Document:

exv10w6

Exhibit 10.6

 

AMENDMENT NO. 1

TO LINE OF CREDIT AGREEMENT

DATED 14 MARCH 2008

 

BETWEEN

PILOT SAS

(the Borrower)

AND

SOCIETE GENERALE

BNP PARIBAS

CREDIT LYONNAIS

(the Banks)

14 AUGUST 2008

199263.02-Paris Server 1A

 

 

Between the undersigned

- PILOT SAS, a simplified joint stock company with a sole shareholder, having a registered capital
of 27,942,800.00 Euros and the unique registered identity number 070 501 374 at the Paris Register
of Trade and Companies, with registered office at 26/28 rue Danielle Casanova 75002 Paris,
represented by Mr. Loux Sébastien acting in the capacity of President by virtue of Minutes of the
Decisions of the Sole Shareholder and Owner of Ordinary Shares, electing domicile for execution of
this Agreement at the registered office,

hereinafter referred to as “the Borrower,” on the first part,

- Société Générale, a limited-liability company with a registered capital of 738,409,055.00 Euros
having a registered office at 29 Boulevard Haussmann, 75008 Paris, and the unique registered
identity number 552 120 222 at the Paris Register of Trade and Companies, represented in this
matter by Mr. Jean-Paul Brunel acting in the capacity of Head of the Bayonne Business Management
office of the said company by virtue of a proxy assigned to him on 25 February 2008 by Mr. Michel
Douzou, Deputy Director of Retail Banking in France acting by virtue of the powers conferred upon
him by Mr. Daniel Bouton, CEO and Chairman of the Société Générale recorded in the minutes of the
Notary Office of Thibierge on 1 June 2007, electing domicile for execution of this Agreement at the
Agency.

- BNP PARIBAS, a limited-liability company with a registered capital of 1,823,540,634.00 Euros
having a registered office at 16 Boulevard des Italiens, 75009 Paris, and the unique registered
identity number 662 042 449 at the Paris Register of Trade and Companies, with the identifier CE FR
76662042449, ORIAS no. 07 022 735 and represented by Ms. Sylvie Bassinet, Officer for Businesses,
by virtue of powers delegated on 12 August 2008.

- CREDIT LYONNAIS, a limited-liability company with a registered capital of 1,846,714,837.00 Euros,
and the unique registered identity number 954 509 741 at the Lyon Register of Trade and Companies,
with registered office at 18, rue de la République, Lyon, represented by Mr. Jean-Paul Brunel by
virtue of powers delegated to him on 12 August 2008, electing domicile for execution of this
Agreement at the Dauphiné Savoie Businesses Management office at 1 rue Molière, 38 000 Grenoble.

Hereinafter referred to as “the Banks,” or individually as “the Bank,” on the second part,

WHEREAS:

A- The Banks have made available to the Borrower, under the terms and conditions defined in the
Agreement signed on 14 March 2008, a line of credit up to a maximum amount of 70,000,000.00 Euros
(Seventy Million Euros) for a period of 6 months.

B- Pursuant to a request by the Borrower dated 26 June 2008, the parties have agreed firstly (i)
to change the duration of the line of credit and in that context to prolong it to 31 October 2008
and secondly (ii) to proceed with various other changes, notably as to the applicable margin.

C- The parties have decided hereby to change the Agreement dated 14 march 2008 in the terms
provided below (hereinafter referred to as “Amendment No. 1”).

IT IS HEREBY AGREED AS FOLLOWS:

The terms employed herein (including those in the preamble), unless otherwise defined in this
document or if the context imposes otherwise, shall have the meaning given to them in the
Agreement.

199263.02-Paris Server 1A

 

 

ARTICLE 1

In Article 1 of the Agreement entitled “Definitions” the term “Applicable Margin” is replaced and
modified as follows:
“Applicable Margin” indicates the margin applicable to the Line of Credit equal to 1.00%”

ARTICLE 2

Article 2 of the Agreement entitled “Amount and Duration” is replaced and modified as follows:

“The Banks have made available to the Borrower, under the terms and conditions defined in the
Agreement, a line of credit up to a maximum amount of 70,000,000.00 Euros (Seventy Million Euros)
starting on 14 March 2008 for a period of 6 months.

