Document:

EX-10.2

 Exhibit 10.2 

EXECUTION COPY 
 AMENDMENT
NO. 1 
 Dated as of August 11, 2017 

to 
 CREDIT AGREEMENT 

Dated as of August 11, 2016 

THIS AMENDMENT NO. 1 (this “Amendment”) is made as of August 11, 2017 by and among PerkinElmer, Inc., a Massachusetts
corporation (the “Company”), Wallac Oy, a Finnish limited liability company with business identity code 0937168-4 (“Finnish Borrower”), PerkinElmer Health Sciences, Inc., a Delaware corporation (“Health
Sciences” and, together with the Company and the Finnish Borrower, the “Borrowers”), the financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (the
“Administrative Agent”), under that certain Credit Agreement dated as of August 11, 2016 by and among the Borrowers, the other Subsidiary Borrowers from time to time party thereto, the Lenders and the Administrative Agent (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit
Agreement. 
 WHEREAS, the Company has requested that the requisite Lenders and the Administrative Agent agree to make certain amendments to
the Credit Agreement; 
 WHEREAS, the Borrowers, the Lenders party hereto and the Administrative Agent have so agreed on the terms and
conditions set forth herein; 
 NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein,
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrowers, the Lenders party hereto and the Administrative Agent hereby agree to enter into this Amendment. 

1. Amendments to the Credit Agreement. Effective as of the date of satisfaction of the conditions precedent set forth in
Section 2 below, the parties hereto agree that the Credit Agreement is hereby amended as follows: 
 (a) Section 1.01
of the Credit Agreement is hereby amended to delete the definition of “Foreign Currency Sublimit” appearing therein in its entirety. 

(b) Section 2.01 of the Credit Agreement is hereby amended to amend and restate the first sentence thereof in its entirety as
follows: 
 “Subject to the terms and conditions set forth herein, each Lender (severally and not jointly) agrees to
make Revolving Loans to the Borrowers in Agreed Currencies from time to time during the Availability Period in an aggregate principal amount that will not result in (a) subject to Sections 2.04 and 2.11(b), the Dollar Amount of such
Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment or (b) subject to Sections 2.04 and 2.11(b), the Dollar Amount of the Total Revolving Credit Exposures exceeding the Aggregate Commitment.” 

 (c) Clause (b) of Section 2.06 of the Credit Agreement is hereby amended
to amend and restate the final sentence thereof in its entirety as follows: 
 “A Letter of Credit shall be issued,
amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Company shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension
(i) subject to Sections 2.04 and 2.11(b), the Dollar Amount of the LC Exposure shall not exceed $50,000,000, (ii) subject to Sections 2.04 and 2.11(b), the Dollar Amount of the Total Revolving Credit Exposures shall not exceed
the Aggregate Commitment and (iii) subject to Sections 2.04 and 2.11(b), the Dollar Amount of each Lender’s Revolving Credit Exposure shall not exceed such Lender’s Commitment.” 

(d) Clause (b) of Section 2.11 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“(b) If at any time, (i) other than as a result of fluctuations in currency exchange rates, the aggregate principal
Dollar Amount of the Total Revolving Credit Exposures (calculated, with respect to those Credit Events denominated in Foreign Currencies, as of the most recent Computation Date with respect to each such Credit Event) exceeds the Aggregate Commitment
or (ii) solely as a result of fluctuations in currency exchange rates, the aggregate principal Dollar Amount of the Total Revolving Credit Exposures (so calculated) exceeds 105% of the Aggregate Commitment, the Borrowers shall in each case
immediately repay Borrowings or cash collateralize LC Exposure in an account with the Administrative Agent pursuant to Section 2.06(j), as applicable, in an aggregate principal amount sufficient to cause the aggregate Dollar Amount of the Total
Revolving Credit Exposures (so calculated) to be less than or equal to the Aggregate Commitment.” 
 (e) Section 6.03 of
the Credit Agreement is hereby amended to (i) delete the “and” appearing at the end of clause (h) thereof, (ii) insert an “and” at the end of clause (i) thereof and (iii) insert a new clause
(j) thereto to read in its entirety as follows: 
 “(j) Indebtedness of any entity acquired by the Company or any
of its Subsidiaries in a transaction permitted under this Agreement; provided that (A) such Indebtedness is in existence on the date of such acquisition and is not created in anticipation thereof and (B) the aggregate amount of such
Indebtedness does not exceed $200,000,000 at any time outstanding;” 
 (f) Section 6.03 of the Credit Agreement is hereby
further amended to replace the reference of “15%” appearing in the final proviso thereof with a reference to “25%”. 

