Document:

EX-10.12

 Exhibit 10.12 

Certain identified information has been excluded from this exhibit because it is both not material and is the type that the registrant
treats as private or confidential. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”. 

NUVALENT, INC. 

AMENDED AND RESTATED REVENUE SHARING AGREEMENT 

THIS AMENDED AND RESTATED REVENUE SHARING AGREEMENT (this “Agreement”) effective as of February 2, 2017 (the
“Effective Date”) is made by and between Nuvalent, Inc., a Delaware corporation (the “Company”), and Deerfield Healthcare Innovations Fund, L.P. and Deerfield Private Design Fund, IV, L.P. (collectively,
“Deerfield”). 
 WHEREAS, the Company and Deerfield have previously entered into a Revenue Sharing Agreement dated as of
February 2, 2017 (the “Prior Agreement”) in order to induce to Deerfield to provide the Company with, among other things, seed capital to support the initial formation of the Company and the development of the Company’s
executive team, scientific strategy and business plan, all as set forth in a certain funding agreement between the Company and Deerfield; and 

WHEREAS, the Company and Deerfield now desire to amend and restate the Prior Agreement in its entirety; 

NOW THEREFORE, in consideration of the foregoing recitals, the mutual promises and covenants set forth in this Agreement and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows: 

1. For purposes of this Agreement, the following terms shall have the following definitions. 

“Affiliate” shall mean with respect to a party, an entity that, directly or indirectly through one (1) or more
intermediaries, controls, is controlled by or is under common control with such party, other than any entity that would otherwise be deemed an “Affiliate” hereunder due to such entity being under the control of any entity or group of
entities (including Deerfield) affiliated with Deerfield Management, L.P. In this definition, “control” means: (a) in the case of corporate entities, direct or indirect ownership of at least fifty percent (50%) of the stock or
shares having the right to vote for the election of directors; and (b) in the case of non-corporate entities, direct or indirect ownership of at least fifty percent (50%) of the equity interest with
the power to direct the management and policies of such entities. 
 “Company Product” shall mean a pharmaceutical product
that was, or the compound in which was, discovered, identified or generated by the Company during the period commencing on the Effective Date and ending on the date that is the earlier of (a) five (5) years after the last investment in the capital
stock of the Company made by Deerfield and (b) five (5) years after the closing of the first sale of shares of the Common Stock of the Company to the public in a firm-commitment underwritten public offering pursuant to an effective registration
statement under the Securities Act of 1933, as amended, and in connection with such offering the Common Stock is listed for trading on the Nasdaq Global Market or Global Select Market, the New York Stock Exchange, or another exchange or marketplace
approved the Board of Directors of the Company. 
 “First Commercial Sale” shall mean, with respect to a Company Product and
a country, the first sale by the Company or its Related Parties, after all required licenses, registrations, authorizations and approvals have been received from the applicable regulatory authority for such country, of such Company Product

 
in such country for use or consumption in commerce. Sales for clinical trial purposes or compassionate, named patients or similar use shall not constitute a First Commercial Sale. 

“Net Sales” shall mean with respect to any Company Product, the gross amounts invoiced or received by the Company and its
Related Parties (each an “Invoicing Entity”) for sales of such Company Product anywhere in the world less the following deductions solely to the extent actually incurred or allowed with respect to such sales, and solely to the
extent such deductions from amounts invoiced or received are in accordance with GAAP applied consistently, and which are not already reflected as a deduction from the invoiced price: 

(a) charge-back payments, rebates, and fees granted or paid to managed health care organizations or to federal, state and local governments,
their agencies, and purchasers and reimbursors or to trade customers, in all cases in customary and reasonable amounts; provided that, any such amounts subsequently paid shall be included in “Net Sales” at the time of
payment; 
 (b) credits or allowances actually granted upon, or reimbursements for, damaged goods, rejections, or returns of such Company
Product, including returns of such Company Product in connection with recalls or withdrawals; 
 (c) freight out, postage, shipping, and
insurance charges for delivery of such Company Product, to the extent separately billed on the invoice; 
 (d) taxes or duties levied on,
absorbed, or otherwise imposed on and directly linked to the sale of such Company Product, including value-added taxes, or other governmental charges otherwise imposed upon the billed amount, as adjusted for rebates and refunds, to the extent not
paid by the third party and only to the extent such taxes, charges and other amounts are not reimbursed to the Invoicing Entity, but excluding all income taxes; 

(e) customary distribution fees allowed or paid to third party distributors, brokers, or agents for Company Product sales outside the United
States, other than amounts paid to sales personnel, sales representatives, and sales agents employed by such Invoicing Entity (or its Related Parties); 

(f) coupons, co-pay card discounts and other similar programs resulting in payments to end users; and

 (g) the actual amount of any write-offs for bad debt up to a total of [***] of such sales during the applicable period. 