At the request of the Borrower, at the latest by 15 July 2008, this line of credit may be renewed
once for an additional period of six months by a unanimous decision of the Banks, i.e. until 14
March 2009, on which date the full amount of capital and interest must be repaid.

The Borrower on 26 June 2008 requested that the line of credit be prolonged.

By unanimous decision of the Banks, and in anticipation of the sale of its ROSSIGNOL subsidiary,
the Banks hereby prolong the line of credit referred to above starting when this amendment is
signed and until 31 October 2008. Upon the request of the Borrower for cause (if the sale of the
ROSSIGNOL subsidiary does not materialize) at the latest on 15 October 2008, this line of credit
may be renewed once for an additional period of four and a half months by unanimous decision of the
Banks, i.e. until 14 March 2009, on which date the full amount of capital and interest must be
repaid. If there is no unanimous agreement by the Banks advised by certified mail with return
receipt by 22 October 2008, the Line of Credit shall not be renewed upon expiration.

Each Bank participates in this Line of Credit in the amounts shown in Attachment 1.

Each Bank promises, individually and independently of the other Banks, to participate in the Line
of Credit. The Banks may not be held liable for any failure to participate or for the bankruptcy
of one or more of the other Banks.”

ARTICLE 3

Article 7.2 of the Agreement entitled “Percentage Rate of Charge” is replaced and modified as
follows:

“Since the Line of Credit yields interest at varying rates, it is impossible to calculate a
Percentage Rate of Charge applying to the entire duration of the Line of Credit. However, the
Credit Grantor informs the Borrower, by way of an example, that if the maximum amount of the Line
of Credit were to be used starting at the date the Agreement is signed, and based on all the
financial conditions enumerated herein, and on the latest EURIBOR three months rate published on 12
August 2008, i.e. 4.9660% per year plus 1% per year, on that basis the periodic rate for one
Interest Period would be 1.5599%. The Percentage Rate of Charge, which is the annual rate
proportional to the periodic rate, hence works out to 6.24% per year.”

ARTICLE 4

The suspensive conditions provided below must be met on the date that Amendment No. 1 is signed:

	 	a)	 	The statements made by the Borrower in Article 10 of the Agreement are correct.
	 
	 	b)	 	The Securities provided for in Article 4 of the Agreement are still valid.
	 
	 	c)	 	No Prepayment Event has occurred.
	 
	 	d)	 	No Significant Adverse Event has occurred.

199263.02-Paris Server 1A

 

 

ARTICLE 5

Starting on the date that this Amendment No. 1 is signed, the Agreement is modified by common
consent among the parties. All other provisions of the Agreement remain unmodified and continue in
their full and entire effect. It is stipulated that this Amendment No. 1 does not imply novation
of the Agreement and that the Securities retain their full and entire effect.

ARTICLE 6

	6.1	 	Applicable law

	 	 	Amendment No. 1 is governed under French law.
	 
	6.2	 	Jurisdiction
	 
	 	 	The Borrower agrees irrevocably that any dispute as to the validity, interpretation or
execution of Amendment No. 1 shall be brought before the COMMERCIAL COURT OF PARIS.

Signed at St. Jean de Luz, 14 August 2008

Four original copies issued.

THE BORROWER

	 	 	 	 	 
	At

	 	on
	 	 
	 
	 	 	 	 
	Name and title of signer
	 
	 	 	 	 
	(stamp and signature)

THE BANKS

	 	 	 	 	 
	At

	 	on	 	 
	 
	 	 	 	 
	For Société Générale
	 
	 	 	 	 
	Name and title of signer
	 
	 	 	 	 
	(stamp and signature)

	 	 	 	 	 	 	 	 	 	 	 
	At

	 	on
	 	 	 	At
	 	on	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	For Crédit Lyonnais	 	For BNP PARIBAS
	 
	 	 	 	 	 	 	 	 	 	 
	Name and title of signer	 	Name and title of signer
	 
	 	 	 	 	 	 	 	 	 	 
	(stamp and signature)	 	(stamp and signature)

199263.02-Paris Server 1Aexv10w1

Exhibit 10.1

STOCK PURCHASE AGREEMENT

     THIS STOCK PURCHASE AGREEMENT (“Agreement”) is made and entered into this 3rd day of
September, 2008, by and between QUESTCOR PHARMACEUTICALS, INC., a California corporation (the
“Company”) and INVERLOCHY CONSULTADORIA & SERVICOS L.D.A., a corporation organized under
the laws of Portugal (“Shareholder”).

