Document:

Exhibit 10.2

 

STEADYMED LTD.

 

AMENDMENT NO. 1 TO WARRANT

 

THIS AMENDMENT NO. 1 (this “Amendment”) to that certain Warrant, dated as of [·], issued to [·] (including any permitted transferee or assignees of such Warrant, the “Warrant Holder”) and representing a right to subscribe for the purchase from SteadyMed Ltd., an Israeli incorporated company (the “Company”), [·] Shares at a price per Share equal to the Exercise Price, (the “Warrant”), is entered into as of April [·], 2018, by and between the Warrant Holder and the Company. The Warrant is one of a series of warrants issued by the Company in connection with a financing that was consummated April 25, 2017 (collectively, the “2017 Warrants”) pursuant to the Subscription Agreement, dated as April 20, 2017, among the Company and the Participants party thereto (the “Subscription Agreement”). All capitalized terms used herein without definition shall have the meanings ascribed to them in the Warrant.

 

WHEREAS, the Warrant Holder and the Company desire to amend the Warrant such that, in the event of a Specified Corporate Reorganization (as defined below), the terms of this Amendment and not Section 5(c) of the Warrant shall control; and

 

WHEREAS, the Warrant can be modified or amended or the provisions thereof waived with the written consent of the Warrant Holder and the Company.

 

NOW THEREFORE, the Warrant Holder and the Company agree as follows:

 

Section 1.                                           Specified Corporate Reorganization. In the event of the consummation of a Specified Corporate Reorganization, Section 5(c) of the Warrant shall be null and void and shall not apply, the Warrant shall not be assumed by an Acquirer and the Warrant Holder shall not have any rights to purchase shares of Acquirer pursuant to the Warrant, and instead the Warrant shall be cancelled and converted into the right of the Warrant Holder to receive, in full satisfaction of the Company’s obligations under Section 5 of the Warrant, a cash payment equal to $2.33 for each Warrant Share (subject to appropriate adjustment for stock splits, stock dividends, stock combinations, recapitalizations or similar events occurring after the date hereof) then issuable upon exercise of the Warrant (subject to Section 2 below, the “Specified Corporate Reorganization Warrant Consideration”). Such payment shall be made by Acquirer or its designee as promptly as practicable after consummation of the Specified Corporate Reorganization. Upon payment by Acquirer or its designee of the Specified Corporate Reorganization Warrant Consideration, the Warrant Holder shall have no further rights under the Warrant and will not be entitled to receive any future or contingent consideration with respect to the Warrant, and neither the Company nor Acquirer shall have any further obligations under or with respect to the Warrant or the Subscription Agreement. For purposes of this Amendment, the term “Specified Corporate Reorganization” shall mean a Corporate Reorganization effected in accordance with a definitive agreement entered into by the Company no later than April 30, 2018 (the “Specified Corporate Reorganization Agreement”) and consummated no later than December 31, 2018 (the “Outside Date”) pursuant to which (a) the Company is merged or consolidated with, sold to or otherwise combined with Acquirer (but not, for the avoidance of doubt, a sale of assets) and (b) the Company’s equityholders (including any holders of options, restricted share units, the 2017 Warrants, the warrants issued by the Company in connection with a financing that was consummated on August 4, 2016 pursuant to the Subscription Agreement, dated as July 29, 2016, or other derivative securities convertible into Shares) (collectively, the “Company Equityholders”) receive (i) cash at closing in an aggregate amount equal to $141 million; and (ii) contingent value rights entitling the Company Equityholders to receive additional cash consideration in an aggregate amount of no more than $75 million if and when certain milestones with respect to products under development by the Company are achieved.

