Document:

exv10w5

Exhibit 10.5

THIRD AMENDMENT TO MEMBERSHIP INTEREST PURCHASE AGREEMENT

     This THIRD AMENDMENT TO MEMBERSHIP INTEREST PURCHASE AGREEMENT (the “Amendment”) is made and
entered into as of the 30th day of November, 2010, by and among PLATINUM OWNERCO, LLC, a Delaware
limited liability company (“Platinum OwnerCo”), PLATINUM LEASECO, LLC, a Delaware limited liability
company (“Platinum LeaseCo”), SOUTH 17TH STREET INTERMEZZCO, LLC, a Delaware limited liability
company (“MezzCo” and together with Platinum LeaseCo and Platinum OwnerCo, individually a “Seller
Party” and collectively, the “Seller Parties”), SPARTANS OWNER LLC, a Delaware limited liability
company (“Spartans Owner”), and SPARTANS LESSEE LLC, a Delaware limited liability company
(“Spartans Lessee” and together with Spartans Owner, individually a “Purchaser Party” and
collectively, the “Purchaser Parties”). The Seller Parties and the Purchaser Parties are
collectively referred to herein as the “Parties”.

     WHEREAS, the Parties entered into a certain Membership Interest Purchase Agreement dated on
October 13, 2010, as amended by the certain First Amendment to Membership Interest Purchase
Agreement dated November 12, 2010, and as further amended by that certain Second Amendment to
Membership Interest Purchase Agreement dated November 15, 2010 (the “Purchase Agreement”),
concerning the purchase and sale of the membership interests in South 17th Street OwnerCo
Mezzanine, LLC, a Delaware limited liability company, and South 17th Street LeaseCo Mezzanine, LLC,
a Delaware limited liability company (defined therein as the Target Interests); and

     WHEREAS, the Parties desire to amend the Purchase Agreement as set forth herein.

     NOW, THEREFORE, in consideration of good and valuable consideration, the receipt of which is
hereby acknowledged, and intending to be legally bound hereby the Parties agree to amend the
Purchase Agreement as follows:

     1. Definitions. All initial capitalized terms used, but not defined, in this
Amendment shall have the meanings set forth in the Purchase Agreement.

     2. Amendment to Section 2(c). The Parties hereby agree that the first clause (prior
to the colon) of the first sentence of Section 2(c) of the Purchase Agreement is hereby deleted and
replaced with the following:

“Subject to adjustment as expressly provided herein, the Purchaser Parties shall pay
Eighty-Six Million Nine Hundred Eight-Six Thousand Two Hundred Forty and 00/100 Dollars
($86,986,240.00) as the purchase price for the Target Interests (the “Purchase Price”) to
the Seller Parties as follows:”

     3. Amendment to Section 9. The Parties hereby agree that the words “Prior to the
date of the transfer described in Section 12(k),” are hereby inserted at the beginning
Section 9(a)(viii) of the Purchase Agreement.

 

 

     Furthermore, the Parties hereby agree that Section 9(a)(ix) of the Purchase Agreement is
hereby deleted and replaced with the following:

“(ix) As of the date of the transfer described in Section 12(k), Platinum OwnerCo
has good and valid title to 99.99% of the outstanding membership interests in Mezz OwnerCo
LLC, and MezzCo has good and valid title to .01% of the outstanding membership interests in
Mezz OwnerCo LLC, which, in each case, shall be free and clear of all liens and encumbrances
as of the Closing;”

     4. No Other Amendments. Except as otherwise expressly amended by this Amendment, (i)
this Amendment shall not otherwise operate to waive, modify, release, consent to or in any manner
affect any rights or obligations of the Parties under the Purchase Agreement, and (ii) the Purchase
Agreement (as amended by this Amendment) shall remain in full force and effect.

     5. Conflict. Any conflict between the terms of the Purchase Agreement and the terms
of this Amendment shall be resolved in favor of the terms of this Amendment.

     6. Incorporation of Recitals and Schedules. The recitals to this Amendment are
incorporated herein by such reference and made a part of this Amendment.

     7. Execution of Amendment. Any Party may deliver executed signature pages to this
Amendment by facsimile or other electronic transmission to any other Party, which facsimile or
electronic copy shall be deemed to be an original executed signature page. This Amendment may be
executed in any number of counterparts, each of which shall be deemed an original and all of which
counterparts together shall constitute one agreement with the same effect as if the Parties had
signed the same signature page.

[Remainder of page intentionally left blank;

Signatures on following pages.]

 

 

     In witness hereof, each party has caused this Amendment to be executed and delivered in its
name by a duly authorized officer or representative.

	 	 	 	 	 
	 	SELLER PARTIES

PLATINUM OWNERCO, LLC, a Delaware 

limited liability company

 	 
	 	By:  	/s/ Craig Caffarelli
 	 
	 	 	Name:  	Craig Caffarelli 	 
	 
	 	PLATINUM LEASECO, LLC, a Delaware 

limited liability company

 	 
	 	By:  	/s/ Craig Caffarelli
 	 
	 	 	Name:  	Craig Caffarelli 	 

	 	 	 	 	 
	 	SOUTH 17TH STREET INTERMEZZCO, 

LLC, a Delaware limited liability company
 	 

	 	 	 	 	 
	 	By: Platinum OwnerCo, LLC, a Delaware 

limited liability company, its sole member	 

	 	 	 	 	 
	 	By:  	/s/ Craig Caffarelli
 	 
	 	 	Name:  	Craig Caffarelli 	 
	 	 	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	PURCHASER PARTIES

SPARTANS OWNER LLC, a Delaware 

limited liability company

 	 
	 	By:  	/s/  Thomas C. Fisher
 	 
	 	 	Name:  	Thomas C. Fisher 	 
	 	 	 	 
	 
	 	SPARTANS LESSEE LLC, a Delaware limited 

liability company

 	 
	 	By:  	/s/  Thomas C. Fisher
 	 
	 	 	Name:  	Thomas C. Fisherexv10w1

Exhibit 10.1

FIRST AMENDMENT

TO

THIRD AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

     THIS FIRST AMENDMENT to Third Amended and Restated Loan and Security Agreement (this
“Amendment”) is entered into this 3rd day of December, 2010, by and between Silicon Valley Bank
(“Bank”) and CARDIAC SCIENCE CORPORATION, a Delaware corporation (“Borrower”) whose address is 3303
Monte Villa Parkway, Bothell, WA 98021.

