Document:

Exhibit

EXHIBIT 10.42

VANDA PHARMACEUTICALS INC.
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
This Employment Agreement (this “Agreement”) by and between KEVIN MORAN (the “Executive”) and VANDA PHARMACEUTICALS INC., a Delaware corporation (the “Company”) was originally entered into as of August 6, 2010.  This Agreement is hereby amended and restated as of May 5, 2020.
1.Duties and Scope of Employment.
(a)    Position.  During his employment under this Agreement (“Employment”), the Company agrees to employ the Executive in the position of VP, Acting Chief Financial Officer and Treasurer.  The Executive shall be subject to the supervision of, and shall have such authority as is delegated to him by, the Company’s Chief Executive Officer.  The Executive hereby accepts such employment and agrees to undertake the duties and responsibilities normally inherent in such position and such other duties and responsibilities as the Company’s Chief Executive Officer shall from time to time reasonably assign to him. 
(b)    Obligations to the Company.  During his Employment, the Executive shall devote his full business efforts and time to the Company.  In addition, during his Employment, without the prior written approval of the Company’s Board of Directors (the “Board”), the Executive shall not render services in any capacity to any other person or entity and shall not act as a sole proprietor or partner of any other person or entity or as a shareholder owning more than five percent of the voting power of any other entity.  The Executive shall comply with the Company’s policies and rules, as they may be in effect from time to time during his Employment.
(c)    No Conflicting Obligations.  The Executive represents and warrants to the Company that he is under no obligations or commitments, whether contractual or otherwise, that are inconsistent with his obligations under this Agreement.  The Executive represents and warrants that he will not use or disclose, in connection with his Employment, any trade secrets or other proprietary information or intellectual property in which the Executive or any other person has any right, title or interest and that his Employment as contemplated by this Agreement will not infringe or violate the rights of any other person or entity.  The Executive represents and warrants to the Company that he has returned all property and confidential information belonging to any prior employers.
2.    Cash and Incentive Compensation.
(a)    Salary.  The Company shall pay the Executive as compensation for his services a base salary at a gross annual rate of not less than $270,113.  Such salary shall be payable in accordance with the Company’s standard payroll procedures.  The annual compensation specified in this Subsection (a), together with any increases in such compensation that the Company may grant from time to time, is referred to in this Agreement as “Base Compensation.”

(b)    Incentive Bonuses.  The Executive shall be eligible for an annual incentive bonus with a target amount equal to 30% of his Base Compensation (the “Annual Target Bonus”).  Such Annual Target Bonus (if any) shall be awarded based on objective or subjective criteria established in advance by the Board or the Compensation Committee of the Board (the “Compensation Committee”).  Any Annual Target Bonus for a fiscal year shall in no event be paid later than 21⁄2 months after the close of such fiscal year.  Except as provided in Section 6, such Annual Target Bonus shall be paid only if the Executive is employed by the Company at the time of payment.  The determinations of the Board or the Compensation Committee with respect to such Annual Target Bonus shall be final and binding.
(c)    Equity Awards.  The Executive has previously been granted options to purchase shares of the Company’s common stock and restricted stock units.  In addition, the Executive will be eligible to receive annual equity awards, if any, subject to the approval of the Board or the Compensation Committee in their sole discretion.  The timing and size of the annual equity awards, if any, shall be determined in the sole discretion of the Board or the Compensation Committee based on the Executive’s and/or the Company’s performance.  
3.    Vacation and Employee Benefits.  
(a)    The Company has adopted an unlimited paid time off policy, as such, during his Employment, the Executive shall be eligible for an unlimited number of paid vacation days each year, subject to the unlimited paid time off policy as in effect from time to time.  In accordance with such policy, the Executive shall not be entitled to any accrued vacation upon termination of employment for any reason.
(b)    During his Employment, the Executive shall be eligible to participate in any employee benefit plans maintained by the Company for similarly situated employees, subject in each case to the generally applicable terms and conditions of the plan in question and to the determinations of any person or committee administering such plan.
4.    Business Expenses.  During his Employment, the Executive shall be authorized to incur necessary and reasonable travel, entertainment and other business expenses in connection with his duties hereunder.  The Company shall reimburse the Executive for such expenses upon presentation of an itemized account and appropriate supporting documentation, all in accordance with the Company’s generally applicable policies.  Any reimbursement shall (a) be paid promptly but not later than the last day of the calendar year following the year in which the expense was incurred, (b) not be affected by any other expenses that are eligible for reimbursement in any calendar year and (c) not be subject to liquidation or exchange for another benefit.
5.    Term of Employment.
(a)    Employment at Will.  The Executive’s Employment with the Company shall be “at will,” meaning that either the Executive or the Company may terminate the Executive’s Employment at any time and for any reason, with or without Cause.  Any contrary representations which may have been made to the Executive shall be superseded by this Agreement.  This Agreement shall constitute the full and complete agreement between the Executive and the 

