Document:

Exhibit

Exhibit 10.13.5

FIFTH AMENDMENT TO
CREDIT AND SECURITY AGREEMENTS

This FIFTH Amendment TO CREDIT AND SECURITY Agreements (the “Amendment”), dated as of March 23, 2016, is entered into by and among ZHONE TECHNOLOGIES, INC., a Delaware corporation (“Zhone Technologies”),  ZTI MERGER SUBSIDIARY III, INC., a Delaware corporation (“ZTI”; Zhone Technologies and ZTI are sometimes referred to herein individually as a “Borrower” and collectively as the “Borrowers”), Premisys Communications, Inc., a Delaware corporation (“Premisys”), Zhone Technologies International, Inc., a Delaware corporation, (“Zhone International”), Paradyne Networks, Inc., a Delaware corporation (“Paradyne Networks”), Paradyne Corporation, a Delaware corporation (“Paradyne Corporation”; Premisys, Zhone International, Paradyne Networks, and Paradyne Corporation are sometimes referred to herein individually as a “Guarantor” and collectively as the “Guarantors”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Lender”).
RECITALS
A.    Borrowers, Guarantors, and Lender are parties to (i) a Credit and Security Agreement, dated March 13, 2012 (as amended by that certain First Amendment to Credit and Security Agreements, dated as of March 13, 2013 (the “First Amendment”), that certain Second Amendment to Credit and Security Agreements, dated September 30, 2013 (the “Second Amendment”), that certain Third Amendment to Credit and Security Agreements, dated March 5, 2014 (the “Third Amendment”), and that certain Fourth Amendment to Credit and Security Agreements, dated March 6, 2015 (the “Fourth Amendment”), and as further amended from time to time, the “Domestic Credit Agreement”), and (ii) a Credit and Security Agreement (Ex-Im Subfacility), dated March 13, 2012 (as amended by the First Amendment, the Second Amendment, the Third Amendment, and the Fourth Amendment, and as further amended from time to time, the “Ex-Im Credit Agreement”; and together with the Domestic Credit Agreement, collectively, the “Credit Agreements”).  Capitalized terms used in this Amendment have the meanings given to them in the Credit Agreements unless otherwise specified in this Amendment.
B.    Borrowers and Guarantors have requested that certain further amendments be made to the Credit Agreements, and Lender is willing to agree to such amendments pursuant to the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein contained, it is agreed as follows:
1.    Amendments to Credit Agreements.  The Credit Agreements are amended as follows:
1.1    Section 2.5 of the Credit Agreements.  Section 2.5 of the Credit Agreements is amended to read in its entirety as follows:  “2.5  [Intentionally Omitted].”
1.2    Section 2.9 of the Credit Agreements.  The Maturity Date that appears in Section 2.9 of the Credit Agreements is hereby changed from “March 31, 2016” to “March 31, 2019”.
1.3    Section 8 of the Domestic Credit Agreement.  Section 8 of the Domestic Credit Agreement is amended to read in its entirety as follows:

“8    FINANCIAL COVENANTS.
Each Borrower covenants and agrees that, until termination of all obligations of Lender to provide extensions of credit hereunder and payment in full of the Obligations, Borrowers will comply with each of the following financial covenants: 
(a)    Minimum Liquidity.  Have Liquidity of at least the following:
	
		
	Minimum Liquidity
	Applicable Period/Test Date

	$2,000,000
	At all times during the period commencing on the Fifth Amendment Effective Date and continuing through and including July 31, 2016

	$3,000,000
	At all times, beginning August 1, 2016 and continuing thereafter

(b)    Minimum Excess Availability.  Have Excess Availability under this Agreement plus Excess Availability under the Ex-Im Credit Agreement of at least the following:
	
		
	Minimum Excess Availability (under both this Agreement and the Ex-Im Credit Agreement)
	Applicable Period/Test Date

	$1,500,000
	At all times during the period commencing on the Fifth Amendment Effective Date and continuing thereafter; provided that Borrowers do not need to comply with this minimum Excess Availability test during the period beginning on the last day of each fiscal quarter through and including the third Business Day of the immediately following fiscal quarter.

