Document:

exh_101.htm

EXHIBIT 10.1

 

AMENDMENT NO. 5 AND CONSENT

This Amendment no. 5 and Consent (this “Amendment”) is entered into as of this 5th day of September, 2012, by and between Adept Technology, Inc., a Delaware corporation (“Borrower”), and Silicon Valley Bank (“Bank”).  Capitalized terms used herein without definition shall have the same meanings given them in the Loan Agreement (as defined below).

 

Recitals

 

A. Borrower and Bank have entered into that certain Loan and Security Agreement dated as of December 31, 2009 (as has been and may be further amended, restated, or otherwise modified, the “Loan Agreement”), pursuant to which the Bank has extended and will make available to Borrower certain advances of money.

 

B. Borrower proposes to enter into that certain Securities Purchase Agreement (the “SPA”) with Hale Capital Partners, LP (“Hale”), and potentially other buyers to be identified in a schedule thereto (collectively with Hale, the “Buyers”), whereby the Buyers will purchase shares of the Series A Convertible Preferred Stock of Borrower for a purchase price of approximately $8,000,000 to $10,000,000 (the “Equity Investment”) and Borrower desires that Bank consent to the Equity Investment upon the terms and conditions more fully set forth herein.

 

C. In connection with the Equity Investment, Borrower will file with the Delaware Secretary of State that certain Certificate of Designations, Preferences and Rights of Series A Convertible Preferred Stock of Adept Technology, Inc. in the form attached hereto as Schedule 2 (the “Certificate of Designations”).

 

D. Subject to the representations and warranties of Borrower herein and upon the terms and conditions set forth in this Amendment, Bank is willing to provide the consent and amendments contained herein.

 

agreement

 

NOW, THEREFORE, in consideration of the foregoing Recitals and intending to be legally bound, the parties hereto agree as follows:

 

1. Consent to the Equity Investment.

 

(a)           Bank hereby consents to the Equity Investment on the terms and subject to the conditions set forth in the SPA and Certificate of Designations.

 

(b)           Borrower hereby covenants and agrees that it will not make or permit to be made any amendment or modification of the Certificate of Designation that would be adverse to Bank in any material respect, and will not make or permit to be made any amendment or modification to the terms of Section 26 (Cash Payments) of the Certificate of Designations without the prior written consent of Bank.

 

  

 

  

2. Amendments to Loan Agreement.

 

2.1           The following definition is added to Section 13.1 of the Loan Agreement in appropriate alphabetical order:

 

“Series A Stock”:  the shares of Series A Convertible Preferred Stock of the Company issued to Hale Capital Partners, LP and other buyers pursuant to a securities purchase agreement dated on or about September 5, 2012, which stock has the rights, preferences and privileges set forth in the Certificate of Designations, Preferences and Rights of Series A Convertible Preferred Stock of Adept Technology, Inc. filed with the Delaware Secretary of State substantially concurrently therewith.

 

2.2           The definition of “Permitted Distributions” is hereby amended by changing clause (b) thereof to the following:

 

“(b)           (i) dividends consisting solely of Borrower's capital stock, (ii) cash dividends solely to the extent required or permitted to be made in respect of the Series A Stock, which, for the avoidance of doubt, shall not be paid at a rate in excess of The Wall Street Journal prime rate plus three percent per annum, but not to exceed four percent per annum in the aggregate, and (iii) distributions in cash or Borrower’s capital stock for the redemption of up to ten percent (10%) of the Series A Stock held by Hale Capital Partners, LP in each fiscal quarter of Borrower, commencing in March, 2014 for the fiscal quarter ending March 31, 2014, provided that at the end of the fiscal quarter immediately preceding the date of any such distribution, Borrower’s EBITDA is not less than $1,000,000, and Borrower has unrestricted cash and cash equivalents of not less than $10,000,000;”

 

3. Borrower’s Representations And Warranties. Borrower represents and warrants that:

 

(a) immediately upon giving effect to this Amendment (i) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (ii) no Event of Default has occurred and is continuing; and

 

(b) as of the date hereof, it has no defenses against the obligations to pay any amounts under the Obligations.  Borrower acknowledges that Bank has acted in good faith and has conducted in a commercially reasonable manner its relationships with Borrower in connection with this Amendment and in connection with the Loan Documents.

