Document:

exv10w48

Exhibit 10.48

SECURITY AGREEMENT

	 	 	 	 	 
	Name and Address of Grantor:	 	 
	 

	 	Cornerstone Biopharma, Inc.	 	 
	 

	 	2000 Regency Parkway, Suite 255	 	 
	 

	 	Cary, NC 27518	 	 
	 
	 	 	 	 
	Name and Address of Debtor:	 	 
	 

	 	Cornerstone Biopharma Holdings, Inc.	 	 
	 

	 	2000 Regency Parkway, Suite 255	 	 
	 

	 	Cary, NC 27518	 	 
	 
	 	 	 	 
	Name and Address of Secured Party:	 	 
	 

	 	Paragon Commercial Bank	 	 
	 

	 	3535 Glenwood Avenue	 	 
	 

	 	Raleigh, NC 27612	 	 
	 

	 	Attn: Brian K. Reid, Senior Vice President	 	 

          THIS SECURITY AGREEMENT is made and entered into this 25th day of June, 2008, by
and among Cornerstone Biopharma, Inc. (hereinafter called the “Grantor” whether one or more in
number, a corporation, partnership, another legal entity or an individual), whose address is 2000
Regency Parkway, Suite 255, Cary NC 27518, and Cornerstone Biopharma Holdings, Inc. (hereafter
called the “Debtor”), whose address is 2000 Regency Parkway, Suite 255, Cary NC 27518 and Paragon
Commercial Bank (hereinafter called the “Secured Party”), a North Carolina banking Corporation,
whose address is 3535 Glenwood Avenue, Raleigh, NC 27612.

     WHEREAS, Cornerstone Biopharma Holdings, Inc. are indebted to Secured Party in the amount of
Four Million and 00/100 Dollars ($4,000,000.00) as evidenced by its note dated April 21, 2005; and

     WHEREAS, Cornerstone Biopharma, Inc. is desirous of securing said Note for the benefit of
Cornerstone Biopharma Holdings, Inc.. with UCC filings (Secretary of State) on its properties
located at 2000 Regency Parkway, Suite 255, Cary NC 27518 (the “Property”).

     NOW, THEREFORE, in consideration of Ten Dollars ($10.00), the mutual covenants and promises
contained herein, and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, Cornerstone Biopharma, Inc. hereby agree to pledge their interest in the
Property and related furnishings and equipment as security for the Note as follows:

     (1) CREATION OF SECURITY INTEREST: Grantor and Debtor grants to Secured Party a security
interest in the Collateral described or referred to herein to secure the performance of all direct,
contingent, present and future obligations of Debtor to Secured Party (the “Obligations”).

     (2) COLLATERAL: The Collateral is classified generally as:

þ Accounts. Any and all accounts, accounts receivable, receivables, contract rights,
book debts, checks, notes, drafts, instruments, chattel paper, acceptances, choses in
action, any and all amounts due to Debtor from a factor or other forms of obligations and
receivables now existing or hereafter arising out of the business of the Debtor, as well as
any and all returned, refused and repossessed goods, and the cash or non-cash proceeds
resulting therefrom.

þ Inventory. Any and all of Debtor’s inventory, including without limitation any and all
goods held for sale or lease or being processed for sale or lease in Debtor’s business as
now or hereafter conducted, whether now owned or hereinafter acquired, including all
materials, goods and work in process, finished goods, and other tangible property held for
sale or lease or furnished or to be furnished under contracts of service or used or consumed
in Debtor’s business, along with all documents (including documents of title) covering
inventory and all cash and non-cash proceeds from the sale of inventory, including proceeds
from insurance.

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þ Equipment. Any and all of Debtor’s furnishings and equipment, wherever located,
whether now owned or hereafter acquired, together with all increases, parts, fittings,
accessories, equipment, and special tools now or hereafter affixed to any part thereof or
used in connection therewith, and all products, additions, substitutions, accessions, and
all cash and non-cash proceeds, including proceeds from insurance thereof and thereto.

o Fixtures. All of Debtor’s fixtures now existing or hereafter acquired, together with
all substitutes and replacements therefor, all accessions and attachments thereto, and all
tools, parts and equipment now or hereafter added to or used in connection therewith. These
goods are or will become fixtures on the following described real estate in            County,
     (State), owned by [name of owner] more particularly described as follows:

þ Instruments and/or Investment Documents. The following described instruments and
documents including, without limitation, negotiable instruments, promissory notes, and
documents of title owned or to be owned by Debtor, certificates of deposit, and all liens,
security agreements, leases and other contracts securing or otherwise relating to any of
such instruments or documents, and all cash and non-cash proceeds and products thereof and
such additional property receivable or distributed in respect of or in exchange for all or
any of such instruments or documents.

þ General Intangibles. All patents, trademarks, service marks, trade secrets, copyrights
and exclusive licenses (whether issued or pending) and all documents, applications,
materials and other matters related thereto, all inventions, and all manufacturing,
engineering and production plans, drawings, specifications, processes and systems, all trade
names, computer programs, databases, systems and software (including source and object
codes), goodwill, choses in action and all other general intangibles of Debtor whether now
owned or hereafter acquired and all cash and non-cash proceeds thereof.

o Timber. All of Debtor’s uncut timber growing or to be grown on the following described
property, and all cash and non-cash proceeds including proceeds from insurance, and all
products thereof (property description):

þ Other — Description of Collateral listed in box below:

Description of Collateral

     A blanket first priority lien on all furnishings, equipment, inventory and other items and
types of personal property now owned or hereafter acquired, all the company’s general intangibles
and accounts receivable, whether presently existing or arising in the future, and all the proceeds
and products from the foregoing (including insurance proceeds) for Cornerstone Biopharma, Inc.

     In addition to the foregoing, the collateral shall also include those items listed on Schedule
A, attached hereto and incorporated herein by reference.

Check here o if Debtor has no place of business in North Carolina but resides in North
Carolina. Check here
o if Debtor has more than one place of business in North Carolina. Check here þ if Debtor has only one place of
business in North Carolina, give county of business here: WAKE.

