Document:

XLRN-2014.6.30-Exhibit 10.1

Exhibit 10.1

ACTRIIB AMENDMENT
The Salk Institute for Biological Studies (“Salk”) and Acceleron Pharma, Inc. (“Acceleron”), for good and sufficient consideration, the receipt and adequacy of which is hereby acknowledged, hereby enter into this Amendment (the “ActRIIB Amendment”) to the Exclusive License Agreement between Salk and Acceleron regarding Activin Receptors (Type IIB) and Related Subject Matter for Therapeutic and Diagnostic Purposes, dated August 11, 2010 (the “ActRIIB License”).  
1.    All capitalized terms in this ActRIIB Amendment that are not otherwise defined herein shall have the meaning ascribed to such terms in the ActRIIB License.
2.    “ACE-536 Agreement” shall be defined as the final Collaboration, License and Option Agreement between Acceleron and Celgene Corporation dated August 2, 2011.
3.    “ACE-031 Agreement” shall be defined as the final License and Collaboration Agreement between Acceleron and Shire A.G. dated September 8, 2010.
4.    “ACE-536 Qualifying Revenue” shall be defined as all upfront, license, and technology access fees, product milestone payments (whether research, preclinical or developmental), and other remuneration, however characterized (except for direct reimbursement of fully burdened research or sales personnel expenditures at rates consistent with current industry standards and payments based on the level of sales, profits or other levels of commercialization derived from Net Sales of Licensed Products by Celgene (including, without limitation, Acceleron’s royalties on net sales and/or sharing of Celgene’s profits with Acceleron)) received by Acceleron under the ACE-536 Agreement.  Any non-cash consideration received by Acceleron from Celgene shall be valued at its fair market value as of the date of receipt.  For 

        

equity investments received by Acceleron under the ACE-536 Agreement, ACE-536 Qualifying Revenue shall only include the amount over 130% of the then fair market value of Acceleron’s equity.  Fair market value of equity shall be the closing price of Acceleron’s stock on the date of such investment.  
5.    “ACE-031 Qualifying Revenue” shall be defined as all upfront, license, and technology access fees, product milestone payments (whether research, preclinical or developmental), and other remuneration, however characterized (except for direct reimbursement of fully burdened research or sales personnel expenditures at rates consistent with current industry standards and payments based on the level of sales, profits or other levels of commercialization derived from Net Sales of Licensed Products by Shire A.G. or any other company with whom Acceleron revives the ACE-031 program on substantially the same terms as the ACE-031 Agreement (including, without limitation, Acceleron’s royalties on net sales and/or sharing of Shire’s profits, or any other company’s profits with whom Acceleron revives the ACE-031 program on substantially the same terms as the ACE-031 Agreement, with Acceleron)) received by Acceleron under the ACE-031 Agreement or other agreement that includes substantially the same terms as the ACE-031 Agreement.  Any non-cash consideration received by Acceleron from Shire or any other company with whom Acceleron revives the ACE-031 program on substantially the same terms as the ACE-031 Agreement shall be valued at its fair market value as of the date of receipt.  For equity investments received by Acceleron under the ACE-031 Agreement or other agreement that includes substantially the same terms as the ACE-031 Agreement, ACE-031 Qualifying Revenue shall only include the amount over 130% of the then fair market value of Acceleron’s equity.  Fair market value of equity shall be the closing price of Acceleron’s stock on the date of such investment.  

        

6.    Acceleron shall pay Salk 6% of all future ACE-536 Qualifying Revenue.  For clarity, and by way of example only, Acceleron shall pay Salk 6% of the remaining $120 million in ACE-536 Development Milestones set forth in Section 5.2 of the ACE-536 Agreement, to the extent those Development Milestones are achieved and paid. 
7.    Acceleron shall pay a 1% royalty to Salk on Net Sales of ACE-536 until June 25, 2022.  For clarity, Sections 3.4(a) and 3.4(b) of the ActRIIB License shall not apply to Net Sales of ACE-536.
8.    For clarity, the parties agree that ACE-536 is not a Primary Licensed Product as defined in Section 1.12 of the ActRIIB License.  The parties further agree that ACE-536 is a Secondary Licensed Product, as defined in Section 1.13 of the ActRIIB License and that it does not, and would not, infringe any claims of the patents identified in Exhibit A to the ActRIIB License, including U.S. Patent Nos. 5,885,794 and 6,162,896, irrespective of the safe harbor set forth in 35 U.S.C. Section 271(e).
9.    In the event the ACE-031 program is revived with Shire A.G. or any other company on substantially the same terms as the ACE-031 Agreement, Acceleron shall pay Salk 5% of all future ACE-031 Qualifying Revenue, as provided in Section 3.5 of the ActRIIB License. 
10.    This ActRIIB Amendment may be executed in separate counterparts and shall have the same effect as if the Parties had executed it as a single document.  This ActRIIB Amendment may be executed and delivered by facsimile or electronic mail and, upon delivery, each executed version shall be deemed an original.
[Remainder of this Page Intentionally Left Blank; Signature page follows]

