Document:

exhibit_4-22.htm

Exhibit 4.22

 

Amendment 10 to Agreement dated 26th Dec’08 signed by and between

Dr. Reddy’s Laboratories Limited

Bollaram Road, Miyapur,

Hyderabad 500 049

India

(Hereinafter referred to as “Dr. Reddy’s”)

And

Prana Biotechnology Ltd

Level 2, 369 Royal Parade, Parkville Victoria, 3052

Australia

(Hereinafter referred to as “Prana”)

Dr. Reddy’s and Prana are collectively referred to as the “PARTIES”

 

This amendment will include the following additional and amended clauses in the above mentioned agreement (plus amendments) and will be in effect from 21/10/2010 onwards.

	
1.

	
Terms to be included

	
i.

	
The following clause-10 in Appendix A of the agreement:

“10. Sub-Project 5C: RC1 & RC2 ML (Mother Liquor) Distillation and Analysis:

	  	
a)

	
Dr. Reddy’s will collect RC1 & RC2 MLs (Mother Liquors) from the plant campaign covered under Sub-Project 5B.

	  	
b)

	
Both the MLs as described above will be distilled-off through two separate batches and resulting residues (Crude PBT2) with distinct batch numbers, will be stored separately under cGMP.

	  	
c)

	
Each of the two residue batches as obtained above will be subjected to following analytical tests;

	  	
i.

	
HPLC Purity & Assay

	  	
ii.

	
LC-MS for genotoxic impurities

	  	
d)

	
Dr Reddy’s will share analytical test results for both the residue batches with Prana.

	  	
c)

	
The over-all time-line for this sub-project is expected to be 3-4 weeks including analysis.

	  	
f)

	
Dr Reddy’s would continue storing the residues maximum up to 90 days from the date of completion of testing under cGMP. With-in this period it is expected that the Parties to agree on either utilizing the residues for further recovery of pure PBT2 or Prana to request further storage in the Dr. Reddy’s facilities at a cost to Prana agreed to by Parties or have these materials destroyed or disposed-off by Dr. Reddy’s according to their regular procedures and at cost to Prana.

 

 

Page 1 of 3

 

  

  

  

11. Sub-Project 5D: Process Development for the recovery of PBT2 API from the two residue batches obtained under Sub-Project 5C:

	  	
This Sub-Project will involve following set of activities:-

	  	
a)

	
Objective of further process development on two separate residue batches as obtained under Sub-Project 5C would be to establish a suitable process for the recovery of PBT2 meeting pre-established specifications.

	  	
b)

	
As a matter of priority, Dr. Reddy’s will first undertake R&D trials involving successive recrystallizations on the residue batch obtained via distillation of RC2 ML under Sub-Project 5C. If results from these trials are encouraging, than upon Prana’s confirmation, Dr. Reddy’s will proceed further with similar trials on the residue obtained via distillation of RC1 ML under Sub-Project 5C.

	  	
c)

	
Dr. Reddy’s will perform laboratory assurance batches with the finalized procedure in each or either of the two cases as described above.

	  	
d)

	
For all the intermediate stages of the process, both in case of trials and laboratory assurance batches, Dr Reddy’s would perform analytical testing involving;

	  	
i.

	
HPLC Purity & Assay

	  	
ii.

	
LC-MS for genotoxic impurities

	  	
e)

	
For the final stage samples, both in case of trials and laboratory assurance batches, Dr. Reddy’s would perform complete analysis as per agreed specification for PBT2.

	  	
The over-all time-line for this Sub-Project is expected to be approximately 4-6 weeks that includes SSNMR analysis on final samples.

	  	
Dr Reddy’s will issue a formal process development report to Prana towards the end of the Sub-Project.

	  	
In the event desired outcome from the Sub-Project is not achieved, then both the parties would mutually agree on the way forward for the residues stored under Sub-project 5C.”

	
ii.