If checked here o the Collateral described above includes all after-acquired Consumer Goods acquired
by the Debtor within ten (10) days after the Secured Party has given value pursuant to this
Agreement. If checked here o this is a purchase money security agreement.

     Any additional Collateral acquired hereafter by the Grantor shall be Collateral subject to
this Agreement. All Collateral now or hereafter subject to this Agreement includes the proceeds
thereof and any additions and accessions thereto. Nothing contained herein shall be deemed consent
to the sale of any Collateral.

	(3)	 	GRANTOR’S UNDERTAKINGS: The Grantor agrees:

     (A) that Grantor will protect and properly care for the Collateral and no Collateral will
be misused, wasted or allowed to deteriorate except for normal wear and tear;

     (B) to use the Collateral principally within the State of North Carolina and not to affix
the Collateral to other personal property (unless other provision regarding the location or affixation of the Collateral is noted herein) and not to affix
the Collateral to real property unless it is classified as a fixture hereinabove and the requisite
information is supplied;

     (C) that Secured Party may act as attorney for Grantor in adjusting and canceling any such
insurance coverage and in endorsing any insurance draft and may retain for the satisfaction of the Grantor’s Obligations any insurance
proceeds and/or unearned premium on such insurance;

     (D) that upon the request of Secured Party, Grantor will (i) provide an updated appraisal
of the Collateral and (ii) give to or deposit with Secured Party additional Collateral to Secured Party’s satisfaction;

     (E) that Collateral will not be changed, transferred, or otherwise disposed of (except for
sale of inventory in the ordinary course of Debtor’s business) or be subjected to any unpaid charge, unless the Secured Party consents in advance in
writing to such change, transfer or charge;

     (F) to procure or execute any Financing Statement or other document and do any act or pay
any costs which Secured Party deems necessary to protect or perfect its security interest under this Agreement;

     (G) that the Collateral will not be used for illegal purposes; and

     (H) that Secured Party shall have the right to examine and inspect the Collateral and the
books and records relating thereto, if any, at any

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reasonable time and, upon demand, Grantor shall assemble the Collateral at such place or places as
Secured Party may designate for the purpose of allowing Bank to examine same.

	(4)	 	DEFAULT AND REMEDIES:

     (A) The happening of any of the following events shall constitute a default under this
Agreement: (i) the occurrence of a default under any note or other agreement secured hereby; (ii) the failure of Grantor to perform any of the terms,
stipulations and conditions written into this Agreement; (iii) the insolvency of the Debtor, or the
application for the appointment of a receiver for Debtor, the filing of a petition under any
provision of the Bankruptcy Code by or against Debtor or an assignment for the benefit of creditors
by or against Debtor; (iv) the entry of a judgment against Debtor or the issuance or service of any
attachment, levy or garnishment against Debtor or the Collateral; (v) the failure of Debtor to
furnish from time to time at Bank’s request, financial information with respect to Debtor; (vi) a
determination by Bank that the Obligations are insecure or that a material adverse change in the
financial condition of Debtor has occurred since the date hereof; (vii) failure of Debtor to
perform any other agreement with Bank; (viii) any representation or affirmation by the Debtor to
Bank herein or by separate writing is incorrect or false.

     (B) Upon the occurrence of a default as set forth in (A) above, at the option of Bank, all
or any one of the Obligations secured hereby shall become immediately due and payable without demand or notice, and Bank shall have at any time after
default the rights and remedies provided in the Uniform Commercial Code as enacted in the State of
North Carolina or other applicable law, or by any note or other agreement secured hereby, and may,
without limiting or waiving in any way the aforesaid rights:

          1. Enter upon Grantor’s premises to take possession of the Collateral or render it
unusable, or require Grantor to assemble the Collateral at any place designated by the Bank reasonably convenient to both parties;

          2. Give any notice or notification to the Grantor required by the Uniform
Commercial Code by mailing such notice, at least five (5) days before the event, if any, which is the subject of the notice to the Grantor’s address shown
herein. Five (5) days’ notice to Grantor of any proposed action by Bank shall be deemed reasonable
and sufficient notice for all purposes, provided, this provision shall not require a longer period
of notice than shall be reasonable under the circumstances then existing;

          3. Use the proceeds of the disposition of any Collateral to pay and discharge all
or any of the Obligations of Debtor set forth herein;

          4. Cure the default and the expense of curing such default shall thereupon become
part of the Obligations secured hereby and shall be payable by Debtor to Bank upon demand of Bank, together with interest thereon at the highest
rate allowed by law.

          5. Obtain the appointment of a receiver for all or any part of the Collateral, without notice to Grantor.

     (A) THIS AGREEMENT IS SUBJECT TO THE TERMS, CONDITIONS, COVENANTS, AGREEMENTS, AFFIRMATIONS
AND STIPULATIONS SET FORTH BELOW, ALL OF WHICH ARE A PART OF THIS AGREEMENT AND BINDING ON THE PARTIES
HERETO; AND

     (B) NO MODIFICATION OR WAIVER OF THE PROVISIONS OF THIS AGREEMENT SHALL BE EFFECTIVE UNLESS
IN WRITING NOR SHALL ANY WAIVER BE APPLICABLE EXCEPT IN THE SPECIFIC INSTANCES FOR WHICH GIVEN.

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          IN WITNESS WHEREOF, this Agreement is executed (i) if by individuals, by hereunto setting
their hands under seal by adoption of the word “SEAL” appearing next to the individuals’ names,
(ii) if by a corporation, by the duly authorized officers of the corporation on its behalf under
seal by adoption of the facsimile seal printed hereon for such purpose or, if an impression seal
appears hereon, by affixing such impression seal, (iii) if by a partnership, by the duly authorized
partners of the partnership on its behalf under seal by adoption of the word “SEAL” appearing next
to the name of the partnership and/or the signatures of the partners, or (iv) if by a limited
liability corporation, by the duly authorized members and/or manager(s) on its behalf under seal by
adoption of the word “SEAL” appearing next to the name of the limited liability corporation and/or
the signatures of the members and/or manager(s), as of the 25th day of June,
2008.

