Document:

Exhibit 10.1

 

AMENDMENT NUMBER TWO TO EMPLOYMENT AGREEMENT

 

This Amendment
NUMBER TWO to Employment Agreement (this “Amendment”) is made and entered as of this 22nd day
of February, 2015, (the “Amendment Effective Date”) by and between InspireMD, Inc., a Delaware corporation
(the “Company”), and James J. Barry, PhD (the “Executive”) for purposes of
amending that certain Employment Agreement dated as of July 14, 2014, by and between the Company and the Executive, as amended
by that certain Amendment to Employment Agreement dated January 5, 2015 (the “Agreement”). Terms used
in this Amendment with initial capital letters that are not otherwise defined herein shall have the meanings ascribed to such terms
in the Agreement.

 

WHEREAS, Section
7.5 of the Agreement provides that the parties to the Agreement may amend the Agreement in a writing signed by the parties; and

 

WHEREAS, the parties
hereto desire to amend the Agreement in certain respects.

 

NOW THEREFORE, pursuant
to Section 7.5 of the Agreement, and for good and valuable consideration, the sufficiency of which is hereby acknowledged, the
Company and the Executive agree as follows:

 

1.     Section
2.5 of the Agreement is hereby amended by deleting said section in its entirety and substituting in lieu thereof the following
new Section 2.5:

 

2.5           Temporary
Base Salary Modification. Notwithstanding the foregoing, the Executive and the Company agree that until the earlier of (1)
September 30, 2015 and (2) the Company raising an aggregate of $5 million from investors (the period from the Amendment Effective
Date through the earlier of the dates specified above shall be referred to as the “Contract Period”),
the Executive shall receive 50% of his base salary in cash payments, with the remaining 50% having been paid to the Executive on
January 26, 2015 through the issuance to the Executive of 190,104 shares of Restricted Stock (using the fair market value of the
Company’s stock as of the market close on January 26, 2015) (the “Restricted Shares”), which Restricted
Shares were issued to the Executive on January 26, 2015 and shall vest on January 26, 2016 (the “Vesting Date”),
subject to the Executive’s continued service to the Company and the Executive not subsequently receiving any cash salary
payments with respect to any of the Executive’s cash salary that was surrendered pursuant to this Section 2.5 in exchange
for the Restricted Shares. Notwithstanding the foregoing or anything in Section 5.1(c) to the contrary, if the Executive’s
employment with the Company is terminated during the Contract Period by the Company without Cause or by the Executive for Good
Reason, a portion of the Restricted Shares shall vest on the Vesting Date, prorated based on the number of days of service rendered
to the Company by the Executive during the Contract Period. Notwithstanding the foregoing or anything in Section 5.3 to the contrary,
the Restricted Shares shall be 100% fully vested on the Vesting Date if a Change in Control occurs during the Contract Period,
provided that the Executive is rendering services to the Company through the Change in Control Date. To the extent that the Company
subsequently pays the Executive any cash salary that was surrendered pursuant to this Section 2.5 in exchange for the Restricted
Shares, the Executive shall immediately forfeit such portion of the Restricted Shares to the Company having a value equal to the
amount of cash salary subsequently paid (using the fair market value of the Company’s stock as of the market close on January
26, 2015). Any tax withholding required with respect to the Restricted Shares contemplated by the prior sentence shall be accomplished
by the withholding of shares of such Restricted Shares equal in value (using the fair market value of the Company’s stock
as of the market close on the immediately preceding trading day) to the minimum withholding required by law and any cash required
to satisfy the withholding amount required to be sent to the appropriate tax authorities shall be paid by the Company out of its
cash balance. For the avoidance of any doubt, the parties agree that during the Contract Period only, the clause (i) in the definition
of Base Amount set forth in Exhibit A hereto, shall refer only to the full amount of the Executive’s base salary prior to
any modification agreed to hereunder. The Restricted Shares issued to the Executive under this Section 2.5 shall be granted under
the Company’s current equity incentive plan and the Company shall take all steps reasonably required to ensure that the issuance
of such shares to the Executive are not matchable for purposes of Section 16 of the Securities Act of 1934 (and the applicable
rules related thereto) against any shares withheld by the Company as provided above or sold by the Executive.

