Document:

htgc-ex102_51.htm

Exhibit 10.2 

SIXTH AMENDMENT

TO

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

THIS SIXTH AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Sixth Amendment” or this “Amendment”) is entered into as of October 26, 2018 (the “Sixth Amendment Closing Date”), by and among HERCULES FUNDING II LLC, a Delaware limited liability company (“Borrower”), the lenders identified on the signature page hereof (such lenders, together with their respective successors and assigns, are referred to hereinafter each individually as a “Lender” and collectively as the “Lenders”), and WELLS FARGO CAPITAL FINANCE, LLC, formerly known as Wells Fargo Foothill, LLC, a Delaware limited liability company, as the arranger and administrative agent for the Lenders (in such capacity, “Agent”), with reference to the following facts, which shall be construed as part of this Sixth Amendment:

RECITALS

	
A.
	
Borrower, Lenders and Agent have entered into that certain Amended and Restated Loan and Security Agreement dated as of June 29, 2015, as amended by that certain First Amendment to Amended and Restated Loan and Security Agreement dated as of December 16, 2015, that certain Second Amendment to Amended and Restated Loan and Security Agreement dated as of March 8, 2016, that certain Third Amendment to Amended and Restated Loan and Security Agreement dated as of April 7, 2016, that certain Fourth Amendment to Amended and Restated Loan and Security Agreement dated as of April 3, 2017, and that certain Fifth Amendment to Amended and Restated Loan and Security Agreement dated as of July 31, 2018  (as amended, supplemented, replaced, renewed or otherwise modified from time to time, the “Loan Agreement”), pursuant to which Lenders and Agent are providing financial accommodations to or for the benefit of Borrower upon the terms and conditions contained therein.  Unless otherwise defined herein, capitalized terms or matters of construction defined or established in the Loan Agreement (as amended by this Sixth Amendment) shall be applied herein as defined or established therein.

	
B.
	
Borrower, Lenders and Agent have agreed to enter into this Sixth Amendment to extend the Revolving Credit Availability Period.

AGREEMENT

NOW, THEREFORE, in consideration of the continued performance by Borrower of its promises and obligations under the Loan Agreement and the other Loan Documents, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower, Lenders and Agent hereby agree as follows:

1.Ratification of Existing Loan Documents.  Each of the parties acknowledges, confirms, and ratifies the provisions of the Loan Agreement and the other Loan Documents, which shall be unmodified and shall continue to be in full force and effect in accordance with their terms except as expressly provided under this Sixth Amendment.

 

 

 

2.Amendments to the Loan Agreement.  The Loan Agreement is hereby amended as follows:

2.1Amendment to Existing Definition.  Section 1.1 of the Loan Agreement is hereby amended by deleting the definition of “Revolving Credit Availability Period” in its entirety and replacing it as follows:

“‘Revolving Credit Availability Period’ means the period commencing on the Original Closing Date and ending on the earlier of (a) January 28, 2019, and (b) termination pursuant to Section 9.1.”

3.Extension Fee.  On the Sixth Amendment Closing Date, Agent, for its sole and separate account, shall have earned an extension fee (the “Extension Fee”) equal to $46,875.00 for the amendments set forth herein, which Extension Fee shall be due and payable to Agent in full on the Sixth Amendment Closing Date.  On such date, Agent hereby is expressly authorized by the Borrower to (i) charge such Extension Fee to the Loan Account, and (ii) designate such Extension Fee as an Advance under the Loan Agreement.

4.Conditions Precedent.  Notwithstanding any other provision of this Sixth Amendment, this Sixth Amendment shall be of no force or effect, and Lenders and Agent shall not have any obligations hereunder, unless and until each of the following conditions have been satisfied:

4.1Receipt of Executed Sixth Amendment.  Agent shall have received this Sixth Amendment, duly executed by Borrower, Lenders, and Agent; 

4.2Receipt of Omnibus Officer’s Certificate. Agent shall have received a certificate from an Authorized Person of each of Borrower and HTGC (i) attesting to the resolutions adopted by the Board of Directors of such Person, authorizing its execution, delivery, and performance of this Amendment, and authorizing specific Authorized Persons to execute the same on its behalf, (ii) attesting to the incumbency and signatures of such specified Authorized Persons, and (iii) evidencing the formation, existence, and good standing of such Person from the Secretary of State of its jurisdiction of organization or formation, as applicable; and

4.3No Default or Event of Default.  No Default or Event of Default shall have occurred and be continuing. 

