Document:

Exhibit 10.1

Exhibit 10.1

UNILIFE CORPORATION

ARBN 141 042 757

2010 SHARE PURCHASE PLAN TERMS AND

CONDITIONS

 

 

 

Unilife Corporation 2010 Share Purchase Plan

The Unilife Corporation 2010 Share Purchase Plan (SPP) being offered by Unilife Corporation
(Unilife or the Company) provides Eligible Shareholders (refer to 2 below) with the opportunity to
purchase additional new CHESS Depositary Interests (CDIs) in the Company without incurring
brokerage and other transaction costs.

The Company has recently issued [insert amount] CDIs and [insert amount] free attaching unlisted
options to sophisticated and professional investors in Australia to raise approximately A$23.1
million (Placement) at an issue price of A$0.85. The Company now wishes to extend an offer under
the SPP to existing shareholders to allow them to acquire CDIs at the same issue price of A$0.85.

Details of the offer and how to participate are set out below.

	1.	 	What is the timetable for the SPP?

The key dates for the SPP are set out below:

	 	 	 
	Date	 	Event
	 
	 	 
	26 November 2010

	 	Record date for SPP
	 
	 	 
	29 November 2010

	 	Announcement of SPP
	 
	 	 
	6 December 2010

	 	SPP Opening Date
	 
	 	 
	22 December 2010

	 	SPP Closing Date
	 
	 	 
	31 December 2010

	 	Allotment Date
	 
	 	 
	5 January 2011

	 	Despatch of holding statements

	 	 	 
	*	 	Note: All times referred to are Australian Western Standard Time

The Company reserves the right to change the Closing Date or the proposed allotment date at any
time by making an announcement to the ASX. The Company also reserves the right to terminate the
SPP at any time prior to the issue of CDIs pursuant to the SPP. If the Company terminates the SPP,
it will refund application monies (without interest).

	2.	 	Who is an Eligible Shareholder?

Registered holders of CDIs or shares of common stock in the Company at 5.00pm Sydney time on Friday
26 November 2010 (Record Date) having a registered address in either Australia or New Zealand are
eligible to participate in the SPP (Eligible Shareholders).

The Company has determined that the SPP may only be accepted by residents of Australia and New
Zealand. This is due to regulations restricting the SPP offer to persons in places in which it is
lawful and practical for the Company to offer and issue CDIs under the SPP, in the reasonable
opinion of the Company. In particular, it would be unlawful and impracticable to extend the SPP to
shareholders in the US without issuing a prospectus. To the extent that you hold CDIs on behalf of
another person resident outside Australia or New Zealand, it is your responsibility to ensure that
acceptance of the offer complies with all applicable laws.

 

 

 

	3.	 	Participation by single holders

If you are an Eligible Shareholder and you have received more than one offer under the SPP (for
example, because you hold more than one shareholding under separate share accounts), you may not
apply for more than 17,647 CDIs under the SPP. This is because the maximum amount
that may be raised by law under a share purchase plan from each eligible holder in any 12 month
period is A$15,000. By applying for CDIs under the SPP, you certify that you have not exceeded
this limit. The Company reserves the right to reject any application for CDIs where it believes
there has not been compliance with this requirement.

	4.	 	Participation by joint holders

If two or more persons are recorded in the register of members as jointly holding CDIs, they will
be taken to be a single registered holder for the purposes of the SPP. Joint holders are only
entitled to participate in the SPP in respect of that single holding.

	5.	 	Participation on behalf of beneficial owners by custodians, trustees or nominees

If you are a custodian, trustee or nominee within the definition of “custodian” in ASIC Class Order
CO 09/425 (Custodian) and you hold CDIs on behalf of one or more persons (each a Participating
Beneficiary), you may not apply for CDIs totalling more than A$15,000 in any 12 month period
unless, on application, you verify the following in writing (Custodian Certificate):

	(a)	 	that you hold CDIs on behalf of one or more Participating Beneficiaries who have instructed
you to apply for Unilife CDIs on their behalf under the SPP;
	 
	(b)	 	that another custodian (Downstream Custodian) holds beneficial interests in Unilife’s CDIs
and that you hold the CDIs to which those beneficial interests relate on behalf of a
Downstream Custodian or another custodian and they have instructed you to apply for Unilife
CDIs;
	 
	(c)	 	the number of Participating Beneficiaries;
	 
	(d)	 	the name and address of each Participating Beneficiary for whom you are applying for CDIs;
	 
	(e)	 	the number of Unilife CDIs that you hold on behalf of each Participating Beneficiary or the
number of CDIs to which the beneficial interest held by the Downstream Custodian relates (as
applicable);
	 
	(f)	 	the number or dollar amount of CDIs which each Participating Beneficiary has instructed you
or the Downstream Custodian (as applicable) to apply for on their behalf;
	 