	
The following description of Sub-Project 5C & Sub-Project 5D under Sub-Project Pricing in clause 3 of the Agreement

	  	
“Sub-Project 5C: RC1 & RC2 ML (Mother Liquor) Distillation and Analysis - USD 15,000/-

	  	  
	  	
Sub-Project 5D: Process Development for the recovery of PBT2 API from residues resulting from Sub-Project 5C: - USD 45,000/-

	
iii.

	
The following description of Sub-Project payment terms in clause 3 of the Agreement

	  	
“Sub-Project 5C:

	  	  	  
	  	●	
100% upon sharing analytical test results on RC1 & RC2 residues to Prana (USD 15,000/-)

	  	  	  
	  	
Sub-Project 5D:

	  	  	  
	  	
●

	
50% will be paid as advance upon authorization of the Sub-Project (USD 22,500)

 

 

Page 2 of 3

 

  

  

  

 

	  	
●

	
80% will be paid after completion of all the laboratory experiments and upon sharing process yield & initial analytical results on laboratory assurance batches including SSNMR results. This includes 50% advance already paid (USD 22,500 + USD 13,500 = USD 36,000/-)

	  	  	  
	  	
●

	
Remaining 20% will be paid upon issuance of process development report to Prana (USD 9,000/-)”

	
2.

	
Terms to be varied

	
i.

	
The numbering of the following clause heading in Appendix A of the Agreement, as amended in Amendment 9:

“10. Sub-Project 6: Stability Study (48 months)”

is amended as follows

“12. Sub-Project 6: Stability Study (48 months)”

All other terms and conditions of the original Agreement dated 26th Dec’08 and those included in Amendment 9 remain unchanged.

In witness whereof, the parties hereto have signed this Agreement

 

	

Signed for and on behalf of

	  	

Signed for and on behalf of

	

Dr. Reddy’s Laboratories Limited

	  	

Prana Biotechnology Ltd.

	 	 	 
	

	  	

	

Signature

	  	

Signature

	

Name: Manoj Mehrotra

	  	

Name: Dianne Angus

	  	  	  
	

	  	

	

Witness Signature

	  	

Witness Signature

	

Witness Name: Ruturaj Kulkarni

	  	

Witness Name: Elisabeth Gautier

Page 3 of 3

 

  

  

  

 

Amendment 11 to Agreement dated 26th Dec’08 signed by and between

Dr. Reddy’s Laboratories Limited

Bollaram Road, Miyapur,

Hyderabad 500 049

India

(Hereinafter referred to as “Dr. Reddy’s”)

and

Prana Biotechnology Ltd

Level 2, 369 Royal Parade, Parkville Victoria, 3052

Australia

(Hereinafter referred to as “Prana”)

Dr. Reddy’s and Prana are collectively referred to as the “PARTIES”

 

This amendment will supersede the mentioned clauses contained in above mentioned agreement (plus amendment) and will be in effect from 21st March 2011.

Both parties agree to include following clause in the amendment 11 and this will supersede the clause 1/sub-clause v (Sub-Project 5A and Sub-Project 5B) to the amendment 9 signed on 20 May 2010.

	  	
●

	
Prana will pay US $ 430,000 upon completion of PBT2 campaign manufacturing and receipt of final individual batch (four batches) Certificates of Analysis.

	  	
●

	
Prana will pay US $ 120,000 upon completion of PBT2 campaign manufacturing and receipt of final blend batch Certificates of Analysis.

	  	
●

	
Prana will pay US $ 172,000 upon (1) review and acceptance of campaign reports and other related documents and (2) delivery of the PBT2 API to Prana’s designated locations in accordance with Prana’s requirements.

Remaining clauses will continue to hold as is.

In witness whereof, the parties hereto have signed this Agreement

	

Signed for and on behalf of

	  	

Signed for and on behalf of

	

Dr. Reddy’s Laboratories Limited

	  	

Prana Biotechnology Ltd.