 

Borrower understands and acknowledges that Bank is entering into this Amendment in reliance upon, and in partial consideration for, the above representations and warranties, and agrees that such reliance is reasonable and appropriate.

 

4. Limitation.  The amendments, consent and waiver set forth herein shall be limited precisely as written and shall not be deemed (a) to be a forbearance, waiver or modification of any other term or condition of the Loan Agreement or of any other instrument or agreement referred to therein or to prejudice any right or remedy which Bank may now have or may have in the future under or in connection with the Loan Agreement or any instrument or agreement referred to therein; (b) to be a consent to any future consent or modification, forbearance or waiver to any instrument or agreement the execution and delivery of which is consented to hereby, or to any waiver of any of the provisions thereof; or (c) to limit or impair Bank’s right to demand strict performance of all terms and covenants as of any date.

 

  

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5. Effectiveness.  This Amendment shall become effective upon the satisfaction of all the following conditions precedent:

 

5.1 Amendment.  Borrower and Bank shall have duly executed and delivered this Amendment to Bank.

 

5.2 Reaffirmation of Guaranty.  The Guarantors shall have duly executed and delivered to Bank their Reaffirmation of Guaranty, attached as Schedule 1 hereto.

 

5.3 Securities Purchase Agreement.  Borrower shall have provided Bank a copy of the executed and final SPA, filed Certificate of Designations, and all related transaction documents.

 

5.4 Payment of Fees and Bank Expenses.  Borrower shall have paid to Bank all Bank Expenses (including all reasonable attorneys’ fees and reasonable expenses) incurred through the date of this Amendment and invoiced to Borrower on or prior to the date of this Amendment.

 

6. Counterparts.  This Amendment may be signed in any number of counterparts, and by different parties hereto in separate counterparts, with the same effect as if the signatures to each such counterpart were upon a single instrument.  All counterparts shall be deemed an original of this Amendment.

 

7. Integration.  This Amendment and any documents executed in connection herewith or pursuant hereto contain the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements, understandings, offers and negotiations, oral or written, with respect thereto and no extrinsic evidence whatsoever may be introduced in any judicial or arbitration proceeding, if any, involving this Amendment; except that any financing statements or other agreements or instruments filed by Bank with respect to Borrower shall remain in full force and effect.

 

8. Governing Law; Venue.  THIS AMENDMENT SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA.  Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara County, California.

 

[signature page follows]

 

  

3

  

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first written above.

 

	
  

	
Borrower:

	
Adept Technology, Inc.

	
  

	
a Delaware corporation

 

By: /s/ Lisa Cummins

Printed Name: Lisa Cummins

Title: Chief Financial Officer 

	
  

	
Bank:

	
Silicon Valley Bank

	
  

	
By: /s/ Michelle Peralta

Printed Name: Michelle Peralta

Title:  Relationship Manager

	 

 

 

  

  

  

Schedule 1

 

Reaffirmation of Guaranty

 

This Reaffirmation of Guaranty is entered into as of September 5, 2012, by the undersigned (“Guarantor”) in favor of Silicon Valley Bank (“Bank”).

 

Whereas, Guarantor executed and delivered to Bank an Unconditional Guaranty and Security Agreement, dated as of May 1, 2009 (as may be amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), with respect to the obligations of Adept Technology, Inc., a Delaware corporation (“Borrower”), in connection with that certain Loan and Security Agreement by and between Borrower and Bank, dated as of December 31, 2009 (as amended, and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”); and

 

Whereas, Borrower has requested that Bank provide its consent to certain actions, pursuant to that certain Amendment, dated as of the date hereof (the “Amendment”).  Capitalized terms used herein without definition shall have the same meanings given them in the Loan Agreement.

