Document:

EX-10.2

 Exhibit 10.2 

EXECUTION COPY 
 FIRST AMENDMENT
TO THE 
 SERIES 2012-1 CLASS A-1 NOTE PURCHASE
AGREEMENT 
 This AMENDMENT TO THE SERIES 2012-1 CLASS
A-1 NOTE PURCHASE AGREEMENT (this “Amendment”), dated as of August 18, 2017, amends the Series 2012-1
Class A-1 Note Purchase Agreement, dated as of November 29, 2012 (as amended, modified or supplemented from time to time, the “Purchase Agreement”), by and among Iconix Brand
Group, Inc., a Delaware corporation (the “Manager”), Icon Brand Holdings LLC, a Delaware limited liability company (“Brand Holdings II”), Icon DE Intermediate Holdings LLC, a Delaware limited liability company
(“Brand Holdings I”), Icon DE Holdings LLC, a Delaware limited liability company (“IP Holder I”) and Icon NY Holdings LLC, a Delaware limited liability company (“IP Holder II”
and, together with Brand Holdings II, Brand Holdings I and IP Holder I, collectively, the “Co-Issuers”), each of the undersigned Series 2012-1 Class A-1 Investors (collectively, the “Noteholder Consenting Parties”), the Series 2012-1 Class A-1
Noteholders and Guggenheim Securities Credit Partners, LLC, as administrative agent thereunder (“GSCP” and, together with its permitted successors and assigns, the “Administrative Agent”). All capitalized terms used
and not otherwise defined herein shall have the respective meanings provided therefor in the Purchase Agreement, the Series 2012-1 Supplement, dated as of November 29, 2012 (as amended as of the date
hereof and as further amended, modified or supplemented from time to time, the “Series 2012-1 Supplement”), by and among the Co-Issuers and Citibank,
N.A., as Trustee (the “Trustee”), to the Base Indenture, dated as of November 29, 2012 (as amended, modified or supplemented from time to time, the “Base Indenture”), among the
Co-Issuers and the Trustee, or the Definitions List attached as Annex A to the Base Indenture, as applicable. 

W I T N E S S E T H: 

Amendments to the Purchase Agreement  

WHEREAS, the Co-Issuers, the Manager, the Administrative Agent, the
Series 2012-1 Class A-1 Investors and the Series 2012-1 Class A-1
Noteholders are parties to the Purchase Agreement; 
 WHEREAS, pursuant to Section 9.01 of the Purchase Agreement,
the Purchase Agreement may be amended if such amendment is in writing and signed by the Manager, the Co-Issuers and the Administrative Agent and with the consent of the Required Investor Group and each
affected Investor; 
 WHEREAS, the Co-Issuers and the Manager have requested the consent of the
Required Investor Group and each affected Investor to this Amendment as of the date hereof and this Amendment shall not be effective unless and until the Required Investor Group and each affected Investor has provided its consent to the execution of
this Amendment; 
 WHEREAS, this Amendment shall become effective as of the date above first written if and when all conditions to
effectiveness set forth herein have been satisfied; 

 Consent to the Amendment to the Series 2012-1
Supplement 
 WHEREAS, the Noteholder Consenting Parties constitute 100% of the Holders of the Series
2012-1 Class A-1 Notes; 
 WHEREAS, the Co-Issuers wish to amend the Series 2012-1 Supplement substantially in the form attached as Annex A hereto (the “Series
2012-1 Indenture Supplement Amendment”); 
 WHEREAS, the parties hereto wish to evidence
the agreement that the Co-Issuers will not receive additional Advances under the Series 2012-1 Notes; 

WHEREAS, pursuant to Section 9.01 of the Purchase Agreement, the consent of the Required Investor Group and each
affected Investor is required to effect the Series 2012-1 Indenture Supplement Amendment; and 

WHEREAS, the Noteholder Consenting Parties each wish to consent to Series 2012-1 Indenture
Supplement Amendment in accordance with the terms hereof; 
 NOW, THEREFORE, for and in consideration of the premises, and other good and
valuable consideration the receipt and sufficiency of which are acknowledged, it is mutually covenanted and agreed, that the Purchase Agreement be amended as follows: 