	 	 	 	 	 	 	 	 	 
	 	 	Cornerstone Biopharma, Inc. (SEAL)	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Craig A. Collard	 	(SEAL)	 	 
	 

	 	 	 	 

Craig A. Collard, President & CEO
	 		 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Cornerstone Biopharma Holdings, Inc. (SEAL)	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Craig A. Collard	 	(SEAL)	 	 
	 

	 	 	 	 

Craig A. Collard, President
	 		 	 

	 	 	 	 	 
	Acknowledged By:           Paragon Commercial Bank	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brian K. Reid	 	 
	 

	 	 	 	 
	 

	 	Brian K. Reid, Senior Vice President	 	 

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THE ABOVE AGREEMENT IS SUBJECT TO THE

FOLLOWING ADDITIONAL AGREEMENTS AND AFFIRMATIONS

Collections.

     A. Bank is authorized and empowered at any time in its sole discretion (i) to require Debtor
to notify or itself to notify, either in its own name or in the name of Debtor, all or any of the account debtors, or any person obligated to Debtor for
any amount, that the accounts and/or general intangibles have been assigned to Bank or to request
in its name, in the name of Debtor or in the name of a third party, confirmation from any such
debtor or person of the amount payable or any other matter stated therein or relating thereto; (ii)
to demand, collect or compromise for any and all sums which are now or may hereafter become due or
owing upon any of the accounts or upon any other obligation to Debtor; (iii) to enforce payment of
any account or any other obligation of any person to Debtor either in its own name or in the name
of Debtor; and (iv) to endorse in the name of Debtor and to collect any instruments tendered or
received in payment of the accounts or any of Debtor’s general intangibles. But Bank under no
circumstances shall be under any duty to act in regard to any of the foregoing matters. The Debtor
hereby appoints Bank and any officer or employee of Bank as Bank may from time to time designate as
attorneys-in-fact for the Debtor, to sign and endorse in the name of Debtor, to give notices in the
name of Debtor and to perform all other actions necessary or desirable in the reasonable discretion
of Bank to effect these provisions and carry out the intent hereof. The Debtor hereby ratifies and
approves all acts of such attorneys-in-fact and neither Bank nor any other such attorneys-in-fact
will be liable for any acts of commission or omission nor for any error of judgment or mistake of
fact or law. This power, being coupled with an interest, is irrevocable so long as any account or
general intangible assigned to Bank remains unpaid and Debtor has any indebtedness to Bank. The
costs of such collection and enforcement, including attorneys’ fees and out-of-pocket expenses,
shall be borne solely by Debtor whether the same are incurred by Bank or Debtor.

     B. At the option of Bank, Debtor will forthwith upon receipt of all checks, drafts, cash and
other remittances in payment or on account of Debtor’s accounts or general intangibles, deposit the same in a special bank account maintained
with Bank, over which Bank has the sole power of withdrawal and will designate with each such
deposit the particular account or general intangible upon which the remittance was made. The funds
in said account shall be held by Bank as security for the Obligations. Said proceeds shall be
deposited in precisely the form received except for the endorsement of Debtor where necessary to
permit collection of items, which endorsement Debtor agrees to make, and which Bank is also hereby
authorized to make on Debtor’s behalf. Pending such deposit, Debtor agrees that it will not
commingle any such checks, drafts, cash and other remittances with any of Debtor’s funds or
property, but will hold them separate and apart therefrom and upon an express trust for Bank until
deposit thereof is made in the special account. Bank may at any time and from time to time, in its
sole discretion, apply any part of the credit balance in the special account to the payment of all
or any of the Obligations, whether or not the same be due. Upon the full and final liquidation of
all of the Obligations, Bank will pay over to the Debtor any excess received by it from Debtor,
whether received by it as a deposit in the special account or received by it as a direct payment on
any of the Obligations.

Other Agreements and Affirmations of Debtor.

     A. Each and every account or general intangible now owned or hereafter acquired, is a bonafide
existing obligation, valid and enforceable against the account debtor, or other person obligated to Debtor, and it is not subject to any
dispute, defense or offset. Debtor will promptly notify Bank of any account or general intangible
with respect to which the foregoing is untrue.

     B. Debtor will at all times keep accurate and complete records of Debtor’s inventory, accounts
and general intangibles and will upon request furnish Bank a schedule, in form satisfactory to Bank, describing such accounts, etc. as Bank may
require. Debtor will furnish to Bank copies of contracts and invoices applicable thereto, together
with satisfactory evidence of the shipment and receipt of any goods covered thereby and the
performance of any services or obligations covered thereby as Bank may require if applicable.
Bank, or any of its agents, shall have the right to call at Debtor’s place or places of business at
intervals to be determined by Bank and without hindrance or delay, to inspect Debtor’s inventory
and to inspect, audit, check and make extracts from the books, records, journals, orders, receipts,
correspondence and other data relating to Debtor’s inventory, accounts, general intangibles, or to
any other transaction between the parties hereto.

     C. If any of the Debtor’s accounts or general intangibles arise out of contracts with the
United States or any department, agency, or
instrumentality thereof, Debtor will immediately notify Bank in writing and execute any instruments
and take any steps required by Bank in order that all monies due and to become due under such
contracts shall be assigned to Bank and notice thereof given to the Government under the Federal
Assignment of Claims Act.

     D. If any of Debtor’s accounts or general intangibles should be evidenced by promissory note,
trade acceptances, or other instruments for the payment of money, Debtor, unless otherwise directed by Bank will deliver same to Bank within
ten days after receipt, appropriately endorsed to Bank’s order and, regardless of the form of such
endorsement, Debtor hereby waives presentment, demand, notice of dishonor, protest and notice of
protest and all other notices with respect thereto. Bank shall not be bound to take any steps
necessary to preserve any right of Debtor against any prior parties to such instruments which
Debtor hereby assumes to do.

     E. Debtor will not without the prior written consent of Bank borrow from anyone except Bank or
pledge, or grant any security interest in, any of its accounts, general intangibles, or any inventory, equipment, or other property to anyone
except Bank, or permit any lien or encumbrance to attach to any of the foregoing, or any levy to be
made thereon, or any financing statement (except Bank’s statement) to be on file with respect
thereto.

