Document:

Exhibit 10.1

 

 

AMENDMENT NO. 1 TO RECEIVABLES FINANCING AGREEMENT

 

This AMENDMENT NO. 1 TO RECEIVABLES FINANCING AGREEMENT (this “Amendment”), dated as of January 5, 2016, is by and among VOLT FUNDING CORP. (“Volt Funding”), as borrower (the “Borrower”), the Persons from time to time party hereto as Lenders and LC Participants, PNC BANK, NATIONAL ASSOCIATION (“PNC”), as LC Bank, as an LC Participant, as a Lender and as Administrative Agent, and VOLT INFORMATION SCIENCES, INC. (“Volt”), as initial servicer (the “Servicer”).

 

BACKGROUND

 

WHEREAS, the parties hereto entered into the Receivables Financing Agreement as of July 30, 2015 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Receivables Financing Agreement”); and

 

WHEREAS, the parties hereto wish to amend the Receivables Financing Agreement pursuant to the terms and conditions set forth herein.

 

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

 

SECTION 1.    Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings assigned to them in the Receivables Financing Agreement.

 

SECTION 2.    Amendments to Receivables Financing Agreement.  Effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the Receivables Financing Agreement is hereby amended as follows:

 

(a)           The definition of “Consolidated EBIT” set forth in Section 1.01 thereof is hereby deleted in its entirety.

 

(b)           The definition of “Consolidated Interest Expense” set forth in Section 1.01 thereof is hereby deleted in its entirety.

 

(c)           The definition of “Interest Coverage Ratio” set forth in Section 1.01 thereof is hereby deleted in its entirety.

 

(d)           The definition of “Minimum Funding Threshold” set forth in Section 1.01 thereof is hereby amended by deleting the phrase “60.00%” and replacing it in its entirety with the phrase “40.00%”.

 

(e)           The definition of “Scheduled Termination Date” set forth in Section 1.01 thereof is hereby amended by deleting the phrase “July 28, 2016” and replacing it in its entirety with the phrase “January 31, 2017”.

 

(f)           Section 8.04 of the Receivables Financing Agreement is hereby deleted in its entirety and replaced with the following:

   

  

  

  

   

SECTION 8.04.  Financial Covenants.

 

(a)           [Reserved].

 

(b)           Liquidity Level.  The Parent and its Subsidiaries on a consolidated basis shall not permit at any time the Liquidity Level to be less than the amount set forth in Schedule IV.

 

(g)           Exhibit F to the Receivables Financing Agreement is hereby deleted and replaced in its entirety with the form set forth in Exhibit A attached hereto.

 

(h)           Exhibit G to the Receivables Financing Agreement is hereby deleted and replaced in its entirety with the form set forth in Exhibit B attached hereto.

 

(i)           Item 5 of Exhibit H to the Receivables Financing Agreement is hereby deleted in its entirety and replaced with the following:

 

5.           [Reserved].

 

(j)           Schedule II of Exhibit H to the Receivables Financing Agreement is hereby deleted in its entirety.

 

(k)           Schedule III to the Receivables Financing Agreement is hereby deleted and replaced in its entirety with the schedule set forth in Exhibit C attached hereto.

 

(l)           Schedule IV to the Receivables Financing Agreement is hereby deleted and replaced in its entirety with the schedule set forth in Exhibit D attached hereto.

 

SECTION 3.    Conditions Precedent.  The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent:

 

(a)           The Administrative Agent shall have received a fully executed counterpart of this Amendment and the First Amended and Restated Fee Letter, dated as of the date hereof, by and among PNC as the Administrative Agent, a Lender, the LC Bank, and an LC Participant and the Borrower (collectively, the “Amendment Documents”).

 

(b)           The Administrative Agent shall have received such documents and certificates as the Administrative Agent shall have reasonably requested on or prior to the date hereof.

 

(c)           The Administrative Agent shall have received all fees and other amounts due and payable to it under the Receivables Financing Agreement and in connection with this Amendment on or prior to the date hereof, including, to the extent invoiced, payment or reimbursement of all fees and expenses (including reasonable and documented out-of-pocket fees, charges and disbursements of counsel) required to be paid or reimbursed on or prior to the date hereof.  To the extent such fees and other amounts have not yet been invoiced, the Borrower agrees to remit payment to the applicable party promptly upon receipt of such invoice.

 

  

2

  

 

(d)           No Event of Default or Unmatured Event of Default, as set forth in Section 10.01 of the Receivables Financing Agreement, shall have occurred and be continuing.

 

SECTION 4.    Amendment.  The Borrower, PNC as the LC Bank, an LC Participant, a Lender, and the Administrative Agent, and the Servicer, hereby agree that the provisions and effectiveness of this Amendment shall apply to the Receivables Financing Agreement as of the date hereof.  Except as amended by this Amendment, the Receivables Financing Agreement remains unchanged and in full force and effect.  This Amendment is a Transaction Document.