5.Representations and Warranties Regarding Loan Agreement.  Borrower hereby represents and warrants that the representations and warranties contained in the Loan Agreement are true and correct in all material respects as of the Sixth Amendment Closing Date, except to the extent that (a) a particular representation or warranty by its terms expressly applies only to an earlier date, in which case such representation or warranty was true and correct in all material respects as of such earlier date, or (b) Borrower has previously advised Agent in writing as contemplated under the Loan Agreement.  Borrower hereby further represents and warrants that no event has occurred and is continuing, or would result from the transactions contemplated 

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under this Sixth Amendment, that constitutes or would constitute a Default or an Event of Default.

6.Miscellaneous.

6.1Costs and Expenses.  Borrower hereby affirms its obligation under the Loan Agreement to reimburse the Agent for all Lender Group Expenses paid or incurred by the Agent in connection with the preparation, negotiation, execution and delivery of this Sixth Amendment, including but not limited to the attorneys’ fees and expenses of attorneys for the Agent with respect thereto.

6.2Headings.  The various headings of this Sixth Amendment are inserted for convenience of reference only and shall not affect the meaning or interpretation of this Sixth Amendment or any provisions hereof.

6.3Counterparts.  This Sixth Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.  Delivery of an executed counterpart of a signature page to this Sixth Amendment by either (i) facsimile transmission or (ii) electronic transmission in either Tagged Image Format Files (TIFF) or Portable Document Format (PDF), shall be effective as delivery of a manually executed counterpart thereof.

6.4Interpretation.  No provision of this Sixth Amendment shall be construed against or interpreted to the disadvantage of any party hereto by any court or other governmental or judicial authority by reason of such party’s having or being deemed to have structured, drafted or dictated such provision.

6.5Complete Agreement.  This Sixth Amendment constitutes the complete agreement between the parties with respect to the subject matter hereof, and supersedes any prior written or oral agreements, writings, communications or understandings of the parties with respect thereto.

6.6GOVERNING LAW.  THIS SIXTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE INTERNAL CONFLICTS OF LAWS PROVISIONS THEREOF.

6.7Effect.  Upon the effectiveness of this Sixth Amendment, each reference in the Loan Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import shall mean and be a reference to the Loan Agreement as amended hereby and each reference in the other Loan Documents to the Loan Agreement, “thereunder,” “thereof,” or words of like import shall mean and be a reference to the Loan Agreement as amended hereby.

6.8Conflict of Terms.  In the event of any inconsistency between the provisions of this Sixth Amendment and any provision of the Loan Agreement, the terms and provisions of this Sixth Amendment shall govern and control.

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6.9No Novation or Waiver.  Except as specifically set forth in this Sixth Amendment, the execution, delivery and effectiveness of this Sixth Amendment shall not (a) limit, impair, constitute a waiver by, or otherwise affect any right, power or remedy of, Agent or Lenders under the Loan Agreement or any other Loan Document, (b) constitute a waiver of any provision in the Loan Agreement or in any of the other Loan Documents or of any Default or Event of Default that may have occurred and be continuing, or (c) alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Loan Agreement or in any of the other Loan Documents, all of which are ratified and affirmed in all respects and shall continue in full force and effect.

6.10Release.  BORROWER HEREBY ACKNOWLEDGES THAT AS OF THE DATE HEREOF IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS‐COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF BORROWER’S LIABILITY TO REPAY THE OBLIGATIONS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM LENDERS, AGENT, OR THEIR RESPECTIVE AFFILIATES, PARTICIPANTS OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, AGENTS, EMPLOYEES OR ATTORNEYS.  BORROWER HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES LENDERS, AGENT, THEIR RESPECTIVE AFFILIATES AND PARTICIPANTS, AND THEIR PREDECESSORS, AGENTS, OFFICERS, DIRECTORS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS SIXTH AMENDMENT IS EXECUTED, WHICH BORROWER MAY NOW OR HEREAFTER HAVE AGAINST LENDERS, AGENT, OR THEIR RESPECTIVE PREDECESSORS, AGENTS, ATTORNEYS, OFFICERS, DIRECTORS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND, IN EACH CASE, ARISING FROM THE LIABILITIES, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE LOAN AGREEMENT OR OTHER LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS SIXTH AMENDMENT.  BORROWER HEREBY COVENANTS AND AGREES NEVER TO INSTITUTE ANY ACTION OR SUIT AT LAW OR IN EQUITY, NOR INSTITUTE, PROSECUTE, OR IN ANY WAY AID IN THE INSTITUTION OR PROSECUTION OF ANY CLAIM, ACTION OR CAUSE OF ACTION, RIGHTS TO RECOVER DEBTS OR DEMANDS OF ANY NATURE AGAINST LENDERS, AGENT, THEIR RESPECTIVE AFFILIATES AND PARTICIPANTS, OR THEIR RESPECTIVE SUCCESSORS, AGENTS, OFFICERS, DIRECTORS, EMPLOYEES, AND PERSONAL AND LEGAL REPRESENTATIVES ARISING ON OR BEFORE THE DATE HEREOF OUT OF 

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OR RELATED TO  LENDERS’ OR AGENT’S ACTIONS, OMISSIONS, STATEMENTS, REQUESTS OR DEMANDS IN ADMINISTERING, ENFORCING, MONITORING, COLLECTING OR ATTEMPTING TO COLLECT THE OBLIGATIONS OF THE BORROWER TO LENDERS AND AGENT, WHICH OBLIGATIONS ARE EVIDENCED BY THE LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS.

