SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
Under the Securities Exchange Act of 1934
(Amendment No. 15)*
IVAX CORPORATION
(Name of Issuer)
Common Stock, $.10 par value
(Title of Class of Securities)
465823102
(Cusip Number)
Richard C. Pfenniger, Jr.,
4400 Biscayne Boulevard,
Miami, FL 33137 (305) 575-6000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 12, 1996
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of the Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with the statement [ ] (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filed out for a reporting person's
initial on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter disclosures
provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on following page(s))
Page 1 of 50
Exhibit Index on Page 11
<PAGE>
- ---------------------------------- ---------------------
CUSIP No. 966524-10-0 13D Page 2 of 50 Pages
- ---------------------------------- ---------------------
- -------------------------------------------------------------------------------
1 NAME OF REPORTING
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PHILIP FROST, M.D.
SS# ###-##-####
- -------------------------------------------------------------------------------
2 Check the appropriate Box if a Member of a Group (a) |X|
(b) |_|
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFI- --------------------------------------------------
CIALLY 8 SHARES VOTING POWER
OWNED BY 15,123,684
EACH --------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH --------------------------------------------------
10 SHARED DISPOSITIVE POWER
15,123,684
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,123,684
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.43%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
<PAGE>
- ---------------------------------- ---------------------
CUSIP No. 966524-10-0 13D Page 3 of 50 Pages
- ---------------------------------- ---------------------
- -------------------------------------------------------------------------------
1 NAME OF REPORTING
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FROST-NEVADA, LIMITED PARTNERSHIP
IRS I.D. #59-2749083
- -------------------------------------------------------------------------------
2 Check the appropriate Box if a Member of a Group (a) |X|
(b) |_|
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEVADA
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFI- --------------------------------------------------
CIALLY 8 SHARES VOTING POWER
OWNED BY 15,123,684
EACH --------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH --------------------------------------------------
10 SHARED DISPOSITIVE POWER
15,123,684
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,123,684
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.43%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- -------------------------------------------------------------------------------
<PAGE>
- ---------------------------------- ---------------------
CUSIP No. 966524-10-0 13D Page 4 of 50 Pages
- ---------------------------------- ---------------------
- -------------------------------------------------------------------------------
1 NAME OF REPORTING
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FROST-NEVADA CORPORATION
IRS I.D. #59-274-9057
- -------------------------------------------------------------------------------
2 Check the appropriate Box if a Member of a Group (a) |X|
(b) |_|
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEVADA
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFI- --------------------------------------------------
CIALLY 8 SHARES VOTING POWER
OWNED BY 15,123,684
EACH --------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH --------------------------------------------------
10 SHARED DISPOSITIVE POWER
15,123,684
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,123,684
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.43%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- -------------------------------------------------------------------------------
<PAGE>
- ---------------------------------- ---------------------
CUSIP No. 966524-10-0 13D Page 5 of 50 Pages
- ---------------------------------- ---------------------
- -------------------------------------------------------------------------------
1 NAME OF REPORTING
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PATRICIA FRONT
SS: ####-##-####
- -------------------------------------------------------------------------------
2 Check the appropriate Box if a Member of a Group (a) |X|
(b) |_|
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFI- --------------------------------------------------
CIALLY 8 SHARES VOTING POWER
OWNED BY 163,034
EACH --------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH --------------------------------------------------
10 SHARED DISPOSITIVE POWER
163,034
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
163,034
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* |_|
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.13%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
<PAGE>
Item 1. Security and Issuer.
This is Amendment No. 15 to the Schedule 13D previously filed
by Phillip Frost, M.D., Frost-Nevada, Limited Partnership (the "Partnership"),
Frost-Nevada Corporation and Patricia Frost (collectively, the "Reporting
Persons"), with respect to Common Stock, $.10 par value (the "Shares") of IVAX
Corporation (the "Issuer"). The principal executive officers of the Issuer are
located at 4400 Biscayne Boulevard, Miami, Florida, 33137-3227. Information
regarding each of the Reporting Persons is set forth below.
Item 2. Identity and Background.
Item 2 is amended and restated in its entirety as follows:
Dr. Frost's present principal occupation is as Chairman of the
Board of Directors and Chief Executive Officer of IVAX Corporation, a Florida
corporation, which through its subsidiaries is engaged primarily in the
research, development, manufacturing, marketing and distribution of health care
products. Dr. Frost's principal business address is 4400 Biscayne Boulevard,
Miami, Florida 33137.
The Partnership is a limited partnership organized and
existing under the laws of the State of Nevada with its principal office and
business address located at 3500 Lakeside Court, Suite 200, Reno, Nevada 89509.
The principal business of the Partnership is the investment in marketable
securities, precious metals and commodities and real estate located in Nevada.
Frost-Nevada Corporation is the sole general partner, and Dr. Frost is the sole
limited partner, of the Partnership.
Frost-Nevada Corporation is a corporation organized and
existing under the laws of the State of Nevada with its principal office and
business address located at 3500 Lakeside Court, Suite 200, Reno, Nevada 89509.
The principal business of Frost-Nevada Corporation is acting as the general
partner of the Partnership. Dr. Frost is the sole shareholder, a director and an
officer of Frost-Nevada Corporation. Neil Flanzraich is a director and an
officer of Frost-Nevada Corporation. Neil Flanzraich's present principal
occupation is as an attorney with the law firm of Heller, Ehrman, White &
McAuliffe. Mr. Flanzraich's principal business address is 525 University Avenue,
Palo Alto, California 94301-1900.
Patricia Frost is retired. Mrs. Frost's residence address
is 125 East San Marino Drive, Miami, Florida, 33139. Mrs. Frost is the wife of
Dr. Frost.
To the best knowledge of each of the Reporting Persons,
neither such Reporting Person nor Mr. Flanzraich has been convicted in any
criminal proceeding (excluding traffic violations and similar misdemeanors), or
was a party to any civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
activity subject to, federal or state securities laws or finding any violation
with respect to such laws during the last five years. Each of Dr. Frost, Mrs.
Frost and Mr. Flanzraich is a citizen of the United States.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is amended and supplemented as follows:
Page 6 of 50
<PAGE>
The aggregate purchase price of Shares of the Issuer purchased
by the Partnership, Phillip Frost, M.D. and Patricia Frost reported in this
Amendment No. 15, including the payment of commissions, was $3,428,225,
$14,612,633.25 and $585,750, respectively. The source of funds used in making
these purchases was working capital of the Partnership and the personal funds of
Phillip Frost, M.D. and Patricia Frost. No portion of the consideration used by
the Reporting Persons in making the purchases described above was borrowed or
otherwise obtained for the purpose of acquiring, holding, trading or voting the
Shares.
Item 4. Purpose of Transaction.
Item 4 is amended in its entirety and restated as follows:
The Shares were acquired by one or more of the Reporting
Persons as an investment. The Reporting Persons intend to monitor their
investment in the Shares on a continuing basis. The Reporting Persons may
acquire additional Shares (subject to availability of Shares of prices deemed
favorable) in the open market, in privately negotiated transactions, by tender
offer or otherwise. Alternatively, the Reporting Persons reserve the right to
dispose of some or all of their Shares in the open market or in privately
negotiated transactions or otherwise depending upon the course of actions that
the Reporting Persons or the Issuer pursue, market conditions and other factors.
Although the foregoing represents the range of activities presently contemplated
by the Reporting Persons with respect to the Shares, it should be noted that the
possible activities of the Reporting Persons are subject to change at any time.
Except as otherwise stated herein, none of the Reporting
Persons have any present plans or proposals which relate to or would result in
any of the actions described in subparagraphs (a) through (j) of Item 4 of
Schedule 13D.
Item 5. Interest in Securities of the Issuer.
Item 5 is amended in its entirety and restated as follows:
AMOUNT OF SHARES PERCENTAGE
NAME BENEFICIALLY OWNED CLASS*
---- ------------------ ----------
Phillip Frost, M.D. 15,123,684** 12.43%
Frost-Nevada Corporation 15,123,684** 12.43%
Frost-Nevada, Limited 15,123,684** 12.43%
Partnership
Patricia Frost 163,034*** 0.13%
- ----------------------------
* Based on 121,667,400 Shares consisting of 121,457,902 Shares
outstanding as of June 30, 1996, as reported on the Issuer's Quarterly
Report on Form 10-Q for the quarter ended June 30, 1996 and assumes (i)
the exercise by Phillip Frost, M.D. of options to purchase 193,750
Shares and (ii) the conversion by the Partnership of $500,000 in
principal amount of the Issuer's 6 1/2% Subordinated Convertible Notes
due in 2001 into 15,748 Shares.
** These Shares are owned of record by one or more of such Reporting
Persons. As the sole limited partner of the Partnership and the sole
shareholder, a director and an officer of Frost-Nevada Corporation,
the general partner of the Partnership, Dr. Frost may be deemed a
beneficial owner of the Shares. Record
Page 7 of 50
<PAGE>
ownership of the Shares may be transferred from time to time among any
or all of Dr. Frost, the Partnership and Frost-Nevada Corporation.
Accordingly, solely for purposes of reporting beneficial ownership of
the Shares pursuant to section 13(d) under the Securities Exchange Act
of 1934, as amended, each of Dr. Frost, the Partnership and
Frost-Nevada Corporation will be deemed to be the beneficial owner of
Shares held by any of them.
*** These Shares are owned of record by Patricia Frost. Dr. Frost
disclaims beneficial ownership of these Shares.
The Partnership shares the power to vote or dispose of the Shares
beneficially owned by it with Frost-Nevada Corporation and Dr. Frost.
Frost-Nevada Corporation, in its capacity as the general partner of the
Partnership, has the power to vote or direct the vote of these Shares or to
dispose or direct the disposition of these Shares for the Partnership.
