Document:

EXHIBIT 4.10

 

CONSENT TO

THIRD AMENDED AND RESTATED
CREDIT AGREEMENT

 

This
CONSENT (this "Agreement") is entered into as of September 23, 2014, by and among NAPCO SECURITY TECHNOLOGIES, INC.,
a Delaware corporation ("Borrower"), the Guarantors signatory hereto (together with Borrower, each a "Loan Party"
and collectively, "Loan Parties"), the financial institution(s) listed on the signature pages hereof (each a "Lender"
and collectively, "Lenders") and HSBC BANK USA, NATIONAL ASSOCIATION, a national banking association, as administrative
agent for the Lenders hereunder (in such capacity, the "Agent").

 

BACKGROUND

 

Loan
Parties, Agent and Lenders are parties to a Third Amended and Restated Credit Agreement dated as of June 29, 2012 (as amended,
restated, supplemented or otherwise modified from time to time, the "Credit Agreement") pursuant to which Agent
and Lenders provide Borrower with certain financial accommodations.

 

WHEREAS,
Loan Parties have requested that Agent and the Lenders consent to a modification to the Credit Agreement as hereinafter set forth,
and Agent and Required Lenders are willing to do so on the terms and conditions hereafter set forth;

 

NOW,
THEREFORE, in consideration of any loan or advance or grant of credit heretofore or hereafter made to or for the account of Borrower
by Agent and Lenders, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:

 

1.
Definitions. All capitalized terms not otherwise defined herein shall have the meanings given to them in the Credit Agreement.

 

2.
Consent. Notwithstanding anything to the contrary contained in the Credit Agreement, Agent and Lenders hereby consent (subject
to the satisfaction of the conditions precedent set forth in Section 3 below) to the following actions (collectively, the "Transactions"):
the purchase by Borrower of up to 1,000,000 shares of Common Stock of Borrower (the "Stock Buyback"), which Stock
Buyback may be made in any number of transactions (each a "Stock Buyback Transaction"), so long as, (i) the aggregate
purchase price relating to the Stock Buyback does not exceed $5,500,000 and (ii) at the time of any such Stock Buyback Transaction
and immediately after giving effect thereto (x) no Default or Event of Default exists and (y) the Borrower is in pro forma compliance
with the financial covenants set forth in Section 8.1 of the Loan Agreement.

 

3.
Conditions of Effectiveness. This Agreement shall become effective upon satisfaction of the following conditions precedent:
Agent shall have received a copy of this Agreement executed by Borrower, Guarantors, Agent and Required Lenders.

 

    	 

    	 

    

 

4.
Representations and Warranties. Each Loan Party hereby represents and warrants as follows:

 

(a) The Transactions have been properly authorized
and approved by the

Board of Directors of Borrower.

 

(b)
No Event of Default or Default has occurred and is continuing or would exist after giving effect to this Agreement.

 

5.Effect on the Credit Agreement.

 

(a)
Upon the effectiveness of this Agreement, each reference in the Credit Agreement to "this Agreement," "hereunder,"
"hereof," "herein" or words of like import shall mean and be a reference to the Credit Agreement as modified
hereby. This Agreement shall be a Loan Document for all purposes under the Credit Agreement.

 

(b)
Except as specifically modified herein, the Credit Agreement, and all other documents, instruments and agreements executed and/or
delivered in connection therewith as in effect immediately prior to the effectiveness of this Agreement, shall remain in full force
and effect, and are hereby ratified and confirmed.

 

(c)
The execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of Agent
or Lender, nor constitute a waiver of any provision of the Credit Agreement, or any other documents, instruments or agreements
executed and/or delivered under or in connection therewith.

 

6.
Governing Law. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns and shall be governed by and construed in accordance with the laws of the State ofNew York.

 

7.
Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute
a part of this Agreement for any other purpose.

 

8.
Counterparts; Facsimile. This Agreement may be executed by the parties hereto in one or more counterparts, each of which
shall be deemed an original and all of which when taken together shall constitute one and the same agreement. Any signature delivered
by a party by facsimile or electronic transmission shall be deemed to be an original signature hereto.

 

[Signature Page Follows
This Page]

 

    	2

    	 

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed as of the day and year first written above.