(c)    Minimum EBITDA.  If a Liquidity Trigger Event shall occur, Borrowers shall achieve EBITDA, for the most recent period described below that occurs prior to the Liquidity Trigger Event, of at least the required amount set forth in the following table for the applicable period set forth opposite thereto (it being understand that such requirement shall be effective immediately and retroactively) (numbers appearing between “< >” are negative):
	
		
	Applicable Amount
	Applicable Period

	$<675,000>
	Three-month period ending March 31, 2016

	$<400,000>
	Six-month period ending June 30, 2016

	$375,000
	Nine-month period ending September 30, 2016

	$1,600,000
	Twelve-month period ending December 31, 2016

(d)    Minimum Fixed Charge Coverage Ratio.  Commencing January 1, 2017 and continuing thereafter, if a Liquidity Trigger Event shall occur at any time during such period, Borrowers shall achieve a minimum Fixed Charge Coverage Ratio for the most recent twelve-month period ending at the end of the most recently ended calendar month prior to the date of such Liquidity Trigger Event of not less than 1.20 to 1.0.”
1.4    Section 8 of the Ex-Im Credit Agreement.  Section 8 of the Ex-Im Credit Agreement is amended to read in its entirety as follows:

“8    FINANCIAL COVENANTS.
Each Borrower covenants and agrees that, until termination of all obligations of Lender to provide extensions of credit hereunder and payment in full of the Obligations, Borrowers will comply with each of the following financial covenants: 
(a)    Minimum Liquidity.  Have Liquidity of at least the following:
	
		
	Minimum Liquidity
	Applicable Period/Test Date

	$2,000,000
	At all times during the period commencing on the Fifth Amendment Effective Date and continuing through and including July 31, 2016

	$3,000,000
	At all times, beginning August 1, 2016 and continuing thereafter

(b)    Minimum Excess Availability.  Have Excess Availability under this Agreement plus Excess Availability under the Domestic Credit Agreement of at least the following:
	
		
	Minimum Excess Availability (under both this Agreement and the Domestic Credit Agreement)
	Applicable Period/Test Date

	$1,500,000
	At all times during the period commencing on the Fifth Amendment Effective Date and continuing thereafter; provided that Borrowers do not need to comply with this minimum Excess Availability test during the period beginning on the last day of each fiscal quarter through and including the third Business Day of the immediately following fiscal quarter.

(c)    Minimum EBITDA.  If a Liquidity Trigger Event shall occur, Borrowers shall achieve EBITDA, for the most recent period described below that occurs prior to the Liquidity Trigger Event, of at least the required amount set forth in the following table for the applicable period set forth opposite thereto (it being understand that such requirement shall be effective immediately and retroactively) (numbers appearing between “< >” are negative):
	
		
	Applicable Amount
	Applicable Period

	$<675,000>
	Three-month period ending March 31, 2016

	$<400,000>
	Six-month period ending June 30, 2016

	$375,000
	Nine-month period ending September 30, 2016

	$1,600,000
	Twelve-month period ending December 31, 2016

(d)    Minimum Fixed Charge Coverage Ratio.  Commencing January 1, 2017 and continuing thereafter, if a Liquidity Trigger Event shall occur at any time during such period, Borrowers shall achieve a minimum Fixed Charge Coverage Ratio for the most recent twelve-month period ending at the end of the most recently ended calendar month prior to the date of such Liquidity Trigger Event of not less than 1.20 to 1.0.”

1.5    Schedule 1.1 to the Credit Agreements.
(a)The following definition of  “Average Excess Availability” is hereby added in alphabetical order to Schedule 1.1 to the Domestic Credit Agreement:
“Average Excess Availability” means, as of the end of each calendar quarter, the average daily amount (calculated for such calendar quarter) of Excess Availability under this Agreement, plus Excess Availability under the Ex-Im Credit Agreement, as calculated by Lender.
(b)    The following definition of  “Average Excess Availability” is hereby added in alphabetical order to Schedule 1.1 to the Ex-Im Credit Agreement:

“Average Excess Availability” means, as of the end of each calendar quarter, the average daily amount (calculated for such calendar quarter) of Excess Availability under this Agreement, plus Excess Availability under the Domestic Credit Agreement, as calculated by Lender.
(c)    The definition of “Interest Rate Margin” that appears in Schedule 1.1 to the Credit Agreements is amended to read in its entirety as follows:

“Interest Rate Margin” means, as of any date of determination and with respect to Advances based upon the Prime Rate, Floating Rate Advances, or Fixed Rate Advances, as applicable, the applicable margin set forth in the following table that corresponds to the Average Excess Availability of Borrowers for the most recently completed calendar quarter; provided, that for the period from the Fifth Amendment Effective Date through and including June 30, 2016, the Interest Rate Margin shall be set at the margin in the row styled “Level I”; provided further, that any time an Event of Default has occurred and is continuing, the Interest Rate Margin shall be set at the margin in the row styled “Level I”:
	
			
	Level
	Average Excess Availability
	Interest Rate Margin 

	II
	Less than or equal to an amount equal to 25% of Maximum Revolver Amount
	2.50 percentage points