RECITALS

     A. Shareholder holds of record Four Million Seven Hundred and One Thousand and Four Hundred
and Forty-Five (4,701,445) shares of the Common Stock, no par value, of the Company.

     B. The Company desires to repurchase One Million and Eight Hundred Thousand (1,800,000) of the
shares from Shareholder (the “Repurchased Shares”) and Shareholder desires to sell the
Repurchased Shares to the Company, for an aggregate repurchase consideration equal to Nine Million
and One Hundred-Eight Thousand U.S. Dollars ($9,108,000) (the “Repurchase Price”)
representing a per share price of Five U.S. Dollars and Three Cents ($5.06), all on the terms set
forth in this Agreement.

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

AGREEMENT

Repurchase.

Shareholder agrees to and does hereby sell, transfer and convey to the Company the Repurchased
Shares, free and clear of all liens, claims and encumbrances, and the Company agrees to and does
hereby purchase the Repurchased Shares. In consideration of the sale and transfer of the
Repurchased Shares, the Company shall pay to Shareholder the Repurchase Price, all on the terms set
forth in this Agreement. As a result of the repurchase, in accordance with the Company’s Articles
of Incorporation and the California General Corporation Law, the Repurchased Shares shall return to
the status of authorized by unissued shares of the Company.

Deliveries.

The Company shall pay to Shareholder the Repurchase Price by wire transfer in immediately available
funds. Promptly following the date of this Agreement, Shareholder shall deliver to the Company
duly executed stock powers in the form of Exhibit A attached hereto transferring the Repurchased
Shares to the Company and stock certificates including the Repurchased Shares registered in the
name of such Shareholder for cancellation and return to the Company’s stock record book. Upon
receipt of the stock certificates and duly executed stock powers, the Company shall direct its
transfer agent to issue a new stock certificate representing the remaining shares included in the
stock certificates delivered by Shareholder to the Company. Shareholder has provided the correct
wire transfer instructions to effect the wire transfer to the Company.

 

 

Representations, Warranties and Covenants of the Shareholder. Shareholder hereby

represents, warrants and covenants to the Company as follows:

Legal Power. Shareholder has the requisite legal power and authority to enter into this
Agreement, to deliver the Repurchased Shares and to carry out and perform its obligations under the
terms of this Agreement, without obtaining the approval or consent of any other party or authority.

Title to Shares. Shareholder owns the Repurchased Shares free and clear of all liens,
charges, claims, encumbrances, security interests, equities, restrictions on transfer (other than
restrictions under applicable securities laws) or other defects in title of any kind or description
and, upon delivery of the Repurchased Shares and receipt of the Repurchase Price therefor,
Shareholder will convey to the Company valid and marketable title to the Repurchased Shares, free
and clear of all liens, charges, claims, encumbrances, security interests, equities, restrictions
on transfer (other than restrictions under applicable securities laws) or other defects in title or
description.

Investment Representations. Due to Shareholder’s pharmaceutical industry experience,
Shareholder possesses the expertise to be able to fend for itself in the transaction contemplated
by this Agreement. Shareholder has had, during the course of this transaction and prior hereto,
the opportunity to ask questions of, and receive answers from, the Company and its management
concerning the Company, its operations and prospects, and the terms and conditions of this
Agreement. Shareholder is entering into this Agreement freely and each understands and expressly
accepts and assumes the economic and market risk associated with the transactions contemplated by
this Agreement and agrees that this Agreement shall be in all respects effective and not subject to
termination or rescission under any circumstances.

