Document:

AAT PressRelease-10/31/14 Note Purchase Agreement

American Assets Trust, Inc. Announces Issuance of $150 Million of 4.04% Senior Guaranteed Notes, Series A, Due October 31, 2021
Company Release – 10/31/14
SAN DIEGO –American Assets Trust, Inc. (NYSE:AAT) (the “Company”) and American Assets Trust, L.P. (the “Operating Partnership”) announced today the closing of its first privately placed debt offering of $150,000,000 of seven-year senior guaranteed notes (the “Series A Notes”) by the Operating Partnership.  The Series A Notes are unsecured, will pay a fixed interest rate of 4.04% and are due on October 31, 2021.
Prior to closing, the Operating Partnership entered into a one-month forward-starting interest swap to reduce the interest rate variability exposure of the projected interest cash outflows under the then-prospective private placement of the Series A Notes described above.    As a result, net of the settlement of the forward-starting interest swap, the fixed interest rate in accordance with GAAP for the Series A Notes is approximately 3.88% per annum, through maturity.
The Company intends to use the proceeds from the private placement of the Series A Notes to refinance existing secured indebtedness and for other general corporate purposes.
Additionally, in connection with and concurrent with the issuance of the Series A Notes, the Company and Operating Partnership entered into a Note Purchase Agreement that also provides for the future private placement by the Operating Partnership of (i) $100,000,000 of ten-year senior guaranteed notes (the “Series B Notes”) and (ii) $100,000,000 of ten-year senior guaranteed notes (the “Series C Notes”).   The Series B Notes are unsecured, will pay a fixed interest rate of 4.45% and are due on February 2, 2025.    The Series C Notes are unsecured, will pay a fixed interest rate of 4.50% and are due on April 1, 2025.     The Series B Notes are expected to be issued on February 2, 2015 and the Series C Notes are expected to be issued on April 1, 2015, each subject to customary closing conditions.    
About American Assets Trust, Inc.    
American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust, or REIT, headquartered in San Diego, California.  For over 40 years, the Company has been acquiring, improving, developing and managing premier retail, office and residential properties throughout the United States in some of the nation’s most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Oregon, Washington and Hawaii. The Company's retail portfolio comprises approximately 3.1 million rentable square feet, and its office portfolio comprises approximately 2.6 million square feet.  In addition, the Company owns one mixed-use property (including approximately 97,000 rentable square feet of retail space and a 369-room all-suite hotel) and over 900 multifamily units.  In 2011, the Company was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes.  For additional information, please visit www.americanassetstrust.com.

Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially.  Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters.  While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance.  For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the Company's annual report on Form 10-K filed on February 21, 2014 and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.  The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
Source:  American Assets Trust, Inc.
Investor and Media Contact:
American Assets Trust
Robert F. Barton 
Executive Vice President and Chief Financial Officer 
858-350-2607LGND-Viking-AmendmentNo1toMasterLicenseAgreement

CERTAIN MATERIAL (INDICATED BY AN ASTERISK) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.
Exhibit 10.9
Execution Version

FIRST AMENDMENT TO MASTER LICENSE AGREEMENT
This First Amendment to Master License Agreement (this “Amendment”) is dated as of September 6, 2014 by and between Metabasis Therapeutics, Inc., a Delaware corporation organized having its place of business at 11119 North Torrey Pines Road, Suite 200, La Jolla, CA 92037 (including its successors and permitted assigns, “Metabasis”) and Ligand Pharmaceuticals Incorporated, a Delaware corporation organized having its place of business at 11119 North Torrey Pines Road, Suite 200, La Jolla, CA 92037 (including its successors and permitted assigns, “Ligand”) on one hand, and Viking Therapeutics, Inc., a Delaware corporation organized having its place of business at 11119 North Torrey Pines Road, Suite 50, La Jolla, CA 92037 (including its successors and permitted assigns, “Viking,” and together with Ligand and Metabasis, the “Parties”).  
This Amendment amends and modifies that certain Master License Agreement, between Metabasis and Ligand on the one hand and Viking on the other hand, dated May 21, 2014 (the “Agreement”), as follows: 
		
	1.
	Schedule 6 of the Agreement shall be replaced in its entirety with the Amended Schedule 6 attached hereto.  As of immediately prior to the consummation of any Financing Transaction, Viking will take all steps necessary, including without limitation any repurchase, recapitalization, reclassification, stock split, reverse stock split or similar transaction, necessary to effectuate the provisions of Schedule 6.

		
	2.
	All of the other provisions of the Agreement shall remain in full force and effect.

		
	3.
	This Amendment may be executed in counterparts, each of which will be deemed an original, and all of which together will be deemed to be one and the same instrument. A facsimile or a portable document format (PDF) copy of this Amendment, including the signature pages, will be deemed an original.

[Signatures Follow]

IN WITNESS WHEREOF, the Parties have caused this First Amendment to Master License Agreement to be executed and delivered by their respective duly authorized officers as of the day and year first above written. 
	
		
	METABASIS THERAPEUTICS, INC.
	VIKING THERAPEUTICS, INC.