	III
	Greater than an amount equal to 25% of Maximum Revolver Amount, but less than or equal to an amount equal to 35% of Maximum Revolver Amount
	2.25 percentage points

	IIII
	Greater than an amount equal to 35% of Maximum Revolver Amount
	2.00 percentage points

The Interest Rate Margin shall be re-determined as of the first day of each calendar quarter based on the Average Excess Availability for the calendar quarter immediately preceding each such new calendar quarter.”
(d)    The following definition of  “Fifth Amendment Effective Date” is hereby added in alphabetical order to Schedule 1.1 to the Credit Agreements:

“Fifth Amendment Effective Date” means the date of the Fifth Amendment to Credit and Security Agreements, by and among the Borrowers, Guarantors, and Lender. 
(e)    The definition of “Fixed Charge Coverage Ratio” that appears in Schedule 1.1 to the Credit Agreements is amended to read in its entirety as follows:

“Fixed Charge Coverage Ratio” means, with respect to Borrowers and their Subsidiaries for any measurement period, the ratio of (i) EBITDA for such period, minus (a) Non-Financed Capital Expenditures made (to the extent not already incurred in a prior period) or incurred during such period; provided that Non-Financed Capital Expenditures incurred during fiscal year 2016 in connection with Borrowers’ move to the new facility located in Largo, Florida (the “Florida Move Capital Expenditures”) shall be excluded from this clause (a) to the extent (and only to the extent) such Florida Move Capital Expenditures are paid with the proceeds of additional equity issued in 2016 by one or more of the Borrowers to a Person that is not a Loan Party, and (b) cash taxes paid during such period, to the extent greater than zero to (ii) Fixed Charges for such period.    
(f)    The definition of “Liquidity Trigger Event” that appears in Schedule 1.1 to the Credit Agreements is hereby amended to read in its entirety as follows:

“Liquidity Trigger Event” means the occurrence of any of the following:  (i) Borrowers fail to maintain at least $2,000,000 of Liquidity at any time during the period commencing on the Fifth Amendment Effective Date through (and including) July 31, 2016; (ii) Borrowers fail to maintain at least $3,000,000 of Liquidity at any time during the period commencing on August 1, 2016 and continuing at all times thereafter; (iii) Borrowers fail to maintain at least $4,000,000 of Liquidity as of the last day of the first calendar month of each fiscal quarter during the period commencing on the Fifth Amendment Effective Date through (and including) July 31, 2016; (iv) Borrowers fail to maintain at least $5,000,000 of Liquidity as of the last day of the first calendar month of each fiscal quarter during the period commencing on August 1, 2016 and continuing thereafter; (v) Borrowers fail to maintain at least $9,000,000 of Liquidity as of the last day of each fiscal quarter during the period commencing on the Fifth Amendment Effective Date through (and including) July 31, 2016; or (vi) Borrowers fail to maintain at least $10,000,000 of Liquidity as of the last day of each fiscal quarter during the period commencing August 1, 2016 and continuing thereafter.
(g)    The definition of “Maximum Revolver Amount” that appears in Schedule 1.1 to the Domestic Credit Agreement is hereby amended to read in its entirety as follows:

“Maximum Revolver Amount” means $25,000,000; provided that such amount may be (i) decreased by permanent reductions in such amount made in accordance with Section 2.11 of this Agreement, or (ii) increased by up to $5,000,000 in the aggregate, so long as the following conditions precedent have been satisfied with respect to any such increase:  (a) Borrowers have provided Lender with at least thirty (30) days prior written notice of Borrowers’ desire to increase the Maximum Revolver Amount (a “Line Increase Notice”), which notice shall specify the amount of the desired increase in the Maximum Revolver Amount; (b) only two increases shall be permitted, and each such increase shall be in the amount of $2,500,000 each; provided that the Maximum Revolver Amount as increased shall not exceed $30,000,000; (c) no Event of Default shall have occurred and be continuing as of both the date of the request to increase the Maximum Revolver Amount and as of the date that the Maximum Revolver Amount increase becomes effective; (d) each such increase shall be subject to the approval of Lender (and Lender’s credit committee) in Lender’s sole discretion; and (e) Borrowers shall have paid to Lender a line increase fee equal to 0.1% of the amount of each such increase, with such fee due and payable upon the effective date of such increase (and, when paid, shall be deemed fully earned and non-refundable under all circumstances).  The effective date of the increase of the Maximum Revolver Amount shall be thirty (30) days after receipt of the Line Increase Notice by Lender, provided all of the foregoing conditions have been satisfied as determined by Lender.

