Document:

Exhibit 10.28

    

    

    SUPPLEMENTAL INDENTURE AND WAIVER

    

    

    THIS SUPPLEMENTAL INDENTURE AND WAIVER (this “Supplemental Indenture”), dated as of December 20, 2019, is between A.M. Castle & Co., a Maryland corporation (the “Company”), the
      Guarantors (as defined in the Indenture), and Wilmington Savings Fund Society, FSB, as trustee (in such capacity, the “Trustee”) and as collateral agent (in such capacity, the “Collateral Agent”).

    

    

    W I T N E S S E T H

    

    

    WHEREAS, the Company and the Guarantors have heretofore executed and delivered to the Trustee and the Collateral Agent an indenture, dated as of August 31, 2017 (as amended, restated, supplemented,
      or otherwise modified from time to time, the “Indenture”), providing for the issuance of 5.00%/7.00% Convertible Senior Secured PIK Toggle Notes due 2022 (the “Notes”);

    

    

    WHEREAS, Section 9.02 of the Indenture permits the execution of supplemental indentures for the purpose of waiving compliance with any provision of the Indenture with the consent of the Holders of at
      least a majority in aggregate principal amount of the then outstanding Notes voting as a single class;

    

    

    WHEREAS, by way of a Noteholder Consent dated as of the date hereof, the Holders of more than a majority in aggregate principal amount of the outstanding Notes have consented in writing to the waiver
      as set forth in this Supplemental Indenture;

    

    

    WHEREAS, by way of resolutions dated as of the date hereof, the Board of Directors of the Company established a Special Committee to approve amendments and modifications to the Indenture;

    

    

    WHEREAS, by way of resolutions dated as of the date hereof, the Special Committee has authorized the execution and delivery by the Company of this Supplemental Indenture;

    

    

    WHEREAS, by way of a request letter dated as of the date hereof, the Company has requested the Trustee and Collateral Agent to join it in the execution of this Supplemental Indenture;

    

    

    WHEREAS, pursuant to Section 9.02 of the Indenture, the Trustee and the Collateral Agent are each authorized to execute and deliver this Supplemental Indenture; and

    

    

    WHEREAS, all conditions to the execution and delivery of this Supplemental Indenture pursuant to Sections 9.02, 9.06, 12.04 and 12.05 of the Indenture have been satisfied, each party hereto has duly
      authorized the execution and delivery of this Supplemental Indenture and all other acts necessary to make this Supplemental Indenture a valid, binding and legal supplement to the Indenture have been duly taken by the Company and the Guarantors.

    
      
        

    

    NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company, each Guarantor, the Trustee, and the
      Collateral Agent mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

    

    

    (1)          Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

    

    

    (2)          Waiver. As of the date hereof, the requirements of Section 4.17 of the Indenture are hereby waived with respect to the Premises listed on Exhibit A hereto; provided, however that notwithstanding the foregoing, by February 17, 2020 (subject to the following provisos, the “Mortgage Deadline”), the Company shall provide a Mortgage duly executed by the Company or
      the applicable Guarantor, as applicable, with respect to the Premises listed on Exhibit A (the “New Mortgages”) and arrange for the filing of each such New Mortgage; provided further, that the
      Company shall promptly after execution and delivery of such New Mortgages provide an Officer’s Certificate to the Trustee, acknowledged and agreed by each of the Consenting Holders (as defined in that certain Noteholder Consent dated as of the date
      hereof delivered in connection with this Supplemental Indenture), certifying that attached thereto are true and correct copies of such New Mortgages; provided further, that the Mortgage Deadline may be
      extended by one or more additional 30 day periods upon the Company delivering an Officer’s Certificate to the Trustee, acknowledged and agreed by each of the Consenting Holders (as defined in that certain Noteholder Consent dated as of the date
      hereof delivered in connection with this Supplemental Indenture) notifying the Trustee of such extension of the Mortgage Deadline and setting forth the new Mortgage Deadline; provided further, that for the avoidance of doubt, no Opinion of Counsel
      shall be required in connection with the New Mortgages or any Officer’s Certificate delivered in connection therewith or referenced in the preceding provisos.

