Document:

EXHIBIT 10.4

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                               FOURTH AMENDMENT TO
                    WAREHOUSING CREDIT AND SECURITY AGREEMENT
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FOURTH AMENDMENT TO WAREHOUSING CREDIT AND SECURITY AGREEMENT (this "Amendment")
dated as of November 8, 2004, between MORTGAGEIT, INC., a New York corporation
("Borrower") and RESIDENTIAL FUNDING CORPORATION, a Delaware corporation
("Lender").

A.   Borrower and Lender have entered into a revolving mortgage warehousing
     facility with a present Warehousing Commitment Amount of $100,000,000,
     which is evidenced by a Promissory Note dated August 1, 2003 (the "Note"),
     and by a Warehousing Credit and Security Agreement dated as of August 1,
     2003 (as the same may have been and may be amended or supplemented, the
     "Agreement").

B.   Borrower has requested that Lender amend certain terms of the Agreement,
     and Lender has agreed to those certain amendments, subject to the terms and
     conditions of this Amendment.

NOW, THEREFORE, the parties to this Amendment agree as follows:

1)   Subject to Borrower's satisfaction of the conditions set forth in Section
     7, the effective date of this Amendment is November 17, 2004 ("Effective
     Date").

2)   Unless otherwise defined in this Amendment, all capitalized terms have the
     meanings given to those terms in the Agreement. Defined terms may be used
     in the singular or the plural, as the context requires. The words
     "include," "includes" and "including" are deemed to be followed by the
     phrase "without limitation." Unless the context in which it is used
     otherwise clearly requires, the word "or" has the inclusive meaning
     represented by the phrase "and/or." References to Sections and Exhibits are
     to Sections and Exhibits of this Amendment unless otherwise expressly
     provided.

3)   The Table of Contents in the Agreement is amended and restated in its
     entirety as set forth in the Table of Contents attached to this Amendment.

4)   Article 8 of the Agreement is amended and restated in its entirety as set
     forth in Article 8 attached to this Amendment. All references in the
     Agreement and other Loan Documents to Article 8 (including each and every
     Section in Article 8) are deemed to refer to the new Article 8.

5)   Exhibit E to the Agreement is amended and restated in its entirety as set
     forth in Exhibit E to this Amendment. All references in the Agreement and
     the other Loan Documents to Exhibit E are deemed to refer to the new
     Exhibit E.

6)   Borrower has failed to comply with the following Sections of the Agreement:

     (A)  For the month ending August 31, 2004, Borrower failed to comply with
          the Leverage Ratio covenant set forth in Section 8.8 of the Agreement;
          and

     (B)  For the quarter ending September 30, 2004, Borrower failed to comply
          with the Operating Losses covenant set forth in Section 8.11 of the
          Agreement.

     Failure to comply with these covenants constitutes Events of Default
     pursuant to Section 10.1(c) of the Agreement.

     Borrower has requested that Lender waive its rights and remedies with
     respect to the above-described Events of Default. Lender agrees to waive
     its rights and remedies with respect to the above-described Events of
     Default; provided, however, that this waiver is limited to the specific
     Events of Default described above and is not intended and will not be
     construed to be a waiver of any future Default or Event of Default of
     Sections 8.8 and 8.11 of the Agreement or any existing or future Default or
     Event of Default under any other provision of the Agreement.

     BORROWER IS NOTIFIED THROUGH THIS AMENDMENT THAT LENDER REQUIRES STRICT
     COMPLIANCE BY BORROWER OF ALL TERMS, CONDITIONS AND PROVISIONS OF THE
     AGREEMENT AND LOAN DOCUMENTS.

     The waiver of Lender under this Amendment may not be construed as
     establishing a course of conduct on the part of Lender upon which Borrower
     may rely at any time in the future, and Borrower expressly waives any right
     to assert any claim to such effect at any time.

7)   Borrower must deliver to Lender a) two executed copies of this Amendment,
     b) a fully executed Certificate of Secretary, and c) a $350 document
     production fee.

8)   Borrower represents, warrants and agrees that a) except as noted in Section
     6 above, there exists no Default or Event of Default under the Loan
     Documents, b) the Loan Documents continue to be the legal, valid and
     binding agreements and obligations of Borrower, enforceable in accordance
     with their terms, as modified by this Amendment, c) Lender is not in
     default under any of the Loan Documents and Borrower has no offset or
     defense to its performance or obligations under any of the Loan Documents,
     d) except for changes permitted by the terms of the Agreement, Borrower's
     representations and warranties contained in the Loan Documents are true,
     accurate and complete in all respects as of the Effective Date and e) there
     has been no material adverse change in Borrower's financial condition from
     the date of the Agreement to the Effective Date.

9)   Except as expressly modified, the Agreement is unchanged and remains in
     full force and effect, and Borrower ratifies and reaffirms all of its
     obligations under the Agreement and the other Loan Documents.

10)  This Amendment may be executed in any number of counterparts, each of which
     will be deemed an original, but all of which shall together constitute but
     one and the same instrument.

                                     Page 2

                                                                    EXHIBIT 10.4

IN WITNESS WHEREOF, Borrower and Lender have caused this Amendment to be duly
executed on their behalf by their duly authorized officers as of the day and
year above written.

