Document:

exv10w4

 

EXHIBIT 10.4

Revolving Credit Note

	 	 	 
	 
$15,000,000.00 

	 	 St.
Louis, Missouri

August 22, 2005
	 
	 	 

     FOR VALUE RECEIVED, on September 30, 2006 the undersigned, VIRBAC CORPORATION, a Delaware
corporation (formerly known as Agri-Nutrition Group Limited), PM RESOURCES, INC., a Missouri
corporation, ST. JON LABORATORIES, INC., a California corporation, FRANCODEX LABORATORIES, INC., a
Kansas corporation, VIRBAC AH, INC., a Delaware corporation and DELMARVA LABORATORIES, INC., a
Virginia corporation (collectively, the “Borrowers”), hereby jointly and severally promise to pay
to the order of FIRST BANK, a Missouri state banking corporation (“Bank”), the principal sum of
Fifteen Million Dollars ($15,000,000.00), or such lesser sum as may then be outstanding hereunder.
The aggregate principal amount which Bank shall be committed to have outstanding hereunder at any
one time shall not exceed the lesser of (i) Fifteen Million Dollars ($15,000,000.00), or (ii) the
“Borrowing Base” (as defined in the Loan Agreement (as hereinafter defined)), which amount may be
borrowed, paid, reborrowed and repaid, in whole or in part, subject to the terms and conditions
hereof and of the Loan Agreement hereinafter identified.

     Borrowers further jointly and severally promise to pay to the order of Bank interest on the
principal amount from time to time outstanding hereunder prior to maturity from the date disbursed
until paid at the rate or rates per annum required by the Loan Agreement. All accrued and unpaid
interest with respect to each principal disbursement made hereunder shall be payable on the dates
set forth in Section 3.6 of the Loan Agreement and at the maturity of this Note, whether by reason
of acceleration or otherwise. After the maturity of this Note, whether by reason of acceleration
or otherwise, interest shall accrue and be payable on demand on the entire outstanding principal
balance hereunder until paid at a rate per annum equal to Three and Three-Fourths Percent (3.75%)
over and above the Prime Rate, fluctuating as and when said Prime Rate shall change. All payments
hereunder (other than prepayments) shall be applied first to the payment of all accrued and unpaid
interest, with the balance, if any, to be applied to the payment of principal. All prepayments
hereunder shall be applied solely to the payment of principal.

     All payments of principal and interest hereunder shall be made in lawful currency of the
United States in Federal or other immediately available funds at the office of Bank situated at 135
North Meramec, Clayton, Missouri 63105, or at such other place as the holder hereof shall designate
in writing. Interest shall be computed on an actual day, 360-day year basis.

     Bank may record the date and amount of all loans and all payments of principal and interest
hereunder in the records it maintains with respect thereto. Bank’s books and records showing the
account between Bank and Borrowers shall be admissible in

 

 

evidence in any action or proceeding and shall constitute prima facie proof of the items therein
set forth.

     This Note is the Note referred to in that certain Credit Agreement dated as of September 7,
1999 made by and between Borrowers and Bank (as the same may from time to time be amended, the
“Loan Agreement”), to which Loan Agreement reference is hereby made for a statement of the terms
and conditions upon which the maturity of this Note may be accelerated, and for other terms and
conditions, including prepayment, which may affect this Note. All capitalized terms used herein
and not otherwise defined shall have the meanings assigned to such terms in the Loan Agreement.

     This Note is secured by that certain Security Agreement dated as of May 14, 1998 executed by
Virbac Corporation in favor of Bank, by that certain Security Agreement dated as of May 14, 1998
and executed by PM Resources, Inc. in favor of Bank, by that certain Security Agreement dated as of
May 14, 1998 executed by St. JON Laboratories, Inc. in favor of Bank, by that certain Security
Agreement dated as of September 7, 1999 and executed by Virbac AH, Inc. in favor of Bank, by that
certain Security Agreement dated as of September 7, 1999 executed by Francodex Laboratories, Inc.
in favor of Bank and by that certain Security Agreement dated as of September 3, 2003 executed by
Delmarva Laboratories, Inc. in favor of Bank (as the same may from time to time be amended, the
“Security Agreements”), to which Security Agreements reference is hereby made for a description of
the security and a statement of the terms and conditions upon which this Note is secured.

     This Note is also secured by that certain Deed of Trust and Security Agreement dated September
9, 1993 and executed by PM Resources, Inc. in favor of Katherine D. Knocke, as trustee for Bank and
by that certain Deed of Trust and Security Agreement dated September 3, 2003 executed by Virbac
Corporation in favor of David F. Weaver, as trustee for Bank (as the same may from time to time be
amended, the “Deeds of Trust”), to which Deeds of Trust reference is hereby made for a description
of the security and a statement of the terms and conditions upon which this Note is secured.

