Document:

exv10w1

 

Exhibit 10.1

FOURTH MODIFICATION AGREEMENT

     THIS FOURTH MODIFICATION AGREEMENT (this “Modification”), dated as of the
20th of November, 2006, by and among NEIGHBORHOODS CAPITAL, LLC, a Virginia limited
liability company (“Capital”), the limited liability companies identified above their executions
hereof as Borrowers or Guarantors (Capital and each of the Borrowers and Guarantors, individually,
an “Obligor”, and collectively, the “Obligors”); the parties identified above their executions
hereof as Lenders and other Lenders who may become a party to the Agreement (as hereinafter
defined) (each, a “Lender” and, collectively, the “Lenders”) and WACHOVIA BANK, NATIONAL
ASSOCIATION, a national banking association, as a Lender, as Agent for the Lenders and as Issuing
Lender.

RECITALS:

     WHEREAS, pursuant to a First Modified and Restated Loan Agreement dated November 15, 2004, as
modified in a First Modification Agreement dated July 11, 2005, a Second Modification Agreement
dated December 28, 2005, and a Third Modification Agreement dated October 5, 2006, by and among
the Obligors, the Lenders and the Agent (the “Agreement”), the Lenders have made a Credit Facility
in the principal amount not to exceed at any time outstanding $150,000,000 available to the
Obligors;

     WHEREAS, the Obligors, the Lenders and the Agent desire to modify, amend and confirm the
Agreement and the other Loan Documents (as hereinafter defined) as set forth in this Modification;
and

     WHEREAS, capitalized terms used but not defined in this Modification shall have the meanings
ascribed to them in the Agreement; the Obligors’ respective indebtedness, duties and obligations
under the Agreement and the other Loan Documents are hereinafter collectively called the
“Obligations”; and all liens, security interests, assignments, superior titles, rights, remedies,
powers, equities and priorities securing the Agreement and/or the other Loan Documents or
providing to Lenders recourse with respect thereto, are hereinafter collectively called the
“Liens.”

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Obligors, the Lenders and the Agent agree to modify the Agreement as more
specifically set forth below.

1. Incorporation of Recitals; Defined Terms.

     The Recitals to this Modification are hereby incorporated into this Modification and made a
part hereof.

 

 

2. Modification to Certain Provisions of Agreement.

     (a) The definition of “Adjusted EBITDA” set forth in Section 1.1 of the Agreement
is hereby modified and restated as follows:

     “Adjusted EBITDA” means, as of the last day of any Fiscal Quarter, the sum of
(i) net income plus (ii) state and federal income taxes plus (iii)
amortization and depreciation expense plus (iv) interest expense in cost of goods
sold plus (v) interest expense from operations plus (vi) write-off of
impairment charges and other non-cash charges and expenses, determined in each case for
Capital and its Subsidiaries on a consolidated basis for the four (4) Fiscal Quarters then
ended.

     (b) The definition of “Tangible Net Worth” set forth in Section 1.1 of the Agreement is
hereby modified and restated as follows:

     “Tangible Net Worth” means the amount by which (a) the Total Tangible Assets
exceed (b) total consolidated liabilities, determined in each case for Capital and its
Subsidiaries on a consolidated basis.

     (c) The definition of “Total Liabilities” set forth in Section 1.1 of the Agreement
is hereby modified and restated as follows:

     “Total Liabilities” means (a) all liabilities as shown on the consolidated
balance sheet of Capital and its Subsidiaries in accordance with GAAP and Fin 46, (b) all
outstanding loan balances associated with recourse obligations of Capital and its
Subsidiaries not shown on the consolidated balance sheet of Capital and its Subsidiaries,
(c) the principal amount of all surety bonds, letters of credit and/or tri-party agreements
whether presented for payment or not but excluding municipal performance bonds,
letters of credit and other performance related liabilities for which payment has not
been demanded by the beneficiary and for which reimbursement by Capital or the
applicable Subsidiary has not been made, (d) net liabilities of Capital and its
Subsidiaries under Hedge Agreements, (e) any liabilities of partnerships or joint
ventures that should be included in the consolidated financial statements of Capital
and its Subsidiaries in accordance with Fin 46, and (f) any non-option related
purchase agreements for which Capital or any of its Subsidiaries is obligated to pay
at a future date.