  
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 If the Company or its Related Parties sells any Company Product in the form of a combination
product containing (i) a Company Product and (ii) one or more active ingredients that are not Company Products or a delivery device (whether such elements are combined in a single formulation and/or package, as applicable, or formulated
and/or packaged separately but sold together for a single price) (a “Combination Product”), Net Sales of such Combination Product for the purpose of determining the payment due to Deerfield pursuant to this Agreement shall be
calculated [***]. If, on a country-by-country basis, such other active ingredient or ingredients or delivery device in the Combination Product are not sold separately in
such country, but the Company Product component of the Combination Product is sold separately in such country, Net Sales for the purpose of determining the payment due to Deerfield under this Agreement for the Combination Product shall be calculated
[***]. If, on a country-by-country basis, such Company Product component is not sold separately in such country, Net Sales for the purpose of determining the payment due
to Deerfield under this Agreement for the Combination Product shall be [***]. Notwithstanding anything to the contrary in this definition, under no circumstances shall the portion of Net Sales allocable to the Company Product in a Combination
Product be [***] of the total Net Sales for such Combination Product. 
 “Patent” shall mean any and all (a) U.S. or
foreign patent applications, including all provisional applications, substitutions, continuations, continuations-in-part, divisions, renewals, and all patents granted
thereon, (b) U.S. or foreign patents, reissues, revalidations, reexaminations and extensions or restorations by existing or future extension or restoration mechanisms, including supplementary protection certificates or the equivalent thereof,
and (c) other form of government- issued right substantially similar to any of the foregoing, including so-called pipeline protection or any importation, revalidation, confirmation or introduction patent
or registration patent or patent of additions to any of such foregoing patents or patent applications. 
 “Related Party”
shall mean (a) the Company’s Affiliates, and (b) the Company’s and its Affiliates’ respective licensees and sublicensees. 

“Revenue Share Term” shall mean, with respect to a Company Product and a country, the period commencing on the First
Commercial Sale of such Company Product in such country and terminating upon the later of (a) the twelfth (12th) anniversary after such First Commercial Sale or (b) the expiration of the last-to-expire Valid Claim included in the Subject IP that covers the manufacture, use, offer for sale or sale of such Company Product in such country. 

“Subject IP” shall mean those Patents that claim or cover a Company Product. 

“Valid Claim” shall mean (a) an issued and unexpired claim of a Patent that has not been revoked or held unenforceable,
unpatentable or invalid by a 

  
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decision of a court or other governmental agency of competent jurisdiction, which is not appealable or has not been appealed within the time allowed for appeal, and which has not been abandoned,
disclaimed, denied or admitted to be invalid or unenforceable through reissue, re-examination or disclaimer or otherwise, or (b) a claim of an application within the Subject IP that has been pending for
less than five (5) years from the original priority date. 
 2. Revenue Sharing. During the Revenue Share Term,
within one hundred twenty (120) calendar days of the end of each calendar year, the Company shall pay collectively to Deerfield an aggregate payment equal to [***] of Net Sales for the immediately preceding calendar year as set forth herein.
The payments payable to Deerfield pursuant to the foregoing sentence shall be reduced, on a Company Product-by-Company Product and country-by-country basis, to [***] of the amounts otherwise due to Deerfield pursuant to the foregoing sentence during any portion of the Revenue Share Term when at least one Valid Claim of the Subject IP
does not cover such Company Product in such country. 
 3. Payment Terms. Within sixty (60) days after the end of each
calendar quarter during the term of this Agreement following the First Commercial Sale of a Company Product, the Company shall furnish to Deerfield a written report showing in reasonably specific detail (a) the sales of each Company Product by
Company or its Related Parties during such calendar quarter, (b) a calculation of Net Sales of each such Company Product, (c) the amount of taxes, if any, withheld to comply with applicable law; and (d) a calculation of payments due
to Deerfield hereunder with respect to the foregoing, and (e) the exchange rates, if any, used in determining the Net Sales in U.S. dollars. With respect to sales of Company Products invoiced in U.S. dollars, the gross sales, Net Sales and
revenue share payable shall be expressed in U.S. dollars. With respect to Net Sales invoiced in a currency other than U.S. dollars, all such amounts shall be expressed both in the currency in which the distribution is invoiced and in the U.S. dollar
equivalent. The U.S. dollar equivalent shall be calculated using the average of the exchange rate (local currency per U.S. $1) published in The Wall Street Journal, Western Edition, under the heading “Currency Trading” on the last business
day of each month during the applicable calendar quarter, or other commercially reasonable exchange rate(s) proposed by the Company and approved by Deerfield, such approval not to be unreasonably withheld, conditioned or delayed. All payments
hereunder shall be made by the Company from a bank account domiciled in the United States of America, unless otherwise agreed in writing by Deerfield. 

