Document:

Registration Rights Agreement

 Exhibit 10.4 
 REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT (this
“Agreement”), dated as of September 30, 2008, is entered into by and among Unigene Laboratories, Inc., a Delaware corporation (the “Company”), and the lender(s) listed on the Schedule of Buyers attached
hereto (each, a “Buyer” and collectively, the “Buyers”). 
 WHEREAS: 
 A. In connection with that certain Financing Agreement, dated as of even date herewith, by and among the Company, Victory Park Management, LLC, as
administrative agent and collateral agent, and the Buyers (the “Financing Agreement”), the Company has agreed, upon the terms and subject to the conditions of the Financing Agreement, to issue and sell on the date hereof to each
Buyer certain shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”). 
 B. To induce the
Buyers to execute and deliver the Financing Agreement, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute
(collectively, the “1933 Act”), and applicable state securities laws. 
 C. This Agreement constitutes a Transaction
Document (as defined in the Financing Agreement). 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and each of the Buyers hereby agree as follows: 
 1. DEFINITIONS. 
 As used in this
Agreement, the following terms shall have the following meanings: 
 (a) “Effective Date” means the date that the
Registration Statement is first declared effective by the SEC. 
 (b) “Effectiveness Deadline” means the date that is
ninety (90) days from the Filing Deadline. 
 (c) “Filing Deadline” means the date that is thirty (30) days from
the Demand Date (as defined in Section 2(a)). 
 (d) “Investor” means a Buyer, any permitted transferee of the
shares of Common Stock to whom a Buyer assigns its rights under this Agreement in accordance with the provisions of this Agreement (including but not limited to Section 9) and who agrees to become bound by the provisions of this
Agreement in accordance with Section 9 and any permitted transferee thereof to whom a transferee of the shares of Common Stock assigns its rights under this Agreement in accordance with the provisions of this Agreement (including but not
limited to Section 9) and who agrees to become bound by the provisions of this Agreement in accordance with Section 9. 

 (e) “Lock-Up Agreement” means that certain Lock-Up Agreement, dated as of even date
herewith, by and among the Company and the Buyers. 
 (f) “register,” “registered” and
“registration” refer to a registration effected by preparing and filing one or more Registration Statements in compliance with the 1933 Act and pursuant to Rule 415, and the declaration or ordering of effectiveness of such
Registration Statement(s) by the SEC. 
 (g) “Registrable Securities” means (i) all of the shares of Common Stock
issued under the Financing Agreement and (ii) any shares of capital stock issued or issuable in exchange for or with respect to such shares as a result of any stock split, stock dividend, recapitalization, exchange, adjustment or similar event
or otherwise. 
 (h) “Registration Statement” means a registration statement or registration statements of the Company
filed under the 1933 Act covering the Registrable Securities. 
 (i) “Required Holders” means the holders of at least
seventy percent (70%) of the Registrable Securities. 
 (j) “Rule 415” means Rule 415 under the 1933 Act or any
successor rule providing for offering securities on a continuous or delayed basis. 
 (k) “SEC” means the United States
Securities and Exchange Commission. 
 Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set
forth in the Financing Agreement. 
 2. REGISTRATION. 
 (a) Mandatory Registration. At any time after the earlier of (i) the expiration of the Lock-Up Period (as such term is defined in the Lock-Up Agreement) and (ii) the termination of the Lock-Up
Agreement, in either case if the Investors are not able to sell or transfer all of the Registrable Securities without restriction or condition pursuant to Rule 144 (or successor thereto) promulgated under the 1933 Act, upon the written request by
the Required Holders to the Company (the date of such request, the “Demand Date”), the Company shall prepare and, as soon as practicable but in no event later than the Filing Deadline, file with the SEC a Registration Statement on
Form S-3 covering the resale of all of the Registrable Securities (the date of such filing, the “Filing Date”). In the event that Form S-3 is unavailable to the Company for such a registration, the Company shall use such
other form as is available to the Company for such a registration on another appropriate form reasonably acceptable to the Required Holders, subject to the provisions of Section 2(c). The Registration Statement prepared pursuant hereto
shall register for resale that number of shares of Common Stock equal to the number of Registrable Securities as of the trading day immediately preceding the date the 

  

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Registration Statement is initially filed with the SEC and shall contain the “Selling Stockholders” and “Plan of Distribution” sections
in substantially the form attached hereto as Annex I (except if otherwise required pursuant to written comments received from the SEC upon a review of the Registration Statement). The Company shall use its reasonable best efforts to have the
Registration Statement declared effective by the SEC as soon as practicable, but in no event later than the Effectiveness Deadline. By 9:30 a.m. (New York time) on the second Business Day following the Effective Date, the Company shall file with the
SEC in accordance with Rule 424 under the 1933 Act the final prospectus to be used in connection with sales pursuant to such Registration Statement. 
 In no event shall the Company include any securities other than Registrable Securities on any Registration Statement without the prior written consent of the Required Holders. 
 (b) Legal Counsel. Subject to Section 5 hereof, the holders of at least a majority of the Registrable Securities shall have the right
to select one legal counsel to review and oversee any registration pursuant to this Section 2 (“Legal Counsel”), which shall be Latham & Watkins LLP or such other counsel as thereafter designated by the holders
of at least a majority of the Registrable Securities. The Company and Legal Counsel shall reasonably cooperate with each other in performing the Company’s and the Investors’ respective obligations under this Agreement. 
 (c) Ineligibility for Form S-3. In the event that Form S-3 is not available to the Company for the registration of the resale of Registrable
Securities hereunder, the Company shall (i) register the resale of the Registrable Securities on Form S-1 or another appropriate form reasonably acceptable to the Required Holders and (ii) undertake to register the Registrable
Securities on Form S-3 as soon as such form is available; provided that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the
Registrable Securities has been declared effective by the SEC. 
 (d) Effect of
Failure to File and Obtain and Maintain Effectiveness of Registration Statement. If (i) a Registration Statement covering all the Registrable Securities required to be covered thereby and required to be filed by the Company pursuant to this
Agreement is (A) not filed with the SEC on or before the thirtieth (30th) day after the Filing Deadline (a “Filing
Failure”) or (B) filed with the SEC but not declared effective by the SEC on or before the thirtieth (30th) day after the
Effectiveness Deadline (an “Effectiveness Failure”) or (ii) on any day after the Effective Date sales of all of the Registrable Securities required to be included on such Registration Statement cannot be made (other than during
an Allowable Grace Period (as defined in Section 3(q)) pursuant to such Registration Statement (including, without limitation, because of a failure to keep such Registration Statement effective, a failure to disclose such information as
is necessary for sales to be made pursuant to such Registration Statement, a suspension or delisting of the Common Stock on its principal trading market or exchange, or a failure to register a sufficient number of shares of Common Stock) (a
“Maintenance Failure”), then, as partial relief for the damages to any holder of Registrable Securities by reason of any 

  

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such delay in or reduction of its ability to sell the underlying shares of Common Stock (which remedy shall not be exclusive of any other remedies available
at law or in equity), the Company shall become liable for payment to each holder of Registrable Securities relating to such Registration Statement of an amount in cash equal to two percent (2%) of the aggregate value of such holder’s
Registrable Securities (such value being determined by multiplying the number of such securities by the greater of (I) the then-current market price of such securities and (II) $0.88) on each of the following dates: (x) the day thirty
(30) days after a Filing Failure and on every thirtieth day (pro rated for periods totaling less than thirty (30) days) thereafter until such Filing Failure is cured or until the date two (2) years after the Closing Date; (y) the
day of an Effectiveness Failure and on every thirtieth day (pro rated for periods totaling less than thirty (30) days) thereafter until such Effectiveness Failure is cured or until the date two (2) years after the Closing Date; and
(z) the initial day of a Maintenance Failure and on every thirtieth day (pro rated for periods totaling less than thirty (30) days) thereafter until such Maintenance Failure is cured or until the date two (2) years after the Closing
Date. The payments to which a holder shall be entitled pursuant to this Section 2(d) are referred to herein as “Registration Delay Payments.” Registration Delay Payments shall be paid on the earlier of (I) the last
day of the calendar month during which such Registration Delay Payments are incurred and (II) the third Business Day after the event or failure giving rise to the Registration Delay Payments is cured. In the event the Company fails to make
Registration Delay Payments in a timely manner, such Registration Delay Payments shall bear interest at the rate of one and one-half percent (1.5%) per month (prorated for partial months) until paid in full. 
 (e) Piggyback Registrations. 
 (i)
Each time that the Company proposes for any reason to register any of its Common Stock under the 1933 Act (a “Proposed Registration”), other than pursuant to a registration statement on Form S-4 or Form S-8 (or similar or
successor forms), the Company shall promptly give written notice (the “Piggyback Notice”) of such Proposed Registration to each of the Investors (which notice shall be given not less than thirty (30) days prior to the expected
effective date of the Company’s registration statement) and shall offer the Investors the right to include any of their Registrable Securities in the Proposed Registration. No registration pursuant to this Section 2(e) shall relieve
the Company of its obligations to register Registrable Securities pursuant to Section 2(a) unless all Registrable Securities have been so registered and the related Registration Statement has not been withdrawn and remains effective
pursuant to Rule 415 until the expiration of the Registration Period. 
 (ii) Each Investor shall have twenty (20) days from the date
of receipt of the Piggyback Notice to deliver to the Company a written request specifying the number of Registrable Securities such Investor intends to sell and such Investor’s intended method of disposition. Any Investor shall have the right
to withdraw such Investor’s request for inclusion of such Investor’s Registrable Securities in any registration statement pursuant to this Section 2(e) by giving written notice to the Company of such withdrawal. Subject to
Section 2(e)(iii) below, the Company shall include in such registration statement all such Registrable Securities so requested to be included therein. 
 (iii) If the managing underwriter or underwriters of any Proposed Registration involving Registrable Securities advises the Company that the total 

  

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number of Registrable Securities that the Investors and any other Persons intend to include in the offering exceeds the number that can be sold in such
offering without being likely to have a material adverse effect on the price, timing or distribution of the Common Stock offered or the market for the Common Stock, then the Common Stock to be included in such underwritten offering shall include the
number of Registrable Securities that such managing underwriter or underwriters advises the Company in writing can be sold without having such material adverse effect, with such number to be allocated (A) first, to the Company,
(B) second, pro rata among the Investors who have requested participation in such underwritten offering and (C) third, pro rata among any other holders of Common Stock who have requested participation in such
underwritten offering. The pro rata allocations for each Investor who has requested participation in such underwritten offering shall be the product of (a) the aggregate number of Registrable Securities proposed to be sold by all
Investors in such underwritten offering multiplied by (b) the fraction derived by dividing (x) the number of Registrable Securities owned on the Closing Date by such Investor by (y) the aggregate number of Registrable
Securities owned on the Closing Date by all Investors participating in such underwritten offering. All participating Investors shall have the opportunity to share pro rata that portion of such priority allocable to any Investor(s) not so
participating. 
 (f) Selection of Underwriters. If the registration pursuant to Section 2(a) of this Agreement is in the
form of an underwritten offering, the holders of at least a majority of the Registrable Securities to be registered may select and obtain a recognized investment bank or investment bankers and manager or managers that will administer the offering;
provided that such investment banker(s) and manager(s) must be reasonably acceptable to the Company. In such event, the Company will enter into such customary agreements (including an underwriting agreement in customary form for primary
offerings) and take all such other actions as the holders of at least a majority of the Registrable Securities to be registered reasonably request in order to expedite or facilitate the disposition of such Registrable Securities. 
 3. RELATED OBLIGATIONS. 
 In
connection with its obligations pursuant to Section 2, the Company shall have the following obligations: 
 (a) The Company shall
use its reasonable best efforts to respond to written comments received from the SEC upon a review of the Registration Statement within ten (10) Business Days. The Company shall submit to the SEC, within four (4) Business Days after the
Company learns that no review of a particular Registration Statement will be made by the staff of the SEC or that the staff of the SEC has no further comments on a particular Registration Statement, as the case may be, a request for acceleration of
effectiveness of such Registration Statement to a time and date not later than two (2) Business Days after the submission of such request. The Company shall keep each Registration Statement effective pursuant to Rule 415 at all times until the
earlier of (i) the date as of which all of the Investors may sell all of the Registrable Securities covered by such Registration Statement without restriction or condition pursuant to Rule 144 (or successor thereto) promulgated under the 1933
Act, or (ii) the date on which the Investors shall have sold all of the Registrable Securities covered by such Registration Statement (the “Registration Period”). The Company shall ensure that each Registration Statement
(including any amendments or supplements thereto and prospectuses contained 