 

SECTION 5.    Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed an original and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed counterpart hereof by facsimile or other electronic means shall be equally effective as delivery of an originally executed counterpart.

 

SECTION 6.    Captions.  The headings of the Sections of this Amendment are provided solely for convenience of reference and shall not modify, define, expand or limit any of the terms or provisions of this Amendment.

 

SECTION 7.    Successors and permitted assigns.  The terms of this Amendment shall be binding upon, and shall inure to the benefit of the Borrower, PNC as the LC Bank, an LC Participant, a Lender, and the Administrative Agent, and the Servicer, and their respective successors and permitted assigns.

 

SECTION 8.    Severability.  Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

SECTION 9.    Governing Law and Jurisdiction.  The provisions of the Receivables Financing Agreement with respect to governing law, jurisdiction, and agent for service of process are incorporated in this Amendment by reference as if such provisions were set forth herein.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

  

3

  

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized officers as of the date first above written.

   

	 	VOLT FUNDING CORP., 

     as the Borrower	 
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	 /s/ Kevin Hannon	 
	 	Name: 	Kevin Hannon	 
	 	Title: 	Treasurer	 
	 	 	 	 	 

     

	 	VOLT INFORMATION SCIENCES, INC., 

     as the Servicer	 
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	 /s/ Paul Tomkins	 
	 	Name: 	Paul Tomkins	 
	 	Title: 	
Senior Vice President and 

Chief Financial Officer

	 
	 	 	 	 	 

 

 

 

 

 

Amendment 1 to RFA (PNC/Volt)

  

S-1

  

        

	 	PNC BANK, NATIONAL ASSOCIATION, 

     as Administrative Agent	 
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	 /s/ Eric Bruno	 
	 	Name: 	Eric Bruno	 
	 	Title: 	Managing Director	 
	 	 	 	 	 

   

	 	PNC BANK, NATIONAL ASSOCIATION, 

     as LC Bank and as an LC Participant	 
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	 /s/ Eric Bruno	 
	 	Name: 	Eric Bruno	 
	 	Title: 	Managing Director	 
	 	 	 	 	 

   

	 	PNC BANK, NATIONAL ASSOCIATION, 

     as a Lender	 
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	 /s/ Eric Bruno	 
	 	Name: 	Eric Bruno	 
	 	Title: 	Managing Director	 
	 	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

        

Exhibit D to Amendment 1 to RFA

 

SCHEDULE IV

Financial Covenant

 

Financial Covenant Definitions.

 

“Liquidity Level” means, at any particular time, an amount equal to the sum of the (a) aggregate available amount to the Borrower under and pursuant to the terms of this Agreement, (b) the value of all unmatured Marketable Securities held by the Parent and its consolidated Subsidiaries and (c) unrestricted cash and cash equivalents on hand at such time, as determined for the Parent and its consolidated Subsidiaries on a consolidated basis; provided, however, that beginning on May 1, 2016, at least 50% of the domestic unrestricted cash and cash equivalents used to satisfy the Liquidity Level amount set forth below must be on deposit in accounts maintained by one or more of the Parent and its Subsidiaries at PNC.  For the avoidance of doubt: (x) at all times the respective depositors shall have free and unencumbered access to such domestic unrestricted cash and cash equivalents in such respective accounts maintained at PNC; and (y) without limiting the generality of the foregoing, in no event shall any such cash and cash equivalents in any such account be subject to any setoff, appropriation or application except in accordance with any applicable Transaction Document and only against amounts (if any) then owing by such respective depositor to PNC.

 

Financial Covenant Thresholds.

 

Liquidity Level Amount.  For the purposes of Section 8.04(b) the amount referred to therein is as set forth in the chart below:

 

	
Time Period

	
Liquidity Level Amount

	
Closing Date to January 30, 2016

	
$20,000,000

	
January 31, 2016 to July 30, 2016

	
$35,000,000

	
July 31, 2016 and thereafter

	
$50,000,000

 

 

 

 

 

 

 

 

 

 

Ex. D-1Exhibit 10.1

 

AMENDMENT
1 TO TERM LOAN AGREEMENT

 

THIS
AMENDMENT 1, dated as of December 23, 2015 (this “Amendment”) is made among Navidea Biopharmaceuticals,
Inc., a Delaware corporation (“Borrower”), and the lenders listed on the signature pages hereof under
the heading “LENDERS” (each a “Lender” and, collectively, the “Lenders”),
with respect to the Loan Agreement referred to below.

 

RECITALS

 

WHEREAS,
the Borrower and the Lenders are parties to a Term Loan Agreement, dated as of May 8, 2015 (the “Loan Agreement”),
with the Subsidiary Guarantors from time to time party thereto.