1.6    Schedule 2.12 to Domestic Credit Agreement.  Paragraph (c) in the fourth row of Schedule 2.12 to the Domestic Credit Agreement (i.e., the “Termination, Reduction and Prepayment Fees”) is hereby deleted in its entirety.    

1.7    Schedule 2.12 to Ex-Im Credit Agreement.  The third row of Schedule 2.12 to the Ex-Im Credit Agreement is amended to read in its entirety as follows:

“Annually:
(a)    Ex-Im Fees.  On March 31, 2016, and on each March 31 of each year thereafter, an annual Ex-Im Fee equal to $150,000 per year.  Each such fee when paid shall be deemed fully earned and non-refundable as of each such payment date under all circumstances.”
1.8     Schedule 1 to Exhibit A to Credit Agreements.  The form of Schedule 1 to the form of Compliance Agreement attached to the Credit Agreements as Exhibit A is amended to read in its entirety as set forth on Exhibit A attached to this Amendment.

2.    No Other Changes.  Except as explicitly amended by this Amendment or the other Loan Documents delivered in connection with this Amendment, all of the terms and conditions of the Credit Agreements and the other Loan Documents shall remain in full force and effect and shall apply to any advance or letter of credit thereunder.  This Amendment shall be deemed to be a “Loan Document” (as defined in the Credit Agreements).

3.    Amendment Fee.  In consideration of the agreements set forth herein, Borrower hereby agrees to pay to the Lender an amendment fee in the amount of $25,000 (the “Amendment Fee”), which fee is non-refundable when paid and is fully-earned as of the date of this Amendment.  The Amendment Fee shall be paid in full on the date of this Amendment.

4.    Conditions Precedent.  This Amendment shall be effective when Lender shall have received a duly executed original of this Amendment, together with each of the following, each in substance and form acceptable to Lender in its sole discretion and duly executed by all relevant parties:
4.1    Certificates of Authority from the corporate secretaries of the Borrowers and Guarantors;
4.2    Consent and approval of this Amendment by the Export Import Bank of the United States, if required by Lender;
4.3    The Amendment Fee, which Lender may arrange to be paid as a charge to the Loan Account; and
4.4    Such other matters as Lender may require.

5.    Representations and Warranties.  Borrowers and Guarantors hereby represent and warrant to Lender as follows:
5.1    Borrowers and Guarantors have all requisite power and authority to execute this Amendment and any other agreements or instruments required hereunder and to perform all of their obligations hereunder, and this Amendment and all such other agreements and instruments have been duly executed and delivered by Borrowers and Guarantors and constitute the legal, valid and binding obligation of Borrowers and Guarantors, enforceable against Borrowers and Guarantors in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally.
5.2    The execution, delivery and performance by Borrowers and Guarantors of this Amendment and any other agreements or instruments required hereunder have been duly authorized by all necessary 

corporate action on the part of Borrowers and Guarantors and do not (i) require any authorization, consent or approval by any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, other than authorizations, consents or approvals that have been obtained and are in full force and effect or as contemplated by Section 4.2, (ii) violate any material provision of any law, rule or regulation or of any order, writ, injunction or decree presently in effect, having applicability to Borrowers or Guarantors, or the certificates of incorporation or by-laws of Borrowers or Guarantors, or (iii) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other Material Contract to which Borrowers or Guarantors are a party or by which Borrowers and Guarantors or their respective properties may be bound or affected, except to the extent that any such breach or default could not individually or in the aggregate reasonably be expected to cause a Material Adverse Change.
5.3    All of the representations and warranties contained in Section 5 and Exhibit D of the Credit Agreements are true and correct in all material respects on and as of the date hereof as though made on and as of such date, except to the extent that such representations and warranties relate solely to an earlier date (in which case such representations and warranties continue to be true and correct in all material respects as of such earlier date).

6.    References.  All references in the Credit Agreements to “this Agreement” shall be deemed to refer to the Credit Agreements as amended hereby; and any and all references in the other Loan Documents to the Credit Agreements shall be deemed to refer to the Credit Agreements as amended hereby.

7.    No Waiver.  The execution of this Amendment and the acceptance of all other agreements and instruments related hereto shall not be deemed to be a waiver of any Default or Event of Default under the Credit Agreements or a waiver of any breach, default or event of default under any Loan Document or other document held by Lender, whether or not known to Lender and whether or not existing on the date of this Amendment.

