Document:

First Amendment to Secured Note Purchase Agreement - Arcion Therapeutics, Inc.

 Exhibit 10.96 
 FIRST AMENDMENT TO SECURED NOTE PURCHASE AGREEMENT 
 This FIRST AMENDMENT TO SECURED NOTE PURCHASE AGREEMENT, dated as of September 17, 2009 (this “Amendment”), is entered into among the undersigned in connection with the SECURED NOTE PURCHASE AGREEMENT, dated as of
May 18, 2009 (the “Secured Note Purchase Agreement”), by and among Anesiva, Inc., a Delaware corporation (the “Company”) and Arcion Therapeutics, Inc. (“Investor”). Terms which are capitalized
in this Amendment and not otherwise defined shall have the meanings ascribed to such terms in the Secured Note Purchase Agreement. 
 W I T N E S S E T H: 
 WHEREAS, the Company has requested that Investor (i) increase the Aggregate
Commitment by $200,000, to be reflected by the issuance of an amended and restated Note in the aggregate principal amount of Two Million Two Hundred Thousand Dollars ($2,200,000.00), (ii) extend the maturity date of the Note to
December 31, 2009, (iii) to waive certain Events of Default currently in existence as a result of breaches by the Company of Sections 7.12, 9.1(e), 9.1(d), 9.1(h) and 9.1(i) of the Secured Note Purchase Agreement to the extent in existence
on the date hereof (collectively, the “Existing Defaults”), and (iv) amend certain other provisions of the Secured Note Purchase Agreement in connection therewith; 
 WHEREAS, Investor has agreed to purchase an additional $200,000 of Notes, to waive the Existing Defaults and to amend the Secured Note
Purchase Agreement as hereinafter set forth; and 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and
covenants contained herein, the parties hereto agree as follows: 
 1. Amendments to Secured Note Purchase Agreement. The
Secured Note Purchase Agreement is hereby amended as follows: 
 (a) Section 1 is hereby amended and
restated as follows: 
 “AMOUNT AND TERMS OF
THE NOTE 
 On the date of the Closing, the Company sold and
issued to Investor, and Investor purchased from the Company, a secured promissory note in the initial aggregate principal amount of Two Million Dollars ($2,000,000.00) (the “Initial Note”). Subject to the terms and conditions
of this Agreement and the Amendment, on September 17, 2009, the Company agrees to sell and issue to Investor, and Investor agrees to purchase from the Company, an additional secured promissory note in the initial aggregate
principal amount of Two Hundred Thousand Dollars ($200,000.00) (the “Additional Note”). The aggregate commitment of Investor of Two Million Two Hundred Thousand Dollars ($2,200,000.00) (the “Aggregate
Commitment”) shall be reflected in a promissory note in the form attached hereto as Exhibit A (as amended, restated, supplemented, extended or otherwise modified from time to time, the “Note”). Neither
the Initial Note nor the Additional Note shall be issued at a discount.” 