4. Audit Rights. Until [***] after the expiration of the Revenue Share Term, upon the written request of Deerfield and not more
than once in each calendar year (except in response to manifest error by the Company or an effort on the part of the Company to fraudulently under report Net Sales) and not more than once with respect to any period audited (except in response to
manifest error by the Company or an effort on the part of the Company to fraudulently under report Net Sales), the Company shall permit an independent certified public accounting firm selected by Deerfield, and reasonably acceptable to the Company,
at Deerfield’s expense, to have access during normal business hours to the financial records of the Company as may be reasonably necessary to verify the accuracy of the payment reports provided under Section 4 and the payments made under
Section 3 for [***] prior to the 

  
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date of such request. If such accounting firm concludes that additional amounts were owed during the audited period, the Company shall pay such additional amounts within [***] days after the date
Deerfield delivers to the Company such accounting firm’s written report so concluding, together with interest thereon as set forth in Section 6, calculated from the date that the applicable payment should have been made to Deerfield
pursuant to the terms hereof. The fees charged by such accounting firm shall be paid by Deerfield; provided, however, if such audit discloses that the additional payment payable by the Company for the audited period is [***] of the amount of the
payments that should have been made by the Company for that audited period, the Company shall pay the fees and expenses charged by the accounting firm. The Company shall have the right to require that such accounting firm, prior to conducting such
audit, enter into an appropriate non-disclosure agreement with the Company. 
 5. Late
Payments. Any amount owed by the Company to Deerfield under this Agreement that is not paid when due, as set forth herein, shall accrue interest at the rate of [***] above the then-applicable short-term three-month London Interbank Offered
Rate (LIBOR) as quoted in the Wall Street Journal (or if it no longer exists, a similarly authoritative source) calculated on a daily basis or, if lower, the highest rate permitted under applicable law. 

6. Survival of Rights. This Agreement shall survive (i) a cancellation or termination of the Funding Agreement and shall be
considered an enforceable agreement, in its own right, in the event that the Funding Agreement is cancelled or terminated and (ii) a sale of the Company (including the sale of all or substantially all of the Company’s assets), and/or a
sale of all or substantially all of the Subject IP. This Agreement shall be binding upon and inure to the benefit of the Company’s successors in interest, assignees, and licensees, and Deerfield’s administrators, heirs, successors, and
assigns. 
 7. Miscellaneous. 

(a) Assignment. This Agreement may be assigned or otherwise transferred by Deerfield without the consent of the Company,
including to a successor in interest in connection with the transfer or sale of all or substantially all of Deerfield’s business to which this Agreement relates, whether by merger, sale of assets or otherwise. Deerfield shall provide prompt
written notice of any such assignment and shall provide to the Company a written agreement of the successor agreeing to be bound by the terms of this Agreement. In addition, Deerfield may, without the consent of the Company, assign or otherwise
transfer Deerfield’s right to receive payments under this Agreement. The Company may assign its obligation to make payments hereunder with respect to a Company Product in connection with the assignment or exclusive license of all or
substantially all of the Company’s right, title and interest in and to all of the applicable Subject IP. The Company may assign or transfer this Agreement in its entirety only in conjunction with the assignment or transfer of all of the
Company’s right, title and interest in and to all Subject IP to the same assignee. 
 (b) Waiver. The waiver of the
breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach of the same or other provision hereof. 