     This Note is also secured by that certain Agreement of Pledge dated as of September 7, 1999
and executed by Virbac Corporation in favor of Bank and by that certain Agreement of Pledge dated
as of September 7, 1999 and executed by Virbac AH, Inc. in favor of Bank (collectively, as the same
may from time to time be amended, the “Pledge Agreements”), to which Pledge Agreements reference is
hereby made for a description of the additional security and a statement of the terms and
conditions upon which this Note is further secured.

     This Note is also secured by that certain Patent, Trademark and License Security Agreement
dated as of September 3, 2003 and executed by Virbac Corporation in favor of Bank, by that certain
Patent, Trademark and License Security Agreement dated as of September 3, 2003 and executed by
Virbac AH, Inc. in favor of Bank and by that certain Patent, Trademark and License Security
Agreement dated as of September 3, 2003 and executed by Delmarva Laboratories, Inc. in favor of
Bank (collectively, as the same may

 

 

from time to time be amended, the “IP Security Agreements “), to which IP Security Agreements
reference is hereby made for a description of the additional security and a statement of the terms
and conditions upon which this Note is further secured.

     If any of the Borrowers shall fail to make any payment of any principal of or interest on this
Note as and when the same shall become due and payable, or if an “Event of Default” (as defined
therein) shall occur under or within the meaning of the Loan Agreement, any of the Security
Agreements, the Deeds of Trust or any of the Pledge Agreements, Bank may, at its option, terminate
its obligation to make any additional loans under this Note and Bank may further declare the entire
outstanding principal balance of this Note and all accrued and unpaid interest thereon to be
immediately due and payable.

     In the event that any payment of any principal of or interest on this Note shall not be paid
when due, whether by reason of acceleration or otherwise, and this Note shall be placed in the
hands of an attorney or attorneys for collection or for foreclosure of any of the Security
Agreements, any of the Deeds of Trust or any of the Pledge Agreements securing payment hereof or
for representation of Bank in connection with bankruptcy or insolvency proceedings relating hereto,
Borrowers jointly and severally promise to pay, in addition to all other amounts otherwise due
hereon, the reasonable costs and expenses of such collection, foreclosure and representation,
including, without limitation, reasonable attorneys’ fees and expenses (whether or not litigation
shall be commenced in aid thereof). All parties hereto severally waive presentment for payment,
demand, protest, notice of protest and notice of dishonor.

     This Note shall be governed by and construed in accordance with the internal laws of the State
of Missouri.

     This Revolving Credit Note is a renewal, restatement and continuation of the obligations due
Bank as evidenced by a Revolving Credit Note dated May 6, 2005 from Borrower payable to the order
of Bank in the maximum principal amount of $15,000,000.00 (the “Prior Note”), and is not a novation
thereof. All interest evidenced by the Prior Note being amended and restated by this instrument
shall continue to be due and payable until paid.

 

 

	 	 	 	 	 
	 	VIRBAC CORPORATION

 

 	 
	 	By:  	/s/ Jean M. Nelson
 	 
	 	 	Jean M. Nelson, Executive Vice 	 
	 	 	President and Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	PM RESOURCES, INC.

 

 	 
	 	By:  	/s/ Jean M. Nelson
 	 
	 	 	Jean M. Nelson, Executive Vice 	 
	 	 	President and Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	ST. JON LABORATORIES, INC.

 

 	 
	 	By:  	/s/ Jean M. Nelson
 	 
	 	 	Jean M. Nelson, Executive Vice 	 
	 	 	President and Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	VIRBAC AH, INC.

 

 	 
	 	By:  	                                        /s/ Jean M. Nelson
 	 
	 	 	Jean M. Nelson, Executive Vice 	 
	 	 	President and Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	FRANCODEX LABORATORIES, INC. 

 	 
	 	By:  	                                        /s/ Jean M. Nelson
 	 
	 	 	Jean M. Nelson, Executive Vice 	 
	 	 	President and Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	DELMARVA LABORATORIES, INC.

 

 	 
	 	By:  	                                        /s/ Jean M. Nelson
 	 
	 	 	Jean M. Nelson, Executive Vice 	 
	 	 	President and Chief Financial Officerexv4w2

 

Exhibit 4.2

UROPLASTY, INC.

COMMON STOCK PURCHASE WARRANT

	 	 	 	 	 	 	 	 	 	 	 
	Certificate No:

	 	 	 	 	 	Holder:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	No. of Shares
	 	 	 	 	 	 	 	 	 	 
	Purchasable:	 	 	 	 	 	Exercise Price: $2.00 per share	 	 
	 

	 	 	 	 	 	 	 	 	 	 

     Uroplasty, Inc., a Minnesota corporation (the “COMPANY”), hereby agrees that, for value
received, the person named above (the “HOLDER”), or his/her/its registered assigns, is entitled,
subject to the terms set forth below, to purchase from the Company, for a period of ninety (90)
days commencing on ___, 2005 (the effective date of a registration statement filed with the
Securities and Exchange Commission, covering the shares subject to this warrant), that number of
shares of Common Stock of the Company (the “COMMON STOCK”) stated above, at an exercise price
stated above, subject to adjustment as provided herein.

