Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 AMENDMENT
NO. 1 TO LOAN AGREEMENT 
 This AMENDMENT NO. 1 TO LOAN AGREEMENT (this “Amendment”) is entered into as of
September 27, 2019 among (i) THE COOPER COMPANIES, INC., a Delaware corporation (the “Borrower”), (ii) the Lenders (defined below) executing signatures page hereto, and (iii) PNC BANK, NATIONAL ASSOCIATION, as the
administrative agent (the “Administrative Agent”). 
 RECITALS: 

A.    The Borrower, the Administrative Agent and the lenders party thereto (each, a “Lender” and
collectively, the “Lenders”) are parties to the Loan Agreement, dated as of November 1, 2018 (as the same may from time to time be amended, restated or otherwise modified, the “Loan Agreement”). 

B.    The Borrower has requested that the Administrative Agent and the Lenders extend the Maturity Date for the Loans and
that the Lenders set forth on Schedule 1.01(a) hereto holding Term A-2 Commitments (the “Term A-2 Lenders”), make loans hereunder as additional
term loans (the “Term A-2 Loans”) in an aggregate principal amount of $198,750,000 to the Borrower on the First Amendment Effective Date (as defined below). 

C.    Each Term A-2 Lender is willing to make Term
A-2 Loans to the Borrower on the First Amendment Effective Date on the terms set forth in Section 2 herein and in the Loan Agreement and subject to the conditions set forth herein and to become, if not
already, a Lender for all purposes under the Loan Agreement and to bound by all of the terms and condition thereof and of the Loan Documents. 

D.    The Borrower, the Administrative Agent and the Lenders party hereto desire to amend the Loan Agreement to modify
certain provisions thereof. 
 AGREEMENT: 

In consideration of the premises and mutual covenants herein and for other valuable consideration, the Borrower, the Administrative Agent and
the Lenders party hereto agree as follows: 
 Section 1. Definitions. Unless otherwise defined herein, each capitalized term
used in this Amendment and not defined herein shall be defined in accordance with the Loan Agreement. 
 Section 2. Term A-2 Loans. 
 2.1    Each Term A-2 Lender
hereby agrees, severally and not jointly, on the terms set forth herein and in the Loan Agreement and subject to the conditions set forth herein, to make the Term A-2 Loans to the Borrower on the First
Amendment Effective Date in an aggregate principal amount equal to the amount set forth opposite such Term A-2 Lender’s name on Schedule 1.01(a) hereto as its Term
A-2 Loan Commitment. The Term A-2 Loans will be added to and shall be deemed to be part of the same class as the Term A-1 Loans
(as defined below). Amounts borrowed under this Section 2.1 and repaid or prepaid may not be reborrowed. On the First Amendment Effective Date, simultaneously with the making of the Term
A-2 Loans, the Lenders shall automatically and without further act (and without regard to the provisions of Section 2.20 or Section 10.04 of the Credit
Agreement (but which provisions shall remain applicable following such exchange)) be deemed to have exchanged interests in the Term Loans such that each such Lender shall hold the interest in the Term Loans set forth opposite such Lender’s name
on Schedule 1.01(a) hereto as its Total Term Loans (the “Exchange”), and each Lender hereby authorizes the Administrative Agent to take all actions and make all payments required in order to effect the Exchange. 

 2.2    Each Term A-2 Lender that
is not, prior to the effectiveness of this Amendment, a Lender under the Loan Agreement, hereby agrees that upon, and subject to, the occurrence of the First Amendment Effective Date, such Term A-2 Lender
shall be deemed to be, and shall become, a “Lender” for all purposes of, and subject to all the obligations of a “Lender” under, the Loan Agreement and the other Loan Documents. 

2.3    Interest. Interest on the Term A-2 Loans shall be payable in
accordance with Section 2.13 of the Loan Agreement. 
 2.4    Use of Proceeds. The proceeds of the Term A-2 Loans shall be used for the payment of fees in connection with the closing of this Amendment and the transactions contemplated hereby and for general corporate purposes of the Borrower and its Subsidiaries,
including, without limitation, the repayment, prepayment or paydown of other Indebtedness; provided, that the proceeds of the Term A-2 Loans shall not be used for any purpose which violates any of the
Regulations of the Board (including Regulations T, U and X), or in a manner that would violate Section 3.12 of the Loan Agreement. 

2.5    Termination. The commitments of the Term A-2 Lenders pursuant to
Section 2.1 of this Amendment shall terminate immediately after the making of the Term A-2 Loans to the Borrower on the First Amendment Effective Date. 

2.6    Prepayment; Maturity. The Term A-2 Loans shall be subject to the
same optional prepayment provisions as the Term A-1 Loans. The maturity date for the Term A-2 Loans shall be the Maturity Date (as defined herein), which date shall be
the same Maturity Date applicable to the Term A-1 Loans. On such Maturity Date, the Borrower shall repay in full the outstanding principal amount of the Term A-1 Loans
and Term A-2 Loans. 
 2.7    Terms of the Term A-2 Loans Generally. Except as expressly provided herein (including, without limitation, the use of proceeds), the Term A-2 Loans shall have identical terms as the
Term A-1 Loans and shall otherwise be subject to the provisions, including any provisions restricting the rights, or regarding the obligations, of the Loan Parties or any provisions regarding the rights of the
Lenders, of the Loan Agreement and the other Loan Documents. Immediately upon the incurrence of the Term A-2 Loans on the First Amendment Effective Date, the Term A-2
Loans shall constitute a single class of Term Loans with the Term A-1 Loans (and shall be fully fungible with the existing Term A-1 Loans) and shall constitute
“Term A-1 Loans” for all purposes under, and subject to the provisions of, the Loan Documents. Each reference to a “Loan”, “Loans”, “Term Loan”, or “Term
Loans” in the Loan Agreement or the other Loan Documents shall be deemed to include both the Term A-1 Loans and the Term A-2 Loans and all other related terms will
have correlative meanings mutatis mutandis. For the avoidance of doubt, the Term A-2 Loans shall rank pari passu with the other Obligations, and the Term
A-2 Loans shall be guaranteed on a pari passu basis with the other Obligations. 

