Document:

rva-ex42_7.htm

EXHIBIT 4.2

 
Executed Version
 

SECOND AMENDMENT TO CONVERTIBLE NOTE DEED AND SUBORDINATION AGREEMENT

 

THIS SECOND AMENDMENT TO CONVERTIBLE NOTE DEED AND SUBORDINATION AGREEMENT (this “Amendment”), is made as of April 22, 2017, by and among Reva Medical, Inc. (the “Company”), GOLDMAN SACHS INTERNATIONAL and SENRIGAN MASTER FUND (each a “Noteholder”), and is entered into with respect to the Convertible Note Deed, dated  September 25, 2014, by and among the Company and the Noteholders, as amended by First Amendment to Convertible Note Deed dated February 11, 2016 (collectively, the “Agreement”).  Unless otherwise indicated, words and terms which are defined in the Agreement shall have the same meaning where used herein.

 

RECITALS

 

WHEREAS, pursuant to clause 29.10 of the Agreement, the Company and each Noteholder wishes to, among other things, amend the Agreement and consent to the issuance of the securities, including convertible notes (the “2017 Notes”) in an aggregate amount of up to US$52.5 million (the “Subsequent Financing”) and up to 2,362,500 options pursuant to that certain Convertible Note Deed on or about the date of this Agreement (the “2017 Agreement”), by and among the Company and each person set out in Schedule 1 and Schedule 2 thereto (the “2017 Noteholders”);

 

WHEREAS, clause 7.6 of the Agreement provides that upon a Qualifying Dilutive Issue, the Conversion Price will be reduced by an amount determined in accordance with clause 7.6 (the “Antidilution Rights”);

 

WHEREAS, clause 13 of the Agreement provides that, upon any New Debt Raising, each Purchaser shall have the right to participate in up to fifty percent (50%) of any such New Debt Raising on the terms and at the price specified in the Debt ROFR Notice, or on such other terms as are agreed by the parties (the “Participation Rights”);

 

WHEREAS, the Noteholders have certain rights pursuant to clause 13 of the Agreement to receive Debt ROFO Notice for any New Debt Financing (the “Notice Rights”);

 

WHEREAS, each Noteholder wishes to approve the Subsequent Financing and has agreed to waive its Antidilution Rights, Participation Rights and Notice Rights in connection therewith and the other amendments set forth herein;

 

WHEREAS, the Noteholders wish to approve the subordination of their outstanding convertible notes issued pursuant to the Agreement (the “2014 Notes”);

 

WHEREAS, the board of directors of the Company have adopted a resolution approving entering into this Amendment.

 

NOW, THEREFORE, IT IS AGREED THAT:

 

1.Amendments to the Agreement.  Subject to the Company obtaining the approval required to be obtained under Listing Rule 7.1 by the Company from its stockholders to the amended terms of the Agreement as set out herein, the Agreement is amended as follows:  

 

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(a)Clause 6.3 of the Agreement is hereby amended and restated in its entirety to read as follows:

“6.3Reserved.”  

 

(b)The last sentence of Clause 6.10 of the Agreement is hereby deleted in its entirety.

(c)Clause 6.14 of the Agreement is hereby amended and restated in its entirety to read as follows:

“6.14Reserved.”  

(d)Clause 7.12 of the Agreement is hereby amended and restated in its entirety to read as follows:

	
 
	
“7.12
	
For the purpose of making any adjustment to the Conversion Price required under clauses 7.5 to 7.11 (inclusive), “Additional Shares” will mean all Shares issued by the Company or deemed to be issued pursuant to clauses 7.5 to 7.11 (inclusive) (including Shares subsequently reacquired or retired by the Company), other than:

	
 
	
7.12.1
	
Notes or Options issued under this Deed;

	
 
	
7.12.2
	
Shares issued upon conversion of the Notes or upon exercise of the Options issued under this Deed;

	
 
	
7.12.3
	
Shares or Convertible Securities issued after the Subscription Date pursuant to an Employee Incentive Scheme of the Company (including all Shares that may be issued on conversion or exercise of such Convertible Securities);

	
 
	
7.12.4
	
Shares issued pursuant to the exercise of Convertible Securities on issue as at the Subscription Date;

	
 