 

WHEREAS,
the parties hereto desire to amend the Loan Agreement on the terms and subject to the conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, the parties agree as follows:

 

SECTION 1.       Definitions;
Interpretation.

 

(a)          Terms
Defined in Loan Agreement. All capitalized terms used in this Amendment (including in the recitals hereof) and not otherwise
defined herein shall have the meanings assigned to them in the Loan Agreement.

 

(b)          Interpretation.
The rules of interpretation set forth in Section 1.03 of the Loan Agreement shall be applicable to this Amendment and are
incorporated herein by this reference.

 

SECTION 2.       Amendment.
Subject to Section 3, the Loan Agreement is hereby amended as follows:

 

(a)          Section
10.02(a) of the Loan Agreement is amended and restated in its entirety as follows:

 

“(a)
during the twelve month period beginning on January 1, 2015, of at least $10,000,000;”

 

(b)          Exhibit
E of the Loan Agreement is replaced in its entirety by the Exhibit E attached hereto.

 

(c)          Schedule
7.05(b) to the Loan Agreement is replaced in its entirety by the Schedule 7.05(b) attached hereto.

 

(d)          Schedule
7.05(c) to the Loan Agreement is replaced in its entirety by the Schedule 7.05(c) attached hereto.

 

     

     

    

 

SECTION 3.      Conditions
of Effectiveness. The effectiveness of Section 2 shall be subject to the following conditions precedent:

 

(a)          Borrower
and all of the Lenders shall have duly executed and delivered this Amendment pursuant to Section 12.04 of the Loan Agreement;
provided, however, that this Amendment shall have no binding force or effect unless all conditions set forth in this Section 3
have been satisfied;

 

(b)          No
Default or Event of Default under the Loan Agreement shall have occurred and be continuing; and

 

(c)          The
Borrower shall have paid or reimbursed Lenders for Lenders’ reasonable out of pocket costs and expenses incurred in connection
with this Amendment, including Lenders’ reasonable out of pocket legal fees and costs, pursuant to Section 12.03(a)(i)(z)
of the Loan Agreement.

 

SECTION 4.      Representations
and Warranties; Reaffirmation.

 

(a)          The
Borrower hereby represents and warrants to each Lender as follows:

 

(i)          The
Borrower has full power, authority and legal right to make and perform this Amendment. This Amendment is within the Borrower’s
corporate powers and has been duly authorized by all necessary corporate and, if required, by all necessary shareholder action.
This Amendment has been duly executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the
Borrower, enforceable against the Borrower in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy,
insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’
rights and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law). This Amendment (x) does not require any consent or approval of, registration or filing with, or any other
action by, any Governmental Authority or any third party, except for such as have been obtained or made and are in full force
and effect, (y) will not violate any applicable law or regulation or the charter, bylaws or other organizational documents of
the Borrower and its Subsidiaries or any order of any Governmental Authority, other than any such violations that, individually
or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, (z) will not violate or result in an
event of default under any material indenture, agreement or other instrument binding upon the Borrower and its Subsidiaries or
assets, or give rise to a right thereunder to require any payment to be made by any such Person.

 

(ii)         No
Default has occurred or is continuing or will result after giving effect to this Amendment.

 

(iii)        The
representations and warranties made by or with respect to the Borrower in Section 7 of the Loan Agreement are (A) in the
case of representations qualified by “materiality,” “Material Adverse Effect” or similar language, true
and correct in all respects and (B) in the case of all other representations and warranties, true and correct in all material
respects (except that the representation regarding representations and warranties that refer to a specific earlier date are true
and correct on the basis set forth above as of such earlier date), in each case taking into account any changes made to schedules
updated in accordance with Section 7.21 of the Loan Agreement or attached hereto.

 

    	 	2	 

     

    

  

(iv)        There
has been no Material Adverse Effect since the date of the Loan Agreement.

 

(b)          The
Borrower hereby ratifies, confirms, reaffirms, and acknowledges its obligations under the Loan Documents to which it is a party
and agrees that the Loan Documents remain in full force and effect, undiminished by this Amendment, except as expressly provided
herein. By executing this Amendment, the Borrower acknowledges that it has read, consulted with its attorneys regarding, and understands,
this Amendment.

 

SECTION 5.      Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial.

 

(a)          Governing
Law. This Amendment and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance
with, the law of the State of New York, without regard to principles of conflicts of laws that would result in the application
of the laws of any other jurisdiction; provided that Section 5-1401 of the New York General Obligations Law shall apply.

 

(b)          Submission
to Jurisdiction. The Borrower agrees that any suit, action or proceeding with respect to this Amendment or any other Loan
Document to which it is a party or any judgment entered by any court in respect thereof may be brought initially in the federal
or state courts in Houston, Texas or in the courts of its own corporate domicile and irrevocably submits to the non-exclusive
jurisdiction of each such court for the purpose of any such suit, action, proceeding or judgment. This Section 5 is for
the benefit of the Lenders only and, as a result, no Lender shall be prevented from taking proceedings in any other courts with
jurisdiction. To the extent allowed by applicable Laws, the Lenders may take concurrent proceedings in any number of jurisdictions.

