Document:

atrs-ex101_6.htm

Exhibit 10.1

SECOND AMENDMENT

TO 

LOAN AND SECURITY AGREEMENT 

 

This Second Amendment to Loan and Security Agreement (this “Amendment”) is dated as of September 15, 2020 and is entered into by and between (a) ANTARES PHARMA, INC., a Delaware corporation (“Borrower”), (b) the several banks and other financial institutions or entities from time to time parties to the Loan Agreement (collectively, referred to as “Lender”) and (c) HERCULES CAPITAL, INC., a Maryland corporation, in its capacity as administrative agent and collateral agent for itself and the Lender (in such capacity, the “Agent”).  Capitalized terms used herein without definition shall have the same meanings given them in the Loan Agreement (as defined below).

 

Recitals

A.Borrower, Agent and Lender have entered into that certain Loan and Security Agreement dated as of June 6, 2017, as amended by that certain First Amendment to Loan and Security Agreement dated June 26, 2019 (and as may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), pursuant to which Lender has agreed to extend and make available to Borrower certain advances of money. 

B.In accordance with Section 11.3 of the Loan Agreement, Borrower and Lender have agreed to amend the Loan Agreement upon the terms and conditions more fully set forth herein.

Agreement

NOW, THEREFORE, in consideration of the foregoing Recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

1.Amendments.  Subject to the satisfaction of the conditions set forth in Section 4 of this Amendment, the Loan Agreement is hereby amended as follows:

1.1The Loan Agreement shall be amended by deleting the following definition appearing in Section 1.1 thereof (Definitions and Rules of Construction) and inserting in lieu thereof the following:

““Term C Draw Period” means the period of time commencing upon January 1, 2020 and continuing through the earlier to occur of (a) October 31, 2020 and (b) an Event of Default.” 

2.Borrower’s Representations And Warranties.  Borrower represents and warrants that:

2.1Immediately upon giving effect to this Amendment (i) the representations and warranties contained in the Loan Documents are true, accurate and complete except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date, after giving effect in all cases to any standard(s) of materiality contained in the Loan Agreement as to such representations and warranties, (ii) no fact or condition exists that could (or could, with the passage of time, the giving of notice, or both) reasonably be expected to constitute an Event of Default and (iii) no event that has had or could reasonably be expected to have a Material Adverse Effect has occurred or is continuing.

 

 

2.2Borrower has the corporate power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment.

2.3The certificate of incorporation, bylaws and other organizational documents of Borrower delivered to Agent and/or Lender on the Closing Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect.

2.4The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized by all necessary corporate action on the part of Borrower.

2.5This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.

2.6As of the date hereof, it has no defenses against the obligations to pay any amounts under the Secured Obligations.  Borrower acknowledges that each of Agent and Lender has acted in good faith and has conducted in a commercially reasonable manner its relationships with Borrower in connection with this Amendment and in connection with the Loan Documents.

Borrower understands and acknowledges that each of Agent and Lender is entering into this Amendment in reliance upon, and in partial consideration for, the above representations and warranties, and agrees that such reliance is reasonable and appropriate.

3.Limitation.  The amendments set forth in this Amendment shall be limited precisely as written and shall not be deemed (a) to be a waiver or modification of any other term or condition of the Loan Agreement or of any other instrument or agreement referred to therein or to prejudice any right or remedy which Agent and/or Lender may now have or may have in the future under or in connection with the Loan Agreement (as amended hereby) or any instrument or agreement referred to therein; or (b) to be a consent to any future amendment or modification or waiver to any instrument or agreement the execution and delivery of which is consented to hereby, or to any waiver of any of the provisions thereof.  Except as expressly amended hereby, the Loan Agreement shall continue in full force and effect.

4.Effectiveness.  This Amendment shall become effective upon the satisfaction of all the following conditions precedent:

4.1Amendment.  Borrower, Agent and Lender shall have duly executed and delivered this Amendment to Lender and such other documents as Agent may reasonably request.

4.2Payment of Lender Expenses.  Borrower shall have paid all Lender expenses (including all attorneys' fees and expenses), if any, incurred through the date of this Amendment for the documentation and negotiation of this Amendment. 