Section 3. Amendments to the Loan Agreement. 

3.1    Section 1.01 of the Loan Agreement is hereby amended to delete the definitions of “Commitment,”
“Federal Funds Effective Rate” and “Maturity Date” in their entirety and insert the following in place thereof in appropriate alphabetical order: 

“Commitment” means a Term A-1 Loan Commitment and/or a Term A-2 Loan Commitment, as the context may require. 

  
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 “Federal Funds Effective Rate” for any day shall
mean the rate per annum (based on a year of 360 days and actual days elapsed and rounded upward to the nearest 1/100 of 1%, with .005% being rounded up) announced by the Federal Reserve Bank of New York (or any successor) on such day as being the
weighted average of the rates on overnight federal funds transactions arranged by federal funds brokers on the previous trading day, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such
Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds Effective Rate” as of the date of this Agreement; provided, if such Federal Reserve Bank (or its successor) does not announce such rate on
any day, the “Federal Funds Effective Rate” for such day shall be the Federal Funds Effective Rate for the last day on which such rate was announced. Notwithstanding the foregoing, if the Federal Funds Effective Rate shall be less than
zero, such rate shall be deemed to be zero for purposes of this Agreement. 
 “Maturity Date” means
September 25, 2020, as such date may be extended with respect to a Lender pursuant to Section 2.22. 

3.2    Section 1.01 of the Loan Agreement is hereby amended to add the following definitions in appropriate alphabetical
order: 
 “First Amendment” means that certain Amendment No. 1 to Loan Agreement, dated as of
September 27, 2019, by and among the Borrower, the Administrative Agent, and the Lenders party thereto. 

“First Amendment Effective Date” has the meaning assigned to such term in the First
Amendment. 
 “Term A-1 Lenders” means any Lender with a Term
A-1 Loan Commitment. 
 “Term A-2
Lenders” means any Lender with a Term A-2 Loan Commitment. 

“Term A-1 Loan Commitments” means, with respect to each Lender,
the commitment of such Lender to make Term A-1 Loans hereunder on the Closing Date. The initial amount of each Lender’s Term A-1 Loan Commitment was set forth on
Schedule 1.01(a) as in effect on the Closing Date. The initial aggregate amount of the Term A-1 Lenders’ Term A-1 Loan Commitments as of the Closing Date was
$400,000,000. 
 “Term A-2 Loan Commitments” means, with
respect to each Lender, the commitment of such Lender to make Term A-2 Loans hereunder on the First Amendment Effective Date. The initial amount of each Lender’s Term
A-2 Loan Commitment is set forth on Schedule 1.01(a) as in effect on the First Amendment Effective Date. The initial aggregate amount of the Term A-2 Lenders’ Term A-2 Loan Commitments is $198,750,000. 
 “Term
A-1 Loans” has the meaning assigned to such term in Section 2.01(a). 

“Term A-2 Loans” has the meaning assigned to such term in
Section 2.01(b). 

  
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 3.3    Section 2.01 of the Loan Agreement is hereby amended and restated
in its entirety as follows: 
 Section 2.01    Commitments. 

(a)    Subject to the terms and conditions set forth herein, each Term
A-1 Lender made Loans to the Borrower on the Closing Date (the “Term A-1 Loans”) in Dollars in the principal amount of its Term A-1 Loan Commitment as of the Closing Date. Immediately prior to the First Amendment Effective Date, Term A-1 Loans remained outstanding in the aggregate principal amount of
$310,000,000, as set forth for each Term A-1 Lender on Schedule 1.01(a) as in effect on the First Amendment Effective Date. After giving effect to the Exchange (as defined in the First Amendment) on the First
Amendment Effective Date, Term A-1 Loans remain outstanding in the aggregate principal amount of $301,250,000. Any portion of the Term A-1 Loans that is repaid may not
be reborrowed. 
 (b)     Subject to the terms and conditions set forth herein, each Term A-2 Lender agrees to make Term A-2 Loans to the Borrower on the First Amendment Effective Date (the “Term A-2
Loans”) in Dollars and in the principal amount requested by the Borrower in accordance with Section 2.03 so long as such requested amount does not result in (i) the aggregate principal amount of the Term A-2 Loans made by such Lender exceeding its Term A-2 Loan Commitment or (ii) the aggregate principal amount of all Term A-2 Loans
made by the Lenders exceeding the total Term A-2 Loan Commitments. The Term A-2 Loans may only be incurred on the First Amendment Effective Date, and any portion of the
Term A-2 Loans that is repaid may not be reborrowed. 
 3.4    Section 2.14 of
the Loan Agreement is hereby amended by adding “(a)” immediately prior to the beginning of Section 2.14, re-labeling the existing clauses “(a)” and “(b)” therein as
“(i)” and “(ii)”, respectively, and adding the following clause (b) immediately following the end thereof: 

(b)    Successor Eurodollar Index. 