 

 

Section 2.                                           Other Agreements. If at any time prior to the consummation of the Specified Corporate Reorganization, the Company or Acquirer (directly or indirectly through a subsidiary of the Company or Acquirer) enters into a written agreement (or otherwise agrees) with any other holder(s) of 2017 Warrants to purchase, assume, exchange or extinguish 2017 Warrants and the value of the consideration, whether cash or non-cash, or the value of the exchanged security, at the time of consummation of such purchase, assumption, exchange or extinguishment (the “Alternate Price”) is or will be more than $2.33 for each Warrant Share (subject to appropriate adjustment for stock splits, stock dividends, stock combinations, recapitalizations or similar events occurring after the date hereof) and/or such purchase, assumption, exchange or extinguishment is or will be otherwise on terms more favorable in any material respect to any such other holder(s) than the terms applicable to the Warrant Holder hereunder and the Warrant as amended hereby ( “Other More Favorable Terms”), then the Company shall promptly provide notice thereof to the Warrant Holder (the “Amendment Notice”) and the Specified Corporate Reorganization Warrant Consideration shall automatically be increased to be equal to the Alternate Price, as applicable, and this Amendment shall be automatically amended without further action by any of the parties to this Amendment to provide the Warrant Holder with such Other More Favorable Terms, as applicable (except to the extent the Warrant Holder notifies the Company in writing within five (5) calendar days of the Warrant Holder’s receipt of the Amendment Notice that the Warrant Holder rejects any such Other More Favorable Terms).

 

Section 3.                                           Representations and Warranties. The Warrant Holder and the Company each represent and warrant to the other that it has all requisite corporate or similar power and authority to enter into this Amendment, and this Amendment has been duly and validly executed and delivered by it. The Company represents and warrants that, as of the date of this Amendment, neither the Company nor Acquirer (nor any subsidiary of the Company or Acquirer) has entered into any written agreement (or otherwise agreed) with any other holder(s) of 2017 Warrants to purchase, assume, exchange or extinguish 2017 Warrants where the value of the consideration, whether cash or non-cash, or the value of the exchanged security, at the time of consummation of such purchase, assumption, exchange or extinguishment is or will be more than $2.33 for each Warrant Share (subject to appropriate adjustment for stock splits, stock dividends, stock combinations, recapitalizations or similar events occurring after the date hereof) and/or such purchase, assumption, exchange or extinguishment is or will be otherwise on terms more favorable in any material respect to any such other holder(s) than the terms applicable to the Warrant Holder hereunder and the Warrant as amended hereby. The Warrant Holder represents and warrants to the Company that (a) it is the record and beneficial holder of the Warrant (b) prior to the date hereof, it has not Transferred any of its rights under the Warrant and (c) it has no outstanding obligations to Transfer the Warrant.

 

Section 4.                                           Miscellaneous.

 

(a)                                 Continued Effect. Except as specifically amended and modified herein, the Warrant shall remain in full force and effect as originally issued. The Company’s obligations hereunder and under the Warrant, as amended hereby, shall survive the Company’s entry into the Specified Corporate Reorganization Agreement and the consummation of the Specified Corporate Reorganization Agreement, and the Company shall not consummate the Specified Corporate Reorganization unless the Warrant shall have been provided with such assurances, reasonably acceptable to the Warrant Holder, that the Specified Corporate Warrant Reorganization Consideration shall be timely paid by the Company or the Acquirer to the Warrant Holder in accordance herewith. This Amendment and the amendment of the Warrant contemplated hereby shall terminate and be of no further force or effect (i.e., the Warrant shall remain in full force and effect as originally issued, without giving effect to the amendment thereof contemplated hereby) if the Specified Corporate Reorganization Agreement is not entered into on or prior to April 30, 2018 or the Specified Corporate Reorganization is not consummated on or prior to the Outside Date (the date of any such termination, the “Termination Date”).

