Document:

Waiver and Second Amendment to Loan and Security Agreement

 EXHIBIT 10.14 

WAIVER AND SECOND AMENDMENT TO 

LOAN AND SECURITY AGREEMENT 

THIS WAIVER AND SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this 5
th day of May, 2010, by and between SILICON VALLEY BANK
(“Bank”) and BECEEM COMMUNICATIONS INC., a Delaware corporation (“Borrower”). 
 RECITALS

 A. Bank and Borrower have entered into that certain Loan and Security Agreement dated as of December 2, 2009
(as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”). 

B. Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement. 

C. Borrower is currently in default of the Loan Agreement for failing to comply with the Tangible Net Worth financial covenant set
forth in Section 6.9(a) of the Loan Agreement for the calendar month ended March 31, 2010 (the “Existing Default”) 

D. Borrower has requested that Bank amend the Loan Agreement to (i) waive the Existing Default and (ii) amend the Loan
Agreement as more fully set forth herein. 
 E. Although Bank is under no obligation to do so, Bank is willing to waive
the Existing Default and so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

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. Definitions.
Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. 
 2.
Waiver of Default. Borrower acknowledges and agrees that unless the Existing Default is waived by Bank, such Existing Default would constitute an Event of Default under the Loan Documents. Bank hereby waives the Existing Default. Bank’s
agreement to waive the Existing Default shall in no way obligate Bank to make any modifications to the Loan Agreement or to waive Borrower’s compliance with any other terms of the Loan Documents, and shall not limit or impair Bank’s right
to demand strict performance of all other terms and covenants as of any date. 

 3. Amendments to Loan Agreement. 

3.1 Section 13 (Definitions). 

(a) Clause (a) of the definition of “Eligible Accounts” is deleted in its entirety and replaced with the following:

 (a) Accounts that an Account Debtor (other than ICOMM Tele Ltd.) has not paid within ninety (90) days of
invoice date regardless of invoice payment period terms; and Accounts that ICOMM Tele Ltd. has not paid within one hundred eighty (180) days of invoice date regardless of invoice payment period terms; 

(b) Clause (p) of the definition of “Eligible Accounts” is deleted in its entirety and replaced with the following:

 (p) Accounts owing from an Account Debtor (other than ICOMM Tele Ltd.) with respect to which Borrower has
received Deferred Revenue (but only to the extent of such Deferred Revenue); 
 (c) The definition of “Total
Liabilities” is deleted in its entirety and replaced with the following: 
 “Total
Liabilities” is on any day, obligations that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness, but excluding (a) all other Subordinated Debt and
(b) obligations of Borrower to issue stock to Intel Capital Corporation pursuant to that certain Warrant to Purchase Common Stock by Borrower in favor of Intel Capital Corporation dated April 16, 2009 with Warrant No. CSW-2. 

3.2 Initial Audit. Notwithstanding the requirements of Section 3.1(j) of the Loan Agreement to the contrary, the Initial
Audit shall not be required to be completed until such time as the balance of Borrower’s unrestricted cash at Bank is less than one hundred fifty percent (150%) of the outstanding Obligations; provided, however, that nothing herein shall
be deemed to restrict Bank’s rights to inspect the Collateral and to audit and copy Borrower’s Books as set forth in Section 6.6 of the Loan Agreement. 

3.3 Approved Foreign Account Debtors. From and after the date hereof, ZTE Corporation, Flextronics Manufacturing (Hong Kong) Ltd.,
Jabil Circuit (Guangzhou) Ltd. and Tricheer Telecommunication Ltd. are added to the list of Approved Foreign Account Debtors set forth in Schedule A of the Loan Agreement. 

3.4 March 2010 Compliance Certificate. Notwithstanding the requirements of Section 6.2(d) of the Loan Agreement to the
contrary, Borrower shall deliver to Bank its Compliance Certificate for the calendar month ended March 31, 2010 on or before May 7, 2010. 

3.5 Compliance Certificate. Exhibit B of the Loan Agreement is replaced in its entirety with Exhibit B attached
hereto. From and after the date of this Amendment, all references in the Loan Agreement to the Compliance Certificate shall be deemed to refer to Exhibit B attached hereto. 