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Company on the “at will” nature of the Executive’s Employment, which may only be changed in an express written agreement signed by the Executive and a duly authorized officer of the Company (other than the Executive).  The termination of Executive’s Employment shall not limit or otherwise affect his obligations under Section 7 below.
(b)    Termination.  The Company may terminate the Executive’s Employment at any time and for any reason (or no reason), and with or without Cause, by giving the Executive notice in writing.  The Executive may terminate his Employment by giving the Company 14 days’ advance notice in writing.  The Executive’s Employment shall terminate automatically in the event of his death.
(c)    Rights Upon Termination.  Except as expressly provided in Section 6, upon the termination of the Executive’s Employment pursuant to this Section 5, the Executive shall only be entitled to accrued and unpaid compensation, benefits and expense reimbursements described in Sections 2, 3 and 4 for the period preceding the effective date of the termination.  The payments under this Agreement shall fully discharge all responsibilities of the Company to the Executive.
6.    Termination Benefits.
(a)    Preconditions.  Any other provision of this Agreement notwithstanding, the remaining Subsections of this Section 6 shall not apply unless each of the following requirements is satisfied:
(i)    The Executive has executed a general release of all known and unknown claims that the Executive may then have against the Company or persons affiliated with the Company in a form prescribed by the Company, without alterations.  The Executive shall execute and return the release on or before the date specified by the Company in the prescribed form (the “Release Deadline”).  The Release Deadline shall in no event be later than 50 days after the Executive’s Separation.  If the Executive fails to return the release on or before the Release Deadline, or if the Executive revokes the release, then the Executive shall not be entitled to the benefits described in this Section 6.
(ii)    The Executive has returned all property of the Company in the Executive’s possession.
(b)    Severance Pay.  If, during the term of this Agreement, the Executive is subject to an Involuntary Termination, then the Company shall pay the Executive both of the following:
(i)    Base Compensation.  The Company shall continue to pay Executive his Base Compensation for a period of 12 months following the Separation (the “Continuation Period”).  Such severance payments shall be paid at the Base Compensation rate in effect at the time of the Separation and in accordance with the Company’s standard payroll procedures.  The severance payments shall 

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commence within 60 days after the Executive’s Separation and, once they commence (the “Payment Commencement”), shall include any unpaid amounts accrued from the date of the Employee’s Separation.  However, if the 60-day period described in the preceding sentence spans two calendar years, then the Payment Commencement shall in any event begin on the first payroll period following expiration of any applicable revocation period in the second calendar year.
(ii)    Target Bonus.  An amount equal to his Annual Target Bonus at the rate in effect at the time of the Separation.  Such amount shall be payable in a lump sum on the Company’s next regularly scheduled payroll that occurs following the Payment Commencement.
(c)    Options.  If, during the term of this Agreement, Executive is subject to an Involuntary Termination, then (i) the vested portion of the shares of the Company’s Common Stock subject to all options held by the Executive at the time of his Separation shall be determined by adding three months to the actual period of service that he has completed with the Company and (ii) such options shall be exercisable for up to six months after the Executive’s Separation (provided, however, that the Option shall remain subject to the terms of the Plan in the event the Company is subject to a Change in Control, and further provided that the Option in any event shall expire no later than the Expiration Date set forth in the Notice of Stock Option Grant evidencing the Option).
7.    Non-Solicitation, Non-Disclosure and Non-Competition.  The Executive has entered into a Proprietary Information and Inventions Agreement with the Company, which agreement is incorporated herein by reference.
8.    Successors.
(a)    Company’s Successors.  This Agreement shall be binding upon any successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets.  For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets which becomes bound by this Agreement.
(b)    Executive’s Successors.  This Agreement and all rights of the Executive hereunder shall inure to the benefit of, and be enforceable by, the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.
9.    Definitions.  For all purposes under this Agreement:
“Cause” shall mean:
(a)    An unauthorized use or disclosure by the Executive of the Company’s confidential information or trade secrets, which use or disclosure causes material harm to the Company;