Frost-Nevada Corporation will be deemed the beneficial owner of the Shares owned
by the Partnership by virtue of this relationship to the Partnership. Dr. Frost,
in his capacity as the sole shareholder, a director and an officer of
Frost-Nevada Corporation, the general partner of the Partnership, will be deemed
the beneficial owner of all Shares owned by the Partnership by virtue of his
power to vote or direct the vote of the Shares or to dispose or direct the
disposition of the Shares owned by the Partnership.
Other than as reported on Exhibit 2 attached hereto, none of
the Reporting Persons has engaged in any transaction involving Shares of the
Issuer since the date of the last statement filed by the Reporting Persons.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
Item 6 is amended in its entirety and restated as follows:
Except as described herein, none of the Reporting Persons is a
party to any contract, arrangement, understanding of relationship with any
person with respect to any securities of the Issuer.
On February 19, 1993, the Issuer granted Dr. Frost options to
purchase 200,000 Shares at $21 1/8 per Share which expire on February 18, 2000.
On February 25, 1994, the Issuer granted Dr. Frost options to purchase 50,000
Shares at $34 7/8 per Share which expire on February 24, 2001. On February 24,
1995, the Issuer granted Dr. Frost options to purchase 75,000 Shares at $20.625
per Share which expire on February 23, 2002. On February 21, 1996, the Issuer
granted Dr. Frost options to purchase 75,000 Shares at $26.75 per Share which
expire on February 20, 2003. These options are subject to the terms and
conditions of the Issuer's 1985 Stock Option Plan and/or 1994 Stock Option Plan.
The descriptions of the Stock Option Agreements contained
herein is not intended to be complete and is qualified in its entirety by
reference to these Agreements which are attached hereto as Exhibits 7 through 10
and incorporated herein by reference.
Item 7. Material to be Filed as Exhibits.
1. Joint Filing Agreement.
2. Description of transactions in the Issuer's Shares by
Frost-Nevada, Limited Partnership.
3. Description of transactions in the Issuer's Shares by
Phillip Frost, M.D.
Page 8 of 50
<PAGE>
4. Description of transactions in the Issuer's Shares by
Patricia Frost.
5. Power of Attorney granted to Phillip Frost, M.D. by Neil
Flanzraich.
6. Second Amended and Restated Agreement of Frost-Nevada,
Limited Partnership, Frost-Nevada Corporation and Phillip
Frost, M.D. filed pursuant to Rule 13d-l(f)(l)(iii) of the
Securities and Exchange Commission.
7. Stock Option Agreement, dated April 3, 1993, between IVAX
Corporation and Phillip Frost, M.D.
8. Stock Option Agreement, dated April 15, 1994, between IVAX
Corporation and Phillip Frost, M.D.
9. Stock Option Agreement, dated February 24, 1995, between IVAX
Corporation and Phillip Frost, M.D.
10. Stock Option Agreement, dated February 21, 1996, between IVAX
Corporation and Phillip Frost, M.D.
Page 9 of 50
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of the undersigned's knowledge
and belief, the undersigned certify that the information set forth in this
Statement is true, complete and correct.
/s/ Phillip Frost, M.D.
Date: August 20, 1996 Phillip Frost, M.D.
FROST-NEVADA, LIMITED
PARTNERSHIP
*
Date: August 20, 1996 Neil Flanzraich
President of Frost-Nevada Corporation,
General Partner
FROST-NEVADA CORPORATION
*
Date: August 20, 1996 Neil Flanzraich
President
Date: August 20, 1996 /s/ Patricia Frost
Patricia Frost
*By/s/ Phillip Frost, M.D.
Phillip Frost, M.D.
(Attorney-in-fact pursuant
to Power of Attorney)
Page 10 of 50
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION PAGE
- ------- ----------- ----
1 Joint Filing Agreement.
2 Description of transactions in the Issuer's Shares by
Frost-Nevada, Limited Partnership.
3 Description of transactions in the Issuer's Shares by Phillip
Frost, M.D.
4 Description of transaction in the Issuer's Shares by Patricia
Frost.
5 Power of Attorney granted to Phillip Frost, M.D. by Neil
Flanzraich.
6 Second Amended and Restated Agreement of Frost-Nevada,
Limited Partnership, Frost-Nevada Corporation and Phillip
Frost, M.D. filed pursuant to Rule 13d-l(f)(l)(iii) of the
Securities and Exchange Commission.
7 Stock Option Agreement, dated April 3, 1993, between IVAX
Corporation and Phillip Frost, M.D.
8 Stock Option Agreement, dated April 15, 1994, between IVAX
Corporation and Phillip Frost, M.D.
9 Stock Option Agreement, dated February 24, 1995, between IVAX
Corporation and Phillip Frost, M.D.
10 Stock Option Agreement, dated February 21, 1996, between IVAX
Corporation and Phillip Frost, M.D.
Page 11 of 50
EXHIBIT 1
The undersigned hereby agree that this Amendment to the Schedule 13D
filed by us with respect to the Common Stock of IVAX Corporation is filed on
behalf of each of us.
/s/ Phillip Frost, M.D.
Date: August 20, 1996 Phillip Frost, M.D.
FROST-NEVADA, LIMITED
PARTNERSHIP
*
Date: August 20, 1996 Neil Flanzraich
President of Frost-Nevada Corporation,
General Partner
FROST-NEVADA CORPORATION
*
Date: August 20, 1996 Neil Flanzraich
President
Date: August 20, 1996 /s/ Patricia Frost
Patricia Frost
*By/s/ Phillip Frost, M.D.
Phillip Frost, M.D.
(Attorney-in-fact pursuant
to Power of Attorney)
Page 12 of 50
EXHIBIT 2
Set forth below is a summary of acquisitions and dispositions of
beneficial ownership in the Shares of the Issuer by Frost-Nevada, Limited
Partnership effected from August 6, 1994 through the date of this Amendment No.
15.
NUMBER OF SHARES PRICE PER TYPE OF
DATE ACQUIRED DISPOSED SHARE TRANSACTION
- ---- -------- -------- --------- -----------
8/8/94 30,000 17.75 Open Market Transaction
8/8/94 10,000 17.875 Open Market Transaction
8/9/94 5,000 18.00 Open Market Transaction
8/9/94 7,000 17.875 Open Market Transaction
10/23/95 20,000 22.75 Open Market Transaction
10/23/95 10,000 23.125 Open Market Transaction
10/23/95 10,000 23.00 Open Market Transaction
10/23/95 10,000 22.875 Open Market Transaction
10/23/95 10,000 22.50 Open Market Transaction
10/23/95 30,000 22.625 Open Market Transaction
10/23/95 10,000 22.125 Open Market Transaction
10/23/95 10,000 22.375 Open Market Transaction
7/18/95 5,000 Gift
Page 13 of 50
EXHIBIT 3
Set forth below is a summary of acquisitions of beneficial ownership in
the Shares of the Issuer by Phillip Frost, M.D., effected from August 6, 1994
through the date of this Amendment No. 15.
NUMBER OF SHARES PRICE PER TYPE OF
DATE ACQUIRED SHARE TRANSACTION
- ---- ---------------- --------- -----------
6/27/96 150,000 14.75 Open Market Transaction
6/27/96 50,000 15.00 Open Market Transaction
7/11/96 25,000 14.75 Open Market Transaction
7/11/96 25,000 14.50 Open Market Transaction
8/2/96 6,400 13.25 Open Market Transaction
8/2/96 21,300 13.375 Open Market Transaction
8/2/96 41,700 13.50 Open Market Transaction
8/2/96 13,700 13.625 Open Market Transaction
8/2/96 37,300 13.75 Open Market Transaction
8/2/96 26,000 13.875 Open Market Transaction
8/2/96 26,000 14.00 Open Market Transaction
8/2/96 22,000 14.125 Open Market Transaction
8/2/96 2,000 14.25 Open Market Transaction
8/5/96 11,700 12.875 Open Market Transaction
8/5/96 28,300 13.00 Open Market Transaction
8/5/96 10,000 13.125 Open Market Transaction
8/5/96 46,400 13.25 Open Market Transaction
8/5/96 3,600 13.375 Open Market Transaction
8/6/96 100,000 13.1078 Open Market Transaction
8/7/96 100,000 13.73 Open Market Transaction
8/8/96 75,000 14.5417 Open Market Transaction
8/9/96 50,000 15.224 Open Market Transaction
8/12/96 25,000 15.14799 Open Market Transaction
8/13/96 4,100 14.625 Open Market Transaction
8/13/96 2,000 14.75 Open Market Transaction
* 176 25.41 *
** 169 26.625 **
- --------------------
* Acquired during the 1994 fiscal year pursuant to matching
contributions made by IVAX Corporation under its 401(K) Plan.
These Shares are owned of record by the 401(K) Plan.
** Acquired during the 1995 fiscal year pursuant to matching
contributions made by IVAX Corporation under its 401(K) Plan.
These Shares are owned of record by the 401(K) Plan.
Page 14 of 50
EXHIBIT 4
Set forth below is a summary of acquisitions of beneficial ownership in
the Shares of the Issuer by Patricia Frost, effected from August 6, 1994 through
the date of this Amendment No. 15.
NUMBER OF SHARES PRICE PER TYPE OF
DATE ACQUIRED SHARE TRANSACTION
- ---- ---------------- --------- -----------
7/12/96 20,000 14.50 Open Market Transaction
7/12/96 10,000 14.625 Open Market Transaction
7/12/96 10,000 14.75 Open Market Transaction
Page 15 of 50
EXHIBIT 5
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS that the undersigned, in his capacity as
President of Frost-Nevada Corporation, a Nevada corporation (the "Corporation"),
does hereby make, constitute and appoint PHILLIP FROST, M.D. his true and lawful
attorney-in-fact, for him and in his name, place and stead, for the sole and
limited purpose of signing any and all statements or reports pursuant to the
Securities Exchange Act of 1934, and any amendments thereto, on behalf of the
Corporation, and to file the same, with all exhibits thereto, and other
documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorney-in-fact and agent full power and authority to do and
perform each and every act and thing requisite and necessary to be done as fully
to all intents and purposes as the undersigned might or could do in person,
hereby ratifying and confirming all that said attorney-in-fact and agent may
lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney
this 24th day of May, 1996.