 

 2 

 4. Limitation of Waiver and Amendments. 

4.1 The waiver and amendments set forth in Sections 2 and 3, above, are effective for the purposes set forth herein and shall be
limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have
or may have in the future under or in connection with any Loan Document. 
 4.2 This Amendment shall be construed in
connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full
force and effect. 
 4.3 In addition to those Events of Default specifically enumerated in the Loan Documents, the
failure to comply with the terms of any covenant or agreement contained herein shall constitute an Event of Default and shall entitle the Bank to exercise all rights and remedies provided to the Bank under the terms of any of the other Loan
Documents as a result of the occurrence of the same. 
 5. Representations and Warranties. To induce Bank to enter into
this Amendment, Borrower hereby represents and warrants to Bank as follows: 
 5.1 Immediately after giving effect to
this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (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), and (b) no Event of Default (other than the Existing Default) has occurred and is continuing; 

5.2 Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan
Agreement, as amended by this Amendment; 
 5.3 The organizational documents of Borrower delivered to Bank on the
Effective 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; 

5.4 The 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; 
 5.5 The 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, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction
with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

 

 3 

 5.6 The 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, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or
public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and 

5.7 This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against
Borrower 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. 
 6. Counterparts. This Amendment may be executed in any number of counterparts and all of such
counterparts taken together shall be deemed to constitute one and the same instrument. 
 7. Effectiveness. This
Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto, and (b) payment of Bank’s legal fees and expenses in connection with the negotiation and preparation of this
Amendment. 
 [Signature page follows.] 
  

 4 

 IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above. 
  

			
	BANK
	
	SILICON VALLEY BANK
		
	By:	 	 /s/ Ryan Edwards

	Name:	 	 Ryan Edwards

	Title:	 	 Relationship Manager

	
	BORROWER
	
	BECEEM COMMUNICATIONS INC.
		
	By:	 	 /s/ Alan Krock

	Name:	 	 Alan Krock

	Title:	 	 Chief Financial Officer

 

 [Signature Page to Second Amendment to Loan and Security Agreement] 

 EXHIBIT B 

COMPLIANCE CERTIFICATE 
  

							
	TO:	 	SILICON VALLEY BANK	  		  	Date:
	FROM:	 	BECEEM COMMUNICATIONS INC.	  		  	

 The undersigned authorized officer of BECEEM COMMUNICATIONS INC. (“Borrower”) certifies
that under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): 

(1) Borrower is in complete compliance for the period ending
                         with all required covenants except as noted below; (2) there are no Events of Default; (3) all
representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that
already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such
date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except
as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower
has not previously provided written notification to Bank. 
 Attached are the required documents supporting the certification.
The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested
at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined
herein shall have the meanings given them in the Agreement. 
 Please indicate compliance status by circling Yes/No under
“Complies” column. 
  

					
	 Reporting Covenant
	  	 Required
	  	 Complies

	 Transaction Reports
	  	Weekly*	  	Yes No
	 Monthly financial statements with Compliance Certificate
	  	Monthly within 30 days	  	Yes No
	 Annual financial statement (CPA Audited) + CC
	  	FYE within 180 days	  	Yes No
	 10-Q, 10-K and 8-K
	  	Within 5 days after filing with SEC	  	Yes No
	 A/R & A/P Agings and Deferred Revenue Report
	  	Monthly within 20 days	  	Yes No
	 Annual Board Approved Financial Projections
	  	FYE within 30 days	  	Yes No

  

	*	Required monthly during any Streamline Period and not required at any time when no Obligations are outstanding 

 

										
	 Financial Covenant
	  	Required	 	 	Actual	  	 Complies

	 Maintain on a Monthly Basis:
	  				 			  	
	 Minimum Tangible Net Worth
	  	$	20,000,000	** 	 	$	            	  	Yes No

  

	**	plus, commencing with the month ending September 30, 2010, (i) 50% of quarterly Net Income after the Effective Date (without reduction for any losses), plus
(ii) 50% of proceeds from the issuances of equity after the Effective Date, plus (iii) 50% of Subordinated Debt proceeds received by Borrower after the Effective Date 

 

 Exhibit B Page 1 

					
	 Performance Pricing*
	  	 Applies

	Adjusted Quick Ratio 3 1.50:1.00	  	Greater of Prime or 4%	  	Yes No
	Adjusted Quick Ratio < 1.50:1.00	  	(a) Greater of Prime or 4% +(b) 0.25%	  	Yes No

 The following
financial covenant analyses and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this Certificate. 

The following are the exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions to
note.”) 
  