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(b)    A material breach by the Executive of any agreement between the Executive and the Company;
(c)    A material failure by the Executive to comply with the Company’s written policies or rules;
(d)    The Executive’s conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State thereof;
(e)    The Executive’s gross negligence or willful misconduct;
(f)    A continuing failure by the Executive to perform assigned duties after receiving written notification of such failure from the Board; or
(g)    A failure by the Executive to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested the Executive’s cooperation.
“Change in Control” shall mean:
(a)    The consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, if persons who were not stockholders of the Company immediately prior to such merger, consolidation or other reorganization own immediately after such merger, consolidation or other reorganization 50% or more of the voting power of the outstanding securities of each of (i) the continuing or surviving entity and (ii) any direct or indirect parent corporation of such continuing or surviving entity;
(b)    The sale, transfer or other disposition of all or substantially all of the Company’s assets;
(c)    A change in the composition of the Board, as a result of which fewer than 50% of the incumbent directors are directors who either:
(i)    Had been directors of the Company on the date 24 months prior to the date of such change in the composition of the Board (the “Original Directors”); or
(ii)    Were appointed to the Board, or nominated for election to the Board, with the affirmative votes of at least a majority of the aggregate of (A) the Original Directors who were in office at the time of their appointment or nomination and (B) the directors whose appointment or nomination was previously approved in a manner consistent with this Subsection (c)(ii); or
(d)    Any transaction as a result of which any person is the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), directly or indirectly, of securities of the Company representing at least 50% of the total voting power represented by the Company’s then outstanding voting securities.  For 

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purposes of this Subsection (d), the term “person” shall have the same meaning as when used in Sections 13(d) and 14(d) of the Exchange Act but shall exclude (i) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a parent or subsidiary of the Company and (ii) a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the Common Stock of the Company.
A transaction shall not constitute a Change in Control if its sole purpose is to change the State of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.
“Code” shall mean the Internal Revenue Code of 1986, as amended.
“Good Reason” shall mean Executive’s resignation within 6 months after one of the following conditions has come into existence without Executive’s consent: (i) a change in the Executive’s position with the Company that materially reduces his level of authority or responsibility from what it was prior to his elevation to the position of Acting Chief Financial Officer and Treasurer, (ii) a material reduction in his Base Compensation or (iii) receipt of notice that his principal workplace will be relocated by more than 30 miles.  A condition shall not be considered “Good Reason” unless the Executive gives the Company written notice of such condition within 90 days after the initial existence of such condition and the Company fails to remedy such condition within 30 days after receiving the Executive’s written notice.
“Involuntary Termination” shall mean a Separation resulting from either (i) the Executive’s involuntary discharge by the Company for reasons other than Cause, Executive’s death or Permanent Disability or (ii) the Executive’s voluntary resignation for Good Reason.
“Permanent Disability” shall mean the Executive’s inability to perform the essential functions of the Executive’s position, with or without reasonable accommodation, for a period of at least 120 consecutive days because of a physical or mental impairment.
“Separation” shall mean a “separation from service,” as defined in the regulations under Section 409A of the Code.
10.    Miscellaneous Provisions.
(a)    Notice.  Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by overnight courier, U.S. registered or certified mail, return receipt requested and postage prepaid.  In the case of the Executive, mailed notices shall be addressed to him at the home address that he most recently communicated to the Company in writing.  In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary.
(b)    Modifications and Waivers.  No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in 

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writing and signed by the Executive and by an authorized officer of the Company (other than the Executive).  No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.
(c)    Whole Agreement.  No other agreements, representations or understandings (whether oral or written and whether express or implied) which are not expressly set forth in this Agreement have been made or entered into by either party with respect to the subject matter hereof.  This Agreement and the Proprietary Information and Inventions Agreement contain the entire understanding of the parties with respect to the subject matter hereof.
(d)    Tax Matters.  All payments made under this Agreement shall be subject to reduction to reflect taxes or other charges required to be withheld by law.  For purposes of Section 409A of the Code, each payment under Section 6(b) is hereby designated as a separate payment.  If the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code and the regulations thereunder at the time of his Separation, then:
(i)    Any salary continuation payments under Section 6(b)(i), to the extent not exempt from Section 409A of the Code, shall commence with the Company’s first regularly scheduled payroll that occurs following the earlier of (x) expiration of the six-month period measured from Executive’s Separation or (y) the date of Executive’s death and, once such payments commence, any amounts accrued from the Separation date shall be paid in a lump sum on the first payment date; and
(ii)    Any lump-sum payment under Section 6(b)(ii), to the extent not exempt from Section 409A of the Code, shall be made with the Company’s first regularly scheduled payroll that occurs following the earlier of (x) expiration of the six-month period measured from Executive’s Separation or (y) the date of Executive’s death.
The Company shall not have a duty to design its compensation policies in a manner that minimizes the Executive’s tax liabilities, and the Executive shall not make any claim against the Company or the Board related to tax liabilities arising from the Executive’s compensation.
(e)    Choice of Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the District of Columbia (except its provisions governing the choice of law).
(f)    Severability.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect.
(g)    No Assignment.  This Agreement and all rights and obligations of the Executive hereunder are personal to the Executive and may not be transferred or assigned by 