                                              MORTGAGEIT, INC.,
                                              a New York corporation

                                              By: /s/ JOHN R. CUTI
                                                  ------------------------------

                                              Its: Secretary and General Counsel
                                                   -----------------------------

                                              RESIDENTIAL FUNDING CORPORATION,
                                              a Delaware corporation

                                              By: /s/ JASON MITCHELL
                                                  ------------------------------

                                              Its: Director
                                                   -----------------------------exv10w1

 

EXHIBIT 10.1

REGISTRATION RIGHTS AGREEMENT

Dated as of November 14, 2004

among

Perrigo Company

and

The Shareholder named Herein

 

 

Table of Contents

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	1.	 	Definitions	 	 	1	 
	2.	 	Registration Under Securities Act	 	 	3	 
	 
	 	2.1	 	Registration on Request	 	 	3	 
	 
	 	2.2	 	Incidental Registration	 	 	4	 
	 
	 	2.3	 	Registration Procedures	 	 	6	 
	 
	 	2.4	 	Indemnification and Contribution	 	 	9	 
	 
	 	2.5	 	Stop Transfer Orders	 	 	12	 
	 
	 	2.6	 	Limitation on Sale or Distribution of Other Securities	 	 	12	 
	 
	 	2.7	 	No Required Sale	 	 	12	 
	 
	 	2.8	 	Exchange Act Compliance	 	 	12	 
	3.	 	Miscellaneous	 	 	13	 
	 
	 	3.1	 	Amendments and Waivers	 	 	13	 
	 
	 	3.2	 	Notices	 	 	13	 
	 
	 	3.3	 	Assignment; Third Party Beneficiaries	 	 	14	 
	 
	 	3.4	 	Specific Performance	 	 	15	 
	 
	 	3.5	 	No Inconsistent Agreements	 	 	15	 
	 
	 	3.6	 	Descriptive Headings	 	 	15	 
	 
	 	3.7	 	Governing Law	 	 	15	 
	 
	 	3.8	 	Counterparts	 	 	15	 
	 
	 	3.9	 	Invalidity of Provision	 	 	15	 
	 
	 	3.10	 	Further Assurances	 	 	16	 
	 
	 	3.11	 	Entire Agreement; Effectiveness	 	 	16	 
	 
	 	3.12	 	Condition to Effectiveness	 	 	16	 

i

 

REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (this “Agreement”) dated as of November
14, 2004 by and among Perrigo Company (the “Company”), a Michigan corporation,
and Moshe Arkin, (the “Shareholder”).

     WHEREAS, pursuant to the Agreement and Plan of Merger (the “Merger
Agreement”) dated as of November 14, 2004 among the Company, Perrigo Israel
Opportunities Ltd. and Agis Industries (1983) Ltd., the Shareholder is
acquiring concurrently with the execution and delivery hereof 10,022,092 shares
(the “Common Shares”) of the Company’s common stock (the “Common Stock”),
without par value; and

     WHEREAS, as part of and as partial consideration for the acquisition of
the Common Shares by the Shareholder, the Company hereby grants to the
Shareholder the registration rights set forth herein.

     NOW, THEREFORE, in consideration of the mutual covenants and premises
contained herein and for other good and valuable consideration the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

     1.  Definitions. As used herein, the following terms shall have the
meanings ascribed to them below:

     “Agreement” has the meaning set forth in the Introductory Paragraph.

     “Black-Out Period” has the meaning set forth in Section 2.1(h).

     “Business Day” means any day other than a Saturday, Sunday, or other day
on which banks are closed in the City of New York.

     “Closing Date” has the meaning ascribed to it in the Merger Agreement.

     “Commission” means the United States Securities and Exchange Commission.

     “Common Shares” has the meaning set forth in the Recitals.

     “Common Stock” has the meaning set forth in the Recitals.

     “Company” has the meaning set forth in the Introductory Paragraph.

     “Company Registration” has the meaning set forth in Section 2.2(a).

     “Delay Notice” has the meaning set forth in Section 2.1(h).

     “Demand Registration” has the meaning set forth in Section 2.1(a).

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
all rules and regulations promulgated thereunder.

 

 

     “Lock-Up Agreement” means that certain Lock-up Agreement among
Shareholder, the Company and Perrigo Israel Opportunities Ltd. dated as of
November 14, 2004.

     “Managing Underwriters” means the investment banker or investment bankers
and manager or managers that administer an underwritten offering, if any,
conducted pursuant to the terms hereof.

     “Merger Agreement” has the meaning set forth in the Recitals.

     “Person” means any individual, corporation, association, partnership,
joint venture, limited liability company, trust, estate or other entity or
organization.

     “Registrable Securities” means (i) the Common Shares issued to the
Shareholder pursuant to the Merger Agreement and (ii) any Common Shares or
other securities issued or issuable with respect to the Common Shares referred
to in clause (i) by way of a stock dividend, stock split, reorganization,
recapitalization or merger. As to any particular Registrable Securities, such
securities shall cease to be Registrable Securities (a) when a registration
statement with respect to the sale of such securities shall have become
effective under the Securities Act and such securities shall have been disposed
of in accordance with such registration statement, or (b) when such securities
shall have been otherwise transferred and subsequent public distribution of
such securities shall not require registration of them under the Securities
Act.

     “Registration Expenses” means all expenses incident to the registration
and disposition of the Registrable Securities pursuant to Section 2 hereof,
including, without limitation, all registration, filing and applicable national
securities exchange fees, all fees and expenses of complying with state
securities or blue sky laws (including fees and disbursements of counsel to the
underwriters, if any, in connection with “blue sky” qualification of the
Registrable Securities and determination of their eligibility for investment
under the laws of the various jurisdictions), all word processing, duplicating
and printing expenses, all messenger and delivery expenses, the reasonable fees
and disbursements of counsel for the Shareholder, the fees and disbursements of
counsel for the Company and of its independent public accountants, including
the expenses of “cold comfort” letters or any special audits required by, or
incident to, such registration, and all out-of-pocket expenses of underwriters
(other than underwriting and brokerage discounts, commissions and other
comparable payments or discounts); provided, however, that Registration
Expenses shall exclude, and the Shareholder shall pay, all transfer taxes,
underwriting and brokerage discounts, commissions and other comparable payments
or discounts in respect of the Registrable Securities being registered.