  

 
  
  

 
  

					
	 BECEEM COMMUNICATIONS INC.
	 	BANK USE ONLY
			
	 By:
	 	Received by:	 	  

	 Name:

Title:
	 		 	 AUTHORIZED SIGNER

		 	Date:	 	  

			
		 	Verified:	 	  

		 		 	 AUTHORIZED SIGNER

			
		 	Date:	 	  

		 		 	
		 	Compliance Status:	 	 Yes    No

  

 Exhibit B Page 2 

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 

In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 

Dated:
                         
  

	I.	Minimum Tangible Net Worth (Section 6.9(a)) 

  

			
		
	Required:	  	$20,000,000 plus, commencing with the month ending September 30, 2010, (i) 50% of quarterly Net Income after the Effective Date (without reduction for any losses), plus
(ii) 50% of proceeds from the issuances of equity after the Effective Date, plus (iii) 50% of Subordinated Debt proceeds received by Borrower after the Effective Date

Actual: 
  

					
	A.	  	Aggregate value of total assets of Borrower and its Subsidiaries	  	$            
			
	B.	  	Aggregate value of goodwill of Borrower and its Subsidiaries	  	$            
			
	C.	  	Aggregate value of intangible assets of Borrower and its Subsidiaries	  	$            
			
	D.	  	Aggregate value of any reserves not already deducted from assets	  	$            
			
	E.	  	Aggregate value of liabilities that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness (excluding
obligations of Borrower to issue stock to Intel Capital Corporation pursuant to that certain Warrant to Purchase Common Stock by Borrower in favor of Intel Capital Corporation dated April 16, 2009 with Warrant No. CSW-2)	  	$            
			
	F.	  	Aggregate value of Indebtedness of Borrower subordinated to Borrower’s Indebtedness to Bank	  	$            
			
	G.	  	Tangible Net Worth (line A minus line B minus line C minus line D minus line E plus line F)	  	$            
			
	H.	  	50% of quarterly Net Income after the Effective Date (without reduction for any losses)	  	$            
			
	I.	  	50% of proceeds from the issuances of equity after the Effective Date	  	$            
			
	J.	  	50% of Subordinated Debt proceeds received by Borrower after the Effective Date	  	$            
			
	K.	  	Minimum Tangible Net Worth ($20,000,000) plus line H plus line I plus line J	  	$            

  

			
	No, not in compliance	  	             Yes, in compliance

Exhibit B Page 3FORM OF SENIOR NOTE

 Exhibit 4.1 

10% SENIOR PROMISSORY NOTE 

$                     

 COMPREHENSIVE CARE CORPORATION 

promises to pay to the order of Lloyd I. Miller, III, the principal sum of
$             (                     Dollars and
                     Cents) on April 15, 2012 in accordance with the terms and provisions attached hereto and incorporated herein.

 10% SENIOR PROMISSORY NOTE 

DUE APRIL 15, 2012 

Interest Payment Dates:   April 15 and October 15 

 

			
	Dated:
	
	 COMPREHENSIVE CARE CORPORATION

		
	 By 
	 	 
		 	 Mr. Giuseppe Crisafi

Chief Financial Officer

Comprehensive Care Corporation

(Seal) 

 COMPREHENSIVE CARE CORPORATION 

10% Senior Note 

Due April 15, 2012 

1. Interest. Comprehensive Care Corporation, a Delaware corporation (the “Company”), promises to pay interest on the
principal amount of this Senior Note (the “Note”) at the rate per annum shown above. The Company will pay interest semiannually on April 15 and October 15 of each year, commencing October 15, 2010. Interest on the Note will
accrue from the most recent date to which interest has been paid or, if no interest has been paid, from April 15, 2010. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

2. Method of Payment. The Company will pay principal and interest in money of the United States that at the time of payment is
legal tender for payment of public and private debts. The Company shall make payment to the Holder of the Note at the Holder’s address as set forth herein (or such other address as provided to the Company in accordance with Section 12
below). 
 4. Optional Prepayment. The Company may prepay all or any part of the Note at any time or from time to time by
paying to the Holder cash equal to the face amount to be redeemed, plus accrued interest thereon. The Company shall make payment for any optional prepayment within five (5) days following the expiration of thirty (30) days from delivery by
the Company to the Holder of written notice of the Company’s intent to make such prepayment. 
 5. Notice of
Prepayment. Notice of prepayment will be mailed at least 30 days before the prepayment date to the Holder at the registered address of such holder as set forth herein. 

8. Amendments and Waivers. This Note may not be amended or modified without the written consent of the Holder and the Company.

