Document:

Exhibit 1020

		

			 

		

		

			 

		

		
			Exhibit 10.20
		

		
			FOURTH WAIVER AGREEMENT TO CREDIT AGREEMENT
		

		
			This FOURTH WAIVER AGREEMENT TO CREDIT AGREEMENT, dated as of March 22, 2017 (this “Agreement”), is entered into by and among Kadmon Pharmaceuticals, LLC, a Pennsylvania limited liability company (the “Borrower”),  the guarantors party hereto and each of the lenders listed on the signature pages hereof under the heading “LENDERS”.  Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement, including its preamble and recitals, have the meanings provided in the Credit Agreement (defined below).
		

		
			W I T N E S S E T H:
		

		
			WHEREAS, the Borrower, the Guarantors from time to time party thereto, the Lenders from time to time party thereto and Perceptive Credit Holdings, LP, as Collateral Representative, have entered into that certain Credit Agreement, dated as of August 28, 2015 (as subsequently amended or otherwise modified from time to time, the “Credit Agreement”);
		

		
			WHEREAS, the Borrower has requested that the Majority Lenders waive Section 8.01(c)
		

		
			of the Credit Agreement but only to the extent necessary to permit the required report and opinion of BDO USA LLP  for fiscal year 2016 (the “2016 Annual Report”) to contain a “going concern” or like qualification, exception or explanation (the “Specified Qualification”); and
		

		
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			WHEREAS, upon the request of the Borrower and subject to the terms and conditions set forth herein, the Majority Lenders have agreed to waive the requirement set forth in Section 8.01(c) and permit the Specified Qualification only to the extent applicable to fiscal year 2016.
		

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

			
	
			
				Article I
			
DEFINITIONS

			
	
			
				 SECTION 1.1.
			Certain Terms.  The following terms (whether or not underscored) when used in this Agreement, including its preamble and recitals, shall have the following meanings (such definitions to be equally applicable to the singular and plural forms thereof):

			
	
			
				
			“2016 Annual Report” is defined in the second recital.

			
	
			
				
			“Agreement” is defined in the preamble.

			
	
			
				
			“Borrower”  is defined in the preamble.

			
	
			
				
			“Credit Agreement” is defined in the first recital.

			
	
			
				
			“Effective Date” is defined in Section 2.1 of this Agreement.

		 

		

			  

		

 

		

			 

		

			
	
			
				Article II
			
CERTAIN AMENDMENTS AND MODIFICATION TO the CREDIT AGREEMENT

			
	
			
				 SECTION 2.1.
			Partial Waiver of Commitments Under Section 8.01(c).  Effective as of the date hereof (the “Effective Date”), the Lenders hereby agree to waive the requirements of Section 8.01(c) of the Credit Agreement to the extent, and only to the extent, necessary to permit the 2016 Annual Report to contain the Specified Qualification.

			
	
			
				 SECTION 2.2.
			Limited Waiver.  Except as expressly so waived or consented to, as applicable, the parties hereto expressly acknowledge and agree that (i) all other terms and provisions of the Credit Agreement and each other Loan Document shall continue in full force and effect in accordance with its terms and (ii) any waivers, consents or other modifications set forth in this Agreement are limited as expressly set forth herein, and shall not be deemed to constitute a waiver of any Default or Event of Default or any future breach of the Credit Agreement or any of the other Loan Documents.

			
	
			
				Article III
			
conditions TO EFFECTIVENESS

			
	
			
				 SECTION 3.1.
			Conditions to Effectiveness.  This Agreement shall become effective as of the Effective Date upon satisfaction of the following:

			
	
			
				 (a)
			the Lenders shall have received counterparts of this Agreement duly executed by each of the Obligors and the Lenders party hereto; and

			
	
			
				 (b)
			the Lenders shall have received a certificate, dated as of the date hereof and duly executed and delivered by a Responsible Officer of the Borrower certifying as to the matters set forth in Articles IV and V hereof.