Tax Matters. Shareholder acknowledges that the Company is making no representation or
warranty as to the tax consequences for Shareholder in selling the Shares for the Repurchase Price
pursuant to this Agreement. Shareholder further acknowledges that it has had an opportunity to
seek independent counsel and advisors with respect to tax and other matters relating to this
Agreement, and Shareholder acknowledges and agrees that it shall bear their own tax consequences,
if any, of Shareholder’s selling the Repurchased Shares for the Repurchase Price pursuant to the
terms of this Agreement. The Company acknowledges and agrees that it shall bear its own tax
consequences, if any, of the Company’s purchasing the Repurchased Shares for the Repurchase Price
pursuant to the terms of this Agreement. Following execution of this Agreement Shareholder will
promptly deliver to the Company a properly executed IRS Form W-8.

Company Representations.

Legal Power. Company represents and warrants to Shareholder that this Agreement has been
duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of
the Company enforceable against the Company in accordance with its terms and no consent, approval
or authorization of, exemption by, or filing with, any governmental or regulatory authority is
required in connection with the execution, delivery and performance by the Company of this
Agreement, other than the filing of a Form 8-K with the Securities and Exchange Commission.

Accounting Treatment. The Company will account for the Repurchase in its financial
statements as a reduction of the line item “common stock” on its balance sheet and the Repurchase
has no impact on the Company’s income statement or its accumulated deficit.

2

 

Miscellaneous.

Entire Agreement. This Agreement represents and contains the full, final and complete
agreement and understanding between the parties hereto relating to or connected with the subject
matter hereof. This Agreement shall not be amended except in a writing signed by the parties
hereto. Notwithstanding the foregoing, each party agrees that, at any time and from time to time
after the date hereof, it will take any and all actions and execute and deliver to any other party
such further instruments or documents as may reasonably be required to give effect to the
intentions of the parties as contemplated under this Agreement.

Governing Law and Venue. This Agreement was entered into in the State of California, and
its validity, construction, interpretation and legal effect shall be governed by the laws and
judicial decisions of the State of California applicable to contracts entered into and performed
entirely within the State of California and by applicable federal law, and the choice-of-law
provisions of California law shall not be applied to substitute the law of any other State or
nation. The parties expressly agree that any action arising out of or relating to this Agreement
shall be filed and maintained only in the courts of the State of California for the County of
Alameda, or the United States District Court for the Northern District of California. The parties
hereby consent and submit to the personal jurisdiction of such courts for the purposes of
litigating any such action, and that each such court is a proper venue for litigating any such
action.

Attorneys’ Fees. In the event that either party to this Agreement shall commence any
action to interpret or enforce this Agreement or any action to enforce or appeal any decision or
judgment rendered in connection therewith, the prevailing party in any such action or actions shall
recover such party’s reasonable costs and expenses incurred in connection therewith, including
reasonably attorneys’ fees.

Counterparts. This Agreement may be executed in two or more counterparts, which shall
together constitute one and the same agreement.

     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written
above.

“COMPANY”

QUESTCOR PHARMACEUTICALS, INC.

a California corporation

	 	 	 
	/s/ Don Bailey

	 	 
	 

Don Bailey

President and Chief Executive Officer

	 	 

INVERLOCHY CONSULTADORIA & SERVICOS L.D.A.

	 	 	 
	/s/ Roberto Carlos de Castro Abrev

	 	 
	 

By: Roberto Carlos de Castro Abrev

Its: Director

	 	 

3

 

EXHIBIT A

STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto QUESTCOR
PHARMACEUTICALS, INC., a California corporation (the “Company”), ___shares of the
Company’s Common Stock, no par value, of the Company, standing in the undersigned’s name on the
books of the Company, represented by Certificate No. ___, and does hereby irrevocably constitute
and appoint George M. Stuart, as attorney-in-fact, to transfer said stock on the books of the
Company with full power of substitution in the premises.

	 	 	 	 	 
	Dated: September 3rd, 2008 	[SIGNATURE BLOCK]

 	 
	 	 	 
	 	 	 
	 	 	 
	 

A-1

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