     “Securities Act” means the Securities Act of 1933, as amended and all
rules and regulations promulgated thereunder.

     “Shareholder” has the meaning set forth in the Introductory Paragraph.

     Capitalized terms used but not defined herein shall have the meaning
ascribed to such terms in the Merger Agreement.

2

 

     2.   Registration Under Securities Act.

2.1   Registration on Request

     (a)   Demand Request. The Shareholder shall have the right, subject to the
provisions of the Lock-Up Agreement, to require the Company to effect the
registration under the Securities Act of all or part of the Registrable
Securities held by the Shareholder, by delivering a written request thereof to
the Company specifying the number of shares of Registrable Securities the
Shareholder wishes to register (a “Demand Registration”); provided, however,
that the aggregate number of the Registrable Securities to be registered
pursuant to such Demand Registration constitutes at least two million shares of
Common Stock. The Company shall use its reasonable best efforts, including,
without limitation, assisting with sales efforts and the selection of
appropriate underwriters, to cause the registration statement to become
effective in respect of each Demand Registration in accordance with the
intended method of distribution set forth in the written request delivered by
the Shareholder as expeditiously as possible (but in any event, subject to this
Section 2.1, within 120 days of receipt of such written request, and the
Company shall file such registration statement within 60 days of receipt of
such request).

     (b)   Limitations on Registration on Request. Subject to Section 2.1(a),
the Company shall only be required to effect a maximum of three (3) Demand
Registrations; provided, however, that the first Demand Request may not be made
before the earlier of the (x) termination of the Lock-up Agreement in
accordance with its terms or (y) 120 days prior to the second anniversary of
the Closing Date, and further, provided, that the Company shall not be required
to file (i) more than one such Demand Registration in any twelve-month period
or (ii) any such Demand Registration within 120 days following the date of
effectiveness of any registration statement relating to a Demand Registration.

     (c)   Registration Statement Form. Demand Registrations under this Section
2.1 shall be on such appropriate registration form of the Commission as
selected by the Company.

     (d)   Expenses. Subject to Section 2.1(g), the Shareholder shall pay all
Registration Expenses incurred in connection with any registration requested
pursuant to this Section 2.1; provided, however, that Shareholder shall not be
obligated to pay fees and expenses of counsel to the Company in excess of
$50,000 per each Demand Registration.

     (e)   Effective Registration Statement. A Demand Registration requested
pursuant to this Section 2.1 shall be deemed to have been effected (including
for purposes of paragraph (b) of this Section 2.1) if a registration statement
with respect thereto has become effective and has been kept continuously
effective for a period of 90 days (or such shorter period which shall terminate
when all the Registrable Securities covered by such registration statement have
been sold pursuant thereto). A Demand Registration which is not effected,
subject to Section 2.1(g), shall not reduce the number of Demand Registrations
permitted hereunder.

3

 

     (f)   Selection of Underwriters. The Managing Underwriters for each
underwritten offering of Registrable Securities to be registered pursuant to a
Demand Registration shall be a nationally or regionally recognized investment
bank that is selected by the Shareholder (subject to the approval by the
Company, which approval may not be unreasonably delayed or withheld).

     (g)   Right to Withdraw. If the Managing Underwriters of any underwritten
offering shall advise the Company and the Shareholder that the Registrable
Securities covered by the registration statement cannot be sold in such
offering within a price range acceptable to the Shareholder, then the
Shareholder shall have the right to notify the Company in writing that he has
determined that the registration statement shall be abandoned or withdrawn, in
which event the Company shall abandon or withdraw such registration statement.
In the event of any such abandonment or withdrawal, such request shall be
counted as a Demand Registration for purposes of the requests for registration
to which the Shareholder is entitled pursuant to this Section 2.1.

     (h)   Postponement. The Company shall be entitled once in any twelve-month
period to postpone for a reasonable period of time (but not exceeding an
aggregate of 60 days, any such period, a “Black-Out Period”) the filing or
effectiveness of any registration statement required to be prepared and filed
by it pursuant to this Section 2.1 if the Company determines, in its reasonable
judgment and based on the advice of its counsel, that such registration and
offering would materially interfere with any material financing or other
material transaction involving the Company, or if there is an event or state of
facts relating to the Company that is material to the Company (and would
reasonably likely be required to be disclosed in such registration statement)
the disclosure of which would, in the reasonable judgment of the Company, be
materially adverse to its interests, and promptly delivers to the Shareholder
in such offering a certificate signed by the Company’s chief executive officer
or chief financial officer (a “Delay Notice”) stating such determination,
containing a general statement of the reasons for such postponement and an
estimate of the anticipated delay (but the Company shall not be required to
include in such notice any reference to or description of the facts based upon
which the Company is delivering such Delay Notice). If the Company shall so
postpone the filing of a registration statement, (i) the Company shall use its
reasonable best efforts to limit the delay to as short a period as is
practicable, and (ii) the Shareholder shall have the right to withdraw the
Demand Registration request by giving written notice to the Company within 10
Business Days of receipt of a Delay Notice and, in the event of such
withdrawal, such Demand Registration shall not be counted for purposes of
requests for Demand Registration to which the Shareholder is entitled pursuant
to this Section 2.1. The Company shall be obligated to pay all Registration
Expenses in such event.

