Document:

exhibit10.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
10.1

     

    NOTE
AND WARRANT AMENDMENT AGREEMENT

     

    This NOTE AND WARRANT AMENDMENT AGREEMENT
(this “Amendment”), dated as
of December 31, 2009, by and among NovaDel Pharma Inc., a Delaware corporation
(the “Company”), and
ProQuest Investment II, L.P., ProQuest Investment Advisors Fund II, L.P. and
ProQuest Investments III, L.P. (the “Holders”).

     

    WHEREAS, the Holders own
certain promissory notes (the “Notes”) issued by the
Company, which may or may not be convertible into shares of the Company’s common
stock, par value $0.001 per share (the “Common Stock”), and
certain warrants to purchase shares of Common Stock (the “Warrants”), in each
case, as set forth on Schedule A hereto;
and

     

    WHEREAS, to induce the
conversion by the Holders of the Notes, the Company and the Holders now desire
to amend the Notes and Warrants to reduce the conversion price of each Note and
the exercise price of each Warrant as set forth herein, and in consideration
therefor, the Holders have agreed to convert all of the Notes held by the
Holders;

     

    NOW, THEREFORE, in
consideration of the premises and mutual covenants herein below, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

    

     

    1.           Note
Amendment.  Effective upon the Effective Date (as defined
below) and immediately prior to the conversion of the Notes contemplated hereby,
Section 8(a) of each Note is hereby amended and restated in its entirety to read
as follows:

     

    (a)           Conversion into Common
Shares.  The Holder shall have the option to convert, as a
whole or in part, up to the entire amount outstanding under this Note (including
the accrued but unpaid interest) into Common Shares at any time or from time to
time at a conversion price equal to $0.1574 per share (the “Conversion Price”),
subject to adjustments in the event of any stock splits, reverse stock splits,
stock dividends or other similar recapitalization or reorganization transactions
that affect all shareholders equally as set forth in Section 9.

     

    2.           Warrant
Amendment.  Effective upon the Effective Date, the exercise
price of each Warrant as set forth on Schedule A (referred to herein as the “Old
Warrant”) is hereby amended such that the new exercise price of each Warrant
shall be $0.1888 per share (referred to herein as the “New
Warrant”).  In addition to the foregoing, effective upon the Effective
Date, the number of shares of Common Stock underlying certain Warrants (referred
to as the PIPE Warrants) shall be reduced by 10% as reflected on Schedule A
hereto.  The Company agrees that, as soon as reasonably practicable
after the Effective Date, the Company will issue New Warrants to the Holders in
exchange for the Old Warrants.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3.           Effective
Date.  This Amendment shall only become effective upon receipt
by the Company of an irrevocable notice of conversion of all Notes held by the
Holders (referred to herein as the “Effective Date”).  At the
Effective Date, any accrued but unpaid interest as set forth on Schedule A
hereto shall be paid in kind with Notes on the same terms as Section 1
above;

     

    provided,
that, such Notes shall be immediately converted to Common Stock pursuant to this
Section 3, and thereafter, there shall be no interest (in cash or in kind) due
under the Notes; provided, however, that such interest shall continue to accrue
if the Company shall fail to issue the shares of Common Stock upon conversion as
per the conversion terms of the Notes.  For purposes of clarity, the
parties hereto acknowledge that, immediately after the Effective Date and
immediately upon the conversion of the Notes pursuant to their terms, the
security interest underlying the Notes shall be terminated pursuant to the terms
of the Notes.

     

    4.           Except
as amended hereby, the terms and provisions of each Note and Warrant remain in
full force and effect.

     

    5.           This
Amendment shall be enforced, governed and construed in all respects in
accordance with the laws of the State of New York and shall be binding upon the
Holders, the Holders’ heirs, estate, legal representatives, successors and
assigns and shall inure to the benefit of the Company, its successors and
assigns

     

    6.           This
Amendment may be executed in any number of counterparts, each of which shall be
deemed to be an original and all of which together shall be deemed to be one and
the same instrument, and may be executed by facsimile signatures.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    IN WITNESS WHEREOF, this
Amendment has been duly executed by the parties hereto as of the date first
written above.