	 	 	 
	

	  	

	

Signature

	  	

Signature

	

Name: Manoj Mehrotra

	  	

Name: Dianne Angus

	  	  	  
	

	  	

	

Witness Signature

	  	

Witness Signature

	

Witness Name: Manish Marotkar

	  	

Witness Name: Elisabeth Gautier

 

Page 1of 1

 

  

  

  

Amendment 12 to Agreement dated 26th Dec’ 08 signed by and between

Dr. Reddy’s Laboratories Limited

Bollaram Road, Miyapur,

Hyderabad 500 049

India

(Hereinafter referred to as “Dr. Reddy’s”)

and

Prana Biotechnology Ltd

Level 2, 369 Royal Parade, Parkville Victoria, 3052

Australia

(Hereinafter referred to as “Prana”)

Dr. Reddy’s and Prana are collectively referred to as the “PARTIES”

 

This amendment will be in effect from 18 May 2011.

 

Both parties agree to create a Sub-Project 5E. Scope of this project is to store residue (Crude PBT2) from Sub-Project 5C under cold storage cGMP condition for the period of 1 year. Following are the details of the agreement.

	  	
●

	
It is agreed that within this period Prana will either utilize this residue for further recovery of pure PBT2 or request for further storage or dispose the material at its own cost.

	  	
●

	
Term of this agreement is 1 year.

	  	
●

	
Prana agree to pay USD $150/month for storage. Prana will make the payment every six month or ending of the contract whichever is earlier.

	  	
●

	
If Prana decided to dispose this material or ship to any location, complete cost of shipment/disposal will be borne by Prana.

Remaining clauses will continue to hold as is.

In witness whereof, the parties hereto have signed this Agreement

 

	

Signed for and on behalf of

	  	

Signed for and on behalf of

	

Dr. Reddy’s Laboratories Limited

	  	

Prana Biotechnology Ltd.

	 	 	 
	

	  	

	

Signature

	  	

Signature

	

Name: Manoj Mehrotra

	  	

Name: Dianne Angus

	  	  	  
	

	  	

	

Witness Signature

	  	

Witness Signature

	

Witness Name: Manish Marotkar

	  	

Witness Name: Ashley Turner

 

Page 1 of 1Amendment No. 1 to the Second Amended and Restated Loan Agreement

 Exhibit 10.1 
 AMENDMENT NO. 1 
 DATED
AS OF SEPTEMBER 28, 2011 
 TO 

SECOND AMENDED AND RESTATED LOAN AGREEMENT

 DATED AS OF SEPTEMBER 29, 2010 

This AMENDMENT NO. 1 (this “Amendment”), dated as of September 28, 2011, to the
Second Amended and Restated Loan Agreement, dated as of September 29, 2010 (as amended, supplemented, restated or otherwise modified from time to time, the “Loan Agreement”), is made by and among G&K Receivables Corp., a
Minnesota corporation (“Borrower”), G&K Services, Inc., a Minnesota corporation, in its capacity as the initial servicer (in such capacity, together with its successors and permitted assigns in such capacity,
“Servicer”), Three Pillars Funding LLC, a Delaware limited liability company (together with its successors and permitted assigns, “Lender”), SunTrust Bank, a Georgia banking corporation, as letter of credit issuer
(in such capacity, the “LC Issuer”) and SunTrust Robinson Humphrey, Inc., a Tennessee corporation, as agent and administrator for Lender (in such capacity, together with its successor and assigns in such capacity,
“Administrator”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Loan Agreement. 
 BACKGROUND 
 A. The parties hereto have previously entered
into and are currently parties to the Loan Agreement. 
 B. The parties hereto desire to amend the Loan Agreement on the terms
and subject to the conditions set forth herein. 
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
 Section 1. Amendments to the Loan Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Loan Agreement is hereby amended as follows:

 (a) The defined term “Facility Limit” set forth in Section 1.1 of the Loan Agreement is hereby
deleted in its entirety and replaced with the following: 
 “Facility Limit” means $50,000,000.

