Document:

EX-10.2

 EXHIBIT 10.2 

EXECUTION VERSION 

AMENDMENT NO. 10 TO CREDIT AGREEMENT 

This AMENDMENT NO. 10 TO CREDIT AGREEMENT (this “Amendment”) is made as of November 10, 2015 (the “Effective
Date”), by and among CONNECTURE, INC. (“Connecture”), DESTINATIONRX, Inc. (“DestinationRX” and together with Connecture, collectively, the “Borrowers”), the Lenders (as defined below) party
hereto and Wells Fargo Bank, National Association (in its individual capacity, “Wells Fargo”), as Agent for the Lenders (in such capacity, the “Agent”). Capitalized terms used in this Amendment (including the
Recitals), to the extent not otherwise defined herein, shall have the same meaning as in the Credit Agreement. 
 RECITALS 

WHEREAS, the Borrowers are party to that certain Credit Agreement, dated as of January 15, 2013 (as the same has been amended and may be
further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among the Borrowers, the Agent and the lenders party thereto from time to time (the “Lenders”), pursuant to
which the Lenders have made certain loans and financial accommodations available to the Borrowers; 
 WHEREAS, the Borrowers have requested
that the Agent and the Lenders make certain amendments to the Credit Agreement; and 
 WHEREAS, the Agent and the Lenders are willing to
amend such terms and conditions of the Credit Agreement on the terms and conditions expressly set forth herein. 
 NOW, THEREFORE, in
consideration of the premises set forth above, the terms and conditions contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

1. Amendments to Credit Agreement. Effective as of the Effective Date, the Credit Agreement shall be amended as follows: 

(a). Section 7(c) of the Credit Agreement shall be amended by deleting such subsection in its entirety and replacing it with the following
in lieu thereof: 
 “(c) Liquidity. From and after November 10, 2015, maintain Liquidity at all times in an amount of not
less than $7,500,000; provided, however, that solely in the event that (i) the Borrowers achieve a Fixed Charge Coverage Ratio, measured on a quarter-end basis, of no less than 1.25:1.00 for two consecutive quarters, as evidenced
and demonstrated in a Compliance Certificate in form and substance acceptable to the Agent and (ii) the Agent and the Borrowers shall have agreed to the applicable Total Leverage Ratio as required pursuant to Section 7(b) (the date of
satisfaction of each of the conditions set forth in clauses (i) and (ii) herein above, the “Covenant Trigger Date”), then Borrowers shall no longer be required to comply with the Liquidity covenant set forth in this
Section 7(c).” 
 (b). Schedule 1.1 of the Credit Agreement is hereby amended by adding the following definition in the appropriate
alphabetical order: 
 “ “Amendment No. 10 Effective Date” means November 10, 2015.” 

 2. Conditions Precedent to Effectiveness of this Amendment. This Amendment shall not
become effective until all of the following conditions precedent shall have been satisfied in the sole discretion of Agent or waived by Agent: 

(a) Agent shall have received this Amendment fully executed in a sufficient number of counterparts for distribution to all parties. 

(b) The representations and warranties set forth herein and in the Loan Documents (other than any such representations or warranties that, by
their terms, are specifically made as of a date other than the date hereof) must be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any portion of any representation and warranty that is
already qualified or modified by materiality in the text thereof). 
 (c) Agent shall have received all other documents and legal matters in
connection with the transactions contemplated by this Amendment and such documents shall have been delivered or executed or recorded and shall be in form and substance satisfactory to Agent. 

3. Representations and Warranties. Each Borrower represents and warrants to Agent and the Lenders as follows: 

(a) Authority. Each Borrower has the requisite corporate power and authority to execute and deliver this Amendment, and to perform its
obligations hereunder and under the Loan Documents (as amended or modified hereby) to which it is a party. The execution, delivery and performance by each Borrower of this Amendment have been duly approved by all necessary corporate action, have
received all necessary governmental approval, if any, and do not contravene any law or any contractual restriction binding on any Borrower. No other corporate proceedings are necessary to consummate such transactions. 