 

Now therefore, for valuable consideration, receipt of which is acknowledged, Guarantor hereby agrees as follows:

 

1.           Reaffirmation of Guaranty.  Guarantor hereby ratifies and reaffirms its obligations under its Guaranty and agrees that none of the amendments, consents, modifications or waivers to the Loan Agreement as set forth in the Amendment shall impair Guarantor’s obligations under the Guaranty or Bank’s rights under the Guaranty.

 

2.           Continuing Effect and Absence of Defenses.  Guarantor acknowledges that its Guaranty is still in full force and effect and that Guarantor has no defenses, other than actual payment of the guaranteed obligations, to enforcement of its Guaranty.  Guarantor waives any and all defenses to enforcement of its Guaranty that might otherwise be available as a result of the Amendment.

3.           Representations and Warranties.  Guarantor represents and warrants that, after giving effect to the Amendment, all representations and warranties in the Guaranty are true, accurate and complete as if made the date hereof.

[signature page follows]

  

  

  

	
  

	
Adept Technology International, Ltd.

	
  

	
a California corporation

 

By: /s/ Lisa Cummins

Printed Name: Lisa Cummins

Title: Chief Financial Officer 

	
  

	
Adept Technology Holdings, Inc.

	
  

	
a Delaware corporation

 

By: /s/ Lisa Cummins

Printed Name: Lisa Cummins

Title: Chief Financial Officer 

	
  

	
Adept Technology Canada Co.

	
  

	
a Nova Scotia unlimited liability company

 

By: /s/ Lisa Cummins

Printed Name: Lisa Cummins

Title: Chief Financial Officer 

	
  

	
Adept Technology Canada Holding Co.

	
  

	
a Nova Scotia unlimited liability company

 

By: /s/ Lisa Cummins

Printed Name: Lisa Cummins

Title: Chief Financial Officer 

  

  

  

Schedule 2

Certificate of Designationsexh_102.htm

EXHIBIT 10.2

 

AMENDMENT NO. 6

TO LOAN AND SECURITY AGREEMENT

This Amendment No. 6 To Loan and Security Agreement (this “Amendment”) is entered into as of this 18th day of September, 2012, by and between Adept Technology, Inc., a Delaware corporation (“Borrower”), and Silicon Valley Bank (“Bank”).  Capitalized terms used herein without definition shall have the same meanings given them in the Loan Agreement (as defined below).

 

Recitals

 

A. Borrower and Bank have entered into that certain Loan and Security Agreement dated as of May 1, 2009 (as has been and may be further amended, restated, or otherwise modified, the “Loan Agreement”), pursuant to which the Bank has extended and will make available to Borrower certain advances of money.

 

B. Borrower desires that Bank make certain amendments to the Loan Agreement upon the terms and conditions more fully set forth herein.

 

C. Subject to the representations and warranties of Borrower herein and upon the terms and conditions set forth in this Amendment, Bank is willing to provide the amendments contained herein.

 

agreement

 

NOW, THEREFORE, in consideration of the foregoing Recitals and intending to be legally bound, the parties hereto agree as follows:

 

1. Amendments to Loan Agreement.

 

1.1           The following definition is added to Section 13.1 (Definitions) of the Loan Agreement in appropriate alphabetical order:

 

“Asset Based Threshold”:  shall mean Liquidity of $7,500,000.  If Borrower’s Liquidity is less than $7,500,000, Borrower is “below” the Asset Based Threshold.  If Borrower’s Liquidity is equal to or greater than $7,500,000, Borrower is “at or above” the Asset Based Threshold.