 (b) Exhibit A to the Secured Note Purchase Agreement is hereby
replaced in its entirety by Exhibit A attached hereto. 
 2. Wavier. The Investor hereby waives each of the
Existing Defaults. Except as expressly set forth in this Amendment, the foregoing waiver shall not constitute (a) a modification or alteration of the terms, conditions or covenants of the Loan Documents or (b) a waiver, release or
limitation upon the exercise by Investor of any of its rights, legal or equitable, thereunder. 
 3. Conditions Precedent to
Effectiveness. The effectiveness of this Amendment is subject to the prior or concurrent consummation of each of the following conditions: 
 (a) This Amendment shall have been duly executed and delivered by the Company and Investor; 
 (b) Investor shall have delivered its existing Note to the Company, and the Company shall have issued to Investor a new Note in the form of Exhibit A hereto; 
 (c) All consents, approvals, waivers, authorizations, licenses or orders of, registrations, qualifications, designations,
declarations or filings with, or notice to any governmental entity or any other Person necessary to be obtained, made or given as of the date hereof in connection with the transactions contemplated hereby shall have been duly obtained, made or given
and shall be in full force and effect, without the imposition upon the Company of any condition, restriction or required undertaking; 
 (d) All corporate and other proceedings taken or required to be taken by the Company and each Subsidiary Guarantor in connection with the transactions contemplated hereby, including the approvals by the
Board and the Special Committee, shall be reasonably satisfactory in form and substance to Investor and all documents incident thereto shall have been executed and delivered to Investor or their counsel, and shall be reasonably satisfactory in form
and substance to Investor and their counsel; 
 (e) The Secretary of the Company shall have delivered to
Investor on of the date hereof a certificate certifying: (a) the Company’s Certificate of Incorporation as in effect as of the date hereof; (b) the Bylaws of the Company as in effect as of the date hereof; (c) resolutions of the
Board approving the Amendment, the Note and the transactions contemplated hereby and thereby; and (d) resolutions of the Special Committee of the Board recommending to the Board this Amendment, the Note and the transactions contemplated hereby
and thereby; 
 (f) Investor shall be satisfied in its sole discretion as of the date hereof with the diligence
review of the business, legal, accounting and other investigations undertaken by Investor and their advisors and agents with respect to the Company; and 
 (g) No event shall have occurred and be continuing or would result from the consummation of the transactions contemplated hereby that would constitute an Event of Default. 
 4. Representations and Warranties. The Company represents and warrants to Investor as follows: 
 (a) All corporate action on the part of the Company necessary for the authorization of this Amendment, the performance of
all obligations of the Company and its

  

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Subsidiaries hereunder and under the Secured Note Purchase Agreement and the Related Documents as of the date hereof and the authorization, sale, issuance and delivery of the Note has been taken
or will be taken prior to the date hereof. The offer, sale and issuance of the Note are not subject to any preemptive rights or rights of first refusal that will not have been properly waived or complied with. No vote of the stockholders of the
Company is required in connection with the issuance and sale of the Note or any of the other transactions contemplated by this Amendment. 
 (b) The execution, delivery and performance of this Amendment and the Note will result in valid and legally binding obligations of the Company enforceable against it in accordance with the respective
terms and provisions hereof and thereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and except to the extent
that availability of the remedy of specific performance or injunctive relief or other equitable remedy is subject to the discretion of the court before which any proceeding therefor may be brought. 
 (c) The execution, delivery and performance of this Amendment, the Note and the transactions contemplated hereby and thereby
do not conflict with or result in any material breach or contravention of any provision of law, statute, rule or regulation to which the Company is subject or any judgment, order, writ, injunction, license or permit applicable to the Company so as
to materially adversely affect the assets, business or any activity of the Company, and do not conflict with any provision of the Certificate of Incorporation, Bylaws or other organizational documents of the Company. 
 (d) The execution, delivery and performance by the Company of this Amendment does not require any approval or consent of, or
filing with, any governmental agency or authority other than those already obtained, if any. 
 (e) After giving
effect to this Amendment (including the waivers in Section 2), no Event of Default has occurred and is continuing. 
 5.
Miscellaneous. 
 (a) Reference to and Effect on the Related Documents. 
 (i) On and after the effectiveness of this Amendment, each reference in the Secured Note Purchase Agreement to “this
Agreement”, “hereunder”, “hereof” or words of like import referring to the Secured Note Purchase Agreement, and each reference in the Note and each of the other Related Documents to “the Secured Note Purchase
Agreement”, “thereunder”, “thereof” or words of like import referring to the Secured Note Purchase Agreement, shall mean and be a reference to the Secured Note Purchase Agreement, as amended by this Amendment. 
 (ii) The Secured Note Purchase Agreement, the Note and each of the other Related Documents, as specifically amended by this
Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, the Security Agreement, any Guaranty and all of the Collateral described
therein do and shall continue to secure the payment of all Obligations of the Company under the Related Documents, in each case as amended by this Amendment. 
  

