FOURTH AMENDMENT TO LETTER AGREEMENT
This Amendment to the Letter Agreement dated January 15, 1997 among Immtech
International, Inc., The University of North Carolina at Chapel Hill and
Pharm-Eco Laboratories, Inc. (The "Letter Agreement") is effective as of October
1, 1998.
RECITALS
A. Immtech has not completed an IPO or the Alternative Financing required by
Paragraph 1 of the Letter Agreement within the nine month period specified in
Paragraph 10 thereof, as extended until February 28, 1999, permitting any of the
parties to terminate the Letter Agreement as of the effective date of this
Amendment.
B. Immtech has requested an extension of time to permit it to complete an IPO.
C. UNC and Pharm-Eco are willing to grant an extension of time to Immtech on the
condition specified below.
AGREEMENT
1. In return for Immtech agreeing to pay upon the completion of the IPO a
$100,000 Research Grant to Xx. Xxxxxxx Xxxxxxx'x laboratory at UNC for the
quarter period January-March, 1999, UNC and Pharm-Eco agree to extend the Letter
Agreement until March 31, 1999, to allow Immtech time to complete the IPO.
Immtech will be given an automatic extension of up to two additional weeks, if
the SEC or NASD response to Immtech submission is latter than 30 days from the
original submission date of February 11, 1999. This Research Grant will be in
addition to Immtech's obligation to provide Research Grants as described in the
Letter Agreement and subsequently amended.
2. Capital terms used herein have the same meaning given in the Letter
Agreement.
3. Other than as amended herein and in the prior Amendments effective October
15, 1997, the Second Amendment effective January 15, 1998, and in the Third
Amendment effective January 15, 1999, the Letter Agreement remains in full force
and effect.
The University of North Pharm-co Laboratories, Inc. Immtech International,
Carolina at Chapel Hill Inc.
By: /s/ Xxxxxxx X. Xxxxx By: /s/ [Illegible] By: /s/ [Illegible]
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Xxxxxxx X. Xxxxx, Ph.D.
Director, Office of Tech-
Title: nology Development Title: Core Team Title: President & CEO
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Date: March 6, 1999 Date: March 8, 1999 Date: March 5, 1999
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