  

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therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 (b) The Company shall prepare
and file with the SEC such amendments (including post-effective amendments) and supplements to the Registration Statement and the prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule 424
promulgated under the 1933 Act, as may be necessary to keep such Registration Statement effective at all times during the Registration Period (except pursuant to Sections 3(f) and 3(q)), and, during such period, comply with the
provisions of the 1933 Act with respect to the disposition of all Registrable Securities of the Company covered by such Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the
intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement. In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this Agreement (including
pursuant to this Section 3(b)) by reason of the Company filing a report on Form 10-K, Form 10-Q or Form 8-K or any analogous report under the Securities Exchange Act of 1934, as amended (the “1934 Act”), the Company
shall have incorporated such report by reference into such Registration Statement, if applicable, or shall file such amendments or supplements with the SEC as expeditiously as practicable on or following the date on which the 1934 Act report is
filed which created the requirement for the Company to amend or supplement such Registration Statement. 
 (c) The Company shall
(A) permit Legal Counsel to review and comment upon (i) a Registration Statement at least three (3) Business Days prior to its filing with the SEC and (ii) all amendments and supplements to all Registration Statements (except for
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and any similar or successor reports) within a reasonable number of days prior to their filing with the SEC, and (B) not file any Registration
Statement or amendment or supplement thereto in a form to which Legal Counsel reasonably objects; provided that the failure of any Investor or his, her or its counsel to respond to such proposed documents within three (3) Business Days
after receipt thereof shall be deemed approval of same. The Company shall furnish to Legal Counsel, without charge, copies of any correspondence from the SEC or the staff of the SEC to the Company or its representatives relating to any Registration
Statement (redacted to eliminate material non-public information, if any, in such correspondence) The Company shall reasonably cooperate with Legal Counsel in performing the Company’s obligations pursuant to this Section 3.

 (d) The Company shall furnish to Legal Counsel and each Investor whose Registrable Securities are included in any Registration Statement,
without charge, (i) promptly after the same is prepared and filed with the SEC, if requested by an Investor and not otherwise available on the EDGAR (or any successor) system, at least one copy of such Registration Statement and any amendments
or supplement thereto, including financial statements and schedules, all documents incorporated therein by reference, all exhibits and each preliminary prospectus (redacted to eliminate material non-public information, if any, in any such exhibit or
other document) and (ii) upon the effectiveness of any Registration Statement, ten (10) copies of the prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number of copies as such
Investor may reasonably request). 
  

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 (e) The Company shall use its reasonable best efforts to (i) register and qualify, unless an
exemption from registration and qualification applies, the resale by Investors of the Registrable Securities covered by a Registration Statement under such other securities or “blue sky” laws of all applicable jurisdictions in the United
States, (ii) prepare and file in those jurisdictions such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the
Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period and (iv) take all other actions reasonably necessary or
advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any
jurisdiction, (y) subject itself to general taxation in any jurisdiction or (z) file a general consent to service of process in any jurisdiction in which it is not currently so qualified or subject to general taxation or has not currently
so consented. The Company shall promptly notify Legal Counsel and each Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the
Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose. 
 (f) The Company shall notify Legal Counsel, any underwriter of such registered offering and each Investor in writing (each such notice to Legal Counsel
and the Investors, a “Suspension Notice”) of the happening of any of the following events, as promptly as practicable after becoming aware of such event: (i) any request by the SEC or any other federal or state governmental
authority during the period of effectiveness of the Registration Statement for amendments or supplements to such Registration Statement or related prospectus or for additional information; (ii) the issuance by the SEC or any other federal or
state governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) the receipt by the Company of any notification with respect to the suspension
of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; or (iv) any event or circumstance which necessitates the
making of any changes to the Registration Statement or related prospectus, or any document incorporated or deemed to be incorporated therein by reference, so that, in the case of the Registration Statement, it will not include any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements made therein not misleading and, in the case of the prospectus, it will not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading (provided, that in no event shall such notice contain any material non-public information),
and, subject to Section 3(q), promptly prepare a supplement or amendment to such Registration Statement to correct such untrue statement or omission, and deliver a copy of such supplement or amendment to Legal Counsel, any underwriter of
such registered offering and each Investor (or such other number of copies as Legal Counsel, such underwriter or such Investor may reasonably 

  

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request). The Company shall also promptly notify Legal Counsel, any underwriter of such registered offering and each Investor in writing (i) when a
prospectus or any prospectus supplement or post-effective amendment has been filed, and when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to Legal Counsel and
each Investor by facsimile on the same day of such effectiveness and by overnight mail) and (ii) of the Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate. 
 (g) The Company shall use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness of the Registration
Statement (other than during an Allowable Grace Period), or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order
or suspension as soon as reasonably practicable consistent with the provisions of Section 3(f) and to notify Legal Counsel and each Investor who holds Registrable Securities being sold of the issuance of such order or suspension and the
resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose. 
 (h) If any Investor is
required under applicable securities laws to be described in the Registration Statement as an underwriter, at the reasonable request of such Investor, the Company shall furnish to such Investor, on the date of the effectiveness of the Registration
Statement and thereafter from time to time on such dates as such Investor may reasonably request (i) a letter, dated such date, from the Company’s independent certified public accountants in form and substance as is customarily given by
independent certified public accountants to underwriters in an underwritten public offering, addressed to the Investors, and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration
Statement, in form, scope and substance as is customarily given in an underwritten public offering, addressed to the Investors. 
 (i) Upon
the written request of any Investor in connection with such Investor’s due diligence requirements, if any, the Company shall make available for inspection by (i) any Investor, (ii) Legal Counsel, (iii) any underwriter
participating in any disposition pursuant to the Registration Statement and (iv) one firm of accountants or other agents retained by the Investors (collectively, the “Inspectors”) all pertinent financial, corporate and other
records (collectively, the “Records”) as shall be reasonably deemed necessary by each Inspector to fulfill a due diligence obligation by such Investor, and cause the Company’s chief executive officer, chief financial officer
and executive vice president and secretary to be reasonably available to the Inspectors for questions regarding the Records and to supply all information which any Inspector may reasonably request; provided, however, that each
Inspector shall agree in writing to hold in strict confidence and shall not make any disclosure (except to an Investor that is subject to its own confidentiality agreement) or use of any Record or other information which the Company determines in
good faith to be confidential, and of which determination the Inspectors are so notified, unless (a) the release of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent
jurisdiction or (b) the information in such Records has been made generally available to the public other than by disclosure in violation of this or any other Transaction Document. Nothing herein (or in any other confidentiality agreement
between the Company and any Investor) shall be deemed to limit the Investors’ ability to sell Registrable Securities in a manner which is otherwise consistent with this Agreement and the other Transaction Documents, applicable laws and
regulations. 
  

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 (j) The Company shall hold in confidence and not make any disclosure of information concerning an
Investor provided to the Company unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in
any Registration Statement, (iii) the release of such information is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction, or (iv) such information has been made generally
available to the public other than by disclosure in violation of this Agreement or any other Transaction Document. The Company agrees that it shall, upon learning that disclosure of such information concerning an Investor is sought in or by a court
or government body of competent jurisdiction or through other means, give prompt written notice to such Investor and allow such Investor, at the Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a
protective order for, such information. 
 (k) The Company shall use its reasonable best efforts to cause all the Registrable Securities
covered by the Registration Statement to be listed upon the Primary Market. The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section 3(k). 
 (l) The Company shall cooperate with the Investors who hold Registrable Securities being offered and, to the extent applicable pursuant to the
Transaction Documents, facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Registration Statement and enable such certificates to be
in such denominations or amounts, as the case may be, as the Investors may reasonably request and registered in such names as the Investors may request. 
 (m) If requested by an Investor and if the Company’s counsel deems such inclusion not inconsistent with the 1933 Act or the 1934 Act or other applicable law, the Company shall (i) as soon as practicable
incorporate in a prospectus supplement or post-effective amendment such information as an Investor reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information
with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) as soon as practicable make
all required filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) as soon as practicable supplement or make
amendments to any Registration Statement if reasonably requested by an Investor holding any Registrable Securities. 
 (n) The Company shall
make generally available to its security holders as soon as practicable, but not later than ninety (90) days after the close of the period covered thereby, an earnings statement (in form complying with, and in the manner provided by, the
provisions of Rule 158 under the 1933 Act) covering a twelve-month period beginning not later than the first day of the Company’s fiscal quarter next following the effective date of a Registration Statement. 
  

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 (o) The Company shall otherwise use its reasonable best efforts to comply with all applicable rules and
regulations of the SEC in connection with any registration hereunder. 
 (p) Within two (2) Business Days after the Registration
Statement which covers Registrable Securities is declared effective by the SEC, the Company shall deliver, or shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with copies to the Investors
whose Registrable Securities are included in such Registration Statement) confirmation that such Registration Statement has been declared effective by the SEC in the form attached hereto as Exhibit A. 
 (q) Notwithstanding anything to the contrary herein, at any time after the Effective Date, upon the occurrence of any event or circumstance which
necessitates the making of any changes in the Registration Statement or related prospectus, or any document incorporated or deemed to be incorporated therein by reference, so that, in the case of the Registration Statement, it will not include any
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements made therein not misleading and, in the case of the prospectus, it will not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading, the suspension pursuant to the Company’s Suspension Notice will not
trigger any payment or liability for payment by the Company of any Registration Delay Payments otherwise payable or owing by the Company pursuant to Section 2(d) of this Agreement (a “Grace Period”); provided,
that the Company shall (i) promptly notify the Investors in writing of the existence of a Grace Period in conformity with the provisions of this Section 3(q) (provided, that in each notice the Company will not disclose the
content of such material non-public information to the Investors) and the date on which the Grace Period will begin, and (ii) as soon as such date may be determined, promptly notify the Investors in writing of the date on which the Grace Period
ends; and, provided, further, that no Grace Period shall exceed twenty (20) consecutive days and during any three hundred sixty five (365) day period, such Grace Periods shall not exceed an aggregate of sixty (60) days, and the
first day of any Grace Period must be at least five (5) trading days after the last day of any prior Grace Period (each, an “Allowable Grace Period”). For purposes of determining the length of a Grace Period above, the Grace
Period shall begin on and include the date the Investors receive the notice referred to in clause (i) and shall end on and include the later of the date the Investors receive the notice referred to in clause (ii) and the date referred to
in such notice. For the avoidance of doubt, no Maintenance Failure shall occur during an Allowable Grace Period. The provisions of Section 3(g) hereof shall not be applicable during the period of any Allowable Grace Period. Upon
expiration of the Grace Period, the Company shall again be bound by the first sentence of Section 3(f) with respect to the information giving rise thereto unless such material non-public information is no longer applicable.
Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of an Investor in accordance with the terms of the Financing Agreement in connection with any sale of
Registrable Securities with respect to which an Investor has entered into a contract for sale, and delivered a copy of the prospectus included as part of the applicable Registration Statement, in each case prior to the Investor’s receipt of the
Suspension Notice related to the Grace Period and for which the Investor has not yet settled. 
  