SECTION 1: AMENDMENTS TO THE PURCHASE AGREEMENT 

Section 1.1 Amendment of Definitions. Section 1.01 of the Purchase Agreement is hereby amended by
inserting the following definitions in in the appropriate alphabetical order: 
 ““Series 2012-1 Class A-1 Mandatory Payment Amount” means with respect to any Permitted Asset Disposition an amount equal to (x) the quotient of
(a) the applicable Release Price for such Permitted Asset Disposition divided by (b) the Aggregate Outstanding Principal Amount of the Class A-2 Notes immediately prior to payment of the Release
Price for such Permitted Asset Disposition, multiplied by (y) the Series 2012-1 Class A-1 Outstanding Principal Amount as of any date no earlier than five
Business Days prior to such Permitted Asset Disposition.” 
 Section 1.2 Amendment to Section 2.05(b).
Section 2.05(b) of the Purchase Agreement is hereby amended by (i) deleting the period at the end of paragraph (v) thereof and inserting “; and” in lieu thereof and (ii) adding the following
paragraph (vi) thereto: 
 “(vi) in connection with any Permitted Asset Disposition, the Co-Issuers shall deposit into the Collection Account an amount equal to the Series 2012-1 Class A-1 Mandatory Payment Amount,
which amount shall be treated as a Series 2012-1 Class A-1 Other Amount, and (x) the aggregate Commitment Amount shall be automatically and permanently reduced
by the Series 2012-1 Class A-1 Mandatory Payment Amount, and each Committed Note Purchaser’s Commitment 

  
 2 

 
Amount shall be reduced on a pro rata basis by such Series 2012-1 Class A-1 Mandatory Payment Amount based on
each Committed Note Purchaser’s Commitment Amount, (y) the corresponding portions of the Series 2012-1 Class A-1 Maximum Principal Amount and the Maximum
Investor Group Principal Amounts shall be automatically and permanently reduced on a pro rata basis based on each Investor Group’s Maximum Investor Group Principal Amount by a corresponding amount and (z) the Series 2012-1 Class A-1 Outstanding Principal Amount shall be repaid or prepaid in an aggregate amount equal to such Series 2012-1 Class A-1 Mandatory Payment Amount, in the case of each clause (x), (y) and (z), on the Quarterly Payment Date immediately succeeding such deposit in accordance with the Priority of Payments.” 

Section 1.3 Amendment to Section 7.03. Section 7.03 of the Purchase Agreement is
hereby amended by (i) deleting the period at the end of clause (g) thereof and inserting “; and” in lieu thereof and (ii) adding the following clause (h) thereto: 

“(h) each Series 2012-1 Class A-1
Noteholder and the Administrative Agent, in their sole and absolute discretion, shall have consented in writing to such Borrowing request.” 

Section 1.4 Amendment to Schedule I. Schedule I to the Purchase Agreement is hereby amended and restated in its entirety
and shall be replaced with Schedule I as set forth in Exhibit A hereto. 
 Section 1.5 Amendment to Embedded
References. (a) Each reference to “Barclays Bank PLC” in the Purchase Agreement shall be replaced, in each instance, with “Guggenheim Securities Credit Partners, LLC”. 

(b) Each reference to “Barclays Bank PLC” and the accompanying notice information in the Exhibits attached to the
Purchase Agreement shall be replaced in its entirely with the following: 
 “Guggenheim Securities Credit Partners, LLC 

c/o Guggenheim Securities, LLC 

330 Madison Avenue, 8th Floor 

New York, New York 10017” 
 SECTION 2:
CONSENT TO SERIES 2012-1 INDENTURE SUPPLEMENT AMENDMENT 
 Section 2.1 Consent to Series 2012-1 Indenture Supplement Amendment. Effective as of the date hereof, the Noteholder Consenting Parties each hereby unconditionally and irrevocably consent to the Series
2012-1 Indenture Supplement Amendment. 
 SECTION 3: APPOINTMENT AND APPROVAL OF SUCCESSOR ADMINISTRATIVE AGENT 

Section 3.1 Successor Administrative Agent. Pursuant to Section 5.07 of the Purchase Agreement, Barclays
Bank PLC has provided its resignation as Administrative Agent, to become effective on the Effective Date. The Noteholder Consenting Parties hereby appoint GSCP as Administrative Agent and the Co-Issuers hereby
approve such appointment. 