	(g)	 	that the application price for the CDIs that you or the Downstream Custodian have applied for
on behalf of a Participating Beneficiary, and any other CDIs in the class applied for on their
behalf under a similar arrangement in the previous 12 months (excluding CDIs applied for but
not issued), does not exceed A$15,000;
	 
	(h)	 	where you hold CDIs on behalf of a Participating Beneficiary indirectly, through one or more
interposed custodians, the name and address of each interposed custodian;
	 
	(i)	 	that a copy of the SPP offer has been given to each Participating Beneficiary; and
	 
	(j)	 	any such additional or varied information as might be required under any more specific ASIC
relief that might be granted to Unilife in relation to the SPP.

For the purposes of ASIC Class Order CO 09/425 you are a “custodian” if you are a registered holder
that:

	(a)	 	holds an Australian financial services licence that:

	 	(i)	 	covers the provision of a “custodial or depository service” (as defined in
section 766E of the Corporations Act); or

	 	(ii)	 	includes a condition requiring the holder to comply with ASIC Class Order CO
02/294; or

 

 

 

	(b)	 	is exempt under:

	 	(i)	 	paragraph 7.6.01(1)(k) of the Corporations Regulations 2001; or

	 	(ii)	 	under ASIC Class Order CO 05/1270 to the extent that it relates to ASIC Class
Order CO 03/184 or under section 911A(2)(h) of the Corporations Act,

from the requirement to hold an Australian financial services licence for the provision of a
custodial or depository service.

	(c)	 	is a trustee of a self-managed superannuation fund or superannuation master trust (as defined
in ASIC Class Order 09/425).

	(d)	 	are the responsible entity of an IDPS-like scheme (as defined in ASIC Class Order 02/296).

	(e)	 	are the registered holder of CDIs and are noted on Unilife’s register of members as holding
CDIs on account of another person.

If you hold CDIs as a trustee, custodian or nominee for another person, but are not a Custodian as
defined above, you cannot participate for beneficiaries in the manner described above. In this
case, the rules for multiple single holdings (above) apply.

Custodians who wish to apply on behalf of more than one Participating Beneficiary should contact
Computershare Investor Services Pty Limited on [insert details].

	6.	 	Are Eligible Shareholders required to participate in the SPP?

No. Participation in the SPP is entirely optional. The offer to acquire CDIs under the SPP is not
a recommendation to acquire securities or financial product advice.

Before deciding on whether to participate in the SPP, you should consider the Company’s latest
financial statements and recent announcements to ASX (ASX code: UNS) (http://www.asx.com.au) as
well as the publicly available information about Unilife disclosed to the Securities and Exchange
Commission (www.sec.gov) and, if you are in any doubt, consult your independent financial and
taxation advisers.

	7.	 	What are the CDIs being offered under the SPP?

The securities to be issued under the SPP are CDIs (each representing an interest in one-sixth of a
share of common stock in Unilife). CDIs issued under the SPP will rank equally in all respects with
the CDIs of Unilife on issue as at the date of their allotment, carrying the same voting rights,
dividend rights and other entitlements.

	8.	 	What is the issue price?

The issue price for each CDI under the SPP is A$0.85. This price is the same price at which CDIs
were offered under the recent Placement and is approximately [insert amount] lower than the volume
weighted average market price of the Company’s CDIs as traded on ASX over the last 5 days on which
sales in the Company’s CDIs were recorded before the SPP was announced on 29 November 2010.

You should note that the CDI price may rise or fall between the date of this offer and the date
when CDIs are allotted and issued to you under the SPP. This means that the price you pay per CDI
pursuant to this offer may be either higher or lower than the CDI price at the time of the offer or
at the time the CDIs are issued and allotted to you under the SPP.

 

 

 

	9.	 	Will I receive options attaching to my CDIs?

No. ASIC regulations do not permit the Company to issue unlisted options under a SPP without a
prospectus.

	10.	 	How much can you invest under the SPP?

Eligible Shareholders may apply under one of the alternatives below:

	•	 	1,500 CDIs at an aggregate purchase price of A$1,275.00;
	 
	•	 	6,000 CDIs at an aggregate purchase price of A$5,100.00;
	 
	•	 	12,000 CDIs at an aggregate purchase price of A$12,000.00; or
	 
	•	 	17,647 CDIs at an aggregate purchase price of A$14,999.95.

The offer under the SPP needs to comply with the limit in ASIC Class Order CO 09/425. Under this
class order, Eligible Shareholders may only acquire a maximum of A$15,000 worth of CDIs under a
share purchase plan in any 12-month period. This means that Eligible Shareholders must not acquire
more than A$15,000 worth of CDIs, in aggregate, under this SPP. These limitations apply even if you
receive more than one Application Form or if you hold CDIs in more than one capacity, e.g. if you
are both a sole and joint holder of CDIs as described above.

