Document:

EX-10.2(A)

 Exhibit 10.2(a) 

FIRST AMENDMENT TO COMMERCIAL LEASE 

This First Amendment to Commercial Lease (“Amendment”) is made and entered into the 30 day of June, 2015, by and between MU
Plymouth Ponds LLC, a Minnesota limited liability company (“Landlord”) and Entellus Medical, Inc., a Delaware corporation (“Tenant”). 

RECITALS 
  

	 	A.	Landlord and Tenant entered into a Commercial Lease dated June 30, 2014 (the “Lease”) relating to the land and building in Plymouth, MN, Hennepin County, Minnesota legally described on
Exhibit A to the Lease and that certain portion of the building thereon designated as Suite 50, 3500 Holly Lane North, Plymouth, MN, demised as shown on the Exhibit B to the Lease consisting of approximately 7,377 square feet (the
“Premises”) as follows: 0 square feet of office space, 7,340 square feet of warehouse space and 37 square feet of shared mechanical space. 

  

	 	B.	Tenant desires to extend the Term of the Lease, and Landlord has agreed to such request but only on the terms and conditions set forth in this Amendment. 

LEASE AMENDMENT 
 1. Recitals. The
foregoing Recitals are true and accurate and are incorporated herein as part of the agreement of the parties. 
 2. Extension of Term. The Term of the
Lease is hereby extended so as to now expire on June 30, 2021, unless sooner terminated to the extent permitted pursuant to this Section 2 or under the Lease. Notwithstanding the foregoing, provided Tenant is not in default under the Lease
beyond the passage of any applicable period of cure, grace or notice at the time of exercise of its option or at the time of termination hereunder, Tenant may terminate the Lease by giving Landlord no less than one hundred eighty (180) days
prior written notice, which termination shall be effective as of the last day of any calendar month; provided, however, that said termination right shall become null and void and of no further force or effect if Tenant exercises its right to extend
the Term of the Lease for the Extended Term pursuant to Section 6(a) below. 
 3. Base Rent. Tenant shall continue to pay to Landlord the monthly
installments of Base Rent due for the Premises in the amounts set forth in Article 42 of the Lease through and including August 31, 2018. 

Commencing on September 1, 2018 and continuing on the first (1st) day of each and every month thereafter for the duration of the
Term, as extended by this Amendment, Tenant shall pay to Landlord the following monthly Base Rent for the Premises: 

													
	 Period of Term
	  	Base Rent PSF	 	  	Monthly Base Rent	 	  	Annual Base Rent	 
	 9/1/2018 to 8/31/2019
	  	$	5.10	  	  	$	3,135.23	  	  	$	37,622.70	  
	 9/1/2019 to 8/31/2020
	  	$	5.25	  	  	$	3,227.44	  	  	$	38,729.25	  
	 9/1/2020 to 6/30/2021
	  	$	5.40	  	  	$	3,319.65	  	  	$	39,835.80	  

 4. Additional Rent. Tenant agrees that in addition to Base Rent, Tenant shall continue to pay to Landlord Additional
Rent due under Article 3 of the Lease for Real Estate Taxes and Operating Expenses throughout the Term of the Lease, as extended by this Amendment. 
 5.
Utilities. Tenant shall continue to pay all costs for utility services for Premises pursuant to Article 5 of the Lease throughout the Term of the Lease, as extended by this Amendment. 

6. Option to Extend Term. 
 a. Subject to
Sections 6(b) and 6(c) below, provided the Lease or Tenant’s right of possession thereunder has not been earlier terminated, Tenant shall have the right to extend the Term of the Lease as to all, but not less than all, of the Premises being
leased under the Lease for one (1) period of three (3) years (the “Extended Term”) beginning on July 1, 2021, subject to the following terms and conditions: 

(i) Tenant shall give written notice to Landlord of the exercise of Tenant’s right to extend the Term of the Lease no later than
January 1, 2021, time being of the essence (the “Renewal Notice”). If no such Renewal Notice is timely given, the Lease shall terminate as of June 30, 2021; 