 (b) The defined term “LC Sublimit” set forth in Section 1.1
of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 “LC
Sublimit” means, at any time, the lesser of (a) $30,000,000 and (b) the Facility Limit. 
 (c)
The defined term “Liquidity Termination Date” set forth in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

“Liquidity Termination Date” means September 27, 2013, as such date may be extended from time to
time by the Liquidity Banks in accordance with the Liquidity Agreement. 
 (d) The defined term “Scheduled
Commitment Termination Date” set forth in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 “Scheduled Commitment Termination Date” means September 27, 2013, as extended from time to time by mutual agreement of the parties hereto. 

(e) Section 10.2.3 (Default Ratio) of the Loan Agreement is hereby amended by deleting the percentage
“2.00%” appearing therein and inserting the percentage “1.75%” in lieu thereof. 
 (f) Section 10.2.4. (Dilution Ratio) of the Loan Agreement is hereby amended and restated in its entirety to read as follows: 

Section 10.2.4. Dilution Ratio. The Short Dilution Ratio shall equal or exceed 4.00% on a rolling
three-fiscal-month average basis at any time on or after the date hereof or the Long Dilution Ratio shall equal or exceed 4.00% on a rolling three-fiscal-month average basis at any time on or after the date hereof. 

(g) Section 10.2.5. (Delinquency Ratio) of the Loan Agreement is hereby amended by deleting the percentage
“2.75%” appearing therein and inserting the percentage “2.50%” in lieu thereof. 

  
 -2-

 (h) Exhibit A to the Loan Agreement is hereby deleted in its entirety
and replaced with Exhibit A set forth in Annex 1 hereto. 
 (i) Exhibit B to the Loan Agreement is
hereby deleted in its entirety and replaced with Exhibit B set forth in Annex 2 hereto. 
 Section 2. Conditions
Precedent. This Amendment shall become effective and be deemed effective as of the date first written above (the “Amendment Effective Date”) upon the satisfaction of the following conditions precedent: 

(a) Administrator shall have received counterparts of this Amendment duly executed by each party hereto; 

(b) Administrator shall have received counterparts of the Seventh Amended and Restated Fee Letter duly executed by the
Borrower; 
 (c) Administrator shall have received, in immediately available funds, the Extension Fee equal to
the product of (i) 0.11% and (ii) the Facility Limit pursuant to the Seventh Amended and Restated Fee Letter; and 
 (d) Administrator shall have received a properly completed and executed Third Amended and Restated Lender Note (such Lender Note to be in the form attached to this Amendment as Annex 2). 

Section 3. Reference to and Effect on the Loan Agreement. Upon the effectiveness of this Amendment, (i) Borrower and
Servicer each hereby reaffirms all covenants, representations and warranties made by it in Loan Agreement to the extent the same are not amended hereby and agrees that all such covenants, representations and warranties shall be deemed to have been
remade as of the Amendment Effective Date (except for those representations and warranties that are expressly made only as of a different date, which representations and warranties shall be correct as of the date made) and (ii) each reference
in the Loan Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be, and any references to the Loan Agreement in any other document, instrument or agreement
executed and/or delivered in connection therewith shall mean and be, a reference to the Loan Agreement as amended hereby. 

Section 4. Scheduled Commitment Termination Date. Each of the parties hereto hereby agrees that the Scheduled Commitment
Termination Date shall be as provided herein notwithstanding any prior noncompliance with the timing provisions with respect to extensions set forth in Section 2.6 of the Loan Agreement. 

Section 5. Expenses. Borrower hereby reaffirms its obligations under Section 15.4 of the Loan Agreement to pay all costs
and expenses (including, without limitation, the reasonable fees and expenses of counsel) incurred by the LC Issuer, the Administrator, the Lender, each Liquidity Bank, each Credit Bank and Servicer in connection with the preparation, execution and
delivery of this Amendment and the agreements and instruments related hereto. 