	11.	 	Applications may be scaled back

The maximum number of CDIs to be issued under the SPP is intended to be 8,235,294 (raising up to
A$7 million). If subscriptions under the SPP exceed A$7 million, the Company may scale back
applications received under the SPP. If applications are scaled back, any excess application
monies will be refunded without interest.

However, if applications are received for in excess of A$7 million, the Board retains the
discretion to issue more than 8,235,294 CDIs to satisfy all or part of such applications, subject
to the maximum number of CDIs which Unilife is permitted to issue under the NASDAQ Listing Rules
without shareholder approval for the issue (ie, not more than 20% of Unilife’s current issued
capital when aggregated with the CDIs which Unilife issued under the Placement).

	12.	 	How do I apply for CDIs under the SPP?

You may apply for CDIs by:

	•	 	completing the enclosed SPP Application Form and returning it together with your cheque,
bank draft or money order drawn on an Australian bank and in Australian dollars to the
Company’s Share Registry in accordance with the instructions on the Application Form; or

	•	 	by making a BPAY® payment using the customer reference number shown on your Application
Form, in which case you do not need to return your Application Form.

Please do not forward cash. Receipts for payment will not be issued. Applications must be
received by 5.00pm (Australian Western Standard Time) on 22 December 2010.

Applications and payments under the SPP may not be withdrawn once they have been received by
Unilife. Application money will not bear interest as against Unilife under any circumstances.

Please read the enclosed SPP Application Form for further details of how to apply for CDIs under
the SPP.

 

 

 

If you apply to participate in the SPP by submitting a BPAY® payment or completing and returning
the Application Form, you will be deemed to have represented on behalf of each person on whose
account you are acting that:

	(a)	 	you are an Eligible Shareholder;
	 
	(b)	 	you understand and agree that the offer and sale to you of the CDIs under the SPP has not
been and will not be registered under the United States Securities Act of 1933 (US Securities
Act) or the laws of any state or other jurisdiction in the United States but rather the issue
of the CDIs under the SPP will be made in reliance on an exemption from registration contained
in Regulation S under the US Securities Act for offers and sales made outside of the US.
Therefore, you agree that (i) you may not and will not offer, sell, pledge, transfer or
otherwise dispose of any CDIs in the United States or for the account or benefit of a US
person (as defined in Regulation S of the US Securities Act) (US Person) unless and until the
CDIs are registered under the US Securities Act (which you acknowledge Unilife has no
obligation to do) or offered, sold, pledged, transferred or otherwise disposed of in a
transaction exempt from, or not subject to, the registration requirements of the US Securities
Act or the laws of any state or other jurisdiction in the United States; and (ii) you may not
and will not engage in hedging transactions involving the CDIs unless in compliance with the
US Securities Act;
	 
	(c)	 	at the time you submit your SPP Application Form to the Company and at the time of allotment
of the CDIs you are and will be (i) outside the United States and (ii) not a US Person and are
not and will not be acquiring the CDIs on behalf of or for the account of or benefit of, a US
Person;
	 
	(d)	 	in order to ensure that US Persons do not purchase any CDIs issued to you under the SPP, a
number of procedures governing the trading and clearing of CDIs will be implemented, including
the application to CDIs of the status of Foreign Ownership Restriction (FOR) securities under
the ASX Settlement Operating Rules and the addition of the notation “FOR US” to the CDI
description on ASX trading screens and elsewhere, which will inform the market of the
prohibition on US Persons acquiring CDIs (see paragraphs 18-24 below);
	 
	(e)	 	you acknowledge that the CDIs have not, and will not be, registered under the Securities Act
or the securities laws of any state or other jurisdictions in the United States, or in any
other jurisdiction outside Australia or New Zealand, and accordingly, the CDIs may not be
offered, sold or otherwise transferred except in accordance with an available exemption from,
or in a transaction not subject to, the registration requirements of the Securities Act and
any other applicable securities laws; and
	 
	(f)	 	you have not and will not send any materials relating to the SPP to any person in the United
States or that is, or is acting for the account or benefit of, a US Person.

By accepting an offer to acquire CDIs under the SPP, you agree to be bound by these SPP Terms and
Conditions and by Unilife’s Certificate of Incorporation and By-laws.

	13.	 	Can the offer under the SPP be transferred to a third party?

No. The offer is non-renounceable and cannot be transferred to any other person.

	14.	 	Is the SPP underwritten?

No, the SPP will not be underwritten.