(ii) Tenant shall not be in default under the Lease beyond the passage of any applicable period of cure, grace or notice at the time of giving
the Renewal Notice or at any time thereafter to and including the commencement of the Extended Term; and 
 (iii) The extension of the Term
hereunder for the Extended Term shall be on the same terms and conditions as are applicable to the Term expiring on June 30, 2021; provided, however, (1) Tenant shall have no further right to extend the Term of the Lease beyond the end of
the Extended Term, (2) Tenant shall lease the Premises in its then-existing “AS-IS” condition, without any obligation on the part of Landlord to make any alterations or improvements thereto or to provide any allowances to Tenant
(provided, however, that this provision shall not be construed to amend any provisions of the Lease, including without limitation any maintenance and/or repairs obligations of Landlord under the Lease), and Landlord shall not pay any brokerage
commissions or finder’s fees, and (3) the Base Rent payable by Tenant to Landlord for the Extended Term shall be as follows: 

													
	 Months
	  	Price Per Square
Foot	 	  	Monthly	 	  	Annually	 
	 7/1/2021 to 6/30/2022
	  	$	5.55	  	  	$	3,411.86	  	  	$	40,942.35	  
	 7/1/2022 to 6/30/2023
	  	$	5.70	  	  	$	3,504.08	  	  	$	42,048.90	  
	 7/1/2023 to 6/30/2024
	  	$	5.85	  	  	$	3,596.29	  	  	$	43,155.45	  

 b. It is acknowledged and agreed by the parties that the right of Tenant to extend the Term of the Lease under
this Section 6 is personal to Entellus Medical, Inc. (the “Original Tenant”) and its Affiliates (as defined in Article 21(a) of the Lease) and should said Original Tenant assign the Lease or sublet all or any part of the
Premises to any person or entity other than an Affiliate, the right of Tenant to extend the Term of the Lease under Section 6(a) above shall automatically terminate, and said Section 6(a) above shall become null and void and of no further
force or effect. 
 c. Landlord and Tenant acknowledge that they are parties to a Commercial Lease dated February 27, 2012 (the
“Plymouth Ponds 4 Lease”), as amended by a First Amendment to Lease dated of even date herewith (the “Plymouth Ponds 4 Amendment”) for Suite 40, 3600 Holly Lane North, Plymouth, MN. Notwithstanding anything herein
to the contrary, Tenant may only extend the Term of the Lease under said Section 6(a) if Tenant has properly exercised its right to extend that term of the Plymouth Ponds 4 Lease pursuant to Section 9 of the Plymouth Ponds 4 Amendment.

 7. Condition of Premises. Tenant accepts the Premises as is, where is, and without any warranty or representation, express or implied, or arising
by operation of law, including, but in no way limited to, any warranty of quantity, quality, condition, habitability, merchantability, suitability or fitness for a particular purpose; provided, however, that this provision shall not be construed to
amend any provisions of the Lease, including without limitation any maintenance and/or repairs obligations of Landlord under the Lease. 
 8. Void
Provisions. The following provisions shall be, and they hereby are rendered null and void and of no further force or effect: 

Article 45 of the Lease entitled “Tenant Improvements”; and 

Article 46 of the Lease entitled “Notice of Available Space”. 

9. Brokerage. Each of the parties represents and warrants that there are no claims for brokerage commissions or finder’s fees in connection with
this Amendment, and agrees to indemnify the other party against, and hold it harmless from all liabilities arising from any claim for leasing commissions asserted by a broker, agent or other person or entity claiming through the indemnifying party,
including without limitation, reasonable attorneys’ fees incurred in connection therewith. 

 10. Ratification. Except as amended by this Amendment, all of the terms, covenants, and conditions of the
Lease shall remain in full force and effect and are hereby ratified and confirmed. In the event of a conflict between the terms of the Lease and the terms of this Amendment, the terms of this Amendment shall control. 

11. Submission. Submission of this unexecuted Amendment by Landlord or Landlord’s agent to Tenant for examination and/or execution will not bind
Landlord unless and until this Amendment is fully signed and delivered by Landlord and Tenant; provided, however, the execution and delivery by Tenant of this Amendment to Landlord shall constitute an irrevocable offer by Tenant of the terms and
conditions herein contained, which offer may not be revoked for thirty (30) days after such delivery. 
 12. Authority of Parties. Landlord
represents and warrants to Tenant that Landlord has full power, right and authority to execute and perform this Amendment. Tenant represents and warrants to Landlord that Tenant has full power, right and authority to execute and perform this
Amendment. Furthermore, Tenant represents and warrants to Landlord that the officer, partner and/or member signing this Amendment on behalf of Tenant has been given the right, power and authority to execute this Amendment in such capacity. 