 

(c)          Waiver
of Jury Trial. The Borrower and each Lender hereby irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any suit, action or proceeding arising out of or relating
to this Amendment, the other Loan Documents or the transactions contemplated hereby or thereby.

 

SECTION 6.      Miscellaneous.

 

(a)          No
Waiver. Nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained
in the Loan Agreement or any of the other Loan Documents or constitute a course of conduct or dealing among the parties. Except
as expressly stated herein, the Lenders reserve all rights, privileges and remedies under the Loan Documents. Except as amended
hereby, the Loan Agreement and other Loan Documents remain unmodified and in full force and effect. All references in the Loan
Documents to the Loan Agreement shall be deemed to be references to the Loan Agreement as amended hereby.

 

(b)          Severability.
In case any provision of or obligation under this Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the
validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired thereby.

 

 

    	 	3	 

     

    

 

(c)          Headings.
Headings and captions used in this Amendment (including the Exhibits, Schedules and Annexes hereto, if any) are included for convenience
of reference only and shall not be given any substantive effect.

 

(d)          Integration.
This Amendment constitutes a Loan Document and, together with the other Loan Documents, incorporates all negotiations of the parties
hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect
to the subject matter hereof.

 

(e)          Counterparts.
This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument
and any of the parties hereto may execute this Amendment by signing any such counterpart.

 

(f)          Controlling
Provisions. In the event of any inconsistencies between the provisions of this Amendment and the provisions of any other Loan
Document, the provisions of this Amendment shall govern and prevail. Except as expressly modified by this Amendment, the Loan
Documents shall not be modified and shall remain in full force and effect.

 

[Remainder
of page intentionally left blank]

 

    	 	4	 

     

    

 

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

 

	 	BORROWER:
	 	 
	 	NAVIDEA BIOPHARMACEUTICALS, INC.
	 	 
	 	By:	/s/ Brent L. Larson
	 	Name: Brent L. Larson
	 	Title:  EVP & CFO

 

Signature Page
to Amendment 1 to Term Loan Agreement

 

     

     

    

  

	LENDERS:	 
	 	 
	CAPITAL ROYALTY PARTNERS II L.P.	 
	 	By CAPITAL ROYALTY PARTNERS II GP L.P., its General Partner	 
	 	 	By CAPITAL ROYALTY PARTNERS II GP LLC, its General Partner	 
	 	 	 	 
	 	 	By	/s/ Nathan Hukill	 
	 	 	 	Name: Nathan Hukill	 
	 	 	 	Title: Authorized Signatory	 
	 	 	 
	CAPITAL ROYALTY PARTNERS II – PARALLEL FUND “A” L.P.	 
	 	By CAPITAL ROYALTY PARTNERS II – PARALLEL FUND “A” GP L.P., its
    General Partner	 
	 	 	By CAPITAL ROYALTY PARTNERS II – PARALLEL FUND “A” GP LLC, its
    General Partner	 
	 	 	 	 
	 	 	By	/s/ Nathan Hukill	 
	 	 	 	Name: Nathan Hukill	 
	 	 	 	Title: Authorized Signatory	 
	 	 	 
	PARALLEL INVESTMENT OPPORTUNITIES PARTNERS II L.P.	 
	 	By PARALLEL INVESTMENT OPPORTUNITIES PARTNERS II GP L.P., its General Partner	 
	 	 	By PARALLEL INVESTMENT OPPORTUNITIES PARTNERS II GP LLC, its General Partner	 
	 	 	 	 
	 	 	By	/s/ Nathan Hukill	 
	 	 	 	Name: Nathan Hukill	 
	 	 	 	Title: Authorized Signatory	 

 

Signature Page
to Amendment 1 to Term Loan Agreement

 

     

     

    

  

Exhibit E

 

See attached.

 

     

     

    

  

Exhibit
E

to Term Loan Agreement

 

FORM
OF COMPLIANCE CERTIFICATE

 

[DATE]

 

This
certificate is delivered pursuant to Section 8.01(d) of, and in connection with the consummation of the transactions contemplated
in, the Term Loan Agreement, dated as of May 8, 2015 (as the same may be amended, restated, supplemented or otherwise modified
from time to time, the “Loan Agreement”), among Navidea Biopharmaceuticals, Inc., a Delaware corporation
(“Borrower”), Capital Royalty Partners II L.P., Capital Royalty Partners II – Parallel
Fund “A” L.P. and Parallel Investment Opportunities Partners II L.P., and other parties from time to time party thereto
as lenders (“Lenders”), and the subsidiary guarantors from time to time party thereto. Capitalized terms
used herein and not otherwise defined herein are used herein as defined in the Loan Agreement.