(i)    If the Administrative Agent determines (which determination shall be final and conclusive, absent
manifest error) that either (A)(1) the circumstances set forth in Section 2.14(a) have arisen and are unlikely to be temporary, or (2) the circumstances set forth in Section 2.14(a) have not arisen but the applicable supervisor or
administrator (if any) of the Adjusted LIBO Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying the specific date after which the Adjusted LIBO Rate shall no longer be used for
determining interest rates for loans (either such date, a “LIBOR Termination Date”), or (B) a rate other than the Adjusted LIBO Rate has become a widely recognized benchmark rate for newly originated loans in Dollars in the
U.S. market, then the Administrative Agent may (with the consent of the Borrower, not to be unreasonably withheld) choose a replacement index for the Adjusted LIBO Rate and make adjustments to applicable margins and related amendments to this
Agreement as referred to below such that, to the extent practicable, the all-in interest rate based on the replacement index will be substantially equivalent to the
all-in Eurodollar-based interest rate in effect prior to its replacement. 

(ii)    The Administrative Agent and the Loan Parties shall enter into an amendment to this Agreement to
reflect the replacement index, the adjusted margins and such other related amendments as may be appropriate, in the discretion of the Agent (and as is reasonably acceptable to the Borrower), for the implementation and administration of the
replacement index-based rate. Notwithstanding anything to the contrary in this Agreement or the other Loan Documents, such amendment shall become effective 

  
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without any further action or consent of any other party to this Agreement at 5:00 p.m. Eastern Standard Time on the fifth (5th) Business Day after the date a draft of the amendment is provided
to the Lenders, unless the Administrative Agent receives, on or before such fifth (5th) Business Day, a written notice from the Required Lenders stating that such Lenders object to such amendment. 

(iii)    Selection of the replacement index, adjustments to the applicable margins, and amendments to this
Agreement (A) will be determined with due consideration to the then-current market practices for determining and implementing a rate of interest for newly originated loans in the United States and loans converted from an Eurodollar-based rate
to a replacement index-based rate, and (ii) may also reflect adjustments to account for (x) the effects of the transition from the Eurodollar rate to the replacement index and (y) yield- or risk-based differences between the
Eurodollar rate and the replacement index. 
 (iv)    Until an amendment reflecting a new replacement
index in accordance with this Section 2.14(b) is effective, each advance, conversion and renewal of a Eurodollar Loan will continue to bear interest with reference to the Adjusted LIBO Rate; provided however, that if the Administrative Agent
determines (which determination shall be final and conclusive, absent manifest error) that a LIBOR Termination Date has occurred, then following the LIBOR Termination Date, all Eurodollar Loans shall automatically be converted to Base Rate Loans
until such time as an amendment reflecting a replacement index and related matters as described above is implemented. 

(v)    Notwithstanding anything to the contrary contained herein, if at any time the replacement index is
less than zero, at such times, such index shall be deemed to be zero for purposes of this Agreement. 

3.5    Article X of the Credit Agreement is hereby amended by adding the following Section 10.19 immediately
following Section 10.18 thereof: 
 10.19     Acknowledgement Regarding Any Supported QFCs.
To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Hedge Agreement 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 

  
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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.
 (b)    As used in this
Section 10.19, 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). 
 3.6    Schedule 1.01(a) of the Loan
Agreement is hereby deleted in its entirety and replaced with Schedule 1.01(a) attached hereto. 

Section 4.    Effectiveness. This Amendment shall be effective on the date upon which each of the following
conditions precedent has been satisfied (the “First Amendment Effective Date”): 
 4.1    This
Amendment shall have been executed by the Borrower, each Subsidiary Guarantor, the Administrative Agent and the Lenders, and counterparts hereof as so executed (which may include electronic transmission of a signed signature page) shall have been
delivered to the Administrative Agent. 
 4.2    The Administrative Agent (or its counsel) shall have received from the
Borrower, duly executed Notes in favor of each Lender requesting a Note at least three (3) Business Days prior to the First Amendment Effective Date (or evidence satisfactory to the Administrative Agent that the Borrower has executed such
Notes, which may include electronic transmission of signed Notes). 
 4.3    The Administrative Agent shall have
received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the First Amendment Effective Date) of Latham & Watkins LLP, counsel for the Borrower and the other Loan Parties, in form and substance
reasonably acceptable to the Administrative Agent. The Borrower hereby requests such counsel to deliver such opinion. 

  
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 4.4    The Administrative Agent shall have received the following items
from the Loan Parties: 
 a.    a certificate of good standing for each Loan Party from the state of
organization of such Loan Party, certified by the appropriate governmental officer and dated not more than thirty (30) days prior to the First Amendment Effective Date; 

b.    a copy of the formation document of each Loan Party, together with all amendments thereto, certified
as of a recent date by the appropriate governmental officer and dated not more than thirty (30) days prior to the First Amendment Effective Date and certified by an officer of such Loan Party; 

c.     either (i) incumbency certificates, executed by officers of each Loan Party, which shall
identify by name and title and bear the signature of the Persons authorized to sign this Amendment and any other agreements entered into in connection herewith (collectively, the “Amendment Documents”) on behalf of such Loan
Party (and to make borrowings hereunder on behalf of the Borrower, in the case of the Borrower) or (ii) a certificate confirming that the authorized signatories for any Loan Party have not changed since the previous incumbency certificate for
such Loan Party was delivered to the Administrative Agent, upon which certificates the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in writing by the Borrower; 

d.    either (i) a copy of the bylaws (or equivalent) of each Loan Party, together with all amendments
thereto, certified by an officer of such Loan Party or (ii) a certificate confirming that such bylaws (or equivalent) have not changed since the previous copy for such Loan Party was delivered to the Administrative Agent, upon which
certificates the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in writing by the Borrower; 

e.    copies, certified by a Secretary or an Assistant Secretary of each Loan Party of the resolutions (and
resolutions of other bodies, if any are reasonably deemed necessary by counsel for the Administrative Agent) authorizing the Borrowings provided for herein, with respect to the Borrower, and the execution, delivery and performance of the Amendment
Documents to be executed and delivered by the Loan Parties; 
 f.    a solvency certificate from the
chief financial officer or other senior executive officer of the Borrower in substantially the same form as the solvency certificate delivered on the Closing Date; and 

g.     a Borrowing Request in accordance with Section 2.03 of the Loan Agreement. 

