Document:

Exhibit - 10.32

 

 

FIRST AMENDMENT AGREEMENT

 

THIS FIRST AMENDMENT AGREEMENT, dated as of November 27,
2007 (this “Amendment”), amends the Credit Agreement, dated as of June 8,
2007 (the “Credit Agreement”), among MONTPELIER REINSURANCE LTD., MONTPELIER RE
HOLDINGS LTD., the various financial institutions parties thereto
(collectively, the “Lenders”) and BANK OF AMERICA, N.A., as administrative
agent (the “Administrative Agent”) for the Lenders.  Terms defined in the Credit Agreement are,
unless otherwise defined herein or the context otherwise requires, used herein
as defined therein.

 

WHEREAS, the parties hereto desire to amend
the Credit Agreement as hereinafter set forth;

 

NOW, THEREFORE, in consideration of the
premises and for other good and valuable consideration (the receipt and
sufficiency of which are hereby acknowledged), the parties hereto agree as
follows:

 

SECTION 1.           AMENDMENTS.  Effective as of the Amendment Effective Date
(as hereinafter defined), § 7.6(b)(xi) of the Credit Agreement is amended by
deleting the amount of “$10,000,000” and inserting the amount of “$20,000,000”
therefor.

 

SECTION 2.           CONDITIONS
PRECEDENT.  This Amendment shall become
effective on the date (the “Amendment Effective Date”) when each of the
conditions precedent set forth in this Section 2 shall have been
satisfied, and notice thereof shall have been given by the Administrative Agent
to the Borrower and the Lenders.

 

2.1           Receipt
of Documents.  The Administrative
Agent shall have received this Amendment, duly executed by the Borrower, the
Administrative Agent and the Required Lenders.

 

2.2           Compliance
with Warranties, No Default, etc. 
After giving effect to the effectiveness of this Amendment, the
following statements by the Borrowers shall be true and correct (and each Borrower,
by its execution of this Amendment, hereby represents and warrants to the
Administrative Agent and each Lender that such statements are true and correct
as at such times):

 

(a)           the
representations and warranties set forth in Article 5 of the Credit
Agreement as amended hereby are true and correct with the same effect as if
made on the Amendment Effective Date (unless stated to relate solely to an
earlier date, in which case such representations and warranties shall be true
and correct as of such earlier date; and

 

(b)           no
Event of Default or Default shall have then occurred and be continuing.

 

 

 

 

SECTION 3.           REPRESENTATIONS
AND WARRANTIES.  To induce the Lenders
and the Administrative Agent to enter into this Amendment, each Borrower hereby
represents and warrants to the Administrative Agent and each Lender as follows:

 

3.1           Due
Authorization, Non-Contravention, etc. 
The execution, delivery and performance by such Borrower of this
Amendment are within such Borrower’s corporate powers, have been duly authorized
by all necessary corporate action, and do not

 

(a)           contravene
such Borrower’s Organization Documents;

 

(b)           contravene
any contractual restriction, law or governmental regulation or court decree or
order binding on or affecting such Borrower; or

 

(c)           result
in, or require the creation or imposition of, any Lien on any of such Borrower’s
properties.

 

3.2           Government
Approval, Regulation, etc.  No
authorization or approval or other action by, and no notice to or filing with,
any governmental authority or regulatory body or other Person is required for
the due execution, delivery or performance by such Borrower of this Amendment.

 

3.3           Validity,
etc.  This Amendment constitutes the
legal, valid and binding obligation of such Borrower enforceable in accordance
with its terms.

 

SECTION 4.           MISCELLANEOUS.

 

4.1           Continuing
Effectiveness, etc.  This Amendment
shall be deemed to be an amendment to the Credit Agreement, and the Credit
Agreement, as amended hereby, shall remain in full force and effect and is
hereby ratified, approved and confirmed in each and every respect.  After the effectiveness of this Amendment in
accordance with its terms, all references to the Credit Agreement in the Loan
Documents or in any other document, instrument, agreement or writing shall be
deemed to refer to the Credit Agreement as amended hereby.