/s/ Neil Flanzraich
NEIL FLANZRAICH, President
Page 16 of 50
EXHIBIT 6
SECOND
AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP
OF
FROST-NEVADA LIMITED PARTNERSHIP
THIS SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP (the "Agreement") is made and entered into as of the 28th day of
December, 1995, by and among FROST-NEVADA CORPORATION, a Nevada corporation, as
the general partner (the "General Partner") and PHILLIP FROST, as the limited
partner (the "Limited Partner").
W I T N E S S E T H:
WHEREAS, on December 30, 1986, the General Partner executed a
Certificate of Limited Partnership forming a limited partnership known as
"FROST-NEVADA LIMITED PARTNERSHIP" (the "Partnership"), under the Nevada Uniform
Limited Partnership Act (the "Act") as in effect at that time in the State of
Nevada, which Certificate of Limited Partnership was filed in the Public Records
of the Secretary of State of Nevada on December 30, 1986; and
WHEREAS, the General Partner and Limited Partner have
previously executed a First Amended and Restated Certificate of Limited
Partnership of FROST-NEVADA LIMITED PARTNERSHIP on February 16, 1987 and a
certificate thereof was filed m the Public Records of the Secretary of State of
Nevada on March 16, 1989;
WHEREAS, the General Partner and the Limited Partner have
executed this Second Amended and Restated Agreement of Limited Partnership of
FROST-NEVADA LIMITED PARTNERSHIP as of December 28, 1995; and
WHEREAS, this Agreement, dated as of December 27, 1995, is
made and entered into by and between the General Partner and the Limited Partner
for the purpose of setting forth the rights, obligations, and duties of the
General Partner and the Limited Partner.
NOW, THEREFORE, the parties hereto hereby agree that the
Partnership shall be governed and operated pursuant to the terms of this
Agreement of Limited Partnership as hereinafter set forth.
<PAGE>
ARTICLE I
NAME, TERM, PRINCIPAL ADDRESS AND REGISTERED AGENT
1.1 NAME. The name of the Partnership is the FROST-NEVADA
LIMITED PARTNERSHIP.
1.2 TERM. The term of the Partnership will continue in full force and
effect until December 31, 2055, unless sooner terminated in accordance with the
Act (as such term is defined herein) or provisions of this Agreement.
1.3 PRINCIPAL PLACE OF BUSINESS. The office and principal place of
business of the Partnership shall be maintained at 3500 Lakeside Court Reno,
Washoe County, Nevada 89509. The General Partner may from time to time change
such office and principal place of business and in such event the General
Partner shall notify the other Partners, in writing, at least ten (10) days
prior to the effective date of any such change. The General Partner may
establish additional places of business of the Partnership when and where
required by the Partnership's business.
1.4 ADDRESSES. The address of each Partner is as follows:
GENERAL PARTNER:
Frost-Nevada Corporation
3500 Lakeside Court
Reno, Nevada 89509
LIMITED PARTNER:
Phillip Frost, M.D.
8800 N.W. 36th Street
Miami, Florida 33178
A Partner may change its address by written notice to the Partnership and each
of the other Partners.
1.5 REGISTERED OFFICE AND REGISTERED AGENT. The location of the
Registered Office of the Partnership shall be at 3500 Lakeside Court, Reno,
Nevada 89509 and the name of the Registered Agent of the Partnership at such
office shall be Walther, Key, Maupin, Oats, Cox, Klaich & Legoy. Said Registered
Agent shall keep and maintain at such address the records of the Partnership
required to be kept and maintained at such address by the Act.
- 2 -
<PAGE>
ARTICLE II
BUSINESS OF THE PARTNERSHIP
2.1 PURPOSE. The purpose of the Partnership is to invest in all types
of (i) securities, including without limitation, stocks, bonds, limited
partnership interests and option contracts for the purchase or sale of
securities or any group or index of securities, (ii) precious metals, including
without limitation, contracts for the future delivery of precious metals and
option contracts for the purchase or sale of precious metals or futures
contracts on precious metals; (iii) commodities, including without limitation,
contracts for the future delivery of commodities and option contracts for the
purchase or sale of commodities or future contracts on commodities, and (iv)
real property on the State of Nevada through the acquisition, holding,
construction, development, operation, improvement, leasing, sale or other
dealings in real property.
2.2 POWERS. Incident to its purpose, the Partnership is authorized to
purchase, invest, hold, mortgage, pledge, sell, lease, manage, construct,
renovate, operate, improve, alter, transfer, joint venture or otherwise convey
and encumber all or any portion of the Partnership properties and exercise all
other rights, powers and privileges and other incidences of ownership with
respect thereto at any time and from time to time, to borrow or raise moneys
without limitations and to do all other things necessary or appropriate to carry
out the foregoing purpose.
ARTICLE III
CERTAIN DEFINITIONS
3.1 ACT. The Revised Nevada Uniform Limited Partnership
Act, as from time to time amended.
3.2 ADJUSTED CAPITAL CONTRIBUTION. The amount contributed
to the capital of the Partnership by a Partner as provided in
Article IV.
3.3 AFFILIATE. Any person or entity that directly or indirectly
controls, is controlled by or is under common control with any other person or
entity. For this purpose, the term "control" shall mean the direct or indirect
ownership of twenty-five (25 %) or more of the beneficial interests or voting
power of any entity or the spouse, lineal ascendants, lineal descendants and the
brothers and sisters of a Person, as applicable.
3.4 AUTHORIZED EXPENSES. Expenses that: (a) are specifically consented
to in writing by the Limited Partner; (b) are authorized as part of an operating
budget that is consented to in writing by the Limited Partner; or (c) do not,
when aggregated with all other Partnership expenses that are not authorized by
parts (a) or (b) above, total more than $2,500 in a single calendar year.
- 3 -
<PAGE>
3.5 AVAILABLE CASH. All cash of the Partnership resulting from normal
business operations (as distinguished from Extraordinary Events or the sale of
all or substantially all of the Partnership's property and/or the dissolution of
the Partnership), including, without limitation, dividend income, rental income,
and any other income derived from the Partnership property which the General
Partner, in its sole and absolute discretion, determines is available for
distribution to the Partners after payment of all Partnership cash expenditures,
including but not limited to, real and personal property taxes, use taxes,
principal and interest payments then due on all loans, (including any mortgages
encumbering the Partnership's property), expenses incident to the construction
and rental of the Partnership property, insurance, present maintenance,
including, but not limited to management fees, brokerage fees, or other fees
incurred by the Partnership, capital improvements, accounting and legal fees,
and other costs and expenses of the Partnership, and the setting aside of any
amounts which the General Partner may determine, in its discretion, to be
necessary as a reserve for operating expenses, capital improvements and
contingencies.
3.6 CAPITAL ACCOUNT. The account established and maintained by
the Partnership for each Partner, as set forth in Section 4.6 hereof.
3.7 CAPITAL CONTRIBUTION. The amount of money and the initial
fair market value of any property (other than money) contributed to the
Partnership by a Partner with respect to the Partnership Interest held by such
Partner.
3.8 CERTIFICATE. The certificate of limited partnership filed
with the Secretary of State of the State of Nevada, as the same may be amended
from time to time.
3.9 CODE. The Internal Revenue Code of 1986, as same may
be amended from time to time.
3.10 EXTRAORDINARY EVENT. Any financing, refinancing, insurance
award (other than for substantially complete destruction of all or substantially
all of the Partnership's property) and sale of Partnership assets (but less than
all or substantially all of such assets), which in accordance with generally
accepted accounting principles are attributable to capital but which do not
result in a dissolution of the Partnership.
3.11 ORIGINAL CAPITAL CONTRIBUTION. The amount contributedto the
capital of the Partnership by a Partner as provided in Article IV.
3.12 PARTNERS. Collectively, the Limited Partner and the General
Partner.
3.13 PARTNERSHIP. FROST-NEVADA LIMITED PARTNERSHIP, a Nevada
limited partnership.
3.14 PARTNERSHIP INTEREST. The entire ownership interest
of a Partner in the Partnership at the relevant time, including the right of
such Partner to any and all benefits to which a Partner
-4-
<PAGE>
may be entitled as provided in this Agreement, together with the obligations of
such Partner to comply with all the terms and provisions of this Agreement. A
Partnership Interest does not include any rights or obligations that a Partner
may have for providing services or goods for which it is separately compensated
as a Person who is not a Partner.
3.15 PERSON. Any individual, corporation, trust, partnership or
other form of association.
3.16 PROFITS AND LOSSES. The Partnership's income or loss, as the case
may be, for each fiscal year of the Partnership determined in accordance with
Code Section 703(a) (including all items of income, gain, deduction or loss that
are required to be separately stated). The Partnership's Profits and Losses
shall also include: (i) income of the Partnership which is exempt from tax; and
(ii) the excess of the deductions for depletion over the basis of the property
subject to depletion. Similarly, the Partnership's Losses shall include
expenditures for the Partnership which are not deductible in computing its
taxable income and are not properly chargeable to a capital account.
Notwithstanding anything to the contrary in this Agreement, Profits and Losses
shall not include allocations under Code Section 704(c) (which are set forth at
Section 4.10 hereof or Regulatory Allocations).
3.17 REGULATORY ALLOCATIONS. The allocations set forth at
Sections 4.10, 4.11, 4.12, 4.13 and 4.15.
3.18 SERVICE. Internal Revenue Service.
3.19 SUBSTITUTED LIMITED PARTNER. A person who has acquired a
Partnership Interest from a Limited Partner and who has been
admitted to the Partnership as a Limited Partner pursuant to Article
VI.