	
7.12.5
	
Shares issued under any Share Purchase Plan which is undertaken within six months of the date of the issue of Notes and Options to Noteholders under this Deed;

	
 
	
7.12.6
	
up to US$5 million worth of new Shares (calculated based on the VWAP of Shares or (where applicable) CDIs over the 20 Trading Days prior to the private placement, converted, where necessary, into the Relevant Currency at the Prevailing Rate as at the end of that 20 Trading Day period) under a private placement to sophisticated and institutional investors within six months of the date of the issue of the Notes and Options to Noteholders under this Deed at a price that is at least 95% of the VWAP of Shares or (where applicable) CDIs over the 20 Trading Days prior to the offer to such investors; 

	
 
	
7.12.7
	
Shares with respect to which the Noteholders by Resolution have waived the anti-dilution rights provided for in clauses 7.5 to 7.11 (inclusive); 

	
 
	
7.12.8
	
an adjustment which would contravene the Delaware General Corporate Law or the ASX Listing Rules; and

	
 
	
7.12.9
	
Shares issued in an IPO; and

	
 
	
7.12.10
	
Shares issued in an offering following an IPO, provided that, the price per Share issued in such offering is not less than ninety-five percent (95%) of the then prevailing market price of the Company’s common stock.

 

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References to Shares in clause 7.12 above will mean all Shares issued by the Company or deemed to be issued pursuant to clauses 7.5 to 7.11 (inclusive).  

 

The “Effective Price” of Additional Shares will mean the quotient determined by dividing the Aggregate Consideration received, or deemed to have been received by the Company for such issue under clauses 7.5 to 7.11 (inclusive) for such Additional Shares by the total number of Additional Shares issued or sold, or deemed to have been issued or sold by the Company under clauses 7.5 to 7.11 (inclusive).  In the event that the number of Additional Shares or the Effective Price cannot be ascertained at the time of issue, such Additional Shares will be deemed issued immediately upon the occurrence of the first event that makes such number of Shares or the Effective Price, as applicable, ascertainable.”

 

(e)Clause 10.1.2 of the Agreement is hereby amended and restated in its entirety to read as follows:

"10.1.2 any:

	
 
	
10.1.2.1
	
Finance Debt of the Group is not paid when due nor within any originally applicable grace period;

	
 
	
10.1.2.2
	
Finance Debt of the Group is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described);

	
 
	
10.1.2.3
	
any commitment for any Finance Debt of the Group is cancelled or suspended by a creditor as a result of an event of default (however described);

	
 
	
10.1.2.4
	
any creditor of the Group becomes entitled to declare any Finance Debt due and payable prior to its specified maturity as a result of an event of default (however described); or

	
 
	
10.1.2.5
	
any event of default (however described) occurs under or in connection with the Convertible Note Deed, dated on or around 20 April 2017, by and among the Company and each person set out in Schedule 1 thereto,

provided that no Event of Default will occur under this clause 10.1 if the aggregate amount of all Finance Debt or commitment for Finance Debt falling within clause 10.1.2.1 to 10.1.2.4 above is less than US$1,000,000 (or its equivalent);"

(f)Clause 13.3.2 is hereby inserted into of the Agreement to read as follows:

“13.3.2The foregoing restrictions set forth in clause 13.3 shall terminate and be of no further effect following the date falling six months after completion of an IPO.”  

 

(g)Clause 13.13 of the Agreement is hereby amended and restated in its entirety to read as follows:

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“13.13The Company agrees to use reasonable efforts to effect an SEC-registered initial public offering of its shares and an associated listing on NASDAQ or any other securities exchange approved by a Majority of Noteholders as soon as practicable after December 31, 2017.  In the event of such initial public offering, each Noteholder shall have the right to require the Company to register the Shares held the by Noteholder (or Shares which would be held upon Conversion of its Notes or exercise of its Options) for sale in such initial public offering in accordance with the terms of the Registration Rights Agreement.” 

(h)Clause 18.2 of the Agreement is hereby amended and restated in its entirety to read as follows:

“18.2Subject to clause 18.3, all accrued interest in relation to a Note will be paid by the Company on the date of redemption of any Notes (including the Maturity Date or one Business Day after an Acceleration Event, as the case may be).” 

(i) The definitions of “Optional Redemption Date” and “Optional Redemption Notice” set forth in clause 30.1 of the Agreement are hereby deleted in their entirety.

