EXHIBIT 2
SALES AGREEMENT BETWEEN CHEMICAL COMPANY OF MALAYSIA
BERHAD & NORTH AMERICA VENTURE FUND, L.P.
& AMERICAN MAJOR INDUSTRY FUND, L.L.C.
FOR SALE OF 1 MILLION COMMON STOCK
IN IMPAX LABORATORIES INC.
1. Purchaser : North America Venture Fund L.P.
American Major Industry Fund, L.L.C.
2. Seller : Chemical Company of Malaysia Berhad
3. Contract Date : 31 May 2002
4. Number of Shares Sold : 1,000,000 Common Stock of Impax Laboratories, Inc.
5. Sales Price : US$7.40 per share of common stock
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6. Total contract amount : Amount No. of
Shares
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North America Venture Fund, L.P. US$4,300,000 581,081
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American Major Industry Fund, L.L.C. US$3,100,000 419,919
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Total (net of bank charges) US$7,400,000 1,000,000
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7. Start of Settlement Method : 3 June 2002
8. Abbreviations : Chemical Company of Malaysia Berhad CCM
China Development Industrial Bank, Inc. CDIB
North America Venture Fund, L.P. NAVF
American Major Industry Fund, L.L.C. AMIF
Impax Laboratories, Inc. Impax
9. Settlement Method : i) CCM sends a letter to Impax regarding the sale of shares together
with stock certificate.
ii) Impax will send a written confirmation to "CDIB" of its
receipt of stock certificate and the letter regarding CCM's sale of
1 million shares to NAVF and AMIF.
iii) Following CDIB's receipt of written confirmation from Impax,
NAVF and AMIF will execute the transfer of sales proceeds to CCM.
iv) CCM will confirm its receipt of sales proceeds to Impax who will
then proceed with the shares transfer and deliver the shares in
a certified form to NAVF and AMIF.
If the settlement method outlined in (i) to (iv) is not completed by 17 June
2002 (completion date), the purchaser and seller can by mutual consent agree to
extend the completion date.
If the completion date is not extended, then CCM will immediately return to NAVF
and AMIF the amount deposited by NAVF and AMIF, together with all interest
earned thereon, respectively on receipt of written confirmation by Impax that
the transfer is invalidated and the shares certificates will be returned to CCM.
If CCM shall fail to comply with its delivery requirements following the start
of settlement method, then NAVF and AMIF shall have the right, by delivery of
written notice to CCM and Impax, to require the immediate return of all amounts
deposited by NAVF and AMIF, together with all interest earned thereon.
10. Bank Account : Bank XX Xxxxxx Xxxxx Bank, New York
(Swift Code: XXXXXX00)
Account Name AAMB International (L) Ltd.
Federal Territory
Account No. 400-035405
Favouring CCM Investments Ltd.
(A/C No.: ###-##-####)
11. Regulatory Approvals : Each company will comply with the appropriate SEC filing requirements within
45 days of contract date.
12. Time Zone : Malaysian and Taiwan time zone for the definition of specified dates.
13. Ownership of Shares : The Seller is the sole and beneficial owner of the Shares. The Seller owns
the Shares free and clear of all liens and will deliver all of the Shares to be
sold to the Purchaser under this Agreement free and clear of all liens.
Agreed by: Agreed by:
/s/ Oh Xxx Xxx /s/ Xxxxx Xxxx
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Oh Xxx Xxx, Group Executive Director Xxxxx Xxxx, Managing Member
Chemical Company of Malaysia Berhad North America Venture Fund, L.P.
/s/ Chia-Xxxx Xxx
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Chia-Xxxx Xxx, Director
American Major Industry Fund, L.L.C.
Date: 31 May 2002