     F. Debtor will pay and discharge when due all taxes, levies and other charges on the
Collateral, keep the Collateral insured for the benefit of Bank (to whom loss shall be payable) in such amounts, in such companies, and against such risks as
may be satisfactory to Bank; pay the cost of all such insurance and deliver certificates evidencing
such insurance to Bank; and Debtor assigns to Bank all rights to receive the proceeds of

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of such insurance, directs any insurer to pay all proceeds directly to Bank, and authorizes Bank to
endorse any draft for such proceeds and to apply such proceeds against the Obligations in such
manner as Bank may determine from time to time. All insurance policies shall provide for at least
ten days prior written notice of cancellation to Bank.

     G. Debtor agrees that it will not permit any return of merchandise, the sale of which gave
rise to any of the accounts, except in the usual and regular course of business.

     H. Debtor shall give Bank written notice of each office of Debtor in which records of Debtor
pertaining to accounts held as Collateral are kept
and each location at which Collateral is or will be kept, and of any change in any such location.
If no such notice is given, all records of Debtor pertaining to the Collateral are and shall be
kept at Debtor’s address shown above, and all Collateral of Debtor will be kept at Debtor’s address
shown above unless otherwise noted as follows:

Debtor will notify Bank immediately of any material change in the Collateral, or of a change in
Debtor’s residence or location or of the location of any Collateral or of the location of the
records related to any Collateral.

     I. Without the written consent of Bank, Debtor will not change its name, change its corporate
partnership or other legal status, use any tradename or engage in any business in which it was not engaged on the date of this Agreement.

     J. Notwithstanding anything here in the contrary, the term “Obligations” includes all costs
incurred by Bank to obtain, preserve, perfect, and enforce this Agreement and maintain, preserve, collect and enforce its rights with respect to the
Collateral, including, without limitation, its reasonable attorneys fees.

     K. Debtor agrees that Bank may sell or assign all or any of the Obligations to a third party
and, in connection therewith, Bank may assign and transfer all of its rights under this Agreement to such third party who, upon such assignment,
shall have all of the rights and benefits granted to the Bank herein.

     L. Notwithstanding anything in this Agreement to the contrary, the proceeds from any
disposition of the Collateral shall be applied toward all or any of the following items in such order as the Bank deems necessary and appropriate: (i) the
expenses of taking, removing, storing, repairing, processing, holding and selling the Collateral,
including, without limitation, reasonable attorney’s fees; (ii) at the Bank’s option, to the
expense of liquidating and satisfying any liens, security interests or encumbrances against the
Collateral which may be prior to the Bank’s security interest; (iii) to the unpaid Obligations. If
the proceeds realized from the disposition of the Collateral shall fail to satisfy all of the
foregoing items, Debtor shall be liable for the remaining deficiency, which shall be payable to
Bank on demand. If all of the above items are paid as a result of the disposition of the
Collateral and a surplus exists, the surplus shall be paid to the persons entitled thereto by law.

     Sale of Inventory. So long as Debtor is not in default hereunder, Debtor shall have
the right, in the regular course of business, to process and sell Debtor’s inventory. Bank’s
security interest hereunder shall attach to all proceeds of all sales or other dispositions of
Debtor’s inventory.

     Term. This Agreement may not be terminated by Debtor while any Obligations remain
unpaid, in whole or in part.

     Financing Statements. Debtor will deliver such instruments of further assignment or
assurance as Bank may from time to time request to carry out the intent hereof, and will join with
Bank in executing financing statements in form satisfactory to Bank and pay the cost of filing the
same and continuation statements and any other documents in any public office deemed advisable by
Bank. Debtor agrees that a carbon, photographic or other reproduction of this Agreement or a
financing statement shall be sufficient as a financing statement.

     Notification to Purchasers of Farm Products. If the Collateral is or includes farm
products, as soon as possible, and in any event not less than 15 days prior to any sale of
livestock or crops, the Debtor will provide to the Secured Party a written list of all buyers,
commission merchants, or selling agents (including addresses and phone numbers) to or through whom
the Debtor intends to sell livestock or crops constituting “farm products” under the Food Security
Act of 1985 (7 U.S.C. Section 1631, as amended)(the FSA), or applicable state law. The Secured
Party is hereby authorized to give written notice to any person of its security interest, as
required or permitted under the Uniform Commercial Code, the FSA, or other applicable law, which
notice may instruct the recipient to make payments jointly to the Debtor and the Secured Party and
may disclose the Debtor’s social security or taxpayer identification number, together with such
other information as must or may be included for an effective notice under such law. The Debtor
agrees to keep the list on a current basis and not to sell crops or livestock to or through any
person not on the list.

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Schedule A

Accounts. Any and all accounts, accounts receivable, receivables, contract rights, book debts,
checks, notes, drafts, instruments, chattel paper, acceptances, choses in action, any and all
amounts due to Debtor from a factor or other forms of obligations and receivables now existing or
hereafter arising out of the business of the Debtor, as well as any and all returned, refused and
repossessed goods, and the cash or non-cash proceeds resulting therefrom.

Inventory. Any and all of Debtor’s inventory, including without limitation any and all goods held
for sale or lease or being processed for sale or lease in Debtor’s business as now or hereafter
conducted, whether now owned or hereafter acquired, including all materials, goods and work in
process, finished goods, and other tangible property held for sale or lease or furnished or to be
furnished under contracts of service or used or consumed in Debtor’s business, along with all
documents (including documents of title) covering inventory and all cash and non-cash proceeds from
the sale of inventory, including proceeds from insurance.

Furniture and Equipment. Any and all of Debtor’s furnishings, fixtures and equipment, wherever
located, whether now owned or hereafter acquired, together with all increases, parts, fittings,
accessories, equipment, and special tools now or hereafter affixed to any part thereof or used in
connection therewith, and all products, additions, substitutions, accessions, and all cash and
non-cash proceeds, including proceeds from insurance thereof and thereto.

Instruments and/or Investment Documents. The following described instruments and documents
including, without limitation, negotiable instruments, promissory notes, and documents of title
owned or to be owned by Debtor, certificates of deposit, and all liens, security agreements, leases
and other contracts securing or otherwise relating to any of such instruments or documents, and all
cash and non-cash proceeds and products thereof and such additional property receivable or
distributed in respect of or in exchange for all or any of such instruments or documents.

