Document:

EXHIBIT 4.1

 

AMENDMENT
NO. 1

TO

RIGHTS
AGREEMENT

 

This Amendment No. 1 to
Rights Agreement is entered into as of September 23, 2004, between Endocardial
Solutions, Inc., a Delaware corporation (the “Company”), and Wells Fargo Bank,
National Association (f/k/a Norwest Bank Minnesota, National Association), a
national banking association (the “Rights Agent”).

 

WHEREAS, the Company and the Rights Agent are
parties to a Rights Agreement dated as of August 25, 1999 (the “Rights
Agreement”);

 

WHEREAS, St. Jude Medical, Inc., a Minnesota
corporation (“Buyer”), Dragonfly Merger Corp., a Delaware corporation (“Buyer
Subsidiary”), and the Company propose to enter into an Agreement and Plan of
Merger (the “Merger Agreement”), pursuant to which Buyer Subsidiary will merge
with and into the Company (the “Merger”);

 

WHEREAS, the Board of Directors of the Company has
approved the Merger Agreement; and

 

WHEREAS, the Board of Directors of the Company has
determined that an amendment to the Rights Agreement pursuant to Section 27 of
the Rights Agreement is desirable in connection with the foregoing and the
Company and the Rights Agent desire to evidence such amendment in writing.

 

NOW,
THEREFORE, in
consideration of the foregoing and the mutual agreements set forth herein, the parties
hereto agree as follows:

 

(a)           Amendment to Section 1.  Section 1 of the Rights Agreement is amended to add the following
sentence at the end of the definition of “Acquiring Person”:

 

“Notwithstanding anything in
this Agreement to the contrary, neither Buyer nor Buyer Subsidiary shall be
deemed an “Acquiring Person” as the result of (i) the consummation of the
Merger, (ii) the execution or delivery of the Merger Agreement or (iii) the
consummation of the transactions contemplated by the Merger Agreement.”

 

Section 1 of the Rights
Agreement is further amended to add the following sentence at the end of the
definition of “Beneficial Owner”:

 

“Notwithstanding anything in
this Agreement to the contrary, neither Buyer nor Buyer Subsidiary shall be
deemed to beneficially own any securities of the Company that Buyer or Buyer
Subsidiary would otherwise beneficially own as a result of (i) the consummation
of the Merger, (ii) the execution or delivery of the Merger Agreement or (iii)
the consummation of the other transactions contemplated in the Merger
Agreement.”

 

Section 1 of the Rights
Agreement is further amended to add the following sentence at the end of the
definition of “Shares Acquisition Date”:

 

 

“Notwithstanding anything in
this Agreement to the contrary, no “Shares Acquisition Date” shall be deemed to
occur as a result of (i) the consummation of the Merger, (ii) the execution or
delivery of the Merger Agreement or (iii) the consummation of the other
transactions contemplated in the Merger Agreement.”

 

(b)           Additional Amendment to Section 1.  Section 1 of the Rights Agreement is further
amended to add the following paragraphs at the end thereof:

 

“Buyer”
shall mean St. Jude Medical, Inc., a Minnesota corporation, and its Affiliates
and Associates.

 

“Buyer
Subsidiary” shall mean Dragonfly Merger Corp., a wholly owned subsidiary of
Buyer, and its Affiliates and Associates.

 

“Merger”
shall mean the merger of Buyer Subsidiary with and into the Company pursuant to
the Merger Agreement.

 

“Merger
Agreement” shall mean that certain Agreement and Plan of Merger dated as of
September 23, 2004 by and among the Company, Buyer and Buyer Subsidiary.

 

(c)           Amendment to Section 3(a).  Section 3(a) of the Rights Agreement is
amended to add the following sentence at the end thereof:

 

“Notwithstanding anything in
this Agreement to the contrary, a Distribution Date shall not be deemed to have
occurred as the result of (i) the consummation of the Merger, (ii) the
execution or delivery of the Merger Agreement or (iii) the consummation of the
other transactions contemplated in the Merger Agreement.”

 

(d)           Effectiveness. 
This Amendment shall be deemed effective immediately prior to the
execution and delivery of the Merger Agreement.  Except as amended hereby, the Rights Agreement shall remain in
full force and effect and shall be otherwise unaffected hereby.

 

(e)           Termination of Rights Agreement.  The Rights Agreement shall terminate
immediately upon effectiveness of the Merger.

 

[The remainder of this page is intentionally left blank;
signature page follows]

 

2

 

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed, all as of the
date and year first above written.

