Document:

ex10-19.htm

 

 

	 		Exhibit 10.19

 

	  
 

 

 

 

Adam Saravay

Partner

T. 973.639.2023

F. 973.297.3749

asaravay@mccarter.com

 

  
 

 

McCarter & English, LLP

Four Gateway Center

100 Mulberry Street

Newark, NJ  07102-4056

T. 973.622.4444

F. 973.624.7070

www.mccarter.com

 

 

  
BOSTON

 

HARTFORD

 

NEW YORK

 

NEWARK

 

PHILADELPHIA

 

STAMFORD

	December 18, 2012 
 

VIA E-MAIL

 

Matthew E. Tashman, Esq.

Reed Smith LLP

2500 One Liberty Place

Philadelphia, PA 19103

 

 
Re:   Unigene/Levy

 

Dear Mr. Tashman:

 

When effective, this letter agreement (“Letter Agreement”) will modify the Settlement and Release Agreement and Amendments dated as of March 10, 2011 (the “Settlement Agreement”).  Under the Settlement Agreement, payments of $150,000 each were due on October 11, 2012 (the “October Payment”) and November 13, 2012, and a payment of $62,296 was due on December 11, 2012, with all of the October Payment and some of the payment due on November 13, 2012 to be paid to Warren Levy and to Ron Levy for unpaid vacation pay, and the rest of those payments to be paid into rabbi trust accounts previously established for the purpose of funding obligations to pay deferred compensation to Warren Levy and Ron Levy.  Warren Levy and Ron Levy have demanded these payments, and Unigene (“the Company”) is unable or unwilling to make payment in light of its anticipated priorities and cash requirements in Q4 2012 and Q1 2013.  As a compromise and settlement, and in consideration of the mutual covenants contained herein, the Company, Warren Levy, Ron Levy, and the Jaynjean Levy Family Limited Partnership (the “Partnership”) agree as follows:

 

1. The Company will pay $100,000.00 to Warren Levy and to Ron Levy (allocated $50,000.00 to Warren Levy and $50,000.00 to Ron Levy) as partial payment of the October Payment by wire transfer no later than 48 hours from the date this letter is transmitted to you, as counsel for the Company, with the signatures of Warren Levy and Ron Levy, on behalf of themselves and the Partnership.

 

2. The payment dates for the balance of the October Payment, and for the payments that were due on November 13, 2012 and December 11, 2012, and for the payments that were originally scheduled in the Settlement Agreement to be paid to the Partnership on July 11, 2012, August 13, 2012, and September 11, 2012 (in the amounts of $150,000 each) will be deferred to June 18, 2013.

 

 

  

  

  

	  

 

	 	 
Matthew E. Tashman, Esquire

December 18, 2012

Page 2

 

3. This Letter Agreement will not be effective until the payment described in paragraph 1 has been made.  You will hold the signatures of Warren Levy, Ron Levy, and the Partnership in escrow until the payment has been made and confirmed and a fully signed copy of this Letter Agreement has been transmitted to me as counsel for the Levy Parties.

 

4. The Settlement Agreement shall remain in full force and effect, except as modified by this Letter Agreement.  For the avoidance of doubt, this Letter Agreement shall not modify any interest obligations currently in effect.  The parties reserve all rights except as provided in this Letter Agreement.

 

5. The Company represents that it has the authority and ability and has obtained any necessary approvals to enter into this Letter Agreement and to make the payment described in paragraph 1.

 

This Letter Agreement shall not be construed more strictly against one party or another based upon the identity of the drafter.  All parties have had an opportunity to review the Letter Agreement and to suggest modifications to it.

 

 

Very truly yours,

 

 

/s/ Adam Saravay

 

 

Adam Saravay

 

The following hereby agree to this modification of the Settlement Agreement:

 

 

UNIGENE LABORATORIES, INC.

By:       /s/ Ashleigh Palmer                                               

Name:  Ashleigh Palmer, Chief Executive Officer

THE JAYNJEAN LEVY FAMILY LIMITED PARTNERSHIP

By:       /s/ Warren P. Levy                                                  

Name:  Warren P. Levy, General Partner

 

 

  

  

  

 

 

	 	Matthew E. Tashman, Esquire 
December 18, 2012

Page 3

 

 

By:        /s/ Ronald S. Levy                                             

Name:  Ronald S. Levy, General Partner

/s/ Warren P. Levy                                                           

Warren P. Levy

/s/ Ronald S. Levy                                                          

Ronald S. LevyExhibit 4.1

   Exhibit 4.1
 SPECIMEN UNIT CERTIFICATE
 UNITS
 NUMBER U-
 SEE REVERSE FOR CERTAIN DEFINITIONS
 TECHNOLOGY APPLICATIONS INTERNATIONAL CORPORATION
 CUSIP #
 UNITS CONSISTING OF ONE SHARE OF COMMON STOCK AND A WARRANT
 TO PURCHASE ONE SHARE OF COMMON STOCK.
 