ARTICLE IV
CONTRIBUTIONS TO CAPITAL; DISTRIBUTIONS; ALLOCATIONS
4.1 CAPITAL CONTRIBUTIONS OF THE PARTNERS.
4.1.1 CAPITAL CONTRIBUTIONS OF THE GENERAL
PARTNER. The General Partner has contributed $1,085,690.23 in
marketable securities to the Partnership.
4.1.2 CAPITAL CONTRIBUTIONS OF THE LIMITED
PARTNER. The Limited Partner has contributed the assets set forth at
Exhibit 4.1.2.
4.2 WITHDRAWAL AND RETURN OF CAPITAL. Except upon the dissolution and
liquidation of the Partnership, a Partner shall have no right to withdraw any of
its Capital Contributions without the consent of the General Partner. Under
circumstances requiring a return of a
-5-
<PAGE>
Partner's Capital Contributions, no Partner shall have the right to receive
property other than cash except as may be specifically provided herein.
4.3 ADDITIONAL CAPITAL CONTRIBUTIONS. The Partnership may
accept additional Capital Contributions to the extent that such contributions
are authorized by the General Partner and are in accordance with the
requirements of Section 5.3 hereof.
4.4 LOANS TO THE PARTNERSHIP. The Partners may make loans to the
Partnership from time to time, as authorized by the General Partner (subject to
the requirements of Section 5.3 hereof), in excess of their contributions to the
capital of the Partnership, and any such loans shall not be treated as a
contribution to the capital of the Partnership for any purposes hereunder, nor
shall any such loans entitle such Partner to any increase in his share of the
profits, losses or distributions of the Partnership. The amount of any such loan
shall be an obligation of the Partnership to such Partner and shall bear
interest at a rate agreed to by the General Partner. Any such loan shall be
repaid prior to any distributions being made to the Partners pursuant to
Sections 4.8.2 and 9.3 hereof.
4.5 CAPITAL ACCOUNTS. A separate Capital Account shall be determined
and maintained for each Partner in accordance with the rules of Treas. Reg.
/section/ 1.704-l(b)(2)(iv). Except as otherwise provided in Treas. Reg.
/section/ 1.704-l(b)(2)(iv), each Partner's Capital Account shall initially
consist of such Partner's Capital Contribution and shall be further credited
with each Partner's additional Capital Contributions and allocable share of the
Partnership's income, as determined in Section 4.6 below, and shall be debited
by all distributions made by the Partnership to a Partner together with each
such Partner's allocable share of the Partnership's losses, as determined in
Section 4.6 below. In the event that the Partnership, in conformity with the
above Regulations, has property on its books at a value ("book value") greater
than or less than its adjusted tax basis, the Partners' Capital Accounts shall
be adjusted to reflect only allocations to them of depreciation, amortization
and gain or loss as computed for book purposes (and not for tax purposes) with
respect to such property. In such event, items of book depreciation,
amortization and gain or loss shall be calculated in conformity with the rules
of Treas. Reg. /section/ 1.704-l(b)(2)(iv)(g). For purposes of calculating a
Partner's Capital Account, the following adjustments shall be included as
Profits and Losses:
(a) any and all adjustments made to Capital Accounts
pursuant to Treas. Reg. /section/ 1.704-l(b)(2)(iv)
(f) (optional revaluation of Capital Accounts), as it
may be amended or supplemented from time to time;
(b) any and all adjustments made to Capital Accounts
pursuant to Treas. Reg. /section/ 1.704-l(b)(2)(iv)
(e) (adjustment resulting from property
distribution), as it may be amended or supplemented
from time to time; and
(c) any and all adjustments made to Capital Accounts
pursuant to Treas. Reg. /section/ 1.704-l(b)(2)(iv)
(n)(4) (as it may be amended or supplemented from
time
-6-
<PAGE>
to time), as it relates to distributions other
than in liquidation of a Partner's Interest in the
Partnership.
4.6 ALLOCATION OF INCOME AND LOSSES.
All items of Profits and Losses incurred by the Partnership
shall be allocated to the Partners as follows:
General Partner 1 %
Limited Partner 99 %
4.7 PRINCIPLES OF ALLOCATION. It is the intention of the Partners
that the allocations of Profits and Losses hereunder have substantial economic
effect in accordance with the tests therefor set forth in the Treasury
Regulations under Section 704(b) of the Internal Revenue Code. Accordingly,
allocations not specifically provided for in this Agreement shall be made in
such a manner as shall conform to the allocation rules and principles as set
forth in such Regulations as in effect from time to time, and the Capital
Accounts of the Partners shall be maintained in accordance with the provisions
hereof construed and interpreted in the light of such Regulations.
4.8 DISTRIBUTIONS.
4.8.1 Available Cash shall be distributed periodically, as
determined by the General Partner in its sole discretion, to the Partners as
follows:
General Partner 1 %
Limited Partner 99%
4.8.2 Net Proceeds from an Extraordinary Event which are
not reinvested in other real property shall, to the extent determined by the
General Partner as being available for distribution, be distributed as
expeditiously as possible, in the following order of priority:
(a) first, to the payment of any unpaid
principal and interest on any third-party financing then
due;
(b) next, to the prepayment of any unpaid
principal and interest on any third-party financing, if and
to the extent determined by the General Partner;
(c) next, to the repayment of any loans made by
the Partners to the Partnership pursuant to Section 4.4 hereof, in
proportion to the total amount of principal and interest payable to
each such Partner, such distributions being treated first as in payment
of accrued interest on such loans and next as in payment of principal
of such loans:
- 7 -
<PAGE>
(d) next, to the Partners in proportion to their
positive capital account balances until such Capital Account balances
have been reduced to zero; and
(e) the balance, if any, as follows:
General Partner 1 %
Limited Partner 99 %
4.8.3 Distributions in connection with the sale
of all or substantially all of the Partnership's property and/or the dissolution
and winding up of the Partnership shall be made in accordance with Section 9.3
of this Agreement.
4.8.4 The Partnership, with the Partners' mutual consent, may
make additional distributions of Partnership property.
4.9 ALLOCATIONS OF CERTAIN TAX ITEMS. If the fair market value of any
Partnership property differs from its adjusted basis as of the day it is
contributed to the Partnership, then items of income, gain, loss, deductions and
credit related to such property for tax purposes shall be allocated between the
Partners so as to take into account the variation between the adjusted basis of
the property for tax purposes and its fair market value in the manner provided
for under Code Section 704(c). Except as may be otherwise required by Code
/section/ 704(c), depreciation, amortization and gain or loss, as computed for
tax purposes with respect to Partnership property which has a book value greater
or less than its adjusted tax basis, shall be allocated among the Partners in a
manner that takes into account the variation between the adjusted tax basis and
the book value of such property, in the same manner as variations between the
adjusted tax basis and fair market value of property contributed to the
Partnership are taken into account in determining the Partners' share of tax
items under Code ss. 704(c), as required by Treas. Reg. /section/1.704-l(b)(2)
(iv)(f)(4) and Treas. Reg. /section/ 1.704-l(b)(4)(i). In complying with the
requirements of Code ss. 704(c), the General Partner is authorized to utilize
any method permitted by the Treasury Regulations under Code ss. 704(c).
Allocations pursuant to this Section 4.9 are solely for purposes of complying
with federal, state and local tax requirements, and shall not affect, or in any
way be taken into account, in computing any Partner's share of income, gain,
loss, deduction or credit.
4.10 MINIMUM GAIN CHARGEBACK. Notwithstanding any other provision of
this Article IV, if there is a net decrease in partnership minimum gain (as such
term is defined in Treas. Reg. /section/ 1.704-2(f)) during any Partnership
fiscal year, a Partner shall be specially allocated items of Partnership income
and gain for such year (and, if necessary, subsequent years) in an amount equal
to its share of the net decrease in the minimum gain. The items to be so
allocated shall be determined in accordance with Section 1.704-2(f) of the
Treasury Regulations. This Section 4.10 is intended to comply with the minimum
gain chargeback requirement in such Section of the Treasury Regulations and
shall be interpreted consistently therewith.
- 8 -
<PAGE>
4.11 PARTNER NONRECOURSE DEDUCTIONS. Any partner nonrecourse deductions
for any fiscal year or other period shall be allocated to the Partner who bears
the risk of loss with respect to the loan to which such partner nonrecourse
deduction is attributable in accordance with Regulations Section 1.704-2(i), if
such sections of the Regulations become applicable to the Partnership. Partner
nonrecourse debt minimum gain shall be charged back to the Partners in
accordance with Regulations Section 1.704-2(i)(4).
4.12 QUALIFIED INCOME OFFSET. In the event the Limited
Partner unexpectedly receives any adjustments, allocations, or distributions
described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or
1.704-1(b)(2)(ii)(d)(6) of the Treasury Regulations, items of Partnership income
and gain shall be specially allocated to each such Partner in an amount and
manner sufficient to eliminate, to the extent required by the Regulations, the
adjusted capital account deficit (as such term is used in Section 1.704-2(fl of
the Treasury Regulations) of the Limited Partner as quickly as possible,
provided that an allocation pursuant to this Section 4.12 shall be made only if
and to the extent that the Limited Partner would have an adjusted capital
account deficit after all other allocations provided for in this Article IV have
been tentatively made as if this Section 4.12 were not in the Agreement. This
Section 4.12 is intended to constitute a "qualified income offset" within the
meaning of Section 1.704-1(b)(2)(ii)(d)(3) of the Treasury Regulations, and is
to be interpreted, to the extent possible, to comply with the requirements of
such Regulation as it may be amended or supplemented from time to time.