 

The
undersigned, a duly authorized Responsible Officer of Borrower having the name and title set forth below under his signature,
hereby certifies, on behalf of Borrower for the benefit of the Secured Parties and pursuant to Section 8.01(d) of the Loan
Agreement that such Responsible Officer of Borrower is familiar with the Loan Agreement and that, in accordance with each of the
following sections of the Loan Agreement, each of the following is true on the date hereof, both before and after giving effect
to any Loan to be made on or before the date hereof:

 

In
accordance with Section 8.01[(a)/(b)] of the Loan Agreement, attached hereto as Annex A are the financial
statements for the [fiscal quarter/fiscal year] ended [__________] required to be delivered pursuant to Section 8.01[(a)/(b)]
of the Loan Agreement. Such financial statements fairly present in all material respects the consolidated financial position,
results of operations and cash flow of Borrower and its Subsidiaries as at the dates indicated therein and for the periods indicated
therein in accordance with GAAP [(subject to the absence of footnote disclosure and normal year-end audit adjustments)]1
[without qualification as to the scope of the audit or as to going concern and without any other similar qualification together
with the certificate from Borrower’s independent auditors with respect to such financial statements required to be delivered
pursuant to Section 8.01(c) of the Loan Agreement. The examination by such auditors in connection with such financial
statements has been made in accordance with the standards of the United States’ Public Company accounting Oversight Board
(or any successor entity).]2

 

Attached
hereto as Annex B are the calculations used to determine compliance with each financial covenant contained in Section
10 of the Loan Agreement.

 

No
Default or Event of Default is continuing as of the date hereof[, except as provided for on Annex C attached hereto, with
respect to each of which Borrower proposes to take the actions set forth on Annex C].

 

 

1 Insert language in
brackets only for quarterly certifications.

2 Insert language in
brackets only for annual certifications.

 

     

     

    

  

IN
WITNESS WHEREOF, the undersigned has executed this certificate on the date first written above.

 

	 	NAVIDEA BIOPHARMACEUTICALS, INC.
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

    	 	Exhibit E-2	 

     

    

 

Annex
A to Compliance Certificate

 

Financial
Statements

 

[see attached]

 

    	 	Exhibit E-3	 

     

    

 

Annex B
to Compliance Certificate

 

Calculations of Financial Covenant
Compliance

 

	I.	Section 10.01:  Minimum
    Liquidity	 
	A.	Amount of unencumbered cash
    and Permitted Cash Equivalent Investments (which for greater certainty shall not include any undrawn credit lines), in each
    case, to the extent held in an account over which the Lenders have a first priority perfected security interest:	$__________
	B.	The greater of:	$__________
	 	(1)      $5,000,000
    and	 
	 	(2)      to
    the extent Borrower has incurred Permitted Priority Debt, the minimum cash balance required of Borrower by Borrower’s
    Permitted Priority Debt creditors	 
	 	Is Line IA equal to or
    greater than Line IB?:	Yes: In compliance; No: Not
    in compliance
	II.	Section 10.02(a)-(e):  Minimum
    Revenue or Minimum EBITDA —Subsequent Periods	 
	A.	Revenues during the twelve
    month period beginning on January 1, 2015	$__________
	 	[Is line II.A equal to
    or greater than $10,000,000 or is annual EBITDA at least $5,000,000?  	Yes: In compliance; No: Not
in compliance]3
	B.	Revenues during the twelve
    month period beginning on January 1, 2016	$__________
	 	[Is line II.B equal to
    or greater than $22,500,000 or is annual EBITDA at least $5,000,000?	Yes: In compliance; No: Not
    in compliance]4
	C.	Revenues during the twelve
    month period beginning on January 1, 2017	$__________
	 	[Is line II.C equal to
    or greater than $30,000,000 or is annual EBITDA at least $5,000,000?	Yes: In compliance; No: Not
    in compliance]5

 

 

3  Include bracketed
entry only on the Compliance Certificate to be delivered within 90 days of the end of 2015 pursuant to Section 8.01(b) of the
Loan Agreement.

4
Include bracketed entry only on the Compliance Certificate to be delivered within 90 days of the end of 2016 pursuant to Section
8.01(b) of the Loan Agreement.

5
Include bracketed entry only on the Compliance Certificate to be delivered within 90 days of the end of 2017 pursuant to Section
8.01(b) of the Loan Agreement.