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Sixth Amendment to Amended and Restated Loan and Security Agreement as of the day and year first above written.

	
	
HERCULES FUNDING II LLC, 

a Delaware limited liability company, as Borrower

 

 

By:

Name: Melanie Grace

Title:  Secretary 

 

	

WELLS FARGO CAPITAL FINANCE, LLC,

formerly known as Wells Fargo Foothill, LLC,

a Delaware limited liability company,

as Agent and as sole Lender

 

 

By:

Name: 

Title: 

 

 

 

 

6gern-ex101_99.htm

EXHIBIT 10.1

 

GERON CORPORATION

DIRECTORS’ MARKET value STOCK PURCHASE PLAN

ADOPTED BY THE BOARD OF DIRECTORS EFFECTIVE OCTOBER 1, 2018

Article 1

GENERAL

1.1The purpose of this Plan is to provide a means by which Directors may purchase shares of Common Stock from the Company with cash compensation payable under the Compensation Policy.  Capitalized terms set forth herein are defined at the end of this Plan.

1.2The Plan is intended to qualify for the limited exemption from stockholder approval pursuant to Nasdaq Listing Rule 5635(c)(2), as a plan that merely provides a convenient way to purchase shares from the Company at market value.

1.3The laws of the State of Delaware will govern all questions concerning the construction, validity and interpretation of this Plan, without regard to that state’s conflict of laws rules.

Article 2

COMMON STOCK SUBJECT TO THE PLAN

2.1Share Reserve.  The total number of shares of Common Stock reserved and available for issuance under the Plan is 1,000,000 shares of Common Stock (the “Share Reserve”). Any shares of Common Stock issued hereunder may consist, in whole or in part, of authorized and unissued shares, treasury shares or shares purchased by the Company on the open market. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust the Share Reserve, as approved by the Board in its sole discretion.

2.2Securities Law Compliance.  No Common Stock may be issued under the Plan unless the shares of Common Stock are covered by an effective registration statement pursuant to the Securities Act and the Plan is in material compliance with all applicable federal, state, foreign and other securities and other laws applicable to the Plan. If on any purchase date, the shares of Common Stock are not so registered or the Plan is not in such compliance, no purchases shall be consummated on such purchase date, and all compensation that would have otherwise been used to purchase shares of Common Stock under the Plan shall be distributed to each Director, as applicable, without interest, as soon as administratively practicable, unless otherwise agreed to between the Director and the Company.

Article 3  

participation

3.1Share Purchases.  To the extent permitted by the Compensation Policy, the cash compensation payable to a Director who has properly elected to receive such cash compensation instead in the form of shares of Common Stock shall be used to purchase shares of Common Stock under the Plan on the date that such cash compensation is payable to the Director under the Compensation Policy.  On such date, the Company shall apply the amount of such cash compensation to the purchase of shares of Common Stock, subject to the limitations and other terms of the Plan.  The purchase price of each share of Common Stock acquired pursuant to the Plan shall be the Market Value on the purchase date.  

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3.2No Fractional Shares.  No fractional shares shall be issued. If the amount of cash compensation remaining payable to a Director after the purchase of shares of Common Stock divided by the Market Value results in an amount less than the amount to purchase one whole share of Common Stock on the purchase date, then such remaining amount shall be distributed to such Director as soon as administratively practicable, unless otherwise agreed to between the Director and the Company.

3.3Maximum Number of Shares. If the purchase of shares of Common Stock on any purchase date would exceed the maximum number of shares remaining available under the Plan or otherwise determined allowable by the Board, then, the number of shares to be purchased shall be reduced to such extent the Board determines permissible and, if there is more than one Director for which shares are to be purchased on such Purchase Date, a pro rata allocation of the shares of Common Stock available under the Plan shall be made in as nearly a uniform manner as shall be practicable and equitable, as determined in the discretion of the Board.

