Document:

Letter

 Exhibit 10.7.10 
 [Letterhead of ABA Retirement Funds] 
 January 30, 2009 
 Ms. Nancy Grady 
 President of State Street Bank and Trust Company of New Hampshire 
 2 Avenue de Lafayette, 2nd floor 
 Boston, MA 02111 
 Ladies and Gentlemen: 
 Reference is made to your letter dated December 18, 2008 (the “Termination Notice”), which
was received by our counsel on December 19, 2008, in which you notified us, pursuant to Section 15.01 of the Administrative and Investment Services Agreement dated November 18, 2002, as amended from time to time (the “AISA
Agreement”), of your desire to terminate the AISA Agreement, effective September 30, 2009, subject to the earlier implementation of the Fiduciary and Investment Services Agreement between the ABA RF1 and The Northern Trust Company and Northern Trust Investments, N.A. (collectively, “Northern”), dated August 15, 2008 (the “FISA Agreement”) and the Program
Services Agreement between the ABA RF and ING Insurance and Annuity Company (“ILIAC”) and ING Institutional Retirement Plan Services, LLC (“IPS”), dated December 6, 2008 (the “PSA”), as you acknowledged in the
Notice of Termination. 
 ABA RF has valued the relationship with State Street and its affiliates, which began in 1992, and we appreciate
your understanding of our need to seek other vendors for the Program. We also understand that, as the parties are preparing for the transition, State Street’s desire to obtain some certainty as to the termination date of the various services
required of it under the AISA Agreement. The ABA RF is using all commercially reasonable efforts to effect such transition as of July 1, 2009 with respect to the FISA, and as of May 1, 2009, with respect to the PSA. The ability to
effectuate the transition of the Program to Northern and ILIAC, respectively, as of such dates, is, however, not entirely within our control. The implementation of the two new agreements is subject to certain external events, such as the
effectiveness of a registration statement under federal securities laws offering for sale units in the ABA Members Collective Trust (or any successor thereto) of which Northern is trustee, the issuance by the Securities Exchange Commission of a
no-action letter covering the Program as managed by Northern and administered by ILIAC and the parties’ ability to transition assets, including those involved with securities lending, now managed by State Street to the ABA Members Trust as
managed by Northern. In this connection, we look forward to your cooperation and assistance in the transition to ILIAC and Northern as provided by the AISA Agreement. 
  

	1	All capitalized terms not defined herein have the respective meanings contained in the AISA Agreement. 

 Accordingly, ABA RF hereby notifies you that it exercises its right, under Section 15.01 of the AISA
Agreement, to require an Extension Period extending up to and through September 30, 2010, subject to the earlier implementation of the PSA with respect to Administrative Services and the FISA with respect to Trustee Services. In this
connection, we understand that IPS now performs Administrative Services for the Program pursuant to the CitiStreet Agreement. ABA RF acknowledges that implementation of the PSA will have the effect of relieving State Street of its obligation to
provide Administrative Services, except to the extent that State Street is required to interface with IPS regarding amounts contributed to or distributed from the Program, communications, marketing and other matters necessary for the proper
operation of the Program prior to the time the FISA Agreement becomes effective, provided that State Street agrees to enter into an appropriate amendment to the AISA Agreement that provides, among other things, for the elimination of certain
fees, including the Program Expense Fee, to the extent that such fees are now payable to State Street in respect of such services, because such fees will be then be payable by the ABA Members Collective Trust directly to ILIAC in respect of such
services upon implementation of the PSA. Finally, nothing in this letter should be interpreted to mean or imply any waiver by the ABA RF of any of its rights under the ASIA Agreement or the CitiStreet Agreement. 
  

	
	Very truly yours,
	
	 /s/ Scarlett Ungurean, CFA

	Scarlett Ungurean, CFA
	 312.988.5740
 ungureas@staff.abanet.org

  

			
	cc.	 	Mary Moran Zeven, State Street (via fax 617.662.2702)
		 	Harry Hathaway, ABA RF (via fax 213.892.9494)
		 	Albert Harvey, ABA RF (via fax 901.525.6722)
		 	Robert Ferencz, Sidley Austin (via fax 312.853.7036)

  