(b) Enforceability. This Amendment has been duly executed and delivered by each Borrower. This Amendment and each Loan Document (as
amended or modified hereby) is the legal, valid and binding obligation of each Borrower, enforceable against each Borrower in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency,
reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally, and is in full force and effect. 
 (c)
Representations and Warranties. The representations and warranties contained in each Loan Document (other than any such representations or warranties that, by their terms, are specifically made as of a date other than the date hereof) are
true and correct in all material respects (except that such materiality qualifier shall not be applicable to any portion of any representation and warranty that is already qualified or modified by materiality in the text thereof) on and as of the
date hereof as though made on and as of the date hereof. 
 (d) No Default. After giving effect to this Amendment, no event has
occurred and is continuing that constitutes a Default or Event of Default. 
 4. Expenses. The Borrowers shall pay all reasonable
out-of-pocket fees, costs and expenses incurred by the Agent in connection with this Amendment or otherwise due and payable pursuant to the Credit Agreement, including, without limitation, legal fees and expenses of counsel to the Agent. 

5. Choice of Law. The validity of this Amendment, the construction, interpretation, and enforcement hereof, and the rights of the
parties hereto with respect to all matters arising hereunder or related hereto shall be determined under, governed by, and construed in accordance with the laws of the State of New York. 

  
 2 

 6. Counterparts. This Amendment may be executed in any number of counterparts and by
different parties and separate counterparts, each of which when so executed and delivered, shall be deemed an original, and all of which, when taken together, shall constitute one and the same instrument. Delivery of an executed counterpart of a
signature page to this Amendment by telefacsimile or other electronic method of transmission shall be effective as delivery of a manually executed counterpart of this Amendment. 

7. Reference to and Effect on the Loan Documents. 

(a) Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereof” or words of like import referring to the
Credit Agreement, shall mean and be a reference to the Credit Agreement as modified and amended hereby. 
 (b) Except as specifically set
forth in this Amendment, the Credit Agreement and all other Loan Documents, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed and shall constitute the legal, valid, binding and enforceable
obligations of each Borrower to Agent and Lenders without defense, offset, claim or contribution. 
 (c) 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 Agent or any Lender under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan
Documents. 
 8. Ratification. Each Borrower hereby restates, ratifies and reaffirms each and every term and condition set forth in
the Credit Agreement, as amended hereby, and the Loan Documents effective as of the date hereof. 
 9. Estoppel. To induce Agent and
Lenders to enter into this Amendment and to induce Agent and Lenders to continue to make advances to Borrowers under the Credit Agreement, each Borrower hereby acknowledges and agrees that, after giving effect to this Amendment, as of the date
hereof, there exists no Default or Event of Default and no right of offset, defense, counterclaim or objection in favor of any Borrower as against Agent or any Lender with respect to the Obligations. 

10. Integration. This Amendment, together with the other Loan Documents, incorporates all negotiations of the parties hereto with
respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof. 

11. Severability. In case any provision in this Amendment shall be invalid, illegal or unenforceable, such provision shall be severable
from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  
 3 

 12. Release; Covenant Not to Sue. 

(a) Each of the Borrowers hereby absolutely and unconditionally releases and forever discharges Agent and the Lenders, and any and all
participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing
(each a “Released Party”), from any and all known claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise,
which such Borrower has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Amendment, whether
such claims, demands and causes of action are matured or unmatured; provided that, in each case, the foregoing release shall not apply to claims of fraud or willful misconduct. Each of the Borrowers understands, acknowledges and agrees that this
release may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release. 

(b) Each of the Borrowers, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely, unconditionally
and irrevocably, covenants and agrees with and in favor of each Released Party above that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Released Party on the basis of any claim released, remised and discharged by
any Borrower pursuant to the above release. If any Borrower or any of its successors, assigns or other legal representations violates the foregoing covenant, each Borrower, for itself and its successors, assigns and legal representatives, agrees to
pay, in addition to such other damages as any Released Party may sustain as a result of such violation, all attorneys’ fees and costs incurred by such Released Party as a result of such violation. 

13. Submission of Amendment. The submission of this Amendment to the parties or their agents or attorneys for review or signature does
not constitute a commitment by Agent or any Lender to waive any of their respective rights and remedies under the Loan Documents, and this Amendment shall have no binding force or effect until all of the conditions to the effectiveness of this
Amendment have been satisfied as set forth herein. 
 [Signature Page Follows.] 

 

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

					
	BORROWERS:
	
	CONNECTURE, INC.
		
	By:	 	/s/ James P. Purko
		 	Name:	 	James P. Purko
		 	Title:	 	Chief Financial Officer
	
	DESTINATIONRX, INC.
		
