REVOLVING CREDIT NOTE
FOR VALUE RECEIVED , the undersigned EMERGENT BIODEFENSE OPERATIONS LANSING INC. , a
Michigan corporation, of Lansing, Michigan (“ Borrower ”), promises to pay to the order of FIFTH THIRD BANK , a Michigan
banking corporation, (“ Lender ”), at its office in Grand Rapids, Michigan, or at any other place that the holder of this Note
designates in writing, the sum of Fifteen Million Dollars ($15,000,000) or any lesser amount that Lender shall have loaned to
Borrower under Section 3 of a certain Loan Agreement dated June 8, 2007, between Borrower and Lender (“ Loan Agreement
”), together with interest (computed on the basis of a three hundred sixty (360) day year for the actual number of days elapsed)
on the unpaid balance at an annual rate equal to the Index Rate minus 3/8% (37.5 basis points) until maturity and after maturity
at an annual rate equal to the Index Rate plus 2% (200 basis points). Any change in the interest rate on this Note that is
occasioned by a change in the Index Rate shall be effective on the day of the change in the Index Rate.
“ Index Rate ” means the interest rate that Lender announces from time to time as its “prime” interest rate.
Borrower acknowledges that the rate that Lender announces as its “prime” interest rate at any given time is not the lowest rate
of interest that is available to Lender’s commercial customers at that time.
The interest on this Note shall be payable monthly beginning July 1, 2007, and continuing on the first day of
each succeeding month until the principal is paid in full. The principal of this Note shall be payable as provided in Section 3 of
the Loan Agreement.
Borrower authorizes Lender to debit deposit account No. 7165124210, which Borrower maintains with Lender,
for interest payments that are due to Lender under this Note. If Borrower does not make a payment of interest within ten days
after it is due, then Borrower shall immediately pay to Lender a late charge in an amount e