     

    
      	
              NOVADEL
      PHARMA INC.

            
	 
      
	
              By:

            	
              /s/
      Steven B. Ratoff

            
	
              Name:  Steven
      B. Ratoff

            
	
              Title:  Interim
      President and Chief Executive Officer

            
	 
      
	
              PROQUEST
      INVESTMENTS II, L.P.

            
	 
      
	
              By:

            	
              ProQuest
      Associates II, LLC,

              its
      general partner

            
	 
      
	
              By:

            	
              /s/
      Pasquale DeAngelis

            
	
              Name:  Pasquale
      DeAngelis

            
	
              Title:
      Managing Member

            
	 
      
	
              PROQUEST
      INVESTMENTS II ADVISORS FUND, L.P.

            
	 
      
	
              By:

            	
              ProQuest
      Associates II, LLC,

              its
      general partner

            
	 
      
	
              By:

            	
              /s/
      Pasquale DeAngelis

            
	
              Name:  Pasquale
      DeAngelis

            
	
              Title:  Managing
      Member

            
	 
      
	
              PROQUEST
      INVESTMENTS III, L.P.

            
	 
      
	
              By:

            	
              ProQuest
      Associates III, LLC,

              its
      general partner

            
	 
      
	
              By:

            	
              /s/
      Pasquale DeAngelis

            
	
              Name:  Pasquale
      DeAngelis

            
	
              Title:  Managing
      Member

            

    

    

     

    

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
A

    

    
      	
              Description

            	 	
              Shares

            	 	 	
              Price/Share

            	 	 	
              Total
      Value

            	 
	
              Pre-Conversion:

            	 	 	 	 	 	 	 	 	 
	
              Convertible
      Notes

            	 	 	 	 	 	 	 	 	 
	
              May
      2008

            	 	 	1,610,169	 	 	$	0.295	 	 	$	475,000	 
	
              October
      2008

            	 	 	10,744,621	 	 	$	0.235	 	 	$	2,525,000	 
	
              Total:

            	 	 	12,354,790	 	 	 	 	 	 	$	3,000,000	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
              Registration
      Penalty Notes

            	 	 	 	 	 	 	 	 	 	$	171,778	 
	
              Accrued
      Interest

            	 	 	 	 	 	 	 	 	 	$	485,739	 
	
              Total:

            	 	 	 	 	 	 	 	 	 	$	657,517	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
              Warrants

            	 	 	 	 	 	 	 	 	 	 	 	 
	
              May
      2008

            	 	 	3,000,000	 	 	$	0.369	 	 	 	 	 
	
              October
      2008

            	 	 	6,446,809	 	 	$	0.294	 	 	 	 	 
	
              PIPE
      (May 2005)

            	 	 	1,615,597	 	 	$	1.300	 	 	 	 	 
	
              PIPE
      (April 2006)

            	 	 	206,899	 	 	$	1.600	 	 	 	 	 
	
              PIPE
      (December 2006)

            	 	 	384,766	 	 	$	1.700	 	 	 	 	 
	
              Total
      Warrants

            	 	 	11,654,071	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
              Post-Conversion:

            	 	 	 	 	 	 	 	 	 	 	 	 
	
              Convertible
      Notes

            	 	 	 	 	 	 	 	 	 	 	 	 
	
              May
      2008

            	 	 	1,610,169	 	 	$	0.1574	 	 	$	253,441	 
	
              October
      2008

            	 	 	10,744,621	 	 	$	0.1574	 	 	$	1,691,203	 
	
              Additional

            	 	 	6,704,930	 	 	$	0.1574	 	 	$	1,055,356	 
	
              Total

            	 	 	19,059,720	 	 	 	 	 	 	$	3,000,000	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
              Registration
      Penalty

            	 	 	4,177,363	 	 	$	0.1574	 	 	$	657,571	 
	
              Notes
      & Accrued Interest

            	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
              Total
      Shares Issued

            	 	 	23,237,083	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
              Warrants

            	 	 	 	 	 	 	 	 	 	 	 	 
	