 THIS CERTIFIES THAT ____________________ is the owner of _____________Units. 
 Each Unit (“Unit”) consists of one (1) share (“Share”) of common stock, par value $.001 per share (“Common Stock”), of TECHNOLOGY APPLICATIONS INTERNATIONAL CORPORATION, a Florida corporation (the “Company”), and a warrant (the “Warrants”) to purchase one (1) share of Common Stock at a per share exercise price of $1.50 (subject to adjustment). Each Warrant will become exercisable on the __ th day following the date of the prospectus which forms a part of the Company’s Registration Statement, No. 0-53698 on Form S-1, and are immediately detachable. 
 The Share and Warrant comprising each Unit represented by this certificate are immediately and separately transferable. 
 The terms of the Warrants are governed by a Warrant Agreement, dated as of [     ], 2013, between the Company and our Transfer Agent., as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. 
 Copies of the Warrant Agreement are on file at the office of the Company and Warrant Agent, and are available to any Warrant holder on written request and without cost. 
 This certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company. 
 Witness the facsimile seal of the Company and the facsimile signature of its duly authorized officers. 
 

 [TECHNOLOGY APPLICATIONS INTERNATIONAL CORPORATION]
 

 COUNTERSIGNED AND REGISTERED: 
 TRANSFER AGENT:
 

 TRANSFER AGENT AND REGISTRAR 
 

 By: 
 AUTHORIZED OFFICER 
 

 By: 
 (SIGNATURE) 
 CHIEF EXECUTIVE OFFICER 
 

  Technology Applications International Corporation Specimen Unit Certificate

  1/3

 

 

  
 
 

 [REVERSE OF CERTIFICATE]
 TECHNOLOGY APPLICATIONS INTERNATIONAL CORPORATION
 The Company will furnish without charge to each stockholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional or other special rights of each class of shares or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights. This certificate and the units represented hereby are issued and shall be held subject to the terms and conditions applicable to the securities underlying and comprising the units, including, as applicable, the Company’s Certificate of Incorporation, By-Laws and all amendments thereto, the Warrant Agreement and resolutions of the Board of Directors providing for the issue of securities (copies of which may be obtained from the secretary of the corporation), to all of which the holder(s) of this certificate by acceptance hereof assents. 
 The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
 TEN COM – as tenants in common 
 TEN ENT – as tenants by the entireties 
 JT TEN – as joint tenants with right of survivorship and not as tenants in common 
 UNIF GIFT MIN ACT – under Uniform Gifts to Minors Act 
 Additional abbreviations may also be used though not in the above list. 
 For value received______________________, hereby sell(s), assign(s) and transfer(s) unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE(S) 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Technology Applications International Corporation Specimen Unit Certificate

  2/3

 

 

  
 
 

 

  (PLEASE PRINT OR TYPEWRITE NAME(S) AND ADDRESS(ES), INCLUDING ZIP CODE, OF ASSIGNEE(S)) 
 

 

 

 Units represented by the within Certificate, and hereby irrevocably constitute(s) and appoint(s) 
 

 

 Attorney to transfer the said Units on the books of the within named Company with full power of substitution in the premises. 
 Dated: 
 Notice: The signature(s) to this assignment must correspond with the name(s) as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever. 
 

  	 	 	 
	  
	  
	  

	 Signature(s) Guaranteed:

	  
	  

	  
	  

	 By
	  
	 :_______________________________________

	 

 

	  
	  

 THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15). 
 

 

 

  Technology Applications International Corporation Specimen Unit Certificate

  3/3Exhibit 4.2

   Exhibit 4.2
 SPECIMEN WARRANT CERTIFICATE 
  	 	 	
	  
	  
	  

	 NUMBER
	  
	 WARRANTS

	 W- 
	  
	  

 (THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 5:00 P.M. 
 EASTERN U.S. TIME,___ , 2014) 
 

 TECHNOLOGY APPLICATIONS INTERNATIONAL CORPORATION
 CUSIP #
 WARRANT 
 THIS WARRANT CERTIFIES THAT, for value received or registered agents, is the registered holder of a Warrant or Warrants expiring [       ], 2014 (the “Warrant”) to purchase one fully paid and non-assessable ordinary share, par value $.001 per share (the “Shares”), of Technology Applications International Corporation, a Florida corporation (the “Company”), for each Warrant evidenced by this Warrant Certificate. 
 The Warrant entitles the holder thereof to purchase from the Company, such number of Shares at the price of $1.50 per share (the “Warrant Price”), upon surrender of this Warrant Certificate and payment of the Warrant Price at the office or agency of the Warrant Agent, __________________who is the Company’s Transfer Agent, such payment to be made by check made payable to the Warrant Agent, but only subject to the conditions set forth herein and in the Warrant Agreement between the Company and Transfer Agency. In no event shall the registered holder(s) of this Warrant be entitled to receive a net-cash settlement, Shares or other consideration in lieu of physical settlement in Shares of the Company. The Warrant Agreement provides that, upon the occurrence of certain events, the Warrant Price and the number of Warrant Shares purchasable hereunder, set forth on the face hereof, may be adjusted, subject to certain conditions. The term Warrant Price as used in this Warrant Certificate refers to the price per Share at which Shares may be purchased at the time the Warrant is exercised. 
 This Warrant will expire on the date first above written if it is not exercised prior to such date by the registered holder pursuant to the terms of the Warrant Agreement. 
 

