Document:

exv10w29

 

EXHIBIT 10.29

GUARANTY AGREEMENT

     THIS GUARANTY AGREEMENT executed as of this 1st day of September, 2002, by and among William
L. Bates, Gregg D. Scheller and Kurt W. Gampp, Jr., each an individual residing in the State of
Missouri (the “Individual Guarantors” and Synergetics, Inc., a Missouri corporation (the “Corporate
Guarantor” and, together with the Individual Guarantors, the “Guarantors”) and The Industrial
Development Authority of St. Charles County, Missouri, a public corporation of the State of
Missouri (the “Issuer”).

     FOR VALUE RECEIVED, and in consideration of any loans, advances, payments, extensions of
credit and financial accommodations heretofore or hereafter made, granted or extended by Issuer or
which the Issuer has or will become obligated to make, grant or extend, to or for the account of
Synergetics Development Company, L.L.C., a Missouri limited liability company (the “Obligor”), and
in consideration of any obligations heretofore or hereafter incurred by Obligor to the Issuer, the
Guarantors hereby absolutely and unconditionally, jointly and severally, guarantee to the Issuer
the prompt and complete payment when due in accordance with its terms (whether by reason of demand,
acceleration or otherwise) of any and all indebtedness (principal, interest, fees and other
amounts) and other obligations for the payment of money, evidenced by notes, bonds or other
negotiable or non-negotiable instruments, or in any manner whatsoever, now or hereafter existing,
of the Obligor to the Issuer (collectively, the “Indebtedness”). In addition, the Guarantors shall
and agree to be jointly and severally liable to the Issuer for all costs and expenses incurred by
the Issuer in attempting or effecting collection hereunder (whether or not litigation shall be
commenced in aid thereof) and in connection with representation of the Issuer in connection with
bankruptcy or insolvency proceedings, including without limitation reasonable attorneys’ fees and
expenses.

     TO SECURE THE ISSUER HEREUNDER, the Guarantors each give to the Issuer a general lien and
right of set-off upon and to every present and future deposit account with UMB Bank, N.A., as
trustee (the “Trustee”) under that certain Indenture of Trust dated as of September 1, 2002 by and
between the Issuer and the Trustee for the holders of any bonds issued by the Issuer pursuant to
said Indenture of Trust and pledges to the Issuer all moneys, notes, bonds, stocks and other
securities of every kind, as well as any other property, now or hereafter delivered to or in the
possession of the Trustee, with full power in the Trustee in the event of default hereunder to
credit and apply on said Indebtedness any such moneys on deposit and to sell such securities and
other property at public or private sale or through any exchange or broker’s board and to credit
and apply the net proceeds thereof on said Indebtedness.

     Notice of the acceptance of this Guaranty, and of the incurring of any Indebtedness hereby
guaranteed, and presentment, demand for payment, notice of dishonor, protest and notice of protest,
and of default by Obligor, are waived by the Guarantors who agree: (i) that the obligation of the
Guarantors hereunder is primary and may be enforced directly against any Guarantor independently of
and without proceeding against the Obligor or any other Guarantor or Guarantors or foreclosing any
collateral pledged to the Issuer; (ii) that the Issuer in its sole and absolute discretion may
extend the time of payment, and renew or change the manner, place, time and terms of payment of and
make any other changes with respect to any or all of said Indebtedness; (iii) that the Issuer may
in its sole and absolute discretion sell, exchange, release, surrender and otherwise deal with all
or any of the collateral pledged to the Issuer by the Obligor or any other person to secure any or
all of said Indebtedness; (iv) that the Issuer may in its sole and absolute discretion release and
otherwise deal with any other Guarantor or Guarantors; and (v) that the Issuer may exercise or
refrain from exercising any rights against the Obligor or any Guarantor or Guarantors or otherwise
act or refrain from acting, and may settle or compromise any or all of said Indebtedness with the
Obligor; all without releasing the Guarantors.

     The Guarantors hereby waive any and all rights of subrogation, reimbursement, contribution and
indemnity whatsoever with respect to the Obligor and shall have no right of recourse to or with
respect to any assets or property of the Obligor or to any collateral owned by the Obligor for the
Indebtedness of the Obligor guaranteed hereby regardless of whether said Indebtedness shall have
been paid in full. The

 

 

Guarantors shall have no right of subrogation, reimbursement, contribution or indemnity whatsoever
and no right of recourse to or with respect to any assets or property of any guarantor or
guarantors or to any collateral not owned by the Obligor for the Indebtedness of the Obligor
guaranteed hereby unless and until all of said Indebtedness shall have been paid in full. Except
as otherwise provided herein with respect to the Individual Guarantors, nothing shall discharge or
satisfy the liability of the Guarantors hereunder except the full performance and payment of all of
said Indebtedness and all obligations of the Guarantors hereunder.