 

1.2           Section 2.4(c) (Collateral Monitoring Fee). Section 2.4(c) of the Loan Agreement is amended in its entirety as follows:

 

  

 

  

“Collateral Monitoring Fee.  A monthly collateral monitoring fee of $850 per month (the “Collateral Monitoring Fee”) payable in arrears on the last calendar day of each month if Borrower was below the Asset-Based Threshold during such month and there was any principal or  interest outstanding under the Revolving Line during the month;”

 

1.3           Section 6.2(a) (Financial Statements, Reports, Certificates). Section 6.2(a) of the Loan Agreement is amended in its entirety as follows:

 

“monthly, within 30 days after the last day of each month, a duly completed Transaction Report Signed by a Responsible Officer, with aged listings of accounts receivable and accounts payable (by invoice date), provided that such Transaction Report shall be due weekly if (x) Borrower is below the Asset Based Threshold and (y) there is any principal or interest outstanding under the Revolving Line;”

 

1.4           Section 6.4(c)(ii) (Application of Payments).  Section 6.4(c)(ii) of the Loan Agreement is amended in its entirety as follows:

 

“Application of Payments.  Subject to Section 9.4, (A) whenever Borrower is below the Asset Based Threshold, Bank will apply proceeds of Borrower’s Accounts received by Bank (the “Collections”) towards the Obligations and will turn over any excess amounts to the Borrower and (B), whenever Borrower is at or above the Asset Based Threshold and no Default or Event of Default has occurred and is continuing, Bank will transfer Collections from the Lockbox into the Designated Deposit Account on a nightly basis.”

 

1.5           Section 6.8 (Financial Covenants).  Section 6.8 of the Loan Agreement is amended in its entirety to read as follows:

 

	
  

	
“

	
(a)

	
Liquidity.  Measured as of the end of each month, Liquidity of not less than $5,000,000.

 

(b)           Minimum EBITDA.  Measured on a trailing six-month basis as of the end of each fiscal quarter indicated below, aggregate EBITDA for the six months ending on such date of not less than the following:

 

	
Quarter Ending

	
Minimum

EBITDA for the trailing 6 months

	
September 29, 2012

	
$(2,000,000)

	
December 29, 2012

	
$(3,000,000)

	
March 30, 2013

	
$(1,000,000)

	
June 30, 2013

and thereafter

	
$1

  “

 

1.6           Compliance Certificate.  Exhibit C to the Loan Agreement is amended in its entirety as set forth on Schedule 2 hereto.

 

  

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2. Borrower’s Representations And Warranties. Borrower represents and warrants that:

 

(a) immediately upon giving effect to this Amendment (i) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (ii) no Event of Default has occurred and is continuing; and

 

(b) as of the date hereof, it has no defenses against the obligations to pay any amounts under the Obligations.  Borrower acknowledges that Bank has acted in good faith and has conducted in a commercially reasonable manner its relationships with Borrower in connection with this Amendment and in connection with the Loan Documents.

 

Borrower understands and acknowledges that Bank is entering into this Amendment in reliance upon, and in partial consideration for, the above representations and warranties, and agrees that such reliance is reasonable and appropriate.

 

3. Limitation.  The amendments, consent and waiver set forth herein shall be limited precisely as written and shall not be deemed (a) to be a forbearance, waiver or modification of any other term or condition of the Loan Agreement or of any other instrument or agreement referred to therein or to prejudice any right or remedy which Bank may now have or may have in the future under or in connection with the Loan Agreement or any instrument or agreement referred to therein; (b) to be a consent to any future consent or modification, forbearance or waiver to any instrument or agreement the execution and delivery of which is consented to hereby, or to any waiver of any of the provisions thereof; or (c) to limit or impair Bank’s right to demand strict performance of all terms and covenants as of any date.

 

4. Effectiveness.  This Amendment shall become effective upon the satisfaction of all the following conditions precedent:

 

4.1 Amendment.  Borrower and Bank shall have duly executed and delivered this Amendment to Bank.

 

4.2 Reaffirmation of Guaranty.  The Guarantors shall have duly executed and delivered to Bank their Reaffirmation of Guaranty, attached as Schedule 1 hereto.

