SUPPLEMENTAL INDENTURE
EXHIBIT 4.4
SUPPLEMENTAL INDENTURE dated as of July 6, 2005, between Impax Laboratories, Inc., a Delaware
corporation (hereinafter called the “COMPANY”), having its principal office at 0000 Xxxxxx Xxxxxx,
Xxxxxxxxxxxx, Xxxxxxxxxxxx 00000, and HSBC Bank USA, National Association, a national banking
association, as trustee (hereinafter called the “TRUSTEE”).
W I T N E S S E T H:
WHEREAS, the Company has duly authorized and issued its 3.5% Convertible Senior Subordinated
Debentures Due 2012 (hereinafter called the “DEBENTURES”), in the aggregate principal amount of
$75,000,000 and, to provide the terms and conditions upon which the Debentures were authenticated,
issued and delivered, the Company duly authorized and entered into an Indenture dated as of June
27, 2005, between the Company and the Trustee (the “INDENTURE”); all capitalized terms used and not
otherwise defined herein shall have the respective meanings ascribed to such terms in the
Indenture; and
WHEREAS, the Average Closing Price has been calculated, the Make-Whole Premium Table has been
finalized, and each has been agreed upon by the Company and the Holders of the Debentures and, in
accordance with and pursuant to
Section 12.01(h) of the Indenture, the Company desires to enter into this Supplemental Indenture for the purpose of making provision for the Initial Supplemental Indenture Matters; and
Section 12.01(h) of the Indenture, the Company desires to enter into this Supplemental Indenture for the purpose of making provision for the Initial Supplemental Indenture Matters; and
WHEREAS, all acts and things necessary to make this Supplemental Indenture, when executed by the
Company and the Trustee, as in the Indenture provided, the valid, binding and legal obligations of
the Company, and to constitute this Supplemental Indenture a valid agreement according to its
terms, have been done and performed, and the execution of this Supplemental Indenture has in all
respects been duly authorized;
NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:
That in order to make provision for the Initial Supplemental Indenture Matters, and in
consideration of the premises set forth herein, the Company covenants and agrees with the Trustee
for the equal and proportionate benefit of the respective Holders from time to time of the
Debentures, as follows:
Section 1.01. Average Closing Price. Pursuant to clause (x) of Section 5.01(c) of the Indenture,
the Average Closing Price is calculated to be $15.919.
Section 1.02. Make — Whole Premium. Pursuant to clause (y) of Section 5.01(c) of the Indenture,
Exhibit B to the Indenture is hereby replaced by Exhibit B to this Supplemental Indenture, which
constitutes the Make-Whole Premium Table under the Indenture.
Section 1.03. Effect of Supplemental Indenture. Except as set forth herein, the Indenture shall
remain in full force and effect, and remains the valid, binding, and legal obligation of the
Company and the Trustee, as modified hereby.
Section 1.04. Governing Law. This Supplemental Indenture shall be deemed to be a contract made
under the laws of the State of New York, and for all purposes shall be construed in accordance with
the laws of the State of New York, without regard to conflicts of laws principles thereof.
Section 1.05. Execution In Counterparts. This Supplemental Indenture may be executed in any number
of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument.
Section 1.06. The Trustee. The recitals contained herein shall be taken as the statements of the
Company and the Trustee assumes no responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Supplemental Indenture, or as to the
calculations of the Average Closing Price and the figures set forth in the Make-Whole Premium
Table.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed.
| IMPAX LABORATORIES, INC. |
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| By: | /s/ Xxxxx X. Xxxxxxx | |||
| Xxxxx X. Xxxxxxx | ||||
| Chief Executive Officer | ||||
| HSBC BANK USA, NATIONAL ASSOCIATION, as Trustee |
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| By: | /s/ Xxxxx Xxxxxx | |||
| Name: | Xxxxx Xxxxxx | |||
| Title: | Vice President | |||
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EXHIBIT B
MAKE-WHOLE PREMIUM TABLE
| Effective | Stock Price | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Date | $15.92 | $17.00 | $18.00 | $19.00 | $20.00 | $22.50 | $25.00 | $27.50 | $30.00 | $35.00 | $40.00 | $45.00 | $50.00 | $55.00 | $60.00 | $65.00 | ||||||||||||||||||||||||||||||||||||||||||||||||
7/1/2005 |
14.50 | 12.67 | 11.29 | 10.14 | 9.17 | 7.34 | 6.08 | 5.16 | 4.46 | 3.46 | 2.78 | 2.28 | 1.89 | 1.58 | 1.33 | 1.12 | ||||||||||||||||||||||||||||||||||||||||||||||||
7/1/2006 |
14.50 | 12.38 | 10.89 | 9.67 | 8.65 | 6.79 | 5.54 | 4.66 | 4.01 | 3.10 | 2.49 | 2.05 | 1.70 | 1.43 | 1.20 | 1.02 | ||||||||||||||||||||||||||||||||||||||||||||||||
7/1/2007 |
14.50 | 12.11 | 10.47 | 9.14 | 8.06 | 6.14 | 4.92 | 4.09 | 3.50 | 2.69 | 2.17 | 1.78 | 1.49 | 1.25 | 1.06 | 0.90 | ||||||||||||||||||||||||||||||||||||||||||||||||
7/1/2008 |
14.50 | 11.70 | 9.84 | 8.39 | 7.24 | 5.31 | 4.16 | 3.42 | 2.90 | 2.22 | 1.79 | 1.48 | 1.24 | 1.05 | 0.89 | 0.76 | ||||||||||||||||||||||||||||||||||||||||||||||||
7/1/2009 |
14.50 | 10.50 | 8.36 | 7.11 | 6.11 | 4.36 | 3.31 | 2.65 | 2.21 | 1.68 | 1.35 | 1.12 | 0.94 | 0.80 | 0.68 | 0.59 | ||||||||||||||||||||||||||||||||||||||||||||||||
7/1/2010 |
14.50 | 9.48 | 7.68 | 6.25 | 5.13 | 3.28 | 2.28 | 1.72 | 1.40 | 1.05 | 0.85 | 0.71 | 0.60 | 0.51 | 0.44 | 0.38 | ||||||||||||||||||||||||||||||||||||||||||||||||
7/1/2011 |
14.50 | 9.28 | 7.00 | 5.23 | 3.87 | 1.84 | 0.97 | 0.62 | 0.47 | 0.36 | 0.30 | 0.25 | 0.21 | 0.18 | 0.16 | 0.14 | ||||||||||||||||||||||||||||||||||||||||||||||||
7/1/2012 |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||