	By:	 	/s/ James P. Purko
		 	Name:	 	James P. Purko
		 	Title:	 	Chief Financial Officer

 [Connecture – Signature Page to Amendment No. 10 to Credit Agreement] 

 

 
					
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Lender and as Agent

		
	By:	 	/s/ Jason B. Searle
		 	Name:	 	Jason B. Searle
		 	Title:	 	Director

 [Connecture – Signature Page to Amendment
No. 10 to Credit Agreement]xene-ex101_117.htm

EXHIBIT 10.1

LEASE MODIFICATION AGREEMENT

This lease modification agreement (hereinafter referred to as this “Agreement” or the “Seventh Modification”) is made on the 26th day of June, 2015 and made effective as of the 1st day of July, 2015 (the “Effective Date”).

BETWEEN:

REDSTONE ENTERPRISES LTD.

(the “Landlord”)

AND:

XENON PHARMACEUTICALS INC.

(the “Tenant”)

WHEREAS:

	
A.
	
By a lease made in 2001 (the “Original Lease”) between Discovery Parks Incorporated (the “Original Landlord”) and Xenon Genetics Inc. (the “Original Tenant”), the Original Tenant leased certain premises (the “Original Premises”) comprising the whole of the building (the “Building”) located on property known as 3650 Gilmore Way, Burnaby, British Columbia, as more particularly described in the Original Lease for a term of ten (10) years expiring on April 14, 2011;

	
B.
	
Concert Real Estate Corporation (the “Previous Landlord”) was the immediate successor in interest to the Original Landlord; the Landlord is the successor in interest to the Original Landlord and the Previous Landlord;

	
C.
	
The Tenant is the successor in interest to the Original Tenant;

	
D.
	
By a lease extension and modification agreement made effective November 8, 2010 (the “First Modification”) between the Previous Landlord and Tenant, the Previous Landlord and the Tenant agreed to extend the term of the Original Lease for an additional four (4) months and sixteen (16) days, for a term expiring on August 31, 2011, as further described in the First Modification;

	
E.
	
By a lease extension and modification agreement made effective February 7, 2011 (the “Second Modification”) between the Previous Landlord and Tenant, the Previous Landlord and the Tenant agreed to extend the term of the Original Lease for an additional four (4) months, for a term expiring on December 31, 2011, as further described in the Second Modification;

	
F.
	
By a lease extension and modification agreement made effective June 1, 2011 (the “Third Modification”) between the Previous Landlord and Tenant, the Previous Landlord and the Tenant agreed to extend the term of the Original Lease for an additional three (3) months, for a term expiring on March 31, 2012, as further described in the Third Modification;

	
G.
	
By an Offer to Lease (the “Original Offer”) accepted by the Previous Landlord on November 9, 2010 and accepted by the Tenant on November 23, 2010, the Previous Landlord and Tenant agreed that the Tenant would continue to lease a portion (the “Proposed New Premises”, being the whole of the 1st and 2nd floors of the Building) of the Original Premises, as more particularly described in the Offer, for a term of 120 months commencing on September 1, 2011, on the terms and conditions set out in the Original Offer;

	
H.
	
By an Addendum/Amendment (the “First Addendum”) dated for reference February 7, 2011, the Original Offer was amended as set out therein;

	
I.
	
By an Addendum/Amendment (the “Second Addendum”) dated for reference June 1, 2011, the Original Offer, as amended, was further amended as set out therein;

Page 1 of 6

 

	
J.
	
By an Addendum/Amendment (the “Third Addendum”) dated for reference August 31, 2011, the Original Offer, as amended, was further amended as set out therein, including adding a right for the Tenant to elect to surrender and terminate its rights under the Original Offer in respect of that portion (the “Surrender Area”) of the Proposed New Premises shown on the plan attached to the Third Addendum as Exhibit A; 

	
K.
	
By an Addendum/Amendment (the “Fourth Addendum”) dated for reference September 30, 2011, the Original Offer, as amended, was further amended by replacing the plan of the Surrender Area attached to the Third Addendum as Exhibit A with the plan attached as Exhibit A to the Fourth Addendum;

	
L.
	
By a letter (the “Surrender Letter”) dated September 30, 2011, the Tenant notified the Previous Landlord that the Tenant was exercising its right to surrender and terminate its rights under the Original Offer in respect of the Surrender Area;

	
M.
	