4.5    The Administrative Agent shall have received all documented out-of-pocket expenses (including reasonable fees and disbursements of counsel to the Administrative Agent, to the extent invoiced at least three Business Days prior to the First Amendment Effective Date) in
connection with the preparation, negotiation and effectiveness of this Amendment and the other documents being executed or delivered in connection herewith, or satisfactory evidence that such amounts will be paid out of the Borrowing of Term A-2 Loans hereunder. 
 4.6    The representations and warranties of the Loan Parties
in Article III of the Loan Agreement shall be true and correct in all material respects; provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material
respects as of such earlier date; provided further that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any
qualification therein) in all respects on such respective dates. 

  
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 4.7    At the time of and immediately after giving effect to the
Borrowing of the Term A-2 Loans, no Default or Event of Default shall have occurred and be continuing. 

Section 5. Miscellaneous. 

5.1    Representations and Warranties. The Borrower and each Subsidiary Guarantor, by signing below, hereby
represents and warrants to the Administrative Agent and the Lenders that: 
 a.    the Borrower and each
Subsidiary Guarantor has the legal power and authority to execute and deliver this Amendment; 

b.    the officers executing this Amendment on behalf of the Borrower and each Subsidiary Guarantor have
been duly authorized to execute and deliver the same and bind the Borrower or such Subsidiary Guarantor with respect to the provisions hereof; 

c.    no Default or Event of Default exists under the Loan Agreement, nor will any occur immediately after
the execution and delivery of this Amendment; 
 d.    this Amendment constitutes the legal, valid and
binding agreement and obligation of the Borrower and each Subsidiary Guarantor, enforceable in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law); and 

e.    each of the representations and warranties set forth in Article V of the Loan Agreement is true and
correct in all material respects as of the date hereof, except to the extent that any thereof expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of the
date when made. 
 5.2    Loan Agreement Unaffected. Each reference to the Loan Agreement in any Loan Document
shall hereafter be construed as a reference to the Loan Agreement as amended hereby. Except as herein otherwise specifically provided, all provisions of the Loan Agreement shall remain in full force and effect and be unaffected hereby. This
Amendment shall be a Loan Document. 
 5.3    Subsidiary Guarantor Acknowledgment. Each Subsidiary Guarantor, by
signing this Amendment: 
 a.    consents and agrees to and acknowledges the terms of this Amendment;

 b.    acknowledges and agrees that all of the Loan Documents to which such Subsidiary Guarantor is a
party or is otherwise bound shall continue in full force and effect and that all of such Subsidiary Guarantor’s obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this
Amendment; and 
 c.    acknowledges and agrees that (i) notwithstanding the conditions to
effectiveness set forth in this Amendment, such Subsidiary Guarantor is not required by the terms of the Loan Agreement or any other Loan Document to which such Subsidiary Guarantor is a party to consent

  
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to the amendments to the Loan Agreement effected pursuant to this Amendment and (ii) nothing in the Loan Agreement, this Amendment or any other Loan Document shall be deemed to require the
consent of such Subsidiary Guarantor to any future amendments or modifications to the Loan Agreement. 

5.4    Entire Agreement. This Amendment, together with the Loan Agreement and the other Loan Documents, integrates
all the terms and conditions mentioned herein or incidental hereto and supersedes all oral representations and negotiations and prior writings with respect to the subject matter hereof. 

5.5    Counterparts This Amendment may be executed in any number of counterparts, by different parties hereto in
separate counterparts and by facsimile or other electronic signature (including .pdf format), each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same
agreement. 
 5.6    Governing Law. THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES HEREUNDER AND THEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTION 5-1401 OF THE
NEW YORK GENERAL OBLIGATIONS LAW). TO THE FULLEST EXTENT PERMITTED BY LAW, EACH PARTY HERETO HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK GOVERNS THIS AMENDMENT
OR ANY OF THE OTHER LOAN DOCUMENTS. 
 5.7    JURY TRIAL WAIVER. EACH OF THE PARTIES TO THIS AMENDMENT
HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OF THE OTHER LOAN DOCUMENTS (INCLUDING, WITHOUT LIMITATION, ANY AMENDMENTS, WAIVERS OR OTHER
MODIFICATIONS RELATING TO ANY OF THE FOREGOING), OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 [Signature pages follow.]

  
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 IN WITNESS WHEREOF, this Amendment has been duly executed and delivered as of the date first
above written. 
  