8.    Release.  Borrowers and Guarantors hereby absolutely and unconditionally release and forever discharge Lender, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents, attorneys, and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which Borrowers or Guarantors have had, now have or have made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Amendment, whether such claims, demands and causes of action are matured or unmatured or known or unknown.  It is the intention of the Borrowers and Guarantors in executing this release that the same shall be effective as a bar to each and every claim, demand and cause of action specified and in furtherance of this intention each of the Borrowers and Guarantors waives and relinquishes all rights and benefits under Section 1542 of the Civil Code of the State of California, which provides:

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MIGHT HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”
The parties acknowledge that each may hereafter discover facts different from or in addition to those now known or believed to be true with respect to such claims, demands, or causes of action and agree that this 

instrument shall be and remain effective in all respects notwithstanding any such differences or additional facts.
9.    Costs and Expenses.  Borrowers agree to pay all reasonable out-of-pocket fees and disbursements of counsel to Lender for the services performed by such counsel in connection with the preparation of this Amendment and the documents and instruments incidental hereto.  Borrowers hereby agree that Lender may, at any time or from time to time in its sole discretion and without further authorization by Borrowers, make a loan to Borrowers under the Credit Agreements, or apply the proceeds of any loan, for the purpose of paying any such reasonable out-of-pocket fees, disbursements, costs and expenses.
10.    Miscellaneous.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original and all of which counterparts, taken together, shall constitute one and the same instrument.  Transmission by facsimile or “pdf” file of an executed counterpart of this Amendment shall be deemed to constitute due and sufficient delivery of such counterpart.  Any party hereto may request an original counterpart of any party delivering such electronic counterpart.  This Amendment and the rights and obligations of the parties hereto shall be construed in accordance with, and governed by, the laws of the State of California.  In the event of any conflict between this Amendment and the Credit Agreements, the terms of this Amendment shall govern.

[Signature Pages Follow]

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

BORROWERS:

ZHONE TECHNOLOGIES, INC.
By:__/s/ Kirk Misaka__________________
Name:  Kirk Misaka
Title:  Chief Financial Officer

ZTI MERGER SUBSIDIARY III, INC.
By:__/s/ Kirk Misaka__________________
Name:  Kirk Misaka
Title:  Chief Financial Officer

[SIGNATURES CONTINUED ON NEXT PAGE]

GUARANTORS:

PREMISYS COMMUNICATIONS, INC.
By:__/s/ Kirk Misaka__________________
Name:  Kirk Misaka
Title:  Chief Financial Officer

ZHONE TECHNOLOGIES INTERNATIONAL, INC.
By:__/s/ Kirk Misaka___________________
Name:  Kirk Misaka
Title:  Chief Financial Officer

PARADYNE NETWORKS, INC.
By:__/s/ Kirk Misaka___________________
Name:  Kirk Misaka
Title:  Chief Financial Officer

PARADYNE CORPORATION
By:__/s/ Kirk Misaka___________________
Name:  Kirk Misaka
Title:  Chief Financial Officer

LENDER:
WELLS FARGO BANK, NATIONAL ASSOCIATION

By:__/s/ Harry L. Joe___________________
Name:  Harry L. Joe
Title:  Authorized Signatory

Exhibit A

[Form of Schedule 1 to Compliance Certificate form]

SCHEDULE 1 TO COMPLIANCE CERTIFICATE

Financial Covenants NOTE:  only those financial covenants that are to be tested as of the Reporting Date, as provided in Section 8 of the Credit Agreement, should be included on this Schedule 1.

1.    Minimum Liquidity.  
Borrower’s and its Subsidiaries’ Liquidity, as of ___________ ___, 201___ is $_____________, which [does/does not] satisfy the minimum Liquidity requirement set forth in Section 8(a) of the Credit Agreement for such test date.
2.    Minimum Excess Availability.  
Borrower’s and its Subsidiaries’ Excess Availability under this Agreement plus Excess Availability under the [Ex-Im Credit Agreement/Domestic Credit Agreement] NOTE:  select correct reference depending on whether this Schedule 1 is being used in connection with a Compliance Certificate that is submitted for the Domestic Credit Agreement or the Ex-Im Credit Agreement., as of ___________ ___, 201___ is $_____________, which [does/does not] satisfy the minimum requirement set forth in Section 8(b) of the Credit Agreement for such test date.
3.    Minimum EBITDA.
If, in accordance with Section 8(c) of the Credit Agreement, EBITDA is required to be tested, Borrower’s and its Subsidiaries’ EBITDA, measured on a quarter-end basis for the ___ month period ending _________ ___, 20___, is $___________, which [is/is not] greater than or equal to the amount set forth in Section 8(c) of the Credit Agreement for the corresponding period.
4.    Minimum Fixed Charge Coverage Ratio.
If, in accordance with Section 8(d) of the Credit Agreement, the Fixed Charge Coverage Ratio is required to be tested, Borrower’s and its Subsidiaries’ Fixed Charge Coverage Ratio for the twelve-month period ending _________ ___, 20___ is _____ to 1.0, which [is/is not] greater than or equal to required minimum Fixed Charge Coverage Ratio of 1.20 to 1.0 set forth in Section 8(d) of the Credit Agreement for such period.