Recitals

     A. Bank and Borrower have entered into that certain Third Amended and Restated Loan and
Security Agreement dated as of July 16, 2010 (as the same may from time to time be amended,
modified, supplemented or restated, the “Loan Agreement”).

     B. Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement.

     C. Borrower has requested that Bank amend the Loan Agreement to (i) consent to a change of
control transaction and (ii) make certain other changes as more fully set forth herein.

     D. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the
extent, in accordance with the terms, subject to the conditions and in reliance upon the
representations and warranties set forth below.

Agreement

     Now, Therefore, in consideration of the foregoing recitals and other good and
valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to
be legally bound, the parties hereto agree as follows:

     1. Definitions. Capitalized terms used but not defined in this Amendment shall have the
meanings given to them in the Loan Agreement.

     2. Amendments to Loan Agreement.

          2.1 Section 6.13 (CFO). New Section 6.13 is hereby added as follows:

          “6.13 CFO. Mike Matysik shall remain as Borrower’s CFO at all times.”

          2.2 Section 8.2 (Covenant Default). Section 8.2(a) is hereby amended in its entirety and
replaced with the following:

          “(a) Borrower fails or neglects to perform any obligation in Sections 6.2, 6.5, 6.7, 6.8, 6.9,
6.10(c) or 6.13 or violates any covenant in Section 7; or”

          2.3 Section 13 (Definitions). The following terms and their respective definitions in Section
13.1 are amended in their entirety and replaced with the following:

          “Revolving Line” is an Advance or Advances in an amount equal to Ten Million Dollars
($10,000,000).

          “Revolving Line Maturity Date” is December 14, 2010.

          2.4 Bank hereby consents to the acquisition by Opto Circuits (India) Ltd. (“Opto Circuits”) of
securities of Borrower, representing twenty-five percent (25%) or more of the combined

 

 

voting power of Borrower’s then outstanding securities and to the merger of Jolt Acquisition
Company, a wholly owned subsidiary of Opto Circuits, with and into Borrower, and hereby waives any
violation of Section 7.2(c) or 7.3(a) of the Loan Agreement that might occur in connection
therewith.

     3. Limitation of Amendments.

          3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth
herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any
amendment, waiver or modification of any other term or condition of any Loan Document, or (b)
otherwise prejudice any right or remedy which Bank may now have or may have in the future under or
in connection with any Loan Document.

          3.2 This Amendment shall be construed in connection with and as part of the Loan Documents and
all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan
Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full
force and effect.

     4. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower
hereby represents and warrants to Bank as follows:

          4.1 Immediately after giving effect to this Amendment (a) 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 (b) no Event of Default has occurred and
is continuing;

          4.2 Borrower has the power and authority to execute and deliver this Amendment and to perform
its obligations under the Loan Agreement, as amended by this Amendment;

          4.3 The organizational documents of Borrower delivered to Bank on the Effective Date remain
true, accurate and complete and have not been amended, supplemented or restated and are and
continue to be in full force and effect;

          4.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower
of its obligations under the Loan Agreement, as amended by this Amendment, have been duly
authorized;

          4.5 The execution and delivery by Borrower of this Amendment and the performance by Borrower
of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not
contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual
restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or
other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d)
the organizational documents of Borrower;

          4.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower
of its obligations under the Loan Agreement, as amended by this Amendment, do not require any
order, consent, approval, license, authorization or validation of, or filing, recording or
registration with, or exemption by any governmental or public body or authority, or subdivision
thereof, binding on either Borrower, except as already has been obtained or made; and

          4.7 This Amendment has been duly executed and delivered by Borrower and is the binding
obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or
other similar laws of general application and equitable principles relating to or affecting
creditors’ rights.

 

 

     5. Counterparts. This Amendment may be executed in any number of counterparts and all of such
counterparts taken together shall be deemed to constitute one and the same instrument.

     6. Effectiveness. This Amendment shall be deemed effective upon (i) the due execution and
delivery to Bank of this Amendment by each party hereto and (ii) payment by Borrower of an
amendment fee in the amount of Ten Thousand Dollars ($10,000).

[Signature page follows.]

 

 

     In Witness Whereof, the parties hereto have caused this Amendment to be duly executed
and delivered as of the date first written above.

	 	 	 	 	 	 	 	 	 	 	 

	BANK	 	 	 	BORROWER	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Silicon Valley Bank	 	 	 	Cardiac Science Corporation	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ NICK CHRISTIAN	 	 	 	By:	 	/s/ MICHAEL K. MATYSIK	 	 
	Name:

	 	Nick Christian	 	 	 	Name:	 	Michael K. Matysik	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Title:

	 	Relationship Manager	 	 	 	Title:	 	Senior Vice President and Chief
Financial Officer	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Acknowledgement	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Opto Circuits LTD	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	/s/ THOMAS DIETIKER	 	 
	 

	 	 	 	 	 	Name:	 	Thomas Dietiker

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