 

 

 

	15.	 	Certification by Eligible Shareholders

By submitting the Application Form (together with a cheque, bank draft or money order) or making a
BPAY® payment, you certify that the aggregate of the application price paid by you for:

	(a)	 	the CDIs the subject of such Application Form; and
	 
	(b)	 	any other CDIs applied for by you, or which you have instructed a Custodian to acquire on
your behalf, under the SPP or any similar offer by the Company in the 12 months prior to the
date of issue under the SPP,

does not exceed A$15,000, unless you are applying as a Custodian on behalf of one or more
Participating Beneficiaries.

The A$15,000 limit applies irrespective of the number of CDIs you hold on the Record Date. Unilife
reserves the right, and in certain circumstances may be required by ASIC Class Order CO 09/425 or
other conditions, to reject any application for CDIs under the SPP to the extent it considers, or
is reasonably satisfied, that the application (whether alone or in conjunction with other
applications) does not comply with these requirements.

	16.	 	Will I receive notification of my allotment?

Yes. You will be sent a holding statement or confirmation of allotment on or around 5 January
2011.

	17.	 	When can I sell CDIs purchased under the SPP?

CDIs issued under the SPP may be sold or transferred on ASX (subject to the restrictions set out in
18 — 24 below) at any time after quotation, which is expected to commence on or around 31 December
2010.

	18.	 	What transfer restrictions will apply to CDIs issued under the SPP?

The SPP is being made available to Eligible Shareholders in reliance on the exemption from
registration contained in Regulation S of the US Securities Act for offers of securities which are
made outside the US.

As a condition to relying on the Regulation S exemption, the CDIs which will be issued under the
SPP will be ‘restricted securities’ under Rule 144 of the US Securities Act. This means that you
will not be able to sell the CDIs issued to you under the SPP into the US or to a US person for a
period of six months after the date of allotment (ie, for a period of six months after 31 December
2010) unless the re-sale of the securities is registered under the US Securities Act or an
exemption is available.

	19.	 	How will the transfer restrictions on CDIs issued under the SPP be enforced?

To enforce the transfer restrictions set out in 17 above, the Company has requested that all of its
CDIs bear a “FOR US” designation on ASX. This designation effectively automatically prevents any
CDIs from being sold on ASX to US Persons. However, you will still be able to freely transfer your
CDIs on ASX to any person other than a US Person.

	20.	 	How long will the “FOR US” designation remain in place?

The “FOR US” designation will remain in place until six months after the date of allotment of the
CDIs under the SPP, which is expected to occur on or around 31 December 2010.

 

 

 

	21.	 	When will I be able to sell my CDIs to US Persons on ASX?

You will be able to freely trade the CDIs you acquire under the SPP on ASX to US Persons once the
FOR US designation has been removed which is expected to occur on or around 30 June 2011 (being six
months after the date of allotment of CDIs under the SPP).

	22.	 	Can I convert CDIs acquired under the SPP into shares of common stock and sell them on NASDAQ
during the restriction period?

No. If you choose to convert the CDIs you acquire under the SPP into shares of common stock in
Unilife at any time prior to the removal of the FOR US restriction (as outlined in 18 above), you
will receive restricted shares of common stock which will not be tradable on NASDAQ until the six
month transfer restriction expires.

	23.	 	Will the FOR US designation impact my existing CDIs?

Yes, the FOR US designation will be imposed on all of the Company’s CDIs with effect from the date
of allotment of the CDIs issued under the Placement (ie, 3 December 2010). This means that the
Company’s CDIs will continue to be able to be traded on ASX but that US Persons will not be able to
acquire the CDIs on ASX for the six month restriction period.

	24.	 	Will I be able to convert my existing CDIs into shares of common stock and trade on NASDAQ if
I apply for CDIs under the SPP?

Yes. You will be able to convert CDIs which you acquired prior to 3 December 2010 (being the date
on which the FOR US designation will be placed on the Company’s CDIs) into common stock and trade
the shares on NASDAQ, provided that you provide certain representations and warranties to the
Company in the conversion form to the effect that the CDIs you are electing to convert are CDIs
which you acquired prior to 3 December 2010.

	25.	 	Foreign securities restrictions

As noted above, the SPP is only being extended to shareholders with a registered address in
Australia or New Zealand. This document (and the accompanying Application Form) does not
constitute an offer of securities in Unilife in any jurisdiction in which such an offer would be
illegal.

To the extent that a shareholder holds CDIs on behalf of another person resident outside Australia
or New Zealand, it is that shareholder’s responsibility to ensure that any acceptance complies with
all applicable foreign laws.

Neither this document nor the Application Form constitutes an offer of securities in the United
States or to, or for the account or benefit of any US person.

The CDIs to be issued under this SPP have not been and will not be registered under the US
Securities Act or the securities laws of any state or other jurisdiction of the United States.