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the Executive at any time.  The Company may assign its rights under this Agreement to any entity that assumes the Company’s obligations hereunder in connection with any sale or transfer of all or a substantial portion of the Company’s assets to such entity.
(h)    Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
[REMAINDER OF PAGE LEFT BLANK INTENTIONALLY]

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IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the date first written above.
            /s/ Kevin Moran                                                
Kevin Moran
VANDA PHARMACEUTICALS INC.
By:      /s/ Mihael H. Polymeropoulos, M.D.               
Title:      President and Chief Executive Officer             

9ssnc-ex101_126.htm

Exhibit 10.1

 

FIRST REPRICING AMENDMENT TO CREDIT AGREEMENT

This FIRST REPRICING AMENDMENT TO CREDIT AGREEMENT, dated as of January 31, 2020 (this “First Repricing Amendment”), among, SS&C Technologies, Inc., a Delaware corporation (the “Company”), SS&C European Holdings S.a r.l., a societe a responsabilite limitee organized under the laws of Luxembourg (the “Designated Borrower 1”), SS&C Technologies Holdings Europe S.a r.l., a societe a responsabilite limitee organized under the laws of Luxembourg (the “Designated Borrower 2”), SS&C Financing LLC, a Delaware limited liability company that is member managed and wholly-owned by the Designated Borrower 2 (the “Designated U.S. Co-Borrower” and, together with Designated Borrower 1 and Designated Borrower 2, each a “Designated Borrower” and, collectively the “Designated Borrowers” and the Designated Borrowers, together with the Company, the “Borrowers” and each a “Borrower”), SS&C Technologies Holdings, Inc., a Delaware corporation (the “Parent”), certain subsidiaries of the Parent as Guarantors, Credit Suisse AG, Cayman Islands Branch, as Administrative Agent and Lenders party hereto. 

R E C I T A L S:

WHEREAS, the Borrowers have previously entered into that certain Amended and Restated Credit Agreement, dated as of April 16, 2018 (as modified by that certain Commitment Increase Amendment, dated as of October 1, 2018, as further modified by that certain Commitment Increase Amendment, dated as of November 16, 2018, and as it may be further amended, restated, extended, supplemented or otherwise modified through the date hereof, the “Existing Credit Agreement”, and the Existing Credit Agreement, as amended by the First Repricing Amendment, the “Amended Credit Agreement”), among, inter alios, the Borrowers, the Guarantors, the Administrative Agent and the lenders from time to time party thereto (the “Lenders”) (capitalized terms used but not defined herein having the meanings provided in the Amended Credit Agreement);

WHEREAS, the Borrowers desire to reduce the Applicable Rate with regards to the Term Loans;

WHEREAS, each Lender holding Term B-3 Loans, Term B-4 Loans, Term B-5 Loans, Revolving Loans and/or Revolving Commitments outstanding immediately prior to the First Repricing Amendment Effective Date (such Term B-3 Loans, Term B-4 Loans and/or Term B-5 Loans, the “Existing Term Loans”) that executes and delivers a signature page to this Amendment (each, a “Consenting Lender”) shall, upon the First Repricing Amendment Effective Date (as defined below) have consented to the amendments to the Existing Credit Agreement set forth herein and shall have agreed to be bound by the provisions hereof;

WHEREAS, the Borrowers, the undersigned Lenders and the Administrative Agent have agreed to amend the Existing Credit Agreement as hereinafter set forth;

WHEREAS, Credit Suisse Loan Funding LLC and Citi (the “Arrangers”) shall act as joint lead arrangers and book running managers with respect to this First Repricing Amendment;

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

	
1.
	
Amendments to the Existing Credit Agreement. The Company, the other Loan Parties, the Consenting Lenders and Increasing Lender party hereto and the Administrative Agent each agree that, on the First Repricing Amendment Effective Date: 

 

 

 

 

 

	
(a)
	
Section 1.01 of the Existing Credit Agreement shall be amended by adding the following defined terms in appropriate alphabetical order: 

	
 
	
(i)
	
“First Repricing Amendment” means that certain First Repricing Amendment to Credit Agreement, dated as of January 31, 2020, among the Borrowers, the Administrative Agents and Lenders party thereto.

	
 
	
(ii)
	
“First Repricing Amendment Effective Date” means the date on which all of the conditions contained in Section 3 of the First Repricing Amendment have been satisfied or waived by the Administrative Agent. 