    

    

    (3)          No Recourse Against Others. No past, present or future director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as such, will have any liability
      for any obligations of the Company or the Guarantors under the Notes Documents or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note
      waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws.

    

    

    (4)          GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE, THE INDENTURE AND THE OTHER NOTES DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS
      APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. EACH OF THE PARTIES HERETO AGREES
      TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE OTHER NOTES DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED BY THE INDENTURE.

    
      
        

    

    (5)          Effectiveness & Counterparts. This Supplemental Indenture shall become effective as of the date first above written upon execution and delivery of counterparts of this
      Supplemental Indenture by the Trustee, the Collateral Agent, each Guarantor and the Company.  The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same
      agreement.

    

    

    (6)          Ratification of Indenture; Supplemental Indenture Part of Indenture. The Indenture, after giving effect to this Supplemental Indenture, is in all respects ratified and confirmed
      and all the terms, conditions and provisions thereof shall remain in full force and effect. Upon and after execution of this Supplemental Indenture, this Supplemental Indenture shall form a part of the Indenture for all purposes and each reference in
      the Indenture to “this Indenture,” “hereunder,” “hereof” or words of like import referring to the Indenture shall mean and be a reference to the Indenture as modified hereby. In addition, every Holder of Notes heretofore or hereafter authenticated
      and delivered shall be bound hereby.

    

    

    (7)          Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

    

    

    (8)          Severability. In case any provision in this Supplemental Indenture is held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
      will not in any way be affected or impaired thereby.

    

    

    (9)          Successors. All agreements in this Supplemental Indenture by the parties hereto shall bind their successors.

    

    

    (10)        The Trustee and Collateral Agent. The Trustee and the Collateral Agent shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this
      Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guarantors and the Company.

    

    

    [Remainder of Page Intentionally Left Blank; Signature Page Follows]

    
      
        

    

    

    

    IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.

    

    

    

    

    	 	
            A.M. CASTLE & CO.

          
	 	
            TOTAL PLASTICS, INC.

          
	 	
            HY-ALLOY STEELS COMPANY

          
	 	
            KEYSTONE TUBE COMPANY, LLC

          
	 	
            KEYSTONE SERVICE, INC.

          
	 	
            A.M. CASTLE & CO. (CANADA) INC.

          
	 	 	 
	 	
            By:

          	
             /s/ Jeremy Steele

          
	 	
            Name:

          	
            Jeremy Steele

          
	 	
            Title:

          	
            Secretary

          

    

    

    

    

    	 	
            CASTLE METALS DE MEXICO, S.A. DE C.V.

          
	 	
            CASTLE METALS DE MEXICALI, S.A. DE C.V.

          
	 	 	 
	 	
            By:

          	
             /s/ Jeremy Steele

          
	 	
            Name:

          	
            Jeremy Steele

          
	 	
            Title:

          	
            Vice President of the Board of Directors

          

    

    

    SUPPLEMENTAL INDENTURE AND WAIVER

    

    
      
        

    

    

    

    	 	
            WILMINGTON SAVINGS FUND SOCIETY,

          
	 	
            FSB, as Trustee and Collateral Agent

          
	 	 	 
	 	
            By:

          	
            /s/ Geoffrey J. Lewis

          
	 	
            Name:

          	
             Geoffrey J. Lewis

          
	 	
            Title:

          	
            Vice President

          

     

    

    
      

      

      SUPPLEMENTAL INDENTURE AND WAIVER

    

    
      
        

    

    Exhibit A

    

    

    Premises

    

    

    11125 Metromont Parkway, Charlotte, North Carolina

    

    

    299 Canal Road, Fairless Hills, Pennsylvania

    

    

    2602 Pinewood Drive, Grand Prairie, Texas

    

    

    520 Mercy St, Selkirk Manitoba Canadaarna-ex43_819.htm

Exhibit 4.3

 

DESCRIPTION OF THE REGISTRANT’S COMMON STOCK

The following summary describes the material terms of the common stock, par value $0.0001 per share, of Arena Pharmaceuticals, Inc. (“we,” “us” and “our”). The description of common stock is qualified by reference to our amended and restated certificate of incorporation and our amended and restated bylaws, which are incorporated by reference as exhibits to the Annual Report on Form 10-K of which this exhibit is a part.