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 (iii) The execution, delivery and effectiveness of this Amendment shall not,
except as expressly provided herein, operate as a waiver of any right, power or remedy of Investor under any of the Related Documents, nor constitute a waiver of any provision of any Related Document. 
 (b) Ratification. The Company hereby restates, ratifies and reaffirms each and every term and condition set forth in
the Secured Note Purchase Agreement, as amended hereby, and the Related Documents effective as of the date hereof. 
 (c) Counterparts. This Amendment may be executed in two or more counterparts, including counterparts transmitted by facsimile, each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. 
 (d) Severability. The illegality or unenforceability of any provision of this Amendment or
any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Amendment or any instrument or agreement required hereunder. 
 (e) Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF
CALIFORNIA, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THEREOF. 
 (f) Consent to Jurisdiction. THE
COMPANY HEREBY (I) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE COUNTY OF SAN FRANCISCO, STATE OF CALIFORNIA AND THE FEDERAL COURTS OF THE UNITED STATES SITTING IN THE NORTHERN DISTRICT OF THE STATE OF CALIFORNIA FOR THE PURPOSE
OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE RELATED DOCUMENTS; (II) AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH COURTS; (III) IRREVOCABLY WAIVES (TO THE
EXTENT PERMITTED BY APPLICABLE LAW) ANY OBJECTION THAT IT NOW OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY OF THE FOREGOING COURTS, AND ANY OBJECTION ON THE GROUND THAT ANY SUCH ACTION OR PROCEEDING IN
ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM; AND (IV) AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PERMITTED
BY LAW. 
 [Signature Pages Follow] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their duly authorized officers as of the day and year first above written. 
  

			
	ANESIVA, INC.
		
	By:	 	 /s/ John H. Tran

	Name:	 	John H. Tran
	Title:	 	VP, Finance & CAO

 [Signature Page to First Amendment to Secured Note Purchase Agreement]

			
	ARCION THERAPEUTICS, INC.,
	as Investor
		
	By:	 	 /s/ James N. Campbell

	Name:	 	James N. Campbell
	Title:	 	CEO

 [Signature Page to First Amendment to Secured Note Purchase Agreement]

 Exhibit A 
 Form of Note 
 [See Attached]Amended and Restated Note issued to Arcion Therapeutics, Inc.

 Exhibit 10.97 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). NO SALE, PLEDGE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID ACT OR AN
EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT. 
 THIS NOTE IS SUBJECT TO THE TERMS AND CONDITIONS OF THE PURCHASE AGREEMENT (AS DEFINED BELOW). 
 AMENDED AND RESTATED NOTE 
  

			
	$2,200,000.00	 	September 17, 2009

 For value received, Anesiva, Inc., a Delaware corporation (the
“Company”), promises to pay to the order of Arcion Therapeutics, Inc. (together with its successors and assigns, the “Holder”), the principal sum of Two Million Two Hundred Thousand Dollars ($2,200,000), together
with interest accrued but unpaid thereon, upon the terms of this Amended and Restated Note (this “Note”). 
 Interest shall accrue (a) on the original principal sum of Two Million Dollars ($2,000,0000.00) commencing on the date of the Closing until maturity and (b) on the additional principal sum of Two Hundred Thousand Dollars
($200,000.00) from the date hereof until maturity in each case at a continuously compounding rate equal to ten percent (10%) per annum payable in cash; provided, however, that, during the occurrence and continuance of an Event of
Default (as defined in that certain Secured Note Purchase Agreement, dated as of May 18, 2009, as amended by the First Amendment thereto, dated as of September 17, 2009 (as further amended, restated, supplemented, extended or otherwise
modified from time to time, the “Purchase Agreement”), among the Company and the Holder), interest shall accrue at a continuously compounding rate equal to fourteen percent (14%) per annum. All computations of interest shall be
made on the basis of a year of 365 or 366 days, as the case may be, for the actual number of days (including the first day but excluding the last) occurring in the period for which such interest is payable. 
 Unless earlier paid pursuant to the terms hereof or the Purchase Agreement or accelerated in connection with an Event of Default, subject to
the terms of the Purchase Agreement, the outstanding principal and accrued but unpaid interest shall be immediately due and payable on December 31, 2009 (the “Maturity Date”). Company may prepay this Note at any time without
penalty or premium. 
 1. This Note is issued pursuant to the terms of the Purchase Agreement. The Holder is entitled to the
benefit of, and is subject to certain restrictions contained in, the Purchase Agreement and the other Related Documents. Capitalized terms not otherwise defined herein