In order to comply with relevant securities laws, the CDIs to be issued under this SPP may not be
offered to shareholders located in the “United States” or to shareholders who are, or who are
acting for the account or benefit of, “US. persons”. As used herein, the terms “United States” and
“US persons” are as defined in Regulation S under the Securities Act.

Because of these legal restrictions, you must not send copies of the SPP Terms and Conditions or
any other material relating to the SPP to any person resident in the United States or any person
who is, or is acting for the account or benefit of, “US persons”.

Consistent with the warranties contained in these SPP Terms and Conditions and the accompanying
Application Form, you may not submit any completed Application Forms for any person resident in the
United States or who is, or is acting for the account or benefit of, “U.S.
persons”. Failure to comply with these restrictions may result in violations of applicable
securities laws.

 

 

 

	26.	 	Class Order compliance

This offer of securities under the SPP is made in accordance with ASIC Class Order CO 09/425 which
grants relief from the requirement to prepare a prospectus for the offer of the CDIs under the SPP.

	27.	 	Withdrawal, suspension, termination, anomalies and disputes

Unilife reserves the right to waive strict compliance with any provision of these terms and
conditions, to amend or vary these terms and conditions and to suspend or terminate the SPP at any
time. Any such amendment, variation, suspension or termination will be binding on all Eligible
Shareholders even where Unilife does not notify you of that event. Unilife may make determinations
in any manner it thinks fit, including in relation to any difficulties, anomalies or disputes which
may arise in connection with or by reason of the operation of the SPP, whether generally or in
relation to any participant or application. Any determinations by Unilife will be conclusive and
binding on all Eligible Shareholders and other persons to whom the determination relates.

	28.	 	Governing law

This offer is governed by the law in force in New South Wales. By accepting this offer, you submit
to the non-exclusive jurisdiction of the courts of New South Wales.

	29.	 	Contact us

If you have any further queries in relation to the SPP, please contact the Company’s Share
Registry, Computershare Investor Services Pty Limited, on [insert details] between the hours of
8:30am and 5:30pm (Australian Western Standard Time) or call the Unilife Shareholder Information
Line on [insert details] (in Australia) or +61 [insert details] (from outside Australia).Exhibit 10.2

Exhibit 10.2

SEPARATION AGREEMENT AND GENERAL RELEASE

THIS SEPARATION AGREEMENT AND GENERAL RELEASE (“Agreement”) is entered into by and between
Unilife Corporation, its subsidiaries, including Unilife Medical Solutions Limited, Unilife Medical
Solutions, Inc. and Integrated BioSciences, Inc. (“IBS”), affiliates, successors, and assigns
(collectively “Unilife” or “Company”) and Bernhard Opitz (“Opitz”).

WHEREAS, Opitz has been employed by Unilife pursuant to an Employment Agreement (“Employment
Agreement”) entered into as of November 10, 2009; and

WHEREAS, Opitz and Unilife wish to end their employment relationship on mutually agreeable
terms, as set forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual agreements and covenants hereinafter set forth,
and intending to be legally bound, the parties agree as follows:

1. Termination of Employment. Opitz will resign from all positions with Unilife,
including director and officer positions, which resignation Unilife will accept, effective as of
December 31, 2010 (the “Termination Date”) on which date Opitz’s employment will terminate. Prior
to the Termination Date, the terms of the Employment Agreement shall remain in effect. Through the
Termination Date, Opitz will continue to receive his regular base salary, as well as continue to
participate in Unilife’s employee benefit plans. Effective immediately and through the Termination
Date (the “Transition Period”), Opitz will be expected to cooperate and assist with the transition
of functions and responsibilities, as may be requested by the Chief Executive Officer, General
Counsel, or Vice President, Human Resources of the Company. The Termination Date shall be
construed as the date on which Opitz incurs a “separation from service” for purposes of Section
409A of the Internal Revenue Code of 1986, as amended. Unilife will communicate that Opitz’s
resignation was for personal reasons.

 

 

 

2. Purpose. This Agreement is entered into for the purpose of complying with the
terms of the Employment Agreement and providing Opitz with certain severance benefits while
avoiding future litigation and resolving any and all claims or differences arising out of Opitz’
employment or the termination thereof.