  
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 (c) Notices. All notices and other communications under this Agreement shall
be in writing and shall be given by personal or courier delivery, facsimile, first class mail, certified or registered with return receipt requested or reputable overnight delivery service for next business day delivery, and shall be deemed to have
been duly given upon receipt if personally delivered, delivered by courier or delivered by reputable overnight delivery service, on the date of transmission if transmitted by facsimile, or three (3) business days after mailing if mailed, to the
addresses of the Company and Deerfield contained in the records of the Company at the time of such notice. Any party may change such party’s address for notices by notice duly given pursuant to this Section 7(c). 

(d) Entire Agreement. This Agreement (including any Exhibits and Schedules hereto) constitutes the entire agreement and
understanding between the Company and Deerfield with respect to the subject matter hereof, and supersedes all prior and contemporaneous proposals, oral or written, and all other communications between the between the Company and Deerfield with
respect to such subject matter. 
 (e) Headings. The section headings used in this Agreement are intended for convenience of
reference and shall not by themselves determine the construction or interpretation of any provision of this Agreement. 
 (f)
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, excluding those laws that direct the application of the laws of another jurisdiction. 

(g) Counterparts and Facsimile Signatures. This Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may be executed by facsimile signature (including signatures in Adobe PDF or similar format). 

(h) Enforcement. If any portion of this Agreement is determined to be invalid or unenforceable, such portion shall be adjusted,
rather than voided, to achieve the intent of the parties to the extent possible, and the remainder shall be enforced to the maximum extent possible. 

[Remainder of Page Intentionally Left Blank; Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Revenue
Sharing Agreement on the 28th of May, 2021. 
  

					
	NUVALENT, INC.
		
	By:	 	 /s/ James Porter, Ph.D.

	Name:	 	James Porter, Ph.D.
	Title:	 	CEO
	
	DEERFIELD:
	
	DEERFIELD HEALTHCARE INNOVATIONS FUND, L.P.
		
	By:	 	Deerfield Mgmt HIF, L.P.
		 	General Partner
		
	By:	 	J.E. Flynn Capital HIF, LLC
		 	General Partner
		
	By:	 	 /s/ David J. Clark

		 	Name:	 	David J. Clark
		 	Title:	 	Authorized Signatory
	
	DEERFIELD PRIVATE DESIGN FUND, IV, L.P.
		
	By:	 	Deerfield Mgmt IV, L.P.
		 	General Partner
		
	By:	 	J.E. Flynn Capital IV, LLC
		 	General Partner
		
	By:	 	 /s/ David J. Clark

		 	Name:	 	David J. Clark
		 	Title:	 	Authorized Signatory

 [Signature Page to Amended and Restated Revenue Sharing Agreement]progress-amendmenttocred