     (d) The definition of “Total Tangible Assets” set forth in Section 1.1 of the Agreement
is hereby modified and restated as follows:

     “Total Tangible Assets” means the amount by which total consolidated assets of
Capital and its Subsidiaries exceed the value of any non-compete agreement, software
rights, acquired customer relationships, order backlog, goodwill, the amount by which the
cost of any acquisition exceeds the book value thereof and other items customarily treated
as intangibles under GAAP.

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     (e) Section 8.1 of the Agreement is hereby modified and restated as follows:

     Section 8.1 Liquidity.

     Capital shall maintain on a consolidated basis as of the end of each Fiscal Quarter
Unencumbered and Unrestricted Liquid Assets in an amount not less than $5,000,000.

     (f) Section 8.2 of the Agreement is hereby modified and restated as follows:

     Section 8.2 Adjusted EBITDA to Debt Service.

     Capital shall maintain on a consolidated basis a ratio of Adjusted EBITDA to Debt
Service of not less than 2.50 to 1.00 calculated quarterly on a rolling four (4) quarter
basis.

     (g) Section 8.3 of the Agreement is hereby modified and restated as follows:

     Section 8.3 Tangible Net Worth.

     Capital shall maintain on a consolidated basis a minimum Tangible Net Worth equal to
$32,000,000 from the date of Closing through and including December 31, 2003. Each December
31st thereafter, the minimum Tangible Net Worth (for such date and the following Fiscal
Year through and including December 31st) will increase by twenty-five percent (25%) of
Capital’s net income for the most recently ended Fiscal Year. Notwithstanding the above,
quarterly testing of minimum Tangible Net Worth on March 31st, June 30th and September 30th
of each Fiscal Year shall allow for a ten percent (10%) reduction of Tangible Net Worth as
it may apply solely to the payment of federal and state income taxes.

3. Representations and Warranties.

     The Obligors, respectively, hereby reaffirm all of representations and warranties set forth
in the Agreement and the other Loan Documents, and further represent and warrant that (a) the
execution and delivery of this Modification do not contravene, result in a breach of, or
constitute a default under, any deed of trust, loan agreement, indenture or other contract or
agreement to which any Obligor is a party or by which any Obligor or any of its properties may be
bound (nor would such execution and delivery constitute such a default with the passage of time or
the giving of notice or both), and do not violate or contravene any law, order, decree, rule,
regulation or restriction to which any Obligor or any of its properties is subject; (c) this
Modification constitutes the legal, valid and binding obligation of each Obligor, enforceable in
accordance with its terms; (d) the execution and delivery of, and performance under, this
Modification are within each Obligor’s power and authority without the joinder or consent of any
other party and are not in contravention of any law and have been duly authorized by all requisite
action, and, are not in contravention of such Obligor’s certificate of organization, operating
agreement or other limited liability company organizational documents if the Obligor is a limited
liability

3

 

company or such Obligor’s certificate of incorporation, by-laws or other corporate organizational
documents if the Obligor is a corporation; (e) there exists no default under the Agreement or any
other Loan Document; (f) there are no offsets, claims or defenses with respect to the Obligations
or the Agreement or any other Loan Document; and (g) each Obligor other than S-M Financing is a
duly organized and legally existing limited liability company in good standing under the laws of
the Commonwealth of Virginia or, in the case of S-M Communities, Delaware, each Guarantor other
than S-M Financing and S-M Communities is qualified to do business in the State of Maryland and S-M
Financing is a duly organized and legally existing corporation in good standing under the laws of
Delaware. Each Obligor further represents and warrants that, except as disclosed in writing to the
Agent, there is no suit, judicial or administrative action, claim, investigation, inquiry,
proceeding or demand pending (or, to such Obligor’s knowledge, threatened) against (i) any Obligor,
or (ii) which affects the Collateral or any Obligor’s title to the Collateral purported to be owned
by such Obligor, or (iii) which affects the validity, enforceability or priority of the Agreement
or any other Loan Document or any Lien. Each Obligor, jointly and severally, agrees to indemnify
and hold the Lenders harmless against any loss, claim, damage, liability or expense (including,
without limitation, reasonable attorneys’ fees) incurred as a result of any representation or
warranty made by any Obligor herein which proves to be untrue or inaccurate in any material
respect, and that, at Agent’s option, any such occurrence shall constitute an Event of Default.

