Document:

Exhibit

Exhibit 10.1

SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT
THIS SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT, dated as of January 22, 2016 (this “Amendment”), made by and between VIKING THERAPEUTICS, INC., a Delaware corporation (“Borrower”), and LIGAND PHARMACEUTICALS INCORPORATED, a Delaware corporation ( “Lender”), amends the terms of the Loan and Security Agreement, dated May 21, 2014, as amended on April 8, 2015, by and between Borrower and Lender (the “Agreement”) pursuant to Section 25(c) of the Agreement as follows:
1.Definitions.
(a)    The definition of “Borrower Equity” in Schedule A to the Agreement is amended and restated to read in its entirety as follows:
““Borrower Equity” means: (i) with respect to the Next Financing, the New Preferred, Common Stock and/or other equity securities of Borrower to be issued by Borrower in the Next Financing, or (ii) with respect to any prepayment made pursuant to Section 2(e)(i) through the issuance of securities of Borrower, Common Stock.”
(b)    The definition of “Borrower Securities” in Schedule A to the Agreement is amended and restated to read in its entirety as follows:
““Borrower Securities” means the Borrower Equity Securities.”
(c)    The definition of “Maturity Date” in Schedule A to the Agreement is amended and restated to read in its entirety as follows:
““Maturity Date” means May 21, 2017.”
(d)    The following definition is hereby added to Schedule A:
““Common Stock” means Borrower’s common stock, par value $0.00001 per share.”
2.    Conversion, Prepayment. Section 2(c) of the Agreement shall be amended and restated to read in its entirety as follows:
“(c)    Conversion of Loans Upon Next Financing.
(i)    Upon the consummation of the first bona fide capital financing transaction or series of financing transactions of Borrower occurring after January 22, 2016 but prior to the Maturity Date with aggregate net proceeds to Borrower of at least $2,000,000 pursuant to which Borrower issues any shares of the New Preferred, Common Stock and/or other equity securities of Borrower (the “Next Financing”), Borrower shall repay to Lender $1,500,000, which payment shall be comprised of at least $300,000 in cash (with any greater cash amount determined by Borrower in its sole and absolute discretion), with the balance of the $1,500,000 that is not paid in cash (the “Balance”) to be paid in the form of that number of fully paid and nonassessable shares 

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of Borrower Equity as is equal to the quotient obtained by dividing the Balance by the lesser of (a) the lowest per share price paid by investors in the Next Financing, and (b) $8.00 (as adjusted for any and all stock dividends, stock splits, stock combinations or other similar transactions occurring after the date hereof), rounded down to the nearest whole share (the “Initial Payment”); provided, however, that if the number of shares of Borrower Equity to be included in the Initial Payment, plus any shares of Common Stock that Lender beneficially owns as of immediately after the Next Financing, will, after giving effect to any shares of Common Stock issued in connection with the Next Financing and the issuance of any shares of Common Stock included in the Initial Payment Amount, result in Lender beneficially owning in excess of 49.90% of Borrower’s outstanding Common Stock (the “Ownership Cap”), then the number of shares of Borrower Equity included in the Initial Payment shall be reduced by a number of shares which results in Lender not exceeding the Ownership Cap, and the remaining amount of the Initial Payment shall be paid in cash.  The Initial Payment shall be applied, first, to accrued and unpaid interest on the Loans and, second, to the unpaid principal amount of the Loans.  Each $1.00 of value of the Initial Payment shall reduce the amount of accrued and unpaid interest and then unpaid principal amount on the Loans by $0.50.”
(ii)    [Intentionally Omitted.]”
3.    Notice to Lender. Section 2(d)(i) of the Agreement shall be amended and restated to read in its entirety as follows:
“(d)    (i)    [Intentionally Omitted.]”
4.    Stock Certificates. Section 2(d)(ii) of the Agreement shall be amended and restated to read in its entirety as follows:
“(d)    (ii)    Stock Certificates.  Borrower shall, as soon as practicable following consummation of the Next Financing where Borrower is required to issue Borrower Securities, issue and deliver to Lender, or to its nominee or nominees, a certificate or certificates for the number of shares of Borrower Securities to which it shall be entitled as aforesaid.  Such conversion shall be deemed to have been made, as applicable, immediately prior to the close of business on the date of the closing of the Next Financing.  The person or persons entitled to receive the Borrower Securities issuable upon such conversion shall be treated for all purposes as the record holders of such Borrower Securities on such date.”
5.    Optional Prepayment; Repayment.  Section 2(e) of the Agreement shall be amended and restated to read in its entirety as follows:
“(e)    Optional Prepayment; Repayment.  
(i)    Optional Prepayment in Part.  In addition to the payment of cash and issuance of shares of Borrower Equity to Lender in accordance with Section 2(c), Borrower may at any time after the Next Financing or from time to time after the Next Financing prepay any portion of the outstanding principal amount of the Loans, plus accrued and previously unpaid interest thereon (each such portion, an “Additional Payment Amount”) by delivering to Lender a written notice specifying the Additional Payment Amount that Borrower elects to prepay (the “Additional 