 1 NOTE:  only those financial covenants that are to be tested as of the Reporting Date, as provided in Section 8 of the Credit Agreement, should be included on this Schedule 1.
2 NOTE:  select correct reference depending on whether this Schedule 1 is being used in connection with a Compliance
       Certificate that is submitted for the Domestic Credit Agreement or the Ex-Im Credit Agreement.Unassociated Document

 

Exhibit 4.4

 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

WARRANT [   ] TO PURCHASE STOCK

 

	
Company:

	
ADMA BIOLOGICS, INC., a Delaware corporation

	
Number of Shares:

	
[   ]

	
Type/Series of Stock:

	
Common Stock

	
Warrant Price:

	
$8.51 per share

	
Issue Date:

	
June 19, 2015

	
Expiration Date:

	
June 19, 2022  See also Section 5.1(b).

	
Credit Facility:

	
This Warrant to Purchase Stock (“Warrant”) is issued in connection with that certain Loan and Security Agreement of even date herewith among Oxford Finance LLC, as Lender and Collateral Agent, the Lenders from time to time party thereto, and the Company (as modified, amended and/or restated from time to time, the “Loan Agreement”).

 

THIS WARRANT CERTIFIES THAT, for good and valuable consideration, OXFORD FINANCE LLC (“Oxford” and, together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number of fully paid and non-assessable shares (the “Shares”) of Common Stock (the “Class”) of the above-named company (the “Company”) at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant.

 

SECTION 1.                      EXERCISE.

 

1.1           Method of Exercise.  Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased.

 

1.2           Cashless Exercise.  On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised.  Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula:

 

	
  

	
X = Y(A-B)/A

 

where:

 

	
  

	
X =

	
the number of Shares to be issued to the Holder;

 

	
  

	
Y =

	
the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Warrant Price);

 

  

1

  

 

	
  

	
A =

	
the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and

 

	
  

	
B =

	
the Warrant Price.

 

1.3           Fair Market Value.  If the Company’s common stock is then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”) and the Class is common stock, the fair market value of a Share shall be the closing price or last sale price of a share of common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company.  If the Company’s common stock is not traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment.

 

1.4           Delivery of Certificate and New Warrant.  Within a reasonable time after Holder exercises this Warrant in the manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor representing the Shares not so acquired.

 

1.5           Replacement of Warrant.  On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount.

 

1.6           Treatment of Warrant Upon Acquisition of Company.

 

(a)           Acquisition.  For the purpose of this Warrant, “Acquisition” means any transaction or series of related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company (ii) any merger or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization (or, if such Company stockholders beneficially own a majority of the outstanding voting power of the surviving or successor entity as of immediately after such merger, consolidation or reorganization, such surviving or successor entity is not the Company); or (iii) any sale or other transfer by the stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power other than (i) open market sales or (ii) any distribution by a Stockholder of its share to its partners, stockholders or stakeholders.

 

(b)           Treatment of Warrant at Acquisition.  In the event of an Acquisition in which the consideration to be received by the Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), either  (i) Holder shall exercise this Warrant pursuant to Section 1.1 and/or 1.2 and such exercise will be deemed effective immediately prior to and contingent upon the consummation of such Acquisition or (ii) if Holder elects not to exercise the Warrant, this Warrant will expire immediately prior to the consummation of such Acquisition.

 

(c)           The Company shall provide Holder with written notice of its request relating to the Cash/Public Acquisition (together with such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such contemplated Cash/Public Acquisition giving rise to such notice), which is to be delivered to Holder not less than seven (7) Business Days prior to the closing of the proposed Cash/Public Acquisition.  In the event the Company does not provide such notice [(or the company provides Notice of a Cash/Public Acquisition in accordance hereof to the Holder and the Holder fails to deliver a Notice of exercise prior to the date of the Cash/Public Acquisition)], then if, immediately prior to the Cash/Public Acquisition, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall promptly notify the Holder of the number of Shares (or such other securities) issued upon such exercise to the Holder and Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the Warrant as the date thereof.

 

  

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(d)           Upon the closing of any Acquisition other than a Cash/Public Acquisition defined above, the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant.