(j)Clause 27.3 is hereby inserted into of the Agreement to read as follows:

“27.3On and from the date that the Noteholders and the Company enter into a Subordination Agreement between the Company, the Noteholders as junior creditors and 2017 Noteholders as senior creditors (Subordination Agreement), the Notes shall be subordinated to the 2017 Notes on the terms of the Subordination Agreement.  Terms defined in the second amendment to this deed shall have the same meaning when used herein.” 

2.Continued Validity of Agreement.  Except as amended by this Amendment, the Agreement shall continue in full force and effect as originally constituted and are ratified and affirmed by the parties hereto.

 

3.Further Assurance. The Company shall, at the request of the Noteholders and at the Company's own expense, do all such acts and things necessary or desirable to give effect to the amendments effected or to be effected pursuant to this Agreement.

 

4.Approval of Subsequent Financing.  The Noteholders by their signature below hereby approve the following written resolutions for the purposes of paragraph 12 of Schedule 3 of the Agreement:

 

“RESOLVED UNANIMOUSLY, that the Convertible Note Deed, dated on or around April 20, 2017, in substantially the form presented to the Noteholders, and the transactions contemplated thereby, including, but not limited to, the issuance of up to US$52.5 million of convertible notes and 2,362,500 options for 1 Share each thereunder, is hereby approved.”

 

5.Subordination of 2014 Notes.  

 

(a)Subordination of 2014 Notes to 2017 Notes.  The Company covenants and agrees, and the Noteholders likewise covenant and agree, notwithstanding anything to the contrary contained in the Agreement, that the payment of any and all of the 2014 Notes shall be subordinate and subject in right and time of payment, to the extent and in the manner hereinafter set forth, to the prior Payment in Full of all of the 

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2017 Notes.  The 2017 Noteholders shall be deemed to have acquired the 2017 Notes in reliance upon the provisions contained in this Amendment and the parties hereby agree that the holders of the 2017 Notes are third party beneficiaries entitled to enforce and rely on the provisions of Section 5 of this Amendment as if parties hereto.  The parties shall not be entitled to waive or amend any provision of Section 5 of this Amendment without the written consent of the holders of all of the 2017 Notes.

(b)2014 Notes Payment Restrictions. 

i)Notwithstanding the terms of the Agreement, the Company hereby agrees that it may not make, and the Noteholders hereby agree that they will not accept, any Distribution with respect to the 2014 Notes until the earlier of the date upon which (i) all of the 2017 Notes are Paid in Full or (ii) upon the Maturity Date of the 2014 Notes, provided that, as of such date, no Event of Default (as defined in the 2017 Agreement) exists with respect to the 2017 Notes and no payment due to any of the 2017 Noteholders pursuant to clause 6.3 of the 2017 Agreement. To the extent not paid when due pursuant to the terms of the Subordinated Notes, interest due in respect of the Subordinated Notes shall continue to accrue. 

ii)Nothing in this Amendment shall prohibit the Noteholders from converting all or any part of the 2014 Notes into equity securities of the Company at any time, as and to the extent permitted pursuant to the Agreement.

iii)The failure of the Company to make any Distribution with respect to the 2014 Notes by reason of the operation of this Section 5(b) shall not give rise to, and to the extent necessary the Noteholders shall waive and shall be deemed to have waived, the occurrence of a an Event of Default under the applicable 2014 Notes.

iv)For purposes of this Section 5(b), “Distribution” shall mean, with respect to any security, indebtedness or obligation, (a) any payment or distribution by any person of cash, securities (other than as contemplated by Section 5(b)(ii)) or other property, by set-off or otherwise, on account of such security, indebtedness or obligation, (b) any redemption, purchase or other acquisition of such security, indebtedness or obligation by the Company or its affiliates or (c) the granting of any lien or security interest to or for the benefit of the holders of such security, indebtedness or obligation in or upon any property of any person.