			
	
			
				Article IV
			
Representations and Warranties

		
			To induce the Lenders to enter into this Agreement,  each Obligor represents and warrants to the Collateral Representative and the Lenders as set forth below.
		

			
	
			
				 SECTION 4.1.
			Validity, etc.  This Agreement, the Credit Agreement and the other Loan Documents (both before and after giving effect to this Agreement) constitute the legal, valid and binding obligation of such Obligor, enforceable in accordance with its respective terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing.

			
	
			
				 SECTION 4.2.
			Representations and Warranties, etc.  Immediately prior to, on the Effective Date and immediately after giving effect to, this Agreement, the following statements shall be true and correct:

		 

		

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				 (a)
			the representations and warranties set forth in each Loan Document shall, in each case, be true and correct in all material respects with the same effect as if then made (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date); and

			
	
			
				 (b)
			no Default or Event of Default shall have then occurred and be continuing.

			
	
			
				Article V
			
Confirmation

			
	
			
				 SECTION 5.1.
			Guarantees, Security Interest, Continued Effectiveness.  Each Obligor hereby consents to the modifications made to the Loan Documents pursuant to this Agreement and hereby agrees that, after giving effect to this Agreement, each Loan Document to which it is a party is and shall continue to be in full force and effect and the same are hereby ratified in all respects, except that upon the occurrence of the Waiver Effective Date, all references in such Loan Documents to the “Credit Agreement”, “Loan Documents”, “thereunder”, “thereof”, or words of similar import shall mean the Credit Agreement and the other Loan Documents, as amended or otherwise modified by this Agreement.

			
	
			
				Article VI
			
Miscellaneous

			
	
			
				 SECTION 6.1.
			Cross-References.  References in this Agreement to any Article or Section are, unless otherwise specified, to such Article or Section of this Agreement.

			
	
			
				 SECTION 6.2.
			Loan Document Pursuant to Credit Agreement.  This Agreement is a Loan Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with all of the terms and provisions of the Credit Agreement, as amended hereby, including Section 13 thereof.

			
	
			
				 SECTION 6.3.
			Successors and Assigns.  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns.

			
	
			
				 SECTION 6.4.
			Counterparts.  This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart.

			
	
			
				 SECTION 6.5.
			Governing Law.   This Agreement and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with, the law of the State of New York, without regard to principles of conflicts of laws that would result in the application of the laws of any other jurisdiction; provided that Section 5-1401 of the New York General Obligations Law shall apply.

			
	
			
				 SECTION 6.6.
			Full Force and Effect; Limited Waiver and Consent.  Except as expressly amended hereby, the Obligors each jointly and severally agree that all of the 
		

		 

		

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			representations, warranties, terms, covenants, conditions and other provisions of the Credit Agreement and the other Loan Documents shall remain unchanged and shall continue to be, and shall remain, in full force and effect in accordance with their respective terms.  The amendments, consents and other waivers and modifications set forth in this Agreement shall be limited precisely as provided for herein to the provisions expressly amended herein or otherwise modified or waived hereby and shall not be deemed to be an amendment to, waiver of, consent to or modification of any other term or provision of the Credit Agreement or any other Loan Document or of any transaction or further or future action on the part of any Obligor which would require the consent of the Lenders under the Credit Agreement, the Credit Agreement or any of the Loan Documents.

			
	
			
				 SECTION 6.7.
			No Waiver.  Except as otherwise specified herein, this Agreement is not, and shall not be deemed to be, a waiver or consent to any Default or Event of Default, or other non-compliance now existing or hereafter arising under the Credit Agreement and the other Loan Documents.

		
			[Signature pages to follow]
		

		
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		IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed and delivered by a Responsible Officer as of the date first above written.
		