5.Release.  In consideration of the agreements of Agent and each Lender contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower, on behalf of itself and its successors, assigns, and other legal representatives, hereby to the extent possible under applicable law fully, absolutely, unconditionally and irrevocably 

 

 

 

releases, remises and forever discharges Agent and each Lender, and its successors and assigns, and its present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent, Lender and all such other persons being hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which Borrower, or any of its successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Amendment, for or on account of, or in relation to, or in any way in connection with the Loan Agreement, or any of the other Loan Documents or transactions thereunder or related thereto.  Borrower understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release.  Borrower agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above.  Borrower waives the provisions of California Civil Code section 1542, which states:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.

 

6.Counterparts.  This Amendment may be signed in any number of counterparts, and by different parties hereto in separate counterparts, with the same effect as if the signatures to each such counterpart were upon a single instrument.  All counterparts shall be deemed an original of this Amendment.  This Amendment may be executed by facsimile, portable document format (.pdf) or similar technology signature, and such signature shall constitute an original for all purposes.

7.Incorporation By Reference.  The provisions of Section 11 of the Loan Agreement shall be deemed incorporated herein by reference, mutatis mutandis.

[Signature Page Follows]

 

 

 

In Witness Whereof, the parties have duly authorized and caused this Amendment to be executed as of the date first written above.

 

		
	
BORROWER:
	
 

	
ANTARES PHARMA, INC.

Signature:__/s/ Fred M. Powell______

Print Name:__Fred M. Powell________

Title:             __EVP, CFO____________
	
 

 

AGENT:

HERCULES CAPITAL, INC.

Signature:___/s/ Jennifer Choe ______

Print Name:Jennifer Choe

Title:Associate General Counsel

 

LENDER:

 

HERCULES TECHNOLOGY III, L.P.

 

Signature:___/s/ Jennifer Choe ______

Print Name:Jennifer Choe

Title:Associate General Counsel

 

HERCULES CAPITAL FUNDING TRUST 2018-1

 

Signature:___/s/ Jennifer Choe ______

Print Name:Jennifer Choe

Title:Associate General Counsel

 

HERCULES CAPITAL FUNDING TRUST 2019-1

 

Signature:___/s/ Jennifer Choe ______

Print Name:Jennifer Choe

Title:Associate General CounselExhibit 10.8

 

THIRD MODIFICATION TO LOAN AND SECURITY
AGREEMENT

 

This Third Modification to Loan and
Security Agreement (this “Modification”) is entered into by and between DecisionPoint Systems, Inc., a(n) Delaware
corporation, DecisionPoint Systems International, Inc., a(n) Delaware corporation, DecisionPoint Systems Group, Inc., a(n) Delaware
corporation, decisionpoint systems CA, Inc., a(n) California corporation, decisionpoint systems CT, Inc., a(n) Connecticut corporation
and Royce Digital Systems, Inc., a(n) California corporation (individually and collectively, the “Borrower”) and Pacific
Western Bank dba Pacific Western Business Finance, a California state-chartered bank (“Lender’’) as of this 3rd day
of September, 2020, at Campbell, California.

 

RECITALS

 

A. Lender and
Borrower have previously entered into or are concurrently herewith entering into a Loan and Security Agreement (the “Agreement”)
dated August 11, 2016.

 

B. Lender and
Borrower may have previously executed one or more Modifications to Loan and Security Agreement (the “Previous Modification(s)”).

 

C. Borrower has requested,
and Lender has agreed, to modify the Agreement as set forth below.

 

AGREEMENT

 

For good and valuable consideration, the parties agree as set
forth below:

 

1. Incorporation
by Reference. The Agreement and the Previous Modification(s), if any, as modified hereby and the Recitals are incorporated
herein by this reference.

 

2. Borrowing
Authority. The Borrowing Resolution and Incumbency Certification attached hereto as Exhibit A and incorporated
herein by this reference remains in full force and effect and no change in Borrower’s officers or signing authority has
occurred.

 

3. Effective Date. The terms
of this Modification shall be in full force and effect as of September 12, 2020.

 

4. Modification
to Agreement. The Agreement is hereby modified as follows:

 

a. The following
definition(s) as set forth in “Section 1.1 Definitions.” is(are) hereby amended and restated in its(their) entirety
as set forth below:

 

“Maximum Account Advance”
means Ten Million and 00/100 Dollars ($10,000,000.00).

 

“Maximum Amount’ means Ten Million and 00/100
Dollars ($10,000,000.00).