Execution Version      AMENDMENT TO CREDIT AGREEMENT     Amendment to Credit Agreement (this “Amendment”), dated as of April 7, 2021, by and among  Progress Software Corporation, a Delaware corporation (the “Borrower”), the Lenders listed on the  signature pages hereof, and JPMorgan Chase Bank, N.A., as the Agent (as defined below).     WHEREAS, reference is hereby made to that certain Amended and Restated Credit Agreement,  dated as of November 20, 2017 (as amended and restated by that certain Second Amended and Restated  Credit Agreement, dated as of April 30, 2019, and as further amended, restated, amended and restated,  supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”; and the Credit  Agreement, as amended by this Amendment and as further amended, restated, supplemented or otherwise  modified from time to time, the “Amended Credit Agreement”), among the Borrower, the Lenders listed  on the signature pages thereof, and JPMorgan Chase Bank, N.A., as administrative agent (the “Agent”);  and     WHEREAS, consistent with Section 9.02 of the Credit Agreement, the Borrower and the Required  Lenders desire to amend the Credit Agreement on the terms and subject to the conditions set forth herein.     NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein  contained and for other valuable considerations, the parties hereto agree as follows:    Section 1. Definitions. Each capitalized term used herein and not otherwise defined in this  Amendment shall be defined in accordance with the Credit Agreement.  Section 2. Amendments to Credit Agreement. Each of the parties hereto agrees that, effective on  the Amendment Effective Date (defined below), the Credit Agreement shall be amended as follows:   2.1 Section 1.01 of the Credit Agreement is hereby amended by inserting the following  definitions in the appropriate alphabetical order:  “Bond Hedge” means any call or capped call option (or substantively equivalent derivative  transaction) relating to the Borrower’s Equity Interests purchased by the Borrower in connection  with the issuance of any Convertible Notes and settled in Equity Interests of the Borrower, cash  and/or a combination of cash and Equity Interests of the Borrower (such amount of cash determined  by reference to the price of the Borrower’s Equity Interests), and cash in lieu of fractional shares  so long as the purchase price for such Bond Hedge, after deducting the amount of any premium  received by the Borrower under any Warrants, does not exceed the net proceeds received by the  Borrower from the sale of such Convertible Notes issued in connection therewith.  “Convertible Notes” means unsecured convertible securities of the Borrower which are convertible  into Equity Interests of the Borrower, cash and/or a combination of cash and Equity Interests of the  Borrower.  “Payment” has the meaning assigned to it in Section 8.06(c).  “Payment Notice” has the meaning assigned to it in Section 8.06(c).  “Warrants” means any call option, warrant or right to purchase (or substantively equivalent  derivative transaction) relating to the Borrower’s Equity Interests sold by the Borrower  substantially concurrently with any purchase by the Borrower of a Bond Hedge and settled in  Equity Interests of the Borrower, cash and/or a combination of cash and Equity Interests of the  

 

  2    Borrower (such amount of cash determined by reference to the price of the Borrower’s Equity  Interests), and cash in lieu of fractional shares.  2.2 The definition of “Disqualified Equity Interests” in Section 1.01 of the Credit Agreement is  hereby amended by inserting the following language immediately following the word “disability” where it  appears therein at the end thereof:  “; provided, further, that, Disqualified Equity Interests excludes any debt security that is convertible  into, or exchangeable for, Equity Interests, including, without limitation, any Warrants”.  2.3 The definition of “Lenders” in Section 1.01 of the Credit Agreement is hereby amended by  inserting the following language immediately following the words “Swingline Lender” where they appear  therein at the end thereof:  “and the Issuing Banks”.  2.4 Section 6.01(i) of the Credit Agreement is hereby amended by inserting the following  language immediately following the words “event of default” where they appear therein at the end thereof:    “except that, notwithstanding anything to the contrary in any Loan Document, (A) cash conversion  payments on Convertible Notes, in an amount not to exceed the principal amount of such  Convertible Notes, shall be permitted pursuant to this clause (z), and (B) with respect to Convertible  Notes, customary offers to purchase upon a fundamental change (as defined in the indenture  governing the Convertible Notes) shall be permitted pursuant to this clause (z)”.   2.5 Section 6.05 of the Credit Agreement is hereby amended by (1) deleting the word “and”  where it appears therein before “(b)” and (2) inserting the following language immediately following the  word “Subsidiary” where it appears therein at the end thereof:    “and (c) Swap Agreements entered into involving, or settled by reference to, the Equity Interests  of the Borrower or any Subsidiary”.  2.6 Section 6.06 of the Credit Agreement is hereby amended by replacing “(d)” where it appears  therein with “(f)” and inserting the following language immediately following “Subsidiaries;” where it  appears therein:    “(d) the Borrower may make cash payments upon conversion in respect of the Convertible Notes  up to the principal amount of the Convertible Notes; (e) the Borrower may enter into, deliver and  perform its obligations under the Bond Hedge and any Warrants, including, without limitation, the  respective use of proceeds and payment obligations thereof (including payment of the Bond Hedge  premium) and deliveries upon exercise and settlement, cancellation or termination of any  Warrants”.  2.7 Section 7.01(g) of the Credit Agreement is hereby amended by inserting the following  language immediately after the words “such Indebtedness” where they appear therein at the end thereof:    “provided, further, that this clause (g) shall not apply to (1) Indebtedness that is convertible into  cash and/or Equity Interests and converts to cash and/or Equity Interests in accordance with its  terms, including, without limitation, the conversion of the Convertible Notes into cash and/or  Equity Interests or (2) any obligations as a result of early cancellation or termination under any  warrants entitling the holder thereof to purchase or acquire Equity Interests of the Borrower  

 

