Document:

Exhibit 10.1

Exhibit 10.1

First Amendment to 
Sixth Amended and Restated Credit and Security Agreement
This FIRST AMENDMENT dated as of March 27, 2015 (this “Amendment”) to the Sixth Amended and Restated Credit and Security Agreement, dated as of September 15, 2014, by and among Rock-Tenn Financial, Inc., as borrower, Rock-Tenn Converting Company, as initial servicer, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland”, New York Branch (“Rabobank”), in its capacity as administrative agent for the Lenders thereunder (together with its successors and assigns thereunder, the “Administrative Agent”) and in its capacity as funding agent for the Co-Agents and the Lenders or any successor funding agent thereunder (together with its successors and assigns thereunder, the “Funding Agent” collectively with the Administrative Agent and the Co-Agents, the “Agents”), and the Lenders and the Co-Agents from time to time party thereto, is entered into by the parties to the Existing Credit Agreement.
Unless otherwise indicated, capitalized terms used in this Amendment are used with the meanings attributed thereto in the Existing CSA.
W I T N E S S E T H :
WHEREAS, the parties hereto desire to amend certain provisions of the Existing CSA.
NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereto hereby agree as follows:
1.    Amendments.
		
	(a)
	Section 9.1 of the Original Agreement shall be hereby amended by inserting the following clause (s) at the end thereof:

“(s) On or after the Legal Final Maturity Date, the Aggregate Principal is greater than zero.” 

		
	(b)
	Exhibit I to the Original Agreement shall be hereby amended by inserting a new definition of “Legal Final Maturity Date” in its proper alphabetical location, as follows:

“Legal Final Maturity Date” means the date occurring one-hundred and fifty (150) calendar days after the Scheduled Termination Date.”

2.    Representations.
2.1.    Each of the Loan Parties represents and warrants to the Agents and Lenders that it has duly authorized, executed and delivered this Amendment and that this Amendment constitutes, a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms (except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability).

2.2.    Each of the Loan Parties further represents and warrants to the Agents and the Lenders that, as of the date hereof and as of the Effective Date (as defined below), each of its representations and warranties set forth in Section 5.1 of the Existing CSA is true and correct as though made on and as of such date and that no event has occurred and is continuing that will constitute an Amortization Event or Unmatured Amortization Event.
3.    Conditions Precedent.  This Amendment shall become effective as of the date first above written (the “Effective Date”) upon satisfaction of the following conditions precedent:
3.1    the Administrative Agent shall have received a counterpart hereof duly executed by the Borrower, the Servicer and each of the Committed Lenders that together constitute the Required Committed Lenders, and acknowledged by the Performance Guarantor in the space provided; and
4.    Miscellaneous.
4.1.    Except as expressly amended hereby, the Existing CSA shall remain unaltered and in full force and effect, and each of the parties hereto hereby ratifies and confirms the CSA and each of the other Transaction Documents (as defined in the CSA) to which it is a party.
4.2.    THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW.
4.3.    EACH OF THE PARTIES TO THIS AMENDMENT HEREBY ACKNOWLEDGES AND AGREES THAT IT IRREVOCABLY SUBMITS TO THE NON EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY DOCUMENT EXECUTED BY SUCH PERSON PURSUANT TO THIS AMENDMENT AND IT HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.  NOTHING HEREIN SHALL LIMIT THE RIGHT OF ANY AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST ANY OF PARENT, THE ORIGINATORS AND THE LOAN PARTIES IN THE COURTS OF ANY OTHER JURISDICTION.  ANY JUDICIAL PROCEEDING BY ANY OF PARENT, THE ORIGINATORS AND THE LOAN PARTIES AGAINST ANY AGENT OR ANY LENDER OR ANY AFFILIATE OF ANY AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AMENDMENT OR ANY DOCUMENT EXECUTED BY SUCH PARTY PURSUANT TO THIS AGREEMENT SHALL BE BROUGHT ONLY IN A COURT IN THE STATE OF NEW YORK.