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Payment Notice”). Lender shall have a period of five (5) days following receipt of the Additional Payment Notice to elect, at its sole election and discretion, by delivering an irrevocable writing delivered to Borrower (the “Lender Election Notice”), (a) to receive that number of fully paid and nonassessable shares of Borrower Equity as is equal to the quotient obtained by dividing the Additional Payment Amount by the lesser of (1) (x) if the Additional Payment Notice is delivered to Lender within 180 days of the closing date of the Next Financing, the lowest per share price paid by investors in the Next Financing, or (y) if the Additional Payment Notice is delivered to Lender 180 days or more after the closing date of the Next Financing, the volume weighted average closing price of the Common Stock, as reported by The Nasdaq Stock Market LLC, for the thirty (30) consecutive trading days ending on the last trading date immediately preceding the date that the Additional Payment Notice is delivered to Lender, and (2) $8.00 (as adjusted for any and all stock dividends, stock splits, stock combinations or other similar transactions occurring after the date hereof), rounded down to the nearest whole share, (b) to require Borrower to prepay the Additional Payment Amount in cash, or (c) to receive a combination of shares under clause (a) and cash under clause (b) up to the aggregate value of the Additional Payment Amount.  Notwithstanding the foregoing, if Lender does not deliver the Lender Election Notice to Borrower within five (5) days of Lender’s receipt of the Additional Payment Notice with respect to an Additional Payment Amount, then the form of payment and mix of cash and Borrower Securities for such Additional Payment shall be at Borrower’s sole election and discretion; provided, however, that if the number of shares of Borrower Equity to be included in an Additional Payment Amount, plus any shares of Common Stock that Lender beneficially owns as of immediately prior to the payment of the Additional Payment Amount, will, after giving effect to the issuance of any shares of Common Stock included in the Additional Payment Amount, result in Lender beneficially owning shares of Common Stock in excess of the Ownership Cap, then the number of shares of Borrower Equity included in such Additional Payment Amount shall be reduced by a number of shares which results in Lender not exceeding the Ownership Cap, and the remaining Additional Payment Amount shall be paid in cash. Each additional payment made by Borrower to Lender pursuant to this Section 2(e)(i) (each, an “Additional Payment”) shall be applied, first, to accrued and unpaid interest on the Loans and, second, to the unpaid principal amount of the Loan. Each $1.00 of value of each Additional Payment shall reduce the amount of accrued and unpaid interest and then unpaid principal amount on the Loans by $0.50.
(ii)    Repayment; Prepayment in Full.   If: (a) the Loans are not fully repaid prior to the Maturity Date, the remaining Loans will automatically mature and an amount equal to 200% of the aggregate of the principal amount of the Loans then outstanding and of all accrued and unpaid interest thereon (the “Remaining Balance”), shall be due and payable (or issuable with respect to Borrower Securities) upon written demand by Lender, which demand may be made at any time on or after the Maturity Date, or (b) Borrower elects to prepay the remaining Loans in full prior to the Maturity Date, Borrower shall be required to pay to Lender (or issue Borrower Securities) an amount equal to the Remaining Balance, as follows: (I) the issuance to Lender of such number of fully paid and nonassessable shares of Borrower Securities as is equal to the quotient obtained by dividing the Remaining Balance by the lesser of (A) the volume weighted average closing price of the Common Stock, as reported by The Nasdaq Stock Market LLC, for the thirty (30) consecutive trading days ending on the last trading date immediately preceding the date of Lender’s written demand for repayment or the date of Borrower’s prepayment in full, as applicable, and (B) $8.00 