  
 3 

 SECTION 4: REPRESENTATIONS AND WARRANTIES 

The Co-Issuers hereby represent and warrant as follows for the benefit of the Administrative Agent, the
Required Investor Group and each affected Investor, as of the date hereof: 
 Section 4.1 Limited Liability Company and Governmental
Authorization. 
 The execution, delivery and performance by the Co-Issuers of this Amendment
(a) is within each Co-Issuers’ limited liability company powers and has been duly authorized by all necessary limited liability company action, (b) requires no action by or in respect of, or
filing with, any governmental body, agency or official which has not been obtained, and (c) does not contravene, or constitute a default under, in any material respect any provision of applicable law or regulation or of the certificates of
formation or limited liability company agreements of any of the Co-Issuers or of any law or governmental regulation, rule, contract, agreement, judgment, injunction, order, decree or other instrument binding
upon any of the Co-Issuers or any Collateral or result in the creation or imposition of any Lien on any Collateral, except for Liens created by this Amendment or the other Related Documents. This Amendment has
been executed and delivered by a duly authorized officer of the Co-Issuers. 
 Section 4.2
Binding Effect. 
 This Amendment is a legal, valid and binding obligation of each of the
Co-Issuers enforceable against any of the Co-Issuers in accordance with its terms (except as such enforceability may be limited by bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other similar laws affecting creditors’ rights generally or by general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair
dealing). 
 Section 4.3 No Consent. 

No consent or action by or in respect of, approval or other authorization of, or registration, declaration or filing with, any Governmental
Authority or other Person is required for the valid execution and delivery of this Amendment or for the performance of any of the Co-Issuers’ obligations hereunder other than such consents, approvals, authorizations, registrations, declarations
or filings as were obtained by the Co-Issuers prior to the initial Closing Date, or the date hereof, as applicable. 

  
 4 

 SECTION 5: CONDITIONS PRECEDENT 

This Amendment shall become effective and shall be binding on each of the parties hereto upon the satisfaction or due waiver of each of the
following conditions precedent (such date, the “Effective Date”): 
  

	 	1.	The Assignment and Assumption Agreements between Iconix Brand Group, Inc. and each of Athene Annuity & Life Assurance Company, American Equity Investment Life Insurance Company, American Equity Investment Life
Insurance Company, Midland National Life Insurance Company, Jefferson National Life Insurance Company, MidCap Funding IX Trust, MidCap Funding VI Trust, Midland National Life Insurance Company and North American Company for Life and Health Insurance
shall have been executed and delivered and all transactions contemplated thereby shall have been consummated. 

  

	 	2.	The Control Party has consented to the appointment of the successor Administrative Agent. 

 SECTION 6:
MISCELLANEOUS 
 Section 6.1 Counterpart Originals. 

The parties may sign any number of copies of this Amendment. Each signed copy shall be an original, but all of them together represent the same
agreement. 
 Section 6.2 Ratification and Effect. 

The Purchase Agreement, as amended and supplemented by this Amendment, is in all respects ratified and confirmed, shall continue to be in full
force and effect, and shall be read, taken and construed as one and the same instrument. 
 Section 6.3 Effect of Amendment.

 This Amendment is limited as specified and, except as expressly stated herein, shall not constitute a modification, acceptance or waiver
of any other provision of the Purchase Agreement. 
 Section 6.4 Headings, etc. 

The headings of the Sections of this Amendment have been inserted for convenience of reference only, are not to be considered a part hereof,
and shall in no way modify or restrict any of the terms or provisions hereof. 
 Section 6.5 Choice of Law. 

THIS AMENDMENT SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK. 

  
 5 

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

			
	ICON BRAND HOLDINGS LLC, as Co-Issuer
		
	By:	 	 /s/ Jason Schaefer

		 	Name: Jason Schaefer
		 	Title:   Vice President
	
	ICON DE INTERMEDIATE HOLDINGS LLC, as Co-Issuer
		
	By:	 	 /s/ Jason Schaefer

		 	Name: Jason Schaefer
		 	Title:   Vice President
	
	ICON DE HOLDINGS LLC, as Co-Issuer
		
	By:	 	 /s/ Jason Schaefer

		 	Name: Jason Schaefer
		 	Title:   Vice President
	
	ICON NY HOLDINGS LLC, as Co-Issuer
		
	By:	 	 /s/ Jason Schaefer

		 	Name: Jason Schaefer
		 	Title:   Vice President

 Signature Page to the First Amendment to the Series 2012-1 Class A-1 VFN Note Purchase Agreement 

 
					
	ICONIX BRAND GROUP, INC., as Manager
		
	By:	 	 /s/ John N. Haugh

		 	Name:	 	John N. Haugh
		 	Title:	 	Director, President and Chief Executive Officer

 Signature Page to the First Amendment to the Series 2012-1 Class A-1 VFN Note Purchase Agreement 