 

4.3 Payment of Fees and Bank Expenses.  Borrower shall have paid to Bank an amendment fee in the amount of $25,000, and all Bank Expenses (including all reasonable attorneys’ fees and reasonable expenses) incurred through the date of this Amendment and invoiced to Borrower on or prior to the date of this Amendment.

 

5. Counterparts.  This Amendment may be signed in any number of counterparts, and by different parties hereto in separate counterparts, with the same effect as if the signatures to each such counterpart were upon a single instrument.  All counterparts shall be deemed an original of this Amendment.

 

  

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6. Integration.  This Amendment and any documents executed in connection herewith or pursuant hereto contain the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements, understandings, offers and negotiations, oral or written, with respect thereto and no extrinsic evidence whatsoever may be introduced in any judicial or arbitration proceeding, if any, involving this Amendment; except that any financing statements or other agreements or instruments filed by Bank with respect to Borrower shall remain in full force and effect.

 

7. Governing Law; Venue.  THIS AMENDMENT SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA.  Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara County, California.

 

[signature page follows]

 

  

4

  

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first written above.

 

	
  

	
Borrower:

	
Adept Technology, Inc.

	
  

	
a Delaware corporation

 

By: /s/ Lisa Cummins

Printed Name: Lisa Cummins

Title: Chief Financial Officer 

	
  

	
Bank:

	
Silicon Valley Bank

	
  

	
By: /s/ Gregory Peterson

Printed Name:  Gregory Peterson

Title: Relationship Manager

	 

 

 

 

  

  

  

Schedule 1

 

Reaffirmation of Guaranty

 

This Reaffirmation of Guaranty is entered into as of September 18th, 2012, by the undersigned (each, a “Guarantor”) in favor of Silicon Valley Bank (“Bank”).

 

Whereas, Guarantor executed and delivered to Bank an Unconditional Guaranty and Security Agreement, dated as of May 1, 2009 (as may be amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), with respect to the obligations of Adept Technology, Inc., a Delaware corporation (“Borrower”), in connection with that certain Loan and Security Agreement by and between Borrower and Bank, dated as of May 1, 2009 (as amended, and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”); and

 

Whereas, Borrower has requested that Bank provide its consent to certain actions, pursuant to that certain Amendment, dated as of the date hereof (the “Amendment”).  Capitalized terms used herein without definition shall have the same meanings given them in the Loan Agreement.

 

Now therefore, for valuable consideration, receipt of which is acknowledged, Guarantor hereby agrees as follows:

 

1.           Reaffirmation of Guaranty.  Guarantor hereby ratifies and reaffirms its obligations under its Guaranty and agrees that none of the amendments, consents, modifications or waivers to the Loan Agreement as set forth in the Amendment or in any amendment and consent agreement prior to the date hereof (including, without limitation, that certain Amendment No. 5 and Consent dated as of September 5, 2012) shall impair Guarantor’s obligations under the Guaranty or Bank’s rights under the Guaranty.

 

2.           Continuing Effect and Absence of Defenses.  Guarantor acknowledges that its Guaranty is still in full force and effect and that Guarantor has no defenses, other than actual payment of the guaranteed obligations, to enforcement of its Guaranty.  Guarantor waives any and all defenses to enforcement of its Guaranty that might otherwise be available as a result of the Amendment.

3.           Representations and Warranties.  Guarantor represents and warrants that, after giving effect to the Amendment, all representations and warranties in the Guaranty are true, accurate and complete as if made the date hereof.