 

	NAPCO SECURITY TECHNOLOGIES, INC., as the Borrower	 
	By:  	/s/
    KEVIN S BUCHEL	 
	Name:	Kevin S Buchel	 
	Title:	SVP	 
	 	 	 
	ALARM LOCK SYSTEMS, INC., as a loan party	 
	By:  	/s/
    KEVIN S BUCHEL	 
	Name:	Kevin S Buchel	 
	Title:	VP	 
	 	 	 
	CONTINENTAL INSTRUMENTS LLC., as a loan party	 
	By:  	/s/
    KEVIN S BUCHEL	 
	Name:	Kevin S Buchel	 
	Title:	Manager	 
	 	 	 
	MARKS USA I, LLC., as a loan party	 
	By:  	/s/
    KEVIN S BUCHEL	 
	Name:	Kevin S Buchel	 
	Title:	Manager	 
	 	 	 
	VIDEO ALERT, LLC., as a loan party	 
	By:	/s/
    KEVIN S BUCHEL	 
	Name:  	Kevin S Buchel	 
	Title:	Manager	 
	 	 	 
	HSBC BANK USA, NATIONAL ASSOCIATION, as Administrative Agent and as a Lender	 
	By:	/s/
    MATTHEW CIPOLETTI	 
	Name:   	Matthew Cipoletti	 
	Title:	AVP Portfolio Manager	 

  

[SIGNATURE PAGE TO CONSENT]Exhibit 10.1

 

AMENDMENT NO. 2 TO LICENSE AND SERVICES AGREEMENT

This AMENDMENT NO. 2 TO LICENSE AND SERVICES AGREEMENT (herein referred to as “Amendment No. 2”) is made effective September 15, 2014 (the “Amendment No. 2 Effective Date”), by and between Ultragenyx Pharmaceutical Inc. (herein referred to as “Ultragenyx”), a Delaware Corporation, and The Buck Institute for Research on Aging, an independent non-profit research organization organized under the laws of California (“Buck”), each herein referred to individually as “Party” and collectively as “Parties”.

Whereas, Ultragenyx and Buck are Parties to the Agreement (as defined below), pursuant to which Ultragenyx has rights to use certain Buck facilities, specifically laboratory and write-up space; and

Whereas, the Parties now desire to amend the Agreement to provide for Ultragenyx’s use of an expanded laboratory, tissue culture, storage, write-up and office area with additional expansion office space.

Now, Therefore, the Parties agree as follows:

	
1.
	
This Amendment No. 2 shall serve as an amendment to that certain License and Services Agreement, effective September 24, 2010, by and between Buck and Ultragenyx, as amended by that certain Amendment No. 1 to License and Services Agreement, effective September 4, 2012, by and between Buck and Ultragenyx (as so amended, the “Agreement”).  Except as expressly modified hereby, the Agreement shall continue in full force according to its terms.  Capitalized terms not otherwise defined in this Amendment No. 2 shall have the meaning ascribed to such term in the Agreement.

 

	
2.
	
Recital C of the Agreement shall be deleted in its entirety and replaced with the following:

C.Ultragenyx wishes to procure access at the Facility to certain laboratory space in Building G of the Facility, Fourth Floor, as shown on the attached Exhibit “A” as “Licensed Lab Space” and also have a right of first refusal to license the “Phase 2 Space” also shown in Exhibit “A” in order to conduct research and facilitate its therapeutic development programs; and

	
3.
	
Section 2 of the Agreement shall be deleted in its entirety and replaced with the following:

“Term.  The term of this Agreement (“Term”) shall be for five (5) years from the Amendment No. 2 Effective Date, except that (i) either party may terminate this Agreement upon one year’s prior written notice without cause and purely out of convenience of such party; and (ii) either party may terminate this Agreement for cause upon a breach as specified below.  Within ninety (90) days prior to the expiry of the Term, the Parties may extend the Term by an additional twelve (12) months (the “Extension”) by written extension.  The Parties may exercise the Extension for up to three (3) consecutive years.”  

 

- 1 -

 

AMENDMENT NO. 2 TO LICENSE AND SERVICES AGREEMENT

	
4.
	
The first sentence of the second paragraph of Section 3 is hereby deleted and replaced in its entirety with the following:

 

“Ultragenyx proposes to pursue laboratory research within the Licensed Lab Space and place twenty (20) (or more, as approved and trained by Buck in environmental safety, fire codes and provisioned with Facility-access key cards) staff/employees (“Agents”) at the Facility to conduct research for Ultragenyx, and these Agents will require access to the following (i) parking at the Facility parking lot; (ii) the Licensed Lab Space; and (iii) the Amenities, to the extent these are available.”

 

	
5.
	