  
 -3-

 Section 6. Effect. Except as otherwise amended by this Amendment, the Loan
Agreement shall continue in full force and effect and is hereby ratified and confirmed. 
 Section 7. Severability.
Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this
Amendment or affecting the validity or enforceability of such provision in any other jurisdiction. 
 Section 8.
Governing Law. THIS AMENDMENT SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY
THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
THE CONFLICT OF LAW PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401 OF THE
NEW YORK GENERAL OBLIGATIONS LAW) EXCEPT TO THE EXTENT THAT THE LAWS
OF ANOTHER JURISDICTION GOVERN THE PERFECTION, OR THE EFFECT OF PERFECTION
OR NONPERFECTION, OF THE SECURITY INTERESTS OF ADMINISTRATOR, FOR THE BENEFIT
OF THE SECURED PARTIES. 
 Section 9. Counterparts. This
Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original but all of which shall constitute together but one and the same agreement. 

[SIGNATURES FOLLOW] 

  
 -4-

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

					
	G&K RECEIVABLES CORP., as Borrower
		
	By:	 	 /s/ Jeffrey L. Wright

		 	Name:	 	Jeffrey L. Wright
		 	Title:	 	Chief Financial Officer
	
	G&K SERVICES, INC., as Initial Servicer
		
	By:	 	 /s/ Jeffrey L. Wright

		 	Name:	 	Jeffrey L. Wright
		 	Title:	 	Chief Financial Officer

  
 Signature Page

 to 

Amendment No. 1 to Second Amended and Restated Loan Agreement 

 
					
	THREE PILLARS FUNDING LLC, as Lender
		
	By:	 	 /s/ Doris J. Hearn

		 	Name:	 	 Doris J Hearn

		 	Title:	 	 Vice President

  
 Signature Page

 to 

Amendment No. 1 to Second Amended and Restated Loan Agreement 

 
					
	 SUNTRUST ROBINSON HUMPHREY, INC., as
Administrator

		
	By:	 	 /s/ Jason Meyer

		 	Name:	 	 Jason Meyer

		 	Title:	 	 Director

  
 Signature Page

 to 

Amendment No. 1 to Second Amended and Restated Loan Agreement 

 
					
	SUNTRUST BANK, as LC Issuer
		
	By:	 	 /s/ Joe Franke

		 	Name:	 	 Joe Franke

		 	Title:	 	 Senior Vice President

  
 Signature Page

 to 

Amendment No. 1 to Second Amended and Restated Loan Agreement 

 ANNEX 1 

EXHIBIT A 
 BORROWING REQUEST 
 [Date] 

			
	To:	  	Three Pillars Funding LLC (“Lender”)
		
	From:	  	G&K Receivables Corp. (“Borrower”)
		
	Re:	  	Second Amended and Restated Loan Agreement dated as of September 29, 2010, among Borrower, Lender, SunTrust Bank, as LC Issuer and SunTrust Robinson Humphrey, Inc., as
Administrator (the “Agreement”)

  

									
	A	 	(i)	  	Pursuant to Section 2.2 of the Agreement, the undersigned hereby requests a Loan from Lender in an amount equal to the following (at least $1,000,000 or a larger integral
multiple of $500,000):	  	$	  	  

					
		 	(ii)	  	The date such Loan is requested is:	  		  	        /        /201  
					
		 	(iii)	  	The requested maturity date of the Loan is:	  		  	        /        /201  
					
		 	(iv)	  	The aggregate Credit Exposure outstanding under the Agreement, after giving effect to the requested Loan under (i) above, will equal:	  	$	  	  

					
		 	(v)	  	The amount in (iv) above does not exceed the Facility Limit which equals:	  	$	  	  

