Acknowledgment and Extension of Maturity Date for Secured Subordinated Promissory Notes between Virbac S.A. and U.S. Affiliates

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Summary

This agreement is between Virbac S.A. and its U.S. affiliates (Virbac Corporation, PM Resources, Inc., St. Jon Laboratories, Inc., Francodex Laboratories, Inc., Delmarva Laboratories, Inc., and Virbac AH, Inc.), who are borrowers under several secured subordinated promissory notes. The agreement modifies the original notes to allow for up to five extensions of the maturity date, each for three months, extending the final maturity date to October 9, 2005. Virbac S.A. also agrees to extend the current maturity date to July 9, 2005, with a possible further extension to October 9, 2005.

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EX-10.22 15 d24329exv10w22.txt ACKNOWLEDGMENT OF 2005 EXTENDED MATURITY DATE ACKNOWLEDGEMENT OF 2005 EXTENDED MATURITY DATE Virbac Corporation, PM Resources, Inc., St. Jon Laboratories, Inc., Francodex Laboratories, Inc., Delmarva Laboratories, Inc. and Virbac AH, Inc. are the Borrowers under the Secured Subordinated Promissory Note dated as of April 9, 2004 and the Secured Subordinated Promissory Note dated April 29, 2004 and the Secured Subordinated Promissory Note dated May 27, 2004, all in favor of Virbac S.A. (the "Notes"). Capitalized terms used herein but not otherwise defined shall have the meaning ascribed to them in the Notes. Under Section 2(b) of the Notes, the Maturity Date may only be extended for three periods of three months. The third and final Extended Maturity Date of the Notes is April 9, 2005. Therefore, Virbac S.A., in accordance with Section 4(c) of the Notes, agrees to modify Section 2(b) of the Notes so that the Notes may be automatically extended for up to five periods of three months, thus extending the Notes' final Extended Maturity Date to October 9, 2005. Additionally, under Section 2(b) of the Notes, as modified herein, Virbac S.A. hereby agrees to extend the Extended Maturity Date under the Notes to July 9, 2005. Under Section 2(b) of the Notes, as modified herein, on July 9, 2005 the Extended Maturity Date of the Notes may be extended for one period of 3 months, to October 9, 2005. Agreed to and acknowledged by: VIRBAC S.A. /s/ Eric Maree February 8, 2005 - -------------------------- ---------------- Name: Eric Maree Date Title: President of the Management Board