	
(b)
	
Section 1.01 of the Existing Credit Agreement shall be amended by restating clause (d) of the definition of “Applicable Rate” as follows:

(i)“(d) with respect to the Term B-3 Loans, Term B-4 Loans and Term B-5 Loans (i) maintained as Base Rate Loans, 0.75% per annum and (ii) maintained as Eurocurrency Rate Loans, 1.75% per annum;”

(c)Section 2.09(b) of the Existing Credit Agreement shall be amended and restated in its entirety as follows:

	
 
	

	
(i)“(b)Repricing Transaction. At the time of the effectiveness of any Repricing Transaction that is consummated prior to the date that is six months after the First Repricing Amendment Effective Date, the Borrowers agree to pay to the Administrative Agent, for the ratable account of each Term Lender with outstanding Term B-3 Loans, Term B-4 Loans and/or Term B-5 Loans (including each Term Lender that withholds its consent to such Repricing Transaction and is replaced as a Non-Consenting Lender under Section 11.13), a fee in an amount equal to 1.0% of (x) in the case of a Repricing Transaction of the type described in clause (a) of the definition thereof, the aggregate principal amount of all Term B-3 Loans, Term B-4 Loans and/or Term B-5 Loans prepaid in connection with such Repricing Transaction and (y) in the case of a Repricing Transaction described in clause (b) of the definition thereof, the aggregate principal amount of all Term B-3 Loans, Term B-4 Loans and/or Term B-5 Loans outstanding on such date that are subject to an effective pricing reduction pursuant to such Repricing Transaction. Such fees shall be due and payable upon the date of the effectiveness of such Repricing Transaction.”

(d)Section 3.03 of the Existing Credit Agreement shall be amended and restated in its entirety to read as follows:

(i)“(a)If the Required Lenders (or the Administrative Agent, in the case of clause (ii) below) determine that for any reason in connection with any request for a Eurocurrency Rate Loan or a conversion to or continuation thereof that (i) deposits (whether in Dollars or an Alternative Currency) are not being offered to banks in the applicable offshore interbank market for such currency for the applicable amount and Interest Period of such Eurocurrency Rate Loan, (ii) adequate and reasonable means do not exist for determining the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan (whether denominated in Dollars or an Alternative Currency) or in connection with an existing or proposed Base Rate Loan, or (iii) the Eurocurrency Rate for any requested Interest Period with respect to an existing or proposed Eurocurrency Rate Loan or in connection with an existing or proposed Base 

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Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly notify the Company and each Lender.  Thereafter, (x) the obligation of the Lenders to make or maintain Eurocurrency Rate Loans in the affected currency or currencies shall be suspended and (y) in the event of a determination described in the preceding sentence with respect to the Eurocurrency Rate component of the Base Rate, the utilization of the Eurocurrency Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice (which revocation the Administrative Agent agrees to give promptly upon receipt of such instruction).  Upon receipt of such notice, the Company may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans in the affected currency or currencies or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans (which shall be calculated in accordance with clause (y) of the immediately preceding sentence, if applicable) in the amount specified therein to the extent available (or, in the case of a pending request for a Loan denominated in an Alternative Currency, the Company and the Lenders may establish a mutually acceptable alternative rate).

(b)If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in clause (a) of this Section 3.03 have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clause (a) of this Section 3.03 have not arisen but (w) the supervisor for the administrator of the Eurocurrency Rate has made a public statement that the administrator of the Eurocurrency Rate is insolvent (and there is no successor administrator that will continue publication of the Eurocurrency Rate), (x) the administrator of the Eurocurrency Rate has made a public statement identifying a specific date after which the Eurocurrency Rate will permanently or indefinitely cease to be published by it (and there is no successor administrator that will continue publication of the Eurocurrency Rate), (y) the supervisor for the administrator of the Eurocurrency Rate has made a public statement identifying a specific date after which the Eurocurrency Rate will permanently or indefinitely cease to be published or (z) the supervisor for the administrator of the Eurocurrency Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the Eurocurrency Rate may no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrowers shall endeavor to establish an alternate rate of interest to the Eurocurrency Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Rate). Notwithstanding anything to the contrary in Section 11.01, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this Section 3.03(b), (x) any request for a Borrowing of, conversion to or continuation of, Eurocurrency Rate Loans shall be ineffective and (y) any request for Eurocurrency Rate Loans, shall be made as a Base Rate Loans. Notwithstanding anything contained herein to the contrary, if such alternate rate of interest as determined 

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in this paragraph is determined to be less than 0% per annum, such rate shall be deemed to be 0% percent per annum for the purposes of this Agreement.”

	
(e)
	
Section 8.06(c) of the Existing Credit Agreement shall be amended and restated in its entirety to read as follows

(i)“the Parent may declare and make annual cash dividend payments to its shareholders of up to $0.70 per share (as adjusted so that the aggregate amount payable pursuant to this clause (c) is not increased or decreased solely as a result of any stock split, reverse stock split, stock dividend or similar reclassification occurring after the First Repricing Amendment Effective Date); provided, that the declaration and payment of cash dividends pursuant to this clause (c) shall not exceed $0.125 per share in the aggregate if an Event of Default shall have occurred and be continuing or would occur as a consequence thereof;”

(f)The Existing Credit Agreement shall be amended by adding a new Section 11.25 to read as follows:

(i)“Acknowledgement Regarding Any Supported QFCs

. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any swap obligations or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the Laws of the State of New York and/or of the United States or any other state of the United States): 

 

(a)In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the Laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the Laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.  