 

    	 

    	 

    

 

2.          Except
as expressly amended by this Amendment, the Agreement shall continue in full force and effect in accordance with the provisions
thereof.

 

3.          In
the event of a conflict between the Agreement and this Amendment, this Amendment shall govern.

 

[Remainder of Page Intentionally Left Blank

Signature Page Follows.]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amendment Number Two to Employment Agreement as of the Amendment Effective Date.

 

	 	THE COMPANY:
	 	 
	 	INSPIREMD, INC.
	 	 	 
	 	By:	/s/ Alan W. Milinazzo
	 	Name:	Alan W. Milinazzo
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	THE EXECUTIVE:
	 	 	 
	 	/s/ James J. Barry PhD
	 	James J. Barry PhDEX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 AMENDMENT NO.
5 
 AMENDMENT NO. 5, dated as of February 20, 2015 (this “Amendment”), by and among PAR PHARMACEUTICAL
COMPANIES, INC., a Delaware corporation (the “Parent Borrower”), the Revolving Credit Lenders party hereto, and BANK OF AMERICA, N.A. (“BANA”), as administrative agent (in such capacity, the “Administrative
Agent”) under the Credit Agreement, dated as of September 28, 2012 (as amended by Amendment No. 1, dated as of February 6, 2013, Amendment No. 2, dated as of February 20, 2013, Amendment No. 3, dated as of
February 28, 2013 and Amendment No. 4 dated as of February 20, 2014, the “Credit Agreement”), among the Parent Borrower, PAR PHARMACEUTICAL, INC., a Delaware corporation (the “Co-Borrower” and,
together with the Parent Borrower, the “Borrowers” and each a “Borrower”), SKY GROWTH INTERMEDIATE HOLDINGS II CORPORATION, a Delaware corporation (“Holdings”), BANA, as administrative agent under
the Loan Documents, Swing Line Lender and L/C Issuer, each lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”), and the other parties thereto from time to time.
Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 
 WHEREAS,
Section 10.01(h) of the Credit Agreement permits certain amendment of the Credit Agreement with consent of the Administrative Agent, the Parent Borrower and certain Required Facility Lenders; 

WHEREAS, the Parent Borrower and the Required Facility Lenders under the Revolving Credit Facility wish to make the amendment set forth in
Section 1 below pursuant to an amendment authorized by Section 10.01 of the Credit Agreement. 
 NOW, THEREFORE, in consideration
of the premises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

 

	 	Section 1.	Amendments. 

 Effective as of the Amendment No. 5 Effective Date, the Credit
Agreement is hereby amended as follows: 
 (a) The following defined terms shall be added to Section 1.01 of the Credit Agreement in
alphabetical order: 
 “Amendment No. 5” means Amendment No. 5 to this Agreement dated as of
February 20, 2015. 
 “Amendment No. 5 Effective Date” means February 25, 2015, the date on
which all conditions precedent set forth in Section 3 of Amendment No. 5 are satisfied. 
 (b) Section 7.13 of the Credit
Agreement is hereby amended by deleting the table set forth therein in its entirety and replacing it with the following table therefor: 
  

									
	 Fiscal Year
	  	First Quarter	  	Second Quarter	  	Third Quarter	  	Fourth Quarter
	 2012
	  	N/A	  	N/A	  	N/A	  	5.00 to 1.00
	 2013
	  	5.00 to 1.00	  	5.00 to 1.00	  	5.00 to 1.00	  	4.50 to 1.00
	 2014
	  	4.50 to 1.00	  	4.25 to 1.00	  	4.25 to 1.00	  	4.25 to 1.00
	 2015
	  	4.25 to 1.00	  	4.00 to 1.00	  	3.75 to 1.00	  	3.75 to 1.00
	 Thereafter
	  	3.75 to 1.00	  	3.75 to 1.00	  	3.75 to 1.00	  	3.75 to 1.00

	 	Section 2.	Representations and Warranties. 

