Document:

First Amendment to Loan and Security Agreement dated November 3, 2004

 Exhibit 10.2 
  
 FIRST AMENDMENT 
 TO 
 LOAN AND SECURITY AGREEMENT 
  
 This First Amendment to Loan and Security Agreement is entered into as of November 3, 2004 (the “Amendment”), by and between COMERICA BANK
(“Bank”) and BIOMARIN PHARMACEUTICAL INC. (“Borrower”). 
  
 RECITALS 
  
 Borrower and Bank are
parties to that certain Loan and Security Agreement dated as of May 14, 2004, as amended (the “Agreement”). The parties desire to amend the Agreement in accordance with the terms of this Amendment. 
  
 NOW, THEREFORE, the parties agree as follows: 
  
 1. Section 6.8 of the Agreement is hereby amended in its entirety to read as
follows: 
  
 6.8 Financial Covenant.
Measured as of the last day of each month, the balance of Borrower’s unrestricted cash as reflected on its balance sheet shall be at least the greater of (i) Forty Five Million Dollars ($45,000,000) and (ii) the sum of (A) the Applicable
Multiple times Borrower’s Cash Burn, plus (B) any Acquisition Payments due in the month ending on the date of measurement, plus (C) any additional Acquisition Payments due in the two months immediately following the month ending on the date of
measurement. As used herein, “Cash Burn” means (i) the change in Borrower’s cash during the three months immediately preceding the date of measurement, net of any changes in debt, stock, paid-in capital and minority interests, and
calculated without reference to or inclusion of any Acquisition Payments, divided by (ii) three (3). As used herein, “Acquisition Payments” means scheduled payments provided for in the License Agreement. As used herein, the
“Applicable Multiple” means (i) four (4) for the months ending November 30, 2004 and December 31, 2004 and (ii) six (6) for all other months. 
  
 2. A new Section 13 is hereby added to the Agreement to read as follows: 
  
 13. REFERENCE PROVISION. 
  
 The parties have agreed that any dispute between them shall be resolved in litigation subject to a Jury
Trial Waiver as set forth in Section 11 of this Agreement, but the availability of that process is in doubt because of the opinion of the California Court of Appeal in Grafton Partners LP v. Superior Court, 9 Cal.Rptr.3d 511 (2004). This
Reference Provision will be applicable only should the California Supreme Court or another California Court of Appeal publish a decision holding that a pre-dispute Jury Trial Waiver provision similar to that contained in the Loan Documents is
invalid or unenforceable. In all other circumstances, Section 11 of this Agreement shall apply. Delay in requesting appointment of a referee pending review of any such decision, or participation in litigation pending review, will not be deemed a
waiver of this Reference Provision. 
  
 13.1
Mechanics. Other than (i) nonjudicial foreclosure of security interests in real or personal property, (ii) the appointment of a receiver or (iii) the exercise of other provisional remedies (any of which may be initiated pursuant to applicable
law), any controversy, dispute or claim (each, a “Claim”) between the parties arising out of or relating to this Agreement or any 
  

 1 

 other document, instrument or agreement between the Bank and the undersigned (collectively in this
Section, the “Loan Documents”), will be resolved by a reference proceeding in California in accordance with the provisions of Section 638 et seq. of the California Code of Civil Procedure (“CCP”) and Rule 244.1 of the California
Rules of Court, or their successor sections, which shall constitute the exclusive remedy for the resolution of any Claim, including whether the Claim is subject to the reference proceeding. Except as otherwise provided in the Loan Documents, venue
for the reference proceeding will be in the Superior Court in the County where venue is otherwise appropriate under applicable law (the “Court”). 
  
 13.2 Procedures. Except as expressly set forth in this Agreement, the referee shall determine the manner in which the reference
proceeding is conducted including the time and place of hearings, the order of presentation of evidence, and all other questions that arise with respect to the course of the reference proceeding. All proceedings and hearings conducted before the
referee, except for trial, shall be conducted without a court reporter, except that when any party so requests, a court reporter will be used at any hearing conducted before the referee, and the referee will be provided a courtesy copy of the
transcript. The party making such a request shall have the obligation to arrange for and pay the court reporter. Subject to the referee’s power to award costs to the prevailing party, the parties will equally share the cost of the referee and
the court reporter at trial. 
  