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(as adjusted for any and all stock dividends, stock splits, stock combinations or other similar transactions occurring after the date hereof), rounded down to the nearest whole share, (II) the entire Remaining Balance in cash, or (III) a combination of shares under clause (I) and cash under clause (II) up to the aggregate value of the Remaining Balance (provided that Borrower may, at its sole election and discretion, elect to pay the entire Remaining Balance solely in cash and provided further, that if Borrower does not so elect to pay the entire Remaining Balance solely in cash, the form of payment and mix of cash and Borrower Securities shall be at Lender’s sole election and discretion).  
6.    Interest Rate. The reference to “five percent (5.0%)” in Section 2(f) of the Agreement shall be replaced with “two and a half percent (2.5%)”.
7.    Lock-Up Period.  The first sentence of Section 13 of the Agreement shall be amended and restated to read in its entirety as follows:
“The original Lender hereby agrees that it shall not, prior to January 23, 2017 (the “Lock-Up Period”), directly or indirectly, sell or otherwise transfer or dispose of any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock then or thereafter owned either of record or beneficially (as defined in the Securities Exchange Act of 1934, as amended) by the original Lender.”
8.    Each of the following defined terms and definitions set forth in Schedule A to the Agreement shall be deleted: “Equity Financing”; “Qualified Follow-on Public Offering” and “Qualified Private Financing”.
9.    All of the other provisions of the Agreement shall remain in full force and effect. 
10.    This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, and all of which taken together shall constitute one and the same agreement.  In the event that any signature is delivered by facsimile, a portable document format (PDF) or similar electronic format, such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile, PDF or other electronic format signature were the original thereof.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to Loan and Security Agreement to be duly executed on the day and year first above written.
BORROWER:
VIKING THERAPEUTICS, INC.
 
By:  /s/ Brian Lian, Ph.D._____________________ 
Name:  Brian Lian, Ph.D. 
Title:  President and Chief Executive Officer
 
LENDER:
LIGAND PHARMACEUTICALS INCORPORATED
By:  /s/ Charles Berkman_____________________ 

Name: Charles Berkman______________________

Title: VP, General Counsel & Secretary__________

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

4Blueprint

 

  Exhibit
4.4

 

GOLDMAN SACHS SPECIALTY LENDING GROUP, L.P.

6011 Connection Drive

Irving, Texas 75039

 

August 16, 2016

 

Meridian Waste Solutions, Inc.

12540
Broadwell Road

Suite
1203

Milton,
GA 30004

Attention: Jeff Cosman

 

Waiver and Amendment Letter

Ladies
and Gentlemen:

We
refer to that certain Credit and Guaranty Agreement, dated as of
December 22, 2015, by and among HERE TO SERVE – MISSOURI
WASTE DIVISION, LLC, a Missouri limited liability company
(“HTS
MWD”), HERE TO SERVE – GEORGIA WASTE DIVISION,
LLC, a Georgia limited liability company (“HTS GWD”), BROOKLYN
CHEESECAKE & DESSERT ACQUISITION CORP., a New York corporation
(“BCDA”), MERIDIAN LAND
COMPANY, LLC, a Georgia limited liability company
(“MLC”), CHRISTIAN
DISPOSAL, LLC, a Missouri limited liability company
(“Christian
Disposal”), and FWCD, LLC, a Missouri limited
liability company (“FWCD” and together with
HTS MWD, HTS GWD, BCDA, MLC, and Christian Disposal, the
“Companies” and each, a
“Company”), MERIDIAN WASTE
SOLUTIONS, INC., a New York corporation (“Holdings”) and certain
subsidiaries of Holdings, the Lenders from time to time party
thereto and GOLDMAN SACHS SPECIALTY LENDING GROUP, L.P., as
administrative agent for the Lenders (in such capacity, the
“Administrative
Agent”), Collateral Agent and Lead Arranger, as
amended by that certain First Amendment to Credit and Guaranty
Agreement, dated as of March 9, 2016, and by that certain Second
Amendment to Credit and Guaranty Agreement, dated as of July 19,
2016 (and as may be further amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”).
Capitalized terms defined in the Credit Agreement are used herein
as defined therein.

Waiver

At your
request, with respect to the Consolidated Corporate Overhead of
Holdings as of the twelve consecutive fiscal months ending June 30,
2016, the Administrative Agent and Lenders hereby conditionally
waive, through the date hereof, any Default or Event of Default
that may have occurred pursuant to Section 8.1(c) of the Credit
Agreement due to the failure of Holdings to maintain a Consolidated
Corporate Overhead of less than $1,200,000 in the twelve consecutive fiscal
months ending June 30, 2016, as required by Section 6.8(e) of the
Credit Agreement.