     The Issuer’s books and records showing the account between the Issuer and the Obligor shall be
admissible in evidence in any action or proceeding and shall constitute prima facie proof of the
items therein set forth.

     No invalidity, irregularity or unenforceability of all or any part of the Indebtedness hereby
guaranteed or of any collateral or any other guarantees therefor shall affect, impair or be a
defense to this Guaranty. The liability of the Guarantors hereunder shall in no way be affected or
impaired by any acceptance by the Issuer of any collateral for or other guarantees of any of said
Indebtedness guaranteed hereby, or by any failure, neglect or omission on the part of the Issuer to
realize upon or protect any of said Indebtedness or any collateral therefor or guarantees thereof.
No act of commission or omission of any kind by the Issuer (including without limitation any act or
omission which impairs, reduces the value of, releases or fails to perfect a lien upon, any
collateral for or guarantee of any Indebtedness guaranteed hereby) shall affect or impair the
obligations of the Guarantors hereunder in any manner.

     If claim is ever made on the Issuer for repayment or recovery of any amount or amounts
received by the Issuer in payment or on account of any of the Indebtedness of the Obligor
guaranteed hereby and the Issuer repays all or part of said amount by reason of (a) any judgment,
decree or order of any court or administrative body having jurisdiction over the Issuer or any of
its property or (b) any settlement or compromise of any such claim effected by the Issuer with any
such claimant (including without limitation the Obligor), then and in such event the Guarantors
agree that any such judgment, decree, order, settlement or compromise shall be binding on the
Guarantors, notwithstanding any cancellation of any note or other instrument or agreement
evidencing such Indebtedness of the Obligor, and the Guarantors shall be and remain jointly and
severally liable to the Issuer hereunder for the amount so repaid or recovered to the same extent
as if such amount had never originally been received by the Issuer. This Guaranty shall continue
to be effective or be reinstated, as the case may be, if at any time any payment of any of the
Indebtedness is rescinded or must otherwise be returned by the Issuer upon the insolvency,
bankruptcy or reorganization of the Obligor or otherwise, all as though such payment had not been
made.

     No delay by the Issuer in exercising any of its options, powers or rights or partial or single
exercise thereof shall constitute a waiver thereof. No waiver of any of rights of the Issuer
hereunder and no modification or amendment of this Guaranty shall be deemed to be made by the
Issuer unless the same shall be in writing, duly signed on behalf of the Issuer, and each such
waiver (if any) shall apply only with respect to the specific instance involved and shall in no way
impair the rights of the Issuer or the obligations of the Guarantors to the Issuer in any other
respect at any other time. In case any one or more of the provisions hereof should be invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions hereof shall not be affected or impaired thereby.

     The Guarantors covenant and agree to deliver to the Trustee such financial statements and
other financial information regarding the Guarantors as Trustee may from time to time reasonably
request.

     This Guaranty is a continuing guaranty which shall remain in full force and effect and shall
terminate, with respect to the Individual Guarantors, upon the earlier of (a) the issuance of an
occupancy permit for the Project (as defined in the Indenture) and the date on which Synergetics,
Inc. takes possession of the Project, or (b) all Indebtedness shall have been paid in full and the
termination of the Issuer’s obligation to lend funds or grant other financial accommodations to the
Obligor. The death of an Individual

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Guarantor shall not effect a termination of this Guaranty. With respect to the Corporate
Guarantor, this Guaranty is a continuing guaranty which shall remain in full force and effect and
shall not be terminable so long as either (i) any Indebtedness shall remain in force and effect or
(ii) the Issuer shall have any commitment to lend funds or grant other financial accommodations to
Obligor.