[signature page follows]

  

  

  

	
ADEPT TECHNOLOGY INTERNATIONAL, LTD., 

a California corporation

 

By: /s/ Lisa Cummins

Printed Name: Lisa Cummins 

Title:  Chief Financial Officer 

	
ADEPT TECHNOLOGY HOLDINGS, INC., 

a Delaware corporation

 

By: /s/ Lisa Cummins

Printed Name: Lisa Cummins 

Title:  Chief Financial Officer 

 

 

	
ADEPT TECHNOLOGY CANADA HOLDING CO., 

a Nova Scotia unlimited liability company

 

By: /s/ Lisa Cummins

Printed Name: Lisa Cummins 

Title:  Chief Financial Officer 

	
ADEPT TECHNOLOGY CANADA CO., 

a Nova Scotia unlimited liability company

 

By: /s/ Lisa Cummins

Printed Name: Lisa Cummins 

Title:  Chief Financial Officer 

 

	
ADEPT INMOTX, INC.,

a Delaware corporation

 

By: /s/ Lisa Cummins

Printed Name: Lisa Cummins 

Title:  Chief Financial Officer 

	
ADEPT MOBILEROBOTS LLC,

a Delaware limited liability company

 

By: /s/ Lisa Cummins

Printed Name: Lisa Cummins 

Title:  Chief Financial Officer 

 

  

  

  

Schedule 2

EXHIBIT C - COMPLIANCE CERTIFICATE

 

	TO:                 Silicon Valley Bank	Date:  September 18, 2012

FROM:           Adept Technology, Inc.

The undersigned authorized officer of Adept Technology, Inc. (“Borrower”) certifies that under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”), (1) Borrower is in complete compliance for the period ending _______________ with all required covenants except as noted below, (2) there are no Events of Default, (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement, and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank.  Attached are the required documents supporting the certification.  The undersigned certifies that the financial statements included within these documents are prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes.  The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered.  Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement.

 

	
Please indicate compliance status by circling Yes/No under “Complies” column.

	  
	
Reporting Covenants

	
Required

	
Complies

	
Transaction Report (incl. A/R & AP Agings)

	
Weekly, if below Asset Based Threshold*, otherwise Monthly, within 30 days

	
Yes   No

	
Company prepared financial statement

	
Monthly, within 30 days

	
Yes   No

	
Compliance Certificate

	
Monthly, within 30 days

	
Yes   No

	
Audited Financial Statements

	
Annually, within 120 days of FYE

	
Yes   No

	
Wells Fargo Bank Statements

	
Monthly, as soon as available

	
Yes   No

	
Board approved financial projections etc.

	
Annually, upon board approval

	
Yes   No

	
10-Q, 10-K and 8-K

	
Within 5 days after filing with SEC

	
Yes   No

	
* weekly Transaction Report only required if there is any principal or interest outstanding under the Revolving Line.

 

	
The following Intellectual Property was registered (or a registration application submitted) after the Effective Date (if no registrations, state “None”)

___________________________________________________________________________________________

___________________________________________________________________________________________

 

  

  

  

	
Financial Covenants

	
Required

	
Actual

	
Complies

	
Maintain at all times, measured as indicated:

	
(FQE = Fiscal Quarter Ending)

	  	  
	
Minimum Liquidity (measured monthly)

	
$5,000,000

	
$___n/a___

	
Yes   No

	
Minimum trailing 6 months EBITDA

(measured quarterly)

	
FQE 09/29/12                           $(2,000,000)

FQE 12/29/12                           $(3,000,000)

FQE 03/30/13                           $(1,000,000)

FQE 06/30/13                           $1

Thereafter                                $1

	
$____n/a______

	
Yes   No

	
Asset Based Threshold

	
Actual

	
At or Above Threshold?

	
Liquidity of $7,500,000

	
$11,582,948

	
Yes    No

The following financial covenant analys[is][es] and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this Certificate.

The following are the exceptions with respect to the certification above:  (If no exceptions exist, state “No exceptions to note.”)

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

	
Adept Technology, Inc.

 

By: /s/ Lisa Cummins

Name: Lisa Cummins                                                       

Title: Chief Financial Officer                                                      

 

 

	
BANK USE ONLY

 

Received by: _____________________

authorized signer

Date:              _________________________

 

Verified: ________________________

authorized signer

Date:              _________________________

 

Compliance Status:                                         Yes     No

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