Document:

Exhibit 10.2

 

CONTINGENT TERMINATION AGREEMENT

This Contingent Termination Agreement (this “Agreement”) is made as of August 6, 2015, by and among Merge Healthcare Incorporated (the “Company”), Merge eMed, Inc., Cedara Software Corp., Cedara Software (USA) Limited, Merge Technologies Holdings Co., eFilm Medical Inc., Merge Cedara ExchangeCo Limited, Cedara Software Limited (collectively with the Company, the “Companies”) and Merrick RIS, LLC (“Merrick”).

The Companies and Merrick are parties to that certain Securities Purchase Agreement, dated as of May 21, 2008 (the “Securities Purchase Agreement”), and that certain Registration Rights Agreement, dated as of June 4, 2008 (the “Registration Rights Agreement”, and collectively with the Securities Purchase Agreement, the “Merrick Agreements”).

The termination of the Merrick Agreements is a closing condition contemplated by that certain Agreement and Plan of Merger by and among International Business Machines Corporation, Datong Acquisition Corp. and the Company, dated as of the date hereof, as such agreement may be amended, modified and waived from time to time in accordance with its terms (the “Merger Agreement”).

In connection with the consummation of the transactions contemplated by the Merger Agreement, the Company and Merrick have agreed to terminate the Merrick Agreements upon the terms and subject to the satisfaction of the conditions stated herein.

NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1.            Termination of Merrick Agreements. Notwithstanding anything in the Merrick Agreements to the contrary, the parties hereto acknowledge and agree that (i) no amounts are owed and outstanding pursuant to the Merrick Agreements and (ii) at the Effective Time (as defined in the Merger Agreement), the Merrick Agreements shall terminate and be of no further force and effect with no further action required by the Company or Investors.

2.            Expiration.  This Agreement shall be null and void and shall be of no force or effect if the Merger Agreement is terminated.

3.            Representations and Warranties. Each party hereto represents and warrants to each of the other parties hereto that the execution and delivery of this Agreement has been duly authorized by all necessary action on the part of such party and that this Agreement constitutes a valid and binding obligation, enforceable against it in accordance with its terms.

4.            Governing Law.  This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

 

5.            Amendments.  No amendment, change, modification or termination of this Agreement or any part hereto shall be effective or binding unless made in writing and signed by each party hereto.

6.            Binding Effect; No Assignment.  This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.  No party hereto may assign this Agreement or such party’s rights or obligations hereunder without the prior written consent of each of the other parties hereto.

7.            Counterparts.  This Agreement may be executed and delivered in any number of counterparts (including by means of facsimile or electronically transmitted signature pages), each of which, when so executed, will be deemed an original and all of which taken together will constitute one and the same agreement.

8.            Entire Agreement.  This Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes any and all prior agreements, understandings and representations, whether written or oral, related to the subject matter hereof.

 

2

IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Contingent Termination Agreement as of the date first above written.

	 	
THE COMPANIES:

	
	 	 	 	
	 	
MERGE  HEALTHCARE INCORPORATED

	
	 	 	 	
	 	
By:

	
/s/ Justin C. Dearborn

	
	 	
Name:

	
Justin C. Dearborn

	
	 	
Title:

	
Chief Executive Officer

	
	 	 	 	
	 	
MERGE EMED, INC.

	
	 	 	 	
	 	
By:

	
/s/ Justin C. Dearborn

	
	 	
Name:

	
Justin C. Dearborn

	
	 	
Title:

	
Chief Executive Officer

	
	 	 	 	
	 	
CEDARA SOFTWARE CORP.

	
	 	 	 	
	 	
By:

	
/s/ Justin C. Dearborn

	
	 	
Name:

	
Justin C. Dearborn

	
	 	
Title:

	
Chief Executive Officer

	
	 	 	 	
	 	
CEDARA SOFTWARE (USA) LIMITED

	
	 	 	 	
	 	
By:

	
/s/ Justin C. Dearborn

	
	 	
Name:

	
Justin C. Dearborn

	
	 	
Title:

	
Chief Executive Officer

	
	 	 	 	
	 	
MERGE TECHNOLOGIES HOLDINGS CO.

	
	 	 	 	
	 	
By:

	
/s/ Justin C. Dearborn

	
	 	
Name:

	
Justin C. Dearborn

	
	 	
Title:

	
Chief Executive Officer

	

Signature Page to Contingent Termination Agreement

 

	 	
EFILM MEDICAL INC.

	
	 	 	 	
	 	
By:

	
/s/ Justin C. Dearborn

	
	 	
Name:

	
Justin C. Dearborn

	
	 	
Title:

	
Chief Executive Officer

	
	 	 	 	
	 	
MERGE CEDARA EXCHANGECO LIMITED

	
	 	 	 	
	 	
By:

	
/s/ Justin C. Dearborn

	
	 	
Name:

	
Justin C. Dearborn

	
	 	
Title:

	
Chief Executive Officer

	
	 	 	 	
	 	
CEDARA SOFTWARE LIMITED

	
	 	 	 	
	 	
By:

	
/s/ Justin C. Dearborn

	
	 	
Name:

	
Justin C. Dearborn

	
	 	
Title:

	
Chief Executive Officer

	

Signature Page to Contingent Termination Agreement

 

	 	
BUYER:

	
	 	 	
	 	
MERRICK RIS, LLC

	
	 	 	 	
	 	
By:

	
/s/ Michael W. Ferro, Jr.