 No fraction of a Share will be issued upon any exercise of a Warrant. If, upon exercise of a Warrant, a holder would be entitled to receive a fractional interest in a Share, the Company will, upon exercise, round up to the nearest whole number the number of Shares to be issued to the warrant holder. 
 Upon any exercise of the Warrant for less than the total number of full Shares provided for herein, there shall be issued to the registered holder(s) hereof or its assignee(s) a new Warrant Certificate covering the number of Shares for which the Warrant has not been exercised. 
 Warrant Certificates, when surrendered at the office or agency of the Warrant Agent by the registered holder(s) hereof in person or by attorney duly authorized in writing, may be exchanged in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants. 
 Upon due presentment for registration of transfer of the Warrant Certificate at the office or agency of the Warrant Agent, a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any applicable tax or other governmental charge. 
 The Company and the Warrant Agent may deem and treat the registered holder(s) as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone) for the purpose of any exercise hereof, of any distribution to the registered holder(s), and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 
 This Warrant does not entitle the registered holder(s) to any of the rights of a shareholder of the Company. 
 

  Technology Applications International Corporation Specimen Warrant Certificate

  1/4

 

 

  
 
 

 

 COUNTERSIGNED: 
 

 

 WARRANT AGENT 
 

 BY: 
 AUTHORIZED OFFICER 
 DATED: 
 

 TECHNOLOGY APPLICATIONS INTERNATIONAL CORPORATION
 

 _________________________
 (Signature) 
 CHIEF EXECUTIVE OFFICER 
 

 (Seal) 
 

 _________________________
 (Signature) 
 PRESIDENT 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Technology Applications International Corporation Specimen Warrant Certificate

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 [REVERSE OF CERTIFICATE]
 SUBSCRIPTION FORM 
 

 To Be Executed by the Registered Holder(s) in Order to Exercise Warrants 
 The undersigned Registered Holder(s) irrevocably elect(s) to exercise Warrants represented by this Warrant Certificate, and to purchase the shares of Common Stock issuable upon the exercise of such Warrants, and requests that Certificates for such shares shall be issued in the name(s) of 
 (PLEASE TYPE OR PRINT NAME(S) AND ADDRESS) 
 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER(S)) 
 And to be delivered to: 
 

 

 (PLEASE PRINT OR TYPE NAME(S) AND ADDRESS)
 

 and, if such number of Warrants shall not be all the Warrants evidenced by this Warrant Certificate, that a new Warrant Certificate for the balance of such Warrants be registered in the name of, and delivered to, the Registered Holder(s) at the address(es) stated below: 
 Dated: 
 (SIGNATURE(S)) 
 (ADDRESS(ES)) 
 (TAX IDENTIFICATION NUMBER(S)) 
 

 

 

 

 

 

 

 

 

 

 

  Technology Applications International Corporation Specimen Warrant Certificate

  3/4

 

 

  
 
 

 ASSIGNMENT 
 

 To Be Executed by the Registered Holder in Order to Assign Warrants 
 For Value Received, hereby sell(s), assign(s), and transfer(s) unto 
 (PLEASE TYPE OR PRINT NAME(S) AND ADDRESS(ES)) 
 

 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER(S)) 
 

 And be delivered to:
 

 

 (PLEASE PRINT OR TYPE NAME(S) AND ADDRESS)
 of the Warrants represented by this Warrant Certificate, and hereby irrevocably constitute and appoint Attorney to transfer this Warrant Certificate on the books of the Company, with full power of substitution in the premises. 
 Dated: 
 (SIGNATURE(S)) 
 

 

 Notice: The signature(s) to this assignment must correspond with the name(s) as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever. 
 Signature(s) Guaranteed: 
 

 

 

 THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15). 
 

 THE SIGNATURE(S) TO THE ASSIGNMENT OF THE SUBSCRIPTION FORM MUST CORRESPOND TO THE NAME(S) WRITTEN UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR CHICAGO STOCK EXCHANGE. 
 

 

  Technology Applications International Corporation Specimen Warrant Certificate

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