     1. EXERCISE OF WARRANT. The Holder may exercise the purchase rights represented by this
Warrant by surrendering this Warrant, with the Warrant Exercise Form attached duly executed, to the
Company at its principal office, accompanied by payment, in cash or by check payable to the order
of the Company, for the Common Stock being purchased. If less than all of the Common Stock
purchasable hereunder is purchased, the Company will, upon such exercise, execute and deliver to
the Holder a new Warrant (dated the date hereof) evidencing the number of shares of Common Stock
not so purchased. As soon as practicable after the exercise of this Warrant and payment of the
purchase price, the Company will cause certificate(s) representing the shares purchased upon such
exercise to be delivered to the Holder.

     2. NEGOTIABILITY AND TRANSFER. The Holder consents and agrees that until this Warrant is duly
transferred on the books of the Company, the Company may treat the registered holder of this
Warrant as the absolute owner hereof for all purposes without being affected by any notice to the
contrary.

     3. ANTIDILUTION ADJUSTMENTS. If the Company shall at any time hereafter subdivide or combine
its outstanding shares of Common Stock, or declare a dividend payable in Common Stock, the exercise
price in effect immediately prior to the subdivision, combination or record date for such dividend
payable in Common Stock shall forthwith be proportionately increased, in the case of combination,
or proportionately decreased, in the case of subdivision or declaration of a dividend payable in
Common Stock, and each share of Common Stock purchasable upon exercise of this Warrant, immediately
preceding such event, shall be changed to the number determined by dividing the then current
exercise price by the exercise price as adjusted after such subdivision, combination or dividend
payable in Common Stock.

     No fractional shares of Common Stock will be issued and no cash adjustment will be paid
therefor upon the exercise of this Warrant.

     In case of any capital reorganization or any reclassification of the shares of Common Stock of
the Company, or in the case of any consolidation with or merger of the Company into or with another
corporation, or the sale of all or substantially all of its assets to another corporation, which is
effected in such a manner that the holders of Common Stock shall be entitled to receive stock,
securities or assets with respect to or in exchange for Common Stock, then, as a part of such
reorganization, reclassification, consolidation, merger or sale, as the case may be, reasonable
lawful provision shall be made so that the Holder shall have the right thereafter to receive, upon
the exercise hereof, the kind and amount of shares of stock or other securities or property which
the Holder would have been entitled to receive if, immediately prior to such reorganization,
reclassification, consolidation, merger or sale, the Holder had held the number of shares of Common
Stock which were then purchasable upon the exercise of the Warrant.

     When any adjustment is required to be made in the exercise price, initial or adjusted, the
Company shall promptly determine the new exercise price, and prepare and retain on file a statement
describing in reasonable detail the method used in arriving at the new exercise price; and shall
deliver a copy of such statement to the Holder within ten (10) business days after receiving a
request for such statement.

 

 

     4. RESERVATION OF COMMON STOCK. The Company shall at all times reserve a number of shares of
Common Stock sufficient to provide for the exercise of this Warrant.

     5. MISCELLANEOUS. The representations, warranties and agreements herein contained shall
survive the exercise of this Warrant. This Common Stock Purchase Warrant shall be interpreted under
the laws of the State of Minnesota.

     All shares of Common Stock or other securities issued upon the exercise of the Warrant shall
be validly issued, fully paid and non-assessable, and the Company will pay all taxes in respect of
the issuance thereof.

     Notwithstanding anything to the contrary, the Holder shall not be considered a stockholder of
the Company for any purpose whatsoever until this Warrant is duly exercised.

     IN WITNESS WHEREOF, this Warrant has been duly executed by Uroplasty, Inc., this ___day of
______, 2005.

	 	 	 	 	 
	 	 	UROPLASTY, INC.
	 
	 	 	 	 
	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

 

 

UROPLASTY, INC.

WARRANT DATED ____________ ____, 2005

WARRANT EXERCISE FORM

[To be signed only upon exercise of Warrant.]

     The undersigned Holder hereby
irrevocably elects to purchase ______ shares of Common
Stock of Uroplasty, Inc. pursuant to the above referenced Warrant and herewith makes payment of
$______ therefor in cash or by check, and requests that such shares be issued and be delivered
to the address set forth below the signature of the undersigned.

	 	 	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(Print) Name of Holder
	 	 

	 	 	 	 	 
	 	 	 	 	 
	 

	 	Signature
	 	 
	 
	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 
	 	 	 	 	 
	 

	 	Address	 	 

 

 

UROPLASTY, INC.

WARRANT NO. _____

ASSIGNMENT FORM

[To be signed only upon authorized transfer of the Warrant.]

     FOR VALUE RECEIVED, the undersigned
hereby sells, assigns, and transfers unto _________
the right to purchase shares of Common Stock of Uroplasty, Inc. to which the Warrant relates
and appoints _________ , attorney, to transfer said right on the books of Uroplasty, Inc. with full power of
substitution in the premises.

	 	 	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	          (Signature)
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	          (Address of Transferee)

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