 
			
	GUGGENHEIM SECURITIES CREDIT PARTNERS, LLC, as Administrative Agent
		
	By:	 	 /s/ Robert Lieberberg

	Name: Robert Lieberberg
	Title: Chief Administrative Officer

 Signature Page to the First Amendment to the Series 2012-1 Class A-1 VFN Note Purchase Agreement 

 
			
	Acknowledged and Consented to by:
	
	GUGGENHEIM SECURITIES CREDIT PARTNERS, LLC, as L/C Provider
		
	By:	 	 /s/ Robert Lieberberg

	Name: Robert Lieberberg
	Title:   Chief Administrative Officer
	
	GUGGENHEIM SECURITIES CREDIT PARTNERS, LLC, as Swingline Lender
		
	By:	 	 /s/ Robert Lieberberg

	Name: Robert Lieberberg
	Title:   Chief Administrative Officer

 Signature Page to the First Amendment to the Series 2012-1 Class A-1 VFN Note Purchase Agreement 

  

					
	ATHENE ANNUITY & LIFE ASSURANCE COMPANY, as Acquiring Committed Note Purchaser and as Funding Agent
	
	By: Athene Asset Management, L.P., its investment adviser
	
	By: AAM GP Ltd., its general partner
		
	By:	 	 /s/ James M. Hassett

		 	Name:	 	James M. Hassett
		 	Title:	 	Executive Vice President, Credit
	
	 AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY, as Acquiring Committed Note Purchaser and as Funding Agent

 
 solely with respect to the Modco Account

	
	By: Athene Asset Management, L.P., its investment adviser of that certain modified coinsurance account (the “Modco Account”) created pursuant to that certain trust agreement between American Equity Investment
Life Insurance Company, Athene Life Re Ltd. and State Street Bank and Trust Company dated as of May 29, 2014
	
	By: AAM GP Ltd., its general partner
		
	By:	 	 /s/ James M. Hassett

		 	Name:	 	James M. Hassett
		 	Title:	 	Executive Vice President, Credit

 Signature Page to the First Amendment to the Series 2012-1 Class A-1 VFN Note Purchase Agreement 

 
					
	 AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY, as Acquiring Committed Note Purchaser and as Funding Agent

 
 solely with respect to the Funds Withheld Account

	
	By: Athene Asset Management, L.P., its investment adviser with respect to that certain funds withheld account (“Funds Withheld Account”) created pursuant to that certain Trust Agreement between American Equity
Investment Life Insurance Company, Athene Life Re Ltd. and State Street Bank and Trust Company, dated as of August 13, 2009
	
	By: AAM GP Ltd., its general partner
		
	By:	 	 /s/ James M. Hassett

		 	Name:	 	James M. Hassett
		 	Title:	 	Executive Vice President, Credit
	
	MIDLAND NATIONAL LIFE INSURANCE COMPANY, as Acquiring Committed Note Purchaser and as Funding Agent
	
	By: Athene Asset Management, L.P., its investment adviser
	
	By: AAM GP Ltd., its general partner
		
	By:	 	 /s/ James M. Hassett

		 	Name:	 	James M. Hassett
		 	Title:	 	Executive Vice President, Credit

 Signature Page to the First Amendment to the Series 2012-1 Class A-1 VFN Note Purchase Agreement 

 
			
	
	JEFFERSON NATIONAL LIFE INSURANCE COMPANY, as Acquiring Committed Note Purchaser and as Funding Agent
	
	By: Athene Asset Management, L.P., its investment adviser
	
	By: AAM GP Ltd., its general partner
		
	By:	 	 /s/ James M. Hassett

		 	Name: James M. Hassett
		 	Title:   Executive Vice President, Credit

 Signature Page to the First Amendment to the Series 2012-1 Class A-1 VFN Note Purchase Agreement 

 
			
	
	MIDCAP FUNDING IX TRUST, as Acquiring Committed Note Purchaser and as Funding Agent
	
	 By: Apollo Capital Management, L.P.,

          its investment Manager

	
	 By: Apollo Capital Management GP, LLC,

          its general partner

		
	By:	 	 /s/ Maurice Amsellem

	Name:	 	      Maurice Amsellem

     its Authorized Signatory

	
	MIDCAP FUNDING VI TRUST, as Acquiring Committed Note Purchaser and as Funding Agent
	