			
	 THE COOPER COMPANIES, INC., as the
Borrower

 
			
		
	 By:
	 	 /s/ Brian G. Andrews

	 Name:
	 	Brian G. Andrews
	 Title:
	 	Senior Vice President, Chief Financial Officer & Treasurer

 [Signature Page to Amendment No. 1 to Loan Agreement] 

 
			
	 Acknowledged and Agreed:
  

COOPERVISION, INC., as a Subsidiary Guarantor

 
			
		
	By:	 	 /s/ Brian G. Andrews

	Name:	 	Brian G. Andrews
	Title:	 	Vice President & Treasurer

 
			
	
	COOPERSURGICAL, INC., as a Subsidiary Guarantor

 
			
		
	By:	 	 /s/ Brian G. Andrews

	Name:	 	Brian G. Andrews
	Title:	 	Vice President & Treasurer

 
			
	
	COOPER MEDICAL, INC., as a Subsidiary Guarantor

 
			
		
	By:	 	 /s/ Brian G. Andrews

	Name:	 	Brian G. Andrews
	Title:	 	Vice President & Treasurer

 
			
	
	ORIGIO INC., as a Subsidiary Guarantor

 
			
		
	By:	 	 /s/ Brian G. Andrews

	Name:	 	Brian G. Andrews
	Title:	 	Vice President & Treasurer

 [Signature Page to Amendment No. 1 to Loan Agreement] 

 
			
	 PNC BANK NATIONAL ASSOCIATION,

as the Administrative Agent and a Lender

 
			
		
	By:	 	 /s/ Dawn M. Kondrat

	Name:	 	Dawn M. Kondrat
	Title:	 	SVP, Credit Products Specialist

 [Signature Page to Amendment No. 1 to Loan Agreement] 

 Signature Page to 

Amendment No. 1 to Loan Agreement, 

dated as of the date first above written, 

among The Cooper Companies, Inc., as the Borrower, 

PNC Bank National Association, as the Administrative Agent, and 

the Lenders Party Thereto 

                        
                            Name of Institution:    U.S. BANK NATIONAL
ASSOCIATION 
  

			
	By:	 	 /s/ Tom Priedeman

	Name:	 	Tom Priedeman
	Title:	 	Vice President

 [Signature Page to Amendment No. 1 to Loan Agreement] 

 Signature Page to 

Amendment No. 1 to Loan Agreement, 

dated as of the date first above written, 

among The Cooper Companies, Inc., as the Borrower, 

PNC Bank National Association, as the Administrative Agent, and 

the Lenders Party Thereto 

                        
                            Name of Institution:    KeyBank National Association

  

			
	By:	 	 /s/ Matthew J. Bradley

	Name:	 	Matthew J. Bradley
	Title:	 	Vice President

 [Signature Page to Amendment No. 1 to Loan Agreement] 

 Signature Page to 

Amendment No. 1 to Loan Agreement, 

dated as of the date first above written, 

among The Cooper Companies, Inc., as the Borrower, 

PNC Bank National Association, as the Administrative Agent, and 

the Lenders Party Thereto 

                        
                            Name of Institution:    TD Bank, N.A. 

 

			
	By:	 	 /s/ Shreya Shah

	Name:	 	Shreya Shah
	Title:	 	Senior Vice President

 [Signature Page to Amendment No. 1 to Loan Agreement] 

 Signature Page to 

Amendment No. 1 to Loan Agreement, 

dated as of the date first above written, 

among The Cooper Companies, Inc., as the Borrower, 

PNC Bank National Association, as the Administrative Agent, and 

the Lenders Party Thereto 

                        
                            Name of Institution:    MUFG Union Bank, N.A. 

 

			
	By:	 	 /s/ Logan Taylor

	Name:	 	Logan Taylor
	Title:	 	Director

 [Signature Page to Amendment No. 1 to Loan Agreement] 

 Signature Page to 

Amendment No. 1 to Loan Agreement, 

dated as of the date first above written, 

among The Cooper Companies, Inc., as the Borrower, 

PNC Bank National Association, as the Administrative Agent, and 

the Lenders Party Thereto 

                        
                            Name of Institution:    Bank of America, N.A. 

 

			
	By:	 	 /s/ Sebastian Lurie

	Name:	 	Sebastian Lurie
	Title:	 	SVP

 [Signature Page to Amendment No. 1 to Loan Agreement] 

 Schedule 1.01(a) 

Lenders and Commitments 
  

													
	 Lender
	  	Term A-1 Loan Amount	 	  	Term A-2 Loan
Commitment	 	  	Total Term Loans	 
	 PNC Bank, National Association
	  	$	77,500,000	 	  	$	45,000,000	 	  	$	122,500,000	 
	 Bank of America, N.A.
	  	$	77,500,000	 	  	$	45,000,000	 	  	$	122,500,000	 
	 KeyBank National Association
	  	$	38,750,000	 	  	$	36,250,000	 	  	$	75,000,000	 
	 MUFG Union Bank, N.A.
	  	$	38,750,000	 	  	$	11,250,000	 	  	$	50,000,000	 
	 TD Bank, N.A.
	  	$	38,750,000	 	  	$	61,250,000	 	  	$	100,000,000	 
	 U.S. Bank National Association
	  	$	38,750,000	1 	  	 	—  	 	  	$	30,000,000	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total:
	  	$	310,000,000	2 	  	$	198,750,000	 	  	$	500,000,000	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

	1 	 To be reduced by $8,750,000 after giving effect to the Exchange on the First Amendment Effective Date

	2 	 To be reduced by $8,750,000 after giving effect to the Exchange on the First Amendment Effective Dategec-ex45_236.htm

Exhibit 4.5

Description of Great Elm Capital Group, Inc.’s Securities

As of September 27, 2019, Great Elm Capital Group, Inc. has three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: (i) our common stock, (ii) our preferred stock purchase rights and (iii) our units.

The following is a summary description of such securities and does not purport to be complete.  For a complete description of the terms and provisions of such securities, refer to our Amended and Restated Certificate of Incorporation (our Charter), Amended and Restated Bylaws (our Bylaws) and Rights Agreement (as defined below).  This summary description is qualified in its entirety by reference to these documents, each of which is included as an exhibit to the Annual Report on Form 10-K to which this exhibit is a part.