 2Amendment to the Rights Agreement dated as of February 5, 2009

 EXHIBIT 4.1 
 AMENDMENT TO THE 
 RIGHTS AGREEMENT 
 This Amendment (the “Amendment”), dated as of February 5, 2009, to the Rights Agreement (the “Rights Agreement”),
dated as of August 25, 2006, is between PDL BioPharma, Inc. (the “Company”) and Mellon Investor Services, LLC, as Rights Agent (the “Rights Agent”). Except as otherwise expressly provided herein, or unless the
context otherwise requires, all capitalized terms used herein but not defined shall have the meanings assigned to them in the Rights Agreement. 
 WHEREAS, pursuant to Section 27 of the Rights Agreement, for so long as the Rights are redeemable, the Company may in its sole and absolute discretion, and the Rights Agent shall if the Company so directs, supplement or amend any
provision of the Rights Agreement in any respect without the approval of any holders of the Rights; 
 WHEREAS, as of the date hereof, the
Rights are redeemable; and 
 WHEREAS, all acts necessary to make this Amendment a valid agreement, enforceable according to its terms, have
been done and performed, and the execution and delivery of this Amendment by the Company and the Rights Agent have been in all respects duly authorized. 
 In consideration of the foregoing promises and mutual agreements set forth in the Rights Agreement and this Amendment, the parties hereto agree as follows: 
 1. Section 7(a) of the Rights Agreement is hereby modified and amended to read in its entirety as follows: 
 “(a) Subject to Section 11(a)(ii) hereof, the Rights shall become exercisable, and may be exercised to purchase Preferred Stock, except as
otherwise provided herein, in whole or in part at any time after the Distribution Date upon surrender of the Right Certificate, with the form of election to purchase on the reverse side thereof duly executed (with such signature duly guaranteed), to
the Rights Agent at the office of the Rights Agent designated for such purpose, together with payment of the Purchase Price with respect to each Right exercised, subject to adjustment as hereinafter provided, at or prior to the Close of Business on
the earlier of (i) February 12, 2009 (the “Final Expiration Date”), (ii) the time at which the Rights are redeemed as provided in Section 23 hereof (such date being herein referred to as the “Redemption Date”)
or (iii) the time at which all such Rights are exchanged as provided in Section 24 hereof (the earliest of (i), (ii) and (iii) being herein referred to as the “Expiration Date”). The Rights shall expire on the
Expiration Date, and upon such expiration, all rights pertaining thereto shall be extinguished.” 
 2. Exhibit B of the Rights
Agreement, the Form of Rights Certificate, is amended by deleting the first sentence of the Legend at the top of the Certificate in its entirety and replacing it with the following: 
 “NOT EXERCISABLE AFTER FEBRUARY 12, 2009, OR EARLIER IF REDEEMED OR EXCHANGED.” 
  

 1 

 3. Exhibit B of the Rights Agreement, the Form of Rights Certificate, is further amended by deleting the
first paragraph thereof in its entirety and replacing it with the following: 
 “This certifies that
                        , or registered assigns, is the registered owner of the number of Rights set forth above,
each of which entitles the owner thereof, subject to the terms, provisions and conditions of the Rights Agreement dated as of August 25, 2006 (the “Rights Agreement”), as amended, between PDL BioPharma, Inc., a Delaware corporation
(“Company”), and Mellon Investor Services, LLC (“Rights Agent”), to purchase from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement) and prior to 5:00 p.m. (Pacific time) on
February 12, 2009 at the principal office of the Rights Agent, or its successors as Rights Agent, designated for such purposes, one one-hundredth of a fully paid and nonassessable share of Series A Preferred Stock of the Company
(“Preferred Stock”) at a purchase price of $150.00 per one one-thousandth of a share, as the same may from time to time be adjusted in accordance with the Rights Agreement (the “Purchase Price”), upon presentation and surrender
of this Right Certificate with the Form of Election to Purchase duly executed. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Rights Agreement.” 
 4. Exhibit C of the Rights Agreement, the Summary of Terms of Rights Agreement, is amended by deleting the fifth paragraph thereof in its entirety and
replacing it with the following: 
 “The Rights will expire upon the earlier of (i) February 12, 2009 or (ii) redemption or
exchange by the Company as described below.” 
 5. In addition to Sections 2, 3 and 4 herein, all other parts of the Exhibits to the
Rights Agreement shall be restated to reflect this Amendment, including all conforming changes, to the extent applicable. 
 6. The term
“Rights Agreement” as used in the Rights Agreement shall be deemed to refer to the Rights Agreement as amended hereby. 
 7. This
Amendment shall be deemed effective as of the date first written above, as if executed on such date. 
 8. This Amendment shall be deemed to
be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made solely by residents of such State and performed entirely
within such State; provided, however, that all provisions regarding the rights, duties, and obligations of the Rights Agent shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts
made and to be performed entirely within such State. 
  

 2 

 9. If any term, provision, covenant or restriction of this Amendment is held by a court of competent
jurisdiction or other authority to be invalid, illegal or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment shall remain in full force and effect and shall in no way be affected, impaired or
invalidated; provided, however, that if such excluded provision shall effect the rights, immunities, duties or obligations of the Rights Agent, the Rights Agent shall be entitled to resign immediately. 
 10. This Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute but one and the same instrument. 
 [Signature Page Follows] 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date
first written above. 
  

			
	PDL BIOPHARMA, INC.
		
	By:	 	/s/ John P. McLaughlin
	Name:	 	John P. McLaughlin
	Title:	 	President and Chief Executive Officer
	
	MELLON INVESTOR SERVICES, LLC
		
	By:	 	/s/ Asa Drew
	Name:	 	Asa Drew
	Title:	 	Assistant Vice President

 Signature page to the Amendment to the Rights Agreement

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