IN WITNESS WHEREOF, the Parties have caused this ActRIIB Amendment to be executed as of the 25th day of July 2014:
	
		
	

	

THE SALK INSTITUTE FOR BIOLOGICAL STUDIES

By: /s/ William R. Brody
Name: William R. Brody
Title: President
Date: 7/18/2014

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	ACCELERON PHARMA, INC. 

By: /s/ John Knopf
Name: John Knopf
Title: CEO
Date: 7/25/20142014-08-12 Exhibit 10.1

First Amendment to Credit Agreement
dated as of August 11, 2014
among
Miller Energy Resources, Inc.,
as Borrower,
KeyBank National Association,
as Administrative Agent,
and
the Lenders Party Hereto
                    

KeyBank National Association
Lead Arranger and Book Runner

First Amendment to Credit Agreement
This First Amendment to Credit Agreement (this “Amendment”) dated as of August 11, 2014, is among MILLER ENERGY RESOURCES, INC., a corporation duly formed and existing under the laws of the State of Tennessee, each of the Lenders party hereto, and KEYBANK NATIONAL ASSOCIATION, as Administrative Agent.
R E C I T A L S
A.    The Borrower, the Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of June 2, 2014 (as amended, restated, supplemented or modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower.
B.    The Borrower has requested that the Administrative Agent and each of the Lenders amend, and the Administrative Agent and each of the Lenders have agreed to amend, certain provisions of the Credit Agreement as herein set forth.
C.    Now, therefore, to induce the Administrative Agent and the Lenders to enter into this Amendment and in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.    Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement, as amended by this Amendment. Unless otherwise indicated, all section references in this Amendment refer to sections of the Credit Agreement.

Section 2.    Amendments to Credit Agreement

2.1    Amendments to Section 1.02 of the Credit Agreement.  Section 1.02 of the Credit Agreement is hereby amended as follows:

(a)    The definition of “Agreement” is restated in its entirety to read as follows:

“Agreement” means this Credit Agreement, as amended by that certain First Amendment to Credit Agreement dated as of August 11, 2014, and as the same may be further amended, restated, supplemented, or modified from time to time.
(b)    The definition of “Change in Control” is amended by deleting “David Voyticky,” in clause (c) thereof.

(c)    The definition of “Permitted Disposition” is amended by deleting “, David Voyticky,” in clause (a) thereof.

2.2    Amendments to Section 10.01 of the Credit Agreement.  Clause (q) of Section 10.01 is hereby amended and restated in its entirety to read as follows:

 (q)    If (i) David Hall ceases to be Chief Operating Officer of the Borrower or Scott Boruff ceases to be Chief Executive Officer of the Borrower or (ii) Scott Boruff or 

David Hall otherwise ceases to be substantially involved in the daily operations of the Borrower and, in each case, if such Person is not replaced by a Person reasonably satisfactory to the Administrative Agent within sixty (60) days of such Person ceasing to hold such office or ceasing to be so involved, as applicable.
Section 3.    Conditions Precedent.  This Amendment shall become effective on the date (such date, the “First Amendment Effective Date”), when each of the following conditions is satisfied (or waived in accordance with Section 12.02):

(a)    The Administrative Agent shall have received from the Majority Lenders, the Administrative Agent, the Borrower and each Guarantor, counterparts (in such number as may be reasonably requested by the Administrative Agent) of this Amendment signed on behalf of such Person.

(b)    The Administrative Agent shall be reasonably satisfied that, substantially contemporaneously with the effectiveness of this Amendment, the terms of the Second Lien Term Loan Agreement will be amended in form and substance consistent with this Amendment and otherwise reasonably acceptable to the Administrative Agent.

(c)    No Default shall have occurred and be continuing as of the date hereof, after giving effect to the terms of this Amendment.

(d)    the Borrower shall have paid to the Administrative Agent all costs, fees and expenses payable pursuant to the Credit Agreement.

Section 4.    Miscellaneous.

4.1    Confirmation. The provisions of the Credit Agreement, as amended by this Amendment, remain in full force and effect following the effectiveness of this Amendment.