	By: Apollo Capital Management, L.P.,
	          its investment Manager
	
	 By: Apollo Capital Management GP, LLC,

          its general partner

		
	By:	 	 /s/ Maurice Amsellem

	Name:	 	      Maurice Amsellem

     its Authorized Signatory

 Signature Page to the First Amendment to the Series 2012-1 Class A-1 VFN Note Purchase Agreement 

 
			
	MIDLAND NATIONAL LIFE INSURANCE COMPANY, as a Committed Note Purchaser
	
	By: Guggenheim Partners Investment Management, LLC
		
	By:	 	 /s/ Kevin Robinson

	Name:	 	Kevin Robinson
	Title:	 	Attorney-in-Fact
	
	MIDLAND NATIONAL LIFE INSURANCE COMPANY, as the related Funding Agent
	
	By: Guggenheim Partners Investment Management, LLC
		
	By:	 	 /s/ Kevin Robinson

	Name:	 	Kevin Robinson
	Title:	 	Attorney-in-Fact

 Signature Page to the First Amendment to the Series 2012-1 Class A-1 VFN Note Purchase Agreement 

 
			
	NORTH AMERICA COM PANY FOR LIFE AND HEALTH INSURANCE, as a Committed Note Purchaser
	
	By: Guggenheim Partners Investment Management, LLC
		
	By:	 	 /s/ Kevin Robinson

	Name:	 	Kevin Robinson
	Title:	 	Attorney-in-Fact
	
	NORTH AMERICA COMPANY FOR LIFE AND HEALTH INSURANCE, as the related Funding Agent
	
	By: Guggenheim Partners Investment Management, LLC
		
	By:	 	 /s/ Kevin Robinson

	Name:	 	Kevin Robinson
	Title:	 	Attorney-in-Fact

 Signature Page to the First Amendment to the Series 2012-1 Class A-1 VFN Note Purchase Agreement 

 EXHIBIT A 

INVESTOR GROUPS AND COMMITMENTS 
  

															
	 Investor Group/

Funding Agent
	  	 Maximum

Investor Group
Principal Amount
	 	  	 Conduit Investor

(if any)
	 	  	 Committed Note

Purchaser(s)
	  	 Commitment

Amount
	 
	 Athene Annuity & Life Assurance Company
	  	$	25,000,000	 	  	 	N/A	 	  	 Athene Annuity & Life Assurance Company
	  	$	25,000,000	 
	 American Equity Investment Life Insurance Company
	  	$	5,000,000	 	  	 	N/A	 	  	 American Equity Investment Life Insurance Company
	  	$	5,000,000	 
	 American Equity Investment Life Insurance Company
	  	$	3,000,000	 	  	 	N/A	 	  	 American Equity Investment Life Insurance Company
	  	$	3,000,000	 
	 Midland National Life Insurance Company
	  	$	5,000,000	 	  	 	N/A	 	  	 Midland National Life Insurance Company
	  	$	5,000,000	 
	 Jefferson National Life Insurance Company
	  	$	2,000,000	 	  	 	N/A	 	  	 Jefferson National Life Insurance Company
	  	$	2,000,000	 
	 MidCap Funding IX Trust
	  	$	30,000,000	 	  	 	N/A	 	  	 MidCap Funding IX Trust
	  	$	30,000,000	 
	 MidCap Funding VI Trust
	  	$	10,000,000	 	  	 	N/A	 	  	 MidCap Funding VI Trust
	  	$	10,000,000	 
	 Midland National Life Insurance Company
	  	$	10,000,000	 	  	 	N/A	 	  	 Midland National Life Insurance Company
	  	$	10,000,000	 
	 North American Company for Life and Health Insurance
	  	$	10,000,000	 	  	 	N/A	 	  	 North American Company for Life and Health Insurance
	  	$	10,000,000Exhibit 10.1

 

PURCHASE AGREEMENT

 

This Purchase Agreement (the “Agreement”) is made as of the 23rd day of August, 2017 (the “Effective Date”), by and between Retractable Technologies, Inc. (the “Company”), a Texas corporation, and Thomas J. Shaw (the “Purchaser”).

 

WHEREAS, on the terms and subject to the conditions set forth in this Agreement, the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, One Million (1,000,000) shares of the Company’s common stock, no par value (the “Common Stock”), as set forth in this Agreement; and

 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, the Company and the Purchaser agree as follows:

 

SECTION 1.                          Authorization of Sale of the Shares.  Subject to the terms and conditions of this Agreement, the Company has authorized the issuance and sale of up to Three Million (3,000,000) shares (the “Shares”) of Common Stock, of which Shares, One Million (1,000,000) remain available for purchase.