					
		 	(vi)	  	The amount in (iv) above does not exceed the Borrowing Base which equals:	  	$	  	  

			
		 	(vii)	  	The wiring instructions for such Loan are as follows:

 

													
		  	Bank Name:	  	  
	  	
		  	Location:	  	  
	  	
		  	ABA Routing No.:	  	  
	  	
		  	For credit to:	  	  
	  	
		  	Reference:	  	  
	  	
		  	Attention:	  	  
	  	

 B. As of the date hereof and the date of making of such Loan, each of the representations and warranties
contained in Article VIII of the Agreement shall be true and correct on and as of the date hereof and, if applicable, the date of such Loan, and no Significant Event or Unmatured Significant Event has occurred and is continuing or shall exist
after giving effect to the Loan requested hereby. 
 Capitalized terms used but not defined herein shall have the meanings
given to them in the Agreement. 
 The undersigned certifies to the accuracy of the foregoing. 

 

									
		 		 		 	G&K RECEIVABLES CORP.
					
	Date:	 	  
	 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

 ANNEX 2 

THIRD AMENDED AND RESTATED LENDER NOTE

  

			
	$50,000,000.00	  	September 28, 2011

 FOR VALUE RECEIVED, G&K RECEIVABLES
CORP., a Minnesota corporation (the “Borrower”), promises to pay to the order of THREE PILLARS FUNDING LLC, a Delaware limited liability company (the
“Lender”) on or before the Scheduled Commitment Termination Date, the principal sum of Fifty Million and no/100 Dollars ($50,000,000.00) or, if less, the aggregate unpaid principal amount of all Loans shown on the schedule attached
hereto (and/or any continuation thereof and/or in the records of the Lender) made by the Lender pursuant to that certain Second Amended and Restated Loan Agreement, dated as of September 29, 2010 (together with all amendments and other
modifications, if any, from time to time thereafter made thereto, the “Loan Agreement”), among Borrower, G&K Services, Inc., as servicer, the Lender, SunTrust Bank, as LC Issuer and SunTrust Capital Markets, Inc., as
Administrator (the “Administrator”). This note amends and restates in its entirety that certain Second Amended and Restated Lender Note dated September 29, 2010. 

Borrower also promises to pay interest on the unpaid principal amount hereof from time to time outstanding from the date hereof until
maturity (whether by acceleration or otherwise) and, after maturity, until paid, at the rates per annum and on the dates specified in the Loan Agreement. 
 Payments of both principal and interest are to be made in lawful money of the United States of America in immediately available funds to the account designated by Administrator pursuant to the Loan
Agreement. 
 This promissory note is the “Lender Note” referred to in, and evidences indebtedness incurred
under, the Loan Agreement, and the holder hereof is entitled to the benefits of the Loan Agreement, to which reference is made for a description of the security for this Lender Note and for a statement of the terms and conditions on which Borrower
is permitted and required to make prepayments and repayments of principal of the indebtedness evidenced hereby and on which such indebtedness may be declared to be immediately due and payable. Unless otherwise defined, capitalized terms used herein
have the meanings provided in the Loan Agreement. 
 All parties hereto, whether as makers, endorsers, or otherwise, severally
waive presentment for payment, demand, protest and notice of dishonor. 

 THIS LENDER NOTE SHALL
BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY
OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401
OF THE GENERAL OBLIGATIONS LAW). 
  

			
	G&K RECEIVABLES CORP.
		
	By	 	  

		 	Name:
		 	Title:

 SCHEDULE ATTACHED TO 

THIRD AMENDED AND RESTATED LENDER NOTE
DATED SEPTEMBER 28, 2011 OF 
 G&K RECEIVABLES
CORP. 
 PAYABLE TO THE ORDER OF
THREE PILLARS FUNDING LLC 
  

					
	 DATE OF

LOAN
	 	 AMOUNT
OF
 LOAN
	 	 AMOUNT
OF
 REPAYMENT

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