 The Parent Borrower represents and warrants to
the Lenders as of the date hereof and the Amendment No. 5 Effective Date that: 
 (a) Before and after giving effect to this Amendment,
the representations and warranties of the Parent Borrower and each other Loan Party contained in Article V of the Credit Agreement or any other Loan Document shall be true and correct in all material respects on and as of the Amendment No. 5
Effective Date; provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided, further,
that, any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such
respective date. 
 (b) At the time of and after giving effect to this Amendment, no Default shall exist, or would result from the
Amendment. 
  

	 	Section 3.	Conditions to Effectiveness. 

 This Amendment shall become effective on the date
on which each of the following conditions is satisfied: 
 (a) The Administrative Agent’s receipt of counterparts of this Amendment
executed by (A) the Parent Borrower, (B) the Administrative Agent and (C) the Required Facility Lenders under the Revolving Credit Facility, each of which shall be originals or facsimiles or electronic copies (followed promptly by
originals) unless otherwise specified; 
 (b) The effectiveness of an amendment to the Credit Agreement pursuant to which Lenders will
extend credit to the Borrowers in an aggregate principal amount of up to $425,000,000 (the “Dividend Amendment”); and 

(c) The Administrative Agent’s receipt of the following, each of which shall be originals or facsimiles or electronic copies (followed
promptly by originals) unless otherwise specified; 
 (1) an opinion of Ropes & Gray LLP, New York counsel to the
Loan Parties dated the Amendment No. 5 Effective Date and addressed to the Administrative Agent and the Lenders, in a form reasonably satisfactory to the Administrative Agent; and 

(2) (A) certificates of good standing (to the extent such concept exists in such Loan Party’s state of organization) from
the applicable secretary of state of the state of organization of each Loan Party, and (B) a certificate of a Responsible Officer of each Loan Party which may be delivered on a combined basis with the certificate for the Dividend Amendment
certifying (I) to the effect that (w) attached thereto is a true and complete copy of the certificate or articles of incorporation or organization such Loan Party certified as of a recent date by the secretary of state

  
 -2- 

 
of the state of its organization, or in the alternative, certifying that such certificate or articles of incorporation or organization have not been amended since the Closing Date, and that such
certificate or articles are in full force and effect, (x) attached thereto is a true and complete copy of the by-laws or operating agreements of each Loan Party as in effect on the Amendment No. 5 Effective Date, or in the alternative,
certifying that such by-laws or operating agreements have not been amended since the Closing Date and (y) attached thereto is a true and complete copy of resolutions duly adopted by the board of directors of each Loan Party authorizing the
execution, delivery and performance of the Loan Documents to which such Loan Party is a party, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, and (II) as to the incumbency and specimen
signature of each officer executing any Loan Document on behalf of any Loan Party and signed by another officer as to the incumbency and specimen signature of the Responsible Officer executing the certificate pursuant to this clause (B). 

The Administrative Agent shall notify the Parent Borrower and the Revolving Credit Lenders of the Amendment No. 5 Effective Date and such
notice shall be conclusive and binding. 
  

	 	Section 4.	Expenses. 

 The Parent Borrower agrees to reimburse the Administrative Agent for
its reasonable and documented out-of-pocket expenses incurred by it in connection with this Amendment, including the reasonable fees, charges and disbursements of Cahill Gordon & Reindel LLP, counsel for the Administrative Agent. 

 

	 	Section 5.	Counterparts. 

 This Amendment may be executed in counterparts (and by different
parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by facsimile
transmission or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Amendment. 
  

	 	Section 6.	Governing Law and Waiver of Right to Trial by Jury. 