3. Severance Benefits. Unilife will pay Opitz, on the first payroll date after the
Termination Date, any unused, accrued 2010 vacation. In addition, for consideration of the
promises set forth in this Separation Agreement and General Release, Opitz will be eligible to
receive the following payments (the “Severance Payments”) from Unilife, subject to the terms and
conditions set forth in this Agreement:

	 	a.	 	A cash severance benefit in the aggregate gross amount of One
Hundred Fifty Seven Thousand Five Hundred Dollars ($157,500.00), less all
appropriate withholdings and deductions required by law. This amount
represents nine (9) months of Opitz’s base salary as in effect on the
Termination Date. This cash severance benefit will be paid out in
substantially equal installments over a period of nine (9) months (the
“Severance Period”), in accordance with Unilife’s standard payroll
procedures. These payments will begin on the first payroll date following
the Effective Date, as defined in Section 16(d) of this Agreement.

	 	b.	 	Reimbursement, less all appropriate withholdings and deductions
required by law, of Opitz’s monthly health insurance premiums incurred
during the nine (9) month period that commences on the Termination Date, if
Opitz is a participant in Unilife’s health insurance plan as of the
Termination Date and he timely elects coverage under the Consolidated
Omnibus Budget Reconciliation Act (“COBRA”).

The Severance Payments represent the entire extent of any and all money due to Opitz and is
consideration for the execution of this Agreement and releasing any and all claims against Unilife
arising up to and including the date of execution of this Agreement. Unilife’s obligations to pay
the Severance Payments shall immediately upon Opitz’s material breach of this Agreement.

 

Page 2 of 9

 

4. Unemployment Compensation. For consideration of the promises set forth in this
Agreement, Unilife agrees that it will not contest Opitz’s application for unemployment
compensation benefits. Opitz acknowledges that eligibility for such benefits is not
determined by Unilife.

5. Other Employee Benefits. Opitz acknowledges the receipt from Unilife of all
compensation earned and accrued through the date hereof. Except as expressly set forth in this
Agreement, Opitz confirms and acknowledges that he will not be entitled to any additional employee
benefits, bonus payments, additional severance pay, or other payments whatsoever, from Unilife
following the Effective Date.

6. Admission. Nothing contained herein shall be construed as an admission by Unilife
of any liability of any kind to Opitz; any liability is expressly denied. Further, nothing
contained herein shall be construed as an admission by Opitz of any liability of any kind to
Unilife; any liability is expressly denied.

7. Non-Disclosure of Confidential Information. Opitz acknowledges that, in the course
of his employment with Unilife, he may have acquired access to and became acquainted with certain
information about the professional, business, technological and financial affairs of Unilife that
may be non-public, competitively sensitive, confidential and proprietary in nature (“Confidential
Information”). Confidential Information includes, but is not limited to, manufacturing processes
or techniques, information concerning its customers, suppliers, products, operations, safety or
industrial hygiene practices, business plans and objectives, management practices, marketing plans,
software and computer programs, data processing systems and information contained therein,
inventions, product and other designs, technologies, financial statements, policies and any other
trade secrets or confidential or proprietary information of or about Unilife that is not already
available to the public. Opitz agrees that he will not make any statements or communications to
any individual or entity, including but not limited to any current or former employee or consultant
of Unilife, concerning the Company’s Confidential Information, unless such individual or entity
already possesses such Confidential Information from a source other than Opitz or unless such
Confidential Information is already
available to the public. Any breach of this provision shall be deemed a material breach of this
Agreement.

 

Page 3 of 9

 

8. Return of Property. No later than the Termination Date, Opitz agrees to return
promptly to Unilife any and all things in his possession and control that are owned or leased by
Unilife or otherwise relate to Unilife’s business, including but not limited to all computer
equipment, telephone equipment, books, manuals, memoranda, policy statements, correspondence,
minutes of meetings, agendas, interoffice communications, forecasts, analyses, working papers,
charts, expense reports, ledgers, journals, financial statements, data compilations, records,
reports, notes, computer disks, drives, documents and software, contracts, customer lists, keys,
advertising and marketing materials, and other documents, proprietary information and equipment
furnished to or prepared by Opitz in the course of or incident to his employment with Unilife
(except the Blackberry telephone provided to him by Unilife, which Optiz will transfer into his
name and assume responsibility for all charges no later than January 31, 2011). No later than the
Termination Date, Opitz shall promptly deliver to Unilife any documents, files and/or records
containing Confidential Information, as that term is defined in this Agreement, that are in his
possession. Opitz agrees that he will not engage in any activities that might alter, modify or
destroy any property, equipment of Confidential Information that is in his possession.

9. General Release and Waiver of Claims. In consideration of the monetary benefits
extended to Opitz under the terms of this Agreement, Opitz agrees for himself, his heirs,
executors, administrators, successors and assigns to forever release and discharge Unilife and its
parents, subsidiaries, affiliates, officers, directors, agents, contractors, consultants and
employees, past and present, collectively or individually (the “Released Parties”), from any and
all claims, demands, causes of actions, losses and expenses of every nature whatsoever, known or
unknown, arising up to and including the date on which Opitz executes this Agreement, including but
not limited to any claims arising out of or in connection with

 