 13.3
Application of Law. The referee shall be required to determine all issues in accordance with existing case law and the statutory laws of the State of California. The rules of evidence applicable to proceedings at law in the State of
California will be applicable to the reference proceeding. The referee shall be empowered to enter equitable as well as legal relief, provide all temporary or provisional remedies, enter equitable orders that will be binding on the parties and rule
on any motion which would be authorized in a trial, including without limitation motions for summary judgment or summary adjudication. The referee shall issue a decision at the close of the reference proceeding which disposes of all claims of the
parties that are the subject of the reference. The referee’s decision shall be entered by the Court as a judgment or an order in the same manner as if the action had been tried by the Court. The parties reserve the right to appeal from the
final judgment or order or from any appealable decision or order entered by the referee. The parties reserve the right to findings of fact, conclusions of laws, a written statement of decision, and the right to move for a new trial or a different
judgment, which new trial, if granted, is also to be a reference proceeding under this provision. 
  
 13.4 Repeal. If the enabling legislation which provides for appointment of a referee is repealed (and no successor statute is
enacted), any dispute between the parties that would otherwise be determined by reference procedure will be resolved and determined by arbitration. The arbitration will be conducted by a retired judge or Justice, in accordance with the California
Arbitration Act §1280 through §1294.2 of the CCP as amended from time to time. All discovery available to the parties under the CCP shall also apply to any arbitration proceeding. 
  
 13.5 THE PARTIES RECOGNIZE AND AGREE THAT ALL DISPUTES
RESOLVED UNDER THIS REFERENCE PROVISION WILL BE DECIDED BY A REFEREE AND NOT BY A JURY, AND THAT THEY ARE IN EFFECT WAIVING THEIR RIGHT TO TRIAL BY JURY IN AGREEING TO THIS REFERENCE PROVISION. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO
CONSULT) WITH COUNSEL OF THEIR OWN CHOICE, EACH PARTY KNOWINGLY AND VOLUNTARILY AND FOR THEIR MUTUAL BENEFIT AGREES THAT THIS REFERENCE PROVISION WILL APPLY TO ANY DISPUTE BETWEEN THEM WHICH ARISES OUT OF OR IS RELATED TO THIS AGREEMENT OR THE LOAN
DOCUMENTS. 
  
 3. Exhibit C to the Agreement is hereby
amended in its entirety to read as Exhibit C attached hereto. 
  

 2 

 4. Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the
Agreement. The Agreement and the other Loan Documents, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth
herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. Borrower ratifies and
reaffirms the continuing effectiveness of all promissory notes, guaranties, security agreements, mortgages, deeds of trust, environmental agreements, and all other instruments, documents and agreements entered into in connection with the Agreement.

  
 5. This Amendment may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one instrument. 
  
 6. Borrower represents and warrants that the representations and warranties contained in the Agreement are true and correct as of the date of this
Amendment, and that no Event of Default has occurred and is continuing. 
  
 7. As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following: 
  
 (a) this Amendment, duly executed by Borrower; 
  
 (b) an amount equal to all Bank Expenses incurred through the date of this Amendment; and 
  
 (c) such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

  

 3 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.

  

			
	 BIOMARIN PHARMACEUTICAL INC.

		
	 By:
	 	 /s/ Kim Tsuchimoto

	 Title:
	 	 Vice President, Treasurer

	
	 COMERICA BANK

		
	 By:
	 	 /s/ John Norris

	 Title:
	 	 Vice President, Technology and Life Sciences Group

  

 4 

 EXHIBIT C 
  

COMPLIANCE CERTIFICATE 
  

	TO:	COMERICA BANK 

	FROM:	BIOMARIN PHARMACEUTICAL INC. 

  
 The undersigned Responsible Officer of BIOMARIN PHARMACEUTICAL INC. hereby certifies that in accordance with the terms and conditions of the Loan and
Security Agreement between Borrower and Bank (the “Agreement”), (i) Borrower is in complete compliance for the period ending
                     with all required covenants except as noted below and (ii) all representations and warranties of Borrower stated in the
Agreement are true and correct in all material respects as of the date hereof, except for such representations and warranties which speak as to a specific date, which are true and correct as of such date. Attached herewith are the required documents
supporting the above certification. The Responsible Officer further certifies that these are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in
an accompanying letter or footnotes. 
  
 Please indicate
compliance status by circling Yes/No under “Complies” column. 
  