 

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(b)
	
        As used in this Section 11.25, the following terms have the following meanings:

 

	
 
	

	
“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

 

	
 
	

	
“Covered Entity” means any of the following:  (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

	
 
	

	
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

 

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).”

 

	
2.
	
Agreements of Consenting Lenders. With regards solely to the Term B-3 Loans, Term B-4 Loans and/or Term B-5 Loans, each Consenting Lender that elects the “Consent and Continue (Cashless Amendment)” option on the signature page will retain its Existing Term Loans. With regards solely to the Term B-3 Loans, Term B-4 Loans and/or Term B-5 Loans, each Lender holding Existing Term Loans that does not execute and deliver a signature page hereto (each, a “Non-Consenting Lender”) shall be deemed to have assigned the entire amount of its Existing Term Loans to Credit Suisse AG, Cayman Islands Branch (in such capacity, the “Increasing Lender”) in accordance with the provisions of Section 11.13 of the Credit Agreement. The Increasing Lender, by executing a signature page hereto, shall be a “Lender” for all purposes under the Amended Credit Agreement for so long as it has Term B-3 Loans, Term B-4 Loans and Term B-5 Loans

	
3.
	
Conditions to Effectiveness and Availability. Notwithstanding anything to the contrary set forth herein or in the Existing Credit Agreement, the effectiveness of this Agreement is subject to the satisfaction of the following conditions (the first date on which each such condition has been satisfied, the “First Repricing Amendment Effective Date”): 

	
(a)
	
The due execution and delivery of this Agreement by the Company, the other Loan Parties, the Administrative Agent, the Consenting Lenders and the Increasing Lender (constituting the Required Lenders).

 

(b)Receipt by the Administrative Agent of a legal opinion of Simpson Thacher & Bartlett LLP, New York counsel to the Loan Parties, addressed to the Administrative Agent, each L/C Issuer, each Consenting Lender and the Increasing Lender, dated as of the First Repricing Amendment Effective Date, and in form and substance reasonably satisfactory to the Administrative Agent.

(c)After giving effect to this First Repricing Amendment and the transactions contemplated hereby, the representations and warranties of each Loan Party contained in Article VI of the Credit Agreement or any other Loan Document shall be true and correct in all material respects (except when qualified by materiality, in which case they shall be true and correct in all respects) on and as of the First Repricing Amendment Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date in all material respects (except when qualified by materiality, in which case they shall be true and correct in all respects) and no Default or Event of Default shall have occurred and be continuing;

5

 

 

	
(d)
	
To the extent invoiced at least three Business Days, or such shorter time to be mutually agreed, prior to the First Repricing Amendment Effective Date, all costs, fees, expenses (including, without limitation, legal fees and expenses) and other compensation contemplated by the Engagement Letter, dated as of January 22, 2020, among the Company and the Arrangers or as otherwise agreed by the parties thereto, payable to each Arranger and the Lenders shall have been paid to the extent due.

	
4. 
	
Representations and Warranties.  To induce the other parties hereto to enter into this First Repricing Amendment and the Amended Credit Agreement, each of the Borrowers and each other Loan Party hereto hereby represents and warrants to each other party hereto that:

	
(a)
	
each Loan Party party hereto has the corporate or other power and authority to make, deliver and perform this First Repricing Amendment.  Each Loan Party party hereto has taken all necessary corporate or other action to authorize the execution, delivery and performance of this First Repricing Amendment.  This First Repricing Amendment has been duly executed and delivered by each Loan Party that is a party thereto.  This First Repricing Amendment constitutes a legal, valid and binding obligation of each Loan Party that is a party thereto, enforceable against each such Loan Party in accordance with its terms except as may be limited by applicable Debtor Relief Laws, concepts of reasonableness and general principles of equity;

	
(b)
	
the representations and warranties of each Loan Party contained in Article VI of the Credit Agreement or any other Loan Document shall be true and correct in all material respects (except when qualified by materiality, in which case they shall be true and correct in all respects) on and as of the First Repricing Amendment Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date in all material respects (except when qualified by materiality, in which case they shall be true and correct in all respects); and

	
(c)
	
both immediately before and after giving effect to this First Repricing Amendment, no Default or Event of Default shall have occurred and be continuing.

	
5.
	