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 4. OBLIGATIONS AND COVENANTS OF THE INVESTORS. 
 (a) Each Investor, by such Investor’s acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the
Company in connection with the preparation and filing of any Registration Statement hereunder, unless such Investor has not elected to include any of such Investor’s Registrable Securities in such Registration Statement pursuant to
Section 2(e) hereof. 
 (b) Each Investor agrees that, upon receipt of any Suspension Notice from the Company, such Investor
will discontinue disposition of Registrable Securities pursuant to any Registration Statement covering such Registrable Securities until such Investor’s receipt of the copies of the supplemented or amended prospectus contemplated by
Section 3(f) or receipt of notice from the Company in writing that no supplement or amendment is required. Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver unlegended shares of Common Stock
to a transferee of an Investor in accordance with the terms of the Financing Agreement in connection with any sale of Registrable Securities under any of the circumstances described in the last sentence of Section 3(q). 
 (c) Each Investor acknowledges that there may occasionally be times when the Company must suspend the use of the prospectus forming a part of the
Registration Statement, and each Investor covenants and agrees that it will not make any sale of Registrable Securities under the Registration Statement without complying with the provisions of this Agreement (including but not limited to the
prohibition on sales after the Effective Date beginning with delivery of a Suspension Notice to such Investor and ending at the time the Company gives such Investor written notice that such Investor may thereafter effect sales pursuant to said
prospectus or an amended or supplemented prospectus forming part of a Registration Statement) and each Investor covenants and agrees that it will comply with any prospectus delivery requirements of the 1933 Act as applicable to it in connection with
sales of Registrable Securities pursuant to the Registration Statement. Upon receipt of a Suspension Notice, each Investor will refrain from selling any Registrable Securities pursuant to a Registration Statement until the Investor’s receipt of
copies of a supplemented or amended prospectus prepared and filed by the Company or until the Investor is advised in writing by the Company that the current prospectus may be used. 
 (d) Upon a request by the Company, each Investor will, as soon as practicable, but in no event later than two (2) Business Days after such request,
notify the Company whether such Investor continues to hold Registrable Securities. 
 5. EXPENSES OF REGISTRATION. 
 All reasonable expenses, other than underwriting discounts and commissions or other charges of any broker-dealer acting on behalf of the Investors,
incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees and fees and 

  

 11 

 
disbursements of counsel for the Company shall be paid by the Company. The Company shall also reimburse the Investors for the fees and disbursements of Legal
Counsel in connection with registrations, filings or qualifications pursuant to Sections 2 and 3 of this Agreement, up to an aggregate of $35,000. 
 6. INDEMNIFICATION. 
 In the event any Registrable Securities are included in a Registration Statement
(provided, that for the purpose of this Section 6, the term “Registration Statement” shall include any preliminary prospectus, final prospectus, exhibit, supplement or amendment included in or relating to, and any
document incorporated or deemed to be incorporated by reference in, the Registration Statement as such term is defined in Section 1(g) under this Agreement: 
 (a) The Company agrees to indemnify, hold harmless and defend each Investor, the directors, officers, partners, managers, members, employees, agents and representatives of, and each Person, if any, who controls, any
Investor within the meaning of the 1933 Act or the 1934 Act (each, an “Indemnified Person”), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts
paid in settlement (if such settlement is effected with the written consent of the party from whom indemnification is sought, which consent shall not be unreasonably withheld, conditioned or delayed) or expenses, joint or several (collectively,
“Claims”), incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory
agency, body or the SEC, whether pending or threatened (“Indemnified Damages”), to which any of them may become subject insofar as such Claim (or actions or proceedings, whether commenced or threatened, in respect thereof) or
Indemnified Damages arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in the Registration Statement or any post-effective amendment thereto or in any filing made in connection with the
qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”), or the omission or alleged omission to state a material fact
required to be stated therein or necessary to make the statements made therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any prospectus, including any preliminary prospectus, free
writing prospectus or final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC, and including all information incorporated by reference therein), or the omission or alleged omission
to state therein any material fact necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading, (iii) any violation or alleged violation by the Company of the 1933 Act, the 1934
Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement or (iv) any violation of this
Agreement (the matters in the foregoing clauses (i) through (iv) being, collectively, “Violations”). Subject to Section 6(c), the Company shall reimburse the Indemnified Persons, promptly as such expenses are
incurred and are due and payable, for any legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement
contained in this Section 6(a): (i) shall not apply to a Claim or Indemnified Damages sought by an Indemnified Person to the extent arising out of or 

  

 12 

 
based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by such Indemnified Person
expressly for use in connection with the preparation of the Registration Statement or any such amendment thereof or supplement thereto; and (ii) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without
the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person
and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 9. 
 (b) In connection with
any Registration Statement in which an Investor is participating, each such Investor agrees to severally and not jointly indemnify, hold harmless and defend the Company, each of its directors, each of its officers who signs the Registration
Statement and each Person, if any, who controls the Company within the meaning of the 1933 Act (each, an “Indemnified Party”), to the same extent and in the same manner as is set forth in Section 6(a) with respect to the
Indemnified Persons, against any Claim or Indemnified Damages to which any of them may become subject insofar as such Claim or Indemnified Damages arise out of or are based upon: (i) any Violation, to the extent, and only to the extent, that
such Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Investor expressly for use in connection with the preparation of the Registration Statement or any such amendment thereof or
supplement thereto; or (ii) the use by such Investor of an outdated or defective prospectus after the Company has notified such Investor in writing that the prospectus is outdated or defective; and, subject to Section 6(c), such
Investor will reimburse any legal or other expenses reasonably incurred by an Indemnified Party in connection with investigating or defending any such Claim; provided, however, that the indemnity agreement contained in this
Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim or Indemnified Damages if such settlement is effected without the prior written
consent of such Investor, which consent shall not be unreasonably withheld, conditioned or delayed; provided, further, however, that an Investor shall be liable under this Section 6(b) for only that amount of a Claim or
Indemnified Damages as does not exceed the net proceeds to such Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement giving rise to such indemnification obligation. Such indemnity shall remain in full
force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 9. 
 (c) Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of the written threat of or notice of the
commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim or Indemnified Damages, such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is to be made against any
indemnifying party under this Section 6, promptly deliver to the indemnifying party a written notice of the written threat of or notice of the commencement of such action or proceeding. In case any such action or proceeding is brought
against any Indemnified Party or Indemnified Person and such Indemnified Party or Indemnified Person seeks or intends to seek indemnity from an indemnifying party, the indemnifying party shall have the right to participate in, and, to the extent the
indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the 

  

 13 

 
Indemnified Party, as the case may be; provided, however, that an Indemnified Party or Indemnified Person shall have the right to retain its
own counsel with the fees and expenses of such counsel for such Indemnified Party or Indemnified Person (as applicable) to be paid by the indemnifying party if the defendants in any such action or proceeding include both the Indemnified Party or
Indemnified Person, on the one hand, and the indemnifying party, on the other hand, and the Indemnified Party or Indemnified Person (as applicable) shall have reasonably concluded, based on an opinion of counsel reasonably satisfactory to the
indemnifying party, that the representation by such counsel of the Indemnified Person or Indemnified Party (as applicable) and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified
Person or Indemnified Party and any other party represented by such counsel in such proceeding and/or that there may be legal defenses available to it and/or any other Indemnified Party or Indemnified Person which are different from or additional to
those available to the indemnifying party; provided, further, however, that the indemnifying party shall not be responsible for the reasonable fees and expenses of more than one (1) separate legal counsel for all such Indemnified
Persons or Indemnified Parties. In the case of an Indemnified Person, legal counsel referred to in the immediately preceding sentence shall be selected by the Investors holding at least 70% of the Registrable Securities included in the Registration
Statement to which the Claim or Indemnified Damages relate. The Indemnified Party or Indemnified Person shall reasonably cooperate with the indemnifying party in connection with any negotiation or defense of any such action or proceeding or Claim or
Indemnified Damages by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which relates to such action or proceeding or Claim or Indemnified Damages.
The indemnifying party shall keep the Indemnified Party or Indemnified Person reasonably apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any
settlement of any action or proceeding effected without its prior written consent, provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the
prior written consent of the Indemnified Party or Indemnified Person, as the case may be, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such Indemnified Party or Indemnified Person (as applicable) of a full release from all liability with respect to such Claim or Indemnified Damages. The failure to deliver written notice to the indemnifying party within a
reasonable time of the commencement of any such action or proceeding shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 6, except to the extent that the
indemnifying party is materially prejudiced in its ability to defend such action or proceeding as a result of such failure. 
 (d) No Person
involved in the sale of Registrable Securities who is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in connection with such sale shall be entitled to indemnification from any Person who is not
guilty of such fraudulent misrepresentation. 
 (e) The indemnification required by this Section 6 shall be made by periodic
payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred. 
  

 14 

 (f) The indemnity agreements contained herein shall be in addition to (i) any cause of action or
similar right of the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law. Notwithstanding the foregoing, in the event that any
of the provisions of Section 13.12 of the Financing Agreement and this Section 6 may be deemed to both be applicable to any of the same losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable
attorneys’ fees, amounts paid in settlement or expenses incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental,
administrative or other regulatory agency, body or the SEC, whether pending or threatened, the provisions of this Section 6 shall control and such provisions of Section 13.12 of the Financing Agreement shall be inoperative.

 7. CONTRIBUTION. 
 To
the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to, in lieu of indemnifying such Indemnified Person or Indemnified Party, as applicable, make the maximum contribution with
respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however, that: (i) no contribution shall be made under circumstances where the maker would
not have been liable for indemnification under the fault standards set forth in Section 6 of this Agreement; (ii) no Person involved in the sale of Registrable Securities which Person is guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the 1933 Act) in connection with such sale shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and (iii) contribution by any seller of
Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities pursuant to such Registration Statement. 
 8. REPORTS UNDER THE 1934 ACT. 
 With
a view to making available to the Investors the benefits of Rule 144 promulgated under the 1933 Act or any other similar rule or regulation of the SEC that may at any time permit the Investors to sell securities of the Company to the public without
registration (“Rule 144”), at all times during which there are shares of Registrable Securities outstanding which have not been previously (i) sold to or through a broker or dealer or underwriter in a public distribution or
(ii) sold in a transaction exempt from the registration and prospectus delivery requirements of the 1933 Act under Section 4(1) thereof, in the case of either clause (i) or clause (ii) in such a manner that, upon the consummation
of such sale, all transfer restrictions and restrictive legends with respect to such shares are removed upon the consummation of such sale, the Company agrees to: 
 (a) make and keep public information available, as contemplated by Rule 144; 
 (b) file with the SEC
in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act, so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the
applicable provisions of Rule 144; and 
  

 15 

 (c) furnish to each Investor so long as such Investor owns Registrable Securities, promptly upon
request, (i) a written statement by the Company, if true, that it has complied with the reporting requirements of Rule 144, the 1933 Act and the 1934 Act, (ii) a copy of the most recent annual or quarterly report of the Company and
such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Investors to sell such securities pursuant to Rule 144 without registration. 
 9. ASSIGNMENT OF REGISTRATION RIGHTS. 
 The rights under this Agreement shall be automatically assignable by the Investors to any transferee of all or any portion of such Investor’s Registrable Securities if: (i) the Investor agrees in writing with the transferee to
assign such rights, and a copy of such agreement is furnished to the Company within a reasonable time after such assignment; (ii) the Company is, within a reasonable time after such transfer, furnished with written notice of (a) the name
and address of such transferee and (b) the securities with respect to which such registration rights are being assigned; (iii) immediately following such transfer the further disposition of such securities by the transferee is restricted
under the 1933 Act or applicable state securities laws; (iv) at or before the time the Company receives the written notice contemplated by clause (ii) of this sentence the transferee agrees in writing with the Company to be bound by all of
the provisions contained herein; and (v) such transfer shall have been made in accordance with the applicable requirements of the Financing Agreement, including but not limited to those in Section 6.4 thereof, and the Lock-Up Agreement.

 10. AMENDMENT OF REGISTRATION RIGHTS. 
 Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the
Company and the Required Holders. Any amendment or waiver effected in accordance with this Section 10 shall be binding upon each Investor and the Company. No such amendment shall be effective to the extent that it applies to less than
all of the holders of the Registrable Securities. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any of this Agreement unless the same consideration also is offered to all
of the Investors. 
 11. MISCELLANEOUS. 
 (a) A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities. If the Company receives conflicting instructions, notices or
elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the such record owner of such Registrable Securities. 
 (b) Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and
will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, 

  

 16 

 
when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or
(iii) one Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be: 
 If to the Company: 
 Unigene Laboratories,
Inc. 
 110 Little Falls Road 
 Fairfield, New Jersey 07004 
 Telephone: (973) 265-1100 
 Facsimile: (973) 335-0972 
 Attention:
Warren Levy 
 with a copy (for informational purposes only) to: 
 Dechert LLP 
 902 Carnegie Center, Suite 500

 Princeton, New Jersey 08540 
 Telephone: (609) 955-3200 
 Facsimile: (609) 955-3259 
 Attention: James J. Marino 
 If to Legal
Counsel: 
 Latham & Watkins LLP 
 233 South Wacker Drive, Suite 5800 
 Chicago, Illinois 60606 
 Telephone: (312) 876-7651 
 Facsimile: (312)
993-9767 
 Attention: Bradley E. Kotler 
 If to
a Buyer, to its address and facsimile number set forth on the Schedule of Buyers attached hereto, with copies to such Buyer’s representatives as set forth on such Schedule of Buyers, or to such other address and/or facsimile
number and/or to the attention of such other individual as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by
the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine containing the time, date, recipient facsimile number and an image of the first page of
such transmission or (C) provided by a courier or overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i),
(ii) or (iii) above, respectively. 
  