	
	 	
Name:

	
Michael W. Ferro, Jr.

	
	 	
Title:

	
Chief Executive Officer

	

Signature Page to Contingent Termination Agreementyuma_ex101.htm

Exhibit 10.1

 

EIGHTH AMENDMENT TO CREDIT AGREEMENT

 

THIS EIGHTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of July 27, 2015, among YUMA EXPLORATION AND PRODUCTION COMPANY, INC., a Delaware corporation (the “Borrower”), the undersigned lenders party to the Credit Agreement (the “Lenders”) and SOCIETE GENERALE, in its capacity as Administrative Agent and Issuing Bank (the “Administrative Agent”).

 

RECITALS

 

A. Borrower, the Lenders and Administrative Agent are parties to a Credit Agreement dated as of August 10, 2011 (the “Original Credit Agreement”), as amended by that certain First Amendment and Limited Waiver to Credit Agreement and Assignment, dated as of September 30, 2012, as further amended by that certain Second Amendment to Credit Agreement and Assignment, dated as of February 13, 2013, as further amended by that certain Third Amendment to Credit Agreement and Assignment, dated as of May 20, 2013, as further amended by that certain Fifth Amendment to Credit Agreement, dated as of October 14, 2014, as further amended by that certain Sixth Amendment to Credit Agreement, dated as of January 23, 2015, and as further amended by that certain Seventh Amendment to Credit Agreement, dated as of April 7, 2015 (the “Seventh Amendment”; and the Original Credit Agreement, as so amended, and as otherwise amended, restated, modified or supplemented from time to time until the date hereof, the “Credit Agreement”).

B. Borrower has provided the necessary reserve report information in order for the Administrative Agent and the Lenders to complete the Spring 2015 Scheduled Redetermination of the Borrowing Base contemplated by Section 4 of the Seventh Amendment, and the Administrative Agent and the Lenders have redetermined the Conforming Borrowing Base and the Non-Conforming Borrowing Base as set forth herein.

C. Borrower has requested certain amendments and modifications to the Credit Agreement with respect to the redetermined Borrowing Base and the next Scheduled Redetermination of the Borrowing Base as set forth herein and, subject to the conditions precedent set forth herein, the parties hereto have agreed to so amend the Credit Agreement.

NOW, THEREFORE, in consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1. Same Terms. All terms used herein which are defined in the Credit Agreement shall have the same meanings when used herein, unless the context hereof otherwise requires or provides. In addition, (i) all references in the Loan Documents to the “Agreement” shall mean the Credit Agreement, as amended by this Amendment, and (ii) all references in the Loan Documents to the “Loan Documents” shall mean the Loan Documents, as amended by this Amendment, as the same shall hereafter be amended from time to time.

2. Amendments to Credit Agreement. Subject to the conditions precedent set forth in Section 4 hereof, the Credit Agreement is amended as follows:

A.           Section 1.02 - Non-Conforming Borrowing Base. The definition of “Non-Conforming Borrowing Base” in Section 1.02 of the Credit Agreement is hereby amended by deleting the reference to “$3,000,000” therein and inserting “$1,500,000” in place thereof.

B.           Section 1.02 - Non-Conforming Borrowing Base Termination Date. The definition of “Non-Conforming Borrowing Base Termination Date” in Section 1.02 of the Credit Agreement is hereby amended by deleting the reference to “September 1, 2015” therein and inserting “October 1, 2015” in place thereof.

3. Redetermination of the Borrowing Base. Effective as of the Amendment Effective Date, until the next redetermination of the Borrowing Base in accordance with the provisions of Section 2.07 of the Credit Agreement, the Conforming Borrowing Base shall be $33,500,000 and the Non-Conforming Borrowing Base shall be $1,500,000. Both the Borrower, on the one hand, and the Administrative Agent and the Lenders, on the other hand, agree that the redetermination of the Borrowing Base pursuant to this Section 3 shall constitute the Spring 2015 Scheduled Redetermination contemplated under Section 4 of the Seventh Amendment.

 

  

  

  

 

4. Conditions Precedent. This Amendment shall become effective on the date (the “Amendment Effective Date”) on which each of the following conditions is satisfied

A. Eighth Amendment to Credit Agreement. The Administrative Agent shall have received multiple original counterparts, as requested by the Administrative Agent, of this Amendment duly and validly executed and delivered by duly authorized officers of the Borrower, the Guarantors, the Administrative Agent and each Lender.