2.2   Incidental Registration.

     (a)   Right to Include Registrable Securities. If the Company at any time
proposes to register any of its common stock for its own account (a “Company
Registration”) or the account of any other stockholder under the Securities Act
by registration on Form S-1, S-2, or S-3 or any successor or similar form(s)
(except registrations on any such form or similar form(s) solely for
registration of securities in connection with an employee benefit plan or
dividend reinvestment plan or a merger or consolidation or incidental to an
issuance of

4

 

securities under Rule 144A under the Securities Act), it will each such
time give prompt written notice to the Shareholder of its intention to do so
and of the Shareholder’s rights under this Section 2.2. Upon the written
request of the Shareholder (which request shall specify the maximum number of
Registrable Securities intended to be disposed of by the Shareholder) made as
promptly as practicable and in any event within 10 days after the receipt of
any such notice, the Company shall use its reasonable best efforts to effect
the registration under the Securities Act of all Registrable Securities which
the Company has been so requested to register by the Shareholder; provided,
however, that in the case of a Company Registration, if, at any time after
giving written notice of its intention to register any securities and prior to
the effective date of the registration statement filed in connection with such
registration, the Company shall determine for any reason not to register or to
delay registration of such securities, the Company shall give the Shareholder
written notice of such determination and (i) in the case of a determination not
to register, shall be relieved of its obligation to register any Registrable
Securities in connection with such registration (but not from any obligation of
the Company to pay its portion of the Registration Expenses in connection
therewith), without prejudice, however, to the rights of the Shareholder to
request that such registration be effected as a registration under Section 2.1
and (ii) in the case of a determination to delay registering, shall be
permitted to delay registering any Registrable Securities, for the same period
as the delay in registering such other securities. No registration effected
under this Section 2.2 shall relieve the Company of its obligation to effect
any registration upon request under Section 2.1. The Shareholder will pay
Registration Expenses in proportion to the number of Registrable Securities
intended to be disposed of by the Shareholder to the total number of shares of
Common Stock included in the Company Registration in connection with any
registration of Registrable Securities requested pursuant to this Section 2.2.

     (b)   Right to Withdraw. The Shareholder shall have the right to withdraw
its request for inclusion of its Registrable Securities in any registration
statement pursuant to this Section 2.2 at any time prior to the execution of an
underwriting agreement with respect thereto by giving written notice to the
Company of its request to withdraw.

     (c)   Priority in Incidental Registrations. In the case of a Company
Registration, if the Managing Underwriters of any underwritten offering shall
inform the Company by letter of its belief that the number of Registrable
Securities requested to be included in such registration, when added to the
number of other securities to be offered by the Company in such registration,
would materially adversely affect such offering, then the Company shall include
in such registration, to the extent of the number which the Company is so
advised can be sold in (or during the time of) such offering without so
materially adversely affecting such offering, securities in the following
priority: (A) securities proposed to be included by the Company, (B) the
Registrable Securities requested by the Shareholder to be included in such
registration pursuant to this Section 2.2, and (C) any securities of the
Company requested to be included in such registration by any other holder
having the right to include securities, on a pro rata basis, based on the
number of shares of Common Stock held, or obtainable by exercise or conversion
of other securities of the Company, by such holder.

     (d)   Plan of Distribution. Any participation by the Shareholder in a
Company Registration shall be in accordance with the Company’s plan of
distribution.

5

 

     (e)   The right of Shareholder to request inclusion of its Registrable
Securities in any registration statement pursuant to this Section 2.2 shall
terminate immediately if the Lock-up Agreement is terminated in accordance with
its terms.

     2.3   Registration Procedures. If and whenever the Company is required,
pursuant to the terms of this Agreement, to effect the registration of any
Registrable Securities under the Securities Act in accordance with Sections 2.1
or 2.2, the following procedures shall apply:

(a) The Company shall:

	 	(i)	 	prepare and file with the Commission the
requisite registration statement to effect such registration
(and shall include all financial statements required by the
Commission to be filed therewith) and thereafter use its
reasonable best efforts to cause such registration statement
to become and remain effective; provided that the Company may
discontinue any registration of its securities which are not
Registrable Securities at any time prior to the effective date
of the registration statement relating thereto;
	 
	 	(ii)	 	furnish to the Shareholder such number of
conformed copies of the registration statement and each
amendment thereof and each amendment or supplement, if any, to
the prospectus included therein (including all documents
incorporated by reference therein after the initial filing) as
the Shareholder shall reasonably request; and
	 
	 	(iii)	 	include in the registration statement
information regarding the Shareholder and the methods of
distribution the Company has elected.

(b)   The Company shall give notice to the Shareholder:

	 	(i)	 	when the registration statement and any amendment
thereto has been filed with the Commission and when the
registration statement or any post-effective amendment thereto
has become effective;
	 
	 	(ii)	 	of any request by the Commission for any
amendment or supplement to the registration statement or the
prospectus or for additional information;
	 
	 	(iii)	 	of the issuance by the Commission of any stop
order suspending the effectiveness of the registration
statement or the institution of any proceeding for that
purpose;
	 
	 	(iv)	 	of the receipt by the Company of any notification
with respect to the suspension of the qualification of the
Registrable Securities included therein for sale in any
jurisdiction or the institution of any proceeding for such
purpose; and

6

 

	 	(v)	 	of the happening of any event that requires any
change in the registration statement or the prospectus so
that, as of such date, they (A) do not contain any untrue
statement of a material fact and (B) do not omit to state a
material fact required to be stated therein or necessary to
make the statements therein (in the case of the prospectus, in
the light of the circumstances under which they were made) not
misleading.

     (c)   The Company shall use its reasonable best efforts to obtain as soon as
possible the withdrawal of any order suspending the effectiveness of the
registration statement or the qualification of the securities therein for sale
in any jurisdiction.