 

4.2           Payment
of Costs and Expenses.  The Borrowers
agree to pay on demand all expenses of the Administrative Agent (including the
fees and out-of-pocket expenses of counsel to the Administrative Agent) in
connection with the negotiation, preparation, execution and delivery of this
Amendment.

 

4.3           Severability.  Any provision of this Amendment which is
prohibited or unenforceable in any jurisdiction shall, as to such provision and
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this
Amendment or affecting the validity or enforceability of such provision in any
other jurisdiction.

 

4.4           Headings.  The various headings of this Amendment are
inserted for convenience only and shall not affect the meaning or
interpretation of this Amendment or any provisions hereof.

 

 

2

 

 

4.5           Execution
in Counterparts.  This Amendment may
be executed by the parties hereto in several counterparts, each of which shall
be deemed to be an original and all of which shall constitute together but one
and the same agreement.

 

4.6           Governing
Law.  THIS AMENDMENT SHALL BE DEEMED
TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF
NEW YORK.

 

4.7           Successors
and Assigns.  This Amendment shall be
binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns.

 

 

3

 

 

IN WITNESS WHEREOF, the undersigned have duly executed this First
Amendment Agreement as of the date first set forth above.

 

	
   

  	
  MONTPELIER REINSURANCE
  LTD.

  

 

 

 

 

 

	
   

  	
  MONTPELIER RE HOLDINGS
  LTD.

  

 

 

 

 

S-1

 

 

	
   

  	
  BANK OF AMERICA, N.A.,
  individually as

  Administrative Agent, Fronting Bank, L/C

  Administrator and Lender

  
	
   

  	
   

  

 

 

 

 

S-2

 

 

	
   

  	
  HSBC BANK (USA),
  NATIONAL

  ASSOCIATION, as Lender and Syndication Agent

  
	
   

  	
   

  

 

 

 

 

S-3

 

 

	
   

  	
  CREDIT
  SUISSE, Cayman Islands Branch

  
	
   

  	
   

  

 

 

 

 

S-4

 

 

	
   

  	
  THE
  BANK OF NEW YORK

  
	
   

  	
   

  

 

 

 

 

S-5

 

 

	
   

  	
  DEUTSCHE
  BANK AG NEW YORK BRANCH

  
	
   

  	
   

  

 

 

 

 

S-6

 

 

	
   

  	
  ING
  BANK N.V., LONDON BRANCH

  
	
   

  	
   

  

 

 

 

 

S-7

 

 

	
   

  	
  LEHMAN
  BROTHERS BANK, FSB

  
	
   

  	
   

  

 

 

 

 

S-8Exhibit 10.2

 

MOMENTA PHARMACEUTICALS, INC.

 

Restricted Stock Agreement

Granted Under 2004 Stock Incentive Plan

 

AGREEMENT made on
                        
between Momenta Pharmaceuticals, Inc., a Delaware  corporation
(the “Company”), and
                      
(the “Participant”).

 

For valuable consideration, receipt of which
is acknowledged, the parties hereto agree as follows:

 

1.             Issuance of Shares.

 

The Company hereby issues to the Participant,
subject to the terms and conditions set forth in this Agreement and in the
Company’s 2004 Stock Incentive Plan, as amended (the “Plan”),
                  
shares (the “Shares”) of common stock, $0.0001 par value per share, of
the Company (“Common Stock”).  The
Shares will be held in book entry by the Company’s transfer agent in the name
of the Participant for that number of Shares issued to the Participant.  The Participant agrees that the Shares shall
be subject to the forfeiture provisions set forth in Section 2 of this
Agreement and the restrictions on transfer set forth in Section 3 of this
Agreement.

 

2.             Vesting.

 

(a)           Unless otherwise provided in this Agreement or the Plan,
in the event that Participant ceases to be employed by the Company on or before
[four years from grant date], for any
reason or no reason, with or without cause, all of the Unvested Shares (as
defined below) will be immediately and automatically forfeited and returned to
the Company for no consideration effective as of the date of termination of
employment.  The Participant will have no
further rights with respect to any Shares that are so forfeited.  “Unvested Shares” means the total number of
Shares multiplied by the Applicable Percentage. 
“Applicable Percentage” shall be (i) 100% during the 12-month
period ending on [one year from grant date]; (ii) 75%
less 6.25% for each three-month period from and after [one year
from grant date], and (iii) zero on or after [four years from grant date].