General Intangibles. All patents, trademarks, service marks, trade secretes, copyrights and
exclusive licenses (whether issued or pending) and all documents, applications, materials and other
matters related thereto, all inventions, and all manufacturing, engineering and production plans,
drawings, specifications, processes and systems, all trade names, computer programs, databases,
systems and software (including source and object codes), goodwill, choses in action and all other
general intangibles or Debtor whether now owned or hereafter acquired and all cash and non-cash
proceeds thereof.

7exv10w49

Exhibit 10.49

UNCONDITIONAL GUARANTY

	 	 	 
	Date:

	 	June 25, 2008
	 
	 	 
	OBLIGOR(S):

	 	Cornerstone Biopharma Holdings, Inc.
	ADDRESS:

	 	2000 Regency Parkway, Suite 255, Cary NC 27518
	 
	 	 
	GUARANTOR(S):

	 	Aristos Pharmaceuticals, Inc.
	ADDRESS:

	 	2000 Regency Parkway, Suite 255, Cary, NC 27518
	 
	 	 
	OBLIGEE:

	 	PARAGON COMMERCIAL BANK
	 

	 	3535 Glenwood Avenue
	 

	 	Raleigh, North Carolina 27612

WHEREAS, the above OBLIGOR(S) (hereinafter jointly and severally termed “Customer”) desire(s) to
obtain extensions of credit and/or a continuation of credit extensions and/or to engage in business
transactions and enter into various contractual relationships and otherwise to deal with Paragon
Commercial Bank (hereinafter termed “Bank”); and

WHEREAS, Bank is unwilling to extend or continue to extend credit to and/or to engage in business
transactions and enter into various contractual relationships with, and otherwise to deal with
Customer; unless it receives an unconditional and continuing, joint and several guaranty from the
above identified, undersigned GUARANTOR(S) (each, any and all of whom are hereinafter termed
“Guarantor”), covering all “Obligations of Customer,” as hereinafter defined.

NOW, THEREFORE, in consideration of the premises and of other good and valuable consideration, and
in order to induce Bank, from time to time, in its sole discretion to extend or continue to extend
credit(with or without security) to and/or to engage in business transactions and enter into
various contractual relationships with Customer (without limiting the generality of the foregoing,
this Guaranty is being given in order to induce Bank to lease and/or sell real, personal and/or
mixed property to Customer, to purchase or discount any Acceptances, Accounts, Chattel Paper,
Checks, Contracts, Contract Rights, Drafts, General Intangibles, Instruments, Investment
Securities, Land Contracts, Purchase Money Security Agreements (Conditional Sale Contracts of real
and/or personal property), Real and/or Personal Property Leases, or any other instruments or
evidences of indebtedness (with or without recourse) upon which Customer, jointly or severally, is
or may be liable as maker, co-maker, endorser, acceptor, guarantor, surety or otherwise and
otherwise to deal with Customer), Guarantor (jointly and severally, if more than one) hereby
absolutely and unconditionally guarantees to Bank and its successors and assigns, the due and
punctual payment of all indebtedness, obligations and liabilities of said Customer to Bank, and all
claims of Bank against the Customer primary or secondary (whether by way of endorsement or
otherwise), whether now existing or hereafter arising, whether arising out of contract(s), tort(s)
or otherwise, whether created directly with Bank or acquired by Bank through assignment,
endorsement or otherwise; whether matured or unmatured; whether absolute or contingent; whether
joint or several; whether secured or unsecured; whether monetary or nonmonetary; whether liquidated
or unliquidated, as and when the same become due and payable (whether by acceleration or
otherwise), in accordance with the terms of any instruments, accounts receivable, security
agreements, land and/or other contracts, drafts, leases, chattel paper, debts, obligations or
liabilities evidencing any such indebtedness, obligations, liabilities, or claims, including all
renewals, extensions, substitutions and/or modifications thereof (all indebtedness, obligations and
liabilities of the Customer to Bank and claims of Bank against Customer, including all of the
foregoing, being hereinafter collectively termed “Obligations of Customer”) provided, however, that
the maximum liability, jointly and severally, of the undersigned Guarantors hereunder, at any one
time outstanding, with respect to the aggregate principal amount of the “Obligations of Customer,”
shall not exceed the sum of money here specified, plus all interest or finance charges thereon,
costs of court, default interest thereon, late payment charges and the reasonable attorney’s fees
of Bank, to wit:

Four Million and 00/100 Dollars ($4,000,000.00)

Further, if the Obligations of Customer or this Guaranty are referred to an attorney-at-law,
including Bank’s in-house counsel, for collection, whether or not suit is commenced, Guarantor
expressly hereby agrees to pay all expenses of collection, including, without limitation,
reasonable attorneys’ fees. Guarantor hereby stipulates and agrees that, if suit is instituted,
15% of the total amount(s) due hereunder and remaining unpaid at the time suit is instituted by
Bank shall be deemed to be the “reasonable attorneys’ fees.”

In order to implement the foregoing and as additional inducements to Bank, Guarantor further
covenants and agrees:

	1.	 	This guaranty is and shall remain an unconditional and continuing guaranty of payment and not
of collection, shall remain in full force and effect irrespective of any interruption(s) in
the business or other dealings and relations of Customer with Bank and shall apply to and
guarantee the due and punctual payment and performance of all “Obligations of Customer” due by
Customer to Bank. To that end, Guarantor hereby expressly waives any right to require Bank to
bring any action against any Customer or any other person(s) or to require that resort be had
to any security or to any balance(s) of any deposit or other account(s) or debt(s) or
credit(s) on the books of Bank in favor of Customer or any other person(s) and without
limiting the generality of the foregoing, undersigned Guarantor herewith expressly waives any
rights he otherwise might have had under the provisions of G.S. §26-7, et seq. and/or other
laws to require Bank to attempt to recover against Customer and/or to realize upon any
securities or collateral security which Bank holds for the Obligations of Customer. Any
Guarantor may, by a written notice, delivered personally to or received by certified or
registered United States Mail by an officer of Bank actually involved in the transactions
being guaranteed hereby, at the address of Bank first above given, terminate this Guaranty
with respect to all “Obligations of Customer” incurred or contracted by Customer, acquired by
Bank, or otherwise arising more than thirty (30) business days after the date on which such
written notice is so delivered to or received by said Bank officer. Such written notice of
termination shall be the sole and exclusive method for terminating this Guaranty as to future
Obligations of Customer and notwithstanding termination, this Guaranty and all security given
for this Guaranty and/or the Obligations of Customer shall remain in full force and effect as
to all Obligations of Customer incurred, existing, or arising in any manner pre-termination,
including, without limitation, all Obligations of Customer then existing or thereafter arising
under loan commitments which exist pre-termination and all Obligations of Customer under lines
of credit and/or revolving lines of credit for advances both pre- and post-termination.