 

 

	
   

  	
  ENDOCARDIAL
  SOLUTIONS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ James W. Bullock

  	
   

  
	
   

  	
   

  	
  Its President/CEO

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS
  FARGO BANK, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Beverly A. Robinson

  	
   

  
	
   

  	
   

  	
  Its Vice President

  	
   

  
					

 

 

Signature
Page to 

Amendment
No. 1 to Rights Agreement

 

3EXHIBIT
10.1

 

Silicon
Valley Bank

 

Limited
Waiver and

Amendment to Loan Documents

 

	
  Borrower:

  	
   

  	
  Endocardial Solutions, Inc.

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
  September 22, 2004

  

 

THIS
LIMITED WAIVER AND AMENDMENT TO LOAN DOCUMENTS is entered
into between Silicon Valley Bank (“Silicon”) and the borrower named above
(“Borrower”).

 

The Parties agree
to amend the Loan and Security Agreement between them, dated September 24, 2003
(as otherwise amended, if at all, the “Loan Agreement”) and the Streamline
Facility Agreement between them dated September 24, 2003 (the “Streamline
Agreement”), as follows, effective as of the date hereof. (Capitalized terms
used but not defined in this Amendment, shall have the meanings set forth in
the Loan Agreement.)

 

1.             Waiver of Default.
Borrower has advised Silicon that Borrower has failed to comply with Section
5.5(iv) of the Loan and Security Agreement regarding the Negative Covenant
prohibiting the transfer of any Collateral (except as otherwise provided for in
Section 5.5(iv)) (the “Covenant Default”). Silicon and Borrower agree that the
Borrower’s Covenant Default (as defined above) is hereby waived. It is
understood by the parties hereto, however, that such waiver does not constitute
a waiver of any other provision or term of the Loan Agreement or any related
document, nor an agreement to waive in the future this covenant or any other
provision or term of the Loan Agreement or any related document.

 

2.             Modified Definition of Draw Period
#4. The definition of “Draw Period #4” set forth in that
portion of Section 1 of the Schedule to Loan and Security Agreement entitled
“3. 2003 Term Loans” is hereby amended to mean the period from June 1,
2004 through December 23, 2004.

 

3.             Modified Maturity Date.
The sentence in Section 4 of the Schedule to Loan and Security Agreement that
currently reads as follows:

 

The first anniversary
date of this Agreement.

 

is hereby amended to read as follows:

 

December 23, 2004.

 

The agreement by Silicon to the extension provided
above shall not imply an agreement on the part of Silicon to grant further
extensions in the future, and the same shall be a matter of Silicon’s sole
discretion.

 

 

4.             Expiration of the Loan and Security
Agreement (Exim Program). Borrower acknowledges and
understands that the Loan and Security Agreement (Exim Program) dated September
24, 2003 and executed by and between Borrower and Silicon will mature on
September 24, 2004 and all Obligations (as defined therein) must be satisfied
in accordance with the terms thereof

 

5.             Fee. In
consideration for Silicon entering into this Amendment, Borrower shall
concurrently pay Silicon a fee in the amount of $6,250, which shall be
non-refundable and in addition to all interest and other fees payable to
Silicon under the Loan Documents. Silicon is authorized to charge said fee to
Borrower’s loan account

 

6.             Representations True.
Borrower represents and warrants to Silicon that all representations and
warranties set forth in the Loan Agreement, as amended hereby, are true and
correct.

 

7.             General Provisions.
This Amendment, the Loan Agreement, any prior written amendments to the Loan
Agreement signed by Silicon and Borrower, and the other written documents and
agreements between Silicon and Borrower set forth in full all of the
representations and agreements of the parties with respect to the subject
matter hereof and supersede all prior discussions, representations, agreements
and understandings between the parties with respect to the subject hereof.
Except as herein expressly amended, all of the terms and provisions of the Loan
Agreement, and all other documents and agreements between Silicon and Borrower
shall continue in full force and effect and the same are hereby ratified and
confirmed.

 

	
  Borrower:

  	
  Silicon:

  
	
   

  	
   

  
	
  ENDOCARDIAL SOLUTIONS, INC.