13. Counterparts. This Amendment may be executed in one or more counterparts, each evidencing, however, the single agreement between the parties. 

IN WITNESS WHEREOF, Landlord and Tenant have caused these presents to be executed in form and manner sufficient to bind them at law, as of the
day and year first above written. 
  

									
	TENANT:		 		LANDLORD:
			
	ENTELLUS MEDICAL, INC.				MU PLYMOUTH PONDS LLC
					
	By:		 /s/ Thomas E. Griffin
				By:		 /s/ Bradley L. Moen

	Its:		Chief Financial Officer						Bradley L. Moen, Vice President
					
			 /s/ Stephen R. Paidosh
				By:		 /s/ Richard E. Student

			VP Operations						Richard E. Student, Vice Presidentex10-01.htm

Exhibit 10.01

 

 

FOURTH AMENDMENT TO CREDIT AGREEMENT

 

 

THIS FOURTH AMENDMENT TO CREDIT AGREEMENT, dated as of June 30, 2015 (this “Amendment”), is entered into by and among Rush Truck Centers of Alabama, Inc., Rush Truck Centers of Arizona, Inc., Rush Truck Centers of California, Inc., Rush Medium Duty Truck Centers of Colorado, Inc., Rush Truck Centers of Colorado, Inc., Rush Truck Centers of Florida, Inc., Rush Truck Centers of Georgia, Inc., Rush Truck Centers of New Mexico, Inc., Rush Truck Centers of Oklahoma, Inc., Rush Truck Centers of Tennessee, Inc., Rush Truck Centers of North Carolina, Inc., Rush Truck Centers of Idaho, Inc., Rush Truck Centers of Utah, Inc., Rush Truck Centers of Oregon, Inc., Rush Truck Centers of Ohio, Inc., Rush Truck Centers of Kansas, Inc., Rush Truck Centers of Missouri, Inc., Rush Truck Centers of Indiana, Inc., Rush Truck Centers of Virginia, Inc., Rush Truck Centers of Illinois, Inc., and RTC Acquisition Corp., each a Delaware corporation, and Rush Truck Centers of Texas, L.P., a Texas limited partnership (collectively, the “Borrowers” and individually a “Borrower”), Rush Enterprises, Inc., a Texas corporation (“Holdings” or the “Borrower Representative”), the Lenders signatory hereto, and GE Capital Commercial Inc., a Delaware corporation (“GE Capital”), as Administrative Agent for the Lenders (“Agent”). 

 

RECITALS

 

A.     Borrowers, the other Loan Parties signatory thereto, the Lenders signatory thereto from time to time and Agent are parties to that certain Amended and Restated Credit Agreement, dated as of January 31, 2012 (as amended prior to the date hereof, the “Credit Agreement”).

 

B.     Borrowers have requested that Lenders amend the Credit Agreement in certain respects and Lenders have agreed to amend the Credit Agreement, subject to the terms and conditions hereof.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, and intending to be legally bound, the parties hereto agree as follows:

 

A. AMENDMENT

 

1.     Amendment to Section 5.1. Section 5.1 of the Credit Agreement is hereby amended in its entirety to be and read as follows: 

 

“Section 5.1 Maximum Consolidated Leverage Ratio. Holdings shall not have, on the last day of each Fiscal Quarter, a Consolidated Leverage Ratio greater than 3.50 to 1.00.” 

 

B.     CONDITIONS TO EFFECTIVENESS 

 

Notwithstanding any other provision of this Amendment and without affecting in any manner the rights of the Lenders hereunder, it is understood and agreed that this Amendment shall not become effective, and the Borrower shall have no rights under this Amendment, until Agent shall have received payment of all fees and expenses of Agent and Lenders and duly executed signature pages to this Amendment from the Required Lenders, Borrowers, Agent and each Loan Party.