     This Guaranty shall be understood to be for the benefit of the Issuer and for such other
person or persons as may from time to time become or be the holder or owner of any of the
Indebtedness or any interest therein and this Guaranty shall be transferable to the same extent and
with the same force and effect as any such Indebtedness may be transferable. This Guaranty cannot
be changed or terminated orally, shall be governed by and construed in accordance with the laws of
the State of Missouri, shall be binding on the heirs, executors, administrators, personal
representatives, successors and assigns of the Guarantors and shall inure to the benefit of the
successors and assigns of the Issuer. The Guarantors irrevocably agree that, subject to the
Issuer’s sole and absolute election, all actions or proceedings in any way, manner or respect
arising out of or from or related to this Guaranty shall be litigated only in courts having situs
within St. Charles County, State of Missouri. The Guarantor hereby consent and submit to the
jurisdiction of any local, state or federal court within said county and state. THE GUARANTORS
HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY LITIGATION BROUGHT IN ACCORDANCE WITH THIS SECTION.

     Dated in St. Charles, Missouri as of this first day of September, 2002.

	 	 	 	 	 
	 	 	 
	 	                                        /s/ William L. Bates
 	 
	 	Name:  	Printed William L. Bates 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	                                        /s/ Gregg D. Scheller
 	 
	 	Name:  	Printed Gregg D. Scheller 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	                                        /s/ Kurt W. Gampp, Jr.
 	 
	 	Name:  	Printed Kurt W. Gampp, Jr. 	 
	 	 	 
	 

	 	 	 
	Attest:

[SEAL]

/s/

	 	SYNERGETICS, INC.
 
 
 

By
/s/ Kurt W. Gampp
	 

	 	 
	Its (Assistant) Secretary

	 	Title: (Vice) President

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Exhibit 10.30

GUARANTY OF UNASSIGNED ISSUER’S RIGHTS

     THIS GUARANTY OF UNASSIGNED ISSUER’S RIGHTS dated as of September 1, 2002 (the “Issuer
Guaranty”), by and among William L. Bates, Gregg D. Scheller and Kurt W. Gampp, Jr., residents of
the State of Missouri (the “Individual Guarantors”) and Synergetics, Inc., a Missouri corporation
(the “Corporate Guarantor” and, together with the Individual Guarantors, the “Guarantors”), and THE
INDUSTRIAL DEVELOPMENT AUTHORITY OF ST. CHARLES COUNTY, MISSOURI, a public corporation organized
and existing under the laws of the State of Missouri (the “Issuer”).

     WITNESSETH:

     WHEREAS, the Issuer intends to issue its Private Activity Revenue Bonds, Series 2002
(Synergetics Development Company Project), in an aggregate principal amount of $2,645,000 (the
“Bonds”); and

     WHEREAS, the Bonds are to be issued under and pursuant to an Indenture of Trust dated as of
September 1, 2002 between the Issuer and UMB Bank, N.A., as Trustee; and

     WHEREAS, the proceeds derived from the issuance of the Bonds are to be loaned to Synergetics
Development Company, L.L.C., a Missouri limited liability company (the “Obligor”), pursuant to a
Loan Agreement dated as of September 1, 2002 (the “Loan Agreement”), to provide financing to
finance the project as described and defined in the Loan Agreement (the “Project”) for the benefit
of the Obligor; and

     WHEREAS, any financial benefit to the Obligor will result in a direct financial benefit to the
Guarantors; and

     WHEREAS, the Issuer has reserved to itself certain rights defined as Unassigned Issuer Rights
in the Indenture (collectively, the “Issuer’s Rights”), and the Obligor is obligated by the Loan
Agreement to perform certain duties and to promptly pay certain moneys in connection with the
Issuer’s Rights; and

     WHEREAS, the Issuer, as a condition to the issuance of the Bonds, has required that the
Guarantors enter into this Issuer Guaranty to secure the obligations of the Obligor with respect to
the Issuer’s Rights; and

     WHEREAS, the Guarantors desire that the Issuer issue the Bonds and apply the proceeds as
aforesaid and are willing to enter into this Issuer Guaranty in order to induce the issuance of the
Bonds and thereby achieve interest cost savings to the Obligor and financial benefit to Guarantors.

     NOW, THEREFORE, in consideration of the premises and as an inducement to the issuance of the
Bonds by the Issuer, the Guarantors do hereby, subject to the terms hereof, covenant and agree with
the Issuer as follows:

ARTICLE I

REPRESENTATIONS OF GUARANTORS

     Section 1.1. Each Guarantor does hereby represent and warrant that the assumption by
Guarantor of his, her or its obligations hereunder will result in a direct financial benefit to
him, her or it.

 

 

ARTICLE II

THE GUARANTY

     Section 2.1. The Guarantors, jointly and severally and each as principal, hereby absolutely
and unconditionally guarantee to the Issuer the full and prompt performance of the Obligor’s
obligations with respect to the Issuer’s Rights. All payments by the Guarantors shall be paid in
lawful money of the United States of America. Each and every default in the full and prompt
performance by the Obligor of its obligations with respect to the Issuer’s Rights shall give rise
to a separate cause of action hereunder and separate suits may be brought hereunder as each cause
of action arises.