(g) Section 6.11 of the Credit Agreement is hereby amended to replace the reference to “a maximum Consolidated Leverage Ratio
of 3.50 to 1.00” appearing therein with “a maximum Consolidated Leverage Ratio of (i) 4.25 to 1.00 for the fiscal quarters of the Company ending October 1, 2017, December 31, 2017, April 1, 2018 and
July 1, 2018 and (ii) 3.50 to 1.00 for the fiscal quarter of the Company ending September 30, 2018 and each fiscal quarter of the Company ending thereafter”. 

  
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 2. Conditions of Effectiveness. The effectiveness of this Amendment is subject to the
satisfaction of the following conditions precedent: 
 (a) The Administrative Agent shall have received counterparts of this Amendment duly
executed by the Borrowers, the Required Lenders, the Issuing Bank, the Swingline Lender and the Administrative Agent. 
 (b) The
Administrative Agent shall have received payment and/or reimbursement of the Administrative Agent’s and its affiliates’ reasonable and documented out-of-pocket fees and expenses (including, to the extent invoiced, reasonable fees and
expenses of counsel for the Administrative Agent) in connection with the Loan Documents. 
 3. Representations and Warranties of the
Borrowers. Each Borrower hereby represents and warrants as follows: 
 (a) This Amendment and the Credit Agreement as modified hereby
constitute legal, valid and binding obligations of such Borrower and are enforceable in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

(b) As of the date hereof and after giving effect to the terms of this Amendment, (i) no Event of Default or Default has occurred and is
continuing and (ii) the representations and warranties of such Borrower set forth in the Credit Agreement, as amended hereby, are true and correct, except to the extent that such representations and warranties specifically refer to an earlier
date, in which case they shall be true and correct as of such earlier date. 
 4. Reference to and Effect on the Credit Agreement.

 (a) Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean
and be a reference to the Credit Agreement as amended hereby. 
 (b) Each Loan Document and all other documents, instruments and agreements
executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 
 (c) The
execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Loan Documents or
any other documents, instruments and agreements executed and/or delivered in connection therewith. 
 (d) This Amendment is a Loan Document
under (and as defined in) the Credit Agreement. 
 5. Governing Law. This Amendment shall be construed in accordance with and
governed by the laws of the State of New York. 
 6. Headings. Section headings in this Amendment are included herein for convenience
of reference only and shall not constitute a part of this Amendment for any other purpose. 

  
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 7. Counterparts. This Amendment may be executed by one or more of the parties hereto on
any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by telecopy, e-mailed.pdf or any
other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment. 

[Signature Pages Follow] 

  
 4 

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

			
	 PERKINELMER, INC.,
 as the
Company

		
	By:	 	 /s/ Joel S. Goldberg

	Name:	 	Joel S. Goldberg
	Title:	 	Senior Vice President, Administration, General Counsel and Secretary

  
 Signature Page to
Amendment No. 1 to 
 Credit Agreement dated as of August 11, 2016 

PerkinElmer, Inc. 

 
			
	WALLAC OY, as a Subsidiary Borrower
		
	By:	 	 /s/ John L. Healy

	Name:	 	John L. Healy
	Title:	 	Attorney-in-Fact

  
 Signature Page to
Amendment No. 1 to 
 Credit Agreement dated as of August 11, 2016 

PerkinElmer, Inc. 

 
			
	PERKINELMER HEALTH SCIENCES, INC., as a Subsidiary Borrower
		
	By:	 	 /s/ John L. Healy

	Name:	 	John L. Healy
	Title:	 	Vice President and Secretary

  
 Signature Page to
Amendment No. 1 to 
 Credit Agreement dated as of August 11, 2016 

PerkinElmer, Inc. 

 
			
	 JPMORGAN CHASE BANK, N.A.,

individually as a Lender, as the Swingline Lender, as the Issuing Bank and as Administrative
Agent

 
			
		
	By:	 	 /s/ D. Scott Farquhar

	Name:	 	D. Scott Farquhar
	Title:	 	Executive Director

  
 Signature Page to
Amendment No. 1 to 
 Credit Agreement dated as of August 11, 2016 

PerkinElmer, Inc. 

 
			
	 BANK OF AMERICA, N.A.,
 as a
Lender

 
			
		
	By:	 	 /s/ Joseph L. Corah

	Name:	 	Joseph L. Corah
	Title:	 	Director

  
 Signature Page to
Amendment No. 1 to 
 Credit Agreement dated as of August 11, 2016 

PerkinElmer, Inc. 