After the first sentence of the second paragraph of Section 4(a) add: “All laboratory work conducted within the Exclusive Space is limited to Biosafety Level 2 (BSL 2).”

 

	
6.
	
Paragraph 4(d) shall be deleted in its entirety and replaced with:

 

“(d)Subject to the payment of the License Fees described in Section 6, below, and to the terms and conditions of this Agreement, for the duration of the Term, Buck hereby grants to Ultragenyx an exclusive license to use the equipment identified in Exhibit B (“Licensed Equipment”).  Ultragenyx shall maintain the exclusive equipment at its sole cost and expense and pay for any damage to Buck’s equipment suffered as a result of its use or use by its Agent(s) or invitees, excluding ordinary wear and tear.  Buck is under no obligation to furnish or to replace or repair any Buck equipment.”   

 

7.The following shall be added as Section 4(e):

“(e)Ultragenyx shall have the right of first refusal at any time during the Term to license all of the Phase 2 Space on the same terms and conditions as contained in this Agreement (and coterminous with the Term) at a fee of $73,872 per annum (“ROFR”).  Ultragenyx may exercise the ROFR by providing Buck ninety (90) days’ prior written notice of its intent to license the Phase 2 Space or part thereof.  The parties shall enter into an amendment to this Agreement or new agreement, as appropriate, to reflect the license of the Phase 2 Space on such terms within such ninety day period.  If during the Term and prior to the exercise of the Extension by Ultragenyx, a potential tenant, other than Buck itself, (“Potential Tenant”) expresses definitive written interest in licensing or leasing part or all of the Expansion Space, Buck will send written notice to Ultragenyx.  Ultragenyx shall have sixty (60) days after receipt of such notice to exercise the ROFR.  If Ultragenyx does not exercise the ROFR within such 60 day period, the ROFR will be considered terminated and Ultragenyx will have no further contractual right to the Phase 2 Space.”

	
8.
	
In Section 6 of the Agreement, $60,000 and $5,000.00 are hereby deleted and replaced with the numbers $305,000.00 and $25,416.67, respectively.  

	
9.
	
Exhibit A of the Agreement is hereby deleted and replaced in its entirety with Attachment No. 1 hereto.

2

 

 

AMENDMENT NO. 2 TO LICENSE AND SERVICES AGREEMENT

	
10.
	
Exhibit B of the Agreement is hereby deleted and replaced in its entirety with Attachment No. 2 hereto.

	
11.
	
Exhibit C of the Agreement is hereby deleted and replaced in its entirety with Attachment No. 3 hereto.

	
11.
	
This Amendment No. 2 shall inure to the benefit of and be binding upon the Parties hereto and their respective heirs, successors, trustees, transferees and assigns.

	
12.
	
This Amendment No. 2 may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

 

 

IN WITNESS WHEREOF, the Parties hereto, intending to be legally bound hereby, have caused this Amendment No. 2 to be executed and delivered by their proper and duly authorized officers effective on the Amendment No. 2 Effective Date.

 

 

	
Ultragenyx Pharmaceutical Inc.
	
Buck Institute for Research on Aging

 

 

By:  /s/ Shalini SharpBy:  /s/ Remy Gross, III

Printed Name: Shalini SharpPrinted Name: Remy Gross, III

 

Title: Chief Financial OfficerTitle: Vice President, Business Development

3

 

 

AMENDMENT NO. 2 TO LICENSE AND SERVICES AGREEMENT

Attachment No. 1

 

EXHIBIT A - Buck Institute Facility & Licensed Lab Space

Bldg G, 4th Floor

“Licensed Lab Space”

4

 

 

AMENDMENT NO. 2 TO LICENSE AND SERVICES AGREEMENT

Attachment No. 2

 

EXHIBIT B

 

 

 

 

This Exhibit Intentionally Left Blank

5

 

 

AMENDMENT NO. 2 TO LICENSE AND SERVICES AGREEMENT

Attachment No. 3

 

EXHIBIT C – LICENSED EQUIPMENT

 

 

		
	
Item
	
Quantity

	
Thermo RT+Centrifuge/Rotors
	
1

	
Applied Bio 7900 Fast Time PCR
	
1

	
BioSafety Cabinets (TC Hoods)
	
8

	
CO2 Incubators
	
5

	
External Vacuum Systems
	
8

	
IEC Thermo C12 Centriguges
	
2

	
RO/DI Water System
	
1

	
Deli Fridge, VWR
	
1

	
Total
	
 

 

6

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