AGREEMENT made this 1 st day of July, 2007 ("the Effective Date"), by and between Pharmachem
Laboratories, Inc. ("Pharmachem"), a New Jersey corporation having a place of business at 265 Harrison
Avenue, Kearny, New Jersey 07032, and IGI, Inc. ("IGI"), a Delaware corporation having a place of
business at 105 Lincoln Avenue, Buena, New Jersey 08310.
W I T N E S S E T H :
WHEREAS, IGI is a developer and manufacturer of ingredients and finished products for a number of
applications, and has been licensed exclusive rights to use the Novasome ® technology (hereafter defined)
and the trademark Novasome ® in connection therewith; and
WHEREAS, Pharmachem is a manufacturer and marketer of value-added bulk ingredients and
finished products for cosmetic, personal care and other applications; and
WHEREAS, Pharmachem desires to market such Products (hereinafter defined) that incorporate the
Novasome ® technology, in connection with the trademark Novasome ® ; and
WHEREAS, IGI is willing to sublicense to Pharmachem the exclusive rights to do so, in accordance
with the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the mutual covenants herein, the parties agree as follows:
ARTICLE I. DEFINITIONS
1. "Novasome ® Technology" means the patented, proprietary lipid vesicle encapsulation and
delivery technology, licensed by IGI from Novavax Inc. for use in, among other things, the development
and manufacture of dermatological ingredients and finished products.
2. "Products" means ingredients and finished products intended for use in cosmetic and personal
care dermatological applications, which are developed and manufactured by IGI using the Novasome ®
Technology, for marketing, promotion and sale in connection with the Trademark through the Trade
Channels in the Territory (all hereafter defined).
3. Trademark means the trademark Novasome ®