									
	 Reporting Covenant

	  	 Required

	  	Complies

	Form 10Q	  	Filed Quarterly within 45 days	  	Yes	  	No
	Form 10K	  	Filed FYE within 90 days	  	Yes	  	No
				
	 Financial Covenant

	  	 Required

	  	Actual

	  	Complies

					
	Unrestricted Cash	  	Greater of 6x RML* or $45,000,000	  	$            	  	Yes	  	No
	Unrestricted Cash at Bank	  	Greater of $10,000,000 and balance of outstanding principal obligations to Bank	  	$            	  	Yes	  	No

	*	4x RML for the months ending 11/30/04 and 12/31/04 

  

							
		 
	Comments Regarding Exceptions: See Attached.	 	BANK USE ONLY
		 
	 	 	 Received by:

	Sincerely,	 	AUTHORIZED SIGNER
		 
	 	 	 Date:

	  

	 	 Verified:

	SIGNATURE	 	AUTHORIZED SIGNER
		 
	
	 	 Date:

	TITLE	 	 	  	 	  	 
	 	 	Compliance Status	  	Yes        	  	No    
	
	 	 	  	 	  	 
	DATE	 	 	  	 	  	 

  

 5Form of Stock Option Agreement

 Exhibit 10.1 
  
 LEXAR MEDIA, INC. 
  
 2000 EQUITY INCENTIVE PLAN 
  
 STOCK OPTION AGREEMENT 
  
 This Stock Option Agreement (this “Agreement”) is made and entered into as of the Date of Grant set forth on the Certificate of
Stock Option Grant on E*Trade’s website (the “Certificate”) by and between Lexar Media, Inc., a Delaware corporation (the “Company”), and the Optionee named on the Certificate
(“Optionee”). Capitalized terms not defined herein shall have the meanings ascribed to them in the Company’s 2000 Equity Incentive Plan (the “Plan”), the Agreement and the Certificate. 

 
 1. Grant of Option. The Company hereby grants to Optionee an
option (this “Option”) to purchase up to the total number of shares of Common Stock of the Company set forth on the Certificate as Total Option Shares (collectively, the “Shares”) at the Exercise Price
Per Share set forth on the Certificate (the “Exercise Price”), subject to all of the terms and conditions of this Agreement and the Plan. If designated as an Incentive Stock Option in the Certificate, this Option is intended
to qualify as an “incentive stock option” (“ISO”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), to the extent permitted under Code Section
422. 
  
 2. Vesting; Exercise Period. 
  
 2.1 Vesting of Shares. This Option shall be
exercisable as it vests. Subject to the terms and conditions of the Plan, the Certificate and this Agreement, this Option shall vest and become exercisable as to portions of the Shares as indicated on the Certificate: (a) this Option shall not be
exercisable with respect to any of the Shares until the First Vesting Date; (b) if Optionee has continuously provided services to the Company, or any Parent or Subsidiary of the Company, then on the First Vesting Date, this Option shall become
exercisable as per the vesting schedule on the Certificate, provided that Optionee has continuously provided services to the Company, or any Parent or Subsidiary of the Company, at all times during the relevant month. This Option shall cease to vest
upon Optionee’s Termination and Optionee shall in no event be entitled under this Option to purchase a number of shares of the Company’s Common Stock greater than the “Total Option Shares.” 
  
 2.2 Vesting of Options. Shares that are vested
pursuant to the vesting schedule set forth in the Certificate are “Vested Shares.” Shares that are not vested pursuant to the vesting schedule set forth in the Certificate are “Unvested Shares.” 
  
 2.3 Expiration. This Option shall expire on the
Expiration Date set forth on the Certificate and must be exercised, if at all, on or before the earlier of the Expiration Date 

  

 
or the date on which this Option is earlier terminated in accordance with the provisions of Section 3 hereof. 
  
 3. Termination. 
  
 3.1 Termination for Any Reason Except Death, Disability
or Cause. If Optionee is Terminated for any reason except Optionee’s death, Disability or Cause, then this Option, to the extent (and only to the extent) that it is vested in accordance with the vesting schedule set forth on the Certificate
on the Termination Date, may be exercised by Optionee no later than three (3) months after the Termination Date, but in any event no later than the Expiration Date. 
  
 3.2 Termination Because of Death or Disability. If Optionee is Terminated because of death or
Disability of Optionee (or the Optionee dies within three (3) months after Termination other than for Cause or because of Disability), then this Option, to the extent that it is vested in accordance with the vesting schedule set forth on the
Certificate on the Termination Date, may be exercised by Optionee (or Optionee’s legal representative or authorized assignee) no later than twelve (12) months after the Termination Date, but in any event no later than the Expiration Date. Any
exercise after three months after the Termination Date when the Termination is for any reason other than Optionee’s death or disability, within the meaning of Code Section 22(e)(3), shall be deemed to be the exercise of a nonqualified stock
option. 
  