 

SECTION 2.                          Agreement to Sell and Purchase the Shares.  At the Closing (as defined in Section 3), the Company will, subject to the terms of this Agreement, issue and sell to the Purchaser, and the Purchaser will buy from the Company, upon the terms and conditions hereinafter set forth, One Million (1,000,000) Shares at Fifty-Seven and One-Hundredth Cents ($0.5701) per share, the closing price of the Shares on the Effective Date, for an aggregate purchase price of Five Hundred Seventy Thousand One Hundred Dollars ($570,100.00).

 

SECTION 3.                          Delivery of the Shares at the Closing.  The completion of the purchase and sale of the Shares (the “Closing”) shall occur at the offices of Krage & Janvey, L.L.P., 2100 Ross Avenue, Suite 2600, Dallas, TX 75201, simultaneously with the execution of this Agreement, or on such later date or at such different location as the parties shall agree (the date on which the Closing occurs, the “Closing Date”).

 

At the Closing, the Purchaser shall deliver, in immediately available funds, the full amount of the purchase price for the Shares being purchased and the Company shall deliver to the Purchaser, one or more stock certificates registered in the name of the Purchaser, or in such nominee name(s) as designated by the Purchaser in writing, and bearing an appropriate legend referring to the fact that the Shares were sold in reliance upon the exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”), provided by Section 4(a)(2) thereof.

 

SECTION 4.                          Representations, Warranties, and Covenants of the Company.  The Company hereby represents and warrants to and covenants with the Purchaser as follows:

 

4.1                                Organization and Qualification.  The Company is a corporation duly incorporated, validly existing, and in good standing under the laws of the state of Texas and the Company is qualified to do business as a foreign corporation in each jurisdiction in which qualification is required.

 

4.2                                Issuance, Sale, and Delivery of the Shares.  The issuance and sale of the Shares have been duly authorized by the Company and the Shares, when issued, delivered and paid for in the manner set forth in this Agreement, will be validly issued, fully paid and nonassessable.  No preemptive rights, commitments, rights of first offer or refusal, anti-dilution rights, rights of participation or any other rights to subscribe for or purchase any shares of Common Stock of the Company exist with respect to the issuance and sale of the Shares by the Company pursuant to this Agreement.  No further approval or authority of the Company’s stockholders or the Board of Directors of the Company (the “Board”) will be required for the issuance and sale of the Shares to be sold by the Company as contemplated herein.

 

4.3                                Due Execution, Delivery, and Performance of this Agreement.  The Company has full legal right, corporate power, and authority to enter into this Agreement and perform the transactions contemplated hereby.  This Agreement has been duly authorized, executed, and delivered by the Company.  This Agreement constitutes a legal, valid, and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,

 

Page 1 of 5

 

moratorium, or other laws of general application relating to or affecting the enforcement of creditors’ rights and the application of equitable principles relating to the availability of remedies.  The execution and performance of this Agreement by the Company and the consummation of the transactions herein contemplated will not violate any provision of the certificate of incorporation or bylaws of the Company and will not result in the creation of any lien, charge, security interest, or encumbrance upon any assets of the Company pursuant to the terms or provisions of, or will not conflict with, result in the breach or violation of, or constitute, either by itself, or upon notice or the passage of time or both, a default under any material agreement, mortgage, deed of trust, lease, franchise, license, indenture, permit, or other instrument to which any of the Company is a party or by which the Company may be bound or affected, any material statute or any authorization, judgment, decree, order, rule, or regulation of any court or any regulatory body, administrative agency or other governmental agency or body applicable to the Company.  No consent, approval, authorization, or other order of any court, regulatory body, administrative agency or other governmental agency or body is required for the execution and delivery of this Agreement or the consummation of the transactions contemplated by this Agreement, except for compliance with the blue sky laws and federal securities laws applicable to the offering of the Shares and such as may be required by the NYSE American LLC.

 

4.4                                Brokers and Finders.  No brokerage or finder’s fees or commissions are, or will be, payable by the Company to any broker, financial advisor, or consultant, finder, placement agent, investment banker, bank, or other Person with respect to the transactions contemplated hereby.