 

 

 

 

 

C. REPRESENTATIONS

 

Each Loan Party hereby represents and warrants to Lenders and Agent that: 

 

1.     Each Group Member (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) is duly qualified to do business as a foreign entity and in good standing under the laws of each jurisdiction where such qualification is necessary, except where the failure to be so qualified or in good standing would not, in the aggregate, have a Material Adverse Effect, (c) has all requisite corporate or limited partnership power, as applicable, and authority and the legal right to own, pledge, mortgage and operate its property, to lease or sublease any property it operates under lease or sublease and to conduct its business as now or currently proposed to be conducted, (d) is in compliance in all material respects with its Constituent Documents, (e) is in compliance with all applicable Requirements of Law, except where the failure to be in compliance would not have a Material Adverse Effect and (f) has all necessary Permits from or by, has made all necessary filings with, and has given all necessary notices to, each Governmental Authority having jurisdiction, to the extent required for such ownership, lease, sublease, operation, occupation or conduct of business, except where the failure to obtain such Permits, make such filings or give such notices would not, in the aggregate, have a Material Adverse Effect. The Borrowers are engaged in the business of selling Inventory at retail.

 

2.     The execution, delivery and performance by each Loan Party of this Amendment (i) are within such Loan Party’s corporate or similar powers and, at the time of execution thereof, have been duly authorized by all necessary corporate and similar action (including, if applicable, consent of holders of its Securities), (ii) do not (A) contravene such Loan Party’s Constituent Documents, (B) violate any applicable Requirement of Law, (C) conflict with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material Contractual Obligation of any Loan Party or any of its Subsidiaries (including other Loan Documents) other than those that would not, in the aggregate, have a Material Adverse Effect or (D) result in the imposition of any Lien (other than a Lien securing the Obligations) upon any property of any Loan Party or any of its Subsidiaries and (iii) do not require any Permit of, or filing with, any Governmental Authority or any consent of, or notice to, any Person.

 

3.     This Amendment has been duly executed and delivered to the other parties hereto by each Loan Party and is the legal, valid and binding obligation of such Loan Party and is enforceable against such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability.

 

4.     Both before and after giving effect to this Amendment, the representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects and no Default or Event of Default has occurred and is continuing as of the date hereof.

 

D. OTHER AGREEMENTS

 

1.     Continuing Effectiveness of Loan Documents. As amended hereby, all terms of the Credit Agreement and the other Loan Documents, including without limitation the grant of security interest contained in Article 3 of the Credit Agreement, shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the Loan Parties party thereto. To the extent any terms and conditions in any of the other Loan Documents shall contradict or be in conflict with any terms or conditions of the Credit Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified and amended accordingly to reflect the terms and conditions of the Credit Agreement as modified and amended hereby. Upon the effectiveness of this Amendment such terms and conditions are hereby deemed modified and amended accordingly to reflect the terms and conditions of the Credit Agreement as modified and amended hereby.

 

 

2

 

 

 

2.     Reaffirmation of Guaranty. Holdings consents to the execution and delivery by all Borrowers of this Amendment and the consummation of the transactions described herein, and ratifies and confirms the terms of its guarantee of all Obligations with respect to the indebtedness now or hereafter outstanding under the Credit Agreement as amended hereby. Holdings acknowledges that, notwithstanding anything to the contrary contained herein or in any other document evidencing any indebtedness of any Borrower to the Lenders or any other obligation of any Borrower, or any actions now or hereafter taken by the Lenders with respect to any obligation of any Borrower, the guarantee by Holdings of all Obligations (i) is and shall continue to be a primary obligation of Holdings, (ii) is and shall continue to be an absolute, unconditional, continuing and irrevocable guaranty of payment, and (iii) is and shall continue to be in full force and effect in accordance with its terms. Nothing contained herein to the contrary shall release, discharge, modify, change or affect the original liability of Holdings with respect to the Obligations as amended hereby.

 

3.     Effect of Agreement. Except as set forth expressly herein, all terms of the Credit Agreement, as amended hereby, and the other Loan Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the Borrower to the Lenders and Agent. 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 the Lenders under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement. This Amendment shall constitute a Loan Document for all purposes of the Credit Agreement.

 

4.     Governing Law.   This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York and all applicable federal laws of the United States of America.

 

5.     No Novation. This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the Credit Agreement and the other Loan Documents or an accord and satisfaction in regard thereto.

 

6.     Costs and Expenses. Borrowers agree to pay on demand all costs and expenses of Agent in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the reasonable fees and out-of-pocket expenses of outside counsel for Agent with respect thereto.