     Section 2.2. The joint and several obligations of the Guarantors under this Issuer Guaranty
shall be absolute and unconditional and shall remain in full force and effect until the entire
principal of, premium, if any, and interest on the Bonds and the full and prompt performance by the
Obligor of its obligations with respect to the Issuer’s Rights shall have been paid or performed or
such payment or performance provided impaired upon the happening from time to time of any event,
including without limitation any of the following, whether or not with notice to, or the consent
of, the Guarantors:

(a) The compromise, settlement, release or termination of any or all of the
obligations, covenants or agreements of Issuer under the Indenture or of the
Issuer or the Obligor under the Loan Agreement;

(b) The failure to give notice to any one or more of the Guarantors of the
occurrence of an event of default under the terms and provisions of this
Issuer Guaranty, the Loan Agreement or the Indenture;

(c) The assignment or mortgaging or the purported assignment or mortgaging of
all or any part of the interest of the Issuer or the Obligor in the project or
the payments, revenues and receipts derived by the Issuer from the Project;

(d) The waiver of the payment, performance or observance by the Issuer, the
Obligor or any one or more of the Guarantors of any of the obligations,
covenants or agreements of any of them contained in the Indenture, the Loan
Agreement or this Issuer Guaranty;

(e) The extension of the time for payment of any principal of, premium, if
any, or interest on any Bond or under this Issuer Guaranty or of the time for
performance of any other obligations, covenants or agreements under or arising
out of the Indenture, the Loan Agreement or this Issuer Guaranty or the
extension or the renewal of either;

(f) The modification or amendment (whether material or otherwise) of any
obligation, covenant or agreement set forth in the Indenture or the Loan
Agreement, provided that the obligations of Guarantors are not thereby
increased or expanded without their prior written consent;

(g) The taking or the omission of any of the actions referred to in the
Indenture or the Loan Agreement or any action under this Issuer Guaranty;

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(h) Any failure, omission, delay or lack on the part of the Issuer to enforce,
assert or exercise any right, power or remedy conferred on the Issuer in this
Issuer Guaranty, the Loan Agreement or the Indenture, or any other act or acts
on the part of the Issuer or any of the owners from time to time of the Bonds;

(i) The voluntary or involuntary liquidation, dissolution, sale or other
disposition of all or substantially all the assets, marshalling of assets and
liabilities, receivership, insolvency, bankruptcy, assignment for the benefit
of creditors, reorganization, arrangement, composition with creditors or
readjustment of, or other similar proceedings affecting the Issuer, the
Obligor or any one or more of the Guarantors or any of the assets of any of
them, or any contest of the validity of this Issuer Guaranty in any such
proceeding;

(j) To the extent permitted by law, the release or discharge of any one or
more of the Guarantors from the performance or observance of any obligation,
covenant or agreement contained in this Issuer Guaranty by operation of law;
or

(k) The default or failure of any one or more of the Guarantors to perform
fully any of his, her or its obligations set forth in this Issuer Guaranty.

     Section 2.3. No setoff, counterclaim, reduction or diminution of any obligation, or any
defense of any kind or nature which the Guarantors have or may come to have against the Issuer
shall be available hereunder to the Guarantors against the Issuer; provided that nothing contained
herein shall prohibit the Guarantors from asserting any separate or related claim against the
Issuer in a separate proceeding, which proceeding shall in no way delay the prompt performance by
Guarantors of their obligations hereunder.

ARTICLE III

REMEDIES ON DEFAULT

     Section 3.1. In the event of a default in the performance, by the Obligor, of the Obligor’s
obligations with respect to the Issuer’s Rights, the Issuer, in its sole discretion, shall have the
right to proceed first and directly against any one or more of the Guarantors under this Issuer
Guaranty to the extent of the Guarantors’ obligations hereunder without proceeding against or
exhausting any other remedies which the Issuer may have and without resorting to any other security
held by the Issuer.

     Section 3.2. Each Guarantor hereby expressly waives notice from the Issuer of his or her
acceptance and reliance on this Issuer Guaranty. The Guarantors agree to pay all costs, expenses
and fees, including all reasonable attorneys’ fees, which may be incurred by the Issuer in
enforcing or attempting to enforce this Issuer Guaranty following any default on his, her or its
part hereunder, whether the same shall be enforced by suit or otherwise.