 17 

 (c) Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by
a party in exercising such right or remedy, shall not operate as a waiver thereof. 
 (d) All questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of Illinois, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Illinois or any
other jurisdictions) that would cause the application of the laws of any jurisdiction other than the State of Illinois. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of
Chicago for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable
in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other
jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY. 
 (e) This Agreement, the other Transaction Documents (as defined in the Financing Agreement) and the instruments
referenced herein and therein constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to
herein and therein. This Agreement, the other Transaction Documents and the instruments referenced herein and therein supersede all prior agreements and understandings among the parties hereto with respect to the subject matter hereof and thereof.

 (f) Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the permitted
successors and assigns of each of the parties hereto. 
 (g) The headings in this Agreement are for convenience of reference only and shall
not limit or otherwise affect the meaning hereof. 
 (h) This Agreement may be executed in identical counterparts, each of which shall be
deemed an original but all of which shall constitute one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission of a copy of this Agreement bearing the signature of the
party so delivering this Agreement. 
  

 18 

 (i) Each party shall do and perform, or cause to be done and performed, all such further acts and
things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation
of the transactions contemplated hereby. 
 (j) All consents and other determinations required to be made by the Investors pursuant to this
Agreement shall be made, unless otherwise specified in this Agreement, by the Required Holders. 
 (k) The language used in this Agreement
will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict construction will be applied against any party. 
 (l) This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 (m) The obligations of each Investor hereunder are several and not joint with the obligations of any other Investor, and no provision of
this Agreement is intended to confer any obligations on any Investor vis-à-vis any other Investor. Nothing contained herein, and no action taken by any Investor pursuant hereto, shall be deemed to constitute the Investors as a partnership, an
association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated herein. 
 * * * * * * 
  

 19 

 IN WITNESS WHEREOF, each Buyer and the Company has caused its signature page to this Registration
Rights Agreement to be duly executed as of the date first written above. 
  

			
	COMPANY:
	
	UNIGENE LABORATORIES, INC.
		
	By:	 	 /s/ Warren Levy

	Name:	 	Warren Levy
	Title:	 	Chief Executive Officer
	
	BUYER:
	
	VICTORY PARK SPECIAL SITUATIONS MASTER FUND, LTD.
		
	By:	 	Victory Park Capital Advisors, LLC, its investment manager
		
	By:	 	 /s/ Scott Zemnick

	Name:	 	Scott Zemnick
	Title:	 	General Counsel

 [Signature Page to Registration Rights Agreement] 

 SCHEDULE OF BUYERS 
  

					
	 Buyer
	  	 Buyer’s Address
 and Facsimile Number
	  	 Buyer’s Representative’s Address
 and Facsimile Number

	Victory Park Special Situations Master Fund, Ltd.	  	 227 W. Monroe Street, Suite 3900
 Chicago, IL
60606
 Attention: Matthew Ray
 Facsimile: 312.701.0794

Telephone: 312.701.0788
	  	 Latham & Watkins LLP
 233 South Wacker Drive, Suite
5800
 Chicago, IL 60606
 Attention: Bradley Kotler
 Facsimile: 312.993.9767
 Telephone: 312.876.7700

 EXHIBIT A 
 FORM OF NOTICE OF EFFECTIVENESS 
 OF REGISTRATION STATEMENT 
 Registrar and Transfer Company 
 10 Commerce Drive 
 Cranford, NJ 07016 
 Attention: Evette Arango 
 Re: Unigene Laboratories, Inc. 
 Ladies and
Gentlemen: 
 [We are][I am] counsel to Unigene Laboratories, Inc., a Delaware corporation (the “Company”), and have
represented the Company in connection with that certain Financing Agreement, dated as of September 30, 2008 (the “Financing Agreement”), entered into by and among the Company, Victory Park Management, LLC, as administrative
agent and collateral agent, and the lender(s) named therein (collectively, the “Holders”), pursuant to which the Company issued to the Holders shares of its common stock, par value $0.01 per share (the “Common
Stock”). Pursuant to the Financing Agreement, the Company also has entered into a Registration Rights Agreement with the Holders (the “Registration Rights Agreement”) pursuant to which the Company agreed, among other
things, to register the resale of the Registrable Securities (as defined in the Registration Rights Agreement) under the Securities Act of 1933, as amended (the “1933 Act”). In connection with the Company’s obligations under
the Registration Rights Agreement, on [ENTER DATE OF FILING], the Company filed a Registration Statement on Form S-3 (File
No. 333-                    ) (the “Registration Statement”) with the United States Securities and Exchange Commission
(the “SEC”) relating to the Registrable Securities which names each of the Holders as a selling stockholder thereunder. 
 In connection with the foregoing, [we][I] advise you that a member of the SEC’s staff has advised [us][me] by telephone that the SEC has entered an order declaring the Registration Statement effective under the 1933 Act at [ENTER TIME
OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS] and [we][I] have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order suspending its effectiveness has been issued or that any proceedings for that purpose
are pending before, or threatened by, the SEC and the Registrable Securities are available for resale under the 1933 Act pursuant to the Registration Statement. 
 This letter shall serve as our standing advice to you that the shares of Common Stock registered pursuant to the Registration Statement are currently freely transferable by the Holders pursuant to the Registration
Statement, and you need not require further letters from us to effect any future legend-free issuance or reissuance of shares of Common Stock to the Holders or the transferees of the Holders, as the case may be, as contemplated by the Company’s
Irrevocable Transfer Agent Instructions, dated September 30, 2008. 
  

	
	Very truly yours,
	
	[ISSUER’S COUNSEL]

 cc: Victory Park Special Situations Master Fund, Ltd. 

 ANNEX I 
 SELLING STOCKHOLDERS 
 The shares of common stock being offered by the selling stockholders are those
issued to the selling stockholders in connection with a private placement of notes and shares of common stock. For additional information regarding such private placement, see “Private Placement of Notes and Shares” above. We are
registering the shares of common stock in order to permit the selling stockholders to offer the shares for resale from time to time. [Except for the ownership of the shares of common stock, the selling stockholders have not had any material
relationship with us within the past three years.] 
 The table below lists the selling stockholders and other information regarding the
beneficial ownership of the shares of common stock by each of the selling stockholders. The second column lists the number of shares of common stock beneficially owned by each selling stockholder. 
 In accordance with the terms of registration rights agreement with the selling stockholders, this prospectus generally covers the resale of all of the
shares of common stock issued to the selling stockholders, as of the trading day immediately preceding the date this registration statement was initially filed with the SEC. The third column assumes the sale of all of the shares offered by the
selling stockholders pursuant to this prospectus. 
 The selling stockholders may sell all, some or none of their shares in this offering.
See “Plan of Distribution” below. 
  

							
	 Name of Selling Stockholder
	  	Number of Shares of
Common Stock Owned
Prior to Offering	  	Maximum Number of Shares
of Common Stock to be Sold
Pursuant to this Prospectus	  	Number of Shares of
Common Stock Owned
After Offering
	 Victory Park Special Situations Master Fund, Ltd. (1)
	  		  		  	

  

	(1)	Victory Park Capital Advisors, LLC is the investment manager of Victory Park Special Situations Master Fund, Ltd. and consequently has voting control and investment discretion over
securities held by Victory Park Special Situations Master Fund, Ltd. Victory Park Capital Advisors, LLC disclaims beneficial ownership of the securities held by Victory Park Special Situations Master Fund, Ltd. Jacob Capital, LLC is the sole manager
of Victory Park Capital Advisors, LLC. Richard Levy is the sole member of Jacob Capital, LLC. As a result, Mr. Levy may be considered the beneficial owner of any securities deemed to be beneficially owned by Victory Park Capital Advisors, LLC.
Mr. Levy disclaims beneficial ownership of these securities. 

 PLAN OF DISTRIBUTION 
 We are registering the shares of common stock to permit the resale of these shares of common stock by the selling stockholders from time to time after the date of this prospectus. We will not receive any of the
proceeds from the sale by the selling stockholders of the shares of common stock. We will bear all fees and expenses incident to our obligation to register the shares of common stock. 
 The selling stockholders may sell all or a portion of the shares of common stock beneficially owned by them and offered hereby from time to time directly
or through one or more underwriters, broker-dealers or agents. If the shares of common stock are sold through underwriters or broker-dealers, the selling stockholders will be responsible for underwriting discounts or commissions or agent’s
commissions. The shares of common stock may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale or at negotiated prices. These sales may be
effected from time to time pursuant to one or more of the following methods, which may involve crosses or block transactions, 
  

	 	•	 	 on any national securities exchange or U.S. inter-dealer quotation system of a registered national securities association on which the securities may be listed or
quoted at the time of sale; 

  

	 	•	 	 in the over-the-counter market; 

  

	 	•	 	 in transactions otherwise than on these exchanges or systems or in the over-the-counter market; 

  

	 	•	 	 through the writing of options, whether such options are listed on an options exchange or otherwise; 

  

	 	•	 	 ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	 block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the
transaction; 

  

	 	•	 	 purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	 an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	 public or privately negotiated transactions; 

  

	 	•	 	 short sales; 

  

	 	•	 	 sales pursuant to Rule 144; 

  

 Annex I-2 

	 	•	 	 broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share; 

  

	 	•	 	 a combination of any such methods of sale; and 

  

	 	•	 	 any other method permitted pursuant to applicable law. 

 If the selling stockholders effect such transactions by selling shares of common stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the
form of discounts, concessions or commissions from the selling stockholders or commissions from purchasers of the shares of common stock for whom they may act as agent or to whom they may sell as principal (which discounts, concessions or
commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved). In connection with sales of the shares of common stock or otherwise, the selling stockholders may enter
into hedging transactions with broker-dealers, which may in turn engage in short sales of the shares of common stock in the course of hedging in positions they assume. The selling stockholders may also sell shares of common stock short and deliver
shares of common stock covered by this prospectus to close out short positions and to return borrowed shares in connection with such short sales. The selling stockholders may also loan or pledge shares of common stock to broker-dealers in connection
with bona fide margin accounts secured by the shares of common stock, which shares broker-dealers could in turn sell if the selling stockholders default in the performance of their respective secured obligations. 
 The selling stockholders may pledge or grant a security interest in some or all of the shares of common stock owned by them and, if any of them defaults
in the performance of its secured obligations, the pledgees or secured parties may offer and sell the shares of common stock from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable
provision of the Securities Act of 1933, amending, if necessary, the list of selling stockholders to include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus. The selling stockholders also may
transfer and donate the shares of common stock in other circumstances in which case the transferees, donees or other successors in interest will be the selling beneficial owners for purposes of this prospectus. 
 The selling stockholders and any broker-dealer participating in the distribution of the shares of common stock may be deemed to be
“underwriters” within the meaning of the Securities Act of 1933, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act
of 1933. At the time a particular offering of the shares of common stock is made, a prospectus supplement, if required, will be distributed which will set forth the aggregate amount of shares of common stock being offered and the terms of the
offering, including the name or names of any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the selling stockholders and any discounts, commissions or concessions allowed or reallowed or paid to
broker-dealers. 
 Under the securities laws of some states, the shares of common stock may be sold in such states only through registered or
licensed brokers or dealers. In addition, in some states the 

  

 Annex I-3 

 
shares of common stock may not be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration or
qualification is available and is complied with. 
 There can be no assurance that any selling stockholder will sell any or all of the shares
of common stock registered pursuant to the registration statement, of which this prospectus forms a part. 
 The selling stockholders and any
other person participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, and the rules and regulations thereunder, including, without limitation, Regulation M of the Securities Exchange Act of
1934, which may limit the timing of purchases and sales of any of the shares of common stock by the selling stockholders and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the
shares of common stock to engage in market-making activities with respect to the shares of common stock. All of the foregoing may affect the marketability of the shares of common stock and the ability of any person or entity to engage in
market-making activities with respect to the shares of common stock. 
 We will pay all expenses of the registration of the shares of common
stock pursuant to the registration rights agreement, including, without limitation, SEC filing fees and expenses of compliance with state securities or “blue sky” laws; provided, however, that the selling stockholders will
pay all underwriting discounts and selling commissions, if any. We will indemnify the selling stockholders against liabilities, including some liabilities under the Securities Act of 1933, in accordance with the registration rights agreement, or the
selling stockholders will be entitled to contribution. We may be indemnified by the selling stockholders against civil liabilities, including some liabilities under the Securities Act of 1933, that may arise from any written information furnished to
us by the selling stockholders specifically for use in this prospectus, in accordance with the related registration rights agreement, or we may be entitled to contribution. 
 Once sold under the registration statement, of which this prospectus forms a part, the shares of common stock will be freely tradable in the hands of
persons other than our affiliates. 
  