4.13 LOSS LIMITATION. The Losses allocated to the Limited Partner
pursuant to Section 4.7 hereof shall not exceed the maximum amount of Losses
that can be so allocated without causing the Limited Partner to have a deficit
Capital Account at the end of any Fiscal Year after: (a) increasing a Limited
Partner's Capital Account by amounts that he is obligated to restore pursuant to
this Agreement or is deemed obligated to restore pursuant to the penultimate
sentences of Treas. Reg. /section/ 1.704-2(g)(1) and 1.704-2(i)(5), as they may
be amended or supplemented from time to time; and (b) decreasing a Limited
Partner's Capital Account by the items described in Treas. Reg. /section/
1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(d)(5) and 1.704- 1(b)(2)(d)(6), as it may
be amended or supplemented from time to time (an "Adjusted Deficit Capital
Account"). All Losses in excess of the limitations set forth in this Section
4.13 shall be allocated to the General Partner.
4.14 FUTURE AMENDMENTS; REVALUATION OF PARTNERSHIP PROPERTY. The
General Partner will have complete discretion to amend the provisions of this
Agreement if such amendment would not have a material adverse effect on the
Partners and if, in the opinion of counsel for the Partnership, such amendment
is advisable for purposes of complying with Section 1.704-1 and 1.704-2 of the
Treasury Regulations (as it may be amended or supplemented from time to time).
The General Partner may, in its sole and absolute discretion, revise the
Partners' Capital Accounts to reflect a revaluation of the Partnership property,
provided that the revaluation adheres to the requirements of Section
1.704-1(b)(2)(iv)(fl of the Treasury Regulations.
4.15 GROSS INCOME ALLOCATION. In the event the Limited Partner has a
deficit Capital Account at the end of any Partnership fiscal year which is in
excess of the sum of (i) the amount
-9-
<PAGE>
the Limited Partner is obligated to restore pursuant to any provision of this
Agreement, and (ii) the amount the Limited Partner is deemed to be obligated to
restore pursuant to the penultimate sentences of Treas. Reg. /section/
1.704-2(g)(1) and 1.704-2(i)(5), the Limited Partner shall be specially
allocated items of Partnership income and gain in the amount of such excess as
quickly as possible, provided that an allocation pursuant to this Section 4.15
shall be made only if and to the extent that the Limited Partner would have a
deficit Capital Account in excess of such sum after all other allocations
provided for in this Article 4 have been made, as if Article 4.12 hereof and
this Section 4.15 were not in the Agreement.
4.16 CURATIVE ALLOCATIONS. In the event that income, loss or items
thereof are allocated to one or more Partners pursuant to Sections 4.10, 4.11,
4.12, 4.13, and 4.15, above, subsequent income and loss first will be allocated
(subject to the provisions of Sections 4.10, 4.11, 4.12, 4.13, and 4.15) to the
Partners in a manner designed to result in each Partner having a Capital Account
balance equal to what it would have been if the original allocation of income or
loss pursuant to Sections 4.10, 4.11, 4.12, 4.13, and 4.15 had not occurred.
ARTICLE V
MANAGEMENT OF THE PARTNERSHIP
5.1 RIGHTS AND DUTIES OF THE GENERAL PARTNER. Except as otherwise
provided herein, the General Partner shall have full, exclusive and complete
authority and discretion in the management and control of the business of the
Partnership and shall make all decisions affecting the business of the
Partnership. Further, the General Partner shall have all of the rights and
powers of a general partner as provided in the Act and as otherwise provided by
law or this Agreement, and any action taken by the General Partner shall
constitute the act of and serve to bind the Partnership. The General Partner
shall manage and control the affairs of the Partnership to the best of its
ability and shall use its best efforts to carry out the business of the
Partnership as set forth in Article II.
5.2 PARTNERSHIP CHECKS. Any check or checks to be made or issued by the
Partnership (with respect to any transaction or series of related transactions)
shall require the signature of a person who is designated as an authorized
signatory by the General Partner. Notwithstanding the foregoing, the General
Partner may delegate its check signing authority to any other person and the
exercise of the authority granted pursuant to such delegation shall constitute
the act of the General Partner who delegated such authority.
5.3 LIMITATIONS ON POWERS OF GENERAL PARTNER.Notwithstanding the
generality of Section 5.1 hereof, the General Partner shall not be empowered,
without the written consent of the Limited Partner, to:
(a) do any act in contravention of this Agreement;
-10-
<PAGE>
(b) change or reorganize the Partnership into any
other legal form;
(c) sell, exchange, encumber, assign, pledge, or
otherwise transfer or grant a security interest in any or
all of the assets of the Partnership;
(d) incur, renew, extend, refinance, pay, or
otherwise discharge indebtedness of the Partnership, other
than in the ordinary course of the Partnership's business
hereof;
(e) pay or incur expenses (including) that do not
qualify as Authorized Expenses;
(f) settle a lawsuit or any other dispute (including,
but not limited to, a dispute concerning the income tax
liabilities associated with income and loss reported by the
Partnership);
(g) enter into an insurance policy;
(h) agree to lease a rental space;
(i) set aside a reserve;
(j) confess a judgment against the Partnership;
(k) amend this Agreement except as provided for in
Section 4.14;
(1) require additional Capital Contributions from one
or more of the Partners; or
(m) offer additional Partnership Interests.
5.4 ROLE OF LIMITED PARTNER. The Limited Partner shall not participate
in or have any control over the Partnership business or shall have any authority
or right to act for or bind the Partnership. The Limited Partner hereby consents
to the exercise by the General Partner of the powers conferred upon it by this
Agreement.
5.5 DUTIES AND OBLIGATIONS OF GENERAL PARTNER.
5.5.1 As more fully set forth in Section 5.1
hereof, the General Partner shall take all actions which may be necessary or
appropriate for the continuation of the Partnership's valid existence as a
limited partnership under the laws of the State of Nevada and to enable the
Partnership to conduct the business in which it is engaged.
5.5.2 The General Partner shall devote such time to the
Partnership as may be sufficient for the proper performance of its duties
hereunder.
- 11 -
<PAGE>
5.6 PARTNERSHIP AGREEMENTS WITH AFFILIATES OF GENERAL PARTNER. The
General Partner may utilize the services of Affiliates, as designated by the
General Partner. Affiliates of the General Partner may be engaged to perform
services, including but not limited to, the following: investment advice,
renovation, marketing, acquisition of insurance, obtaining of financing,
recordkeeping, participation at shareholder meetings, data processing,
procurement of licenses, services ordinarily performed by independent
contractors, and other administrative activities. The validity of any
transaction, agreement or payment involving the Partnership and any Affiliate of
the General Partner otherwise permitted by the terms of this Agreement shall not
be affected by reason of the relationship between the General Partner and such
Affiliate or the approval of said transaction, agreement or payment by the
General Partner.
5.7 PAYMENT OF EXPENSES. All expenses of the Partnership shall be paid
by the Partnership. In the event the Partnership expenses are not billed
directly to and paid by the Partnership, it shall reimburse the General Partner
or pay their respective Affiliates for such expenses, including but not limited
to: (a) organizational costs, including, legal and accounting fees; (b) the
actual cost to the General Partner of goods, services and materials used for or
by the Partnership; and (c) all other direct expenses actually incurred by the
General Partner or their respective Affiliates for or on behalf of the
Partnership.
5.8 INDEMNIFICATION OF THE GENERAL PARTNER. The General Partner and all
Affiliates of the General Partner and their respective shareholders, partners,
officers, directors and employees (hereinafter referred to individually as an
"Indemnitee") shall not be liable to the Partnership or any other Partner for
any loss incurred in connection with any action or inaction of an Indemnitee, if
such Indemnitee, in good faith, determined that such course of conduct was in
the best interest of the Partnership and did not constitute negligence of such
Indemnitee. An Indemnitee shall be indemnified and held harmless by the
Partnership against any and all losses, judgments, liabilities, expenses, costs
(including attorney's fees) actually and necessarily incurred by said Indemnitee
in connection with the defense of any suit or action (including, without
limitation, all costs of appeal) to which the Indemnitee is made a party by
reason of its position herein, to the fullest extent permitted under the
provisions of the Act or any other applicable statute. Nothing herein shall make
any Affiliate of the General Partner liable in any way for the acts, omissions,
obligations or liabilities of the General Partner.
5.9 TAX MATTERS PARTNER. If the Partnership is required by the Code or
the Treasury Regulations to have a Tax Matters Partner ("TMP"), the General
Partner shall serve as the TMP for the Partnership. The TMP agrees to act as a
liaison between the Partnership and the Service in connection with all
administrative and judicial proceedings involving tax controversies of the
Partnership, and agrees to assume all the rights and duties of a TMP as set
forth in the Code and the Regulations promulgated thereunder. These rights and
duties include, but are not limited to:
(a) the duty to notify and keep all other Partners informed of
all administrative and judicial proceedings, as required by Section
6223(g) of the Code, and to furnish to
-12-
<PAGE>
each Partner, who so requests in writing, a copy of each notice or other
communication received by the TMP from the Service;
(b) the right to settle any claims by the Service
against the Partnership;
(c) the right to initiate judicial proceedings
contesting adverse determinations by the Service against
the Partnership;
(d) the right to enter into an agreement to extend
the statute of limitations;
(e) the right to employ experienced tax counsel to
represent the Partnership in connection with any audit or investigation
of the Partnership by the Service, and in connection with all
subsequent administrative and judicial proceedings arising out of such
audit. The fees and expenses of such counsel shall be a Partnership
expense and shall be paid by the Partnership. Such counsel shall be
responsible for representing the Partnership; it shall be the
responsibility of the General Partner and of the Limited Partner, at
their expense, to employ tax counsel to represent their respective
separate interests; and
(f) arrange for the preparation and delivery of
Partnership information returns and Schedule K's to the
Partners.
The TMP shall be entitled to be reimbursed for all expenses incurred when acting
in its capacity as TMP.