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4.4.    This Amendment may be executed in any number of counterparts and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Amendment
4.5    The Borrower agrees to pay to the Administrative Agent’s counsel the reasonable fees and disbursements incurred by such counsel in connection with this Amendment and the Fee Letter not later than five (5) Business Days following receipt of the related invoice.
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.

ROCK-TENN CONVERTING COMPANY,
As Servicer

		
	By:
	                  /s/  Ward H. Dickson                           

  Name:    Ward H. Dickson 
  Title:    EVP & CFO

ROCK-TENN FINANCIAL, INC.,
As Borrower

		
	By:
	                  /s/  Chad T. Payne                                

  Name:       Chad T. Payne
  Title:       Treasurer

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND” NEW YORK BRANCH, as Administrative Agent, as Funding Agent and as a Co-Agent 

By:    /s/    Stephen G. Adams        
Name:    Stephen G. Adams
Title:    Managing Director

By:    /s/    Martin Snyder            
Name:    Martin Snyder
Title:            VP

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, as a Committed Lender

By:    /s/    Evan Guell            
Name:    Evan Guell
Title:

By:    /s/    M. M. Roddenhof        
Name:    M. M. Roddenhof
Title:    

TD BANK, N.A., 
as a Co-Agent and as a Committed Lender 

By:     /s/    Marla Willner        
Name:          Marla Willner
Title:              Senior Vice President

ROYAL BANK OF CANADA, as a Co-Agent and as a Committed Lender

By :     /s/    Veronica L. Gallagher         
        Name :    Veronica L. Gallagher
        Title:    Authorized Signatory

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as a Co-Agent

By:     /s/    Richard Gregory Hurst    
       Name:    Richard Gregory Hurst
       Title:    Managing Director

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as a Committed Lender

By:     /s/    R. Murmick            
       Name:     R. Murmick
       Title:    Director

SMBC NIKKO SECURITIES AMERICA, INC., as a Co-Agent

By:     /s/    Yukimi Komno        
       Name:    Yukimi Komno
       Title:    Executive Director

SUMITOMO MITSUI BANKING CORPORATION, 
as a Committed Lender

By:     /s/    James D. Weinstein        
       Name:    James D. Weinstein
       Title:    Managing Director

FIFTH THIRD BANK, as a Co-Agent and as a Committed Lender

By:     /s/    Kevin Gusweiler        
       Name:    Kevin Gusweiler
       Title:    Officer

SUNTRUST BANK, as a Co-Agent and as a Committed Lender

By:     /s/    David Hufnagel            
       Name:    David Hufnagel
       Title:    Vice President

PNC BANK, N.A.,
as a Co-Agent and as a Committed Lender

By:     /s/    Mark Falcione            
       Name:    Mark Falcione
       Title:    Executive Vice President

THE BANK OF NOVA SCOTIA,
as a Co-Agent and as a Committed Lender

By:     /s/    Paula Czach                
       Name:    Paula Czach
       Title:    Managing Director & Execution Head

Acknowledged and Agreed:

ROCK-TENN COMPANY,
as Performance Guarantor

		
	By:
	    /s/    John Stakel    

       Name:         John Stakel
       Title:        SVP and TreasurerExhibit 10.1

 

MAST THERAPEUTICS, INC.

AMENDMENT OF STOCK OPTION AGREEMENTS

 

THIS AMENDMENT OF STOCK OPTION AGREEMENTS (the “Amendment”) is made and entered into by and between Mast Therapeutics, Inc., a Delaware corporation (the “Company”), and Patrick L. Keran (the “Optionee”).  This Amendment shall become effective as set forth in Section 4 below.

 

RECITALS

 

A.The Company previously granted to the Optionee stock options identified on Exhibit A hereto (the “Subject Options”), each intended to be an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986 (the “Code”) to the fullest extent permitted by the Code.

 

B.The Subject Options are evidenced by written agreements (the “Agreements”) between the Company and the Optionee.