3.4Miscellaneous.  The Board may impose any conditions on purchasing shares of Common Stock under the Plan as it determines appropriate, in its sole discretion.  Nothing contained herein shall be deemed to create a trust of any kind or any fiduciary relationship. To the extent that any person acquires a right to purchase shares of Common Stock from the Company under the Plan, such right shall be no greater than the right of any unsecured general creditor of the Company.  Except to the extent required by law, the right of any Director or any beneficiary to any payment hereunder shall not be subject in any manner to attachment or other legal process for the debts of such Director or beneficiary; and any such benefit or payment shall not be subject to alienation, sale, transfer, assignment or encumbrance.

Article 4

ADMINISTRATION

4.1Administrative Power Generally. The Board shall administer the Plan unless and until the Board delegates administration of the Plan to a Committee or Committees.   Whether or not the Board has delegated administration of the Plan to a Committee, the Board shall have the final power to determine all questions of policy and expediency that may arise in the administration of the Plan. 

4.2Delegation to a Committee. The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board shall thereafter be deemed to refer to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated. 

4.3Specific Administrative Powers.  The Board shall have the power, subject to, and within the limitations of, the express provisions of the Plan, construe and interpret the Plan, and to establish, amend and revoke rules and regulations for its administration, settle all controversies regarding the Plan and purchases under the Plan and suspend or terminate the Plan at any time as provided in Article 5. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective.  The Board shall also have the power to exercise such powers and to perform such acts as it deems necessary or expedient to promote the best interests of the Company and to carry out the intent that the Plan be treated as a purchase plan exempt from the stockholder approval requirements under Nasdaq Listing Rule 5635(c)(2).

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Article 5

AMENDMENT, suspension and termination

5.1Effective Date; Amendment, Suspension and Termination.  The Plan will become effective on the Effective Date.  The Plan may be amended, suspended or terminated in whole or in part from time to time by the Board, in its sole discretion, at any time in any respect the Board deems necessary or advisable.  

5.2Stockholder Approval.  No stockholder approval shall be required for any amendment of the Plan for so long as the Plan is qualified for the limited exemption from stockholder approval under Nasdaq Listing Rule 5635(c)(2) and except as otherwise required by applicable law or listing requirements.

Article 6

DEFINITIONS

6.1“Affiliate” means, at the time of determination, any “parent” or “subsidiary” of the Company as such terms are defined in Rule 405. The Board will have the authority to determine the time or times at which “parent” or “subsidiary” status is determined within the foregoing definition.

6.2“Board” means the Board of Directors of the Company.

6.3 “Capitalization Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject to the Plan without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment.

6.4 “Committee” means a committee of two or more Directors to whom authority has been delegated by the Board in accordance with Article 4.  Unless otherwise provided by the Board, the Committee must consist solely of two or more Non-Employee Directors, in accordance with Rule 16b-3.

6.5“Common Stock” means the Common Stock of the Company.

6.6“Company” means Geron Corporation, a Delaware corporation.

6.7“Compensation Policy” means the Geron Corporation Non-Employee Director Compensation Policy, as it may be amended from time to time.

6.8“Director” has the same meaning as “Non-Employee Director” under the Compensation Policy.  

6.9“Effective Date” means October 1, 2018.

6.10“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

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6.11“Market Value” shall mean, for any given day, the consolidated closing bid price per share of Common Stock as reported by Nasdaq, or the immediately preceding Trading Day if such day is not a Trading Day; provided, however, that in the event the Common Stock is not then listed on a national securities exchange or admitted to unlisted trading privileges on any such exchange, the “Market Value” shall be determined in good faith by the Board. The definition of “Market Value” in this Section 6.11 is intended to comply with the definition of “Market Value” under Nasdaq Listing Rule 5005(a)(22) so that this Plan constitutes a plan or arrangement exempt from the requirement of stockholder approval under Nasdaq Listing Rule 5635(c)(2). Any ambiguities shall be construed and administered in a way that is in compliance with such requirements and rules.

6.12 “Nasdaq Listing Rules” means the Listing Rules adopted by The Nasdaq Stock Market LLC (“Nasdaq”), as the same may be amended from time to time. 

6.13“Non-Employee Director” means a Director who either (i) is not a current employee or officer of the Company or an Affiliate, does not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant or in any capacity other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not possess an interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged in a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a “non-employee director” for purposes of Rule 16b-3. 

6.14“Plan” shall mean the Geron Corporation Directors’ Market Value Stock Purchase Plan, as it may be amended from time to time.

6.15“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time. 

6.16“Rule 405” means Rule 405 promulgated under the Securities Act.

6.17 “Securities Act” means the Securities Act of 1933, as amended.

6.18“Trading Day” means any day on which the exchange(s) or market(s) on which shares of Common Stock are listed or quoted is open for trading.

 

 

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