Authorized Capital Stock

Pursuant to our Charter, our authorized capital stock consists of 1,000,000,000 shares of common stock, $0.001 par value per share, and 5,000,000 shares of preferred stock, $0.001 par value per share.  

Common Stock

Voting and Other Rights

Holders of shares of our common stock are entitled to one vote for each share held of record on all matters to be voted on by our stockholders, including the election of directors.  Our Charter and our Bylaws do not provide for cumulative voting rights.  Because of this, the holders of a majority of our common stock entitled to vote in any election of directors can elect all of the directors standing for election.  

Dividends

Subject to the preferences that may be applicable to any then outstanding preferred stock, the holders of our outstanding shares of common stock are entitled to receive dividends, if any, as may be declared from time to time by our board of directors (our Board) out of legally available funds. 

Liquidation, Redemption and Preemptive Rights

In the event of our liquidation, dissolution or winding up, holders of our common stock will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of all of our debts and other liabilities, subject to the satisfaction of any liquidation preference granted to the holders of any outstanding shares of preferred stock.  Holders of our common stock have no preemptive, conversion or subscription rights, and there are no redemption or sinking fund provisions applicable to our common stock.  The rights, preferences and privileges of the holders of our common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock that we may designate and issue in the future.

 

 

Listing

 

Our common stock is listed on The Nasdaq Global Select Market under the symbol “GEC.” 

Transfer Agent and Registrar

The transfer agent and registrar for our common stock is Computershare Trust Company, N.A.

Preferred Stock

Pursuant to our Charter, our Board has the authority, without further action by the stockholders (unless such stockholder action is required by applicable law or the Nasdaq Stock Market rules), to designate and issue up to 5,000,000 shares of preferred stock in one or more series, to determine or alter the rights, preferences, privileges and restrictions granted to or imposed upon any wholly unissued series of preferred stock and the number of shares constituting any such series and the designation thereof, or any of them; and to increase or decrease the number of shares of any series subsequent to the issuance of that series, but not below the number of shares of such series then outstanding.

The Delaware General Corporation Law (the DGCL) provides that the holders of preferred stock will have the right to vote separately as a class (or, in some cases, as a series) on an amendment to our Charter if the amendment would change the par value, the number of authorized shares of the class or the powers, preferences or special rights of the class or series so as to adversely affect the class or series, as the case may be.  This right is in addition to any voting rights that may be provided for in the applicable certificate of designation.

Our Board may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of our common stock.  The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in our control and may adversely affect the market price of the common stock and the voting and other rights of the holders of common stock.  Additionally, the issuance of preferred stock may have the effect of decreasing the market price of our common stock.

Delaware Anti-Takeover Law and Provisions of our Charter and our Bylaws

Delaware Anti-Takeover Law

We are subject to Section 203 of the DGCL.  Section 203 generally prohibits a public Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date of the transaction in which the person became an interested stockholder, unless:

	
 
	
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prior to the date of the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

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upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding (a) shares owned by persons who are directors and also officers and (b) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

	
 
	
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on or subsequent to the date of the transaction, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 662/3% of the outstanding voting stock which is not owned by the interested stockholder.

Section 203 defines a business combination to include:

	
 
	
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any merger or consolidation involving the corporation and the interested stockholder;

	
 
	
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any sale, transfer, pledge or other disposition involving the interested stockholder of 10% or more of the assets of the corporation;

	
 
	
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subject to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder; and

	
 
	
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the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

In general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation or any entity or person affiliated with or controlling or controlled by the entity or person.

Charter and Bylaws

Provisions of our Charter and our Bylaws may delay or discourage transactions involving an actual or potential change in our control or change in our management, including transactions in which stockholders might otherwise receive a premium for their shares or transactions that our stockholders might otherwise deem to be in their best interests.  Therefore, these provisions could adversely affect the price of our common stock.  Among other things, our Charter and our Bylaws:

	
 
	
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permit our Board to issue up to 5,000,000 shares of preferred stock, with any rights, preferences and privileges as they may designate;

	
 
	
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provide that the authorized number of directors may be fixed from time to time by a bylaw or amendment or by one or more resolutions duly adopted by our Board;

	
 
	
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provide that any vacancies resulting from death, resignation, disqualification, removal, or other causes, as well as newly created directorships, may, except as otherwise required by law and subject to the rights of the holders of any series of preferred stock, be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum or vote of the holders of a majority of the voting power of the then-outstanding shares;

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require that any action to be taken by our stockholders must be effected at a duly called annual or special meeting of stockholders and not be taken by written consent;

	
 
	
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provide that stockholders seeking to present proposals before a meeting of stockholders or to nominate candidates for election as directors at a meeting of stockholders must provide notice in writing in a timely manner, and also specify requirements as to the form and content of a stockholder’s notice; do not provide for cumulative voting rights (therefore allowing the holders of a majority of the shares of our common stock entitled to vote in any election of directors to elect all of the directors standing for election, if they should so choose); and provide that special meetings of our stockholders may be called only by our Board; and

	
 
	
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restricts any direct or indirect transfer (such as transfers of our stock that result from the transfer of interests in other entities that own our stock) if the effect would be to (a) increase the direct or indirect ownership of our stock by any Person (as defined below) from less than 4.99% to 4.99% or more; or (b) increase the percentage of our common stock owned directly or indirectly by a Person owning or deemed to own 4.99% or more of our common stock.

“Person” means any individual, firm, corporation or other legal entity, including persons treated as an entity pursuant to Treasury Regulation §1.382-3(a)(1)(i), and includes any successor (by merger or otherwise) of such entity.