 9. Defaults and Remedies. An Event of Default shall mean: (i) a default for 30 days or more in
payment of interest on the Note, (ii) a default in payment of principal on the Note, (iii) failure by the Company for 30 days after notice to it to comply with any of its other obligations under this Note, including the agreements set
forth on Annex A attached hereto, (iv) the Company shall file for relief under any chapter of the U.S. Bankruptcy Code, (v) any involuntary petition under the U.S. Bankruptcy Code shall be filed against the Company, (vi) any material
proceeding, procedure or remedy supplementary to or in enforcement of judgment shall be resorted to or commenced against the Company, or with respect to any of its property which is not discharged, stayed or bonded within 30 days, (vii) any
governmental authority or any court at the insistence thereof shall take possession of any substantial part of the property of or assume control over the affairs or operations of, or a receiver shall be appointed for or take possession of the
property of, or a writ or order of attachment or garnishment shall be issued or made against any of the property of the Company, (viii) the Company shall be dissolved, wound up, liquidated or otherwise terminated without the written consent of
Holder or (ix) the Company shall transfer or sell substantially all or an integral portion of its assets without the written consent of Holder. If an Event of Default occurs and is continuing, the Holder may declare this Note to be due and
payable immediately, except that in the case of an Event of Default arising under clauses (iv), (v) or (vi) above this Note shall become due and payable immediately without further action or notice. 

 10. Reimbursement of Costs. The Company agrees to reimburse Holder for all costs and
expenses (including Holder’s reasonable attorneys’ fees) incurred by Holder in collecting any amounts due to Holder pursuant to this Note or otherwise enforcing Holder’s rights or the Company’s obligations under this Note.

 11. Usury. It is the intention of the Company and Holder to conform strictly to applicable usury laws. Accordingly, if
the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any agreement entered into in connection with or as security for this note, it is agreed as follows:
(i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under this note or under any of the other aforesaid agreements or otherwise in connection with
this note shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited on this note by the holder hereof (or, if this note shall have been paid in full, refunded to the Company);
(ii) determination of the rate of interest for determining whether the loans hereunder are usurious shall be made by amortizing, prorating, allocating and spreading, during the full stated term of such loans, all interest at any time contracted
for, charged or received from the Company in connection with such loans, and any excess shall be cancelled, credited or refunded as set forth in item (i) herein; and (iii) in the event that maturity of this note is accelerated by reason of
an election by the holder hereof resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount allowed by
applicable law, and excess interest, if any, provided for in this note or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited on this note (or if this note shall
have been paid in full, refunded to the Company). 
 12. Notices. Notices and other communications provided for
herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax, as follows: 

if to the Company, at: 

3405 W. Dr. Martin Luther King Jr. Blvd., Suite 101, Tampa, FL 33607 

if to the Holder, at              

All such notices and other communications (i) sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed
to have been given when received or (ii) sent by fax shall be deemed to have been given when sent and when receipt has been confirmed by telephone; provided that if not given during normal business hours for the recipient, shall be deemed to
have been given at the opening of business on the next business day for the recipient. The Company or the Holder may change its address or fax number for notices and other communications hereunder by notice to the other party in accordance with the
provisions hereof. 

 Annex A 

Covenants of the Company 
  

	1.	Payment of the Notes 

 The Company shall
pay the principal of and interest on the Notes on the dates and in the manner provided in the Note. The Company shall pay interest on overdue principal at the rate borne by the Notes; it shall pay interest on overdue installments of interest at the
same rate to the extent lawful. 
  

	2.	Compliance Certificate 

 The Company shall
deliver to the Noteholders, within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate stating whether or not the signers know of any default that occurred during the fiscal year. If they do, the certificate
shall describe the default and its status. 
 The Company will, so long as the Notes are outstanding, deliver to the Noteholders, forthwith upon
becoming aware of any default, Event of Default or default in the performance of any covenant, agreement or condition in this Note, an Officers’ Certificate specifying such default, Event of Default or default in performance. 

 

	3.	Continued Existence 

 Subject to
Section 4, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its existence as a corporation. 
  

	4.	When Company May Merge, etc. 

 The Company
shall not consolidate or merge into, or transfer or lease all or substantially all of its assets to, any person unless: 
  

	 	a.	the person is a corporation organized and existing under the laws of the United States, any state thereof or the District of Columbia; 

 

	 	b.	the person assumes all obligations of the Company under the Note; and 

  

	 	c.	immediately after the transaction no default or Event of Default exists. 

The surviving corporation shall be the successor Company, but the predecessor Company in the case of a transfer or lease shall not be released from the
obligation to pay the principal of and interest on the Notes.

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