     (d)   The Company shall promptly deliver to the Shareholder as many copies
of the prospectus (including a preliminary prospectus) included in the
registration statement and any amendment or supplement thereto as the
Shareholder may reasonably request. The Company consents to the use of the
prospectus or any amendment or supplement thereto by the Shareholder in
connection with the offering and sale of the Registrable Securities pursuant to
this Agreement (except during any Black-Out Period).

     (e)   Prior to any offering of Registrable Securities pursuant to a
registration statement, the Company shall arrange for the qualification of the
Registrable Securities for sale under the laws of such jurisdictions as the
Shareholder shall reasonably request and shall maintain such qualification in
effect so long as required; provided that in no event shall the Company be
obligated to qualify to do business in any jurisdiction where it is not then so
qualified, to consent generally to the service of process in such jurisdiction,
or to take any action in connection therewith that would subject it to
taxation.

     (f)   Upon the occurrence of any event contemplated by subsections (b)(iii)
or (v) above, the Company shall promptly prepare a post-effective amendment to
the registration statement or an amendment or supplement to the related
prospectus or file any other required document so that the registration
statement and the prospectus will not include an untrue statement of a material
fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein (in the case of the prospectus, in the
light of the circumstances under which they were made) not misleading.

     (g)   The Company shall comply with all applicable rules and regulations of
the Commission and shall make generally available to its security holders an
earnings statement satisfying the provisions of Section 11(a) of the Securities
Act as soon as practicable after the effective date of the registration
statement and in any event no later than 45 days after the end of a 12-month
period (or 90 days, if such period is a fiscal year) beginning with the first
month of the Company’s first fiscal quarter commencing after the effective date
of the registration statement.

     (h)   In connection with any underwritten offering effected hereunder, the
Company shall:

	 	(i)	 	make reasonably available for inspection during
normal business hours by the Shareholder’s counsel, counsel to
the underwriters, or any such underwriter all material financial and other records and
material corporate documents of the Company and its
subsidiaries;

7

 

	 	(ii)	 	cause the Company’s officers, directors,
employees, accountants and auditors to supply all material
information reasonably requested by the Shareholder’s counsel
or counsel to the underwriters or any such other Persons as is
reasonable and customary for similar due diligence
examinations;
	 
	 	(iii)	 	cause the Company’s officers, directors,
employees, accountants and auditors, as appropriate, to meet
with the Shareholder, the Shareholder’s counsel, the Managing
Underwriters or counsel to the underwriters to discuss the
contents of the registration statement and the Company shall
reflect in the registration statement such comments as such
Persons reasonably propose;
	 
	 	(iv)	 	enter into an underwriting agreement in customary
form (including indemnification of the underwriters on
substantially the same terms as contained in Section 2.4
hereof);
	 
	 	(v)	 	make such representations and warranties to the
Shareholder and the underwriters in form, substance and scope
as are customarily made by issuers to underwriters in
underwritten offerings;
	 
	 	(vi)	 	obtain opinions of counsel to the Company and
updates thereof (which opinions (in form, scope and substance)
shall be reasonably satisfactory to the Managing Underwriters,
if any) addressed to the Shareholder and the underwriters, if
any, covering such matters as are customarily covered in
opinions requested in underwritten offerings and such other
matters as may be reasonably requested by the Shareholder and
underwriters;
	 
	 	(vii)	 	obtain “comfort” letters and updates thereof
from the independent accountants of the Company (and, if
necessary, any other independent accountants of any subsidiary
of the Company or of any business acquired by the Company for
which financial statements and financial data are, or are
required to be, included in the registration statement),
addressed to the Shareholder and the underwriters, if any, in
customary form and covering matters of the type customarily
covered in “comfort” letters in connection with underwritten
offerings;
	 
	 	(viii)	 	deliver such documents and certificates as may be reasonably
requested by the Shareholder or the Managing Underwriters, if
any, including those to evidence compliance with any customary
conditions contained in the underwriting agreement or other
agreement entered into by the Company;
	 
	 	(ix)	 	deliver to the Managing Underwriters and their
counsel all notices and other documents required to be
provided to the Shareholder pursuant to this Section 2.3; and

8

 

	 	(x)	 	assist the Managing Underwriters in complying
with the rules and regulations of the National Association of
Securities Dealers.

     The Shareholder agrees that, upon receipt of any notice from the Company
of the happening of any event of the kind described in paragraph (b)(iii) or
(v) of this Section 2.3, the Shareholder will, to the extent appropriate,
discontinue its disposition of Registrable Securities pursuant to the
registration statement relating to such Registrable Securities until, in the
case of paragraph (b)(v) of this Section 2.3, its receipt of the supplemented
or amended prospectus contemplated by paragraph (b)(v) of this Section 2.3 and,
if so directed by the Company, will deliver to the Company (at the Company’s
expense) all copies, other than permanent file copies, then in its possession,
of the prospectus relating to such Registrable Securities current at the time
of receipt of such notice. If the disposition by the Shareholder of its
securities is discontinued pursuant to the foregoing sentence, the Company
shall extend the period of effectiveness of the registration statement by the
number of days during the period from and including the date of the giving of
notice to and including the date when the Shareholder shall have received
copies of the supplemented or amended prospectus contemplated by paragraph
(b)(v) of this Section 2.3; and, if the Company shall not so extend such
period, the request pursuant to which such registration statement was filed
shall not be counted for purposes of the requests for registration to which the
Shareholder is entitled pursuant to Section 2.1 hereof.

     It shall be a condition precedent to the obligation of the Company to take
any action pursuant to this Agreement in respect of the Registrable Securities
which are to be registered at the request of the Shareholder that the
Shareholder shall furnish to the Company within ten days of the Company’s
request such information regarding the Shareholder and the Registrable
Securities held by the Shareholder as the Company shall reasonably request and
as shall be required in connection with the action taken by the Company.