              May
      2008

            	 	 	3,000,000	 	 	$	0.1888	 	 	 	 	 
	
              October
      2008

            	 	 	6,446,809	 	 	$	0.1888	 	 	 	 	 
	
              PIPE
      (May 2005)

            	 	 	1,615,597	 	 	$	0.1888	 	 	 	 	 
	
              PIPE
      (April 2006)

            	 	 	206,899	 	 	$	0.1888	 	 	 	 	 
	
              PIPE
      (December 2006)

            	 	 	384,766	 	 	$	0.1888	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
              Warrant
      Reduction

            	 	 	(220,726	)*	 	 	 	 	 	 	 	 
	
              (10%
      PIPE Only)

            	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
              Total
      Warrants

            	 	 	11,433,345	 	 	 	 	 	 	 	 	 

    

    

    *Upon the
Effective Date, the number of shares underlying the May 2005 PIPE Warrants shall
be reduced by 220,726 shares to an amount equal to 1,394,871 shares. The number
of shares underlying the April 2006 PIPE Warrants and the December 2006 PIPE
Warrants shall remain unchanged.ex10_1.htm

    Exhibit
10.1

     

    VECTREN
CORPORATION

    AT RISK
COMPENSATION PLAN

    STOCK
UNIT AWARDS

    AWARD
AGREEMENT

    (OFFICER
TIME VESTED)

    

    

    

    Name of
Grantee: ______________

                                                                                                       No.
of Stock Unit Awards: _____  

    Date of
Grant:  January 1, 2010

    

    

    

    ___________________
(“Grantee”) is hereby granted as of January 1, 2010 (the “Grant Date) under
Section 7.4 of the Vectren Corporation At Risk Compensation Plan, as amended
(the “Plan”), a grant of ___ Stock Unit Awards on the following terms and
conditions:

     

    1.           Restriction.

    

                (A)              Value of the Stock Unit
Award.  Subject to approval by the Compensation and Benefits
committee (Committee) of the Board of Directors (Board) of Vectren Corporation
(Company), within sixty days after the lifting of the restrictions, the Grantee
shall be paid in cash for each Stock Unit Award the Fair Market Value of one
share of the Company’s common stock on the date the restrictions lapse;
provided, however, at the request of the Grantee and after approval by the
Compensation and Benefits committee of the Board, the value of any part or all
of the Stock Unit Awards may be paid to the Grantee in unrestricted shares of
the Company’s common stock.

    

                (B)           Restricted
Period.  Except as otherwise provided pursuant to or in
accordance with the terms and provisions of this Agreement or the Plan, the
Stock Unit Awards shall not be sold, exchanged, assigned, transferred or
permitted to be transferred, voluntarily, involuntarily, or by operation of law,
delivered, encumbered, discounted, pledged, hypothecated, or otherwise disposed
of during the “Restricted Period,” which shall, with respect to each Stock Unit
Award commence on the Grant Date and, except as otherwise provided in this
Agreement or the Plan, end on December 31, 2012.

    

                           (i)         Final Measurement of the Stock Unit
Award.  Except as provided in this Agreement or the Plan,
including Section 7.4(b)(i) and Article X, the lifting of the transfer
restrictions and the forfeiture provisions shall be dependent on the continued
employment of the Grantee until December 31, 2012.

    

                           (ii)         Lifting of
Restrictions.  The restrictions applicable to the Stock Unit
Awards held by the Grantee shall be lifted 1/3rd as
of December 31, 2010, 1/3rd as
of December 31, 2011 and 1/3rd as
of December 31, 2012; provided, however, that except
as provided in the Plan, which directs, under certain conditions, that the
restrictions shall be lifted earlier:  (a) the restrictions shall be
lifted on that date only if the Grantee is still employed by a Participating
Company on that date, and (b) subject to the terms of this Agreement and the
Plan, if the Grantee ceases to be employed by a Participating Company before the
restrictions lapse on any Stock Unit Awards held by him or her, the Stock Unit
Awards still subject to restrictions shall be immediately
forfeited.