		
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			borrower:

Kadmon PHARMACEUTICALS, LLC
		

		
			By:
		

		
			Name:
		

		
			Title:
		

		
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			Guarantors:

Kadmon Corporation, LLC
		

		
			By:
		

		
			Name:
		

		
			Title:
		

		
			Kadmon Holdings,  INC
		

		
			By:
		

		
			Name:
		

		
			Title:
		

		
			Kadmon Research Institute, LLC
		

		
			By:
		

		
			Name:
		

		
			Title:
		

		
			Three rivers research institute i, LLC
		

		
			By:
		

		
			Name:
		

		
			Title:
		

		

		

		 

		

			 

		

 

		

			 

		

		three rivers biologicS, LLC
		

		
			By:
		

		
			Name:
		

		
			Title:
		

		
			three rivers global pharma, LLC
		

		
			By:
		

		
			Name:
		

		
			Title:
		

		

		

		 

		

			 

		

 

		

			 

		

		COLLATERAL REPRESENTATIVE: 
		

		
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			PERceptive credit holdings, Lp
		

		
			By: Perceptive Credit Opportunities GP, LLC, its general partner
		

		
			By 
Name:
Title:
		

		
			By 
Name:
Title:
		

		
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		MAJORITY LENDERS:  
		

		
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			PERceptive credit holdings, Lp
		

		
			By: Perceptive Credit Opportunities GP, LLC, its general partner
		

		
			By 
Name:
Title:
		

		
			By 
Name:
Title:
		

		
			﻿Exhibit 10.8

		
			Exhibit 10.8
		

		
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			SECOND AMENDMENT TO 
		

		
			SUPPLY AND DISTRIBUTION AGREEMENT
		

		
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			This Second Amendment modifies the Supply and Distribution Agreement by and between Kadmon Pharmaceuticals, LLC, a Pennsylvania Limited Liability Company (“KADMON”), with its principal place of business at 119 Commonwealth Drive, Warrendale, PA 15086 and Camber Pharmaceuticals, Inc., a Delaware company (“CAMBER”), with its principal place of business at 1031 Centennial Avenue, Piscataway, NJ 08854, effective as of February 23, 2016 and amended on May 20, 2016 (collectively, the “Agreement”).  Capitalized terms not otherwise defined herein have the meanings ascribed to them in the Agreement.  
		

		
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			RECITALS
		

		
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			WHEREAS, KADMON and CAMBER previously entered into the Agreement for the purposes of marketing, selling and distributing the Products in the Territory; 
		

		
			WHEREAS, CAMBER has Regulatory Approval to manufacture, sell, and distribute the Products identified in the revised Product Appendix attached hereto, and has, either directly or through its Affiliates, the capability to manufacture the Products;
		

		
			WHEREAS, KADMON wishes to obtain commercial supplies of the Products identified in the revised Product Appendix attached hereto from CAMBER for distribution by KADMON in the Territory; and
		

		
			WHEREAS,  CAMBER desires to appoint KADMON, and KADMON desires to accept such appointment by CAMBER, as a Distributor for the purposes of marketing, selling and distributing the Products identified in the revised Product Appendix attached hereto in the Territory, subject to the terms and conditions of the Agreement.
		

		
			NOW, THEREFORE, in consideration of the representations, warranties and covenants set forth herein, the Parties agree to amend the Agreement as follows:
		

			
	
			
				 1.
			

			
	
			
			This Amendment shall become effective the date it is fully executed by both parties (the “Effective Date”).

		
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				 2.
			

			
	
			
			Exhibit A of the Agreement shall be replaced with the revised Exhibit A attached hereto.

		
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				 3.
			

			
	
			
			Exhibit D of the Agreement shall be replaced with the revised Exhibit D attached hereto. 

		
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				 4.
			

			
	
			
			To the extent not otherwise changed or affected by this Amendment, both Parties agree that all terms, conditions, provisions and/or covenants included in the original Agreement will continue to have the same force and effect intended.

		
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		[signature page to follow]
		

		
			IN WITNESS WHEREOF, the parties hereto have each caused this Amendment to be executed by their duly authorized officers.
		