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	2.	 	TIME IS OF THE ESSENCE HEREOF. Any notice(s) to Guarantor shall be sufficiently given, if
mailed to the first above stated address(es) of Guarantor.
	 
	3.	 	This Guaranty Agreement constitutes the entire agreement between the parties with respect to
this Guaranty, and no waivers or modifications shall be valid unless they are reduced to
writing, duly executed by the party to be charged thereby, and expressly approved in writing
by an officer of Bank actually involved in the transactions being guaranteed hereby. This
Guaranty does not terminate, cancel, supersede, renew, or substitute for any existing
guarantee to Bank by any Guarantor, unless expressly provided herein, and the execution and
delivery hereafter to Bank by any Guarantor of a new guarantee shall not terminate, cancel,
supersede, or be a renewal or substitution for this Guaranty, unless expressly provided
therein, and all rights and remedies of Bank hereunder, under any existing guarantee, or under
any guarantee hereafter given to Bank by any Guarantor shall be cumulative and may be enforced
singly or concurrently.
	 
	4.	 	If any process is issued or ordered to be served upon Bank, seeking to seize Customer’s
and/or Guarantor’s rights and/or interests in any bank account(s), such bank account(s) shall
be deemed to have been and shall be set-off against any and all “Obligations of Customer”
and/or all obligations and liabilities of Guarantor hereunder, as of the time of the issuance
of any such writ or process, whether or not Customer, Guarantor and/or Bank shall then have
been served with notice thereof.
	 
	5.	 	All moneys available to and/or received by Bank for application toward payment of (or
reduction of) the “Obligations of Customer” may be applied by Bank to such individual debt(s)
in such manner, and apportioned in such amount(s) and at such time(s), as Bank, in its sole
discretion, may deem suitable or desirable.
	 
	6.	 	As security for any and all liabilities of Guarantor hereunder, now existing or hereafter
arising, Guarantor hereby grants Bank a security interest in any and all moneys or other
property (i.e., goods and merchandise, as well as all documents relative thereto, also, funds,
investment securities, choses in action and any and all other forms of property, whether real,
personal or mixed, and any right, title, or interest of Guarantor therein or thereto) and/or
the proceeds thereof, which have been or may hereafter be, deposited or left with Bank (or
with any agent or other third party acting on Bank’s behalf) by or for the account or credit
of Guarantor, including (without limitation of the foregoing), any property in which Guarantor
may have any interest. Further, where any obligation of Guarantor is due and unpaid Bank
hereunder, Bank is herewith authorized to exercise its right of Set-Off or “Bank Lien” as to
any moneys deposited in demand, checking, time, savings, or other accounts of any nature
maintained in and with it by any of the undersigned, without advance notice. Such right of
Set-Off shall also be applicable and exercised by Bank, in its sole discretion, where Bank is
indebted to any Guarantor by reason of any Certificate(s) of Deposit, Bond(s), Note(s) or
otherwise.
	 
	7.	 	Guarantor acknowledges that any termination of liability hereunder, as provided for in
paragraph 1 above shall not terminate this Guaranty as to existing Obligations of Customer nor
release Guarantor from full liability for “Obligations of Customer” hereby guaranteed and then
in existence including, without limitation, all Obligations of Customer the existing or
thereafter arising under loan commitments which exist pre-termination and all Obligations of
Customer under lines of credit and for revolving lines of credit for advances subsequent to
the effective date of termination, or from full liability for renewal(s) or extension(s) of
the “Obligations of Customer” in whole or in part, whether such renewals or extensions are
made before or after the effective date of such termination, and with or without notice to
Guarantor, and for substitution therefor, or modifications thereof.
	 
	8.	 	The termination of the Guaranty by one or more Guarantors, or the release, settlement or
compromise by Bank with respect to any one or more Guarantors, shall not affect the
obligations or liability of the remaining Guarantors hereunder, and as to the remaining
Guarantors, this Guaranty shall continue in effect as if such Guarantors had been the only
Guarantors executing this Guaranty.
	 
	9.	 	Guarantor agrees that his liability hereunder shall not be diminished by any failure on the
part of Bank to perfect or continue perfection of (by filing, recording or otherwise) any
security interest(s) it may have in any property securing this Unconditional Guaranty and/or
the “Obligations of Customer” secured hereby and hereunder.
	 