 

(e)           As used in this Warrant, “Marketable Securities” means securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded on a Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise or convert this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition to the extent such restrictions may be lifted at such time [under the applicable federal or state securities laws, rules or regulations].

 

SECTION 2.                      ADJUSTMENTS TO THE SHARES AND WARRANT PRICE.

 

2.1           Stock Dividends, Splits, Etc.  If the Company declares or pays a dividend or distribution on the outstanding shares of the Class payable in common stock or other securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred.  If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased.  If the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased.

 

2.2           Reclassification, Exchange, Combinations or Substitution.  Upon any event whereby all of the outstanding shares of the Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the number, class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant.  The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations substitutions, replacements or other similar events.

 

2.3           Intentionally Left Blank.

 

2.4           Intentionally Left Blank.

 

2.5           No Fractional Share.  No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share.  If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective Warrant Price.

 

  

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2.6           Notice/Certificate as to Adjustments.  Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of Shares and facts upon which such adjustment is based.  The Company shall, upon written request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, Class and number of Shares in effect upon the date of such adjustment.

 

SECTION 3.                      REPRESENTATIONS AND COVENANTS OF THE COMPANY.

 

3.1           Representations and Warranties.  The Company represents and warrants to, and agrees with, the Holder as follows:

 

(a)           All Shares which may be issued upon the exercise of this Warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws.  The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of shares of the Class, common stock and other securities as will be sufficient to permit the exercise in full of this Warrant and the conversion of the Shares into common stock or such other securities.

 

3.2           Notice of Certain Events.  If the Company proposes at any time to:

 

(a)           declare any dividend or distribution upon the outstanding shares of common stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend;

 

(b)           offer for subscription or sale pro rata to the holders of the outstanding shares of the Company’s common stock (other than pursuant to contractual pre-emptive rights);

 

(c)           effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of common stock; or

 

(d)           effect an Acquisition or to liquidate, dissolve or wind up;

 

then, in connection with each such event, the Company shall give Holder:

 

(1)           at least seven (7) Business Days prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of outstanding shares of the Class will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (a) and (b) above;

 

(2)           in the case of the matters referred to in (c) and (d) above at least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be entitled to exchange their shares for the securities or other property deliverable upon the occurrence of such event).

 

Reference is made to Section 1.6(c) whereby this Warrant will be deemed to be exercised pursuant to Section 1.2 hereof if the Company does not give written notice to Holder of a Cash/Public Acquisition as required by the terms hereof.  Company will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements.

 

  

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SECTION 4.                      REPRESENTATIONS, WARRANTIES OF THE HOLDER.

 

The Holder represents and warrants to the Company as follows:

 

4.1           Purchase for Own Account.  This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act.  Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or the Shares.

 

4.2           Disclosure of Information.  Holder is aware of the Company’s business affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities.  Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

4.3           Investment Experience.  Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk.  Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons.

 

4.4           Accredited Investor Status.  Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act.

 

4.5           The Act.  Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein.  Holder understands that this Warrant and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available.  Holder is aware of the provisions of Rule 144 promulgated under the Act.

 

4.6           No Voting Rights.  Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of this Warrant.

 

SECTION 5.                      MISCELLANEOUS.

 

5.1           Term; Automatic Cashless Exercise Upon Expiration.

 

(a)           Term.  Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from time to time on or before 6:00 PM, Eastern time, on the Expiration Date and shall be void thereafter.

 

(b)           Automatic Cashless Exercise upon Expiration.  In the event that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall, within a reasonable time, deliver a certificate representing the Shares (or such other securities) issued upon such exercise to Holder.

 

  

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5.2           Legends.  Each certificate evidencing Shares (and each certificate evidencing the securities issued upon conversion of any Shares, if any) shall be imprinted with a legend in substantially the following form:

 

THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO OXFORD FINANCE LLC DATED MAY [_], 2015, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

5.3           Compliance with Securities Laws on Transfer.  This Warrant and the Shares issued upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company).  The Company shall not require Holder to provide an opinion of counsel if the transfer is to an affiliate of Holder, provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated under the Act.  Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of Rule 144 promulgated under the Act.

 

5.4           Transfer Procedure.  After receipt by Oxford of the executed Warrant, Oxford may transfer all or part of this Warrant to one or more of Oxford’s affiliates (each, an “Oxford Affiliate”), by execution of an Assignment substantially in the form of Appendix 2.  Subject to the provisions of Section 5.3 and upon providing the Company with written notice, Oxford, any such Oxford Affiliate and any subsequent Holder, may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the Shares issuable directly or indirectly, upon conversion of the Shares, if any) to any other transferee, provided, however, in connection with any such transfer, the Oxford Affiliate(s) or any subsequent Holder will give the Company notice of the portion of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable).