 

(b)           For
purposes of this Agreement, employment with the Company shall include
employment with a parent or subsidiary of the Company, or any successor to the
Company.

 

3.             Restrictions on Transfer.

 

(a)           The Participant shall not sell, assign, transfer, pledge,
hypothecate or otherwise dispose of, by operation of law or otherwise
(collectively “transfer”) any Shares, or any interest therein, until
such Shares have vested, except that the Participant may transfer such Shares (i) to
or for the benefit of any spouse, children, parents, uncles, aunts, siblings,
grandchildren and any other relatives approved by the Board of Directors
(collectively, “Approved Relatives”) or to a trust established solely
for the benefit of the Participant and/or Approved Relatives, provided
that such Shares shall remain subject to this Agreement (including without
limitation the restrictions on transfer set forth in this Section 3 and
the forfeiture provisions contained in Section 2) and such permitted
transferee shall, as a condition to such transfer, deliver to the Company a
written instrument confirming that such transferee shall be bound by all of the
terms and conditions of this Agreement or (ii) as part of the sale of all
or substantially all of the shares of capital stock of the Company (including
pursuant to a merger or consolidation), provided that, in accordance
with the Plan and except as otherwise provided herein, the securities or other
property received by the Participant in connection with such transaction shall
remain subject to this Agreement.

 

(b)           The Company shall not be required (i) to transfer on
its books any of the Shares which have been transferred in violation of any of
the provisions set forth in this Agreement or (ii) to treat as owner of
such Shares or to pay dividends to any transferee to whom such Shares have been
transferred in violation of any of the provisions of this Agreement.

 

 

 

 

4.             Restrictive Legends.

 

All Shares subject to this Agreement subject
to the following restriction, in addition to any other legends that may be
required under federal or state securities laws:

 

“The shares of stock represented by this
certificate are subject to forfeiture provisions and restrictions on transfer
set forth in a certain Restricted Stock Agreement between the corporation and
the registered owner of these shares (or his or her predecessor in interest),
and such Agreement is available for inspection without charge at the office of
the Secretary of the corporation.”

 

5.             Provisions of the Plan.

 

This Agreement is subject to the provisions
of the Plan, a copy of which is furnished to the Participant with this Agreement.  Capitalized terms used, but not otherwise
defined, herein shall have the meaning given to them in the Plan.

 

6.             Withholding Taxes; Section 83(b) Election.

 

(a)           The
Participant acknowledges and agrees that the Company has the right to deduct
from payments of any kind otherwise due to the Participant any federal, state,
local or other taxes of any kind required by law to be withheld with respect to
the issuance of the Shares to the Participant or the lapse of the forfeiture
provisions.  For so long as the Common
Stock is registered under the Exchange Act, the Participant may satisfy
such tax obligations in whole or in part by delivery of shares of Common Stock,
including shares retained from this award, valued at their Fair Market Value; provided,
however, that (i) the total tax withholding where stock is being
used to satisfy such tax obligations cannot exceed the Company’s minimum
statutory withholding obligations (based on minimum statutory withholding rates
for federal and state tax purposes, including payroll taxes, that are
applicable to such supplemental taxable income) and (ii) satisfaction of
such tax obligations through shares of the Company’s Common Stock, including
Shares retained from this award, may only be authorized by the Company’s
Compensation Committee in its sole discretion at any time prior to the
occurrence of a vesting date (whereby such Committee may adopt a resolution
permitting the Participant to satisfy his or her tax withholding obligation
through the surrender of shares of the Company’s Common Stock, including a
portion of the Shares the vesting of which gives rise to the withholding
obligations).  Shares surrendered to
satisfy tax withholding requirements cannot be subject to any repurchase,
forfeiture, unfulfilled vesting or other similar requirements.