 
shall have the meanings ascribed to them in the Purchase Agreement. The indebtedness evidenced by this Note is secured by certain collateral, as more particularly described in that certain
Pledge, Security and Collateral Agent Agreement, dated as of May 18, 2009 (as may be further amended, restated, supplemented or modified from time to time, the “Security Agreement”), among the Company, AlgoRx Pharmaceuticals,
Inc. and the Collateral Agent and that certain Guaranty, dated as of January 20, 2009 (as may be further amended or modified from time to time, the “Guaranty”) by and between AlgoRx Pharmaceuticals, Inc. and the Holder. Each
holder of this Note will be deemed, by its acceptance hereof, to have agreed to the provisions and to have made the representations and warranties set forth in Section 4 the Purchase Agreement. Subject to the terms of the Purchase Agreement,
this Note is transferable by surrender hereof at the principal office of the Company, duly endorsed or accompanied by a written instrument of transfer duly executed by the registered holder of this Note or by any other method permitted by the
Purchase Agreement. 
 2. All payments hereunder shall be applied in the order provided for in the Purchase Agreement. Whenever
any payment hereunder shall be stated to be due, or whenever any return payment date or any other date specified hereunder would otherwise occur, on a day other than a Business Day, then such payment shall be made, and such return payment date or
other date shall occur, on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest hereunder. 
 3. All payments in respect of this Note shall be in immediately available lawful money of the United States of America and shall be sent so
as to be received no later than 2 p.m. (Pacific time) on the date of payment, at the address specified in the Purchase Agreement, or at such other address as may be specified from time to time by such Holder in a written notice delivered to the
Company. All payments in respect of this Note shall be made unconditionally in full without any deduction, set off, counterclaim or other defense. If any scheduled payment date is not a Business Day, such payment shall be made on the next succeeding
Business Day. 
 4. The Company hereby waives demand, notice, presentment, protest and notice of dishonor. 
 5. (a) The terms of this Note shall be construed in accordance with the laws of the State of California, as applied to contracts entered
into by California residents within the State of California, which contracts are to be performed entirely within the State of California. The Company hereby (i) submits to the exclusive jurisdiction of the courts of the County of San Francisco,
State of California and the Federal courts of the United States sitting in the Northern District of the State of California for the purpose of any action or proceeding arising out of or relating to this Note, the Purchase Agreement and the Related
Documents; (ii) agrees that all claims in respect of any such action or proceeding may be heard and determined in such courts; (iii) irrevocably waives (to the extent permitted by applicable law) any objection that it now or hereafter may
have to the laying of venue of any such action or proceeding brought in any of the foregoing courts, and any objection on the ground that any such action or proceeding in any such court has been brought in an inconvenient forum; and (iv) agrees
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner permitted by law. 