B. Fees and Expenses. The Administrative Agent shall have received (a) payment of all out-of-pocket fees and expenses (including reasonable attorneys’ fees and expenses) incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and the other documents in connection herewith and (b) all fees due and payable under the Credit Agreement and under any separate fee agreement entered into by the parties pursuant to the Credit Agreement.

C. Representations and Warranties; No Defaults. The Borrower shall have confirmed and acknowledged to the Administrative Agent and the Lenders, and by its execution and delivery of this Amendment, the Borrower does hereby confirm and acknowledge to the Administrative Agent and the Lenders, that (i) all representations and warranties contained herein or in the other Loan Documents or otherwise made in writing in connection herewith or therewith shall be true and correct with the same force and effect as though such representations and warranties have been made on and as of the Effective Date and (ii) no Default or Event of Default exists under the Credit Agreement or any of the other Loan Documents.

5. Certain Representations. Borrower represents and warrants that, as of the Effective Date: (a) Borrower has full power and authority to execute this Amendment and the other documents executed in connection herewith and this Amendment and such other documents constitute the legal, valid and binding obligation of Borrower enforceable in accordance with their terms, except as enforceability may be limited by general principles of equity and applicable bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting the enforcement of creditors’ rights generally; and (b) no authorization, approval, consent or other action by, notice to, or filing with, any governmental authority or other person is required for the execution, delivery and performance by Borrower thereof. In addition, Borrower represents that after giving effect to this Amendment all representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the Effective Date as if made on and as of such date except to the extent that any such representation or warranty expressly relates solely to an earlier date, in which case such representation or warranty is true and correct in all material respects as of such earlier date.

6. No Further Amendments. Except as amended hereby, the Credit Agreement shall remain unchanged and all provisions shall remain fully effective between the parties.

7. Acknowledgments and Agreements. Borrower acknowledges that on the date hereof all outstanding Indebtedness is payable in accordance with its terms, and Borrower waives any defense, offset, counterclaim or recoupment with respect thereto. Borrower, Administrative Agent and each Lender do hereby adopt, ratify and confirm the Credit Agreement, as amended hereby, and acknowledge and agree that the Credit Agreement, as amended hereby, is and remains in full force and effect. Borrower acknowledges and agrees that its liabilities and obligations under the Credit Agreement, as amended hereby, and under the Loan Documents, are not impaired in any respect by this Amendment. Any breach of any representations, warranties and covenants under this Amendment shall be an Event of Default under the Credit Agreement.

8. Limitation on Agreements. The modifications set forth herein are limited precisely as written and shall not be deemed (a) to be a consent under or a waiver of or an amendment to any other term or condition in the Credit Agreement or any of the Loan Documents (other than the waiver of the Specified Default), or (b) to prejudice any right or rights which Administrative Agent now has or may have in the future under or in connection with the Credit Agreement and the Loan Documents, each as amended hereby, or any of the other documents referred to herein or therein. This Amendment shall constitute a Loan Document for all purposes.

9. Confirmation of Security. Borrower hereby confirms and agrees that all of the Security Instruments, as may be amended in accordance herewith, which presently secure the Indebtedness shall continue to secure, in the same manner and to the same extent provided therein, the payment and performance of the Indebtedness as described in the Credit Agreement as modified by this Amendment.

 

  

  

  

 

10. Counterparts. This Amendment may be executed in any number of counterparts, each of which when executed and delivered shall be deemed an original, but all of which constitute one instrument. In making proof of this Amendment, it shall not be necessary to produce or account for more than one counterpart thereof signed by each of the parties hereto.

 

  

  

  

 

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

 

BORROWER

YUMA EXPLORATION AND PRODUCTION COMPANY, INC.

 

By: /s/ Kirk Sprunger

       Kirk Sprunger, Secretary and Treasurer

 

 

 

  

  

  

ADMINISTRATIVE AGENT, ISSUING BANK

AND LENDER:

SOCIÉTÉ GÉNÉRALE

By: /s/ Elena Robciuc

Name:  Elena Robciuc

Title:    Managing Director

LENDER:

ONEWEST BANK N.A.

By: /s/ Whitney Randolph

Name:  Whitney Randolph

Title:    Senior Vice President

LENDER:

LEGACYTEXAS BANK (successor to Viewpoint Bank, N.A.)

By: /s/ David Carter

Name: David Carter

Title:   Vice President

  

  

  

THE GUARANTORS HEREBY CONSENT TO THE EXECUTION, DELIVERY AND PERFORMANCE OF THE TERMS OF THIS AMENDMENT BY THE BORROWER.

THE YUMA COMPANIES, INC.

By: /s/ Kirk Sprunger

Name:           Kirk Sprunger

Title:             Chief Financial Officer, Corporate Secretary

      and Treasurer

PYRAMID OIL LLC

By: /s/ Kirk Sprunger

Name:           Kirk Sprunger

Title:             Chief Financial Officer, Secretary and                                                                

                     Treasurer

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