Document:

Exhibit 10.1

 

 

November 26, 2013

 

Mr. C. Richard Lyttle, Ph.D.

 

Dear Rich:

 

Reference is hereby made to that certain Consulting Agreement, dated as of February 29, 2012, by and between Radius Health, Inc. (the “Company”) and you (the “Consulting Agreement”).  Capitalized terms used without definition in this letter agreement shall have the meanings ascribed to them in the Consulting Agreement.  During the period commencing on the date hereof and ending on the date either you or the Company provides written notice to the other (the “Additional Service Period”), the term “Services” as used in the Consulting Agreement, shall mean and include (a) the services you provide for the Company under the Consulting Agreement as Chairman of the Company’s Scientific Advisory Board, as set forth in the Consulting Agreement, and (b) the additional services as the interim Chief Executive Officer of the Company set forth herein (the “Additional Services”).  Except as set forth in this letter, you shall not be entitled to receive any compensation for performing the Additional Services.

 

During the Additional Service Period, you shall report directly to the Company’s board of directors and, in addition to your duties under Section 1(a) of the Consulting Agreement, you shall perform such services as are customary for an interim Chief Executive Officer of a biotechnology company or as are reasonably requested by the Company’s board of directors from time to time.  For the avoidance of doubt, during the Additional Service Period, the reference in Section 1(a) of the Consulting Agreement to the “Chief Executive Officer of the Company” shall be deemed to be a reference to the Company’s board of directors.

 

If the Company terminates your service relationship with the Company following the date of this letter agreement, then each of the options to purchase shares of the Company’s common stock held by you or by The Cecil Richard Lyttle 2012 Grantor Retained Annuity Trust, in each case, as of the date hereof (collectively, the “Options”) shall to the extent then outstanding become vested and exercisable in full on the date of such termination.  For the avoidance of doubt, the termination by the Company of your Additional Services shall not be deemed to be a termination of your service relationship unless your Consulting Agreement and any other service relationship in its entirety are terminated.

 

Please indicate your agreement to the foregoing by returning a countersigned copy of this letter to me.

 

[signature page follows]

 

 

	
Sincerely,
    	
 
    
	
 
    	
 
    
	
/s/ Kurt C. Graves
    	
 
    
	
 
    	
 
    
	
Kurt C. Graves
    	
 
    
	
Chairman of the Board of Directors
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Accepted and agreed:
    	
/s/ C. Richard Lyttle
    	
 
    
	
 
    	
C. Richard Lyttle, Ph.D.
    	
 
    

 

[Signature Page to Letter Agreement]Exhibit 10.1

 

	

    	
EXECUTION VERSION
    

 

Amendment and Restatement Agreement

 

HCC Insurance Holdings, Inc
 as Borrower

 

and

 

Barclays Bank PLC and The Royal Bank of Scotland plc
 as Arranger

 

and

 

The Royal Bank of Scotland plc
 as Agent

 

and

 

The Royal Bank of Scotland plc

as Trustee

 

relating to a $90,000,000 Standby Letter of Credit Facility dated 26 November 2010 as amended and restated pursuant to an amendment and restatement agreement dated 23 November 2011 and an amendment and restatement agreement dated 21 November 2012

 

25 November 2013

 

 

CONTENTS

 

	
CLAUSE
    	
 
    	
PAGE
    
	
 
    	
 
    	
 
    
	
1.
    	
DEFINITIONS AND INTERPRETATION
    	
 
    	
3
    
	
2.
    	
REPRESENTATIONS
    	
 
    	
4
    
	
3.
    	
RESTATEMENT
    	
 
    	
4
    
	
4.
    	
CONTINUITY AND FURTHER ASSURANCE
    	
 
    	
4
    
	
5.
    	
FEES, COSTS AND EXPENSES
    	
 
    	
4
    
	
6.
    	
MISCELLANEOUS
    	
 
    	
5
    
	
7.
    	