2.4   Indemnification and Contribution.

     (a)   Indemnification by the Company. The Company agrees that in the event
of any registration of any securities of the Company pursuant to this
Agreement, the Company shall, and hereby does, indemnify and hold harmless the
Shareholder, and each other Person who participates as an underwriter in the
offering or sale of such securities and each other Person, if any, who controls
any such underwriter within the meaning of the Securities Act, against any
losses, claims, damages, or liabilities, joint or several, to which the
Shareholder or any such underwriter or controlling Person may become subject
under the Securities Act or otherwise, insofar as such losses, claims, damages
or liabilities, joint or several (or actions or proceedings in respect
thereof), arise out of or are based upon (i) any untrue statement or alleged
untrue statement of any material fact contained in any registration statement
under which such securities were registered under the Securities Act on the
effective date thereof, any preliminary prospectus, final prospectus or summary
prospectus contained therein, or any amendment or supplement thereto or (ii)
any omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein (in the case of
any prospectus, in light of the circumstances in which they were made) not
misleading, and the Company shall reimburse the Shareholder and each such
underwriter and controlling Person for any legal or any other expenses
reasonably incurred by them in connection with investigating or defending any
such loss, claim, liability, action or proceeding or (iii) any violation by the

9

 

Company of any federal, state or common law rule or regulation applicable
to the Company and relating to action required of or inaction by the Company in
connection with any such registration; provided, however, that the Company
shall not be liable in any such case to the Shareholder to the extent that any
such loss, claim, damage, liability (or action or proceeding in respect
thereof) or expense arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission made in such
registration statement, any such preliminary prospectus, final prospectus,
summary prospectus, amendment or supplement in reliance upon and in conformity
with written information furnished to the Company expressly for use in
connection with such registration by or on behalf of the Shareholder; provided,
further, that as to any preliminary prospectus with respect to an underwritten
registration, the provisions of this Section 2.4 shall not inure to the benefit
of the Shareholder on account of any loss, claim, damage, liability or action
arising from the sale of Common Shares to any person by the Shareholder if the
Shareholder failed to send or give a copy of the final prospectus to that
person, and the untrue statement or alleged untrue statement of a material fact
or omission or alleged omission to state a material fact in such preliminary
prospectus thereto was corrected in the final prospectus. Such indemnity shall
remain in full force regardless of any investigation made by or on behalf of
the Shareholder or any such underwriter or controlling Person and shall survive
the delivery of and the payment for the Common Shares sold by the Shareholder.

     (b)   Indemnification by the Shareholder. In connection with any
registration statement in which the Shareholder includes Registrable Securities
the Shareholder hereby agrees to indemnify and hold harmless, severally and not
jointly (in the same manner and to the same extent as set forth in paragraph
(a) of this Section 2.4), the Company, and each director of the Company, each
officer of the Company and each other Person, if any, who controls the Company
within the meaning of the Securities Act, with respect to any statement or
alleged statement in or omission or alleged omission from such registration
statement, any preliminary prospectus, final prospectus or summary prospectus
contained therein, or any amendment or supplement thereto, but only to the
extent such statement or alleged statement or omission or alleged omission was
made in reliance upon and in conformity with written information furnished to
the Company by or on behalf of the Shareholder specifically stating that it is
for use in the preparation of such registration statement, preliminary
prospectus, final prospectus, summary prospectus, amendment or supplement.
Such indemnity shall remain in full force and effect, regardless of any
investigation made by or on behalf of the Company or any such director, officer
or controlling Person and shall survive the delivery of and the payment for the
Common Shares sold by the Shareholder.

     (c)   Notices of Claims, etc. Promptly after receipt by an indemnified
party of notice of the commencement of any action or proceeding involving a
claim referred to in the preceding subsections of this Section 2.4, such
indemnified party shall, if a claim in respect thereof is to be made against an
indemnifying party, give written notice to the latter of the commencement of
such action or proceeding; provided, however, that the failure of any
indemnified party to give notice as provided herein shall not relieve the
indemnifying party of its obligations under the preceding subsections of this
Section 2.4, except to the extent that the indemnifying party is not otherwise
aware of the claim and is actually materially prejudiced by such failure to
give notice, and shall not relieve the indemnifying party from any liability
which it may have to the indemnified party otherwise than under this Section
2.4. In case any such action or proceeding is brought against an indemnified
party, the indemnifying party shall (i)

10

 

have the right to assume the defense of such action, including the
employment of counsel to be chosen by the indemnifying party which is
reasonably satisfactory to the indemnified party, and (ii) be responsible for
payment of expenses in connection with such action or proceeding. The
indemnified party shall have the right to employ its own counsel (including
local counsel) in any such case, but the legal fees and expenses of such
counsel shall be at the expense of the indemnified party unless (i) the
employment of such counsel shall have been authorized in writing by the
indemnifying party in connection with the defense of such action, (ii) the
indemnifying party shall not have employed counsel reasonably satisfactory to
the indemnified party to take charge of the defense of such action within a
reasonable period of time after notice of the institution of such action, (iii)
the indemnified party shall have reasonably concluded that there may be
defenses available to it or them that are different from or additional to those
available to the indemnifying party (in which case the indemnifying party shall
not have the right to direct the defense of such action on behalf of the
indemnified party), or (iv) the use of counsel chosen by the indemnifying party
to represent the indemnified party would present such counsel with a conflict
of interest, in any of which events such fees and expenses shall be borne by
the indemnifying party. No indemnifying party, in the defense of any such
claim or litigation, shall, except with the consent of each indemnified party,
consent to entry of any judgment or enter into any settlement that (i) does not
include as an unconditional term thereof the giving by the plaintiff to such
indemnified party of a release from all liability in respect to such claim or
litigation or (ii) provides for relief other than the payment of monetary
damages (and such monetary damages shall be paid in full by the indemnifying
party).