4.2    Ratification and Affirmation; Representations and Warranties.  Each of the Borrower and each Guarantor hereby:

(a)    acknowledges the terms of this Amendment, 

(b)    ratifies and affirms their respective obligations, and acknowledges their respective continued liability, under each Loan Document to which it is a party (including with respect to all of the Liens securing the payment and performance of the Obligations) and agrees that each Loan Document to which it is a party remains in full force and effect as expressly amended hereby, 

(c)    represents and warrants to the Lenders that the resolutions and Governing Documents certified to the Administrative Agent and the Lenders by such Loan Party on the date of the Credit Agreement remain in full force and effect and have not been amended or otherwise modified, and 

(d)    represents and warrants to the Lenders that as of the date hereof, immediately after giving effect to the terms of this Amendment, all of the Borrower’s and such Guarantor’s, as applicable, respective representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects, except that (i) to the extent any such representations and warranties are expressly limited to an earlier date, as of the date hereof, after giving effect to the terms of this Amendment, such representation and warranty continues to be true and correct in all material respects as of such specified 

earlier date and (ii) to the extent that any such representation and warranty is qualified by materiality, such representation and warranty (as so qualified) is true and correct in all respects.

4.3    Counterparts. This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile transmission or other electronic transmission (e.g., .pdf) shall be effective as delivery of a manually executed counterpart hereof.

4.4    NO ORAL AGREEMENT. THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.

4.5    GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

4.6    Payment of Expenses. In accordance with Section 12.03 of the Credit Agreement, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out‐of-pocket costs and reasonable expenses incurred in connection with this Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees, charges and disbursements of counsel.

4.7    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.

4.8    Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties to the Credit Agreement and their respective successors and permitted assigns.

4.9    Loan Document. This Amendment is a Loan Document.

[SIGNATURES BEGIN NEXT PAGE]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first written above.
	
		
	BORROWER:
	MILLER ENERGY RESOURCES, INC.

	 
	 

	 
	By: /s/ Scott M. Boruff

	 
	Scott M. Boruff

	 
	Chief Executive Officer

	 
	 

	GUARANTORS:
	MILLER FRILLING, TN LLC

	 
	By: MILLER ENERGY RESOURCES, INC.

	 
	its Sole Member

	 
	 

	 
	By: /s/ Scott M. Boruff

	 
	Scott M. Boruff

	 
	Chief Executive Officer

	 
	 

	 
	MILLER ENERGY SERVICES, LLC

	 
	By: MILLER ENERGY RESOURCES, INC.

	 
	its Sole Manager

	 
	 

	 
	By: /s/ Scott M. Boruff

	 
	Scott M. Boruff

	 
	Chief Executive Officer

	 
	 

	 
	MILLER ENERGY GP, LLC

	 
	By: MILLER ENERGY RESOURCES, INC.

	 
	its Sole Manager

	 
	 

	 
	By: /s/ Scott M. Boruff

	 
	Scott M. Boruff

	 
	Chief Executive Officer

	
		
	 
	MILLER RIG & EQUIPMENT, LLC

	 
	By: MILLER ENERGY RESOURCES, INC.

	 
	its Sole Manager

	 
	 

	 
	By: /s/ Scott M. Boruff

	 
	Scott M. Boruff

	 
	Chief Executive Officer

	 
	 

	 
	COOK INLET ENERGY, LLC

	 
	 

	 
	By: /s/ David M. Hall

	 
	David M. Hall

	 
	Manager and Chief Executive Officer

	 
	 

	 
	EAST TENNESSEE CONSULTANTS, INC.

	 
	 

	 
	By: /s/ Eugene D. Lockyear

	 
	Eugene D. Lockyear

	 
	President

	 
	 

	 
	EAST TENNESSEE CONSULTANTS II, L.L.C.

	 
	 

	 
	By: /s/ Eugene D. Lockyear

	 
	Eugene D. Lockyear

	 
	President

	
		
	 
	KEYBANK NATIONAL ASSOCIATION, as 

	 
	Administrative Agent, as Issuing Bank and as a 

	 
	Lender

	 
	 

	 
	By: /s/ George E. McKean

	 
	Name: George E. McKean

	 
	Title: Senior Vice President

	
		
	 
	CIT FINANCE LLC, as a Lender

	 
	 

	 
	By: /s/ John Feeley

	 
	Name: John Feeley

	 
	Title: Director

	
		
	 
	ONEWEST BANK N.A., as a Lender

	 
	 

	 
	By: /s/ Whitney Randolph

	 
	Name: Whitney Randolph

	 
	Title: Senior Vice President

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