The Original Offer, as amended by the First Addendum, Second Addendum, Third Addendum, Fourth Addendum,  the Surrender Letter, Addendum #5 dated October 19, 2011, Addendum #6 dated October 28, 2011, Addendum #7 dated November 9, 2011, Addendum #8 dated November 25, 2011, and Addendum #9 dated November 29, 2011 is herein referred to as the “Offer” and the Proposed New Premises, excluding the Surrender Area but including the IT Room (as defined below) are referred to as the “Premises”;

	
N.
	
By a lease extension and modification agreement made as of October 27, 2011 (the “Fourth Modification”) as amended by a lease modification agreement made as of April 1, 2012 (the “Fifth Modification”) each between the Previous Landlord and Tenant, the Previous Landlord and the Tenant agreed to extend the term of the Original Lease for an additional ten (10) years, for a term expiring on March 31, 2022 on the terms and conditions therein, as further described in the Fourth Modification and Fifth Modification (the Original Lease as modified by the First Modification, the Second Modification, the Third Modification, the Fourth Modification, and the Fifth Modification is referred to herein as the “Lease”);

	
O.
	
By a lease modification agreement made as of July 18, 2014 (the “Sixth Modification”) between the Landlord and the Tenant, the Landlord and the Tenant agreed to amend the rentable area, by an additional 3,000 square feet of rentable area, to include a portion of the third floor referenced therein as “Unit 310A”, and as further described in the Sixth Modification (the Original Lease as modified by the First Modification, the Second Modification, the Third Modification, the Fourth Modification, the Fifth Modification, and the Sixth Modification is referred to herein as the “Lease”)’

	
P.
	
The Landlord is the successor in interest to the Original Landlord and the Previous Landlord;

	
Q.
	
The Landlord and the Tenant acknowledge and agree that the recitals hereto are true and incontrovertible;

	
R.
	
The Landlord and the Tenant have agreed to amend the Lease on the terms set out herein.

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

	
1.
	
For the purposes of this Agreement and unless there is a definition specifically herein contained, any words, terms or phrases that are defined in the Lease shall have the same meaning herein.

	
2.
	
Effective on the Effective Date, the Landlord and the Tenant agree that the Rentable Area and all payments related thereto in the Lease shall be adjusted in accordance with this Agreement.

	
3.
	
As of the Effective Date, the Landlord and the Tenant agree to delete Clause 3 of the Sixth Modification and replace it with the following:

“The Landlord and the Tenant agree to delete Clause 2(a) of the Fourth Modification and replace it with the following: 

(a)In section 1.1, the phrase “Rentable Area of approximately 56,776 square feet, being the entire Building situated thereon, as set out in Schedule “A” attached hereto” is deleted and replaced with “Rentable Area of 36,337 square feet, being a portion of the first floor (Unit 120), the entire second floor (Unit 200),  and a portion of the third floor (“IT Room” and “Unit 200” and the adjacent contiguous portions of Unit 310 referenced as “Unit 310A” and “Unit 310B”) of the Building situated thereon, each as set out in Schedule “A” attached hereto, and includes the Tenant’s Proportionate Share of Common Areas as per section 3.3 below.  For avoidance of doubt, the areas designated as “Vertical Penetrations Areas” in 

Page 2 of 6

 

Schedule “A” and Schedule “E” are not included in the “Second Measurement” calculation underlying the above-noted Rentable Area and the Basic Rent set forth in Section 3.1 below.”; 

	
4.
	
As of the Effective Date, the Landlord and the Tenant agree to delete Clause 4 of the Sixth Modification and replace it with the following:

“The Landlord and the Tenant agree to delete Clause 2 (c) (ii) of the Fourth Modification and replace it with the following: 

The following is added at the bottom of the table set out therein:

 

	
Period
	
 
	
Per Square Foot
	
 
	
Approximate

Basic Rent Per

Annum
	
 
	
Approximate

Basic Rent Per

Month

	
April 15, 2011 –

March 31, 2012
	
 
	
$19.50
	
 
	
$1,107,132.00
	
 
	
$92,261.00

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
April 1, 2012 –

June 30, 2014
	
 
	
$19.50
	
 
	
$596,700.00
	
 
	
$49,725.00

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
July 1, 2014 –

September 30, 2015
	
 
	
$19.50
	
 
	
$655,200.00
	
 
	