(c)Future Subordination Agreement Notwithstanding the provisions of Section 5(a) and Section 5(b) above, the Noteholders and the 2017 Noteholders may at some time in the future enter into a full form subordination agreement to govern the terms of their subordination and their respective rights as junior creditors and senior creditors respectively (a "Subordination Agreement"). If the Noteholders and the 2017 Noteholders do enter into a Subordination Agreement,  then the terms of such Subordination Agreement (if any), to the extent inconsistent with this Section 5, shall take priority. The Noteholders and the Company hereby agree that the terms of any Subordination Agreement may be agreed (or not, as the case may be) by each of the Noteholders and the 2017 Noteholders acting in their full and unfettered discretion, that this Section 5(c) in no way places on the Noteholders or the 2017 Noteholders an obligation to agree the terms of, or to enter into, a Subordination Agreement and that all Noteholders and all 2017 Noteholders are required to sign a Subordination Agreement (acting in their full and unfettered discretion) for it to be effective and to supersede the provisions of Section 5(a) and Section 5(b) above.

 

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6.Waiver of Antidilution Protection.  Each Noteholder by its signature below hereby agree that the securities issued pursuant to the 2017 Agreement (including the shares issued upon conversion or exercise thereof) shall not constitute “Additional Shares” as such term is defined in clause 7.12 of the Agreement.

 

7.Acknowledgement and Waiver of Notice and Participation Rights.  Each Noteholders by its signature below hereby waive the Notice Rights and Participation Rights under clause 13 of the Agreement solely with respect to the Subsequent Financing.

 

8.Waiver of Company Covenant.  Each Noteholders by its signature below hereby waive the Company covenant set forth in clause 14.1.2 of the Agreement with respect to the Subsequent Financing.

 

9.Authorization.  Each party represents to the others that the individual executing this Amendment on such party’s behalf is the duly appointed signatory of such party to this Amendment and that such individual is authorized to execute this Amendment by or on behalf of such party and to take all action required by the terms of this Amendment.

 

10.Captions.  Section headings and numbers have been set forth herein for convenience only.  Unless the contrary is compelled by the context, everything contained in each section applies equally to this entire Amendment.

 

11.No Novation.  This Amendment is not intended to be, and shall not be construed to create, a novation or accord and satisfaction, and, except as otherwise provided herein, the Agreement shall remain in full force and effect.

 

12.Severability.  Each provision of this Amendment shall be severable from every other provision of this Amendment for the purpose of determining the legal enforceability of any specific provision.

 

13.Status of Noteholders as Independent Parties.  Nothing contained herein or in the Agreement (including in Section 3 hereof), and no action taken by any Noteholder pursuant hereto or thereto, shall be deemed to constitute the Noteholders as, and the Company acknowledges that the Noteholders do not so constitute, a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Noteholders are in any way acting in concert or as a group or entity with respect to such obligations or the transactions contemplated by this Amendment or the Agreement or any matters, and the Company shall not assert any such claim, with respect to such obligations or the transactions contemplated by this Amendment or the Agreement. The Company and each Noteholder confirms that each Noteholder has independently participated with the Company in the negotiation of the transaction contemplated hereby, with access to its own legal advice. The use of a single agreement, and the representation of the Noteholders by a single transaction counsel, was done solely for the convenience of the Company and not because it was required or requested to do so by any Noteholder. 

 

14.Costs and Expenses. The Company shall promptly on demand pay the Noteholders the amount of all costs and expenses (including but not limited to legal fees) reasonably incurred by any of them in connection with the negotiation, preparation, printing and execution of this Agreement and any other documents referred to in this Agreement.

 

15.Entire Agreement.  This Amendment constitutes the entire agreement between the Company and each Noteholder with respect to the subject matter hereof and supersedes all prior and contemporaneous negotiations, communications, discussions and agreements concerning such subject matter.  

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16.Counterparts.  This Amendment may be executed in any number of counterparts, and by each Noteholder and the Company in separate counterparts, each of which shall be an original, but all of which shall together constitute one and the same agreement and such counterparts may be delivered electronically.

 

17.Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware without resort to the State’s conflicts of laws rules.

 

(signature page follows)

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IN WITNESS WHEREOF the parties hereto, on the day and year first hereinbefore written, caused this Amendment to be duly EXECUTED AS A DEED and have hereunto set their hands and seals.