Effect of Amendment. Except as expressly set forth in this Agreement or in the Amended Credit Agreement, this Agreement shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Existing Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other provision of the Existing Credit Agreement or of any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Without limiting the generality of the foregoing, the Collateral Documents and all of the Collateral described therein do and shall continue to secure the payment of all Obligations or Foreign Obligations (as applicable) of the applicable Loan Parties under the Loan Documents, in each case, as amended by this Agreement.  Nothing herein shall be deemed to entitle the Borrowers to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other Loan Document in similar or different circumstances.

On and after the First Repricing Amendment Effective Date, each reference in the Existing Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import, and each reference to the “Credit Agreement” in any other Loan Document, in each case shall be deemed a reference to the Amended Credit Agreement.  This Agreement shall constitute a “Loan Document” for all purposes of the Amended Credit Agreement and the other Loan Documents.

6

 

 

The parties hereto confirm that no novation of any kind has occurred as a result of, or in connection with, this Agreement or otherwise, any such novation being hereby expressly disclaimed.

	
6.
	
Amendment, Modification and Waiver.  This Agreement may not be amended, modified or waived except by an instrument or instruments in writing signed and delivered on behalf of each of the parties hereto.

	
7.
	
Reaffirmation

.  By executing and delivering a counterpart hereof, (i) each Borrower and each Guarantor hereby agrees that all Loans incurred by the applicable Borrowers shall be guaranteed by the applicable Guarantors pursuant to the Guaranty set forth at Article IV of the Amended Credit Agreement in accordance with the terms and provisions thereof and shall be secured pursuant to the Collateral Documents in accordance with the terms and provisions thereof and (ii) each Borrower and each other Loan Party hereby (A) agrees that, notwithstanding the effectiveness of this Agreement, after giving effect to this Agreement, the Collateral Documents continue to be in full force and effect and (B) affirms and confirms all of its obligations and liabilities under the Existing Credit Agreement and each other Loan Document, in each case after giving effect to this Agreement, including, with respect to the Guarantors, the guaranty of the Obligations or Foreign Obligations (as applicable) by each Guarantor and, with respect to each Loan Party, the pledge of and/or grant of a security interest in its assets as Collateral pursuant to the Collateral Documents to secure such Obligations or Foreign Obligations (as applicable), and acknowledges and agrees that such obligations, liabilities, guarantee, pledge and grant continue in full force and effect in respect of, and to secure, such Obligations or Foreign Obligations (as applicable) under the Existing Credit Agreement and the other Loan Documents, in each case after giving effect to this Agreement.

	
8.
	
Entire Agreement.  This Agreement, the Amended Credit Agreement and the other Loan Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof.

	
9.
	
GOVERNING LAW; JURISDICTION; ETC.  SECTION 11.14 OF THE AMENDED CREDIT AGREEMENT IS HEREBY INCORPORATED BY REFERENCE INTO THIS AGREEMENT AND SHALL APPLY TO THIS AGREEMENT, MUTATIS MUTANDIS.

	
10.
	
WAIVERS OF JURY TRIAL. SECTION 11.15 OF THE AMENDED CREDIT AGREEMENT IS HEREBY INCORPORATED BY REFERENCE INTO THIS AGREEMENT AND SHALL APPLY TO THIS AGREEMENT, MUTATIS MUTANDIS. 

	
11.
	
Severability.  Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.

	
12.
	
Counterparts.  This Agreement may be executed in any number of counterparts and by the various parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one contract. Delivery of an executed counterpart of this Agreement by telecopier or other secure electronic format (including .pdf format) shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement shall constitute a “Loan Document” for purposes of the Amended Credit Agreement.

7

 

 

The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

[Remainder of page intentionally left blank.]

 

8

 

 

IN WITNESS WHEREOF, each of the undersigned has caused its duly Authorized Officer to execute and deliver this Agreement as of the date first set forth above. 

		
	
 
	
SS&C TECHNOLOGIES, INC., as a Borrower

 

By:   /s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Senior Vice President
and Chief Financial Officer

	
 
	
 

	
 
	
SS&C TECHNOLOGIES HOLDINGS EUROPE, as a Borrower *

 

By:/s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Type A Manager

 

 

By:/s/ Marjorie Allo
Name:Marjorie Allo
Title:Type B Manager

	
 
	
 

	
 
	
SS&C EUROPEAN HOLDINGS, as a Borrower **

 

By:/s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Type A Manager

 

 

By:/s/ Marjorie Allo
Name:Marjorie Allo
Title:Type B Manager

	
 
	
 

 

* Société à responsabilité limitée

Registered office: 2, rue Jean Monnet, L-2180

Luxembourg

RCS Luxembourg: B 173925

 

** Société à responsabilité limitée

Registered office: 2, rue Jean Monnet, L-2180

Luxembourg

RCS Luxembourg : B 163061

[Signature Page to First Repricing Amendment]

 

		
		
	
 
	
 

	
 
	
SS&C FINANCING LLC, as a Borrower

 