 Annex I-4Affiliate Subordination Agreement

 Exhibit 10.5 
 EXECUTION COPY 
 AFFILIATE SUBORDINATION AGREEMENT 
 This AFFILIATE SUBORDINATION AGREEMENT (this “Agreement”) is entered into as of September 30, 2008, by and among Jay Levy
(“Levy”), Jaynjean Levy Family Limited Partnership, a Delaware limited partnership (the “Partnership” and, together with Levy, the “Subordinated Creditors”), Unigene Laboratories, Inc., a Delaware corporation (the
“Company”), and Victory Park Management, LLC, a Delaware limited liability company, as Agent for all Senior Lenders party to the Senior Credit Agreement described below. 
 R E C I T A L S 
 A. The Company, Agent and Senior Lenders (as
hereinafter defined) have entered into the Senior Credit Agreement pursuant to which, among other things, Senior Lenders have agreed, subject to the terms and conditions set forth in the Senior Credit Agreement, to purchase certain senior notes from
the Company. All of the Company’s obligations to Agent and Senior Lenders under the Senior Credit Agreement and the other Senior Debt Documents (as hereinafter defined) are secured by first-priority liens on and security interests in
substantially all of the now existing and hereafter acquired real and personal property of the Company (the “Collateral”). 
 B.
Prior to the date hereof, the Company has issued the Subordinated Notes (as defined below) to the Subordinated Creditors. All of the Company’s obligations evidenced by the Subordinated Notes are, after giving effect to this Agreement,
secured by second-priority liens on and security interests in certain of the Collateral as described in Schedule A attached hereto. 
 C. As an inducement to and as one of the conditions precedent to the agreement of Agent and Senior Lenders to consummate the transactions contemplated by the Senior Credit Agreement (the “Transactions”), Agent and Senior
Lenders have required the execution and delivery of this Agreement, and the consent to the Transactions, by Subordinated Creditors and the Company in order to set forth the relative rights and priorities of Agent, Senior Lenders and Subordinated
Creditors under the Senior Debt Documents and the Subordinated Debt Documents (as hereinafter defined). 
 NOW, THEREFORE, in order to
induce Agent and Senior Lenders to consummate the transactions contemplated by the Senior Credit Agreement, and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto hereby agree
as follows: 

 1. Definitions. The following terms shall have the following meanings in this Agreement: 
 “Agent” shall mean Victory Park Management, LLC, as Agent for the Senior Lenders, or any other Person appointed by
the holders of the Senior Debt as administrative agent for purposes of the Senior Debt Documents and this Agreement. 
 “Bankruptcy Code” shall mean Title 11 of the United States Code, as amended from time to time and any successor statute and all rules and regulations promulgated thereunder. 
 “Distribution” means, with respect to any indebtedness, obligation or security, (a) any payment or
distribution by any Person of cash, securities or other property, by set-off or otherwise, on account of such indebtedness, obligation or security, (b) any redemption, purchase or other acquisition of such indebtedness, obligation or security
by any Person or (c) the granting of any lien or security interest to or for the benefit of the holders of such indebtedness, obligation or security in or upon any property of any Person. 
 “Enforcement Action” shall mean (a) to take from or for the account of the Company or any guarantor of the
Subordinated Debt, by set-off or in any other manner, the whole or any part of any moneys which may now or hereafter be owing by the Company or any such guarantor with respect to the Subordinated Debt, (b) to sue for payment of, or to initiate
or participate with others in any suit, action or proceeding against the Company or any such guarantor to (i) enforce payment of or to collect the whole or any part of the Subordinated Debt or (ii) commence judicial enforcement of any of
the rights and remedies under the Subordinated Debt Documents or applicable law with respect to the Subordinated Debt, (c) to accelerate the Subordinated Debt, (d) to exercise any put option or to cause the Company or any such guarantor to
honor any redemption or mandatory prepayment obligation under any Subordinated Debt Document, (e) to notify account debtors or directly collect accounts receivable or other payment rights of the Company or any such guarantor or (f) to take
any action under the provisions of any state or federal law, including, without limitation, the Uniform Commercial Code, or under any contract or agreement, to enforce, foreclose upon, take possession of or sell any property or assets of the Company
or any such guarantor including the Collateral. 
 “Permitted Subordinated Debt Payments” means
payments of regularly scheduled payments of principal of, and interest on, the Subordinated Debt due and payable on a non-accelerated basis in accordance with the schedule of payments set forth on Schedule B attached hereto. 
  

 2 

 “Person” means any natural person, corporation, general or
limited partnership, limited liability company, firm, trust, association, government, governmental agency or other entity, whether acting in an individual, fiduciary or other capacity. 
 “Proceeding” shall mean any voluntary or involuntary insolvency, bankruptcy, receivership, custodianship,
liquidation, dissolution, reorganization, assignment for the benefit of creditors, appointment of a custodian, receiver, trustee or other officer with similar powers or any other proceeding for the liquidation, dissolution or other winding up of a
Person. 
 “Refinancing Senior Debt Documents” shall mean any financing documentation which replaces
the VPC Loan Documents and pursuant to which the Senior Debt under the VPC Loan Documents are refinanced, as such financing documentation may be amended, supplemented or otherwise modified from time to time in compliance with this Agreement.

 “Senior Credit Agreement” shall mean the Financing Agreement, dated as of the date hereof, by and
among the Company, the Agent and Senior Lenders (as the same may be amended, restated, supplemented or otherwise modified from time to time) and any successor loan, credit or financing agreement or note or similar agreement or instrument pursuant to
which the obligations under such Financing Agreement (or its successor) are refinanced and replaced in whole or in part, as such successor may be amended, restated, supplemented or otherwise modified from time to time. 
 “Senior Debt” shall mean all obligations, liabilities and indebtedness of every nature of the Company from time to
time owed to Agent or any Senior Lender under the Senior Debt Documents, including, without limitation, the principal amount of all debts, claims and indebtedness, accrued and unpaid interest and all fees, costs and expenses, whether primary,
secondary, direct, contingent, fixed or otherwise, heretofore, now and from time to time hereafter owing, due or payable, whether before or after the filing of a Proceeding under the Bankruptcy Code together with (a) any amendments,
modifications, renewals or extensions thereof to the extent not prohibited by the terms of this Agreement and (b) any interest accruing thereon after the commencement of a Proceeding, without regard to whether or not such interest is an allowed
claim. Senior Debt shall be considered to be outstanding whenever any loan commitment under the Senior Debt Document is outstanding. 
 “Senior Debt Documents” shall mean the VPC Loan Documents and, after any refinancing of the Senior Debt under the VPC Loan Documents, the Refinancing Senior Debt Documents. 
 “Senior Default” shall mean any “Event of Default” under the Senior Debt Documents, or any condition or
event that, after notice or lapse of time or both, would constitute such an Event of Default if that condition or event were not cured or removed within any applicable grace or cure period set forth therein. 
  

 3 

 “Senior Default Notice” shall mean a written notice from Agent to
Subordinated Creditors pursuant to which Subordinated Creditors are notified of the occurrence of a Senior Default, which notice incorporates a reasonably detailed description of such Senior Default and which notice expressly states that it is a
“Senior Default Notice” hereunder. 
 “Senior Lenders” shall mean the holders of the Senior
Debt. 
 “Subordinated Debt” shall mean all of the obligations of the Company to Subordinated
Creditors evidenced by or incurred pursuant to the Subordinated Debt Documents. 
 “Subordinated Debt
Documents” shall mean the Subordinated Notes, any guaranty with respect to the Subordinated Debt, any security agreement or other collateral document securing the Subordinated Debt and all other documents, agreements and instruments now
existing or hereinafter entered into evidencing or pertaining to all or any portion of the Subordinated Debt. 
 “Subordinated Debt Default” shall mean a default in the payment of the Subordinated Debt or in the performance of any term, covenant or condition contained in the Subordinated Debt Documents or any other occurrence
permitting any Subordinated Creditor to accelerate the payment of all or any portion of the Subordinated Debt. 
 “Subordinated Debt Default Notice” shall mean a written notice from any Subordinated Creditor or the Company to Agent pursuant to which Agent is notified of the occurrence of a Subordinated Debt Default, which notice
incorporates a reasonably detailed description of such Subordinated Debt Default and which notice states that it is a “Subordinated Debt Default Notice” hereunder. 
 “Subordinated Notes” shall mean each of (i) the Secured Promissory Note dated as of May 10, 2007 issued
by the Company in favor of the Partnership in an aggregate principal amount of $7,418,803 and (ii) the Secured Promissory Note dated as of May 10, 2007 issued by the Company in favor of Levy in an aggregate principal amount of $8,318,714.

 “Transactions” has the meaning set forth in the recitals hereto. 
 “VPC Loan Documents” shall mean the Senior Credit Agreement and all other agreements, documents and instruments
executed from time to time in connection therewith, as the same may be amended, supplemented or otherwise modified from time to time. 
  

 4 

 2. Subordination.  
 2.1 Subordination of Subordinated Debt to Senior Debt. The Company covenants and agrees, and each Subordinated Creditor by its acceptance of the Subordinated Debt Documents (whether upon original issue
or upon transfer or assignment) likewise covenants and agrees, notwithstanding anything to the contrary contained in any of the Subordinated Debt Documents, that the payment of any and all of the Subordinated Debt shall be subordinate and subject in
right and time of payment, to the extent and in the manner hereinafter set forth, to the prior indefeasible payment in full in cash of all Senior Debt, whether outstanding on the date hereof or hereafter created, incurred, assumed or guaranteed. No
right of Agent or any Senior Lender to enforce the subordination of the Subordinated Debt may be impaired by any act or failure to act by Agent or any Senior Lender or by the failure of the Company or any Subordinated Creditor to comply with the
terms and provisions of this Agreement and the Subordinated Debt Documents. Each holder of Senior Debt, whether such Senior Debt is now outstanding or hereafter created, incurred, assumed or guaranteed, shall be deemed to have acquired Senior Debt
in reliance upon the provisions contained in this Agreement. 
 2.2 Liquidation, Dissolution, Bankruptcy. In the event of any
Proceeding involving the Company or the liquidation or dissolution of the Company: 
 (a) All Senior Debt shall first be
indefeasibly paid in full in cash and all commitments to lend under the Senior Debt Documents shall be terminated before any Distribution, whether in cash, securities or other property, or otherwise, shall be made to any Subordinated Creditor on
account of any Subordinated Debt. 
 (b) Any Distribution, whether in cash, securities or other property, or otherwise, which
would otherwise, but for the terms hereof, be payable or deliverable in respect of the Subordinated Debt shall be paid or delivered directly to Agent (to be held and/or applied by Agent in accordance with the terms of the Senior Debt Documents)
until all Senior Debt is indefeasibly paid in full in cash and all commitments to lend under the Senior Debt Documents shall have been terminated. Each Subordinated Creditor irrevocably authorizes, empowers and directs any debtor, debtor in
possession, receiver, trustee, liquidator, custodian, conservator or other Person having authority, to pay or otherwise deliver all such Distributions to Agent. Each Subordinated Creditor also irrevocably authorizes and empowers Agent, in the name
of such Subordinated Creditor, to demand, sue for, collect and receive any and all such Distributions. 
 (c) Each
Subordinated Creditor agrees not to initiate, prosecute or participate in any claim, action or other proceeding challenging (i) the enforceability, validity, perfection or priority of the Senior Debt or any liens and security interests securing
the Senior Debt or (ii) the exercise of any rights or remedies of Agent or any Senior Lender in respect of the Senior Debt or any liens or security interests securing the Senior Debt. 
  