 

    	 	Exhibit E-4	 

     

    

 

	D.	Revenues during the twelve
    month period beginning on January 1, 2018	$__________
	 	[Is line II.D equal to
    or greater than $35,000,000 or is annual EBITDA at least $5,000,000?	Yes: In compliance; No: Not
    in compliance]6
	E.	Revenues during the twelve
    month period beginning on January 1, 2019	$__________
	 	[Is line II.E equal to
    or greater than $40,000,000 or is annual EBITDA at least $5,000,000?	Yes: In compliance; No: Not
    in compliance]7
	F.	Revenues during the twelve
    month period beginning on January 1, 2020	$__________
	 	[Is line II.E equal to
    or greater than $45,000,000 or is annual EBITDA at least $5,000,000?	Yes: In compliance; No: Not
    in compliance]8
	G.	Revenues during the twelve
    month period beginning on January 1, 2021	$__________
	 	[Is line II.E equal to
    or greater than $45,000,000 or is annual EBITDA at least $5,000,000?	Yes: In compliance; No: Not
    in compliance]9

 

 

6
Include bracketed entry only on the Compliance Certificate to be delivered within 90 days of the end of 2018 pursuant to Section
8.01(b) of the Loan Agreement.

7
Include bracketed entry only on the Compliance Certificate to be delivered within 90 days of the end of 2019 pursuant to Section
8.01(b) of the Loan Agreement.

8
Include bracketed entry only on the Compliance Certificate to be delivered within 90 days of the end of 2020 pursuant to Section
8.01(b) of the Loan Agreement.

9
Include bracketed entry only on the Compliance Certificate to be delivered within 90 days of the end of 2021 pursuant to Section
8.01(b) of the Loan Agreement.

 

    	 	Exhibit E-5	 

     

    

 

Schedule 7.05(b)

 

See attached. 

 

     

     

    

 

Amended Schedule 7.05(b)

to Term Loan Agreement

 

Certain
Intellectual Property

 

Patents

 

	Owner	Patent Description/Title	Jurisdiction	Patent
Number (if

issued)/Application

Number (if applied 

for only)	Issuance Date

(if

issued)/Filing

Date (if applied

for only)
	Navidea	
        “Compositions for radiolabeling DTPA dextran”

        (Lymphoseek - Formulation)
	US	
        8,545,808
	10/1/2013
	Navidea	
        “Compositions for radiolabeling DTPA dextran”

        (Lymphoseek - Formulation)
	US	
        14/039,648 (Pending)

        
	9/27/2013
	Navidea	
        “Compositions for radiolabeling DTPA dextran”

        (Lymphoseek - Formulation)
	EP	EP10736135.4 (Pending)	1/28/2010
	Navidea	
        “Compositions for radiolabeling DTPA dextran”

        (Lymphoseek - Formulation)
	AU	2010208624 (Pending)	1/28/2010
	Navidea	
        “Compositions for radiolabeling DTPA dextran”

        (Lymphoseek - Formulation)
	CA	
        2,750,230 (Pending)

        
	1/28/2010
	Navidea	
        “Compositions for radiolabeling DTPA dextran”

        (Lymphoseek - Formulation)
	JP	
        2011-547973 (Pending)

        
	1/28/2010
	Navidea	
        “Compositions for radiolabeling DTPA dextran”

        (Lymphoseek - Formulation)
	KR	2011-7020202 (Pending)	1/28/2010
	Navidea/OSU	
        "Compositions, Methods and Kits for Diagnosing and Treating
        CD206 Expressing Cell-Related Disorders"

        (Lymphoseek – New Field/Composition)
	US	14/338,332	7/22/2014
	Navidea/OSU	
        "Compositions, Methods and Kits for Diagnosing and Treating
        CD206 Expressing Cell-Related Disorders"

        (Lymphoseek – New Field/Composition)
	PCT	PCT/US14/47708	7/22/2014

 

Schedule 7.05(b)

 

     

     

    

 

	Navidea	
        "Compositions and Methods for Diagnosing and Treating Macrophage
        Related Disorders Using Carbohydrate Based Macromolecular Carrier"

        (Lymphoseek – New Field/Composition)
	US	62/031,348	7/31/2014
	Navidea/OSU	
        "Compounds and Compositions for Targeting Macrophages and
        Other CD206 High Expressing Cells and Methods of Treating and Diagnosing Using Same"

        (Lymphoseek – New Field/Composition)
	US	62/106,194	1/21/2015
	Navidea	
        “Heteroaryl Substituted Benzothiazoles”

        (AZD2184)
	US	8,163,928	4/24/2012
	Navidea	
        “Heteroaryl Substituted Benzothiazoles”

        (AZD2184)
	US	8,957,215	2/17/2015
	Navidea	
        “Heteroaryl Substituted Benzothiazoles”

        (AZD2184)
	EP	
        7709290.6

        (pending)
	1/25/2007
	Navidea	
        “Heteroaryl Substituted Benzothiazoles”

        (AZD2184)
	AR	
        70100305

        (pending)
	1/24/2007
	Navidea	
        “Heteroaryl Substituted Benzothiazoles”

        (AZD2184)
	AU	
        2007207904

         
	1/25/2007
	Navidea	
        “Heteroaryl Substituted Benzothiazoles”