 
			
	 BARCLAYS BANK PLC,
 as a
Lender

 
			
		
	By:	 	 /s/ Christopher Aitkin

	Name:	 	Christopher Aitkin
	Title:	 	Assistant Vice President

  
 Signature Page to
Amendment No. 1 to 
 Credit Agreement dated as of August 11, 2016 

PerkinElmer, Inc. 

 
			
	 CITIBANK, N.A.,
 as a
Lender

 
			
		
	By:	 	 /s/ Pranjal Gambhir

	Name:	 	Pranjal Gambhir
	Title:	 	Vice President

  
 Signature Page to
Amendment No. 1 to 
 Credit Agreement dated as of August 11, 2016 

PerkinElmer, Inc. 

 
			
	 MIZUHO BANK, LTD.,
 as a
Lender

 
			
		
	By:	 	 /s/ Bertram H. Tang

	Name:	 	Bertram H. Tang
	Title:	 	 Authorized Signatory

  
 Signature Page to
Amendment No. 1 to 
 Credit Agreement dated as of August 11, 2016 

PerkinElmer, Inc. 

 
			
	 TD BANK, N.A.,
 as a
Lender

		
	By:	 	 /s/ Shreya Shah

	Name:	 	Shreya Shah
	Title:	 	Senior Vice President

  
 Signature Page to
Amendment No. 1 to 
 Credit Agreement dated as of August 11, 2016 

PerkinElmer, Inc. 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
a Lender

 
			
		
	By:	 	 /s/ Jennifer Hwang

	Name:	 	Jennifer Hwang
	Title:	 	Senior Vice President

  
 Signature Page to
Amendment No. 1 to 
 Credit Agreement dated as of August 11, 2016 

PerkinElmer, Inc. 

 
			
	 PNC BANK, NATIONAL ASSOCIATION,
 as
a Lender

 
			
		
	By:	 	 /s/ Michael Richards

	Name:	 	Michael Richards
	Title:	 	Senior Vice President

  
 Signature Page to
Amendment No. 1 to 
 Credit Agreement dated as of August 11, 2016 

PerkinElmer, Inc. 

 
			
	 HSBC BANK USA, NATIONAL ASSOCIATION,

as a Lender

 
			
		
	By:	 	 /s/ Zhiyan Zeng

	Name:	 	Zhiyan Zeng
	Title:	 	Vice President

  
 Signature Page to
Amendment No. 1 to 
 Credit Agreement dated as of August 11, 2016 

PerkinElmer, Inc.nlst_Ex10_1

		
			Exhibit 10.1
		

		
			AMENDMENT 
TO
LOAN AND SECURITY AGREEMENT
		

		
			THIS AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into as of April 12, 2017, by and between SILICON VALLEY BANK (“Bank” or “Silicon”) and NETLIST, INC., a Delaware corporation (“Borrower”). Borrower’s chief executive office is located at 175 Technology Drive, Suite 150, Irvine, CA 92618.
		

		
			RECITALS
		

		
			A.        Bank and Borrower are parties to that certain Loan and Security Agreement with an Effective Date of October 31, 2009 (as the same may from time to time be amended, modified, supplemented or restated, the “Loan Agreement”).
		

		
			B.        Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement.
		

		
			C.        Borrower has advised Bank that Borrower intends to enter into a rights agreement, pursuant to which Borrower’s Board of Directors will (i) authorize and declare a dividend of one right (each, a “Right”) for each outstanding share of Borrower’s common stock to stockholders of record at the close of business on a specified record date, and (ii) authorize the issuance of one Right for each share of Borrower’s common stock that may be issued by Borrower after the record date but before the expiration of the term of the Rights, which is expected to be no more than 12 months (collectively, the “Rights Transaction”). Each Right will entitle the registered holder to purchase from Borrower, when exercisable upon the occurrence of certain triggering events, one unit consisting of one one-thousandth of a share of Series A Preferred Stock of Borrower at a specified purchase price (the “Series A Transaction”).  The Rights Transaction and the Series A Transaction are collectively referred to herein as the “Dividend Transaction”.
		

		
			D.        Borrower has requested that Bank consent to the Dividend Transaction.
		

		
			E.        Borrower has also requested that Bank amend the Loan Agreement to make certain other revisions to the Loan Agreement as more fully set forth herein.
		

		
			F.        Bank has agreed to so amend certain provisions of the Loan Agreement and to provide its consent, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.
		

		
			AGREEMENT
		

		
			NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows, effective as of the date hereof:
		

		
			 
		

		
			 
		

		
			

		 

 

		

		
			1.         Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.
		