4.
Renewal; Lien Continuation; No Novation.

     The Obligors, respectively, hereby renew the Obligations for which they are responsible under
the Agreement, as modified by this Modification, and under the other Loan Documents and promise to
pay and perform all Obligations for which they are responsible under the Agreement, as modified by
this Modification, and the other Loan Documents. The Obligors, respectively, ratify and confirm
the Liens as valid, subsisting and continuing to secure the Obligations, as modified by this
Modification. This Modification shall not in any manner diminish, impair, release, waive or
extinguish the Obligations or the Liens. The execution and delivery of this Modification shall not
constitute a novation of the debt evidenced and secured by the Agreement and the other Loan
Documents.

5. Miscellaneous.

     Unless specifically modified in this Modification, all terms of the Agreement and the other
Loan Documents shall remain in full force and effect. To the extent of any direct conflict between
the Agreement and the other Loan Documents and this Modification, this Modification shall control.
This Modification (a) shall bind and benefit the parties hereto and their respective successors
and assigns; (b) shall be governed by the laws of the Commonwealth of Virginia and United States
federal law; and (c) may be executed in several counterparts, and by the parties hereto on
separate counterparts, and each counterpart, when executed and delivered, shall constitute an
original agreement enforceable against all who signed it without production of or accounting for
any other counterpart, and all separate counterparts shall constitute the same agreement.

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\

6. Reaffirmation of Guaranty.

     Without limiting the other provisions of this Modification, each Guarantor hereby consents to
and joins in this Modification and hereby declares to and agrees with the Lenders that the Guaranty
is and shall continue in full force and effect for the benefit of Lenders with respect to the
Obligations, as modified by this Modification, that there are no offsets, claims or defenses of
Guarantor with respect to the Guaranty or the Obligations, that the Guaranty is not diminished or
impaired, released, waived or extinguished in any way by this Modification or the transactions
contemplated hereby, and that the Guaranty is hereby ratified and confirmed in all respects. Each
Guarantor further hereby reaffirms all of the representations and warranties set forth in the
Guaranty. Each Guarantor acknowledges that the Lenders would not execute this Modification or
otherwise consent to its terms without the foregoing agreements.

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     WITNESS THE FOLLOWING EXECUTIONS AND SEALS.

	 	 	 	 	 
	OBLIGORS:	 	 
	 
	 	 	 	 
	BORROWERS:	 	 
	 
	 	 	 	 
	NEIGHBORHOODS CAPITAL, LLC
	 
	 	 	 	 
	By:

	 	/s/ Martin K. Alloy
	 	(SEAL)
	 

	 	 	 	 
	 

	 	Name: Martin K. Alloy	 	 
	 

	 	Title: Chairman	 	 

BRAM NEIGHBORHOODS, LLC,

GLENKIRK NEIGHBORHOODS, LLC,

GLYNN TARRA ESTATES, LLC,

NEIGHBORHOODS I, L.L.C.,

NEIGHBORHOODS II, LLC,

NEIGHBORHOODS III, LLC,

NEIGHBORHOODS IV, LLC,

COLES RUN NEIGHBORHOODS, LLC,

ZION NEIGHBORHOODS, LLC,

WALL NEIGHBORHOODS, LLC,

MARUMSCO NEIGHBORHOODS, LLC,

NEIGHBORHOODS VI, LLC,

BEECH GROVE NEIGHBORHOODS, LLC,

NEIGHBORHOODS V, LLC,

LANDMARK NEIGHBORHOODS, LLC,

BRAM III NEIGHBORHOODS, LLC,

OLD DOMINION NEIGHBORHOODS, LLC,

SPRING PARK NEIGHBORHOODS, LLC,

FAIR OAKS NEIGHBORHOODS, LLC and

SHIRLINGTON NEIGHBORHOODS, LLC

	 	 	 	 	 	 	 
	By:	 	NEIGHBORHOODS CAPITAL, LLC,	 	 
	 	 	     its Sole Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Martin K. Alloy
	 	(SEAL)
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Martin K. Alloy	 	 
	 