        (AZD2184)
	BR	
        PI0707283

        (pending)
	1/25/2007
	Navidea	
        “Heteroaryl Substituted Benzothiazoles”

        (AZD2184)
	JP	5289061	1/25/2007
	Navidea	
        “Heteroaryl Substituted Benzothiazoles”

        (AZD2184)
	CN	101410393	1/25/2012
	Navidea	
        “Heteroaryl Substituted Benzothiazoles”

        (AZD2184)
	IN	
        6133/DELNP/2008

        (pending)
	1/25/2007

 

Schedule 7.05(b)

 

     

     

    

 

	Navidea	
        “Heteroaryl Substituted Benzothiazoles”

        (AZD2184)
	KR	10-1406248	6/19/2014
	Navidea	
        “Heteroaryl Substituted Benzothiazoles”

        (AZD2184)
	RU	2008130695	1/25/2007
	Navidea	
        “Heteroaryl Substituted Benzothiazoles”

        (AZD2184)
	MX	2008/009396	1/25/2007
	Navidea	
        “Heteroaryl substituted benzoxazoles”

        (AZD2995)
	US	7,670,591	3/2/2010
	Navidea	
        “Heteroaryl substituted benzoxazoles”

        (AZD2995)
	EP	
        7748254.5

        (pending)
	6/18/2007
	Navidea	
        “Heteroaryl substituted benzoxazoles”

        (AZD2995)
	CN	200780030807.8	6/18/2007
	Navidea	
        “Heteroaryl substituted benzoxazoles”

        (AZD2995)
	IN	
        10035/DELNP/2008

        (pending)
	6/18/2007
	Navidea	
        “Heteroaryl substituted benzoxazoles”

        (AZD2995)
	JP	5548842	6/18/2007

 

Schedule 7.05(b)

 

     

     

    

 

Trademarks

 

	Owner	Trademark	Jurisdiction	Registration

 Number (if

 registered)/Serial

 Number (if

 applied for only)	Registration

 Date (if

 registered)/Filing

 Date (if applied 

for only)
	Navidea	
        “LYMPHOSEEK"

        (Standard Characters)
	US	3,163,525	10/24/2006
	Navidea	
        “LYMPHOSEEK"

        (Standard Characters)
	CA	1647184	10/9/2013
	Navidea	
        “LYMPHOSEEK"

        (Standard Characters)
	EP	12,204,202	3/5/2014
	Navidea	
        “LYMPHOSEEK"

        (Standard Characters)
	JP	5,649,575	2/14/2014
	Navidea	
        “LYMPHOSEEK"

        (Standard Characters)
	CN	13988394	1/27/2014
	Navidea	
        "LYMPHOSEEK"

        (Logo)
	US	86/055,675	9/4/2013
	Navidea	
        "NAVIDEA"

        (Standard Characters)
	US	4,514,173	4/15/2014
	Navidea	
        "NAVIDEA"

        (Standard Characters)
	CA	1647179	10/9/2013
	Navidea	
        "NAVIDEA"

        (Standard Characters)
	EP	122,041,786	3/6/2014
	Navidea	
        "NAVIDEA"

        (Standard Characters)
	JP	5,652,414	2/28/2014
	Navidea	
        "NAVIDEA"

        (Standard Characters)
	CN	14109341	3/4/2013
	Navidea	
        "NAVIDEA BIOPHARMACEUTICALS"

        (Logo)
	US	4,207,633	9/11/2012
	Navidea	
        "MANOCEPT"

        (Standard Characters – Class 5)
	US	86/287,230	5/21/2014
	Navidea	
        "MANOCEPT"

        (Standard Characters – Class 42)
	US	86/287231	5/21/2014

 

Schedule 7.05(b)

 

     

     

    

 

Copyrights

 

	Owner	Identifier	Registration 

Number	Registration

Date
	Navidea	“Neoprobe Corporation OneMedPlace Finance Forum San Francisco, CA January 2010.”	
        TX0007391587

         
	7/1/2011
	Navidea	“Neoprobe Corporation Product Pipeline — Oncology Diagnostic Drugs."	TX0007400138	7/5/2011

 

Schedule 7.05(b)

 

     

     

    

 

Schedule 7.05(c)

 

See attached. 