     Section 3.3. No remedy herein conferred upon or reserved to the Issuer is intended to be
exclusive of any other available remedy or remedies, but each and every such remedy shall be
cumulative and shall be in addition to every other remedy given under this Issuer Guaranty or now
or hereafter existing at law or in equity. No delay or omission to exercise any right or power
accruing upon any default, omission or failure of performance hereunder shall impair any such right
or power or shall be construed to be a waiver thereof, but any such right and power may be
exercised from time to time and as often as may be deemed expedient. In order to entitle the
Issuer to exercise any remedy reserved to it in this Issuer Guaranty, it shall not be necessary to
give any notice, other than such notice as may be herein

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expressly required. In the event any provision contained in this Issuer Guaranty should be
breached by any one or more of the Guarantors and thereafter such breach is duly waived by the
Issuer, such waiver shall be limited to the particular breach so waived and shall not be deemed to
waive any other breach hereunder. No waiver, amendment, release or modification of this Issuer
Guaranty shall be established by conduct, custom or course of dealing, but solely by an instrument
in writing duly executed by the Issuer.

ARTICLE IV

MISCELLANEOUS PROVISIONS

     Section 4.1. The Individual Guarantors shall be discharged of their obligations hereunder
upon the earlier of (a) the later of (i) the issuance of an occupancy permit for the Project (as
defined in the Indenture) and (ii) the date on which Synergetics, Inc. takes possession of the
Project, and (b) the payment to the Issuer of the principal of, premium, if any, and interest on
the Bonds, and the full and prompt performance of the Obligor’s obligations with respect to the
Issuer’s Rights or provision for payment or performance thereof having been made with the Issuer as
provided in the Indenture and the Loan Agreement. The Corporate Guarantor shall be discharged of
its obligations hereunder upon the payment to the Issuer of the principal of, premium, if any, and
interest on the Bonds, and the full and prompt performance of the Obligor’s obligations with
respect to the Issuer’s Rights or provision for payment or performance thereof having been made
with the Issuer as provided in the Indenture and the Loan Agreement.

     Section 4.2. The joint and several obligations of the Guarantors hereunder shall arise
absolutely and unconditionally when the Bonds shall have been issued, sold and delivered by the
Issuer and the proceeds thereof paid to the Issuer.

     Section 4.3. The agreements contained herein on the part of the Guarantors shall inure to and
be binding upon each of his, her or its heirs, devisees, assigns and legal representatives.

     Section 4.4. This Issuer Guaranty constitutes the entire agreement and supersedes all prior
agreements and understandings, both written and oral, between the Guarantors and the Issuer with
respect to the subject matter hereof and may be executed simultaneously in several counterparts,
each of which shall be deemed an original, and all of which together shall constitute one and the
same instrument.

     Section 4.5. The invalidity or unenforceability of any one or more phrases, sentences,
clauses or Sections in this Issuer guaranty shall not affect the validity or enforceability of the
remaining portions of this Issuer Guaranty.

     Section 4.6. This Issuer Guaranty shall be governed by and construed and interpreted in
accordance with the laws of the State of Missouri.

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     IN WITNESS WHEREOF, the parties hereto have caused this Issuer Guaranty to be executed as of
the date and year first above written.

	 	 	 
	 

	 	     /s/ William L. Bates
	 

	 	 
	 

	 	Printed Name: William L. Bates
	 
	 	 
	 

	 	     /s/ Gregg D. Scheller
	 

	 	 
	 

	 	Printed Name: Gregg D. Scheller
	 
	 	 
	 

	 	     /s/ Kurt W. Gampp, Jr.
	 

	 	 
	 

	 	Printed Name: Kurt W. Gampp, Jr.
	 
	 	 
	Attest:

	 	SYNERGETICS, INC.
	 
	 	 
	[SEAL]
	 	 
	 
	 	 
	   /s/

	 	By      /s/ Kurt W. Gampp, Jr.
	 

	 	 

	Its (Assistant) Secretary

	 	Title: (Vice) President
	 
	 	 
	 

	 	ACCEPTED:
	 
	 	 
	 

	 	THE INDUSTRIAL DEVELOPMENT AUTHORITY OF ST.

CHARLES COUNTY, MISSOURI
	 
	 	 
	Attest: [SEAL]
	 	 
	 
	 	 
	By      /s/

	 	By      /s/
	 
	 	 

	Assistant Secretary

	 	       President

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