 (b) The parties agree that any dispute, controversy or claim (including any counterclaim)
(each, a “Dispute”) arising out of or relating to this Note, the Purchase Agreement or any Related Documents shall be finally resolved by confidential binding arbitration in San Francisco County, California as the sole and exclusive
method of resolving such dispute, controversy or claim. Any Dispute shall be settled by arbitration under the rules then in effect of JAMS/Endispute conducted by a single arbitrator reasonably acceptable to the parties. The arbitrator shall have no
power to amend this Note, the Purchase Agreement or any Related Documents. The arbitrator shall issue an award in writing (including an explanation of the grounds for such award) as promptly as practicable that shall be final and binding on the
parties. Judgment upon any award thus obtained may be entered in any court having jurisdiction thereof. No action at law or in equity based upon any claim arising out of or related to this Note, the Purchase Agreement or any Related Documents shall
be instituted in any court by any party except (a) an action to compel arbitration pursuant to this Section 5(b); or (b) an action to enforce an award obtained in an arbitration proceeding in accordance with this Section 5(b).
Pending the submission to arbitration and thereafter until the arbitrator publishes its award, each party shall, except in the event of termination, continue to perform all its obligations under this Note, the Purchase Agreement and the Related
Documents without prejudice to a final adjustment in accordance with the award. 
 6. Notwithstanding any provision of this Note
to the contrary, any payments hereunder deemed to be interest shall not exceed the maximum rate permitted by applicable law. To the extent that any interest otherwise paid or payable by the Company to the Holder shall have been finally adjudicated
to exceed the maximum amount permitted by applicable law, such interest shall be retroactively deemed to have been a required repayment of principal (and any such amount paid in excess of the outstanding principal amount shall be promptly returned
to the Company). 
 7. Any term of this Note and the other Securities may be amended and the observance of any term of this Note
and the other Securities may be waived (either generally or in a particular instance and either retroactively or prospectively), only in accordance with the terms of the Purchase Agreement. Any such amendment or waiver shall be effective only for
the specific instance and for the specific purpose for which given. 
 8. No remedy herein conferred upon the Holder is intended
to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to every right or other remedy now or hereafter existing at law or in equity or by statute or otherwise. 
 9. No course of dealing between the Company and the Holder or any delay on the part of the Holder in exercising any rights or remedies shall
operate as a waiver of any such right or remedy of the Holder. 
 10. This Note shall be binding on and inure to the benefit of
and be enforceable by the Company, the Holder and their respective successors and assigns. The Company may not assign, transfer, hypothecate or otherwise convey its rights, benefits, obligations or duties hereunder without the prior express written
consent of the Majority Investors. Any such purported assignment, transfer, hypothecation or other conveyance by the Company without the prior express written consent of the Majority Investors shall be void. 

 11. Whenever possible, each provision of this Note shall be interpreted in such manner as to
be effective and valid under all applicable laws and regulations. If, however, any provision of this Note shall be prohibited by or invalid under any such law or regulation in any jurisdiction, it shall, as to such jurisdiction, be deemed modified
to conform to the minimum requirements of such law or regulation, or, if for any reason it is not deemed so modified, it shall be ineffective and invalid only to the extent of such prohibition or invalidity without affecting the remaining provisions
of this Note, or the validity or effectiveness of such provision in any other jurisdiction. 
 12. This Note is issued pursuant
to the Purchase Agreement and in connection with the Security Agreement, the Pledge Agreement and the other Related Documents. Material terms applicable to this Note are set forth in the Purchase Agreement, the Security Agreement, the Pledge
Agreement and the other Related Documents. This Note shall be interpreted in a manner to give full effect to its provisions and the provisions of the Purchase Agreement, the Security Agreement, the Pledge Agreement and the other Related Documents.

 13. The Company agrees to pay on demand all costs and expenses of the Holder, and the reasonable fees and disbursements of
its counsel (including the allocated costs of internal counsel), in connection with: (i) any amendments, modifications or waivers of the terms hereof or of the Purchase Agreement or of any other Related Documents; (ii) the protection or
preservation of the Holder’s rights under this Note, under the Purchase Agreement or under any other Related Documents, whether by judicial proceeding or otherwise; (iii) enforcement or attempted enforcement of, and preservation of any
rights under, this Note, the Purchase Agreement or any other Related Documents; (iv) creating, maintaining and perfecting Liens in favor of the Collateral Agent, for the benefit of the Holder, including filing and recording fees and expenses,
and (v) any out-of-court workout or other refinancing or restructuring or in any bankruptcy case, including, without limitation, any and all losses, costs and expenses sustained by the Holder as a result of any failure by the Company to perform
or observe its obligations contained herein or in the Purchase Agreement or in any of the other Related Documents. 
 [Remainder
of page intentionally left blank] 

 This Note has been issued in reliance upon the representations and warranties and covenants
and agreements of the Company and the Holder set forth in the Purchase Agreement. 
  

			
	ANESIVA, INC.
		
	 By:
	 	 /s/ John Tran

		
	 Name:
	 	 John Tran

		
	 Title:
	 	 VP, Finance & CAO

 Accepted and Agreed: 
  

			
	ARCION THERAPEUTICS, INC.
		
	 By:
	 	 /s/ James N. Campbell

		
	 Name:
	 	 James N. Campbell

		
	 Title:
	 	 CEO

 [SIGNATURE PAGE TO NOTE]

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