	 	 	 	Title: Chairman	 	 

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	GUARANTORS:	 	 
	 
	 	 	 	 
	STANLEY-MARTIN COMMUNITIES, LLC

    a Delaware limited liability company	 	 
	 
	 	 	 	 
	By:

	 	/s/ Martin K. Alloy
	 	(SEAL)
	 

	 	 	 	 
	 

	 	Name: Martin K. Alloy	 	 
	 

	 	Title: Chairman	 	 
	 
	 	 	 	 
	STANLEY-MARTIN
FINANCING CORP.,

   a Delaware corporation	 	 
	 
	 	 	 	 
	By:

	 	/s/ Martin K. Alloy
	 	(SEAL)
	 

	 	 	 	 
	 

	 	Name: Martin K. Alloy	 	 
	 

	 	Title: Chairman	 	 

KF NEIGHBORHOODS, L.L.C.,

KF II NEIGHBORHOODS, LLC and

WILDEWOOD NEIGHBORHOODS, LLC

	 	 	 	 	 	 	 
	By:	 	NEIGHBORHOODS CAPITAL, LLC,	 	 
	 	 	     its Sole Mamber	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Martin K. Alloy
	 	(SEAL)
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Martin K. Alloy	 	 
	 

	 	 	 	Title: Chairman	 	 

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	AGENT AND LENDER:	 	 
	 
	 	 	 	 
	WACHOVIA BANK,
NATIONAL ASSOCIATION, 

    as Agent and Lender, including 

    as successor in merger to SouthTrust
Bank	 	 
	 
	 	 	 	 
	By:

	 	/s/ Michael R. Jordan
	 	(SEAL)
	 

	 	 	 	 
	 

	 	Name: Michael R. Jordan	 	 
	 

	 	Title: SVP	 	 

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	OTHER LENDERS:	 	 
	 
	 	 	 	 
	BRANCH BANKING AND TRUST COMPANY
	 
	 	 	 	 
	By:

	 	/s/ Greg E. Dougherty
	 	(SEAL)
	 

	 	 	 	 
	 

	 	Name: Greg E. Dougherty	 	 
	 

	 	Title SVP	 	 
	 
	 	 	 	 
	KEYBANK NATIONAL ASSOCIATION
	 
	 	 	 	 
	By:

	 	/s/ Linda Long
	 	(SEAL)
	 

	 	 	 	 
	 

	 	Name: Linda Long	 	 
	 

	 	Title Senior Vice President	 	 
	 
	 	 	 	 
	FIRST HORIZON HOME LOAN CORPORATION
	 
	 	 	 	 
	By:

	 	/s/ Alan Drewer
	 	(SEAL)
	 

	 	 	 	 
	 

	 	Name: Alan Drewer	 	 
	 

	 	Title SVP	 	 

9exv4w12

 

Exhibit 4.12

          THIS FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”), is dated
as of November 19, 2006, by and among M-Systems Finance Inc., an exempted company incorporated
under the laws of the Cayman Islands (the “Company” or the “Issuer”), msystems
Ltd., a company duly organized under the laws of Israel and formerly known as M-Systems Flash Disk
Pioneers Ltd. (“msystems” or the “Guarantor”), SanDisk Corporation, a Delaware
corporation (“SanDisk”), and The Bank of New York Trust Company, N.A., as trustee (the
“Trustee”), under the Indenture referred to below. Capitalized terms used but not defined
herein shall have the respective meanings given to such terms in the Indenture.

WITNESSETH:

          WHEREAS, the Company, msystems and the Trustee are parties to an Indenture (the
“Indenture”), dated as of March 23, 2005, providing for the issuance of $75,000,000
aggregate principal amount of the Company’s 1.0% Convertible Senior Notes due 2035 (the
“Notes”);

          WHEREAS, msystems has entered into an agreement and plan of merger (the “Agreement”),
dated as of July 30, 2006, with SanDisk and its wholly owned subsidiary, Project Desert Ltd., an
Israeli company (“merger sub”), pursuant to which (i) merger sub will merge with and into
msystems (the “merger”), with msystems continuing as the surviving entity, (ii) each
outstanding ordinary share of msystems will be converted into and represent solely the right to
receive 0.76368 of a validly issued, fully paid and nonassessable share of the common stock, $0.001
par value per share, of SanDisk and (iii) msystems will become a wholly owned subsidiary of
SanDisk;