5.10 PARTNERSHIP BASIS ELECTIONS. In the event of a distribution of
property by the Partnership within the meaning of Section 734 of the Code, or
the transfer of any interest in the Partnership within the meaning of Section
743 of the Code, the General Partner, in its sole and absolute discretion, may
cause the Partnership to elect to adjust the basis of its assets pursuant to
Section 754 of the Code. The Partners affected by this election, if made, shall
supply to the Partnership any information that may be required to make such
election.
ARTICLE VI
LIABILITY OF PARTNERS AND TRANSFERABILITY OF INTERESTS
6.1 LIMITED LIABILITY OF LIMITED PARTNER. Except as otherwise provided
in the Act or any other applicable law, the Limited Partner is not personally
liable for the expenses, liabilities or obligations of the Partnership beyond
the amount of his Capital Contribution.
-13-
<PAGE>
6.2 TRANSFER OF LIMITED PARTNER'S INTEREST.
The Limited Partner shall not transfer, sell, encumber, assign
or otherwise dispose (a "Transfer") of any portion of his Partnership Interest.
ARTICLE VII
REPRESENTATIONS AND WARRANTIES
7.1 REPRESENTATIONS AND WARRANTIES OF THE GENERAL PARTNER AND THE
PARTNERSHIP. The General Partner and the Partnership jointly and severally
represent and warrant to the Limited Partner that, as of the date hereof, the
Partnership is duly and validly organized as a limited partnership under the
laws of the State of Nevada with full power and authority to own and operate its
property and to conduct the business in which it engages and will be authorized
and qualified under the laws of all other jurisdictions in which such
authorization or qualification is necessary to protect the limited liability of
the Limited Partner, to enable it to engage in its business, and to engage in
the business of the Partnership.
ARTICLE VIII
ADMISSION AND WITHDRAWAL OF GENERAL PARTNER
8.1 ADMISSION. The General Partner may select and admit additional
general partner(s), provided that the Limited Partner agrees upon the additional
general partner(s) to be admitted. Unless it shall be provided otherwise upon
the admittance of said additional general partner(s), said additional general
partner(s) shall be deemed to have acquired a share of the general partner's
interest hereunder, such that the additional general partner(s) shall not be
entitled to share in the net income, net loss or distributions of the
Partnership otherwise allocable to the Limited Partner hereunder.
8.2 WITHDRAWAL. The General Partner may withdraw from the Partnership
provided that the withdrawing General Partner shall give to the Limited Partner
ninety (90) days' prior written notice and, if necessary under applicable
rulings and regulations for the Partnership to be treated for federal income tax
purposes as a partnership and not as an association taxable as a corporation,
shall propose a new general partner or general partners qualified and willing to
manage the Partnership's business and with the minimum net worth required. The
withdrawing General Partner shall be entitled to receive the fair market value
of its interest upon the date of its withdrawal.
-14-
<PAGE>
ARTICLE IX
TERMINATION OF THE PARTNERSHIP
9.1 DISSOLUTION. The Partnership shall be dissolved upon
the happening of any of the following events:
(a) The adjudication of bankruptcy, filing of a
petition pursuant to a chapter of the Federal Bankruptcy Act, the
withdrawal, dissolution, or cessation of business of the General
Partner, death of an individual General Partner, if any, or any other
"event of withdrawal of a general partner" as such term is defined in
the Act, unless:
(i) the remaining General Partner(s), if
any, elects to continue the business of the Partnership or if
the remaining General Partner(s) does not so elect or if there
is no remaining General Partner, within sixty (60) days after
such event, the Limited Partner elects a substitute General
Partner to continue the business of the Partnership and such
substitute General Partner agrees in writing to accept such
election; and
(ii) in the case of the withdrawal of a
General Partner, the applicable provisions of Article
VIII shall have been complied with.
(b) The sale or other disposition, not including
an exchange, of all or substantially all of the
Partnership's property;
(c) The Transfer by any Partner of part or all
of its Partnership Interest; or
(d) The unanimous written consent of the
Partners.
9.2 EFFECTIVENESS. Dissolution of the Partnership shall be effective on
December 31, 2055, or the day on which the event occurs giving rise to the
dissolution, but the Partnership shall not terminate until the Certificate shall
have been cancelled and the assets of the Partnership shall have been
distributed as provided in Section 9.3 below. Notwithstanding the dissolution of
the Partnership, prior to the termination of the Partnership, as aforesaid, the
business of the Partnership and the affairs of the Partners, as such, shall
continue to be governed by this Agreement.
9.3 LIQUIDATION. Upon dissolution of the Partnership, the General
Partner shall wind up the affairs of the Partnership, apply and distribute its
assets or the proceeds thereof as contemplated by this Agreement and cause the
cancellation of the Certificate. As soon as possible after the dissolution of
the Partnership, a full account of the assets and liabilities of the Partnership
shall be taken, and a statement shall be prepared by a certified public
accountant to
-15-
<PAGE>
be selected by the General Partner, setting forth the assets and liabilities of
the Partnership. A copy of such statement shall be furnished to each of the
Partners within thirty (30) days after such dissolution. Thereafter, the General
Partner shall, in its sole and absolute discretion, either liquidate the assets
as promptly as is consistent with obtaining in so far as possible the fair value
thereof or determine to distribute all or part of the assets in kind. Any
proceeds from liquidation, together with any assets which the General Partner
determines to distribute in kind shall be applied to the following order:
(a) first, to the payment of debts and liabilities of the
Partnership other than to Partners, to the expenses of liquidation, and
to the setting up of such reserves as may be deemed reasonably
necessary for any known contingent or unforeseen liabilities or
obligations of the Partnership arising out of or in connection with the
Partnership or its liquidation. Such reserves shall be held for the
purpose of disbursement in payment of any of the aforementioned
contingencies, and at the expiration of such period as the General
Partner shall deem advisable, the Partnership shall distribute the
balance remaining in the manner provided for herein;
(b) next, to the repayment of any debts and liabilities of the
Partnership to Partners not in respect of their Partnership Interests,
including, without limitation, unpaid expense accounts or advances made
to or for the benefit of the Partnership;
(c) next, to the Partners in proportion to their then
Capital Account balances until such Capital Account
balances have been reduced to zero; and
(d) the balance, if any, as follows:
General Partner 1 %
Limited Partner 99 %
9.4 GENERAL PARTNER CONTRIBUTIONS. Upon the liquidation of the General
Partner's interest in the Partnership, the General Partner will contribute to
the Partnership an amount equal to the deficit balance in its Capital Account
after taking into account all Capital Account adjustments for the Partnership's
taxable year during which such liquidation occurs. Except as provided for in the
previous sentence, no Partner shall be required to contribute funds to the
Partnership to restore its deficit capital account.
9.5 GAIN OR LOSS FROM DISSOLUTION. The net gain or loss,
if any, resulting from such dissolution and termination shall be
allocable to the Partners as provided in Section 4.6 hereof.
-16-
<PAGE>
ARTICLE X
BOOKS AND RECORDS; REPORTS
10.1 BOOKS AND RECORDS. The General Partner shall keep adequate books
and records at one or more of its places of business, setting forth a true and
accurate account of all business transactions arising out of and in connection
with the conduct of the Partnership. Partners or their designated
representatives shall have the right, at any reasonable time, to have access to
and inspect and copy the contents of said books or records.
10.2 ANNUAL REPORTS. The Partners shall be furnished annually by the
Partnership with an unaudited financial statement for the year then ended. Upon
request by any Partner, the Partnership shall furnish an audited financial
statements, with such costs being borne by the Partnership.
ARTICLE XI
POWER OF ATTORNEY
11.1 POWER OF ATTORNEY. In order to facilitate amendments of this
Agreement which require the signatures of the Partners, or a proposed additional
or substituted partner, and the preparation and signing of any other
documentation in connection with the Partnership including the Certificate of
Limited Partnership or any amendments thereto or cancellation thereof, each
Partner by his or his signature hereto irrevocably makes, constitutes and
appoints the General Partner, and each person who shall hereafter become a
General Partner, his true and lawful attorney in his name, place and stead, with
the power from time to time to make, execute, swear to, acknowledge, verify,
deliver, file, record and publish:
(a) any certificates or other instruments which may be
required to be filed by the Partnership under the laws of the State of
Nevada or of any other state or jurisdiction in which the Partnership
shall transact business or in which the General Partner shall deem it
advisable to file;
(b) all documents, certificates or other instruments which may
be required or deemed desirable by the General Partner to effectuate
the provisions of any part of this Agreement and to continue the
Partnership under the laws of the State of Nevada and of any state or
jurisdiction in which it shall do business; and
(c) all documents, certificates or other instruments which may
be required to effectuate the dissolution and termination of the
Partnership or the organization of any new limited partnership
occurring by reason of the withdrawal, dissolution, death, bankruptcy,
or adjudication of incompetency of the General Partner.
-17-
<PAGE>
11.2 IRREVOCABILITY. The foregoing power of attorney is a special power
of attorney coupled with an interest in favor of the General Partner, and as
such shall be irrevocable, and shall survive the dissolution, death, bankruptcy
or adjudication of incompetency of a Partner.
11.3 EFFECT OF ASSIGNMENT. The foregoing power of attorney shall
survive the delivery of an assignment by any Partner of the whole or any portion
of his Partnership Interest, except that where an assignee of a Limited
Partner's interest has been approved as a Substituted Limited Partner, the
foregoing power of attorney of the assignor Limited Partner shall survive the
delivery of such assignment for the sole purpose of enabling the General Partner
to execute, swear to, acknowledge and file any and all instruments necessary to
effect such substitution.
ARTICLE XII
GENERAL PROVISIONS
12.1 NOTICES. Any notice, payment, demand or communication required or
permitted to be given by any provision of this Agreement shall be in writing and
delivered personally, sent by overnight courier or sent by registered or
certified mail, return receipt requested, to a party at the address specified in
Section 1.4 hereof. Any such notice shall be deemed to be given as of the date
of receipt or refusal of receipt to the party at its address. Any Partner may
from time to time specify a different address by notice to the Partnership.