 

 

(b)                                 Confidentiality. The Company and the Warrant Holder agree that the existence of and the terms of this Amendment constitute “Confidential Information” under that certain letter agreement dated [·] between the Company and the Warrant Holder regarding the use and disclosure of certain non-public information and regarding various related matters; provided, however that the existence of and the terms of this Amendment shall not constitute Confidential Information at any time after the earliest of the Termination Date, the date of the 8-K Filing and the 8-K Filing Deadline (each as defined below). On or before 8:30 a.m., New York time, on the second (2nd) Business Day after the date the Company enters into the Specified Corporate Reorganization Agreement (the “8-K Filing Deadline”), the Company shall file a Current Report on Form 8-K describing all the material terms of this Amendment and the Specified Corporate Reorganization Agreement, and attaching this Amendment and the Specified Corporate Reorganization Agreement (the “8-K Filing”). The Company expressly acknowledges and agrees that, following the earliest of the Termination Date, the date of the 8-K Filing and the 8-K Filing Deadline, neither the Warrant Holder nor any of its Affiliates shall have any duty of trust or confidence with respect to, or a duty not to trade on the basis of, any information regarding the Company or its securities.

 

(c)                                  Entire Agreement. This Amendment, the Subscription Agreement and the Warrant constitute the entire agreement between the parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the parties hereto (including any prior amendments to the Warrant) are expressly canceled. Except for the representations, warranties and covenants expressly set forth in the Warrant, the Subscription Agreement and this Amendment, none of the Company, the Warrant Holder or either of their Affiliates or any other Person has made or makes any representation, warranty or covenant, written or oral, express or implied, with respect to the Specified Corporate Reorganization or other matters contemplated hereby or in connection herewith.

 

(d)                                 Governing Law. THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, EXCEPT AS OTHERWISE REQUIRED BY MANDATORY PROVISIONS OF LAW.

 

(e)                                  Execution. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. An executed counterpart of this Amendment may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000) or other transmission method, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

 

 

IN WITNESS WHEREOF, each party has caused this Amendment to be duly executed by its authorized signatory as of the day and year first above written.

 

	
 
    	
SteadyMed Ltd., an   Israeli incorporated company
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
Name: Jonathan Rigby
    
	
 
    	
Title: President and   Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
[NAME OF WARRANT   HOLDER]
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:EX-4.1

 Exhibit 4.1 
  

 
  

NVENT FINANCE S.À R.L., 
 as
Issuer 
 AND 
 NVENT ELECTRIC
PLC, 
 as Guarantor 
 AND 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 THIRD SUPPLEMENTAL
INDENTURE 
 Dated as of April 30, 2018 
  

 
  

 THIS THIRD SUPPLEMENTAL INDENTURE is dated as of April 30, 2018 among NVENT FINANCE
S.À R.L., a Luxembourg private limited liability company (société à responsabilité limitée) with a registered office at 26, boulevard Royal, L-2449
Luxembourg and registered with the Luxembourg Trade and Companies Register under number B219846 (the “Company”), NVENT ELECTRIC PLC, an Irish public limited company (“nVent”), and U.S. BANK NATIONAL
ASSOCIATION, a national banking association (the “Trustee”). 
 RECITALS 

A.    The Company, nVent, PENTAIR PLC, an Irish public limited company (“Pentair”) and PENTAIR
INVESTMENTS SWITZERLAND GMBH, a Swiss Gesellschaft mit beschränkter Haftung (“Pentair Investments” and with Pentair, the “Pentair Guarantors”) and the Trustee have heretofore executed and delivered an Indenture, dated
as of March 26, 2018 (the “Base Indenture”), as supplemented by the First Supplemental Indenture, dated as of March 26, 2018 (the “First Supplemental Indenture”), which provided for the issuance by the
Company of $300,000,000 of 3.950% Senior Notes due 2023 (the “2023 Notes”), guaranteed by nVent and the Pentair Guarantors, and the Second Supplemental Indenture, dated as of March 26, 2018 (the “Second Supplemental
Indenture” and with the Base Indenture and the First Supplemental Indenture, the “Indenture”), which provided for the issuance by the Company of $500,000,000 principal amount of 4.550% Senior Notes due 2028 (with the
2023 Notes, the “Notes”), guaranteed by nVent and the Pentair Guarantors. 
 B.    Section 15.03
of the Base Indenture automatically and unconditionally releases the Pentair Guarantors from their Guarantees (as such term is defined in the Base Indenture) under the Indenture upon completion of the Separation (as such term is defined in the Base
Indenture). 
 C.    The Separation occurred effective April 30, 2018. 

