Exhibit 99.4
June 25, 2002
VIA FEDEX
IGI Inc.
Xxxxx Xxxx xxx Xxxxxxx Xxxxxx
Xxxxx, XX 00000
Attn: Chairman
Re: Purchaser Notice Under Note and Equity Purchase Agreement
dated as of October 29, 1999, as amended to date
Gentlemen:
This letter shall serve as a "Purchaser Notice" as defined in Section
9.1 of that certain Note and Equity Purchase Agreement dated as of October
29, 1999, as amended to date (the "Note Agreement"), by and among IGI, Inc.
(the "Company"), its subsidiaries and American Capital Strategies, Ltd.
("ACAS"), and certain of its affiliates. Capitalized terms used herein
that are not defined herein shall have the same meaning as in the Note
Agreement. As of this date, ACAS is exercising its rights under that
certain Warrant No. W-1 dated as of October 29, 1999, and is purchasing
1,878,640 shares of the Company's Common Stock, $0.01 par value (the
"Shares").
By this Purchaser Notice, ACAS provides you notice that it intends to
sell the Shares. We will wait to receive from you within three Business
Days of your receipt of this Purchaser Notice your IGI Notice as to whether
you intend to purchase the Shares from ACAS.
Sincerely,
AMERICAN CAPITAL STRATEGIES, LTD.
By: /s/ Xxx Xxxxxx
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Xxx Xxxxxx, Executive Vice President
and Chief Operating Officer