 3.3 Termination for Cause. If
Optionee is Terminated for Cause, this Option will expire on the Optionee’s date of Termination. 
  
 3.4 No Obligation to Employ. Nothing in the Plan, the Certificate or this Agreement shall confer on Optionee any right to continue
in the employ of, or other relationship with, the Company or any Parent or Subsidiary of the Company, or limit in any way the right of the Company or any Parent or Subsidiary of the Company to terminate Optionee’s employment or other
relationship at any time, with or without Cause. 
  
 4.
Manner of Exercise. 
  
 4.1 Stock
Option Exercise Agreement. To exercise this Option, Optionee (or in the case of exercise after Optionee’s death, Optionee’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company an executed stock
option exercise agreement in the form known as the Cash Letter of Authorization available from E*Trade’s website, or in such other form as may be approved by the Company from time to time (the “Exercise Agreement”),
which shall set forth, inter alia, Optionee’s election to exercise this Option, the number of shares being purchased, any restrictions imposed on the Shares and any representations, warranties and agreements regarding
Optionee’s investment intent and access to information as may be required by the Company to comply with applicable securities laws. If someone other than Optionee exercises this Option, then such person must submit documentation reasonably
acceptable to the Company that such person has the right to exercise this Option. 
  

 4.2 Limitations on Exercise. This Option may not be exercised unless such exercise
is in compliance with all applicable federal and state securities laws, as they are in effect on the date of exercise. This Option may not be exercised as to fewer than 100 Shares unless it is exercised as to all Shares as to which this Option is
then exercisable. 
  
 4.3 Payment. The
Exercise Agreement shall be accompanied by full payment of the Exercise Price for the Shares being purchased in cash (by check), or where permitted by law: 
  

	 	(a)	by cancellation of indebtedness of the Company to the Optionee; 

  

	 	(b)	by surrender of shares of the Company’s Common Stock that either: (1) have been owned by Optionee for more than six (6) months and have been paid for within the meaning of SEC
Rule 144 (and, if such shares were purchased from the Company by use of a promissory note, such note has been fully paid with respect to such shares); or (2) were obtained by Optionee in the open public market; and (3) are clear of all liens,
claims, encumbrances or security interests; 

  

	 	(c)	by waiver of compensation due or accrued to Optionee for services rendered; 

  

	 	(d)	provided that a public market for the Company’s stock exists: (1) through a “same day sale” commitment from Optionee and a broker-dealer that is a member of the
National Association of Securities Dealers (an “NASD Dealer”) whereby Optionee irrevocably elects to exercise this Option and to sell a portion of the Shares so purchased to pay for the Exercise Price and whereby the NASD
Dealer irrevocably commits upon receipt of such Shares to forward the exercise price directly to the Company; or (2) through a “margin” commitment from Optionee and an NASD Dealer whereby Optionee irrevocably elects to exercise this
Option and to pledge the Shares so purchased to the NASD Dealer in a margin account as security for a loan from the NASD Dealer in the amount of the Exercise Price, and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to
forward the Exercise Price directly to the Company; or 

  

	 	(e)	by any combination of the foregoing. 

  
 4.4 Tax Withholding. Prior to the issuance of the Shares upon exercise of this Option, Optionee must pay or provide for any
applicable federal or state withholding obligations of the Company. If the Committee permits, Optionee may provide for payment of withholding taxes upon exercise of this Option by requesting that the Company retain Shares with a Fair Market Value
equal to the minimum amount of taxes required to be withheld. In such case, the Company shall issue the net number of Shares to the Optionee by deducting the Shares retained from the Shares issuable upon exercise. 
  

 4.5 Issuance of Shares. Provided that the Exercise Agreement and payment are in
form and substance satisfactory to counsel for the Company, the Company shall issue the Shares registered in the name of Optionee, Optionee’s authorized assignee, or Optionee’s legal representative, and shall deliver certificates
representing the Shares with the appropriate legends affixed thereto. 
  
 5. Notice of Disqualifying Disposition of ISO Shares. To the extent this Option is an ISO, if Optionee sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (a) the date two
(2) years after the Date of Grant, and (b) the date one (1) year after transfer of such Shares to Optionee upon exercise of this Option, then Optionee shall immediately notify the Company in writing of such disposition. 
  
 6. Compliance with Laws and Regulations. The exercise of this
Option and the issuance and transfer of Shares shall be subject to compliance by the Company and Optionee with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the
Company’s Common Stock may be listed at the time of such issuance or transfer. Optionee understands that the Company is under no obligation to register or qualify the Shares with the SEC, any state securities commission or any stock exchange to
effect such compliance. 
  