 5 

 (d) Each Subordinated Creditor agrees that Agent and Senior Lenders may consent to the
use of cash collateral or provide financing to the Company on such terms and conditions and in such amounts as Agent and Senior Lenders, in their sole discretion, may decide and, in connection therewith, the Company may grant to Agent and Senior
Lenders liens and security interests upon all of the property of the Company, which liens and security interests (i) shall secure payment of all Senior Debt (whether such Senior Debt arose prior to the commencement of any Proceeding or at any
time thereafter) and all other financing provided by Senior Lenders during such Proceeding and (ii) shall be superior in priority to the liens and security interests, if any, in favor of such Subordinated Creditor on the property of the
Company. Each Subordinated Creditor agrees that it will not object to or oppose a sale or other disposition of any property securing all of any part of the Senior Debt free and clear of security interests, liens or other claims of such Subordinated
Creditor under Section 363 of the Bankruptcy Code or any other provision of the Bankruptcy Code if Agent and Senior Lenders have consented to such sale or disposition. Each Subordinated Creditor agrees not to assert any right it may have to
“adequate protection” of such Subordinated Creditor’s interest in any Collateral in any Proceeding and agrees that it will not seek to have the automatic stay lifted with respect to any Collateral without the prior written consent of
Agent. Each Subordinated Creditor waives any claim it may now or hereafter have arising out of Agent’s or Senior Lenders’ election, in any Proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b)(2) of
the Bankruptcy Code, and/or any borrowing or grant of a security interest under Section 364 of the Bankruptcy Code by the Company, as debtor in possession. Each Subordinated Creditor further agrees that it will not seek to participate or
participate on any creditor’s committee without Agent’s prior written consent. 
 (e) Each Subordinated Creditor
agrees to execute, verify, deliver and file any proofs of claim in respect of the Subordinated Debt requested by Agent in connection with any such Proceeding and hereby irrevocably authorizes, empowers and appoints Agent its agent and
attorney-in-fact to (i) execute, verify, deliver and file such proofs of claim upon the failure of such Subordinated Creditor promptly to do so prior to 30 days before the expiration of the time to file any such proof of claim and
(ii) vote such claim in any such Proceeding upon the failure of such Subordinated Creditor to do so prior to 15 days before the expiration of the time to vote any such claim; provided Agent shall have no obligation to execute, verify, deliver,
file and/or vote any such proof of claim. In the event that Agent votes any claim in accordance with the authority granted hereby, the applicable Subordinated Creditor shall not be entitled to change or withdraw such vote. 
 (f) The Senior Debt shall continue to be treated as Senior Debt and the provisions of this Agreement shall continue to govern the relative
rights and priorities of Senior Lenders and Subordinated Creditors even if all or part of the Senior Debt or the security interests securing the Senior Debt are subordinated, set aside, avoided, invalidated or disallowed in connection with any such
Proceeding, and this Agreement 

  

 6 

 
and the relative rights and priorities of Senior Lenders and Subordinated Creditors hereunder shall be reinstated if at any time any payment of any of the
Senior Debt is rescinded or must otherwise be returned by any holder of Senior Debt or any representative of such holder. 
 2.3
Subordinated Debt Payment Restrictions. 
 (a) Notwithstanding the terms of the Subordinated Debt Documents, the
Company hereby agrees that it shall not make, and each Subordinated Creditor hereby agrees that it shall not accept, any Distribution with respect to the Subordinated Debt (other than Permitted Subordinated Debt Payments subject to the terms of
subsection 2.2 of this Agreement) until the Senior Debt has been indefeasibly paid in full in cash and all commitments to lend under the Senior Debt Documents shall have been terminated; provided, however, that the Company and Subordinated Creditors
further agree that no Permitted Subordinated Debt Payment may be made by the Company or accepted by any Subordinated Creditor if, at the time of such payment, a Senior Default exists and such Senior Default shall not have been waived. 
 (b) The Company may resume Permitted Subordinated Debt Payments (and may make any Permitted Subordinated Debt Payments missed due to the
application of paragraph (a) of this subsection 2.3) in respect of the Subordinated Debt or any judgment with respect thereto upon a waiver or cure of such Senior Default. 
 (c) No Senior Default shall be deemed to have been waived or cured for purposes of this subsection 2.3 unless and until the Company shall
have received a written waiver or notice of cure from Agent or all Senior Lenders. 
 2.4 Subordinated Debt Standstill
Provisions. Until the Senior Debt has been indefeasibly paid in full in cash and all commitments to lend under the Senior Debt Documents shall have been terminated, Subordinated Creditors shall not, without the prior written consent of
Agent, take any Enforcement Action with respect to the Subordinated Debt. Notwithstanding the foregoing, Subordinated Creditors may file proofs of claim against the Company in any Proceeding involving the Company. Any Distributions or other proceeds
of any Enforcement Action obtained by any Subordinated Creditor in violation of the foregoing prohibition shall in any event be held in trust by it for the benefit of Agent and Senior Lenders and promptly paid or delivered to Agent for the benefit
of Senior Lenders in the form received until all Senior Debt has been indefeasibly paid in full in cash and all commitments to lend under the Senior Debt Documents shall have been terminated. For the avoidance of doubt, each Subordinated Creditor
hereby agrees that, upon receipt of any Distributions or other amounts arising from any Liens granted in favor thereto on assets or properties not constituting Collateral, such Subordinated Creditor shall hold such Distributions or other amounts in
trust for the benefit of Agent and Senior Lenders and promptly pay or deliver such Distributions or other amounts to Agent for the benefit of Senior Lenders in the form received until all Senior Debt has been indefeasibly paid in full in cash and
all commitments to lend under the Senior Debt Documents shall have been terminated. 
  

 7 

 2.5 Incorrect Payments. If any Distribution on account of the Subordinated Debt not
permitted to be made by the Company or accepted by Subordinated Creditors under this Agreement is made and received by any Subordinated Creditor, such Distribution shall not be commingled with any of the assets of such Subordinated Creditor, shall
be held in trust by such Subordinated Creditor for the benefit of Agent and Senior Lenders and shall be promptly paid over or delivered to Agent for application (in accordance with the Senior Debt Documents ) to the payment of the Senior Debt then
remaining unpaid, until all of the Senior Debt shall have been indefeasibly paid in full in cash and there shall be no further commitments to lend under the Senior Debt Documents. 
 2.6 Subordination of Liens and Security Interests; Agreement Not to Contest; Agreement to Release Liens. Until the Senior Debt has
been indefeasibly paid in full in cash and all lending commitments under the Senior Debt Documents have been terminated, all liens and security interests of Subordinated Creditors in the Collateral shall be and hereby are subordinated for all
purposes and in all respects to the liens and security interests of Agent and Senior Lenders in the Collateral, regardless of the time, manner or order of perfection of any such liens and security interests. Each Subordinated Creditor agrees that it
will not at any time contest the validity, perfection, priority or enforceability of the Senior Debt, the Senior Debt Documents, or the liens and security interests of Agent and Senior Lenders in the Collateral securing the Senior Debt. In the event
that Agent or Senior Lenders release or agree to release any of their liens or security interests in the Collateral in connection with the sale or other disposition thereof or any of the Collateral is sold or retained pursuant to a foreclosure or
similar action, each Subordinated Creditor shall (or shall cause its agent) promptly execute and deliver to Agent such termination statements and releases as Agent shall request to effect the release of the liens and security interests of such
Subordinated Creditor in such Collateral. In furtherance of the foregoing, each Subordinated Creditor hereby irrevocably appoints Agent its attorney-in-fact, with full authority in the place and stead of such Subordinated Creditor and in the name of
such Subordinated Creditor or otherwise, to execute and deliver any document or instrument which such Subordinated Creditor may be required to deliver pursuant to this subsection 2.6. 
 2.7 Application of Proceeds from Sale or other Disposition of the Collateral. In the event of any sale, transfer or other disposition
(including a casualty loss or taking through eminent domain) of the Collateral, the proceeds resulting therefrom (including insurance proceeds) shall be applied in accordance with the terms of the Senior Debt Documents or as otherwise consented to
by Agent and Senior Lenders until such time as the Senior Debt shall have been indefeasibly paid in full in cash and all commitments to lend under the Senior Debt Documents shall have been terminated.  
  

 8 

 2.8 Sale, Transfer or other Disposition of Subordinated Debt.  
 (a) Without the prior written consent of Agent, Subordinated Creditors shall not sell, assign, pledge, dispose of or otherwise transfer
all or any portion of the Subordinated Debt or any rights, remedies or obligations under any Subordinated Debt Document. 
 (b) Notwithstanding the foregoing, the subordination effected hereby shall survive any sale, assignment, pledge, disposition or other transfer of all or any portion of the Subordinated Debt in violation of the foregoing prohibition, and the
terms of this Agreement shall be binding upon the successors and assigns of each Subordinated Creditor, as provided in Section 12 hereof. 
 2.9 Legends. Until the termination of this Agreement in accordance with Section 16 hereof, the Company and each Subordinated Creditor will cause to be clearly, conspicuously and prominently inserted on the face of
each Subordinated Note and any other Subordinated Debt Document, as well as any renewals or replacements thereof, the following legend: 
 “This instrument and the rights, remedies and obligations evidenced hereby are subordinate in the manner and to the extent set forth in that certain Affiliate Subordination Agreement (as amended, restated,
supplemented or otherwise modified from time to time, the “Subordination Agreement”) dated as of September 30, 2008, by and among Jay Levy, Jaynjean Levy Family Limited Partnership, Unigene Laboratories, Inc. and Victory Park
Management, LLC, to the Senior Debt (as defined in the Subordination Agreement); and each holder of this instrument, by its acceptance hereof, irrevocably agrees to be bound by the provisions of the Subordination Agreement.” 
 2.10 Agreement by the Company. The Company shall not make, and shall not permit any of its subsidiaries or affiliates to make on its
behalf, any payment of any of the Subordinated Debt in contravention of this Agreement. 
 2.11 Consent by Subordinated Creditors.
Notwithstanding anything to the contrary in the Subordinated Debt Documents, the Subordinated Creditors hereby consent in all respects to the execution, delivery and performance of the Senior Credit Agreement and the other Senior Debt Documents,
including the incurrence of indebtedness and liens thereunder. 
 3. Modifications.  
 3.1 Modifications to Senior Debt Documents. Senior Lenders may at any time and from time to time without the consent of or notice to
Subordinated Creditors, without incurring liability to Subordinated Creditors and without impairing or releasing the obligations of Subordinated Creditors under this Agreement, change the manner or place of payment or extend the time of payment of
or renew or alter any of the terms of the Senior Debt, or amend in any manner any agreement, note, guaranty or other instrument evidencing or securing or otherwise relating to the Senior Debt; provided that Senior Lenders will provide subsequent
notice of such changes to Subordinated Creditors. 
  