		
	
Executed by REVA Medical, Inc. by its duly authorized officers:

	
 

	

Signature of authorized officer 
	
 

	
Regina Groves
Name of authorized officer (print)
	
 

 

		
	
Executed by Goldman Sachs International by its duly authorized officer:

	
 

	

Signature of authorized officer
	
 

	

Name of authorized officer (print)
	
 

 

		
	
Executed by Senrigan Master Fund by its duly authorized officer:

	
 

	

Signature of authorized officer
	
 

	

Name of authorized officer (print)
	
 

 

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EXHIBIT 10.1

 

STOCK REPURCHASE AGREEMENT

This Stock Repurchase Agreement (this “Agreement”) is entered into as of April ___, 2017 (the “Effective Date”) by and between Reva Medical, Inc., a Delaware corporation (the “Company”), and Medtronic, Inc. (the “Stockholder”).

R E C I T A L S

WHEREAS, the Stockholder owns 1,732,260 shares of the Company’s Common Stock (the “Shares”).

WHEREAS, the Company and the Stockholder are parties to that certain Convertible Note Deed, dated as of 22 April 2017 (the “Deed”), by and among the Company and each person set out in Schedule 1 and Schedule 2 attached thereto, including the Stockholder, pursuant to which the Company will sell and issue senior unsecured convertible notes, each with a face value of US$100,000 (the “Notes”).

WHEREAS, in connection with and as an inducement to Stockholder entering into the Deed, the Stockholder has agreed to sell, and the Company has agreed to purchase, the Shares, at an aggregate purchase price for such Shares at the Per Share Purchase Price (as defined below), and on the terms and subject to the conditions contained in this Agreement (the “Repurchase”).  

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

AGREEMENT

1.Repurchase.

(a)Repurchase.  At the Closing (as defined below), the Company shall repurchase from the Stockholder at price per Share equal to $7.212, and the Stockholder shall sell, assign, transfer and deliver to the Company, all of such Stockholder’s right, title and interest in and to the Shares. 

(b)Closing.  The closing of the Repurchase (the “Closing”) will take place at 11:00 a.m. California time on the Initial Subscription Date (as that term is defined in the Deed) at the offices of the Company, or such other time and place as may be designated in writing by the Company and the Stockholder.  All rights and obligations of the parties under this Agreement are conditioned upon the occurrence of the Initial Subscription Date (as defined in the Deed).  Conveyance of the Shares by Stockholder shall be deemed as partial payment for the Notes for the Initial Commitment Amount (as defined in the Deed) set forth opposite Stockholder’s name on Schedule 1 of the Deed.  For clarity, issuance of the Initial Note Allocation and Initial Option Allocation (each as defined in the Deed) by the Company in accordance with the Deed in the amounts set forth opposite Stockholder’s name on Schedule 1 of the Deed shall be deemed full payment for the Shares conveyed to the Company pursuant to this Agreement.

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(c)Instruments of Conveyance and Transfer.  At the Closing, the Stockholder shall deliver to the Company a transfer agent letter of instruction, in substantially the form attached hereto as Exhibit A, duly executed by the Stockholder as and where indicated therein.  The Stockholder shall at any time, and from time to time, following the Closing, execute, acknowledge and deliver all further assignments, transfers, and any other such instruments of conveyance, upon the request of the Company, to confirm the sale of the Shares hereunder.

(d)Termination of Rights as Stockholder.  Upon issuance by the Company of Stockholder’s Initial Note Allocation and Initial Option Allocation to Stockholder at the Initial Subscription Date in accordance with the Deed, the Shares shall cease to be outstanding, and the Stockholder shall no longer have any rights as a holder of, or with respect to, the Shares.

2.Representations, Warranties and Covenants.

(a)By the Stockholder.  In connection with the transactions provided for hereby, the Stockholder, represents, warrants and covenants, as applicable, to the Company as of the Effective Date as follows:

(i)Ownership of Shares.  The Stockholder has good, valid and marketable right, title and interest (legal and beneficial) in and to all of the Shares, and such Shares, at Closing, will be free and clear of all liens, pledges, security interests, claims or encumbrances of any kind.  Upon payment for the Shares in accordance with this Agreement, the Company will acquire good, valid and marketable title to the Shares, free and clear of all liens, pledges, security interests, claims or encumbrances of any kind.

(ii)Authorization, Approval and Enforceability.  This Agreement, when executed and delivered, is a legal, valid and binding obligation of the Stockholder, and, upon due execution and delivery by the parties thereto, all agreements, instruments and documents to be executed by the Stockholder in connection with the transactions contemplated hereby will be legal, valid and binding obligations of the Stockholder, each enforceable against the Stockholder in accordance with its respective terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally, and subject to general equity principles and to limitations on availability of equitable relief, including specific performance.