$54,600.00

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
October 1, 2015 –

March 31, 2017
	
 
	
$19.50
	
 
	
$708,571.50
	
 
	
$59,047.63

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
April 1, 2017 –

March 31, 2022
	
 
	
$21.00
	
 
	
$763,077.00
	
 
	
$63,589.75

 

The Tenant shall have a Free Basic Rent Period from April 1, 2012 through to August 15, 2012.  During this period, the Tenant shall pay to the Landlord its Proportionate Share of Operating Expenses and property taxes and abide by all other terms of the Lease. The Landlord and the Tenant further agree that, notwithstanding anything to the contrary in the Lease, during the period from July 1, 2014 through to September 30, 2015, the Tenant shall pay to the Landlord its Proportionate Share of Operating Expenses and property taxes based upon the Rentable Area (33,600 square feet) set out in the Sixth Modification of the Lease. ” ;

	
5.
	
The Landlord and the Tenant agree to delete Clause 2 (c) (i) of the Fourth Modification and replace it with the following: 

“(i).     The address of the Landlord is deleted and replaced with “2011 - 7495 132nd Street, Surrey, BC V3W 1J8 (Tel: 604-596-5622, Fax: 604-596-5204)”.”

	
6.
	
For clarity, the Landlord and the Tenant confirm and agree that, the Allowance referenced in clause 5 of the Fourth Modification, clause 10 of the Fifth Modification and clause 7 of the Sixth Modification is applicable to any Tenant’s Leasehold Improvements that the Tenant may make to any portion of the Premises that comprises the Rentable Area as of the Effective Date.  For avoidance of doubt, the Landlord and the Tenant confirm and agree that no additional Allowance amount shall be payable by the Landlord as a result of the increase in the Rentable Area that (as of July 1, 2014 pursuant to the Sixth Modification) is attributable to Unit 310A  and/or that (as of July 1, 2015 pursuant to this Agreement) is attributable to Unit 310B.

	
7.
	
The Landlord acknowledges and agrees that, notwithstanding anything to the contrary in the Lease, as of the Effective Date, with respect to the third (3rd) floor of the Building, Section 8.4 of the Lease shall be interpreted to apply only to those business and trade fixtures, machinery and equipment, cabinet work, furniture and moveable and immovable partitions owned or installed by the Tenant after the Effective Date.

	
8.
	
The Landlord and the Tenant agree that Schedule “A” of the Lease is deleted and replaced with Schedule “A” attached hereto.

	
9.
	
The parties confirm and ratify the terms and conditions contained in the Lease as amended by this Agreement.

Page 3 of 6

 

	
10.
	
This Agreement will, from the Effective Date, be read and construed together with the Lease, and the Lease, as amended hereby, shall continue in full force and effect for the remainder of the term of the Lease in accordance with the terms thereof and hereof. 

	
11.
	
This Agreement will enure to the benefit of and be binding upon the heirs, executors, administrators, successors and permitted assigns of the parties.

	
12.
	
This Agreement may be signed in counterparts, and delivered personally or by courier, mail, facsimile or electronically, each of which counterparts when executed by any of the signatories hereto shall be deemed to be an original and such counterparts shall together constitute one and the same Agreement.

IN WITNESS WHEREOF the parties have executed this Agreement as of the date first above written.

 

	
REDSTONE ENTERPRISES LTD.

	
 

 

	
By:
	
  /s/ Ali Nanji

	
 
	
Ali Nanji

	
 
	
President

	
 
	
 

	
 

	
By:
	
  /s/ Zahir Rajani

	
 
	
Zahir Rajani

	
 
	
Director of Leasing & Operations

	
 
	
 

 

	
XENON PHARMACEUTICALS INC.

	
 

 

	
By:
	
  /s/ Ian Mortimer

	
 
	
Ian Mortimer

	
 
	
Chief Financial Officer & Chief Operating Officer

	
 
	
 

 

Page 4 of 6

 

SCHEDULE “A”
PLAN

1st Floor – Unit 120

2nd Floor – Tenant is leasing entire 2nd Floor

Page 5 of 6

 

 

3rd Floor – IT Room, Unit 200,  & Unit 310A

	
 
	
·
	
The portion of Unit 310 that is outlined in orange above, is Unit 310A, and the portion that is outlined in red is Unit 310B

 

END OF DOCUMENT

Page 6 of 6

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