Document:

ex10-4.htm

Exhibit 10.4

 

SIXTH AMENDMENT, dated as of December _31_, 2012 (this “Amendment”), to the CREDIT AGREEMENT dated as of December 31, 2010 (as same may be further amended, restated, modified or otherwise supplemented, from time to time, the “Credit Agreement”) by and among ACETO CORPORATION, a New York corporation, ACETO AGRICULTURAL CHEMICALS CORPORATION, a New York corporation, CDC PRODUCTS CORPORATION, a New York corporation, ACETO PHARMA CORP., a Delaware corporation, ACCI REALTY CORP., a New York corporation, ARSYNCO INC., a New Jersey corporation, ACETO REALTY LLC, a New York limited liability company, and RISING PHARMACEUTICALS, INC. (f/k/a Sun Acquisition Corp.), a Delaware corporation, jointly and severally, (each a “Company” and collectively the “Companies”), the LENDERS which from time to time are parties thereto (individually, a “Lender” and, collectively, the “Lenders”) and JPMORGAN CHASE BANK, N.A., a national banking association as Administrative Agent for the Lenders.

RECITALS

WHEREAS, the Companies have requested and the Administrative Agent and the Lenders have agreed, subject to the terms and conditions of this Amendment, to amend certain provisions of the Credit Agreement as set forth herein;

NOW, THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows:

	
    1.

	
Amendments.

(a)           The reference to the amount “$5,800,000” in clause (a) of Section 7.14 of the Credit Agreement is hereby amended and replaced with the amount “$6,100,000”.

            (b)           Section 7.12(d) of the Credit Agreement is hereby amended and restated in its entirety to provide as follows:

Consolidated Debt Service Coverage Ratio.   Permit Consolidated Debt Service Coverage Ratio to be less than (a) 1.10, for the fiscal quarter ending December 31, 2012 or (b) 1.25:1.00, as of the end of any other fiscal quarter or fiscal year.

                          (c)          Section 7.12(e) of the Credit Agreement is hereby amended and restated in its entirety to provide as follows:

(e)           Intentionally Omitted.

 

2.            Conditions of Effectiveness.  This Amendment shall become effective as of the date hereof, upon receipt by the Administrative Agent of this Amendment, duly executed by the Companies and the Lenders.

3.            Conforming Amendments.  The Credit Agreement, the Loan Documents and all agreements, instruments and documents executed and delivered in connection with any of the foregoing, shall each be deemed to be amended and supplemented hereby to the extent necessary, if any, to give effect to the provisions of this Amendment.  Except as so amended hereby, the Credit Agreement and the other Loan Documents shall remain in full force and effect in accordance with their respective terms.

 

  

  

  

 

4.            Representations and Warranties.  Each Company hereby represents and warrants to the Lenders and the Administrative Agent as follows:

 

(a)           After giving effect to this Amendment (i) each of the representations and warranties set forth in Article IV of the Credit Agreement is true and correct in all material respects on and as of the date hereof as if made on and as of the date of this Amendment except to the extent such representations or warranties relate to an earlier date in which case they shall be true and correct in all material respects as of such earlier date, and (ii) no Default or Event of Default has occurred and is continuing as of the date hereof or shall result from after giving effect to this Amendment.

(b)           Each Company has the power to execute, deliver and perform this Amendment and each of the other agreements, instruments and documents to be executed by it in connection with this Amendment.  No registration with or consent or approval of, or other action by, any Governmental Authority is required in connection with the execution, delivery and performance of this Amendment and the other agreements, instruments and documents executed in connection with this Amendment by any Company, other than registration, consents and approvals received prior to the date hereof and disclosed to the Lenders and which are in full force and effect.

(c)           The execution, delivery and performance by each Company of this Amendment and each of the other agreements, instruments, and documents to be executed by it in connection with this Amendment, (i) have been duly authorized by all requisite corporate or limited liability company action, and (ii) will not violate  (A) any provision of law applicable to any Company, any rule or regulation of any Governmental Authority applicable to any Company or (B) the certificate of incorporation, by-laws, or articles of organization or operating agreement, as applicable, of any Company.

                       (d)           This Amendment and each of the other agreements, instruments and documents executed in connection with this Amendment to which the Companies are a party have been duly executed and delivered by each Company and constitutes a legal, valid and binding obligation of each Company enforceable, as the case may be, in accordance with its terms, except to the extent that enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws, now or hereafter in effect, relating to or affecting the enforcement of creditors’ rights generally and by equitable principles of general application, regardless of whether considered in a proceeding in equity or at law.