 

b. The following Section(s) is(are)
hereby amended and restated in its(their) entirety as set forth below:

 

6.1 Basic Term. This Agreement
will be effective upon the Closing Date, will continue in full force and effect until September 12, 2023 (the “Basic Term”),
and shall be further automatically extended at the end of the Basic Term, for successive periods of twelve (12) months (each,
a “Renewal Term”), unless Borrower shall have given the Lender written notice of its intention to terminate (a “Termination
Notice”) at least thirty (30) days prior to the end of the Basic Term or any Renewal Term, as applicable, whereupon this
Agreement shall terminate as of the date fixed in the Termination Notice. Notwithstanding any contrary provisions herein, Lender
reserves the right to terminate this Agreement at its sole discretion upon giving thirty (30) days’ prior written notice to Borrower
pursuant to provisions of Section 15 hereof.

 

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5. Fee. On
September 12, 2020, Borrower agrees to pay a loan fee in the amount of Fifty Thousand and 00/100 Dollars ($50,000.00),
which sum represents the annual Loan Fee due.

 

6. Legal
Effect. Except as specifically set forth in this Modification, all of the terms and conditions of the Agreement remain in full
force and effect.

 

7. Counterparts.
This Modification may be executed in any number of counterparts, each of which shall be deemed an original but all of which taken
together shall constitute a single original.

 

8. Electronic
Signature. This Modification, or a signature page thereto intended to be attached to a copy of this Modification, signed and
transmitted by facsimile machine, telecopier or other electronic means (including via transmittal of a “pdf” file) shall be
deemed and treated as an original document. The signature of any person thereon, for purposes hereof, is to be considered as an
original signature, and the document transmitted is to be considered to have the same binding effect as an original signature on
an original document, At the request of any party hereto, any facsimile, telecopy or other electronic document is to be re-executed
in original form by the persons who executed the facsimile, telecopy of other electronic document. No party hereto may raise the
use of a facsimile machine, telecopier or other electronic means or the fact that any signature was transmitted through the use
of a facsimile machine, telecopier or other electronic means as a defense to the enforcement of this Modification.

 

9. Integration..
This is an integrated Modification and supersedes all prior negotiations and agreements regarding the subject matter hereof.
All amendments hereto must be in writing and signed by the parties.

 

10. Choice of Law; Venue; JURY TRIAL
WAIVER. The terms and provisions of Sections 16 (titled “Choice of Law”), 17 (titled “Venue”) and 18 (titled
“JURY TRIAL WAIVER”) of the Agreement shall apply in all respects to this Modification, and the same are incorporated
herein by this reference.

 

IN WITNESS WHEREOF, the parties have executed this Third
Modification to Loan and Security Agreement as of the date first set forth above.

 

[Signatures on following page]

 

    Page 2 of 3

     

    

 

	Pacific Western Bank	 	DecisionPoint Systems, Inc.
	 	 	 
	/s/ Jugdeep Nijjar	 	/s/ Steven Smith
	By:    	Jugdeep Nijjar	 	By:   	Steven Smith
	Its:	Senior Vice president	 	Its:	CEO
	 	 	 	 	 
	 	 	 	DecisionPoint Systems International, Inc.
	 	 	 	 
	 	 	 	/s/ Steven Smith
	 	 	 	By:	Steven Smith
	 	 	 	Its:	CEO
	 	 	 	 	 
	 	 	 	DecisionPoint Systems Group, Inc.
	 	 	 	 	 
	 	 	 	/s/ Steven Smith
	 	 	 	By:	Steven Smith
	 	 	 	Its:	CEO
	 	 	 	 	 
	 	 	 	decisionpoint systems CA, Inc.
	 	 	 	 	 
	 	 	 	/s/ Steven Smith
	 	 	 	By:	Steven Smith
	 	 	 	Its:	CEO
	 	 	 	 	 
	 	 	 	decisionpoint systems CT, Inc.
	 	 	 	 	 
	 	 	 	/s/ Steven Smith
	 	 	 	By:	Steven Smith
	 	 	 	Its:	CEO
	 	 	 	 	 
	 	 	 	ROYCE DIGITAL SYSTEMS, INC.,
	 	 	 	 
	 	 	 	/s/ Steven Smith
	 	 	 	By:	Steven Smith
	 	 	 	Its:	CEO

 

 

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