	By:     /s/ Charles Berkman        
Name:   Charles Berkman
Title:   Vice President, General Counsel and Secretary
	By:     /s/ Brian Lian               
Name:   Brian Lian, Ph.D.
Title:   CEO

	LIGAND PHARMACEUTICALS INCORPORATED
	 

	By:     /s/ Charles Berkman        
Name:   Charles Berkman
Title:      Vice President, General Counsel and Secretary
	 

AMENDED SCHEDULE 6
ISSUANCE OF VIKING SECURITIES
	
				
	Licensed Program
	Viking Securities to be Issued To:
	Dollar Amount of Viking Securities to be Issued:
	Number of Shares of Viking Securities

	DGAT-1 Program
	Metabasis
	[***]
	(1)

	EPOR Program
	Ligand
	[***]
	(1)

	SARM Program
	Ligand
	[***]
	(1)

	TR-Beta Program
	Metabasis
	[***]
	(1)

	FBPase Program
	Metabasis
	[***]
	(1)

	TOTAL
	 
	$29,000,000
	 

** Includes the Exercise Fee
		
	(1)
	The aggregate number of shares of Viking Securities issued to Ligand and/or Metabasis (collectively) pursuant to Section 5.1(b) and this SCHEDULE 6 shall be as follows.

(a)    In the event the valuation of the Company as of immediately prior to the Financing Transaction, based on the number of shares of capital stock of Viking outstanding calculated on a Fully-Diluted Basis (as defined below) as of immediately prior to the Financing Transaction (and prior to giving effect to the issuance of any shares of Viking Securities in the Financing Transaction) (the “Pre-Money Valuation”), is up to or equal to [***], the aggregate number of shares of Viking Securities issued to Ligand and Metabasis (collectively) pursuant to this Agreement shall be equal to:
[***] 

For purposes of this Amended Schedule 6, “Fully-Diluted Basis” means the total number of shares that (i) includes (A) all then-outstanding shares and shares issuable under then-outstanding equity awards and warrants (if any) as of immediately prior to the Financing Transaction (and prior to giving effect to the issuance of any shares of Viking Securities in the Financing Transaction), (B) shares (and options to purchase shares) issuable pursuant to consulting agreements then in effect, (C) shares issuable to holders of then-outstanding convertible notes (but excluding convertible notes held by Ligand) and (D) any outstanding shares of common stock issued prior to the Financing Transaction, as may be adjusted pursuant to any repurchase, recapitalization, reclassification, stock split, reverse stock split or similar transaction, as well as the shares of Viking Securities to be issued to Ligand pursuant to Section 5.1(b) of the Agreement and this Schedule 6, and (ii) excludes (W) shares of common stock issuable pursuant to employment agreements and employee offer letters then in effect, (X) any other shares of common stock and equity awards issued or issuable in, upon or following the closing of the Financing Transaction, (Y) shares reserved pursuant to Viking’s equity incentive plan (unless the shares are subject to an award outstanding under the plan as of immediately prior to the Financing Transaction), and (Z) shares reserved pursuant to Viking’s employee stock purchase plan.

For the purposes of the dollar amounts, the shares of Viking common stock shall be valued at the price per share provided in Section 5.1(b) (in the case of an initial public offering, the IPO Price per share to the public as defined in Section 1.38 of the Agreement). 

For example, if the Pre-Money Valuation is equal to [***], Ligand would be entitled to [***], or approximately [***], of the total [***], while the other holders of Viking Securities would be entitled to [***], or approximately [***], of the total [***]; if the total [***], is equal to [***], and the price per share in the Financing Transaction is [***] per share, then in this example Ligand would receive [***] shares under this Agreement and the other holders of Viking Securities would hold [***] shares as of immediately prior to the Financing Transaction.

(b)    In the event the Pre-Money Valuation is greater than [***], the aggregate number of shares of Viking Securities issued to Ligand and Metabasis (collectively) pursuant to this Agreement shall be equal to:
[***]
For the purposes of the dollar amounts, the shares of Viking common stock shall be valued at the price per share provided in Section 5.1(b) (in the case of an initial public offering, the IPO Price per share to the public as defined in Section 1.38 of the Agreement). 

Example 1: For example, if the Pre-Money Valuation is equal to [***], Ligand would be entitled to [***] of the Pre-Money Valuation, plus [***] of the Pre-Money Valuation above [***], which totals [***] of the [***] Pre-Money Valuation, or approximately [***] of the total [***].  The other holders of Viking Securities, on the other hand, would be entitled to [***] of the Pre-Money Valuation, plus [***] of the Pre-Money Valuation above [***], which totals [***] of the [***] Pre-Money Valuation, or approximately [***] of the total [***]; if the total [***], is equal to [***], and the price per share in the Financing Transaction is [***] per share, then in this example Ligand would receive [***] shares under this Agreement and the other holders of Viking Securities would hold [***] shares as of immediately prior to the Financing Transaction.

Example 2: For example, if the Pre-Money Valuation is equal to [***], Ligand would be entitled to [***] of the Pre-Money Valuation, plus [***] of the Pre-Money Valuation above [***], which totals [***] of the [***] Pre-Money Valuation, or approximately [***] of the total [***].  The other holders of Viking Securities, on the other hand, would be entitled to [***] of the Pre-Money Valuation, plus [***] of the Pre-Money Valuation above [***], which totals [***] million of the [***] Pre-Money Valuation, or approximately [***] of the total [***]; if the total [***], is equal to [***], and the price per share in the Financing Transaction is [***] per share, then in this example Ligand would receive [***] shares under this Agreement and the other holders of Viking Securities would hold [***] shares as of immediately prior to the Financing Transaction.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}]]