     (d)   Contribution. If the indemnification provided for in this Section 2.4
shall for any reason be held by a court to be unavailable to an indemnified
party under subsection (a) or (b) hereof in respect of any loss, claim, damage
or liability, or any action in respect thereof, then, in lieu of the amount
paid or payable under subsection (a) or (b) hereof, the indemnified party and
the indemnifying party under subsection (a) or (b) hereof shall contribute to
the aggregate losses, claims, damages and liabilities (including legal or other
expenses reasonably incurred in connection with investigating the same), (i) in
such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand, and the indemnified party on the other,
which resulted in such loss, claim, damage or liability, or action in respect
thereof, with respect to the statements or omissions which resulted in such
loss, claim, damage or liability, or action in respect thereof, as well as any
other relevant equitable considerations, or (ii) if the allocation provided by
clause (i) above is not permitted by applicable law or if the allocation
provided in this clause (ii) provides a greater amount to the indemnified party
than clause (i) above, in such proportion as shall be appropriate to reflect
not only the relative fault but also the relative benefits received by the
indemnifying party and the indemnified party from the offering of the
securities covered by such registration statement as well as any other relevant
equitable considerations. The parties hereto agree that it would not be just
and equitable if contributions pursuant to this Section 2.4(d) were to be
determined by pro rata allocation or by any other method of allocation which
does not take into account the equitable considerations referred to in the
preceding sentence of this Section 2.4(d). No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. In addition, no Person shall be obligated to
contribute hereunder any amounts in payment for any settlement of any action or
claim effected without such Person’s consent, which consent shall not be
unreasonably withheld, conditioned or delayed.

11

 

     (e)   Other Indemnification. The indemnification agreements contained in
this Section 2.4 shall be in addition to any other rights to indemnification or
contribution which any indemnified party may have pursuant to law or contract
and shall remain operative and in full force and effect regardless of any
investigation made by or on behalf of any indemnified party and shall survive
the delivery of and the payment for the Common Shares sold by the Shareholder.

     (f)   Indemnification Payments. The indemnification and contribution
required by this Section 2.4 shall be made by periodic payments of the amount
thereof during the course of the investigation or defense, as and when bills
are received or expenses, losses, damages or liabilities are incurred.

2.5   Stop Transfer Orders. In connection with the offering of any
Registrable Securities registered pursuant to this Agreement, the Company shall
instruct any transfer agent and registrar of such Registrable Securities to
release any stop transfer orders with respect to any such Registrable
Securities.

2.6   Limitation on Sale or Distribution of Other Securities.

     (a)   The Shareholder (regardless of whether the Shareholder is
participating in such registration) agrees, to the extent requested in writing
by a Managing Underwriter of any underwritten registration effected pursuant to
and in compliance with Section 2.1 or 2.2, not to sell, transfer or otherwise
dispose of, including any sale pursuant to Rule 144 under the Securities Act,
any shares of Common Stock, or any other security of the Company convertible
into or exchangeable or exercisable for Common Stock (other than as part of
such underwritten public offering) during the time period reasonably requested
by the Managing Underwriters, not to exceed 90 days and subject to any
registration rights to which the Shareholder would otherwise be entitled
pursuant to Section 2.2.

     (b)   Notwithstanding the other provisions of this Agreement, the Company
shall not be obligated to register the Registrable Securities of the
Shareholder (i) if the Shareholder or any underwriter of such Registrable
Securities shall fail to furnish to the Company necessary information in
respect of the distribution of such Registrable Securities, or (ii) in the case
of a Company Registration, if such registration involves an underwritten
offering, such Registrable Securities are not included in such underwritten
offering on the same terms and conditions as shall be applicable to the other
securities of the Company being sold through underwriters in the registration
or the Shareholder fails to enter into an underwriting agreement in customary
form with the underwriter or underwriters selected for such underwritten
offering.

2.7   No Required Sale. Nothing in this Agreement shall be deemed to create
an independent obligation on the part of the Shareholder to sell any
Registrable Securities pursuant to any effective registration statement.

2.8   Exchange Act Compliance. If the Company is subject to the
requirements of Section 13 or 15(d) of the Exchange Act, the Company shall file
all reports required to be filed by it under the Exchange Act and it will take
such further action as the Shareholder may reasonably request so as to enable
the Shareholder to sell Registrable Securities

12

 

without registration under the Securities Act pursuant to Rule 144 under
the Securities Act, as such rule may be in effect from time-to-time, or any
similar or successor rule or regulation hereafter promulgated by the
Commission.

3.   Miscellaneous.

     3.1   Amendments and Waivers. (i) Any provision of this Agreement may be
amended or waived if such amendment or waiver is in writing and signed, in the
case of an amendment, by the Company and the Shareholder or, in the case of a
waiver, by the party or parties against whom the waiver is to be provided.

(ii)   No failure or delay by any party in exercising any right, power or
privilege hereunder (other than a failure or delay beyond a period of time
specified herein) shall operate as a waiver thereof and no single or partial
exercise thereof shall preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies
provided by law.

     3.2   Notices. Unless otherwise provided herein, any notice, request,
instruction or other document to be given hereunder by any party to the other
shall be in writing and delivered by hand-delivery, registered first-class
mail, telex, telecopier, or air courier guaranteeing overnight delivery, as
follows:

     If to the Buyer:

Perrigo Company

515 Eastern Avenue

Allegan, MI 49010

Attention: Chief Executive Officer

Telecopier: 269-673-7535

and

Perrigo Company

515 Eastern Avenue

Allegan, MI 49010

Attention: Vice President and General Counsel

Telecopier: 269-673-1386

with a copy to:

Morgan, Lewis & Bockius LLP

502 Carnegie Center

Princeton, NJ 08540

Attention:. Randall B. Sunberg, Esq.

