ Eric S. Levy

____________________________________

Eric S. Levy

/s/ John L. Reizian

____________________________________

John L. Reizian

/s/ Lawrence A. Samplatsky

____________________________________

Lawrence A. Samplatsky

/s/Stephen R. Turer

____________________________________

Stephen R. Turer

/s/ John D. Weber

____________________________________

John D. Weber

Version dated: May 2014

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