EX-10.19
from 10-Q
3 pages
When Effective, This Letter Agreement (“Letter Agreement”) Will Modify the Settlement and Release Agreement and Amendments Dated as of March 10, 2011 (The “Settlement Agreement”). Under the Settlement Agreement, Payments of $150,000 Each Were Due on October 11, 2012 (The “October Payment”) and November 13, 2012, and a Payment of $62,296 Was Due on December 11, 2012, With All of the October Payment and Some of the Payment Due on November 13, 2012 to Be Paid to Warren Levy and to Ron Levy for Unpaid Vacation Pay, and the Rest of Those Payments to Be Paid Into Rabbi Trust Accounts Previously Established for the Purpose of Funding Obligations to Pay Deferred Compensation to Warren Levy and Ron Levy. Warren Levy and Ron Levy Have Demanded These Payments, and Unigene (“The Company”) Is Unable or Unwilling to Make Payment in Light of Its Anticipated Priorities and Cash Requirements in Q4 2012 and Q1 2013. as a Compromise and Settlement, and in Consideration of the Mutual Covenants Contained Herein, the Company, Warren Levy, Ron Levy, and the Jaynjean Levy Family Limited Partnership (The “Partnership”) Agree as Follows
12/34/56