 

5.5           Notices.  All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5.  All notices to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise:

 

Oxford Finance LLC

133 N. Fairfax Street

Alexandria, VA 22314

Attn: Legal Department

Telephone: (703) 519-4900

Facsimile: (703) 519-5225

Email: LegalDepartment@oxfordfinance.com

 

Notice to the Company shall be addressed as follows until Holder receives notice of a change in address:

 

ADMA BIOLOGICS, INC.

465 Route 17 South, Ramsey, NJ 07446

 

  

6

  

 

Attn: Adam Grossman, President and Chief Executive Officer

Fax:  (201) 478-5553

Email: agrossman@admabio.com

 

With a copy (which shall not constitute notice) to:

 

Dentons US LLP

101 JFK Parkway

Short Hills, NJ 07078-2708

Attn: Jeffrey Baumel

Fax:  (973) 912-7199

Email: Jeffrey.Baumel@dentons.com

 

5.6           Waiver.  This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought.

 

5.7           Attorneys’ Fees.  In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees.

 

5.8           Counterparts; Facsimile/Electronic Signatures.  This Warrant may be executed in counterparts, all of which together shall constitute one and the same agreement.  Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

 

5.9           Governing Law.  This Warrant shall be governed by and construed in accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law.

 

5.10           Headings.  The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant.

 

5.11           Business Days.  “Business Day” is any day that is not a Saturday, Sunday or a day on which Oxford is closed.

 

[Remainder of page left blank intentionally]

 

[Signature page follows]

 

  

7

  

 

IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by their duly authorized representatives effective as of the Issue Date written above.

 

“COMPANY”

 

ADMA BIOLOGICS, INC.

 

	By:	_____________________
	 	 
	Name:	_____________________
	 	 
(Print)

	 	 
	Title:	_____________________
	 	 
	 
“HOLDER”

	 
	 	 
	 
OXFORD FINANCE LLC

	 	 
	By:	_____________________
	 	 
	Name: 	_____________________
	 	 
(Print)

	 	 
	Title:	_____________________

 

[Signature Page to Warrant [   ] to Purchase Stock]

 

  

  

  

 

   

APPENDIX 1

 

NOTICE OF EXERCISE

 

1.           The undersigned Holder hereby exercises its right purchase ___________ shares of the Common [circle one] Stock of ADMA BIOLOGICS, INC. (the “Company”) in accordance with the attached Warrant To Purchase Stock, and tenders payment of the aggregate Warrant Price for such shares as follows:

 

	
  

	
[    ]

	
check in the amount of $________ payable to order of the Company enclosed herewith

 

	
  

	
[    ]

	
Wire transfer of immediately available funds to the Company’s account

 

	
  

	
[    ]

	
Cashless Exercise pursuant to Section 1.2 of the Warrant

 

	
  

	
[    ]

	
Other [Describe] __________________________________________

 

2.           Please issue a certificate or certificates representing the Shares in the name specified below:

 

	 
_____________________________

	 
	Holder’s Name	 
	 	 
	 
_____________________________

	 
	 	 
	 
_____________________________

	 
	 
(Address)

	 

 

3.           By its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in Section 4 of the Warrant to Purchase Stock as of the date hereof.

 

	 	 
HOLDER:

 

_____________________________

 

By: __________________________

 

Name: ________________________

 

Title: _________________________

 

Date: _________________________

 

 

Appendix 1

 

  

  

  

 

APPENDIX 2

 

ASSIGNMENT

 

For value received, Oxford Finance LLC hereby sells, assigns and transfers unto

 

	
  

	
Name:

	
[OXFORD TRANSFEREE]

 

	 	
Address: _________________________

	 

 

	 	
Tax  ID: _________________________]

	
 

 

that certain Warrant to Purchase Stock issued by ADMA BIOLOGICS, INC. (the “Company”), on [DATE] (the “Warrant”) together with all rights, title and interest therein.

 

	 	 
 
OXFORD FINANCE LLC:

 

By: __________________________

 

Name: ________________________

 

Title: _________________________

 

Date: _________________________

                                

By its execution below, and for the benefit of the Company, [OXFORD TRANSFEREE] makes each of the representations and warranties set forth in Section 4 of the Warrant and agrees to all other provisions of the Warrant as of the date hereof.

 

	 	 
 
[OXFORD TRANSFEREE]

 

By: __________________________

 

Name: ________________________

 

Title: _________________________

 

Appendix 2

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