 9 

 3.2 Modifications to Subordinated Debt Documents. Until the Senior Debt has been
indefeasibly paid in full in cash and all lending commitments under the Senior Debt Documents have been terminated, notwithstanding anything to the contrary contained in the Subordinated Debt Documents, Subordinated Creditors shall not, without the
prior written consent of Agent, agree to any amendment, modification or supplement to any of the Subordinated Debt Documents. 
 4. Waiver of Certain
Rights by Subordinated Creditors. 
 4.1 Marshaling. Each Subordinated Creditor hereby waives any rights it may have
under applicable law to assert the doctrine of marshaling or to otherwise require Agent or Senior Lenders to marshal any property of the Company or any guarantor of the Senior Debt for the benefit of such Subordinated Creditor. 
 4.2 Rights Relating to Agent’s Actions with respect to the Collateral. Each Subordinated Creditor hereby waives, to the extent
permitted by applicable law, any rights which it may have to enjoin or otherwise obtain a judicial or administrative order preventing Agent or Senior Lenders from taking, or refraining from taking, any action with respect to all or any part of the
Collateral. Without limitation of the foregoing, each Subordinated Creditor hereby agrees (a) that it has no right to direct or object to the manner in which Agent and Lenders apply the proceeds of the Collateral resulting from the exercise by
Agent and Senior Lenders of rights and remedies under the Senior Debt Documents to the Senior Debt and (b) that Agent has not assumed any obligation to act as the agent for such Subordinated Creditor with respect to the Collateral. The Agent
shall have the exclusive right to enforce rights and exercise remedies with respect to the Collateral until the Senior Debt is paid in full. In exercising rights and remedies with respect to the Collateral, the Agent and Senior Lenders may enforce
the provisions of the Senior Debt Documents and exercise remedies thereunder, all in such order and in such manner as it or they may determine in the exercise of its or their sole business judgment. Such exercise and enforcement shall include,
without limitation, the rights to sell or otherwise dispose of Collateral, to incur expenses in connection with such sale or disposition and to exercise all the rights and remedies of a secured lender under the Uniform Commercial Code of any
applicable jurisdiction. In conducting any public or private sale under the Uniform Commercial Code, the Agent shall give Subordinated Creditors such notice of such sale as may be required by the applicable Uniform Commercial Code; provided,
however, that 10 days’ notice shall be deemed to be commercially reasonable notice. 
 5. Representations and Warranties.

 5.1 Representations and Warranties of Subordinated Creditor. Each Subordinated Creditor hereby represents and warrants,
severally and not jointly, to the Company, 

  

 10 

 
Agent and Senior Lenders that as of the date hereof: (a) such Subordinated Creditor is an individual or a partnership duly formed and validly existing
under the laws of the State of Delaware, as applicable; (b) such Subordinated Creditor has the power and authority to enter into, execute, deliver and carry out the terms of this Agreement, all of which have been duly authorized by all proper
and necessary action; (c) the execution of this Agreement by such Subordinated Creditor will not violate or conflict with the organizational documents of such Subordinated Creditor, as applicable, any material agreement binding upon such
Subordinated Creditor or any law, regulation or order or require any consent or approval which has not been obtained; (d) this Agreement is the legal, valid and binding obligation of such Subordinated Creditor, enforceable against such
Subordinated Creditor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by
equitable principles; (e) such Subordinated Creditor is the sole owner, beneficially and of record, of its Subordinated Debt Documents and its Subordinated Debt; (f) no Person other than the Company is obligated in respect of the
Subordinated Debt or under any Subordinated Debt Documents; (g) its Subordinated Debt is not secured by any assets of the Company that do not constitute Collateral; (h) its Subordinated Debt is not secured by any assets of the Company that
are not described in Schedule A attached hereto; (i) no defaults have occurred and are continuing under the Subordinated Debt or any of the Subordinated Debt Documents or would arise thereunder upon the execution, delivery and
performance of the VPC Loan Documents; and (j) each of the Subordinated Debt Documents in existence as of the date hereof are identified in Schedule C attached hereto. 
 5.2 Representations and Warranties of the Company. The Company hereby represents and warrants to Agent, Senior Lenders and Subordinated
Creditors that as of the date hereof: (a) the Company is a corporation duly formed and validly existing under the laws of the State of Delaware; (b) the Company has the power and authority to enter into, execute, deliver and carry out the
terms of this Agreement, all of which have been duly authorized by all proper and necessary action; (c) the execution of this Agreement by the Company will not violate or conflict with the organizational documents of the Company, any material
agreement binding upon the Company or any law, regulation or order or require any consent or approval which has not been obtained; and (d) this Agreement is the legal, valid and binding obligation of the Company, enforceable against the Company
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles.

 5.3 Representations and Warranties of Agent. Agent hereby represents and warrants to the Company and Subordinated Creditors
that as of the date hereof: (a) Agent is a limited liability company duly formed and validly existing under the laws of the State of Delaware; (b) Agent has the power and authority to enter into, execute, deliver and carry out the terms of
this Agreement, all of which have been duly authorized by all proper and necessary action; (c) the execution of this Agreement by Agent will not violate or conflict with the organizational documents of Agent, any material agreement binding upon
Agent or any law, 

  

 11 

 
regulation or order or require any consent or approval which has not been obtained; and (d) this Agreement is the legal, valid and binding obligation of
Agent, enforceable against Agent in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights
generally or by equitable principles. 
 6. Subrogation. Subject to the indefeasible payment in full in cash of all Senior Debt and the
termination of all lending commitments under the Senior Debt Documents, each Subordinated Creditor shall be subrogated to the rights of Agent and Senior Lenders to receive Distributions with respect to the Senior Debt until the Subordinated Debt is
indefeasibly paid in full in cash. The foregoing subrogation rights of Subordinated Creditors shall be subordinated in all respects to the prior indefeasible payment in full in cash of all Senior Debt. Each Subordinated Creditor agrees that in the
event that all or any part of a payment made with respect to the Senior Debt is recovered from the holders of the Senior Debt in a Proceeding or otherwise, any Distribution received by such Subordinated Creditor with respect to the Subordinated
Debt, whether pursuant to the right of subrogation provided for in this Agreement or otherwise, shall be deemed to have been received by such Subordinated Creditor in trust as property of the holders of the Senior Debt and such Subordinated Creditor
shall forthwith deliver the same to the Agent for the benefit of the Senior Lenders for application to the Senior Debt until the Senior Debt shall have been indefeasibly paid in full in cash and all commitments to lend under the Senior Debt
Documents shall have been terminated. A Distribution made pursuant to this Agreement to Agent or Senior Lenders which otherwise would have been made to any Subordinated Creditor is not, as between the Company and such Subordinated Creditor, a
payment by the Company to or on account of the Senior Debt. 
 7. Modification. Any modification or waiver of any provision of this
Agreement, or any consent to any departure by any party from the terms hereof, shall not be effective in any event unless the same is in writing and signed by Agent, Subordinated Creditors and the Company (as applicable), and then such modification,
waiver or consent shall be effective only in the specific instance and for the specific purpose given. Any notice to or demand on any party hereto in any event not specifically required hereunder shall not entitle the party receiving such notice or
demand to any other or further notice or demand in the same, similar or other circumstances unless specifically required hereunder. 
 8. Further
Assurances. Each party to this Agreement promptly will execute and deliver such further instruments and agreements and do such further acts and things as may be reasonably requested in writing by any other party hereto that may be
necessary or desirable in order to effect fully the purposes of this Agreement. 
 9. Notices. Unless otherwise specifically provided
herein, any notice or other communication delivered under this Agreement shall be in writing addressed to the respective party as set forth below and may be personally served, telecopied or sent by overnight courier service or certified or
registered United States mail and shall be deemed to have been given (a) if delivered in 

  

 12 

 
person, when delivered; (b) if delivered by telecopy, on the date of transmission if transmitted on a business day before 4:00 p.m. (Chicago time) or,
if not, on the next succeeding business day; (c) if delivered by overnight courier, one business day after delivery to such courier properly addressed; or (d) if by United States mail, four business days after deposit in the United States
mail, postage prepaid and properly addressed. 
 Notices shall be addressed as follows: 
  

							
	 If to any Subordinated Creditor:
  
 Jay Levy
 2150 Center Street, Apt. #10G
 Fort Lee, New Jersey 07024
	 	 
	Telecopy:	 	(201) 461-9891	 	 	 	 
				
	and/or	 		 		 	
		
	Jaynjean Levy Family Limited Partnership	 	
	 248 Andrea Drive
 Rockaway, New Jersey 07866

	 	
			
	With a copy to:	 		 	
			
	  
	 		 	
	  
	 		 	
	Attention:	 	  
	 		 	
	Telecopy:	 	  
	 		 	
		
	If to the Company:	 	
		
	Unigene Laboratories, Inc.	 	
	81 Fulton Street	 	
	Boonton, New Jersey 07005	 	
	Attention:	 	Warren Levy	 		 	
	Telecopy:	 	(973) 335-0972	 		 	

  

 13 

							
		
	With a copy to:	 	
		
	Dechert LLP	 	
	902 Carnegie Center, Suite 500	 	
	Princeton, New Jersey 08540	 	
	Attention:	 	James Marino	 		 	
	Telecopy:	 	(609) 955-3259	 		 	
		
	If to Agent or Senior Lenders:	 	
		
	Victory Park Management, LLC	 	
	227 W. Monroe Street, Suite 3900	 	
	Chicago, Illinois 60606	 	
	Attention:	 	Matthew Ray	 		 	
	Telecopy:	 	(312) 701-0794	 		 	
		
	With a copy to:	 	
		
	Latham & Watkins LLP	 	
	Sears Tower, Suite 5800	 	
	233 S. Wacker Drive	 	
	Chicago, Illinois 60606	 	
	Attention:	 	Bradley Kotler	 		 	
	Telecopy:	 	(312) 993-9767	 		 	

 or in any case, to such other address as the party addressed shall have previously designated by written notice to
the serving party, given in accordance with this Section 9. 
 10. Successors and Assigns. This Agreement and the rights and
benefits hereof shall inure to the benefit of, and shall be binding upon, the respective successors and assigns of Agent, Senior Lenders, Subordinated Creditors and the Company. To the extent permitted under the Senior Debt Documents, Senior Lenders
may, from time to time, without notice to Subordinated Creditors, assign or transfer any or all of the Senior Debt or any interest therein to any Person and, notwithstanding any such assignment or transfer, or any subsequent assignment or transfer,
the Senior Debt shall, subject to the terms hereof, be and remain Senior Debt for purposes of this Agreement, and every assignee or transferee of any of the Senior Debt or of any interest therein shall, to the extent of the interest of such assignee
or transferee in the Senior Debt, be entitled to rely upon and be the third party beneficiary of the subordination provided under this Agreement and shall be entitled to enforce the terms and provisions hereof to the same extent as if such assignee
or transferee were initially a party hereto. 
 11. Relative Rights. This Agreement shall define the relative rights of Agent, Senior Lenders
and Subordinated Creditors. Nothing in this Agreement shall (a) impair, as among the 

  

 14 

 
Company, Agent and Senior Lenders and as between the Company and Subordinated Creditors, the obligation of the Company with respect to the payment of the
Senior Debt and the Subordinated Debt in accordance with their respective terms or (b) affect the relative rights of Agent, Senior Lenders or Subordinated Creditors with respect to any other creditors of the Company. 
 12. Conflict. In the event of any conflict between any term, covenant or condition of this Agreement and any term, covenant or condition of any of
the Subordinated Debt Documents, the provisions of this Agreement shall control and govern. 
 13. Headings. The paragraph headings used
in this Agreement are for convenience only and shall not affect the interpretation of any of the provisions hereof. 
 14. Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Furthermore, such counterparts may be delivered by facsimile or by electronic
mail in “portable document format” (or “.pdf”), with any such counterpart delivered in such way deemed an original. 
 15.
Severability. In the event that any provision of this Agreement is deemed to be invalid, illegal or unenforceable by reason of the operation of any law or by reason of the interpretation placed thereon by any court or governmental
authority, the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby, and the affected provision shall be modified to the minimum extent permitted by law so as most
fully to achieve the intention of this Agreement. 
 16. Continuation of Subordination; Termination of Agreement. This Agreement shall
remain in full force and effect until the indefeasible payment in full in cash of the Senior Debt and the termination of all lending commitments under the Senior Debt Documents, after which this Agreement shall terminate without further action on
the part of the parties hereto. 
 17. Applicable Law. This Agreement shall be governed by and shall be construed and enforced in accordance
with the internal laws of the State of Illinois, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Illinois or any other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of Illinois. 
 18. CONSENT TO JURISDICTION. EACH SUBORDINATED CREDITOR AND THE COMPANY HEREBY CONSENTS TO THE
JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE COUNTY OF COOK, STATE OF ILLINOIS AND IRREVOCABLY AGREES THAT, SUBJECT TO AGENT’S ELECTION, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE LITIGATED
IN SUCH COURTS. EACH 

  