Restricted transfers include sales to Persons whose resulting percentage ownership (direct or indirect) of our common stock would exceed the 4.99% thresholds discussed above or to Persons whose direct or indirect ownership of our common stock would by attribution cause another Person to exceed such threshold.  Complicated common stock ownership rules prescribed by the Internal Revenue Code of 1986, as amended (the Code), and regulations issued thereunder, will apply in determining whether a Person is a 4.99% stockholder under the transfer restriction in our Charter.  A transfer from one member of a “public group” (as that term is defined under Section 382 of the Code) to another member of the same public group does not increase the percentage of our common stock owned directly or indirectly by the public group, and, therefore, such transfers are not restricted.

For purposes of determining the existence and identity of, and the amount of our common stock owned by, any stockholder, we will be entitled to rely on the existence or absence of certain public securities filings as of any date, subject to our actual knowledge of the ownership of our common stock.  Our Charter includes our right to require a proposed transferee, as a condition to registration of a transfer of our common stock, to provide all information reasonably requested regarding such person’s direct and indirect ownership of our common stock.

Any of these provisions may be amended by a majority of our Board.

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Preferred Stock Purchase Rights and Units

Stockholders’ Rights Agreement

On January 28, 2018, our Board adopted a Stockholders’ Rights Agreement (the Rights Agreement) to replace the then-existing Tax Benefits Preservation Agreement, which expired on January 29, 2018.

Description of Rights Plan

The Rights Agreement is designed to preserve our tax assets and to prevent a person or group from acquiring more than 9.9% of our outstanding capital stock without negotiating with our Board.  The possibility of a person or group exerting influence over our Board or business from a minority investment position could harm our ability to create long-term value for all stockholders.

Rights Dividend

Pursuant to the Rights Agreement, our Board declared a dividend distribution of one preferred stock purchase right (a Right) for each outstanding share of our common stock to stockholders of record as of the close of business on January 29, 2018 (the Record Date).  In addition, one Right will automatically attach to each share of common stock issued between the Record Date and the Distribution Date (defined below).  Each Right entitles the registered holder thereof to purchase a unit consisting of one ten-thousandth of a share (a Unit) of Series A Junior Participating Cumulative Preferred Stock, par value $0.001 per share (the Series A Preferred Stock), at a cash exercise price of $15.00 per Unit (the Exercise Price), subject to adjustment, under certain conditions specified in the Rights Agreement and summarized below.

Distribution Date

Initially, the Rights are not exercisable and are attached to and trade with all shares of common stock outstanding as of, and issued subsequent to, the Record Date.  The Rights will separate from the common stock and will become exercisable upon the earlier of:

	
 
	
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the close of business on the tenth business day following the first public announcement that a person or group of affiliated or associated persons (an Acquiring Person) has acquired beneficial ownership (as defined in the Rights Agreement using definitions from the Code and the rules and regulations thereunder) of 4.99% or more of the outstanding shares of common stock, other than as a result of repurchases of stock by us or certain inadvertent actions by a stockholder;

	
 
	
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the close of business on the tenth business day following the first public announcement that an Acquiring Person has acquired beneficial ownership (as defined under the Rights Agreement using definitions from the Securities Exchange Act of 1934, as amended (the Exchange Act), and the rules and regulations thereunder) of 9.99% or more of the outstanding shares of common stock, other than as a result of repurchases of stock by us or certain inadvertent actions by a stockholder (the date of announcement under this or the preceding bullet, the Stock Acquisition Date); or

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the close of business on the tenth business day (or such later day as the Independent Directors (as defined in the Rights Agreement) may determine) following the commencement of a tender offer or exchange offer that could result, upon its consummation, in a person or group becoming the beneficial owner of 4.99% (using the tax definitions) or 9.99% (using the Exchange Act definitions) or more of the outstanding shares of common stock (the earlier of such dates being herein referred to as the Distribution Date).

Notwithstanding the foregoing, with respect to any person:

	
 
	
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who beneficially owns using the tax definitions 4.99% or more of the outstanding shares of common stock as of the Record Date; or

	
 
	
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who beneficially owns using the Exchange Act definitions 9.99% or more of the outstanding shares of common stock as of the record date (such persons being referred to in the Rights Agreement as a Grandfathered Person),

the Distribution Date will not occur unless such Grandfathered Person has acquired beneficial ownership of shares of common stock representing an additional 1/2% of the outstanding shares of common stock beneficially owned as of the Record Date, for any other Grandfathered Person not listed on Schedule A of the Rights Agreement (the Grandfathered Percentage).

Until the Distribution Date (or earlier redemption, exchange or expiration of the Rights):

	
 
	
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the Rights will be evidenced by the common stock certificates and will be transferred with and only with such common stock certificates;

	
 
	
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new common stock certificates issued after the Record Date will contain a notation incorporating the Rights Agreement by reference; and

	
 
	
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the surrender for transfer of any certificates for common stock will also constitute the transfer of the Rights associated with the common stock represented by such certificate.

As soon as practicable after the Distribution Date, one or more certificates evidencing one Right for each share of common stock held by us, subject to adjustment as provided herein (the Right Certificates) will be mailed to holders of record of common stock as of the close of business on the Distribution Date and, thereafter, the separate Right Certificates alone will represent the Rights.  Except as otherwise determined by the Independent Directors, only shares of common stock issued prior to the Distribution Date will be issued with Rights.

