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EXHIBIT 10.65
July 27, 1997
Xx. Xxxxx X. Hagelstin
0000 Xxxxx Xxxxxxxx Xxxxxx
Xxxxx 000
Xxxxxxxxxx, Xxxxxxxx 00000
Xx. Xxx X. Xxxxxx
Xxxxxx & Company, Inc.
0000 Xxxxx Xxxxxxxx
Xxxxx 000
Xxxxxxxxxx, Xxxxxxxx 00000
Sun Pharmaceutical Industries Limited
Synergy House, Subhanpura
Xxxxx Xxxx, Xxxxxx, 000-000 Xxxxx
Attn: Xxxxx Xxxxxxxx
RE: XXXXXX PHARMACEUTICAL LABORATORIES, LTD. (THE "COMPANY")
Dear Messrs. Hagelstein, Joliat and Xxxxxxxx:
This document when countersigned by Hagelstein, Joliat, and Sun Pharmaceutical
Industries Ltd. ("Sun") will constitute a binding addendum to the Caraco
Pharmaceutical Laboratories, Ltd. (the "Company") contribution agreement letter
dated March 27, 1997 between Messrs. Hagelstein, Joliat and Sun.
As required under the agreement Xx. Xxxxxx contributed $150,000 which under this
addendum is to be construed as the equivalent of 150,000 common shares, as all
parties to the agreement concur that Xx. Xxxxxx could have purchased 150,000
common shares in the open market for $150,000 or less at the time of the cash
contribution. The remaining balance due from Xx. Xxxxxx under the contribution
agreement is $200,000 or 100,000 common shars and is to be made at Xx. Xxxxxx'x
election as outlined in the lst paragraph of the contribution agreement.
Very truly yours,
CARACO PHARMACEUTICAL LABORATORIES, LTD.,
a Michigan corporation
/s/Xxxxxxx X. Xxxx
By: Xxxxxxx X. Xxxx
Its: President
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The terms and provisions of this
letter agreement, and each of them,
are hereby accepted and approved:
/s/Xxx X. Xxxxxx Dated: July 27, 1997
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Xxx X. Xxxxxx, individually and
as Trustee of the Xxx X. Xxxxxx
Qualified Terminable Interest
Marital Trust u/a/d 4/8/82
/s/Xxxxx X. Xxxxxxxxxx Dated: July 27, 1997
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Xxxxx X. Xxxxxxxxxx, individually and
as Trustee of the Xxxxx Xxxxxxxxxx
Trust u/a/d 10/27/93
Sun Pharmaceutical Industries Limited
By: /s/Xxxxx Xxxxxxxx Dated: July 27, 1997
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Xxxxx Xxxxxxxx
Its: Managing Partner
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