          WHEREAS, in accordance with Section 12.11 of the Indenture, it is required that in connection
with the merger, the Company and the Guarantor execute and deliver to the Trustee a supplemental
indenture that provides (i) that each outstanding Note shall be convertible into the kind and
amount of shares of stock and other securities and property which the Holder thereof would have
been entitled to receive upon such merger had such Notes been converted into Ordinary Shares
immediately prior to the merger, (ii) for adjustments which shall be as nearly equivalent as may be
practicable to the adjustments provided for in Article 12 of the Indenture and (iii) that if the
stock or other securities and assets receivable by a holder of Ordinary Shares includes stock or
other securities and assets of a corporation other than the successor, the supplemental indenture
be executed by such other corporation;

          WHEREAS, SanDisk desires to execute and deliver this First Supplemental Indenture to the
Trustee for the purpose of, and on an absolute and unconditional basis, (i) becoming jointly and
severally liable with the Company, as a co-issuer of the Notes and (ii) providing an additional
guarantee under the Indenture and the Guarantee; provided that SanDisk, the Company and msystems
agree, amongst themselves, that (i) the Company and msystems will make first payment of all
interest (including Liquidated Damages and Additional Tax Amounts, if any) on the Notes, when it
becomes due and payable, (ii) SanDisk will not withhold, for tax purposes, any of the interest
payments made by the Company or msystems on any of the Interest Payment Dates and (iii) SanDisk
will not claim, for tax purposes, any interest deductions on the payments.

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          WHEREAS, pursuant to Section 7.01 of the Indenture, the Company and the Guarantor, when
authorized by Board Resolutions, and the Trustee, at any time and from time to time, may amend the
Indenture and the Notes without the consent of the Holders of the Notes to (i) make provision with
respect to the conversion rights of Holders of the Notes pursuant to Article 12.11 of the
indenture, (ii) make any changes or modifications to the Indenture necessary in connection with the
registration of the Notes and (iii) correct any provision therein which is defective and not
otherwise inconsistent with the Indenture; and

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

          SECTION 1. Additional Obligor. SanDisk hereby expressly assumes all of the
obligations of the Company as a co-issuer of the Notes under the Indenture and on the terms and
subject to the conditions set forth therein; provided that such terms and conditions are consistent
with the terms and conditions set forth in this First Supplemental Indenture. The Trustee and the
Holders of the Notes shall be entitled to enforce the obligations of the Company against SanDisk,
and SanDisk shall be entitled to exercise the rights and powers of the Company, as if it were the
Issuer under the Indenture and the Notes, consistent with the terms of this First Supplemental
Indenture.

          SECTION 2. Additional Guarantee. SanDisk, as of the date hereof, hereby fully,
unconditionally and irrevocably guarantees, jointly and severally with msystems, (i) the due and
punctual payment of the principal of and interest (including Liquidated Damages and Additional Tax
Amounts, if any) on the Notes, when and as the same shall become due and payable, whether at
maturity or upon redemption or upon declaration of acceleration or otherwise, according to the
terms of the Notes and of the Indenture and (ii) any other obligations the Company may have under
the Indenture. The Trustee and the Holders of the Notes shall be entitled to enforce the guarantee
of SanDisk as if it were the Guarantor under the Indenture and the Notes and SanDisk shall have the
rights and obligations under the Indenture and the Notes as if it were the Guarantor thereunder.

          SECTION 3. Effect of Merger. SanDisk hereby agrees (i) that each outstanding Note
will be convertible into the kind and amount of shares of stock and other securities and property
which such holder would have been entitled to receive upon the consummation of the merger had such
Notes been converted into Ordinary Shares immediately prior to the merger and (ii) for adjustments
which shall be as nearly equivalent as may be practicable to the adjustments provided for in
Article 12 of the Indenture, subject to any amendments made by this First Supplemental Indenture.