 

     

     

    

 

Amended Schedule 7.05(c)

to Term Loan Agreement

 

Material
Intellectual Property

 

Patents

 

	Owner	Patent Description/Title	Jurisdiction	Patent Number (if 

issued)/

 Application

 Number (if applied

 for only)	Issuance 

Date (if 

issued)/

 Filing Date 

(if applied 

for only)
	Regents of Univ. of California

(licensed)	
        “Macromolecular Carrier for Drug and Diagnostic Agent
        Delivery”

        (Lymphoseek - Composition)
	US	6,409,990	6/25/2002
	Regents of Univ. of California

(licensed)	
        “Macromolecular Carrier for Drug and Diagnostic Agent
        Delivery”

        (Lymphoseek - Composition)
	
        Europe

         
	EP1178838B1	9/29/04
	Regents of Univ. of California

(licensed)	
        “Macromolecular Carrier for Drug and Diagnostic Agent
        Delivery”

        (Lymphoseek - Composition)
	JP	4056701	3/5/2008
	Navidea	
        “Compositions for radiolabeling DTPA dextran”

        (Lymphoseek - Formulation)
	US	
        8,545,808

         
	10/1/2013
	Navidea	
        “Compositions for radiolabeling DTPA dextran”

        (Lymphoseek - Formulation)
	US	
        14/039,648 (Pending)

         
	9/27/2013
	Navidea	
        “Compositions for radiolabeling DTPA dextran”

        (Lymphoseek - Formulation)
	EP	EP10736135.4 (Pending)	1/28/2010
	Navidea	
        “Compositions for radiolabeling DTPA dextran”

        (Lymphoseek - Formulation)
	JP	
        2011-547973 (Pending)

         
	1/28/2010
	Navidea/OSU	
        "Compositions, Methods and Kits for Diagnosing and Treating
        CD206 Expressing Cell-Related Disorders"

        (Lymphoseek – New Field/Composition)
	US	14/338,332	7/22/2014
	Navidea/OSU	
        "Compositions, Methods and Kits for Diagnosing and Treating
        CD206 Expressing Cell-Related Disorders"

        (Lymphoseek – New Field/Composition)
	PCT	PCT/US14/47708	7/22/2014

 

 

     

     

    

 

	Navidea	
        "Compositions and Methods for Diagnosing and Treating Macrophage
        Related Disorders Using Carbohydrate Based Macromolecular Carrier"

        (Lymphoseek – New Field/Composition)
	US	62/031,348	7/31/2014
	Navidea/OSU	
        "Compounds and Compositions for Targeting Macrophages and
        Other CD206 High Expressing Cells and Methods of Treating and Diagnosing Using Same"

        (Lymphoseek – New Field/Composition)
	US	62/106,194	1/21/2015
	
        AstraZeneca

        (licensed)
	
        “2-Heteroaryl Substituted Benzothiophenes and Benzofuranes”

        (NAV4694 – Drug Substance)
	US	7,772,256	8/10/2010
	
        AstraZeneca

        (licensed)
	
        “2-Heteroaryl Substituted Benzothiophenes and Benzofuranes”

        (NAV4694 – Drug Substance)
	EP	08724190.7 (pending)	3/5/2008
	
        AstraZeneca

        (licensed)
	
        “2-Heteroaryl Substituted Benzothiophenes and Benzofuranes”

        (NAV4694 – Drug Substance)
	JP	552641/2009 (pending)	3/5/2008
	
        AstraZeneca

        (licensed)
	
        “Compounds Suitable as Precursors to Compounds that are
        Useful for Imaging Amyloid Deposits”

        (NAV4694 – Precursor Substance)
	US	8,193,363	6/5/2012
	
        AstraZeneca

        (licensed)
	
        “Compounds Suitable as Precursors to Compounds that are
        Useful for Imaging Amyloid Deposits”

        (NAV4694 – Precursor Substance)
	US	8,653,274	2/18/2014
	
        AstraZeneca

        (licensed)
	
        “Compounds Suitable as Precursors to Compounds that are
        Useful for Imaging Amyloid Deposits”

        (NAV4694 – Precursor Substance)
	US	
        14/149,563

        (pending)
	1/7/2014

 

Schedule 7.05(C)

 

     

     

    

 

	
        AstraZeneca

        (licensed)
	
        “Compounds Suitable as Precursors to Compounds that are
        Useful for Imaging Amyloid Deposits”

        (NAV4694 – Precursor Substance)
	EP	
        09810319.5

        (pending)
	8/28/2009
	
        AstraZeneca

        (licensed)
	
        “Compounds Suitable as Precursors to Compounds that are
        Useful for Imaging Amyloid Deposits”

        (NAV4694 – Precursor Substance)
	JP	
        5613669

        (pending)
	10/29/2014

 

Schedule 7.05(C)

 

     

     

    

 

Trademarks

 

	Owner	Trademark	Jurisdiction	Registration

 Number (if

 registered)/ Serial

 Number (if applied

 for only)	Registration Date

 (if registered)/

 Filing Date (if 

applied for only)
	Navidea	
        “LYMPHOSEEK" (Standard Characters)

         
	US	3,163,525	10/24/2006
	Navidea	“LYMPHOSEEK" (Standard Characters)	EP	12,204,202	3/5/2014
	Navidea	“LYMPHOSEEK" (Standard Characters)	JP	5,649,575	2/14/2014

 

Schedule 7.05(C)

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