 THIS AMENDMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. The jurisdiction and waiver of right to trial by jury provisions in Section 10.16 and 10.17 of the Credit Agreement are incorporated herein by reference mutatis
mutandis. 
  

	 	Section 7.	Headings. 

 The headings of this Amendment are for purposes of reference only and
shall not limit or otherwise affect the meaning hereof. 
  

	 	Section 8.	Reaffirmation. 

 The Parent Borrower hereby expressly acknowledges the terms of
this Amendment and reaffirms, as of the date hereof, (i) the covenants and agreements contained in each Loan Document to which it is a party, including, in each case, such covenants and agreements as in effect immediately after giving effect to
this Amendment and the transactions contemplated hereby and (ii) its grant of Liens on the Collateral to secure the Obligations pursuant to the Collateral Documents. 

  
 -3- 

	 	Section 9.	Effect of Amendment; References to the Credit Agreement. 

 Except as expressly set
forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Agents under the Credit Agreement or any other Loan Document, and shall not
alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Loan Document, all of which are ratified and
affirmed in all respects and shall continue in full force and effect. All references to the Credit Agreement in any document, instrument, agreement, or writing shall from and after the Amendment No.5 Effective Date be deemed to refer to the Credit
Agreement as amended hereby, and, as used in the Credit Agreement, the terms “Agreement,” “herein,” “hereafter,” “hereunder,” “hereto” and words of similar import shall mean, from and after the
Amendment No. 5 Effective Date, the Credit Agreement as amended hereby. 
  

	 	Section 10.	Lender Signatures. 

 Each Revolving Credit Lender that executes a signature page
to this Amendment shall be deemed to have approved this Amendment. Each Revolving Credit Lender signatory to this Amendment agrees that such Revolving Credit Lender shall not be entitled to receive a copy of any other Revolving Credit
Lender’s signature page to this Amendment, but agrees that a copy of such signature page may be delivered to the Borrowers and the Administrative Agent. 

[Signature Pages Follow] 

  
 -4- 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the
date first above written. 
  

					
	PAR PHARMACEUTICAL COMPANIES, INC., as the Parent Borrower
		
	By:		 /s/ Michael A. Tropiano

			Name:		Michael A. Tropiano
			Title:		Executive Vice President and
					Chief Financial Officer

  
 [Amendment No. 5] 

 
					
	Bank of America, N.A., as Lender
		
	By:		 /s/ David H. Strickert

			Name:		David H. Strickert
			Title:		Managing Director

  
 [Amendment No. 5] 

 
					
	Citibank, N.A., as Lender
		
	By:		 /s/ Alvaro De Velasco

			Name:		Alvaro De Velasco
			Title:		Vice President

  
 [Amendment No. 5] 

 
					
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Lender
		
	By:		 /s/ Michael Winters

			Name:		Michael Winters
			Title:		Vice President
		
	By:		 /s/ Dusan Lazarov

			Name:		Dusan Lazarov
			Title:		Director

  
 [Amendment No. 5] 

 
					
	Goldman Sachs Bank USA, as Lender
		
	By:		 /s/ Michelle Latzoni

			Name:		Michelle Latzoni
			Title:		Authorized Signatory

  
 [Amendment No. 5] 

 
					
	 Mizuho Bank LTD, as Lender

		
	By:		 /s/ James R Fayen

			Name:		James R Fayen
			Title:		Deputy General Manager

  
 [Amendment No. 5] 

 
					
	Royal Bank of Canada, as Lender
		
	By:		 /s/ Dean Sas

			Name:		Dean Sas
			Title:		Authorized Signatory

  
 [Amendment No. 5] 

					
	Accepted:
	
	 BANK OF AMERICA, N.A.,
 as
Administrative Agent

		
	By:		 /s/ Don B. Pinzon

			Name:		Don B. Pinzon
			Title:		Vice President

  
 [Amendment No. 5]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00240-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00240-of-00352.parquet"}]]