12.2 JURISDICTION AND APPLICABLE LAW. Each party hereto and with regard
solely to matters arising out of, or in connection with, this Agreement hereby
designates the laws of the State of Nevada, both substantive and procedural,
without reference to the conflicts of the law provisions thereof, as the law
applicable hereto, and each voluntarily submits itself to the courts of the
State of Nevada as having jurisdiction over the subject matter hereof and the
parties hereto.
12.3 SURVIVAL OF RIGHTS. Except as otherwise provided, this Agreement
shall be binding upon and inure to the benefit of the Partners, their personal
representative, successors and assigns.
12.4 VALIDITY. In the event that any provision of this Agreement shall
be held to be invalid, the same shall not affect in any respect whatsoever the
validity of the remainder of this Agreement.
12.5 AGREEMENTS IN COUNTERPARTS. This Agreement may be executed in
several counterparts, and as executed shall constitute one Agreement, binding on
all the parties hereto, notwithstanding that all the parties are not signatory
to the original or to the same counterpart.
-18-
<PAGE>
12.6 WAIVER OF PARTITION. The Partners hereby waive any
right of partition as to the Partnership's property or any right to take any
other action which otherwise might be available to them for the purpose of
severing their relationship in connection with Partnership property.
12.7 HEADINGS. The headings, titles and subtitles used in this
Agreement are for ease of reference only and shall not control or affect the
meaning or construction of any provision hereof.
12.8 AMENDMENTS. This Agreement may be amended by the
General Partner as permitted by Section 4.14 hereof and, to the extent
necessary, the General Partner shall file or cause to be filed without any
additional consent of the Limited Partner any amendment to the Certificate.
12.9 ENTIRE AGREEMENT. This Agreement sets forth the
entire understanding of the parties with respect to the subject
matter hereof. This Agreement replaces and supersedes all
previous agreements and amendments entered into by the parties
hereto.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the 27th day of December, 1995.
GENERAL PARTNER:
Attest:
FROST-NEVADA CORPORATION, a Nevada
Corporation
By:
- ----------------------------- -------------------------
Neil Flanzraich, President
[Corporate Seal]
LIMITED PARTNER:
Witness:
-----------------------------
- ------------------------------- PHILLIP FROST, M.D.
-19-
EXHIBIT 7
IVAX CORPORATION
NONQUALIFIED STOCK OPTION AGREEMENT
1. IVAX Corporation, a Delaware corporation (the "Company"), hereby
grants to the Optionee named below a Nonqualified Stock Option ("Option") to
purchase, in accordance with and subject to the terms and conditions of:
(i) the IVAX Corporation Stock Option Plan, as it may be
amended ("Plan"), a copy of which is attached hereto and made a
part hereof; and
(ii) this Nonqualified Stock Option Agreement ("Agreement"),
the number of shares of its Common Stock, $.10 par value ("Shares") at a price
set forth herein as follows:
Optionee: Phillip Frost, M.D.
No. of Shares Covered by Option: 200,000
Option Price Per Share: $21 1/8
Date of Grant: February 19, 1993
Expiration Date: February 18, 2000
2. The Option granted under this Agreement may be exercised with
respect to one-fourth of the number of Shares covered hereby at the end of each
of the first four years after the Date of Grant, provided that the Optionee
remains in the continuous employ of the Company or its subsidiaries until each
vesting date. In the event that the Optionee's employment with the Company or
its subsidiaries is terminated prior to the date on which the Option or any
portion thereof vests (becomes exercisable), the non-vested portion of the
Option will be void, and will not become exercisable by the Optionee.
Notwithstanding the foregoing, the Option may not be exercised as to less than
ten Shares at any time (or the number of remaining Shares then purchasable under
the Option if less than ten Shares).
3. The Option granted under this Agreement may be exercised for the
number of Shares specified in a written notice delivered to the Company at least
ten days prior to the date on which purchase is requested, accompanied by full
payment in cash or Shares or a combination of both, in the manner and subject to
the terms and conditions set forth in the Plan. If any applicable law or
regulation requires the Company to take any action with respect to the Shares
specified in such notice, or if any action remains to be taken under the
Certificate of Incorporation or By-laws of the
<PAGE>
Company to effect due issuance of the Shares, then the Company shall take such
action and the day for delivery of such Shares shall be extended for the period
necessary to take such action.
4. The issuance of Options or any Shares pursuant to Options shall not
give the Optionee any right to be retained in the employ of the Company nor
shall it affect the right of the Company to discharge or discipline the Optionee
or the right of the Optionee to terminate his employment at any time.
5. As a condition of the Company's obligation to issue Shares upon
exercise of the Option granted under this Agreement, if requested by the
Company, the Optionee shall, concurrently with the delivery of the stock
certificate representing the Shares so purchased, give such written assurances
to the Company, in the form and substance that its counsel reasonably request,
to the effect that the Optionee is acquiring the Shares for investment and
without any present intention of reselling or redistributing the same in
violation of any applicable state or federal law. In the event that the Company
elects to register under the Securities Act of 1933 and any applicable state
laws the Shares which are the subject of the Option granted under this
Agreement, the issuance of such Shares shall not be subject to the restrictions
contained in this paragraph 5.
IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed as of the Date of Grant stated above.
IVAX CORPORATION
By:___________________________
Phillip Frost, M.D.
Chairman of the Board
and Chief Executive Officer
<PAGE>
I hereby accept the Nonqualified Stock Option granted above in
accordance with and subject to the terms and conditions of (i) the IVAX
Corporation Stock Option Plan, as may be amended, and (ii) the Nonqualified
Stock Option Agreement set forth above, and agree to be bound thereby.
Date Accepted.
________________________ ____________________________
Optionee
_____________________________
Social Security Number
EXHIBIT 8
IVAX CORPORATION
NONQUALIFIED STOCK OPTION AGREEMENT
(EMPLOYEE)
1. GRANT OF OPTION. In accordance with and subject to the terms and
conditions of (A) the IVAX Corporation Stock Option Plan, as it may be amended
from time to time (the "Plan"), a copy of which is attached hereto as Exhibit A,
and (B) this Nonqualified Stock Option Agreement (the "Agreement"), IVAX
Corporation, a Florida corporation (the "Company"), grants to the optionee
identified on Schedule 1 attached hereto (the "Optionee") a nonqualified stock
option (the "Option") to purchase the number of shares (the "Shares") of its
Common Stock, $.10 par value, set forth on Schedule 1, at the option price set
forth in Schedule 1.
2. ACCEPTANCE BY OPTIONEE. The exercise of the Option or any portion
thereof is conditioned upon acceptance by the Optionee of the terms and
conditions of this Agreement, as evidenced by his execution of Schedule 1 to
this Agreement and the delivery of an executed copy of this Agreement to the
Company.
3. VESTING OF OPTION. The Option shall become exercisable in accordance
with the vesting schedule set forth in Schedule 1. In the event that the
Optionee's employment with the Company or its subsidiaries is terminated prior
to the date on which the Option or any portion thereof becomes vested, the
non-vested portion of the Option will be void, and will not become exercisable
by the Optionee. Notwithstanding the foregoing, the Option may not be exercised
as to less than ten Shares at any time, or, if less than ten Shares, the number
of Shares subject to the Option.
4. EXPIRATION OF OPTION. The Option shall expire on the date set forth
in Schedule 1, and may not be exercised after such date.
5. PROCEDURE FOR EXERCISE. The Option may be exercised for the number
of Shares specified in a written notice delivered to the Company at least ten
days prior to the date on which purchase is requested, accompanied by full
payment in cash or check, in the manner and subject to the terms and conditions
set forth in the Plan. If any applicable law requires the Company to take any
action with respect to the Shares specified in such notice, or if any action
remains to be taken under the Articles of Incorporation or Bylaws of the Company
to effect due issuance of the Shares, then the Company shall take such action
and the day for delivery of such Shares shall be extended for the period
necessary to take such action. Neither the Optionee nor any other person
entitled to exercise the Option shall be, or have any rights or privileges of, a
shareholder of the Company in respect of any of the Shares issuable upon
exercise of the Option, unless and until the Shares are issued to the Optionee.
<PAGE>
6. NO RIGHT TO EMPLOYMENT. The issuance of the Option or any Shares
pursuant to the Option shall not give the Optionee any right to be employed or
retained in the employ of the Company nor shall it affect the right of the
Company to discharge or discipline the Optionee or the right of the Optionee to
terminate his or her employment.
7. REPRESENTATIONS AS TO PURCHASE OF SHARES. As a condition of the
Company's obligation to issue Shares upon exercise of the Option, if requested
by the Company, the Optionee shall, concurrently with the delivery of the stock
certificate representing the Shares so purchased, give such written assurances
to the Company, in the form and substance that its counsel reasonably requests,
to the effect that the Optionee is acquiring the Shares for investment and
without any present intention of reselling or redistributing the same in
violation of any applicable law. In the event that the Company elects to
register under the Securities Act of 1933 and any applicable state laws the
Shares which are the subject of the Option, the issuance of such Shares shall
not be subject to the restrictions contained in this paragraph 7.
8. COMPLIANCE WITH APPLICABLE LAW. The issuance of the Shares pursuant
to the exercise of this Option is subject to compliance with all applicable
laws, including without limitation laws governing withholding from employees and
nonresident aliens for income tax purposes.
IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed as of the Date of Grant set forth in Schedule 1.
IVAX CORPORATION
By:_________________________
Phillip Frost, M.D.
Chairman of the Board
and Chief Executive Officer
<PAGE>
SCHEDULE 1
NONQUALIFIED STOCK OPTION AGREEMENT
Name of Optionee: Phillip Frost, M.D.