 

SECTION 5.                          Representations, Warranties and Covenants of the Purchaser. Purchaser represents and warrants to, and covenants with, the Company that:

 

5.1                                Experience. (i) The Purchaser is knowledgeable, sophisticated and experienced in financial and business matters and is qualified to make decisions with respect to investments in shares representing an investment decision like that involved in the purchase of the Shares, including investments in securities issued by the Company and comparable entities, has the ability to bear the economic risks of an investment in the Shares; (ii) the Purchaser is acquiring the Shares for his own account, for investment only, and with no present intention of distributing any of such Shares, or any arrangement or understanding with any other Person, regarding the distribution of such Shares (this representation and warranty not limiting the Purchaser’s right to sell in compliance with the Securities Act and the rules and regulations of the Commission promulgated thereunder); (iii) the Purchaser will not, directly or indirectly, offer, sell, pledge, transfer, or otherwise dispose of (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of) any of the Shares, nor will the Purchaser engage in any short sale that results in a disposition of any of the Shares, except in compliance with the Securities Act and the rules and regulations of the Commission promulgated thereunder and any applicable state securities laws; (iv) the Purchaser will comply with the applicable requirements of any exemption from the Securities Act; (v) the Purchaser is an “accredited investor” within the meaning of Rule 501(a) of Regulation D promulgated under the Securities Act; and (vi) as the chief executive officer of the Company, the Purchaser is well acquainted with the operations and risks of the Company.

 

5.2                                Reliance on Exemptions.  The Purchaser understands that the Shares are being offered and sold to him in reliance upon specific exemptions from the registration requirements of the Securities Act, the rules and regulations of the Commission promulgated thereunder and state securities laws and that the Company is relying upon the truth and accuracy of, and the Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire the Shares.

 

5.3                                Confidentiality.  The Purchaser agrees to keep confidential all information concerning this private placement. The Purchaser acknowledges that he is prohibited from reproducing or distributing this Agreement, or any other offering materials, or other information provided by the Company in connection with the Purchaser’s consideration of his investment in the Company, in whole or in part, or divulging or discussing any of their contents, except to his financial, investment, or legal advisors in connection with his proposed investment in the Shares.  The Purchaser understands that the federal securities laws impose restrictions on trading based on material, non-public information.  These confidentiality obligations will terminate upon the earlier of (i) filing by the Company of a press release or press releases and a report or reports pursuant to the Exchange Act, describing this offering and/or containing a copy of this Agreement and related materials or (ii) 10 days after the date of this Agreement.  The foregoing agreements shall not apply to any information that is, or becomes, publicly available 

 

Page 2 of 5

 

through no fault of the Purchaser, or that the Purchaser is legally required to disclose; provided, however, that if the Purchaser is requested or ordered  to disclose any such information pursuant to any court or other government order, or any other applicable legal procedure, he shall, if practicable, provide the Company with prompt notice of any such request or order in time sufficient to enable the Company to seek an appropriate protective order.

 

5.4                                Investment Decision.  The Purchaser understands that nothing in the Agreement, or any other materials presented to the Purchaser in connection with the purchase and sale of the Shares, constitutes legal, tax, or investment advice.

 

5.5                                Risk of Loss.  The Purchaser understands that his investment in the Shares involves a significant degree of risk, including a risk of total loss of the Purchaser’s investment, and the Purchaser has full cognizance of, and understands the risk factors related to, the Purchaser’s purchase of the Shares, including, but not limited to, those set forth under the caption “Risk Factors” in the Annual Report on Form 10-K filed by the Company with the Commission on March 31, 2017.  The Purchaser understands that the market price of the Common Stock has been volatile and that no representation is being made as to the future value of the Common Stock.

 

5.6                                Legend.  The Purchaser understands that, until such time as a registration statement as to the Shares has been declared effective, or the Shares may be sold pursuant to Rule 144 under the Securities Act without any restriction as to the number of securities as of a particular date that can then be immediately sold, the Shares will bear a restrictive legend in substantially the following form: “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.  THE SHARES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THESE SHARES UNDER THE SECURITIES ACT OF 1933 OR AN OPINION OF THE COMPANY’S COUNSEL THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT.”