  3    (including any Warrants) unless the payment or delivery obligations resulting from such early  cancellation or termination are not made when due thereunder”.  2.8 Section 8.06 of the Credit Agreement is hereby amended by inserting the following language  at the end thereof:    “(c) (i) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that  the Administrative Agent has determined in its sole discretion that any funds received by such  Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment  or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”)  were erroneously transmitted to such Lender (whether or not known to such Lender), and demands  the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later  than one Business Day thereafter, return to the Administrative Agent the amount of any such  Payment (or portion thereof) as to which such a demand was made in same day funds, together  with interest thereon in respect of each day from and including the date such Payment (or portion  thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent  at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance  with banking industry rules on interbank compensation from time to time in effect, and (y) to the  extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the  Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with  respect to any demand, claim or counterclaim by the Administrative Agent for the return of any  Payments received, including without limitation any defense based on “discharge for value” or any  similar doctrine.  A notice of the Administrative Agent to any Lender under this Section 8.06(c)  shall be conclusive, absent manifest error.  (ii) Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent  or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified  in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to  such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment  Notice, it shall be on notice, in each such case, that an error has been made with respect to such  Payment.  Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment  (or portion thereof) may have been sent in error, such Lender shall promptly notify the  Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall  promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent  the amount of any such Payment (or portion thereof) as to which such a demand was made in same  day funds, together with interest thereon in respect of each day from and including the date such  Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the  Administrative Agent at the greater of the NYFRB Rate and a rate determined by the  Administrative Agent in accordance with banking industry rules on interbank compensation from  time to time in effect.  (iii) The Borrower and each other Loan Party hereby agrees that (x) in the event an erroneous  Payment (or portion thereof) are not recovered from any Lender that has received such Payment  (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights  of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay,  repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Loan  Party, except, in each case, to the extent such erroneous Payment (or any portion thereof) is, and  solely with respect to the amount of such erroneous Payment that is, comprised of funds of the  Borrower or any other Loan Party.  

 

  4    (iv) Each party’s obligations under this Section 8.06(c) shall survive the resignation or replacement  of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a  Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all  Obligations under any Loan Document.”.  2.9 Section 9.03(b) of the Credit Agreement is hereby amended by (1) inserting romanette “(ii)”  prior to the words “the performance” where they appear therein, (2) replacing romanette “(ii)” where it  appears therein with “(iv)” and romanette “(iv)” where it appears therein with “(v)” and (3) inserting the  following language following the word “hereby,” where it appears therein:    “(iii) any action taken in connection with this Agreement, including, but not limited to, the payment  of principal, interest and fees”.  Section 3. Representations. The Borrower hereby represents and warrants that:  3.1 The execution, delivery and performance by the Borrower of this Amendment and the  Amended Credit Agreement are within the Borrower’s corporate powers, have been duly authorized by all  necessary corporate action, require no action by or in respect of, or filing with, any governmental body,  agency or official (except filings heretofore made and actions heretofore taken) and do not contravene, or  constitute a default under, any provision of applicable law or regulation or of the articles of incorporation  or by-laws of the Borrower or of any agreement, judgment, injunction, order, decree or other instrument  binding upon the Borrower or any of its Subsidiaries or result in the creation or imposition of any Lien on  any asset of the Borrower or any of its Subsidiaries.    3.2 This Amendment and the Amended Credit Agreement constitute a valid and binding  agreement of the Borrower, enforceable against the Borrower in accordance with their respective terms  except as limited by (i) bankruptcy, insolvency or similar laws affecting creditors’ rights generally and (ii)  equitable principles of general applicability.  3.3 All representations and warranties of the Borrower contained herein, in the Amended Credit  Agreement or in the other Loan Documents are true and correct in all material respects (or if qualified as to  materiality, or Material Adverse Effect, true and correct in all respects) with the same effect as though such  representations and warranties had been made on and as of the Amendment Effective Date, except to the  extent that such representations and warranties expressly relate to an earlier specified date or period, in  which case such representations and warranties shall have been true and correct in all material respects (or,  if qualified by “materiality,” “Material Adverse Effect” or similar language, in all respects (after giving  effect to such qualification)) as of the Amendment Effective Date or, if such representation and warranty  speaks as of an earlier date, as of such earlier date or for the respective period, as the case may be.    3.4 On the Amendment Effective Date, no Default or Event of Default shall exist immediately  before or after giving effect to the effectiveness hereof.  Section 4. Effectiveness. This Amendment shall be effective on the date (the “Amendment  Effective Date”) on which each of the following conditions have been satisfied (or waived) in accordance  with the terms therein:  (a) this Amendment shall have been executed and delivered by the Borrower and  Lenders party to the Credit Agreement constituting Required Lenders.  (b) all reasonable and documented fees and out-of-pocket expenses required to be paid  or reimbursed by the Borrower pursuant to Sections 9.03 of the Credit Agreement shall have been  