          SECTION 4. Amendments to Section 1.01 of the Indenture. Section 1.01 of the
Indenture is hereby amended as follows, together with all necessary conforming changes to the
Indenture:

          (i) amending the definition of “Conversion Rate” to delete “Section12.01(c)”

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 and insert in its place “Section 12.01(b)”;

          (ii) amending and restating the definition of “Company” to read as follows:

               ““Company” means (i) M-Systems Finance Inc., in the case of Sections 6.03 and 9.10 of this
Indenture and (ii) M-Systems Finance Inc. and/or SanDisk, as appropriate, in order to protect the
interests of the Holders of the Securities; and provided, that if a successor entity shall have
become such pursuant to the applicable provisions of this Indenture, thereafter “Company” shall
mean such successor entity.”;

          (iii) amending and restating the definition “Guarantor” to read as follows:

               ““Guarantor” means (i) msystems Ltd., in the case of Section 6.03 of this Indenture, (ii)
msystems Ltd. and/or SanDisk, as appropriate, in order to protect the interests of the Holders of
the Securities and (iii) SanDisk, in the case of obligations arising upon the conversion of the
Securities into Ordinary Shares and obligations to make adjustments to the Conversion Rate; and
provided, that if a successor entity shall have become such pursuant to the applicable provisions
of this Indenture, thereafter “Guarantor” shall mean such successor entity.”;

          (iv) amending and restating the definition of “Ordinary Shares” in its entirety to read as
follows:

               ““Ordinary Shares” means the right to receive 0.76368 of a validly issued, fully paid and
nonassessable share of the common stock, $ 0.001 par value per share, of SanDisk.”

          (v) adding the definition “SanDisk” to read in its entirety as
follows:

               ““SanDisk” means SanDisk Corporation, a Delaware corporation, the co-issuer and an additional
guarantor of the Securities.”.

          SECTION 5. Amendment to Section 14.02 of the Indenture. Section 14.02 is hereby
amended, together with all necessary conforming changes to the Indenture, to add a subsection (d)
to read as follows:

               “(d) if to SanDisk: 601 McCarthy Blvd., Milpitas, California 95035. Attn: General Counsel.”.

          SECTION 6. Ratification of Indenture; Supplemental Indenture Part of Indenture.
Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all
the terms, conditions and provisions thereof shall remain in full force and effect. This First
Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of
Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

3

 

          SECTION 7. Governing Law. THIS FIRST SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          SECTION 8. The Trustee. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this First Supplemental Indenture or
for or in respect of the recitals contained herein, all of which are made solely by the Company,
msystems and SanDisk. Except as otherwise expressly provided herein, no duties, responsibilities
or liabilities are assumed, or shall be construed to be assumed by the Trustee by reason of this
First Supplemental Indenture. This First Supplemental Indenture is executed and accepted by the
Trustee subject to all the terms and conditions set forth in the Indenture with the same force and
effect as if those terms and conditions were repeated at length herein and made applicable to the
Trustee with respect hereto. In entering into this First Supplemental Indenture, the Trustee shall
be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting
the liability or affording protection to the Trustee, whether or not elsewhere herein so provided.

          SECTION 9. Counterparts. The parties may sign any number of copies of this First
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement.

          SECTION 10. Effect of Headings. The Section headings herein are for convenience only
and shall not effect the construction of this First Supplemental Indenture.

[The rest of this page has been intentionally left blank.]

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

	 	 	 	 	 
	 	 	M-SYSTEMS FINANCE INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Raz Dan
	 

	 	 	 	 
	 

	 	 	 	Name: Raz Dan

Title: Director
	 
	 	 	 	 
	 	 	MSYSTEMS LTD.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Dov Moran
	 

	 	 	 	 
	 

	 	 	 	Name: Dov Moran
	 

	 	 	 	Title: President and Chief Executive Officer
	 
	 	 	 	 
	 	 	SANDISK CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Judy Bruner
	 

	 	 	 	 
	 

	 	 	 	Name: Judy Bruner
	 

	 	 	 	Title: Executive Vice President,
	 

	 	 	 	Administration and Chief Financial Officer

 

 

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

	 	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST
	 	 	COMPANY, N.A., as trustee
	 
	 	 	 	 
	 

	 	By:	 	/s/ Sandee Parks
	 

	 	 	 	 
	 

	 	 	 	Name: Sandee Parks
	 

	 	 	 	Title: Vice President

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