Page 4 of 9

 

his employment or separation from employment with Unilife. These claims include, but are not
limited to, breach of express or implied contract, intentional or negligent infliction of emotional
harm, libel, slander, claims under the Age Discrimination in Employment Act (ADEA), Title VII of
the Civil Rights Act of 1964, as amended, the Americans With Disabilities Act, the Family and
Medical Leave Act of 1993 (“FMLA”), the Employee Retirement Income Security Act of
1974, as amended, the Pennsylvania Human Relations Act, the Pennsylvania Wage Payment Collection
Law (as well as any claims related to unpaid wages, bonuses or benefits), any tort claim, or any
other federal, state or municipal statute or ordinance relating to employment or unlawful
discrimination, including any wrongful discharge claim which may be cognizable under the laws of
any state or country; but do not include rights to previously vested stock options,
reimbursement of allowable expenses incurred through the Termination Date, or any other rights or
claims that, as a matter of law, cannot be released or waived.

Opitz warrants and represents that he has not, prior to signing this Agreement, filed any form
of claim, charge, or complaint against Unilife or any entity released above. Except with respect
to any lawsuit to enforce his rights under this Agreement, Opitz agrees not to file, join in or
prosecute any lawsuits against the Company or any of the other Released Parties, concerning any
matter, act, occurrence, or transaction which arose on or before the date he signs this Agreement.
By signing this Agreement, Opitz also expressly acknowledges and represents that he (i) has
suffered no injuries or occupational diseases arising out of or in connection with his employment
with Unilife; (ii) has received all wages to which he was entitled as an employee of Unilife; (iii)
has received all leave to which he was entitled under the FMLA; and (iv) is not currently aware of
any facts or circumstances constituting a violation of the FMLA or the Fair Labor Standards Act.
Opitz further understands that the General Release and Waiver of Claims set forth above will
completely bar any recovery or relief obtained on his
behalf, whether monetary or otherwise, by any person or entity with respect to any of the
claims that he has released.

 

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Further, in consideration of Opitz’s foregoing claims pursuant to his Employment Agreement,
Unilife agrees for itself and its parents, subsidiaries, affiliates, officers, directors, agents,
contractors, consultants and employees, past and present, to forever release and discharge Opitz
and his heirs, executors, administrators, successors and assigns, collectively or individually,
from any and all claims, demands, causes of actions, losses and expenses of every nature
whatsoever, known or unknown, arising up to and including the date on which Unilife executes this
Agreement.

10. Further Covenants.

	 	(a)	 	The parties to this Agreement agree that they will take no
action that would cause any embarrassment or humiliation to the other or
otherwise cause or contribute to the other being held in disrepute by the
general public or its employees, customers, prospective employers or
suppliers. As part of this covenant, the parties to this Agreement agree
that they will not make statements to any third parties about each other
and/or their affiliates, products, owners, employees, or representatives
that are in any way disparaging or negative. This paragraph shall not be
construed to prohibit Opitz or Unilife from cooperating with any government
agency in an official investigation or to prohibit Unilife from making the
public filings required when an executive officer resigns or otherwise
required by law or corporate by-laws. Any breach of this provision shall
be deemed a material breach of this Agreement.

	 	(b)	 	To the extent that Opitz is not a potentially adverse party
and/or to the extent that the issues do not potentially subject him to
criminal charges or penalties, Opitz agrees that he will provide reasonable
assistance and cooperation with Unilife and/or other persons engaged by
Unilife in the investigation, prosecution, and/or defense of any threatened
or asserted litigation, or investigations initiated by or involving Unilife
or any person or entity affiliated with it, and truthfully testify in
connection with any such investigation or proceeding. Opitz understands
that he was employed as a management representative of the Company, and
except as specifically required by law, he will not assist any person or
entity in any matter adverse to the Company without first providing written
notice.

 

Page 6 of 9

 

11. Non-Solicitation and Agreement Not To Compete. Opitz remains bound by the
non-solicitation and non-compete provisions of his Employment Agreement, which are
restated herein. For a period of two (2) years following termination of employment, Opitz
will not, directly or indirectly:

(i) render services to, become employed by, be engaged as a consultant by, own, or
have a financial or other interest in (either as an individual, partner, joint
venture, owner, manager, employee, partner, officer, director, independent
contractor, or other similar role) any business that is engaged in any business
activity that is in competition with the activities of Unilife.

(ii) induce, offer, assist, encourage, or suggest that another business or
enterprise offer employment to or enter into a consulting arrangement with any
individual who is employed by Unilife, or induce, offer, assist, encourage, or
suggest that any Unilife employee terminate his or her employment with Unilife, or
accept employment with any other business or enterprise.