 

  5    paid or reimbursed by (or on behalf of) the Borrower in connection with the preparation, negotiation  and execution of this Amendment.  (c) the representations and warranties in Section 3 of this Amendment shall be true  and correct.  Section 5. Miscellaneous.  5.1 Each reference that is made in the Amended Credit Agreement or any Loan Document to the  Credit Agreement shall hereafter be construed as a reference to the Credit Agreement, as amended hereby.   Except as herein otherwise specifically provided, all provisions of the Credit Agreement shall remain in  full force and effect and be unaffected hereby and this Amendment shall not by implication or otherwise  limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Agent  under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way  affect any of the other terms, conditions, obligations, covenants or agreements contained in the Credit  Agreement or any other provision of the Credit Agreement or any other Loan Document, all of which are  ratified and affirmed in all respects and shall continue in full force and effect.    5.2 This Amendment may be executed in any number of counterparts, by different parties hereto  in separate counterparts, each of which when so executed and delivered shall be deemed to be an original  and all of which taken together shall constitute but one and the same agreement.  The words “execution,”  “signed,” “signature,” “delivery,” and words of like import in or relating to this Amendment and/or any  document to be signed in connection with this Amendment and the transactions contemplated hereby shall  be deemed to include Electronic Signatures (as defined below), deliveries or the keeping of records in  electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually  executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case  may be. “Electronic Signatures” means any electronic symbol or process attached to, or associated with,  any contract or other record and adopted by a person with the intent to sign, authenticate or accept such  contract or record.   5.3 The Borrower (or its designee on its behalf) agrees to pay all reasonable and documented  fees and out-of-pocket expenses required to be paid or reimbursed by the Borrower pursuant to Section 9.03  of the Credit Agreement or the Amended Credit Agreement in connection with the preparation, negotiation  and execution of this Amendment.  5.4 This Amendment may not be amended, modified or waived except in accordance with the  terms of the Amended Credit Agreement. Any term or provision of this Amendment held by a court of  competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this  Amendment, and the effect thereof shall be confined to the term or provision so held to be invalid or  unenforceable.  5.5 This Amendment is specifically limited to the matters expressly set forth herein. This  Amendment and all other instruments, agreements and documents executed and delivered in connection  with this Amendment embody the final, entire agreement among the parties hereto with respect to the  subject matter hereof and supersede any and all prior commitments, agreements, representations and  understandings, whether written or oral, relating to the matters covered by this Amendment, and may not  be contradicted or varied by evidence of prior, contemporaneous or subsequent oral agreements or  discussions of the parties hereto.  There are no oral agreements among the parties hereto relating to the  subject matter hereof or any other subject matter relating to the Amended Credit Agreement.  

 

  6    5.6 The provisions of Sections 9.09 and 9.10 of the Credit Agreement apply to this Amendment,  mutatis mutandis.  [Remainder of Page Intentionally Left Blank;   Signature Pages Follow]  

 

  IN WITNESS WHEREOF, this Amendment has been executed by the parties hereto as of the  date first written above.     BORROWER:          PROGRESS SOFTWARE CORPORATION      By:       Name:   Title:                                               [Signature Page to Amendment to Credit Agreement (Progress Software Corporation)]  DocuSign Envelope ID: FF75F8B4-4FBE-47C9-B300-4E8F4BAB8264 Chief Legal Officer Stephen Faberman 

 

  LENDERS:    JPMORGAN CHASE BANK, N.A.,   as Agent and as a Lender                   By:_________________________________  Name:  MARIA RIAZ  Title:    EXECUTIVE DIRECTOR                                          [Signature Page to Amendment to Credit Agreement (Progress Software Corporation)]

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