(iii)No Conflict.  The execution and delivery of this Agreement, and the consummation of the transactions contemplated hereby, does not and will not result in a breach or violation by the Stockholder of, or conflict with, or constitute a default by the Stockholder under, (i) any agreement, instrument, decree, judgment or order to which the Stockholder is a party, to which the properties of the Stockholder may be subject or by which the Stockholder may be bound, or (ii) any provision of any federal, state or other applicable statute, rule or regulation applicable to the Stockholder.  

(iv)The Stockholder has not granted, and will not grant, any options of any sort with respect to the Shares or any right to acquire the Shares or any interest therein other than under this Agreement.

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(v)Litigation.  There is no action, suit, proceeding or investigation pending, or currently threatened, against the Stockholder that questions the validity of this Agreement or the right of the Stockholder to enter into this Agreement, or to consummate the transactions contemplated hereby.

(vi)No Consent Required.  No consent, authorization, approval, order, license, certificate or permit or act of or from, or declaration or filing with, any foreign, federal, state, local or other governmental authority or regulatory body or any court or other tribunal or any party to any contract, agreement, instrument, lease or license to which the Stockholder is a party, is required for the execution, delivery or performance by the Stockholder of this Agreement or any of the other agreements, instruments and documents being or to be executed and delivered hereunder or in connection herewith or for the consummation of the transactions contemplated hereby.

(vii)No Continuing Rights.  The Stockholder hereby acknowledges that following the Closing the Stockholder shall have no rights as a stockholder of the Company with respect to any future sale, acquisition, merger, liquidation, dissolution, public offering or other corporate event regarding the Company or its assets (any of the foregoing, a “Corporate Event”) by reason of the Stockholder’s ownership of the Shares prior to the Repurchase.  The Stockholder further expressly acknowledges that any such Corporate Event may result in the payment by the Company of assets, funds or other proceeds to the Company’s stockholders or an enhancement in value of the Company’s securities, including in a manner such that the value that would have been attributable to the Shares in such Corporate Event in the absence of this Agreement (either in an aggregate amount or on a per share basis) would be greater than the value attributed to the Shares hereunder.  The Stockholder hereby acknowledges and agrees that, under the foregoing circumstances or upon any such Corporate Event, the Stockholder shall have no right to or interest in any such assets, funds, proceeds or enhanced value by reason of the Stockholder’s ownership of the Shares prior to the Repurchase, and the Stockholder further agrees that the Stockholder will not make any claim or assert any right or interest, against the Company or otherwise, in the capacity of Stockholder or former Stockholder, with respect to any such assets, funds, proceeds or enhanced value (or with respect to the Corporate Event to which such assets, funds, proceeds or enhanced value relate) by reason of the Stockholder’s ownership of the Shares prior to the Repurchase.

(viii)Tax Matters.  The Stockholder has had opportunity to review with the Stockholder’s own tax advisors the federal, state and local tax consequences of the Repurchase and the transactions contemplated by this Agreement.  The Stockholder is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.  The Stockholder understands that the Stockholder (and not the Company) shall be responsible for the Stockholder’s own tax liability that may arise as a result of the transactions contemplated by this Agreement.

(b)By the Company.  In connection with the transactions provided for hereby, the Company hereby represents, warrants and covenants, as applicable, to the Stockholder as of the Effective Date as follows:

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(i)Authorization, Approval and Enforceability.  The Company has full power and authority to execute, deliver and perform its obligations under this Agreement and all agreements, instruments and documents contemplated hereby.  This Agreement, when executed and delivered, is a legal, valid and binding obligation of the Company, and, upon due execution and delivery by the parties thereto, all agreements, instruments and documents to be executed by the Company in connection with the transactions contemplated hereby will be legal, valid and binding obligations of the Company, each enforceable against the Company in accordance with its respective terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally, and subject to general equity principles and to limitations on availability of equitable relief, including specific performance.