  	
  SILICON VALLEY BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ J. Robert
  Paulson

  	
   

  	
  By

  	
  /s/ Derek
  Steward

  	
   

  
	
   

  	
  President or
  Vice President

  	
  Title

  	
  Senior Credit
  Officer

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/ J. Robert
  Paulson

  	
   

  	
   

  
	
   

  	
  Secretary or
  Ass’t Secretary

  	
   

  
									

 

2Exhibit 10.37

 

August 1, 2004

 

Ms. Judy Brown, Contracts Manager

Office of Research

University of Waterloo

200 University Avenue West

Waterloo, Ontario, Canada N2L 3G1

 

Re:                               Extension and Amendment
to Budget and Research Agreement between Waterloo, Thompson, and Senesco for a
Two Year Period From September 1, 2004 Through August 31, 2006

 

Dear Ms. Brown:

 

Pursuant to the Research Agreement effective September 1, 1998
(the “Agreement”), copy attached, between the University of Waterloo
(“Waterloo”), Dr. John E. Thompson (“Thompson”), and Senesco, Inc. (“Senesco”),
Waterloo, Thompson and Senesco hereby agree to extend the Agreement for an
additional two year term, effective September 1, 2004 through
August 31, 2006, under the same terms and conditions provided in the
Agreement, except that the parties hereby amend the Budget set forth in the
Revised Budget for Year 6, effective September 1, 2003 to the Revised
Annual Budget for Years 7 and 8, attached hereto, effective September 1,
2004 through August 31, 2006.  The
Revised Annual Budget for Years 7 and 8 supercedes and replaces the Revised
Budget for Year 6 of the Agreement for all work commencing on or after
September 1, 2004.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  /s/ Bruce C. Galton

  
	
   

  	
  Bruce C. Galton

  
	
   

  	
  President

  
	
   

  	
  Senesco, Inc.

  
	
   

  	
   

  
	
  Agreed and Accepted:

  	
   

  
	
   

  	
   

  
	
  /s/ Judy Brown

  	
   

  	
   

  
	
  University of Waterloo

  	
   

  
	
  by: Judy Brown, Contracts Manager

  	
   

  
	
   

  	
   

  
	
  /s/ Dr. John Thompson, Ph.D.

  	
   

  	
   

  
	
  Dr. John Thompson, Ph.D.

  	
   

  

 

 

REVISED ANNUAL BUDGET

YEARS 7 AND 8

 

PERIOD:               September 1,
2004 – August 31, 2006

 

	
  Salaries

  	
   

  	
  Cdn $/Month

  	
   

  	
  Cdn $/12 Months

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Senior Research Associate

  	
   

  	
  $

  	
  7,043.75

  	
   

  	
  $

  	
  84,525.00

  	
   

  
	
  ($73,500/year + 15% benefits)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Senior Research Associate

  	
   

  	
  6,540.63

  	
   

  	
  78,487.50

  	
   

  
	
  ($68,250/year + 15% benefits)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Research Associate

  	
   

  	
  4,025.00

  	
   

  	
  48,300.00

  	
   

  
	
  ($42,000/year + 15% benefits)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Research Associate

  	
   

  	
  4,025.00

  	
   

  	
  48,300.00

  	
   

  
	
  ($42,000/year + 15% benefits)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Research Associate

  	
   

  	
  4,025.00

  	
   

  	
  48,300.00

  	
   

  
	
  ($42,000/year + 15% benefits)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Research Associate

  	
   

  	
  4,025.00

  	
   

  	
  48,300.00

  	
   

  
	
  ($42,000/year + 15% benefits)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Research Associate

  	
   

  	
  4,025.00

  	
   

  	
  48,300.00

  	
   

  
	
  ($42,000/year + 15% benefits)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Research Associate

  	
   

  	
  3,521.87

  	
   

  	
  42,262.50

  	
   

  
	
  ($36,750/year + 15% benefits)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Part-Time Research Associate

  	
   

  	
  2,100.00

  	
   

  	
  25,200.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Graduate Student

  	
   

  	
  875.00

  	
   

  	
  10,500.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Graduate Student

  	
   

  	
  875.00

  	
   

  	
  10,500.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Graduate Student

  	
   

  	
  875.00

  	
   

  	
  10,500.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Supplies

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Operating Expenses

  	
   

  	
  3,937.50

  	
   

  	
  47,250.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Overhead

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  40% on total direct costs

  	
   

  	
  17,307.50

  	
   

  	
  207,690.00

  	
   

  
	
  20% on graduate student

  	
   

  	
  525.00

  	
   

  	
  6,300.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL ANNUAL BUDGET

  	
   

  	
  $

  	
  63,726.25

  	
   

  	
  $

  	
  764,715.00

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