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Exhibit 10.1
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FIRST
AMENDMENT
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TO
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LOAN AND SECURITY
AGREEMENT
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THIS FIRST AMENDMENT TO LOAN
AND SECURITY AGREEMENT (this " Amendment ") is made on July
29, 2008 by and between IGI Laboratories, Inc. (f/k/a IGI, Inc.), a
Delaware corporation with an address of 105 Lincoln Avenue, Buena,
New Jersey 08310 (" Borrower "), and Pinnacle Mountain
Partners LLC, a New Hampshire limited liability company with an
address of 206 Pinnacle Road, Lyndeborough, New Hampshire, 03082
(together with its successors and assigns, " Lender ").
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WHEREAS, Borrower and Lender
entered into that certain Loan and Security Agreement, dated as of
January 29, 2007 (the " Loan Agreement "), and the Loan
Agreement provides that it may only be amended by a writing signed
by both Borrower and Lender; and
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WHEREAS, Borrower and Lender
desire to amend certain provisions of the Loan Agreement as set
forth herein.
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NOW, THEREFORE, in
consideration of the mutual promises contained herein, and other
good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, and intending to be legally bound
hereby, Borrower and Lender hereby agree that the Loan Agreement is
hereby amended as follows:
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1. Amendment to Article I, Section 1 . The
first sentence in Section 1 of Article I of the Loan Agreement is
hereby amended and restated in its entirety to read:
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Lender agrees to make revolving loans (the "Revolving Loans") to
or for the account
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