(ii)No Consent Required.  No consent, authorization, approval, order, license, certificate or permit or act of or from, or declaration or filing with, any foreign, federal, state, local or other governmental authority or regulatory body or any court or other tribunal or any party to any contract, agreement, instrument, lease or license to which the Company is a party, is required for the execution, delivery or performance by the Company of this Agreement or any of the other agreements, instruments and documents being or to be executed and delivered hereunder or in connection herewith or for the consummation of the transactions contemplated hereby, which has not been obtained or waived prior to the Closing.

(iii)The Company shall not mention the Stockholder in any market announcements in connection with the Repurchase without the Stockholder's consent, such consent not to be unreasonably withheld.

(iv)The Company has not granted, and will not grant, any options of any sort with respect to the Shares or any right to acquire the Shares or any interest therein.

(v)Litigation.  There is no action, suit, proceeding or investigation pending, or currently threatened, against the Company that questions the validity of this Agreement or the right of the Company to enter into this Agreement, or to consummate the transactions contemplated hereby. 

3.Successors And Assigns.  The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties.  Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

4.Governing Law.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware, without regard to its principles of conflicts of laws.

5.Entire Agreement.  This Agreement (including the Exhibits hereto) constitutes the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties are expressly canceled.

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6.Amendments and Waivers.  Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Stockholder.  Any amendment or waiver effected in accordance with this section shall be binding upon each party to this Agreement (and any successors or assigns).

7.Further Action.  Each party hereto agrees to execute any additional documents and to take any further action as may be necessary or desirable in order to implement the transactions contemplated by this Agreement.  In furtherance of the foregoing, the Company and the Stockholder shall execute any additional documents and to take any further action as may be necessary or desirable in order to implement the transactions contemplated by this Agreement. 

8.Severability.  The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

9.Counterparts; Electronic Delivery.  This Agreement may be executed and delivered electronically and in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

10.Survival of Warranties.  Unless otherwise set forth in this agreement, the representations and warranties of the Company and the Stockholder contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in no way be affected by any investigation or knowledge of the subject matter thereof made by or on behalf of the Stockholder or the Company.

11.Representation by Counsel.  The Stockholder has either consulted with the Stockholder’s own legal counsel and other advisors and representatives regarding the transactions contemplated by this Agreement or, having had the opportunity to consult with such persons regarding such transactions, have chosen not to do so of their own volition.  The Stockholder acknowledges that its interests are not being represented by DLA Piper LLP (US), which is acting solely as legal counsel to the Company.

12.Notices.  All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given:  (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt.  All communications shall be sent to the respective parties at their address as set forth on their respective signature page, or to such e-mail address, facsimile number or address as subsequently modified by written notice given in accordance with this Section 12.  

13.Expenses.  All reasonable and documented expenses and legal fees incurred in connection with this Agreement shall be paid by the Company.  

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14.Termination.  This Agreement and the rights, duties and obligations of the Company and the Stockholder hereunder, shall terminate and be of no further force and effect upon the written consent of the Company and the Stockholder.

 

[remainder of page intentionally left blank]

 

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IN WITNESS WHEREOF, each of the parties has executed this Stock Repurchase Agreement as of the day and year first above written.

REVA MEDICAL, INC.

By: 

Name: Regina Groves

Title: Chief Executive Officers

 

 

 

STOCKHOLDER

MEDTRONIC, INC.

 

 

By: 

Name: 

Title: 

 

 

 

 

 

SIGNATURE PAGE TO STOCK REPURCHASE AGREEMENT

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EXHIBIT A

Form of Instruction Letter

 

[Medtronic, Inc. Letterhead]

April __, 2017

[●] 
Computershare 
[ADDRESS]
[ADDRESS]

Dear Ladies and Gentlemen:  

Reference is made to the common stock (the “Common Stock”) of Reva Medical, Inc. (the “Company”).  This  letter of instruction relates to the sale by Medtronic, Inc. (“Medtronic”) to the Company of 1,732,260 shares of Common Stock (the “Repurchased Shares”) currently held in DRS book-entry form in account number [●] on the Company’s registered record, with a settlement date of [●], 2017 (the “Settlement Date”).  

Effective as of the Settlement Date, Medtronic hereby directs you to follow the instructions of the Company and transfer all of the above referenced Repurchased Shares to the Company.  You are authorized to rely on this letter of instruction.

 

 

MEDTRONIC, INC.

 

 

By: 

Name: 

Title: 

 

WEST\276209364.6

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