 7. Nontransferability of
Option. This Option may not be transferred in any manner other than under the terms and conditions of the Plan or by will or by the laws of descent and distribution and may be exercised during the lifetime of Optionee only by Optionee. The
terms of this Option shall be binding upon the executors, administrators, successors and assigns of Optionee. 
  
 8. Tax Consequences. Set forth below is a brief summary as of the date the Board adopted the Plan of some of the federal tax consequences of
exercise of this Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. OPTIONEE SHOULD CONSULT A TAX ADVISOR BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES.

  
 8.1 Exercise of Incentive Stock
Option. To the extent this Option qualifies as an ISO, there will be no regular federal income tax liability upon the exercise of this Option, although the excess, if any, of the fair market value of the Shares on the date of exercise over the
Exercise Price will be treated as a tax preference item for federal income tax purposes and may subject the Optionee to the alternative minimum tax in the year of exercise. 
  
 8.2 Exercise of Nonqualified Stock Option. To the extent this Option does not qualify as an ISO,
there may be a regular federal income tax liability upon the exercise of this Option. Optionee will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the fair market value of the
Shares on the date of exercise over the Exercise Price. The Company may be required to withhold from 

  

 
Optionee’s compensation or collect from Optionee and pay to the applicable taxing authorities an amount equal to a percentage of this compensation
income at the time of exercise. 
  
 8.3
Disposition of Shares. The following tax consequences may apply upon disposition of the Shares. 
  

	 	a.	Incentive Stock Options. If the Shares are held for twelve (12) months or more after the date of the transfer of the Shares pursuant to the exercise of an ISO and are
disposed of two (2) years or more after the Date of Grant, any gain realized on disposition of the Shares will be treated as capital gain for federal income tax purposes. If Shares purchased under an ISO are disposed of within the applicable one (1)
year or two (2) year period, any gain realized on such disposition will be treated as compensation income (taxable at ordinary income rates) to the extent of the excess, if any, of the fair market value of the Shares on the date of exercise over the
Exercise Price. 

  

	 	b.	Nonqualified Stock Options. If the Shares are held for more than twelve (12) months after the date of the transfer of the Shares pursuant to the exercise of an NQSO, any gain
realized on disposition of the Shares will be treated as long-term capital gain. 

  

	 	c.	Withholding. The Company may be required to withhold from Optionee’s compensation or collect from the Optionee and pay to the applicable taxing authorities an amount
equal to a percentage of this compensation income. 

  
 9. Privileges of Stock Ownership. Optionee shall not have any of the rights of a stockholder with respect to any Shares until the Shares are issued to Optionee. 
  
 10. Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by Optionee
or the Company to the Committee for review. The resolution of such a dispute by the Committee shall be final and binding on the Company and Optionee. 
  
 11. Entire Agreement. The Plan is incorporated herein by reference. This Agreement, the Certificate, the Plan and the Exercise Agreement
constitute the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersede all prior understandings and agreements with respect to such subject matter. 
  
 12. Notices. Any notice required to be given or delivered to
the Company under the terms of this Agreement shall be in writing and addressed to the Corporate Secretary of the Company at its principal corporate offices. Any notice required to be given or delivered to Optionee shall be in writing and addressed
to Optionee at the address indicated on E*Trade’s website or to such other address as such party may designate in writing from time to time to the Company. All notices shall be deemed to have been given or delivered upon: personal delivery;
three (3) days after deposit in the United States mail by certified or registered mail (return receipt requested); one (1) business day after deposit with any return receipt express courier (prepaid); or one (1) business day after transmission by
facsimile. 
  

 13. Successors and Assigns. The Company may assign any of its rights under this Agreement.
This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement shall be binding upon Optionee and Optionee’s heirs, executors,
administrators, legal representatives, successors and assigns. 
  
 14. Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of California, without regard to that body of law pertaining to choice of law or conflict of law.

  
 15. Acceptance. Optionee hereby acknowledges
receipt of a copy of the Plan and this Agreement. Optionee has read and understands the terms and provisions thereof, and accepts this Option subject to all the terms and conditions of the Plan and this Agreement. Optionee acknowledges that there
may be adverse tax consequences upon exercise of this Option or disposition of the Shares and that the Company has advised Optionee to consult a tax advisor prior to such exercise or disposition. 
  

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in duplicate by its duly
authorized representative and Optionee has executed this Agreement in duplicate as of the Date of Grant. 
  
 LEXAR MEDIA, INC.

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