EXHIBIT 10.3
WARRANT REPURCHASE AGREEMENT
NeoTherapeutics, Inc., 000 Xxxxxxxxxx Xxxxx, Xxxxxx, Xxxxxxxxxx,
00000 (the "Company"), and BNC Bach International, Ltd., c/o Rhino Advisors, 000
Xxxx 00xx Xxxxxx, 0xx Xxxxx, Xxx Xxxx, XX 00000 (the "Investor"), (collectively,
the "Parties") agree as follows:
1. The Investor hereby agrees to return to the Company for
cancellation Warrant number NEOT063, dated June 7, 2002 (the "Warrant"), for the
purchase of up to 400,000 shares of the Company's common stock, par value $.001
per share, at an exercise price of $0.275 per share, issued to the Investor
pursuant to that certain Securities Purchase Agreement between the Parties,
dated as of June 7, 2002 (the "Securities Purchase Agreement"), in return for a
cash payment from the Company to the Investor of $50,000.
2. On the date hereof, Investor shall return the Warrant to the
Company at the address set forth above (attention Xxxxxx Xxxxx) by overnight
courier service for delivery on the next business day.
3. Upon receipt of the Warrant from the Investor, as
consideration for the cancellation of the Warrant, the Company shall pay the
Investor $50,000 by wire transfer pursuant to the following wire transfer
instructions:
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4. Delivery of an executed copy of a signature page to this
Warrant Repurchase Agreement by facsimile transmission shall be effective as
delivery of a manually executed copy of this Warrant Repurchase Agreement and
shall be effective and enforceable as the original. This Warrant Repurchase
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument. This Warrant Repurchase Agreement shall be governed and construed in
accordance with the internal laws of the State of California without giving
effect to the conflicts of law principles thereunder.
Executed on July 31, 2002.
NEOTHERAPEUTICS, INC.
By: /s/Xxxxxx Xxxxx
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Name: Xxxxxx Xxxxx
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Title: Senior V.P. Finance, CFO
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BNC BACH INTERNATIONAL, LTD.
By: /s/ X. X. Xxxxxxxx
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Name: X. X. Xxxxxxxx
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Title: Director
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