		
			2.         Consent and Amendments to Loan Agreement.
		

		
			2.1      Consent and Conditions Precedent to Consent.
		

		
			2.1.1   Consent.  Subject to the terms of Section 11 below, and the conditions precedent set forth in Section 2.1.2 below, Bank hereby consents to the Dividend Transaction and agrees that the Dividend Transaction shall not, in and of itself, constitute an “Event of Default” under Section 7.7 of the Loan Agreement.  The foregoing consent, however, does not constitute a consent to any Change in Control that may result from the Dividend Transaction, and if a Change in Control will result from the Dividend Transaction, Borrower will be required to request and obtain Bank’s consent thereto as provided for in the Loan Agreement.
		

		
			2.1.2   Conditions Precedent.  As a condition precedent to the effectiveness of Bank’s consent in Section 2.1.1 above, Borrower shall have provided Bank with the execution version of the documentation evidencing the Dividend Transaction and such documentation shall be satisfactory to Bank, in its discretion, insofar as such documentation evidences the Dividend Transaction as previously described to Bank in writing.
		

		
			2.2       Modified Definition of EBDA.  The definition of “EBDA” defined in the Minimum Liquidity Ratio Financial Covenant set forth in Section 6.9(a) of the Loan Agreement that currently reads as follows:
		

		
			As used herein, the term “EBDA” means, as of any date of determination and with respect to Borrower, Borrower’s net income plus depreciation plus amortization minus the gross margins associated with deferred NRE revenue (determined in accordance with GAAP).
		

		
			is hereby deleted in its entirety and replaced with the following effective as of the month ending February 28, 2017:
		

		
			As used herein, the term “EBDA” means, as of any date of determination and with respect to Borrower, Borrower’s net income plus depreciation plus amortization (including amortizing debt discount) plus non-cash expenses related to stock compensation plus non-cash expenses (or minus non-cash income) related to the accounting of the “Creditor Investment Documents” (as defined in the Intercreditor Agreement, dated on or about April 12, 2017, between Bank and TRGP Capital Partners, L.P. or an affiliate thereof) plus SK hynix Litigation expenses funded under the Creditor Investment Documents if not already excluded from net income (loss) minus the gross margins associated with deferred NRE revenue (determined in accordance with GAAP).
		

		
			2.3       Modified Definition of Eligible Accounts.   Subclause (c) of the definition of “Eligible Accounts” (identifying what does not constitute an Eligible Account) set forth in Section 13.1 of the Loan Agreement that currently reads as follows:
		

		
			
		

		
			

		 

		

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			(c)       [intentionally omitted];
		

		
			is hereby deleted in its entirety and replaced with the following:
		

		
			(c)       Until such time as all Indebtedness owed by Borrower to TRGP has been paid in full, Accounts in which TRGP has a priority payment position vis-à-vis Bank or in which TRGP has a priority Lien vis-à-vis Bank’s Lien;
		

		
			2.4       Modified Addition of Definition of SK hynix Litigation.  The definition of the term “SK hynix Litigation” is hereby added, in alphabetical order, to Section 13.1 of the Loan Agreement and shall read as follows:
		

		
			“SK hynix Litigation” is, collectively, the Borrower’s prosecution of the complaint filed on behalf of Borrower with the U.S. International Trade Commission on September 1, 2016 (and supplemented on September 22, 2016 and September 23, 2016), under Section 337 of the Tariff Act of 1930, as amended, 19 U.S.C. 1337, and the related U.S. International Trade Commission Investigation No. 337-TA-1023.
		

		
			3.         Limitation of Consents and Amendments.
		

		
			3.1       The consents and amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document.
		

		
			3.2       This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.
		

		
			4.         Representations and Warranties. To induce Bank to enter into thisAmendment, Borrower hereby represents and warrants to Bank as follows:
		

		
			4.1       Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;
		

		
			4.2       Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Documents, as amended by this Amendment;
		

		
			4.3       The organizational documents of Borrower delivered to Bank on the
		

		
			
		

		
			

		 

		

			3

		

 

		

		
			Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;
		

		
			4.4       The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Documents, as amended by this Amendment, have been duly authorized;
		

		
			4.5       The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Documents, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;
		

		
			4.6       The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Documents, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and
		

		
			4.7       This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.
		

		
			5.         Release by Borrower. Borrower hereby agree as follows:
		

		
			5.1       FOR GOOD AND VALUABLE CONSIDERATION, Borrower hereby forever relieves, releases, and discharges Bank and its present or former employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities, demands, obligations, promises, acts, agreements, costs and expenses, actions and causes of action, of every type, kind, nature, description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of or in any manner whatsoever connected with or related to facts, circumstances, issues, controversies or claims existing or arising from the beginning of time through and including the date of execution of this Amendment (collectively “Released Claims”).  Without limiting the foregoing, the Released Claims shall include any and all liabilities or claims arising out of or in any manner whatsoever connected with or related to the Loan Documents, the Recitals hereto, any instruments, agreements or documents executed in connection with any of the foregoing or the origination, negotiation, administration, servicing and/or enforcement of any of the foregoing.
		