 

(b)           The
Participant has reviewed with the Participant’s own tax advisors the federal,
state, local and other tax consequences of this investment and the transactions
contemplated by this Agreement.  The
Participant is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents.  The Participant understands that the
Participant (and not the Company) shall be responsible for the Participant’s own
tax liability that may arise as a result of this investment or the transactions
contemplated by this Agreement.

 

THE PARTICIPANT AGREES NOT
TO FILE AN ELECTION UNDER SECTION 83(B) OF THE INTERNAL REVENUE CODE
WITH RESPECT TO THE ISSUANCE OF THE SHARES.

 

7.             Miscellaneous.

 

(a)           No
Rights to Employment.  The
Participant acknowledges and agrees that the vesting of the Shares pursuant to Section 2
hereof is earned only by satisfaction of the performance conditions and
continuing service as an employee at the will of the Company (not through the
act of being hired or being granted the Shares hereunder).  The Participant further acknowledges and
agrees that the transactions contemplated hereunder and the vesting schedule
set forth herein do not constitute an express or implied promise of continued
engagement as an employee for the vesting period, for any period, or at all.

 

 

 

2

 

 

(b)           Severability.  The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, and each other provision of this
Agreement shall be severable and enforceable to the extent permitted by law.

 

(c)           Waiver.  Any provision for the benefit of the Company
contained in this Agreement may be waived, either generally or in any
particular instance, by the Board of Directors of the Company.

 

(d)           Binding
Effect.  This Agreement shall be
binding upon and inure to the benefit of the Company and the Participant and
their respective heirs, executors, administrators, legal representatives,
successors and assigns, subject to the restrictions on transfer set forth in Section 3
of this Agreement.

 

(e)           Notice.   Each notice relating to this Agreement shall
be in writing and delivered in person or by first class mail, postage prepaid,
to the address as hereinafter provided. 
Each notice shall be deemed to have been given on the date it is
received.  Each notice to the Company shall
be addressed to it at its offices at 675 West Kendall Street, Cambridge, Massachusetts
02142 (Attention:  General Counsel).  Each notice to the Participant shall be
addressed to the Participant at the Participant’s last known address.

 

(f)            Pronouns.  Whenever the context may require, any
pronouns used in this Agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns and pronouns shall
include the plural, and vice versa.

 

(g)           Entire
Agreement.  This Agreement and the
Plan constitute the entire agreement between the parties, and supersede all
prior agreements and understandings, relating to the subject matter of this
Agreement.

 

(h)           Amendment.  This Agreement may be amended or modified
only by a written instrument executed by both the Company and the Participant.

 

(i)            Governing
Law.  This Agreement shall be
construed, interpreted and enforced in accordance with the internal laws of the
State of Delaware without regard to any applicable conflicts of laws.

 

(j)            Interpretation.  The interpretation and construction of any
terms or conditions of the Plan, or of this Agreement or other matters related
to the Plan by the Compensation Committee of the Board of Directors of the
Company shall be final and conclusive.

 

(k)           Participant’s
Acknowledgments.  The Participant
acknowledges that he or she: (i) has read this Agreement; (ii) has
been represented in the preparation, negotiation, and execution of this
Agreement by legal counsel of the Participant’s own choice or has voluntarily
declined to seek such counsel; (iii) understands the terms and consequences
of this Agreement; (iv) is fully aware of the legal and binding effect of
this Agreement; and (v) understands that the law firm of Wilmer Cutler
Pickering Hale and Dorr LLP is acting as counsel to the Company in connection
with the transactions contemplated by the Agreement, and is not acting as
counsel for the Participant.

 

(l)            Delivery of Certificates.  The Participant may request that the Company
deliver the Shares in certificated form with respect to any Shares that have
ceased to be subject to forfeiture pursuant to Section 2.

 

(m)          No Deferral. 
Notwithstanding anything herein to the contrary, neither the Company nor
the Participant may defer the delivery of the Shares.

 

 

 

3

 

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the day and year first above written.

 

	
   

  	
  MOMENTA PHARMACEUTICALS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Participant]

  

 

 

 

 

4

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