Process for Potential Exemption

Any person who wishes to effect any acquisition of shares of common stock that would, if consummated, result in such person

	
 
	
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beneficially owning (using the tax definitions) more than 4.99% of the outstanding shares of common stock;

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beneficially owning (using the Exchange Act definitions) more than 9.99% of the outstanding shares of common stock; or

	
 
	
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a Grandfathered Person beneficially owning more than the Grandfathered Percentage, 

may request that our Independent Directors grant an exemption with respect to such acquisition under the Rights Agreement.  Our Independent Directors may deny such an exemption request if they determine, in their sole discretion, that the acquisition of beneficial ownership of common stock by such person could jeopardize or endanger the availability to us of the net operating losses or for whatever other reason they deem reasonable, desirable or appropriate.  Any exemption granted may be granted in whole or in part, and may be subject to limitations or conditions (including a requirement that the person agree that it will not acquire beneficial ownership of shares of common stock in excess of the maximum number and percentage of shares approved by our Independent Directors or that it will not request another exemption).

Subscription and Merger Rights

In the event that a Stock Acquisition Date occurs, proper provision will be made so that each holder of a Right (other than an Acquiring Person or its associates or affiliates, whose Rights shall become null and void) will thereafter have the right to receive upon exercise, in lieu of a number of Units of Series A Preferred Stock, that number of shares of our common stock (or, in certain circumstances, including if there are insufficient shares of common stock to permit the exercise in full of the Rights, Units of Series A Preferred Stock, other securities, cash or property, or any combination of the foregoing) having a market value of two times the Exercise Price of the Right (such right being referred to as the Subscription Right).  If, at any time following the Stock Acquisition Date:

	
 
	
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we consolidate with, or merge with and into, any other person, and we are not the continuing or surviving corporation;

	
 
	
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any person consolidates with us or merges with and into us and we are the continuing or surviving corporation of such merger and, in connection with such merger, all or part of the shares of our common stock are changed into or exchanged for stock or other securities of any other person or cash or any other property; or

	
 
	
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50% or more of our assets or earning power is sold, mortgaged or otherwise transferred, 

each holder of a Right (other than an Acquiring Person or its associates or affiliates, whose Rights shall become null and void) will thereafter have the right to receive, upon exercise, common stock of the acquiring company having a market value equal to two times the Exercise Price of the Right (the Merger Right).

The holder of a Right will continue to have the Merger Right whether or not such holder has exercised the Subscription Right.  Rights that are or were beneficially owned by an Acquiring Person may (under certain circumstances specified in the Rights Agreement) become null and void.

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Until a Right is exercised, the holder will have no rights as a stockholder of our company (beyond those as an existing stockholder), including the right to vote or to receive dividends.  While the distribution of the Rights will not be taxable to stockholders or to us, stockholders may, depending upon the circumstances, recognize taxable income in the event that the Rights become exercisable for Units, other securities of ours, other consideration or for common stock of an acquiring company.

Exchange Feature

At any time after a person becomes an Acquiring Person, our Independent Directors may, at their option, exchange all or any part of the then outstanding and exercisable Rights for shares of common stock or Units at an exchange ratio specified in the Rights Agreement.  Notwithstanding the foregoing, our Independent Directors generally will not be empowered to effect such exchange at any time after any person becomes the beneficial owner of 50% or more of our common stock.

Adjustments

The Exercise Price payable, and the number of Units or other securities or property issuable, upon exercise of the Rights are subject to adjustment from time to time to prevent dilution

	
 
	
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in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Series A Preferred Stock;

	
 
	
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if holders of the Series A Preferred Stock are granted certain rights or warrants to subscribe for Series A Preferred Stock or convertible securities at less than the current market price of the Series A Preferred Stock; or

	
 
	
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upon the distribution to holders of the Series A Preferred Stock of evidences of indebtedness or assets (excluding regular quarterly cash dividends) or of subscription rights or warrants (other than those referred to above).

With certain exceptions, no adjustment in the Exercise Price will be required until cumulative adjustments amount to at least 1% of the Exercise Price.  We are not obligated to issue fractional Units.  If we elect not to issue fractional Units, in lieu thereof an adjustment in cash will be made based on the fair market value of the Series A Preferred Stock on the last trading date prior to the date of exercise.

Redemption

The Rights may be redeemed in whole, but not in part, at a price of $0.001 per Right (payable in cash, common stock or other consideration deemed appropriate by our Independent Directors) by our Independent Directors only until the earlier of (i) 10 days after any person becomes an Acquiring Person or (ii) the expiration date of the Rights Agreement.  Immediately upon the action of our Independent Directors ordering redemption of the Rights, the Rights will terminate and thereafter the only right of the holders of Rights will be to receive the redemption price.

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Amendment

Our Independent Directors in their sole discretion at any time prior to the time at which any person becomes an Acquiring Person may amend the Rights Agreement.  After such time our Independent Directors may, subject to certain limitations set forth in the Rights Agreement, amend the Rights Agreement only to cure any ambiguity, defect or inconsistency, to shorten or lengthen any time period, or to make changes that do not adversely affect the interests of Rights holders (excluding the interests of an Acquiring Person or its associates or affiliates).

Expiration Date

The Rights are not exercisable until the Distribution Date and will expire at the earlier of:

	
 
	
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the time when the Rights are redeemed as provided therein;

	
 
	
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the time when the Rights are exchanged as provided therein;

	
 
	
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the repeal of Section 382 of the Code if our Independent Directors determine that the Rights Agreement is no longer necessary for the preservation of Tax Benefits (as defined in the Rights Agreement);

	
 
	
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the beginning of our taxable year to which our Board determines that no Tax Benefits may be carried forward; or

	
 
	
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the close of business on January 29, 2028.

 

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