 

C.The Board of Directors of the Company (the “Board”) or a duly authorized committee of the Board has approved the amendment to the Agreements set forth below to extend the post-termination exercise period of the Subject Options, subject to the Optionee’s delivery and non-revocation of a general release of claims in a form acceptable to the Company. 

 

AGREEMENT

 

In consideration of the mutual covenants and conditions contained and referenced herein, it is hereby agreed by and between the parties hereto that the Agreements shall be amended effective as of the Effective Date as follows:

1.Capitalized Terms.  Capitalized terms not otherwise defined in this Amendment will have the meanings assigned to such terms by the equity compensation plan(s) pursuant to which the Subject Options were granted and the Agreements governing the Subject Options, as amended below.

2.Amendment of the Agreements.  To the extent vested as of the Separation Date (as defined in the letter agreement, dated March 18, 2015, setting forth the terms of separation of employment between the Optionee and the Company (the “Letter Agreement”)), after taking into account any applicable vesting acceleration provision, the vested portions of the Subject Options may be exercised until 5:30 p.m. Eastern time on November 15, 2016 and the Subject Options will terminate at 5:31 p.m. Eastern time on November 15, 2016, unless a Subject Option is sooner terminated due to the exercise of the Subject Option, the occurrence of the expiration of the Subject Option as set forth in the Agreement governing the Subject Option (which generally is 10 years from the grant date), or as a result of a Change in Control (as defined in the Agreement governing the Subject Option).

3.Tax Consequences - Loss of Incentive Stock Option Status.  The parties acknowledge that by amending the Subject Options to extend their post-termination exercise periods as set forth in Section 2 above, the Subject Options that currently qualify as incentive stock options may no longer qualify as incentive stock options and instead may be treated as nonstatutory stock options.

4.Expiration of Amendment Offer and Effective Date of Amendment.  If this Amendment is not agreed to and executed by the Optionee on or before the earlier of (a) the date on which the Optionee executes the Letter Agreement and (b) twenty-one (21) days after the Letter Agreement is delivered to the Optionee, the offer to amend the Subject Options as set forth in this Amendment shall be terminated and the provisions described herein shall not be effective.  In addition, the effectiveness of this Amendment is specifically conditioned upon the Optionee agreeing to be bound by and not revoking the Letter Agreement, and shall become effective on the date the Letter Agreement becomes effective and non-revocable (the “Effective Date”).

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5.Governing Law.  The validity and enforceability of this Amendment shall be governed by the laws of the State of California without regard to otherwise governing principles of conflicts of law.

6.Miscellaneous.  This Amendment shall: (a) be binding upon and shall inure to the benefit of the Optionee and the Optionee’s heirs, executors, administrators and successors in interest in accordance with the terms of the Agreements; (b) only be amended pursuant to a written instrument signed by the Optionee and the Company; (c) not be rendered invalid in its entirety due to the invalidity or unenforceability of one of its provisions; and (d) may be executed and delivered in counterparts and delivered by the Optionee via facsimile or electronic transmission of a file format that provides an image of the executed Amendment that can be viewed and printed (e.g., a .pdf file).

IN WITNESS WHEREOF, this Amendment has been executed by the parties hereto as of the dates set forth below.

 

 

Mast Therapeutics, Inc.

 

 

By: _/s/ Brian M. Culley_______________Date:  March 18, 2015

Brian M. Culley

Chief Executive Offer

 

 

 

OPTIONEE:   Patrick L. Keran

 

 

___/s/ Patrick L. Keran_________________Date:  March 18, 2015

(Signature)

 

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EXHIBIT A

 

SUBJECT OPTIONS

 

		
	
Option Grant Date

 
	
Exercise Price Per Share

 

	
3/31/2008
	
$13.50

	
7/21/2009
	
$3.25

	
2/02/2010
	
$8.00

	
2/01/2011
	
$2.29

	
7/06/2011
	
$3.26

	
12/08/2011
	
$0.60

	
1/02/2013
	
$0.59

	
6/19/2013
	
$0.50

	
1/02/2014
	
$0.47

	
6/19/2014
	
$0.65

	
1/02/2015
	
$0.58

 

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