GOVERNING LAW
    	
 
    	
5
    
	
 
    	
 
    	
 
    
	
schedule 1
    	
 
    	
6
    
	
Conditions   Precedent
    	
 
    	
6
    
	
schedule 2
    	
 
    	
8
    
	
Amended   Facility Agreement
    	
 
    	
8
    

 

 

THIS AGREEMENT is dated 25 November 2013

 

BETWEEN:

 

(1)                                     HCC INSURANCE HOLDINGS, INC (the “Borrower”);

 

(2)                                     BARCLAYS BANK PLC and THE ROYAL BANK OF SCOTLAND PLC as mandated lead arrangers (whether acting individually or together, the “Arranger”);

 

(3)                                     THE ROYAL BANK OF SCOTLAND PLC as the agent of the Finance Parties (the “Agent”);

 

(4)                                     THE ROYAL BANK OF SCOTLAND PLC as trustee for the Secured Parties (the “Trustee”); and

 

(5)                                     THE LENDERS (as defined in the Amended Facility Agreement).

 

THE PARTIES AGREE AS FOLLOWS:

 

1.                                          DEFINITIONS AND INTERPRETATION

 

1.1                                   Definitions

 

In this Agreement:

 

“Amended Facility Agreement” means the Original Facility Agreement, as amended and restated by this Agreement.

 

“Effective Date” means the date on which the Agent confirms to the Lenders and the Borrower that it has received, or has expressly waived in writing its requirement to receive, each of the documents and other evidence listed in schedule 1 (Conditions Precedent) in a form and substance satisfactory to the Agent.

 

“Fee Letter” means any letter or letters dated on or about the date of this Agreement between the Borrower and the Agent setting out any of the fees referred to in clause 5 (Fees, Costs and Expenses).

 

“Original Facility Agreement” means the $90,000,000 standby letter of credit facility agreement dated 26 November 2010 and entered into between the Borrower, the Arranger, the Agent, the Trustee and the Lenders as amended and restated pursuant to an amendment and restatement agreement dated 23 November 2011 and an amendment and restatement agreement dated 21 November 2012.

 

1.2                                   Incorporation of defined terms

 

(a)                           Unless a contrary indication appears, a term defined in the Original Facility Agreement has the same meaning in this Agreement.

 

(b)                           The principles of construction set out in the Original Facility Agreement shall have effect as if set out in this Agreement.

 

1.3                                   Clauses

 

In this Agreement any reference to a “clause” or a “schedule” is, unless the context otherwise requires, a reference to a clause in or a schedule to this Agreement.

 

3

 

1.4                                   Third party rights

 

A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement.

 

1.5                                   Designation

 

In accordance with the Original Facility Agreement, each of the Borrower and the Agent designates this Agreement as a Finance Document.

 

2.                                          REPRESENTATIONS

 

The Repeated Representations (as defined in the Amended Facility Agreement) are deemed to be made by the Borrower (by reference to the facts and circumstances then existing) on:

 

(a)                           the date of this Agreement; and

 

(b)                           the Effective Date,

 

and references to “this Agreement” in the relevant representations should be construed as references to this Agreement and to the Original Facility Agreement and the Amended Facility Agreement, as relevant.

 

3.                                          RESTATEMENT

 

3.1                                   Restatement of the Original Facility Agreement

 

With effect from the Effective Date the Original Facility Agreement shall be amended and restated so that it shall be read and construed for all purposes as set out in schedule 2 (Amended Facility Agreement).

 

4.                                          CONTINUITY AND FURTHER ASSURANCE

 

4.1                                   Continuing obligations

 

The provisions of the Original Facility Agreement shall, save as amended by this Agreement continue in full force and effect.

 

4.2                                   Further assurance

 

The Borrower shall, at the request of the Agent and at the Borrower’s own expense, do all such acts and things necessary or desirable to give effect to the amendments effected or to be effected pursuant to this Agreement.