            (e)           Neither the Articles of Organization or Operating Agreement of Aceto Realty LLC nor the Certificate of Incorporation or By-laws of any other Borrower have been amended, modified, revoked or rescinded since the Closing Date.

5.             Miscellaneous.

Capitalized terms used herein and not otherwise defined herein shall have the same meanings as defined in the Credit Agreement.

Except as expressly amended hereby, the Credit Agreement shall remain in full force and effect in accordance with the original terms thereof.

The amendments herein contained are limited specifically to the matters set forth above and do not constitute directly or by implication an amendment or a waiver of any other provision of Credit Agreement or a waiver of any Default or Event of Default which may occur or may have occurred under the Credit Agreement.

This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one Amendment.

 

  

2

  

 

THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.

 

6.            Reaffirmation.

Each Company hereby: (a) acknowledges and confirms that, notwithstanding the consummation of the transactions contemplated by this Amendment, (i) all terms and provisions contained in the Security Documents are, and shall remain, in full force and effect in accordance with their respective terms and (ii) the liens heretofore granted, pledged and/or assigned to the Administrative Agent for the benefit of the Lenders as security for the Companies’ obligations under the Notes, the Credit Agreement and the other Loan Documents shall not be impaired, limited or affected in any manner whatsoever by reason of this Amendment; (b) reaffirms and ratifies all the representations and covenants contained in each Security Document; and (c) represents, warrants and confirms the non-existence of any offsets, defenses, or counterclaims to its obligations under any Security Document.

[the next page is the signature page]

  

3

  

 

IN WITNESS WHEREOF, the Companies, the Lenders and the Administrative Agent have caused this Waiver to be duly executed as of the day and year first above written.

	  	  	  	  	  
	
ACETO CORPORATION

	  	
ACETO AGRICULTURAL

CHEMICALS CORPORATION

	  	  	  	  	  
	
By:

	  	  	
By:

	  
	
Name: Douglas Roth

	  	
Name:  Douglas Roth

	
Title:   Chief Financial Officer

	  	
Title:    Secretary/Treasurer

	  	  	  	  	  
	
CDC PRODUCTS CORPORATION

	  	
ACCI REALTY CORP.

	  	  	  	  	  
	
By:

	  	  	
By:

	  
	
Name:  Douglas Roth

	  	
Name:  Douglas Roth

	
Title:    Secretary/Treasurer

	  	
Title:    Secretary/Treasurer

	  	  	  	  	  
	
ACETO PHARMA CORP.

	  	
ARSYNCO INC.

	  	  	  	  	  
	
By:

	  	  	
By:

	  
	
Name:  Douglas Roth

	  	
Name:  Douglas Roth

	
Title:    Secretary/Treasurer

	  	
Title:    Secretary/Treasurer

	  	  	  	  	  
	
ACETO REALTY LLC

By: Aceto Corporation, its Sole Member

	  	
RISING PHARMACEUTICALS, INC.

(f/k/a Sun Acquisition Corp.)

	  	  	  	  	  
	
By:

	  	  	
By:

	  
	
Name:  Douglas Roth

	  	
Name: Douglas Roth

	
Title:    Chief Financial Officer

	  	
Title:   Secretary/Treasurer

	  	  	  	  	  
	  	  	  	
JPMORGAN CHASE BANK, as

Administrative Agent and as a Lender

	  	  	  	  	  
	  	  	  	
By:

	  
	  	  	  	
Name:

	  	  	  	
Title:

	  	  	  	  	  
	  	  	  	
WELLS FARGO BANK, NATIONAL

ASSOCIATION, as a Lender

	  	  	  	  	  
	  	  	  	
By:

	  
	  	  	  	
Name:

	  	  	  	
Title:

 

4Exhibit 10.2

 Exhibit 10.2 
 SYMMETRICOM, INC. 
 DIRECTOR COMPENSATION POLICY 

Approved December 20, 2012 
 Each member of the Board of Directors (the “Board”) of Symmetricom, Inc., a Delaware corporation (the “Company”), who is not employed by the Company or one of its subsidiaries (a
“non-employee director”) shall be entitled to receive the compensation set forth below for his or her service as a member of the Board or a committee thereof. This policy may be amended, modified or terminated by the Board in the future in
its sole discretion. 
 Cash Retainer Fees. Effective as of October 1, 2010, the annual cash retainer fees for non-employee
directors shall be as follows: 
  