By: SS&C TECHNOLOGIES HOLDINGS EUROPE S.À.R.L., its sole member *

 

 

By:/s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Type A Manager

 

 

By:/s/ Marjorie Allo
Name:Marjorie Allo
Title:Type B Manager

 

	
 
	
SS&C TECHNOLOGIES HOLDINGS, INC., 

as Parent and a Guarantor

 

By:/s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Senior Vice President, Chief
Financial Officer and Treasurer

	
 
	
 

	
 
	
ADVENT SOFTWARE, INC., as a Guarantor **

 

By:/s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Vice President and Treasurer

	
 

 
	
 

 * Société à responsabilité limitée

Registered office: 2, rue Jean Monnet, L-2180

Luxembourg

RCS Luxembourg: B 173925

 

** Société à responsabilité limitée

Registered office: 2, rue Jean Monnet, L-2180

Luxembourg

RCS Luxembourg : B 198391

[Signature Page to First Repricing Amendment]

 

		
		
	

	
SS&C FINANCIAL SERVICES LLC, as a Guarantor

 

By:/s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Member of the Management

Committee

	
 
	
 

	
 
	
FINANCIAL MODELS COMPANY LTD., as a Guarantor

 

By:/s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Vice President and Treasurer

	
 
	
 

	
 
	
HUB DATA INCORPORATED, as a Guarantor

 

By:/s/ Patrick J. Pedonti

         Name:Patrick J. Pedonti
Title:Vice President and Treasurer

	
 
	
 

	
 
	
SS&C TECHNOLOGIES CONNECTICUT, LLC, as a Guarantor

 

By:/s/ Patrick J. Pedonti

         Name:Patrick J. Pedonti
Title:Senior Vice President 

	
 
	
 

	
 
	
SS&C SOLUTIONS LIMITED, as a Guarantor

 

By:/s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Director

	
 
	
 

	
 
	
ADVENT SOFTWARE LUXEMBOURG, as a Guarantor

 

By:/s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Type A Manager

 

 

By:/s/ Marjorie Allo 
Name:Marjorie Allo
Title:Type B Manager

	
 
	
 

 

 

	
 
	
 

[Signature Page to First Repricing Amendment]

 

 

		
	
 
	
SS&C TECHNOLOGIES CANADA CORP., as a Guarantor

 

By:/s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Director and Senior Vice President

	
 
	
 

	
 
	
GLOBEOP FINANCIAL SERVICES (SWITZERLAND) GMBH, as a Guarantor

 

By: /s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Managing Officer

	
 
	
 

	
 
	
FINANCIAL MODELS CORPORATION LIMITED, as a Guarantor

 

By:/s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Director

	
 
	
 

	
 
	
SS&C FINANCIAL SERVICES LIMITED, as a Guarantor

 

By:/s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Director

	
 
	
 

	
 
	
 

 

 

 

 

	
 
	
 

EZE CASTLE SOFTWARE LLC, as a Guarantor

 

By:/s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Vice President and Treasurer

 

 

 

 

[Signature Page to First Repricing Amendment]

 

		
		
	
 

 
	
DST SYSTEMS, INC., as a Guarantor

 

By:/s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Executive Vice President and 

Treasurer

 

	
 
	
DST PHARMACY SOLUTIONS, INC., as a Guarantor

 

By:/s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Senior Vice President and Treasurer

 

	
 
	
DST HEALTHCARE HOLDINGS, INC., as a Guarantor

 

By:/s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Vice President and Treasurer

 

	
 
	
DST ASSET MANAGER SOLUTIONS, INC., as a Guarantor

 

By:/s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Vice President and Treasurer

 

	
 
	
WEST SIDE INVESTMENT MANAGEMENT, INC., as a Guarantor

 

By:/s/ Patrick J. Pedonti
Name:Patrick J. Pedonti
Title:Vice President and Treasurer

 

 

[Signature Page to First Repricing Amendment]

 

 

 

 

 

 

 

 

 

INTRALINKS, INC.

 

 

By: /s/ Patrick J. Pedonti

Name: Patrick J. Pedonti

Title:   Vice President and Treasurer

[Signature Page to First Repricing Amendment]

 

CREDIT SUISSE AG, CAYMAN ISLANDS

BRANCH, as Administrative Agent, Revolving

Lender and the Increasing Lender

 

 

By: /s/ Vipul Dhadda

       Name: Vipul Dhadda

       Title: Authorized Signatory 

 

By: /s/ Brady Bingham

       Name: Brady Bingham

       Title: Authorized Signatory 

 

 

 

 

[Signature Page to First Repricing Amendment]

 

Repricing Lenders, Revolving Lenders and Increasing Lender signature pages on file with the Administrative Agent

 

 

 

 

[Signature Page to First Repricing Amendment]

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