	10.	 	Guarantor further hereby consents and agrees that Bank may at any time, or from time to time,
in its sole discretion: (i) renew, extend or otherwise change the time of payment, and/or the
manner, place or terms of payment of any or all of the “Obligations of Customer” or otherwise
modify the Obligations of Customer; (ii) grant indulgences generally from time to time to the
Customer and/or any other person liable for the “Obligations of Customer”; (iii) exchange,
release and/or surrender all or any of the collateral security, or any part(s) thereof, by
whomsoever deposited, which is or may hereafter be held by it or in which it has a lien or
security interest in connection with all or any of the “Obligations of Customer” and/or any
liabilities or obligations of Guarantor hereunder; (iv) sell or otherwise dispose of and/or
purchase all or any of any such collateral at public or private sale, or to or through any
investment securities broker, and after deducting all costs and expenses of every kind for
collection, preparation for sale, sale or delivery, the net proceeds of any such sale(s) or
other disposition may be applied by Bank upon all or any of the “Obligations of Customer”; and
(v) settle or compromise with the Customer, any insurance carrier and/or any other person(s)
liable thereon, any and all of the “Obligations of Customer,” and/or subordinate the payment
of all or any part of same, to the payment of any other debts or claims, which may at any
time(s) be due or owing to Bank and/or any other person(s); all in such manner and upon such
terms as Bank may deem proper and/or desirable, and without notice to or further assent from
Guarantor, it being agreed that Guarantor shall be and remain bound upon this Unconditional
Guaranty, irrespective of the existence, value or condition of any collateral, or the
impairment of any collateral (to include, without limitation, failure to perfect a security
interest in collateral), or the unenforceability of any of the Obligations of Customer or the
discharge of or release of Customer from liability for any of the Obligations of Customer and
notwithstanding any such change, exchange, settlement, compromise, surrender, release, sale or
other disposition, application, renewal or extension and notwithstanding also that the
“Obligations of Customer” may at any time(s) exceed the aggregate principal sum hereinabove
prescribed (if any such limiting sum appears). If Bank should request Guarantor to consent to
any of the foregoing, such request and/or consent by Guarantor shall not constitute a waiver
by Bank of the provisions of this paragraph which permit such actions without Guarantor’s
consent, nor of any other provision of this Guaranty relating to acts or inactions of Bank and
such request and/or consent shall not create a course of dealing between Bank and Guarantor
that would require the consent of Guarantor to any of the foregoing in the future. Further,
this Guaranty shall not be construed to impose any obligation on Bank to extend or continue to
extend credit or otherwise deal with Customer at any time.
	 
	11.	 	If Customer is an organization, this Guaranty covers all “Obligations of Customer” purporting
to be created or undertaken on behalf of such organization by any officer, partner, manager,
employee, or agent of such organization, without regard to the actual authority of any such
officer, partner, manager, employee, or agent, whether or not corporate or partnership
resolutions, proper or otherwise, are given by any Customer to Bank, and/or whether or not
such purported organizations are legally chartered or organized.
	 
	12.	 	This Unconditional, Continuing Guaranty shall be binding upon Guarantor, and the heirs,
executors, administrators, successors and assigns of Guarantor; and it shall inure to the
benefit of, and be enforceable by Bank, and its successors, transferees and assigns. The
death of Guarantor

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	 	 	shall not terminate any liability hereunder. This Unconditional Guaranty shall remain in force
after Guarantor’s death until written notice of termination, sent by a legal representative of
Guarantor, is received by Bank as set forth in paragraph 1 above and such termination shall be
limited as provided in paragraphs 1 and 7 above.
	 
	13.	 	This Unconditional Guaranty shall be deemed to have been made under and shall be governed by
the Laws of the State of North Carolina in all respects, including matters of construction,
validity and performance. Further, all terms or expressions contained herein which are
defined in Articles 1, 3, or 9 of the North Carolina Uniform Commercial Code shall have the
same meaning herein as in said Articles of said Code.
	 
	14.	 	No waiver by Bank of any default(s) by Guarantor or Customer shall operate as a waiver of any
other default or of the same default on a future occasion. If more than one person has signed
this Guaranty, such parties are jointly and severally obligated hereunder. Further, use of
the masculine or neuter pronoun herein shall include the masculine, feminine or neuter, and
also the plural. The term “Guarantor,” as used herein, shall (if signed by more than one
person) mean the “Guarantors and each of them.” If any Guarantor shall be a partnership, the
obligations, liabilities and agreements on the part of such Guarantor shall remain in full
force and effect and fully applicable notwithstanding any changes in the individuals composing
the partnership. Further, the term “Guarantor” shall include in such event any altered or
successive partnerships, it being also understood that the predecessor partnership(s) and
their partners shall not thereby be released from any obligations or liabilities hereunder.
Bank, or any other holder hereof, may correct patent errors in this Guaranty.
	 
	15.	 	Guarantor hereby waives: (i) notice of acceptance of this Guaranty; (ii) notice(s) of
extensions of credit and/or continuations of credit extensions to Customer by Bank; (iii)
notice(s) of entering into and engaging in business transactions and/or contractual
relationships and any other dealings between Customer and Bank; (iv) presentment and/or demand
for payment of any of the “Obligations of Customer”; (v) protest or notice of dishonor or
default to Guarantor or to any other person with respect to any of the “Obligations of
Customer” or with respect to any security therefor; (vi) all other notices to which Guarantor
might otherwise be entitled; (vii) any demand for payment under this Guaranty; (viii) any
defense of any kind which the Customer might have; and (ix) application of any other defenses
available to Guarantor.
	 
	16.	 	Anything contained herein to the contrary notwithstanding, if for any reason the effective
rate of interest on any of the Obligations of Customer should exceed the maximum lawful
contract rate, the effective rate of such obligation(s) shall be deemed reduced to and shall
be such maximum lawful contract rate, and any sums of interest which have been collected in
excess of such maximum lawful contract rate shall be applied as a credit against the unpaid
principal balance due hereunder.
	 
	17.	 	In the event any provision(s) of this instrument should be left blank or incomplete,
Guarantor hereby authorizes and empowers Bank to supply and complete the necessary information
to complete or fill in the blank provision(s).
	 
	18.	 	Should any one or more provisions of this Unconditional Guaranty be determined to be illegal
or unenforceable by a court of competent jurisdiction, the other provisions shall remain in
full force and effect.
	 
	19.	 	In the event of a change in, or amendment or modification of the legal status or existence of
the Customer, this Guaranty shall continue and shall also cover the indebtedness of the
Customer under the new or amended status, according to the terms hereof guaranteeing the
Obligations of the original Customer.
	 
	20.	 	The obligation of any Guarantor executing this Unconditional Guaranty shall not be dependent
upon the subsequent execution hereof by any other person.
	 
	21.	 	Guarantor shall provide Bank with such financial information as Bank may from time to time
request. Any statement of account or records that bind the Customer shall be binding against
the Guarantor and the records of Bank maintained in the ordinary course of its business with
respect to the Obligations of Customer shall be binding on Guarantor in all respects,
including, without limitation, the extent and nature of the Obligations of Customer and the
liabilities of Guarantor under this Guaranty.
	 