 

5.7                                Organization; Validity; Enforcements.  The Purchaser further represents and warrants to, and covenants with, the Company that (i) the Purchaser has full right, power, authority, and capacity to enter into this Agreement and to consummate the transactions contemplated hereby, (ii) the making and performance of this Agreement by the Purchaser and the consummation of the transactions herein contemplated will not conflict with, result in the material breach or violation of, or constitute, either by itself or upon notice or the passage of time or both, a default under any material agreement, mortgage, deed of trust, lease, franchise, license, indenture, permit, or other instrument to which the Purchaser is a party or, any statute, or any authorization, judgment, decree, order, rule, or regulation of any court or any regulatory body, administrative agency, or other governmental agency, or body applicable to the Purchaser, (iii) no consent, approval, authorization, or other order of any court, regulatory body, administrative agency, or other governmental agency or body is required on the part of the Purchaser for the execution and delivery of this Agreement or the consummation of the transactions contemplated by this Agreement, (iv) upon the execution and delivery of this Agreement, this Agreement shall constitute a legal, valid and binding obligation of the Purchaser, enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or other laws of general application relating to, or the enforcement of, creditor’s rights and the application of equitable principles relating to the availability of remedies, and (v) there is not in effect any order enjoining or restraining the Purchaser from entering into, or engaging in, any of the transactions contemplated by this Agreement.

 

SECTION 6.                          Notices.  All notices, requests, consents, and other communications hereunder shall be in writing, shall be mailed by first class mail, overnight carrier, or hand delivery, and shall be deemed given when so delivered and shall be delivered as addressed as follows:

 

(a)                                 if to the Company, to:

 

Retractable Technologies, Inc.

511 Lobo Lane

Little Elm, TX 75068

Attn: Mr. Douglas W. Cowan

 

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With a copy to:

 

Krage & Janvey, L.L.P.

2100 Ross Avenue

Suite 2600

Dallas, TX 75201

Attn: Valerie P. Thomas, Esq.

 

or to such other person at such other place as the Company shall designate to the Purchaser in writing; and

 

(b)                                 if to the Purchaser, to:

 

Mr. Thomas J. Shaw

511 Lobo Lane

Little Elm, TX 75068

 

or to such other person at such other place as the Purchaser shall designate to the Company in writing.

 

SECTION 7.                          Changes; Waiver.  This Agreement may not be modified or amended, and no provision of this Agreement may be waived, except pursuant to an instrument in writing signed by the Company and the Purchaser or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought.  Any amendment or waiver effected in accordance with this Section 7 shall be binding upon the holder of any securities purchased under this Agreement, each future holder of all such securities, and the Company.  No waiver of any default, with respect to any provision, condition, or requirement of this Agreement will be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor will any delay or omission of any party to exercise any right hereunder, in any manner, impair the exercise of any such right.

 

SECTION 8.                          Headings.  The headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be part of this Agreement.

 

SECTION 9.                          Severability.  In case any provision contained in this Agreement should be invalid, illegal, or unenforceable in any respect, the validity, legality, and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.

 

SECTION 10. Texas Law to Apply. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS (EXCLUDING ANY CONFLICTS-OF-LAW RULE OR PRINCIPLE OF TEXAS LAW THAT MIGHT REFER THE GOVERNANCE, CONSTRUCTION OR INTERPRETATION OF THIS AGREEMENT TO THE LAWS OF ANOTHER STATE).

 

SECTION 11.                   WAIVER OF JURY TRIAL.  IN ANY ACTION, SUIT, OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY.

 

SECTION 12.                  Counterparts.  This Agreement may be executed in multiple counterparts, as if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this Agreement.  Facsimile signatures or signatures received as a pdf attachment to electronic mail shall be treated as original signatures for all purposes of this Agreement.

 

SECTION 13.                   Entire Agreement.  This Agreement and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein and, except as specifically

 

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set forth herein or therein, neither the Company nor the Purchaser makes any representation, warranty, covenant, or undertaking with respect to such matters.  Each party expressly represents and warrants that it is not relying on any oral or written representations, warranties, covenants, or agreements outside of this Agreement.

 

SECTION 14.                   Fees and Expenses.  The Company and the Purchaser shall pay their own respective fees and expenses related to the transactions contemplated by this Agreement.

 

SECTION 15.                   Further Assurances.  Each party agrees to cooperate fully with the other party and to execute such further instruments, documents, and agreements and to give such further written assurance as may be reasonably requested by the other party to evidence and reflect the transactions described herein and contemplated hereby and to carry into effect the intents and purposes of this Agreement.

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized representatives as of the Effective Date.

 

	
 
    	
RETRACTABLE TECHNOLOGIES, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Douglas W. Cowan
    
	
 
    	
 
    	
Name: 
    	
Douglas W. Cowan 
    
	
 
    	
 
    	
Title:
    	
Vice President and Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Thomas J. Shaw
    
	
 
    	
THOMAS J. SHAW
    
	
 
    	
State of Residence: Texas
    

 

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