 

7.     Counterparts. This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, each of which shall be deemed an original and all of which, taken together, shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of this Amendment by facsimile transmission, Electronic Transmission or containing an E-Signature shall be as effective as delivery of a manually executed counterpart hereof.

 

8.     Binding Nature. This Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective successors, successors-in-titles, and assigns.

 

9.     Entire Understanding. This Amendment sets forth the entire understanding of the parties with respect to the matters set forth herein, and shall supersede any prior negotiations or agreements, whether written or oral, with respect thereto.

 

10.     Defined Terms. Capitalized terms used herein and not otherwise defined shall have the respective meanings ascribed thereto in the Credit Agreement.

 

 

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the date first written above.

 

	
 
	
BORROWERS:

 

RUSH TRUCK CENTERS OF ALABAMA, INC.

RUSH TRUCK CENTERS OF ARIZONA, INC.

RUSH TRUCK CENTERS OF CALIFORNIA, INC.

RUSH MEDIUM DUTY TRUCK CENTERS OF COLORADO, INC.

RUSH TRUCK CENTERS OF COLORADO, INC.

RUSH TRUCK CENTERS OF FLORIDA, INC.

RUSH TRUCK CENTERS OF GEORGIA, INC.

RUSH TRUCK CENTERS OF NEW MEXICO, INC.

RUSH TRUCK CENTERS OF OKLAHOMA, INC.

RUSH TRUCK CENTERS OF TENNESSEE, INC.

RUSH TRUCK CENTERS OF NORTH CAROLINA, INC.

RUSH TRUCK CENTERS OF IDAHO, INC. 

RUSH TRUCK CENTERS OF UTAH, INC. 

RUSH TRUCK CENTERS OF OREGON, INC.

RUSH TRUCK CENTERS OF OHIO, INC.

RUSH TRUCK CENTERS OF KANSAS, INC.

RUSH TRUCK CENTERS OF MISSOURI, INC.

RUSH TRUCK CENTERS OF INDIANA, INC.

RUSH TRUCK CENTERS OF VIRGINIA, INC.

RUSH TRUCK CENTERS OF ILLINOIS, INC.

RTC ILLINOIS ACQUISITION CORP.

 

By: /s/ Derrek Weaver

Name: Derrek Weaver

Title: Assistant Secretary

of each of the foregoing entities 

 

Rush Truck Centers of Texas, L.P.

 

By: Rushtex, Inc., a Delaware corporation

 

By: /s/ Derrek Weaver

Name: Derrek Weaver

Title: Assistant Secretary

 

HOLDINGS:

 

RUSH ENTERPRISES, INC.

 

By: /s/ Derrek Weaver

Name: Derrek Weaver

Title: Senior Vice President, General Counsel & Corporate Secretary

 

 

4

 

 

	
 
	
GE Capital Commercial Inc., as Administrative Agent and Lender

 

 

By: /s/ Kim S. Kolb
Name: Kim S. Kolb
Title: Credit Manager

 

 

 

OTHER LENDERS:

 

Bank of the West, 

as a Lender

 

 

 

By: /s/ Ryan J. Mauser
Name: Ryan J. Mauser
Title: VP

 

PNC Bank, National Association, 

AS A LENDER

 

 

 

By: /s/ Robert L. Bidinger
Name: Robert L. Bidinger
Title: Senior Vice President

 

MassMutual Asset Finance LLC, 

as a Lender

 

 

By: /s/ Don Butler
Name: Don Butler
Title: SVP

 

Comerica Bank, 

as a Lender

 

 

By: /s/ W. Cody Bracken
Name: W. Cody Bracken
Title: Vice President

 

 

5

 

 

	
 
	
wells fargo bank, n.a., 

as a Lender

 

 

By: /s/ Jeffrey Brouillard
Name: Jeffrey Brouillard
Title: Senior Vice President

 

 

BOKF, N.A., d/b/a Bank of Texas, 

as a Lender

 

 

By: /s/ Erin Young
Name: Erin Young
Title: AVP

 

CIT FINANCE, LLC,

as a Lender

 

 

By: /s/ Gerard Kammerer
Name: Gerard Kammerer
Title: Director

 

 

6

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