NOW, THEREFORE, for and in consideration of the foregoing premises, the Company, nVent and the Trustee mutually covenant and agree for the
benefit of the Holders and the Pentair Guarantors as follows: 
  

	 	1.	Capitalized Terms. Capitalized definitional terms used herein without definition shall have the meanings assigned to them in the Indenture. 

 

	 	2.	Release of Pentair Guarantors from Guarantee and Indenture. Effective as of the completion of the Separation on April 30, 2018, the Company, nVent and the Trustee agree that each of the Pentair Guarantors is
hereby released and discharged of any obligations under its Guarantee, shall have no further obligations or liabilities under the Indenture and shall be removed as a party from the Indenture. 

 

	 	3.	Ratification of Indenture; Third Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions
thereof shall remain in full force and effect. This Third Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

  
 2 

	 	4.	Concerning the Trustee. In carrying out the Trustee’s responsibilities hereunder, the Trustee shall have all of the rights, protections and immunities which it possesses under the Indenture. The recitals
contained in this Third Supplemental Indenture shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee shall not be responsible for and makes no representations as to (i) the
validity or sufficiency of this Third Supplemental Indenture, (ii) the proper authorization hereof by nVent and the Company by action or otherwise, (iii) the due execution hereof by nVent and the Company or (iv) the consequences of
any amendment herein provided for. 

  

	 	5.	Governing Law. This Third Supplemental Indenture shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said
State without regard to conflicts of law principles (except for Sections 5-1401 and 5-1402 of the New York General Obligations Law) that would require the application of
any other law. This Third Supplemental Indenture is subject to the provisions of the Trust Indenture Act of 1939 that are required to be part of this Third Supplemental Indenture and shall, to the extent applicable, be governed by such provisions.
The application of articles 470-1 to 470-19 of the Luxembourg law on commercial companies dated 10 August 1915, as amended, to the Indenture is excluded.

  

	 	6.	Separability. In case any one or more of the provisions contained in this Third Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provisions of this Third Supplemental Indenture, but this Third Supplemental Indenture shall be construed as if such invalid or illegal or unenforceable provision had never been contained
herein or therein. 

  

	 	7.	Counterparts. This Third Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.
The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Third Supplemental Indenture as to the parties hereto and may be used in
lieu of the original Third Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

 

	 	8.	Legal, Valid and Binding Obligation. nVent and the Company hereby represent and warrant that, assuming the due authorization, execution and delivery of this Third Supplemental Indenture by the Trustee, this Third
Supplemental Indenture is the legal, valid and binding obligation of nVent and the Company enforceable against nVent and the Company in accordance with its terms, subject to bankruptcy, insolvency, reorganization and other laws of general
applicability relating to or affecting the enforcement of creditors’ rights and to general equity principles. 

  
 3 

	 	9.	FATCA. This Third Supplemental Indenture has not resulted in a material modification of the Notes for Foreign Account Tax Compliance Act purposes. 

[Signature Page Follows] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly
executed as of the day and year first above written. 
  

					
	 NVENT FINANCE S.À R.L.,

as Issuer

		
	By:	 	 /s/ Randolph A. Wacker

		 	Name:	  	Randolph A. Wacker
		 	Title:	  	Manager
	
	 NVENT ELECTRIC PLC,

as Guarantor

		
	By:	 	 /s/ Randolph A. Wacker

		 	Name:	  	Randolph A. Wacker
		 	Title:	  	Senior Vice President and
		 		  	Chief Accounting Officer

  
 [Signature Page to the
Third Supplemental Indenture] 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 
			
		
	By:	 	 /s/ Rick Prokosch

	Name:	 	Rick Prokosch
	Title:	 	Vice President

  
 [Signature Page to the
Third Supplemental Indenture]

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