					
	 Description
	  	Amount	 
	 General Board Service
	  	$	45,000	  
	 Committee Chair Service:
	  			
	 Audit Committee
	  	$	20,000	  
	 Compensation Committee
	  	$	16,000	  
	 Nominating and Governance Committee
	  	$	9,000	  
	 Committee Member Service:
	  			
	 Audit Committee
	  	$	10,000	  
	 Compensation Committee
	  	$	8,000	  
	 Nominating and Governance Committee
	  	$	4,500	  
	 Additional Retainer for Non-Executive Chair
	  	$	25,000	  

  

	 	•	 	 The retainer fees described above will be paid on a quarterly basis, with each installment equal to 25% of the applicable annual amount, and shall be
paid in advance on the first business day of each fiscal quarter of the Company. The chair of each committee shall be entitled to receive only the Committee Chair Service retainer, and the Committee Member Service retainer shall be payable to each
member of a respective committee other than the chair of such committee. 

  

	 	•	 	 In addition, a non-employee director may elect to defer the payment of the above-referenced cash retainer fees in accordance with the terms and
conditions of the Company’s Deferred Compensation Plan, as amended. 

  

	 	•	 	 A non-employee director will not receive any additional fee for attending a Board meeting or a meeting of a committee of the Board, regardless of
whether the meeting is in person or by telephone. 

 Equity Compensation. Effective as of January 3, 2012, the
equity compensation for non-employee directors shall be as described below. Each equity grant described below shall be subject to the terms and conditions of the Company’s 2006 Incentive Award Plan, as amended (the “2006 Plan”), or
any successor equity compensation plan approved by the Company’s 

 
stockholders and in effect at the time of grant, as well as the terms of the Company’s form of non-employee director stock option agreement or restricted stock agreement, as applicable, in
effect on the date of grant of the award. 
 Initial Option Grant. Each non-employee director who first joins the Board
after the date hereof shall receive an option to purchase 40,000 shares of the Company’s common stock on the date of his or her appointment or election to the Board (an “Initial Option”). 

The Initial Option will (i) have a term of seven years, (ii) have a per share exercise price equal to the fair market value of
a share of the Company’s common stock on the grant date (as determined in accordance with the 2006 Plan), and (iii) will vest over a period of three years (with 25% of the shares vesting on each of the first two anniversaries of the grant
date, and 50% of the shares vesting on the third anniversary of the grant date), subject to the non-employee director’s continued service through the applicable vesting date, and full acceleration of vesting upon the occurrence of a
“Change of Control” (as defined in the 2006 Plan). 
 Annual Equity Awards. On the date of each annual
stockholders meeting of the Company occurring on or after the date this Director Compensation Policy, as amended, is approved, each non-employee director will receive the following equity awards: 

 

	 	•	 	 A non-statutory stock option to purchase 14,000 shares of common stock with (i) a term of seven years, (ii) a per share exercise price equal
to the fair market value of a share of the Company’s common stock on the grant date (as determined in accordance with the 2006 Plan), and (iii) 100% vesting of the shares subject to the option on the earlier to occur of (a) the first
anniversary of the grant date or (b) the date of the Company’s first annual stockholders meeting following the grant date, subject to the non-employee director’s continued service through such date, and full acceleration of vesting
upon the occurrence of a “Change of Control” (as defined in the 2006 Plan). 

  

	 	•	 	 A restricted stock award of 7,000 shares of the Company’s common stock, with 100% vesting of such shares on the earlier to occur of (a) the
first anniversary of the grant date or (b) the date of the Company’s first annual stockholders meeting following the grant date, subject to the non-employee director’s continued service through such date, and full acceleration of
vesting upon the occurrence of a “Change of Control” (as defined in the 2006 Plan). 

 Expense Reimbursement.
A non-employee director shall be entitled to reimbursement from the Company for his or her reasonable travel (including airfare and ground transportation), lodging and meal expenses incident to meetings of the Board or committees thereof or in
connection with other Board- related business, subject to compliance with the Company’s applicable reimbursement policies and the submission by the non-employee director of any required written substantiation for the expenses.

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