 

5.                                         FEES, COSTS AND EXPENSES

 

5.1                                   Arrangement Fee

 

The Borrower shall pay to the Arranger, for its own account, the arrangement fee in the amounts and at the times agreed in a Fee Letter.

 

5.2                                   Agency Fee

 

The Borrower shall pay to the Agent, for its own account, the agency fees in the amounts and at the times agreed in a Fee Letter.

 

4

 

5.3                                   Transaction Expenses

 

Whether or not the Effective Date occurs, the Borrower shall, from time to time within five Business Days of demand of the Agent, reimburse the Finance Parties for all reasonable costs and expenses (including legal fees) together with any VAT thereon incurred by the Finance Parties in connection with the negotiation, preparation, printing, execution, syndication and implementation of this Agreement, any other document referred to in this Agreement and the completion of the transactions herein contemplated.  The Finance Parties agree to keep all costs incurred by them relating to the negotiation, preparation, printing, execution, syndication, enforcement and, implementation of this Agreement to a reasonable amount and shall notify the Borrower of any quotations it obtains in connection therewith.

 

6.                                          MISCELLANEOUS

 

6.1                                   Incorporation of terms

 

The provisions of clause 31 (Remedies and Waivers, Partial Invalidity), clause 32 (Notices) and clause 37 (Jurisdiction) of the Original Facility Agreement shall be incorporated into this Agreement as if set out in full in this Agreement and as if references in those clauses to “this Agreement” or “the Finance Documents” are references to this Agreement.

 

6.2                                   Counterparts

 

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

 

7.                                          GOVERNING LAW

 

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

 

IN WITNESS whereof this Agreement has been duly executed and delivered on the above date first above written.

 

5

 

SCHEDULE 1

 

Conditions Precedent

 

1.                                          THE BORROWER

 

(a)                           A copy, certified as at the date of this Agreement to be a true and up-to-date copy by an Authorised Signatory of the Borrower, of the constitutional documents of the Borrower or a certificate (signed by an officer of such Borrower) confirming that the constitutional documents previously delivered to the Lenders for the purposes of the Original Facility Agreement have not been amended and remain in full force and effect.

 

(b)                           A copy of a written board resolution of the Borrower:

 

(i)                              approving the terms of, and the transactions contemplated by, this Agreement and resolving that it execute this Agreement;

 

(ii)                           authorising a specified person or persons to execute this Agreement;

 

(iii)                        authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched; and

 

(iv)                       approving the execution, delivery and performance of this Agreement and the terms and conditions hereof and authorising a named person or persons to sign this Agreement and any documents to be delivered by the Borrower pursuant thereto.

 

(c)                            A specimen signature of each person authorised by the resolution referred to in paragraph (b) above.

 

(d)                           A certificate of an Authorised Signatory of the Borrower confirming that utilisation of the Facility and entry into and performance of its obligations under each of the Finance Documents would not cause any borrowing, guaranteeing or similar restriction binding on it to be exceeded.

 

(e)                            A certificate of an Authorised Signatory of the Borrower,  certifying that each copy document relating to it specified in this schedule 1 is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.

 

2.                                          LEGAL OPINIONS

 

(a)                           A legal opinion of Ashurst LLP, legal advisers to the Agent in respect of English law, substantially in the form distributed to the Agent prior to the signing of this Agreement.

 

(b)                           A legal opinion of Ashurst LLP, legal advisers to the Agent in respect of the corporate capacity of the Borrower and other matters relating to New York law, substantially in the form distributed to the Agent prior to the signing of this Agreement.

 

3.                                          OTHER DOCUMENTS AND EVIDENCE

 

(a)                           A copy of the U.S. Facility Agreement.

 

(b)                           A copy of a good standing certificate (including verification of tax status) with respect to the Borrower, issued as of a recent date by the Secretary of State or other appropriate official of:

 

6

 

(i)                              the Borrower’s jurisdiction of incorporation or organisation; and

 

(ii)                           the jurisdiction of the Borrower’s registered place of business.