	22.	 	Guarantor warrants and covenants that Guarantor has made such inquiries as Guarantor deems
necessary in order to ascertain the financial condition of Customer, and has, in fact,
ascertained the financial condition of Customer and is satisfied with such financial
condition, that Guarantor has adequate means to obtain from Customer, on a continuing basis,
information concerning the financial condition of Customer, and that Guarantor has not relied,
and will not rely, on Bank to provide such information, now or in the future.
	 
	23.	 	Guarantor agrees that in the event judgment or any court order or administrative order for
turnover or recovery is entered against Bank (whether by consent, compromise, settlement or
otherwise) for, or Bank is required or agrees to repay (i) the amount of any monetary payment
or transfer of any property (whether real, personal or mixed, tangible or intangible, or the
value thereof) made to Bank by or on behalf of the Customer and/or Guarantor for credit to the
Obligations of Customer, or (ii) the amount of any set-off(s) exercised by Bank and credited
to Obligations of Customer, then in such event (and notwithstanding the prior discharge or
satisfaction in whole or in part of any or all Obligations of Customer due Bank or the written
or stamped notation of cancellation, release or satisfaction affixed to this Guaranty or any
instrument of indebtedness evidencing the Obligations of Customer, or any prior notice of the
termination of this Guaranty as to future debts of Customer) the amount or value of any such
payments, property or set-off(s) recovered from Bank shall be deemed to be Obligations of
Customer and this Guaranty and the liabilities of Guarantor hereunder shall be automatically
revived and reinstated and shall continue and remain in full force and effect as to the same,
together with interest thereon from date of recovery at the rate(s) applicable to the
Obligations of Customer to which such payments, transfers or set-off(s) were credited, costs
of court, and the reasonable attorney’s fees incurred by Bank in connection therewith.
	 
	24.	 	Guarantor further expressly waives, for Bank’s benefit and the benefit of Customer and any
other guarantor, maker or endorser of the Obligations of Customer, any and all rights of
recourse against Customer, or any other guarantor, maker, or endorser of the Obligations of
Customer, or property or assets of the same, arising out of any payment made under or pursuant
to this Guaranty, including any claim of subrogation, reimbursement, exoneration, contribution
or indemnity that the undersigned Guarantor may have against the Customer, any other
guarantor, or maker or endorser of the Obligations of Customer. Guarantor will not enter into
any contract or agreement in violation of the provisions hereinabove, and any such purported
contract or agreement shall be void ab initio.
	 
	25.	 	EVENTS OF DEFAULT. Guarantor shall be in default under this Unconditional Guaranty upon the
happening of any of the following events, circumstances or conditions, to wit:

3

 

	 	(a)	 	Default in the payment or performance of any of the obligations or of any covenant,
warranty or liability contained or referred to herein, or contained in any other contract
or agreement of Customer and/or Guarantor with Bank, whether now existing or hereafter
arising; or
	 
	 	(b)	 	Any warranty, representation or statement made or furnished to Bank by or on behalf of
Customer and/or Guarantor, in connection with this Guaranty Agreement or to induce Bank to
extend credit or otherwise deal with Customer and/or Guarantor proving to have been
materially false in any material respect when made or furnished; or
	 
	 	(c)	 	Death, dissolution, termination of existence, insolvency, business failure, appointment
of a receiver of any part of the property of, assignment for the benefit of creditors by,
or the commencement of any proceeding under any State or Federal Bankruptcy or insolvency
laws by or against Guarantor and/or Customer; or
	 
	 	(d)	 	Failure of a Customer and/or Guarantor which is a legal entity to maintain its
existence in good standing; or
	 
	 	(e)	 	Upon the entry of any monetary judgment or the assessment and/or filing of any tax lien
against either Customer and/or Guarantor or upon the issuance of any writ of garnishment or
attachment against any property of, debts due or rights of Customer and/or Guarantor, to
specifically include the commencement of any action or proceeding to seize moneys of either
Customer and/or Guarantor on deposit in any bank account with Bank; or
	 
	 	(f)	 	If Bank should otherwise deem itself, any security interests, its collateral or
property, or the “Obligations of Customer” guaranteed hereby and hereunder and/or the
liability of Guarantor hereunder unsafe or insecure, or should Bank, in good faith, believe
that the prospect of payment or other performance by Customer and/or Guarantor is impaired.

	26.	 	REMEDIES ON DEFAULT. Upon the occurrence of any of the foregoing events, circumstances, or
conditions of default, all of the obligations evidenced herein and secured or guaranteed
hereby shall immediately be due and payable without notice. Further, Bank shall then have all
of the rights and remedies granted hereunder, all of the rights and remedies of a Secured
Party and/or Holder-in-Due Course under the North Carolina Uniform Commercial Code and/or
under other laws of North Carolina.
	 
	27.	 	Guarantor acknowledges that Guarantor has read this Guaranty and fully understands the rights
granted to Bank herein, and the waiver of rights of Guarantor. Guarantor further acknowledges that each of the terms contained herein is a material
inducement to Bank to extend credit to the Customer and is necessary in order for the Bank to
fully realize the benefits of Bank’s bargained for agreement with the Customer and Guarantor.

This Guaranty is secured by: N/A     
          
               
     
     
     
                    
     

                
                
                                                     

 

IN WITNESS WHEREOF, this Guaranty is executed (i) if by individuals, by hereunto setting their
hands under seal by adoption of the word “SEAL” appearing next to the individuals’ names, (ii) if
by a corporation, by the duly authorized officers of the corporation on its behalf under seal by
adoption of the facsimile seal printed hereon for such purpose or, if an impression seal appears
hereon, by affixing such impression seal, (iii) if by a partnership, by the duly authorized
partners of the partnership on its behalf under seal by adoption of the word “SEAL” appearing next
to the name of the partnership and/or the signatures of the partners, or (iv) if by a limited
liability company, by the duly authorized member or manager of the limited liability company on its
behalf under seal by adoption of the word “SEAL” appearing next to the name of the limited
liability company and/or the signatures of the members or managers, on the day and year first above
written.

	 	 	 	 	 
	 	Aristos Pharmaceuticals, Inc.

 	 
	 	By:  	     /s/ Craig A. Collard	 
	 	 	     Craig A. Collard, CEO 	 
	 	 	 	 
	 

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