Exhibit 10.28
AMENDMENT
THIS AMENDMENT (this "AMENDMENT") to the Second Exchange Option
Agreement dated as of February 17, 1998 (the "SECOND EXCHANGE OPTION
AGREEMENT"), is made and entered into as of August 29, 2005 by and among EpiCept
Corporation, a Delaware corporation (formerly known as American Pharmed Labs,
Inc.) (the "COMPANY"), and tbg Technologie-Beteiligungs-Gesellschaft mbh der
Deutschen Ausgleichsbank ("TBG" or the "HOLDER"). Capitalized terms used herein
without definition shall have their respective meanings assigned in the Second
Exchange Option Agreement.
WHEREAS, the Company and tbg entered into the Second Exchange Option
Agreement relating to the terms and conditions of the Silent Partnership II;
WHEREAS, upon certain circumstances as set forth in Section 1(a) of
the Second Exchange Option Agreement, the Company has the right to require tbg
to terminate the Silent Partnership II and to exchange the claim for the
Principal Amount of the Silent Partnership II for shares of common stock, par
value $0.0001, of the Company (the "COMMON STOCK");
WHEREAS, the Company intends to enter into an Agreement and Plan of
Merger among the Company, Maxim Acquisition Corp. and Maxim (the "MERGER
AGREEMENT") pursuant to which a wholly owned subsidiary of the Company with
merge (the "MERGER") with and into Maxim Pharmaceuticals, Inc. ("MAXIM");
WHEREAS, the Merger Agreement will provide that the Company will
require tbg to terminate the Silent Partnership II as contemplated by Section
1(a)(iv) of the Second Exchange Option Agreement; and
WHEREAS, the Company and the Holders desire to amend the Second
Exchange Option Agreement to clarify the method by which the number of shares of
Common Stock issuable upon such exchange is calculated.
NOW, THEREFORE, the parties hereto, in consideration of the premises
and their mutual covenants and agreements herein set forth, and intending to be
legally bound hereby, covenant and agree as follows:
ARTICLE 1
AMENDMENTS
1.1 Amendment to Section 1(b). A new sentence is hereby added to the end of
Section 1(b) to read as follows:
"Anything in this Section 1(b) to the contrary notwithstanding, in the
event the Silent Partnership II is terminated pursuant to Section
1(a)(iv) in connection with the merger of Maxim Acquisition Corp. and
Maxim Pharmaceuticals, Inc., the Call Shares shall be the greatest
whole number less than or equal to the quotient calculated by dividing
the Principal Amount of the Silent Partnership II by $2.02."
1.2 Waiver of Notice Provisions. tbg hereby waives the Exercise Notice
required by Section 3(a) of the Second Exchange Option Agreement and any
additional notices that would be required by the terms of the Second Exchange
Option Agreement, the Investment Agreement between EpiCept GmbH (formerly known
as Pharmed Labs GmbH) and tbg, dated as of February 17, 1998, or any other
relevant agreement between the Company, tbg and EpiCept GmbH.
ARTICLE 2
MISCELLANEOUS
2.1 Counterparts. This Amendment may be executed in more than one
counterpart, each of which shall be deemed to be an original and which,
together, shall constitute one and the same instrument Any such counterpart may
contain one or more signature pages.
2.2 Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE SUBSTANTIVE LAWS OF THE STATE OF DELAWARE,
WITHOUT REGARD TO ITS PRINCIPLES OF CONFLICTS OF LAW.
2.3 Confirmation. This Amendment and the Second Exchange Option Agreement
shall henceforth be read together. Except as expressly set forth herein, the
Second Exchange Option Agreement shall remain unchanged and is in all respect
confirmed and preserved.
2.4 Severability. In case any provision in this Amendment shall be held
invalid, illegal, or unenforceable in any respect for any reason, the validity,
legality, and enforceability of any such provision in every other respect and
the remaining provisions shall not in any way be affected or impaired thereby.
2.5 Facsimile Signatures. This Amendment may be executed and delivered by
facsimile and upon such delivery the facsimile signature will be deemed to have
the same effect as if the original signature had been delivered to the other
party.
2.6 Headings. Article, section and subsection headings in this Amendment
are included for convenience of reference only and shall not constitute a part
of this Amendment for any other purpose.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of August 29, 2005.
THE COMPANY:
EPICEPT CORPORATION
By: /s/ Xxxx X. Xxxxxx
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Name: Xxxx X. Xxxxxx
Title: Chief Executive Officer
TBG TECHNOLOGIE-BETEILIGUNGS
GESELLSCHAFT MBH
By: /s/ Fr. Rubenach
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Name: Fr. Rubenach
Title: Representative Officer
Address:
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