     

    
      
         

      

      
         

         

      

      
         

      

    

                (C)           Disability, Death or
Retirement.  In the event of the Grantee’s death, Disability,
or Retirement the following shall apply:

    

                           (i)           In
the event of the Grantee’s Disability or Retirement before the Restricted Period
has ended, the restrictions on the remaining Stock Unit Awards shall be removed
and the number of Stock Unit Awards the Grantee shall be entitled to, if any,
shall equal (i) 1/3rd of
the Stock Unit Awards multiplied by (ii) a fraction, the numerator is the
number of days during the current calendar year in which the Grantee was an
active Participant hereunder and the denominator is 365 days;

     

                           (ii)           In
the event of the Grantee’s death before the Restricted Period has ended, the
restrictions on the Stock Unit Awards shall be removed upon the Grantee’s date
of death, and the number of Stock Unit Awards the Grantee shall be entitled to,
if any, shall equal the number of Stock Unit Awards contingently granted
hereunder without any further adjustment; and

    

                           (iii)         Notwithstanding
the terms of the Plan and paragraph 1.(C)(i), in the event of the Grantee's
Disability or Retirement prior to the end of the Restricted Period, the
Committee may, but shall not be obligated to, permit the Grantee to receive the
number of Stock Unit Awards, if any, that the Grantee would otherwise be
entitled to had the Grantee been an active employee at the end of the Restricted
Period without any reduction for the time the Grantee was not an active employee
during the Restricted Period.

    

    2.           Capitalization
Changes.  Prior to the lifting of restrictions, in the event of
a change in the Company’s outstanding shares by reason of a stock dividend,
stock split, merger, consolidation, stock rights plan or exchange of shares or
other similar corporate change, the Committee shall make appropriate adjustments
in the number of Stock Unit Awards granted hereunder.

     

    3.           Dividends.  Prior to
the lifting of restrictions, the Grantee shall be entitled to receive a cash
amount equivalent to the dividend that would be payable had each remaining Stock
Unit Award been issued in the form of one share of common stock of the Company,
which shall not be refundable in the event the Stock Unit Award is forfeited in
whole or in part.

     

    4.           Investment
Representation.  By executing this Agreement, Grantee
represents that the Stock Unit Award is being held in good faith for investment
purposes only and not with a view to, or for sale in connection with, any
distribution thereof, and that any Stock Unit Award Grantee or Grantee’s legal
representatives acquire pursuant to this award will be acquired by them in good
faith for investment purposes and not with a view to, or for sale in connection
with, any distribution thereof.

     

    5.           Continued
Employment.  Nothing in this Agreement shall restrict the right
of Vectren Corporation or its affiliates to terminate Grantee’s employment or
status as a consultant at any time with or without cause.

     

    7.           The Plan.  This
grant is subject to all the terms, provisions and conditions of the Plan, which
is incorporated herein by reference, including the defined terms not otherwise
defined herein, and to such regulations as may from time to time be adopted by
the Committee.  In the event of any conflict between the provisions of
the Plan and the provisions of this Agreement, the terms, conditions and
provisions of the Plan shall control, and this Agreement shall be deemed to be
modified accordingly.

     

    8.           Withholding.  Vectren
shall withhold all applicable taxes required by law from all amounts paid in
satisfaction of the award.

     

    
      
         

      

      
         

         

      

      
         

      

    

    9.           Notices.  All
notices by the Grantee or his or her assigns to Vectren shall be addressed to
Vectren Corporation, One Vectren Square, Evansville, Indiana  47708,
Attention:  Corporate Secretary, or such other address as Vectren may,
from time to time, specify.  All notices by Vectren to the Grantee
shall be addressed to the Grantee at their current work location at Vectren or,
if they are no longer employed by Vectren, at the address on file for the
Grantee with the Human Resources department of Vectren.

     

    

    
      	 
      	
              VECTREN
      CORPORATION

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	
              Its:  Duly
      Authorized Signatory on behalf of the Compensation and Benefits
      Committee

            
	 
      	 
      	 
      
	 
      	
              Accepted
      as of the date first above written

            
	 
      	 
      	 
      
	 
      	
              ,

            
	 
      	
              Grantee

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