 15 

 
SUBORDINATED CREDITOR AND THE COMPANY EXPRESSLY SUBMITS AND CONSENTS TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON
CONVENIENS. EACH SUBORDINATED CREDITOR AND THE COMPANY HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE UPON IT BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO
SUBORDINATED CREDITORS AND THE COMPANY AT THEIR RESPECTIVE ADDRESSES SET FORTH IN THIS AGREEMENT AND SERVICE SO MADE SHALL BE COMPLETE TEN (10) DAYS AFTER THE SAME HAS BEEN POSTED. IN ANY LITIGATION, TRIAL, ARBITRATION OR OTHER DISPUTE
RESOLUTION PROCEEDING RELATING TO THIS AGREEMENT, ALL DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS OF ANY SUBORDINATED CREDITOR, THE COMPANY OR ANY OF THEIR RESPECTIVE AFFILIATES SHALL BE DEEMED TO BE EMPLOYEES OR MANAGING AGENTS OF SUCH SUBORDINATED
CREDITOR OR THE COMPANY, AS APPLICABLE, FOR PURPOSES OF ALL APPLICABLE LAW OR COURT RULES REGARDING THE PRODUCTION OF WITNESSES BY NOTICE FOR TESTIMONY (WHETHER IN A DEPOSITION, AT TRIAL OR OTHERWISE). EACH SUBORDINATED CREDITOR AND THE COMPANY
AGREES THAT AGENT’S OR ANY SENIOR LENDER’S COUNSEL IN ANY SUCH DISPUTE RESOLUTION PROCEEDING MAY EXAMINE ANY OF THESE INDIVIDUALS AS IF UNDER CROSS-EXAMINATION AND THAT ANY DISCOVERY DEPOSITION OF ANY OF THEM MAY BE USED IN THAT PROCEEDING
AS IF IT WERE AN EVIDENCE DEPOSITION. EACH SUBORDINATED CREDITOR AND THE COMPANY IN ANY EVENT WILL USE ALL COMMERCIALLY REASONABLE EFFORTS TO PRODUCE IN ANY SUCH DISPUTE RESOLUTION PROCEEDING, AT THE TIME AND IN THE MANNER REQUESTED BY AGENT OR ANY
LENDER, ALL PERSONS, DOCUMENTS (WHETHER IN TANGIBLE, ELECTRONIC OR OTHER FORM) OR OTHER THINGS UNDER ITS CONTROL AND RELATING TO THE DISPUTE. 
 19.
WAIVER OF JURY TRIAL. EACH SUBORDINATED CREDITOR, THE COMPANY AND AGENT HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, ANY OF THE SUBORDINATED DEBT DOCUMENTS
OR ANY OF THE SENIOR DEBT DOCUMENTS. EACH SUBORDINATED CREDITOR, THE COMPANY AND AGENT ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT
AND THE SENIOR DEBT DOCUMENTS AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH SUBORDINATED CREDITOR, THE COMPANY AND AGENT WARRANTS AND REPRESENTS THAT EACH HAS HAD THE OPPORTUNITY OF REVIEWING 

  

 16 

 
THIS JURY WAIVER WITH LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS. 
 (Signature Page Follows) 
  

 17 

 IN WITNESS WHEREOF, each Subordinated Creditor, the Company and Agent have caused this Agreement to be executed as
of the date first above written. 
  

			
	SUBORDINATED CREDITORS:
	
	 /s/ Jay Levy

	By: Jay Levy
	
	 JAYNJEAN LEVY FAMILY LIMITED
 PARTNERSHIP, a
Delaware limited partnership

		
	By:	 	Ronald S. Levy,
		 	Its general partner
		
		 	 /s/ Ronald S. Levy

		 	By: Ronald S. Levy
		
	By:	 	Warren P. Levy,
		 	Its general partner
		
		 	 /s/ Warren P. Levy

		 	By: Warren P. Levy
	
	COMPANY:
	
	 UNIGENE LABORATORIES, INC., a Delaware
 corporation

		
	By:	 	 /s/ Warren P. Levy

	Its:	 	President & Chief Executive Officer
	
	AGENT:
	
	 VICTORY PARK MANAGEMENT, LLC, a
 Delaware
limited liability company

		
	By:	 	 /s/ Matthew D. Ray

	Its:	 	Manager

  

 18 

 SCHEDULE A 
 SECURITY IN FAVOR OF JAY LEVY 
 1. The Company’s property located at 110 Little Falls Road, in the Township of
Fairfield, County of Essex and State of New Jersey (as more fully described on Exhibit A hereto, the “Fairfield Location”); 
 2. All right, title, interest, claims and demands of the Company in and to the following property and assets of Levy: 
 A. With respect to
(x) the Fairfield Location and (y) 83 Fulton Street, Boonton, New Jersey (the “Boonton Location” and together with the Fairfield Property, the “Property”): 
 (i) All trade fixtures, machinery and equipment now or hereafter located at the Property; 
 (ii) All materials and supplies with regard to the same and other equipment, now or hereafter installed, placed upon or owned by the Company at the
Property; 
 (iii) All awards or payments, including interest thereon which may be made with respect to the property and assets listed
above, all proceeds of any insurance policy covering the property and assets listed above, and all unearned premiums thereon; 
 (iv) All
accounts receivable, contract rights and rights of action of debtor of the Company; and 
 (v) All attachments to and replacements of the
assets and property described above, and all proceeds thereof. 
 B. With respect to the Fairfield Location: 
 (i) All rents and income arising therefrom; 
 (ii) All appurtenances, fixtures and improvements to, and owned by the Company, now or hereafter installed, place upon or used in connection with the Fairfield Location; 
 (iii) All leases and other agreements reflecting the use or occupancy of the Fairfield Location; 
 (iv) All rents, issues and profits of the Fairfield Location; 
 (v) All awards or payments, including interest thereon, which may be made with respect to the Fairfield Location; 
  

 19 

 (vi) All proceeds of any insurance policy covering the Fairfield Location; and 
 (vii) All unearned premiums thereon and all accounts receivable and rights of action by the Company thereunder. 
  

 20 

 Exhibit A 
 All the real property located in the Township of Fairfield, County of Essex, State of New Jersey and more particularly described as follows: 
 BEGINNING at a point on the West side of Little Falls Road distant 805.68 feet northerly from the intersection of the West side of Little Falls Road and North side of Pier Lane; thence 
 (1) Running through the lands formerly of Carrie DeVito, South 40 degrees 57 minutes, West 506.81 feet to a point; thence 
 (2) Still through the lands of Carrie DeVito, North 89 degrees 09 minutes West, 59.13 feet to the West line of lands formerly of Carrie DeVito; thence 
 (3) Running along the West line of lands formerly of Carrie DeVito, North 6 degrees 19 minutes East, 352.04 feet to a pint; thence 
 (4) Still along the West line of lands formerly of Carrie, DeVito, North 54 degrees 15 minutes East, 262.37 feet to the West side of Little Falls Road; thence

 (5) Running along the West side of Little Falls Road, South 49 degrees 03 minutes East, 185.00 feet to the point and place of Beginning. 
 NOTE: Being Lot(s) 22, Block 2801, Tax Map of the Township of Fairfield, 
 BEING commonly known as 110 Little Falls Road, Fairfield, New Jersey. 
 BEING the same premises conveyed to the Mortgagor herein by Deed recorded
on June 23, 1982 in the Essex County Register’s Office in Book 4754, page 450. 
  

 21 

 SECURITY IN FAVOR OF JAYNJEAN LEVY FAMILY LIMITED PARTNERSHIP 
  

	 	1.	The United States patents identified on Exhibit B hereto; 

  

	 	2.	The United States patent applications identified on Exhibit B hereto and any and all patents that issue with respect thereto; 

  

	 	3.	All renewals thereof; 

  

	 	4.	All income, royalties, damages and payments now and hereafter due and/or payable under and with respect thereto, including, without limitation, payments under all licenses entered
into in connection therewith and damages and payments for past or future infringements thereof; 

  

	 	5.	The right to sue for past, present and future infringements thereof; 

  

	 	6.	The goodwill of the Company’s business related to the foregoing and in connection therewith; and 

  

	 	7.	All of the Company’s rights corresponding thereto throughout the world. 

  

 22 

 Exhibit B 
 PATENTS 
  

					
	 Patent No.
	  	 Description of Patent
	  	 Date of Patent

	US 6,319,685	  	Alpha-Amidation Enzyme (Protein Interference)	  	November 20, 2001
			
	US 5,789,234	  	Expression Systems for Amidating Enzyme	  	August 4, 1998
			
	US 5,912,014	  	Oral Salmon Calcitonin Pharmaceutical Products	  	June 15, 1999
			
	US 6,086,918	  	Oral Peptide Pharmaceutical Products	  	July 11, 2000
			
	US 6,103,495	  	Direct Expression of Peptides into Culture Media (Divisional 1)	  	August 15, 2000
			
	US 6,210,925	  	Direct Expression of Peptides into Culture Media (Divisional 2)	  	April 3, 2001
			
	US 6,440,392	  	Nasal Calcitonin Formulations	  	August 27, 2002
			
	US 6,627,438	  	Direct Expression of Peptides into Culture Media (Divisional 3)	  	September 3, 2003
			
	US 6,737,250	  	Direct Expression of Peptides into Culture Media (Divisional 4)	  	May 18, 2004
			
	US 6,673,524	  	Oral Peptide Pharmaceutical Products	  	January 6, 2004
	
	PATENT APPLICATIONS
			
	 Patent
 Application No.
	  	 Description of Patent Applied For
	  	 Date of Patent
Application

	Application #10/094,306	  	Oral Peptide Pharmaceutical Dosage Form and Method of Production	  	Filing Date: March 7, 2002

  

 23 

 SCHEDULE B 
 PAYMENTS TO JAY LEVY 
  

										
	Date	 	Principal Due	 	Interest Due	 	Total
	May 10, 2010	 	$	415,935.70	 	$	112,302.64	 	$	528,238.34
	August 10, 2010	 	$	415,935.70	 	$	291,576.62	 	$	707,512.32
	November 10, 2010	 	$	415,935.70	 	$	282,141.15	 	$	698,076.85
	February 10, 2011	 	$	415,935.70	 	$	272,705.68	 	$	688,641.38
	May 10, 2011	 	$	415,935.70	 	$	258,347.35	 	$	674,283.05
	August 10, 2011	 	$	415,935.70	 	$	253,834.73	 	$	669,770.43

 PAYMENTS TO JAYNJEAN LEVY FAMILY PARTNERSHIP 
  

										
	Date	 	Principal Due	 	Interest Due	 	Total
	May 10, 2010	 	$	370,940.15	 	$	100,153.84	 	$	471,093.99
	August 10, 2010	 	$	370,940.15	 	$	260,034.13	 	$	630,974.28
	November 10, 2010	 	$	370,940.15	 	$	251,619.37	 	$	622,559.52
	February 10, 2011	 	$	370,940.15	 	$	243,204.62	 	$	614,144.77
	May 10, 2011	 	$	370,940.15	 	$	230,399.56	 	$	601,339.71
	August 10, 2011	 	$	370,940.15	 	$	226,375.12	 	$	597,315.27

  

 24 

 SCHEDULE C 
  

	 	•	 	 Amended and Restated Secured Promissory Note, dated as of the date hereof, issued by the Company in favor of Jay Levy 

  

	 	•	 	 Amended and Restated Security Agreement, dated May 10, 2007, by and between the Company and Jay Levy 

  

	 	•	 	 Mortgage and Security Agreement, dated as of July 13, 1999, by and between the Company and Jay Levy 

  

	 	•	 	 Modification of Mortgage and Security Agreement, dated as of August 5, 1999, by and between the Company and Jay Levy 

  

	 	•	 	 Modification of Mortgage and Security Agreement, dated as of May 10, 2007, by and between the Company and Jay Levy 

  

	 	•	 	 Third Modification of Mortgage and Security Agreement, dated as of the date hereof, by and between the Company and Jay Levy 

  

	 	•	 	 Amended and Restated Secured Promissory Note, dated as of the date hereof, issued by the Company in favor of the Jaynjean Levy Family Limited Partnership

  

	 	•	 	 Patent Security Agreement, dated March 13, 2001, between the Company and Jay Levy 

  

	 	•	 	 First Amendment to Patent Security Agreement, dated May 29, 2001, between the Company and Jay Levy 

  

	 	•	 	 Second Amendment to Patent Security Agreement, dated November 26, 2002, by and between the Company and Jay Levy 

  

	 	•	 	 Third Amendment to Patent Security Agreement, dated May 10, 2007, by and between the Company and the Jaynjean Levy Family Limited Partnership

  

 25

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