In the event that Opitz commits any breach of these provisions, Opitz acknowledges that
Unilife would suffer substantial and irreparable harm and damages. Accordingly, Opitz hereby
agrees that in such event, Unilife shall be entitled to temporary and/or permanent injunctive
relief, without the necessity of proving damage, to enforce the provisions of this Section, all
without prejudice to any and all other remedies that Unilife may have at law or in equity and that
Unilife may elect or invoke. Opitz agrees that if any of the provisions of this Section are or
become unenforceable, the remainder hereof shall nevertheless remain binding upon him to the
fullest extent possible, taking into consideration the purposes and spirit of this agreement. Any
invalid or unenforceable provision is to be reformed to the maximum time, geographic and/or
business limitations permitted by applicable laws, so as to be valid and enforceable.

Opitz expressly acknowledges and agrees that the restrictive covenants set forth in Section 7
and Section 11 of this Agreement are absolutely necessary to protect the legitimate business
interests of Unilife, because he is employed in a position of trust and confidence and is provided
with extensive access to Unilife’s most confidential and proprietary trade secrets, and has
significant involvement in important business relationships, which constitute the goodwill of
Unilife. Opitz further agrees and acknowledges that the restrictive covenants set forth in Section
7 and Section 11 of this Agreement are reasonable, will not restrict him from earning a livelihood
following the termination of employment, and are intended by the parties to be enforceable
following termination of employment for any reason.

In the event that Unilife must bring legal action to enforce or seek a remedy for any breach
of the provisions of Section 7 or Section 11 of this Agreement and Opitz is found by a court to
have breached any of these provisions, Opitz agrees to reimburse Unilife for any and all
expenses, including attorneys’ fees and court costs, incurred by it in enforcing the terms of
these Sections of the Agreement. In addition, Opitz remains bound by the Proprietary Information
and Inventions Agreement that he entered into. Any breach of these provisions will constitute a
material breach of this Agreement.

 

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12. Other Agreements. This Agreement represents the entire agreement between the
parties. It may not be modified or superseded except in writing, signed by both parties and
referencing this Agreement. Opitz’s stock options shall be governed by the terms of his stock
option grants and the corresponding plan document.

13. Severability and Non-waiver. Each provision of this Agreement is severable
and distinct from, and independent of, every other provision hereof. If one provision hereof is
declared void, the remaining provisions shall remain in full force and effect. Any provision of
this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without
invalidating or affecting the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. A waiver of any provision of this Agreement by either party
shall not prevent either party from enforcing that provision or any other provision hereof.

14. Amendment. This Agreement may not be modified or amended except by a written
document signed by both Opitz and an authorized representative of Unilife.

15. Governing Law. This Agreement shall be construed in accordance with and be
governed by the laws of the Commonwealth of Pennsylvania without giving effect to provisions
thereof regarding conflict of laws.

 

Page 8 of 9

 

16. Acknowledgements. Opitz represents and acknowledges to Unilife as follows:

	 	a.	 	that he has been advised to consult with an attorney of his
choosing concerning the legal significance of this Agreement;

	 	b.	 	that he has been offered twenty-one (21) days to review and
consider all of the terms and provisions of this Agreement, and he has had
ample opportunity to review all of the provisions of this Agreement;

	 	c.	 	that the Severance Payments offered under this Agreement shall
be forfeited if he does not sign this Agreement within the twenty-one (21)
day review period described above;

	 	d.	 	that he is competent to understand the content and effect of
this Agreement and he has entered into this Agreement knowingly, by his
free will and choice without any compulsion, duress, or undue influence
from anyone; and

	 	e.	 	that he has been advised that during the seven (7) day period
following his execution of this Agreement, he may revoke his acceptance of
this Agreement by delivering written notice of revocation to J. Christopher
Naftzger, Esq., Unilife Medical Solutions, 250 Cross Farm Lane, York, PA
17406 and that this Agreement shall not become effective or enforceable
until after the revocation period has expired. This Agreement shall become
effective on the eighth day after Opitz’ execution and delivery of this
Agreement to Unilife (the “Effective Date”) if he does not duly revoke his
acceptance of this Agreement in the manner described herein.

IN WITNESS WHEREOF, Opitz has hereunto set his hand, and Unilife has caused this Agreement to
be executed by its duly authorized agent, all as of the dates set forth below.

EXECUTED in multiple copies, each having the same effect as the original.

	 	 	 	 	 	 	 	 	 

	Witness: 
	 	/s/ Kerstin Opitz	 	 	 	/s/ Bernhard Opitz
	 	 	 	 	 	 
	 	 	 	 	 	 	BERNHARD OPITZ
	Date:
	 	31 December 2010	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	UNILIFE CORPORATION
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	/s/ Cynthia M. Lighty
	 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	Name: 	Cynthia M. Lighty
	 

	 	 	 	 	 	 	Title: 	Vice President, Human Resources
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Date: 	31 December 2010 
	 

	 	 	 	 	 	 	 

 

Page 9 of 9

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