SEC Contract Filing

Filing Date: 2015-09-15

Document Content:
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<TYPE>EX-10.4
<SEQUENCE>6
<FILENAME>d16995dex104.htm
<DESCRIPTION>EX-10.4
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<TITLE>EX-10.4</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF AMENDMENT, WAIVER AND CONSENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TO: INSITE VISION INCORPORATED (the &#147;<B>Corporation</B>&#148;) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RE: 12% SECURED SENIOR NOTES OF THE CORPORATION </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>:<B> </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top">The undersigned (the &#147;<B>Holder</B>&#148;) is the holder of a 12% senior secured notes in the aggregate principal amount of US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the
&#147;<B>Holder Notes</B>&#148;, and together with all other notes issued pursuant to the Purchase Agreement (as defined below), the &#147;<B>Notes</B>&#148;) issued by the Corporation to the Holder pursuant to a securities purchase agreement (the
&#147;<B>Purchase Agreement</B>&#148;) dated as of October&nbsp;9, 2014, as amended on November&nbsp;21, 2014, by and among the Corporation, Riverbank Capital Securities, Inc., as placement agent, the Holder and certain other purchasers party
thereto. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top">The Corporation, Ranbaxy, Inc., a subsidiary of Sun Pharmaceutical Industries Ltd. (&#147;<B>Ranbaxy</B>&#148;), and Thea Acquisition Corp., a subsidiary of Ranbaxy (&#147;<B>Merger Sub</B>&#148;), entered into an
agreement and plan of merger (the &#147;<B>Merger Agreement</B>&#148;) dated as of September&nbsp;15, 2015 pursuant to which, among other things, Merger Sub will commence a cash tender offer (the &#147;<B>Offer</B>&#148;) for all outstanding shares
of common stock, par value $0.01 per share, of the Corporation at a purchase price of $0.35 per share, net to the seller in cash, without interest, followed by the merger of Merger Sub with and into the Corporation, with the Corporation being the
surviving corporation. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top">Pursuant to the Merger Agreement, either party may terminate the Merger Agreement if the consummation of the Offer (the &#147;<B>Offer Closing</B>&#148;) does not occur on or before January&nbsp;29, 2016, as it may be
extended by the parties pursuant to the terms of the Merger Agreement. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">D.</TD>
<TD ALIGN="left" VALIGN="top">Pursuant to Section&nbsp;9(b) of the Notes, the consummation of the Offer will constitute a &#147;Sale of Maker&#148; as such term is defined in the Notes, and trigger an obligation of the Corporation to redeem (the
&#147;<B>Mandatory Redemption</B>&#148;) the Note at the Redemption Price, as defined in the Notes, within ten days after the consummation of the Offer. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">E.</TD>
<TD ALIGN="left" VALIGN="top">In connection with the Offer (i)&nbsp;Sun agreed to advance a loan (the &#147;<B>Sun Loan</B>&#148;) to the Corporation of up to US$11,914,194.52 on the terms and conditions of a secured note (the &#147;<B>Sun
Note</B>&#148;) issued by Corporation to Sun dated the date hereof and (ii)&nbsp;Sun, the Corporation and U.S. Bank National Association (the &#147;<B>Collateral Agent</B>&#148;), as collateral agent for the Holder and certain other purchasers under
the Purchase Agreement, entered into an intercreditor agreement (the &#147;<B>Intercreditor Agreement</B>&#148;) pursuant to which, among other things, the Collateral Agent agreed to subordinate the security interests (the &#147;<B>Holder&#146;s
Security</B>&#148;) granted by the Corporation to secure its obligations under the Purchase Agreement pursuant to the terms of that certain Security Agreement, dated as of October&nbsp;9, 2014 by the Corporation in favor of the Holder and certain
other purchasers under the Purchase Agreement and the Collateral Agent (the &#147;<B>Holder Security Agreement</B>&#148;) to the security interests granted by the Corporation to secure its obligations under the Sun Note (the &#147;<B>Sun
Security</B>&#148;) pursuant to the terms of that certain Security Agreement, dated the date hereof by the Corporation in favor of Sun (the &#147;<B>Sun Security Agreement</B>&#148;). </TD></TR></TABLE>

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