Amendment

At your
request, in accordance with Section 10.5 of the Credit
Agreement, the Administrative Agent and Lenders agree
that

 

1

 

1.
Section 2.13 of the
Credit Agreement is hereby amended by replacing subsection (c)(iv)
of such Section in its entirety with the following:

(iv) to
pay Consolidated Corporate Overhead in an aggregate amount not to
exceed $1,350,000 in any period of twelve consecutive fiscal
months,

and

2.
Section 6.8 of the
Credit Agreement is hereby amended by replacing subsection (e) of
such Section in its entirety with the following:

(e)
Maximum Consolidated
Corporate Overhead. Holdings shall not permit Consolidated
Corporate Overhead to exceed $1,350,000 in any period of twelve
consecutive fiscal months.

Nothing
herein, nor any communications among Administrative Agent, any
Lender or any Credit Party shall be deemed a waiver with respect to
any Events of Default (except as expressly provided herein), or any
waiver of a future failure of any Credit Party to comply fully with
any provision of the Credit Agreement or any provision of any other
Credit Document (including, but not limited to, any possible future
Event of Default of which the Administrative Agent or any Lender
may have been advised).

Except
as expressly provided herein, the Credit Agreement shall continue
in full force and effect, and the waiver and amendment set forth
above are limited solely to the matters stated above and shall not
be deemed to be a waiver or amendment of, or consent to departure
from, any other provision of the Credit Agreement. Without limiting
the foregoing, except as expressly provided herein, the
Administrative Agent and Lenders expressly reserve all of their
rights, powers, privileges and remedies under the Credit Agreement,
the other Credit Documents and applicable law. This amendment
letter is a Credit Document. This amendment letter shall be
governed by, and construed in accordance with the internal laws of
the State of New York. Delivery of an executed signature page of
this letter by facsimile transmission or electronic transmission
shall be as effective as delivery of a manually executed
counterpart hereof.

[remainder of page
intentionally left blank]

 

2

 

Very
truly yours,

   
           
           
           
           
           
           
           
        GOLDMAN SACHS SPECIALTY
LENDING GROUP, L.P.,

   
           
           
           
           
           
           
           
        as Administrative Agent, Lead
Arranger and Collateral Agent

 

   
           
           
           
           
           
           
           
        By: /s/ Stephen
Hipp   
    
           
           
           
           
           
           
           
        Name: Stephen
Hipp       

Title:
Senior Vice President

 

GOLDMAN
SACHS SPECIALTY LENDING HOLDINGS, INC.,

as a
Lender

 

 

By:/s/ Stephen
Hipp                                      

 Name: Stephen
Hipp

Title: Senior Vice
President

 

 

3

 

ACKNOWLEDGED
AND AGREED:

 

HERE
TO SERVE – MISSOURI WASTE DIVISION, LLC

 

By: /s/ Jeffrey
Cosman                                      

Name:
Jeffrey Cosman

Title:
Manager

 

MERIDIAN
WASTE SOLUTIONS, INC., as Holdings

 

By: /s/ Jeffrey
Cosman                                      

Name:
Jeffrey Cosman

Title:
Chief Executive Officer

 

HERE
TO SERVE – GEORGIA WASTE DIVISION, LLC

 

By: /s/ Jeffrey
Cosman                                      

Name:
Jeffrey Cosman

Title:
Manager

 

BROOKLYN
CHEESECAKE & DESSERT ACQUISITION CORP.

 

By: /s/ Jeffrey
Cosman                                      

Name:
Jeffrey Cosman

Title:
President

 

MERIDIAN
LAND COMPANY, LLC

 

By: /s/ Jeffrey
Cosman                                      

Name:
Jeffrey Cosman

Title:
Manager

 

CHRISTIAN
DISPOSAL, LLC

 

By: /s/ Jeffrey
Cosman                                      

Name:
Jeffrey Cosman

Title:
Manager

 

FWCD,
LLC

 

By: /s/ Jeffrey
Cosman                                      

Name:
Jeffrey Cosman

Title:
Manager

 

 

4

 

 

cc:

Richard J. Dreger, Attorney at Law, P.C.

11660 Alpharetta Highway

Building 700, Suite 730

Roswell, Georgia 30076

(678) 566-6938 (Facsimile)

 

 

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