 

(c)                            Evidence that the Account Party is authorised to underwrite business at Lloyd’s.

 

(d)                           The executed Fee Letters and evidence that the fees, costs and expenses then due from the Borrower pursuant to clause 5 (Fees, Costs and Expenses) of this Agreement have been paid or will be paid.

 

(e)                            A letter of comfort from Lloyd’s to the Account Party signed on behalf of Lloyd’s by an authorised signatory and dated no earlier than the date of this Agreement.

 

(f)                             A copy of a letter of substitution signed on behalf of Lloyd’s by an authorised signatory.

 

(g)                            A certificate of the Chief Financial Officer of the Borrower stating that it is and would be Solvent after complying with its obligations with respect to Letters of Credit set out in clause 5 of the Original Facility Agreement (Borrower’s Liabilities in relation to Letters of Credit) and the payment of all estimated legal and other fees related to this Agreement and the Amended Facility Agreement and the consummation of the other transactions contemplated by this Agreement and the Amended Facility Agreement. For purposes of such certificate, “Solvent” means with respect to the Borrower on any date of determination that:

 

(i)                              the fair value of the property of such person is greater than the total amount of liabilities (including contingent and unliquidated liabilities) of such person;

 

(ii)                           the present fair saleable value of the assets of such person is not less than the amount which will be required to pay the probable liability of such person on its debts as they become absolute and mature;

 

(iii)                        such person does not intend to, and does not believe that it will, incur debts or liabilities beyond such person’s ability to pay as such debts and liabilities mature; and

 

(iv)                       such person is not engaged in a business or transaction, and is not about to engage in a business or transaction, for which such person’s property would constitute unreasonably small capital.

 

In computing the amount of contingent or unliquidated liabilities at any time, such liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual and matured liability.

 

(h)                           Two certificates duly executed by an officer of the Borrower (one of whom shall be a Responsible Officer) confirming that, as at a date no earlier than the date of this Agreement:

 

(i)                              no Default has occurred under the Original Facility Agreement; and

 

(ii)                           no Default (as defined in the U.S. Facility Agreement) has occurred under the U.S. Facility Agreement.

 

7

 

SCHEDULE 2

 

Amended Facility Agreement

 

(SEE EXHIBIT 10.2)

 

 

SIGNATURES

 

	
The Borrower
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by:
    	
)
    	
/s/ Brad T. Irick
    
	
for and on behalf of
    	
)
    	
 
    
	
HCC INSURANCE HOLDINGS, INC.
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
The Arranger
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by:
    	
)
    	
/s/ Dan Broome
    
	
for and on behalf of
    	
)
    	
 
    
	
BARCLAYS BANK PLC:
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by:
    	
)
    	
/s/ Jonathan Biggs
    
	
for and on behalf of
    	
)
    	
 
    
	
THE ROYAL BANK OF SCOTLAND PLC
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
The Agent
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by:
    	
)
    	
/s/ Jonathan Biggs
    
	
for and on behalf of
    	
)
    	
 
    
	
THE ROYAL BANK OF SCOTLAND PLC
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
The Trustee
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by:
    	
)
    	
/s/ Jonathan Biggs
    
	
for and on behalf of
    	
)
    	
 
    
	
THE ROYAL BANK OF SCOTLAND PLC
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
The Lenders
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by:
    	
)
    	
/s/ Jonathan Biggs
    
	
THE ROYAL BANK OF SCOTLAND PLC
    	
)
    	
 
    
	
as agent for
    	
)
    	
 
    
	
NATIONAL WESTMINSTER BANK PLC:
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by:
    	
)
    	
/s/ Dan Broome
    
	
for and on behalf of
    	
)
    	
 
    
	
BARCLAYS BANK PLC
    	
)
    	
 
    
	
 
    	
)

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