Number of Shares: 50,000
Option Price Per Share: $34 7/8
Date of Grant: February 25, 1994
Expiration Date: February 24, 2001
Vesting Schedule: 12,500 Shares after one year
from Date of Grant
12,500 Shares after two years
from Date of Grant
12,500 Shares after three years
from Date of Grant
12,500 Shares after four years
from Date of Grant
The undersigned agrees to the terms and conditions of the Nonqualified
Stock Option Agreement of which this Schedule 1 is a part, and acknowledges
receipt of the prospectus relating to the Plan dated December 10, 1993.
Date Accepted:____________ ________________________
Optionee
________________________
Social Security Number
EXHIBIT 9
IVAX CORPORATION
NONQUALIFIED STOCK OPTION AGREEMENT
(EMPLOYEE)
1. GRANT OF OPTION. In accordance with and subject to the terms and
conditions of (A) the IVAX Corporation 1994 Stock Option Plan, as it may be
amended from time to time (the "Plan"), a copy of which is attached hereto as
Exhibit A, and (B) this Nonqualified Stock Option Agreement (the "Agreement"),
IVAX Corporation, a Florida corporation (the "Company"), grants to the optionee
identified on Schedule 1 attached hereto (the "Optionee") a nonqualified stock
option (the "Option") to purchase the number of shares (the "Shares") of its
Common Stock, $.10 par value, set forth on Schedule 1, at the option price set
forth in Schedule 1.
2. ACCEPTANCE BY OPTIONEE. The exercise of the Option or any portion
thereof is conditioned upon acceptance by the Optionee of the terms and
conditions of this Agreement, as evidenced by the Optionee's execution of
Schedule 1 to this Agreement and the delivery of an executed copy of Schedule 1
to the Company.
3. VESTING OF OPTION. The Option shall become exercisable in accordance
with the vesting schedule set forth in Schedule 1. In the event that the
Optionee's employment with the Company or its subsidiaries is terminated prior
to the date on which the Option or any portion thereof becomes vested, the
non-vested portion of the Option will be void, and will not become exercisable
by the Optionee.
4. EXPIRATION OF OPTION. The Option shall expire on the date set
forth in Schedule 1, and may not be exercised after such date.
5. PROCEDURE FOR EXERCISE. The Option may be exercised for the number
of Shares specified in a written notice delivered to the Company at least ten
days prior to the date on which purchase is requested, accompanied by full
payment in cash or check, in the manner and subject to the terms and conditions
set forth in the Plan. Notwithstanding the foregoing, the Option may not be
exercised as to less than ten Shares at any time, or, if less than ten Shares,
the number of Shares subject to the Option. If any applicable law requires the
Company to take any action with respect to the Shares specified in such notice,
or if any action remains to be taken under the Articles of Incorporation or
Bylaws of the Company to effect due issuance of the Shares, then the Company
shall take such action and the day for delivery of such Shares shall be extended
for the period necessary to take such action. Neither the Optionee nor any other
person entitled to exercise the Option shall be, or have any rights or
privileges of, a shareholder of the Company in respect of any of the Shares
issuable upon exercise of the Option, unless and until the Shares are issued to
the Optionee.
<PAGE>
6. NO RIGHT TO EMPLOYMENT. The issuance of the Option or any Shares
pursuant to the Option shall not give the Optionee any right to be employed or
retained in the employ of the Company nor shall it affect the right of the
Company to discharge or discipline the Optionee or the right of the Optionee to
terminate his or her employment.
7. REPRESENTATIONS AS TO PURCHASE OF SHARES. As a condition of the
Company's obligation to issue Shares upon exercise of the Option, if requested
by the Company, the Optionee shall, concurrently with the delivery of the stock
certificate representing the Shares so purchased, give such written assurances
to the Company, in the form and substance that its counsel reasonably requests,
to the effect that the Optionee is acquiring the Shares for investment and
without any present intention of reselling or redistributing the same in
violation of any applicable law. In the event that the Company elects to
register under the Securities Act of 1933 and any applicable state laws the
Shares which are the subject of the Option, the issuance of such Shares shall
not be subject to the restrictions contained in this paragraph 7.
8. COMPLIANCE WITH APPLICABLE LAW. The issuance of the Shares pursuant
to the exercise of this Option is subject to compliance with all applicable
laws, including without limitation laws governing withholding from employees and
nonresident aliens for income tax purposes.
IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed as of the Date of Grant set forth in Schedule 1.
IVAX CORPORATION
By:_________________________
Phillip Frost, M.D.
Chairman of the Board
and Chief Executive Officer
<PAGE>
SCHEDULE 1
NONQUALIFIED STOCK OPTION AGREEMENT
Name of Optionee: Phillip Frost, M.D.
Number of Shares: 75,000
Option Price Per Share: $20 5/8
Date of Grant: February 24, 1995
Expiration Date: February 23, 2002
Vesting Schedule: 25% on February 24, 1996
25% on February 24, 1997
25% on February 24, 1998
25% on February 24, 1999
The undersigned agrees to the terms and conditions of the Nonqualified
Stock Option Agreement of which this Schedule 1 is a part, and acknowledges
receipt of the prospectus relating to the 1994 Stock Option Plan and of the
Company's most recent Annual Report to Shareholders.
Date Accepted:____________ ________________________
Optionee
________________________
Social Security Number
EXHIBIT 10
IVAX CORPORATION
NONQUALIFIED STOCK OPTION AGREEMENT
(EMPLOYEE)
1. GRANT OF OPTION. In accordance with and subject to the terms and
conditions of (A) the IVAX Corporation 1994 Stock Option Plan, as it may be
amended from time to time (the "Plan") and (B) this Nonqualified Stock Option
Agreement (the "Agreement"), IVAX Corporation, a Florida corporation (the
"Company"), grants to the optionee identified on Schedule 1 attached hereto (the
"Optionee") a nonqualified stock option (the "Option") to purchase the number of
shares (the "Shares") of its Common Stock, $.10 par value, set forth on Schedule
1, at the option price set forth in Schedule 1.
2. ACCEPTANCE BY OPTIONEE. The exercise of the Option or any portion
thereof is conditioned upon acceptance by the Optionee of the terms and
conditions of this Agreement, as evidenced by the Optionee's execution of
Schedule 1 to this Agreement and the delivery of an executed copy of Schedule 1
to the Company.
3. VESTING OF OPTION. The Option shall become exercisable in accordance
with the vesting schedule set forth in Schedule 1. In the event that the
Optionee's employment with the Company or its subsidiaries is terminated prior
to the date on which the Option or any portion thereof becomes vested, the
non-vested portion of the Option will be void, and will not become exercisable
by the Optionee.
4. EXPIRATION OF OPTION. The Option shall expire on the date set forth
in Schedule 1, and may not be exercised after such date.
5. PROCEDURE FOR EXERCISE. The Option may be exercised for the number
of Shares specified in a written notice delivered to the Company at least ten
days prior to the date on which purchase is requested, accompanied by full
payment for the Shares with respect to which the Option is being exercised in
the manner and subject to the terms and conditions set forth in the Plan.
Notwithstanding the foregoing, the Option may not be exercised as to less than
ten Shares at any time, or, if less than ten Shares, the number of Shares
subject to the Option. If any applicable law requires the Company to take any
action with respect to the Shares specified in such notice, or if any action
remains to be taken under the Articles of Incorporation or Bylaws of the Company
to effect due issuance of the Shares, then the Company shall take such action
and the day for delivery of such Shares shall be extended for the period
necessary to take such action. Neither the Optionee nor any other person
entitled to exercise the Option shall be, or have any rights or privileges of, a
shareholder of the Company in respect of any of the Shares issuable upon
exercise of the Option, unless and until the Shares are issued to the Optionee.
<PAGE>
6. NO RIGHT TO EMPLOYMENT. The issuance of the Option or any Shares
pursuant to the Option shall not give the Optionee any right to be employed or
retained in the employ of the Company nor shall it affect the right of the
Company to discharge or discipline the Optionee or the right of the Optionee to
terminate his or her employment.
7. REPRESENTATIONS AS TO PURCHASE OF SHARES. As a condition of the
Company's obligation to issue Shares upon exercise of the Option, if requested
by the Company, the Optionee shall, concurrently with the delivery of the stock
certificate representing the Shares so purchased, give such written assurances
to the Company, in the form and substance that its counsel reasonably requests,
to the effect that the Optionee is acquiring the Shares for investment and
without any present intention of reselling or redistributing the same in
violation of any applicable law. In the event that the Company elects to
register under the Securities Act of 1933 and any applicable state laws the
Shares which are the subject of the Option, the issuance of such Shares shall
not be subject to the restrictions contained in this paragraph 7.
8. COMPLIANCE WITH APPLICABLE LAW. The issuance of the Shares pursuant
to the exercise of this Option is subject to compliance with all applicable
laws, including without limitation laws governing withholding from employees and
nonresident aliens for income tax purposes.
IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed as of the Date of Grant set forth in Schedule 1.
IVAX CORPORATION
By:_________________________
Phillip Frost, M.D.
Chairman of the Board
and Chief Executive Officer
<PAGE>
SCHEDULE 1
NONQUALIFIED STOCK OPTION AGREEMENT
(EMPLOYEE)
Name of Optionee: Phillip Frost, M.D.
Number of Shares: 75,000
Option Price Per Share: $26 3/4
Date of Grant: February 21, 1996
Expiration Date: February 20, 2003
Vesting Schedule: 25% of the Number of Shares on each
of the first four anniversary dates
of the Date of Grant
The undersigned agrees to the terms and conditions of the Nonqualified
Stock Option Agreement of which this Schedule 1 is a part, and acknowledges
receipt of the prospectus relating to the Plan and the Company's most recent
annual report to shareholders.
Date Accepted:____________ _________________________
Optionee
________________________
Social Security Number