		
			5.2         In furtherance of this release, Borrower expressly acknowledges and waives any and all rights under Section 1542 of the California Civil Code, which provides as follows:
		

		
			
		

		
			

		 

		

			4

		

 

		

		
			“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR EXPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” (Emphasis added.)
		

		
			5.3       By entering into this release, Borrower recognizes that no facts or representations are ever absolutely certain and it may hereafter discover facts in addition to or different from those which it presently knows or believes to be true, but that it is the intention of Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences, known or unknown, suspected or unsuspected; accordingly, if Borrower should subsequently discover that any fact that it relied upon in entering into this release was untrue, or that any understanding of the facts was incorrect, Borrower shall not be entitled to set aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever. Borrower acknowledges that it is not relying upon and has not relied upon any representation or statement made by Bank with respect to the facts underlying this release or with regard to any of such party’s rights or asserted rights.
		

		
			5.4       This release may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against any action, suit, or other proceeding that may be instituted, prosecuted or attempted in breach of this release. Borrower acknowledges that the release contained herein constitutes a material inducement to Bank to enter into this Amendment, and that Bank would not have done so but for Bank’s expectation that such release is valid and enforceable in all events.
		

		
			5.5       Borrower hereby represents and warrants to Bank, and Bank is relying thereon, as follows:
		

		
			(a)       Except as expressly stated in this Amendment, neither Bank nor any agent, employee or representative of Bank has made any statement or representation to Borrower regarding any fact relied upon by Borrower in entering into this Amendment.
		

		
			(b)       Borrower has made such investigation of the facts pertaining to this Amendment and all of the matters appertaining thereto, as it deems necessary.
		

		
			(c)       The terms of this Amendment are contractual and not a mere recital.
		

		
			(d)       This Amendment has been carefully read by Borrower, the contents hereof are known and understood by Borrower, and this Amendment is signed freely, and without duress, by Borrower
		

		
			(e)       Borrower represents and warrants that it is the sole and lawful owner of all right, title and interest in and to every claim and every other matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to assign or transfer, to
		

		
			
		

		
			

		 

		

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			any person, firm or entity any claims or other matters herein released. Borrower shall indemnify Bank, defend and hold it harmless from and against all claims based upon or arising in connection with prior assignments or purported assignments or transfers of any claims or matters released herein
		

		
			6.         Ratification of Intellectual Property Security Agreement.   Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Intellectual Property Security Agreement dated as of October 31, 2009 between Borrower and Bank, and acknowledges, confirms and agrees that said Intellectual Property Security Agreement (a) contains an accurate and complete listing of all Intellectual Property Collateral (as defined therein) and (b) shall remain in full force and effect.
		

		
			7.         Ratification of Perfection Certificate.  Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated as of January 25, 2017, and acknowledges, confirms and agrees that the disclosures and information Borrower provided to Bank in such Perfection Certificate have not changed, as of the date hereof.
		

		
			8.         Integration.  This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.  All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.
		

		
			9.         Counterparts.  This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.
		

		
			10.       Bank Expenses.  Borrower shall pay to Bank, when due, all Bank Expenses (including reasonable attorneys’ fees and expenses), when due, incurred in connection with or pursuant to this Amendment.
		

		
			11.       Effectiveness.   This Amendment shall be deemed effective upon the due execution and delivery to Bank of this Amendment by each party hereto.  The above-mentioned fee shall be fully earned and payable concurrently with the execution and delivery of this Amendment and shall be non-refundable and in addition to all interest and other fees payable to Bank under the Loan Documents.  Bank is authorized to charge such fees to Borrower’s loan account.
		

		
			[Signature page follows.]
		

		
			
		

		
			

		 

		

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

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						BANK

					
					
						    

					
					
						BORROWER

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Silicon Valley Bank

					
					
						 

					
					
						Netlist, Inc.

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Andrew Skalitzky

					
					
						 

					
					
						By:

					
					
						/s/ Gail Sasaki

				
	
					
						Name:

					
					
						Andrew Skalitzky

					
					
						 

					
					
						Name:

					
					
						Gail Sasaki

				
	
					
						Title:

					
					
						VP

					
					
						 

					
					
						Title:

					
					
						CFO, VP, Secretary

				

		
			 
		

		 

		

			7

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