Telecopier: 609-919-6639

and

13

 

Morgan, Lewis & Bockius LLP

101 Park Avenue

New York, NY 10178

Attention: Robert G. Robison, Esq.

Telecopier: 212-309-6001

     If to the Shareholder:

Moshe Arkin

29 Lehi Street

Bnei-Brak 51200

Israel

Telecopier: 972-3-577-3500

     with a copy to:

Skadden, Arps, Slate, Meagher & Flom LLP

Four Times Square

New York, NY 10036

Attention: David Fox, Esq.
                   Thomas W. Greenberg, Esq.

Telecopier: 212-735-2000

and

Rosenberg, Hacohen, Goddard & Ephrat

24 Raoul Wallenberg Street

Tel-Aviv 69719

Israel

Attention: Dan Hacohen, Adv.

Telecopier: 972-3-766-6567

or to such other place and with such other copies as either party may designate
as to itself by written notice to the other.

     All such notices, requests, instructions or other documents shall be
deemed to have been duly given: at the time delivered by hand, if personally
delivered; when receipt is acknowledged by addressee, if by telecopier
transmission; and on the next business day if timely delivered to a nationally
recognized courier guaranteeing overnight delivery.

     3.3   Assignment; Third Party Beneficiaries. This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors and permitted assigns. The registration
rights of the Shareholder with respect to any Registrable Securities may not be
transferred; provided, however, that the Shareholder may assign any rights
under this Agreement to a family member or trust or other entity for estate or
tax planning purposes, provided, that the transferee agrees to be bound by the provisions hereof. Except as provided in Section 2.4, no Person other
than the parties hereto and

14

 

their successors and permitted assigns is intended
to be a third party beneficiary of this Agreement.

     3.4   Specific Performance. The parties hereto acknowledge and agree that
irreparable damage would occur in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were
otherwise breached. It is accordingly agreed that the parties shall be
entitled to an injunction or injunctions to prevent breaches of the provisions
of this Agreement, and shall be entitled to enforce specifically the provisions
of this Agreement in any court of the United States or any state thereof having
jurisdiction, in addition to any other remedy to which the parties may be
entitled under this Agreement, any other document which is part of the
transactions contemplated hereby or at law or in equity.

     3.5   No Inconsistent Agreements. The Company will not, on or after the
date of this Agreement, enter into any agreement with respect to its securities
that is inconsistent with the rights granted to the Shareholder in this
Agreement or otherwise conflicts with the provisions hereof. The Company
further represents and warrants that the rights granted to the Shareholder
hereunder do not in any way conflict with and are not inconsistent with any
other agreements to which the Company is a party or by which it is bound.

     3.6   Descriptive Headings. The headings of the Articles and Sections
herein are inserted for convenience of reference only and are not intended to
be a part of or to affect the meaning or interpretation of this Agreement.

     3.7   Governing Law. This Agreement shall be construed, interpreted and the
rights of the parties determined in accordance with the internal laws of the
State of New York. Each of the parties to this Agreement hereby irrevocably
and unconditionally consents to submit to the exclusive jurisdiction of the
courts of the State of New York and the United States of America located in the
County of New York for any action or proceeding arising out of or relating to
this Agreement (and agrees not to commence any action or proceeding relating
thereto except in such courts), and further agrees that service of any process,
summons, notice or document by U.S. registered mail to its respective address
set forth in Section 3.2 hereof shall be effective service of process for any
action or proceeding brought against it in any such court. Each of the parties
hereto hereby irrevocably and unconditionally waives any objection to the
laying of venue of any action or proceeding arising out of this Agreement in
the courts of the State of New York or the United States of America located in
the County of New York, and hereby further irrevocably and unconditionally
waives and agrees not to plead or claim in any such court that any such action
or proceeding brought in any such court has been brought in an inconvenient
forum.

     3.8   Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

     3.9   Invalidity of Provision. In the event that any one or more of the
provisions contained in this Agreement or in any other instrument referred to
herein, shall, for any reason, be held to be invalid, illegal or unenforceable in any
respect, such invalidity,

15

 

illegality or unenforceability shall not affect any
other provision of this Agreement or any other such instrument.

     3.10   Further Assurances. Each party hereto shall do and perform or cause
to be done and performed all further acts and things and shall execute and
deliver all other agreements, certificates, instruments, and documents as any
other party hereto reasonably may request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

     3.11   Entire Agreement; Effectiveness. This Agreement, the Lock-Up
Agreement and the Merger Agreement constitute the entire agreement, and
supersede all prior agreements and understandings, oral and written, between
the parties hereto with respect to the subject matter hereof.

     3.12   Condition to Effectiveness. Notwithstanding anything in this
agreement to the contrary, this agreement shall not be effective until the
Effective Time. In the event the Effective Time does not occur, this agreement
shall not be valid, binding and enforceable against any of the parties hereto.

[Signature Page to Follow]

16

 

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
and delivered by their respective officers thereunto duly authorized.

	 	 	 	 	 
	 	PERRIGO COMPANY

 	 
	 	By:  	/s/ David T. Gibbons
 	 
	 	 	Name:  	David T. Gibbons 	 
	 	 	Title:  	Chairman, President and 
Chief
Executive Officer 	 
	 
	 	MOSHE ARKIN

 	 
	 	/s/ Moshe Arkin
 	 
	 	 	 
	 	 	 
	 

 

[Signature Page to Registration Rights Agreement]

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