General

Our amended and restated certificate of incorporation, as amended, authorizes us to issue 73,500,000 shares of common stock. In addition, under our amended and restated certificate of incorporation, as amended, our board of directors has the authority, without further action by stockholders, to designate up to 7,500,000 shares of preferred stock, par value $0.0001 per share, in one or more series and to fix the rights, preferences, privileges, qualifications and restrictions granted to or imposed upon the preferred stock, including dividend rights, conversion rights, voting rights, rights and terms of redemption, liquidation preference and sinking fund terms, any or all of which may be greater than the rights of our common stock. The issuance of preferred stock could adversely affect the voting power of holders of common stock and reduce the likelihood that common stockholders will receive dividend payments and payments upon liquidation.  The issuance could also have the effect of decreasing the market price of the common stock. The issuance of preferred stock also could have the effect of delaying, deterring or prevent a change in control of us. All of our authorized shares of preferred stock are currently undesignated and no shares of preferred stock are issued and outstanding.  

Our common stock is listed on the Nasdaq Global Select Market under the symbol “ARNA.”

Voting 

Common stockholders are entitled to one vote per share for the election of directors and on all other matters that require common stockholder approval.

Dividends and Other Distributions

Holders of our common stock are entitled to share in an equal amount per share in any dividends declared by our board of directors on the common stock and paid out of legally available assets.

Distribution on Dissolution

Subject to any preferential rights of any outstanding preferred stock, in the event of our liquidation, dissolution or winding up, holders of our common stock are entitled to share ratably in the assets remaining after payment of liabilities and the liquidation preferences of any outstanding preferred stock.

Other Rights 

Our common stock does not carry any preemptive rights enabling a holder to subscribe for, or receive shares of, any class of our common stock or any other securities convertible into shares of any class of our common stock, or any redemption rights.

Anti-Takeover Provisions

Delaware Law. We are governed by the provisions of Section 203 of the Delaware General Corporation Law. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date of the transaction in which the person became an interested stockholder, unless (i) before the date that the person became an “interested stockholder,” our board of directors approved either the “business combination” or the transaction which makes the person an “interested stockholder,” (ii) the “interested stockholder” owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares 

 

 

 

outstanding (a) shares owned by persons who are directors and also officers and (b) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer, or (iii) after the date that the person became an “interested stockholder,” the business combination is approved by our board of directors and the vote of at least 66 2/3% of our outstanding voting stock that is not owned by the “interested stockholder.” Generally, a “business combination” includes (A) any merger or consolidation involving the corporation and the interested stockholder, (B) any sale, transfer, pledge or other disposition involving the interested stockholder of 10% or more of the assets of the corporation, (C) subject to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder, (D) any transaction involving the corporation that has the effect of increasing the proportionate share of its stock owned by the interested stockholder, or (E) the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation. An “interested stockholder” is a person who either owns 15% or more of our outstanding voting stock or, together with affiliates and associates, owns or, within three prior years, did own, 15% or more of our outstanding voting stock. The statute could have the effect of delaying, deferring or preventing a change in our control.

Bylaw and Certificate of Incorporation Provisions. Our amended and restated bylaws provide that special meetings of our stockholders may be called by our board of directors or President. Our amended and restated certificate of incorporation (i) specifies that the authorized number of directors shall be fixed by our board of directors in the manner provided by our amended and restated bylaws, which provide that the number of directors constituting our board of directors shall be fixed from time to time by resolution passed by a majority of our board of directors and (ii) does not include a provision for cumulative voting for directors. Under cumulative voting, a minority stockholder holding a sufficient percentage of a class of shares may be able to ensure the election of one or more directors. These and other provisions contained in our amended and restated certificate of incorporation and amended and restated bylaws could delay or discourage transactions involving an actual or potential change in control of us or our management, including transactions in which stockholders might otherwise receive a premium for their shares over then current prices. Such provisions could also limit the ability of stockholders to remove current management or approve transactions that stockholders may deem to be in their best interests and could adversely affect the price of our common stock.

Transfer Agent and Registrar

The transfer agent and registrar for our common stock is Computershare Trust Company, N.A.

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