		
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						KADMON PHARMACEUTICALS, LLC

				
	
					
						 

					
						 

					
						 

					
						By:________________________________

					
						Name & Title:  Eva Heyman, Chief Commercial Officer

					
						Date: March 22, 2017

					
						 

					
						 

				
	
					
						CAMBER PHARMACEUTICALS, INC.

				
	
					
						 

					
						 

					
						 

					
						By:________________________________

					
						Name & Title:

				
	
					
						Date:

				

		
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			Exhibit A: Product Appendix
		

		
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						Product

					
					
						Dosage

					
					
						Unit

					
					
						NDC

				
	
					
						Tetrabenazine

					
					
						12.5MG

					
					
						112 CT

					
					
						31722-821-11

				
	
					
						Tetrabenazine

					
					
						25MG

					
					
						112 CT

					
					
						31722-822-11

				
	
					
						Valganciclovir

					
					
						450MG

					
					
						60 CT

					
					
						31722-832-60

				
	
					
						ABACAVIR

					
					
						300MG

					
					
						60 CT

					
					
						31722-557-60

				
	
					
						ENTECAVIR

					
					
						0.5MG

					
					
						30 CT

					
					
						31722-833-30

				
	
					
						ENTECAVIR

					
					
						0.5MG

					
					
						90 CT

					
					
						31722-833-90

				
	
					
						ENTECAVIR

					
					
						1MG

					
					
						30 CT

					
					
						31722-834-30

				
	
					
						LAMIVUDINE

					
					
						100MG

					
					
						60 CT

					
					
						31722-752-60

				
	
					
						LAMIVUDINE

					
					
						150MG

					
					
						60 CT

					
					
						31722-753-60

				
	
					
						LAMIVUDINE

					
					
						300MG

					
					
						30 CT

					
					
						31722-754-30

				
	
					
						LAMIVUDINE/

					
						ZIDOVUDINE

					
					
						150MG/300MG

					
					
						60 CT

					
					
						31722-506-60

				

		
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			Exhibit D: Pricing
		

		
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						Product

					
					
						Dosage

					
					
						Unit

					
					
						NDC

					
					
						Price

				
	
					
						Tetrabenazine

					
					
						12.5MG

					
					
						112 CT

					
					
						31722-821-11

					
					
						$500.00 per unit

				
	
					
						Tetrabenazine

					
					
						25MG

					
					
						112 CT

					
					
						31722-822-11

					
					
						$950.00 per unit

				
	
					
						Valganciclovir

					
					
						450MG

					
					
						60 CT

					
					
						31722-832-60

					
					
						$726.00 per unit

				
	
					
						ABACAVIR

					
					
						300MG

					
					
						60 CT

					
					
						31722-557-60

					
					
						$94.00 per unit

				
	
					
						ENTECAVIR

					
					
						0.5MG

					
					
						30 CT

					
					
						31722-833-30

					
					
						$126.86 per unit

				
	
					
						ENTECAVIR

					
					
						0.5MG

					
					
						90 CT

					
					
						31722-833-90

					
					
						$400.59 per unit

				
	
					
						ENTECAVIR

					
					
						1MG

					
					
						30 CT

					
					
						31722-834-30

					
					
						$126.86 per unit

				
	
					
						LAMIVUDINE

					
					
						100MG

					
					
						60 CT

					
					
						31722-752-60

					
					
						$122.29 per unit

				
	
					
						LAMIVUDINE

					
					
						150MG

					
					
						60 CT

					
					
						31722-753-60

					
					
						$35.09 per unit

				
	
					
						LAMIVUDINE

					
					
						300MG

					
					
						30 CT

					
					
						31722-754-30

					
					
						$35.09 per unit

				
	
					
						LAMIVUDINE/

					
						ZIDOVUDINE

					
					
						150MG/300MG

					
					
						60 CT

					
					
						31722-506-60

					
					
						$46.78 per unit

				

		
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