SEC Contract Filing

Filing Date: 2016-05-16

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>2
<FILENAME>d187882dex102.htm
<DESCRIPTION>EX-10.2
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<TITLE>EX-10.2</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 10.2 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONSENT AND FOURTH AMENDMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LOAN AND SECURITY
AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Consent and Fourth Amendment to Loan and Security Agreement (this <B>&#147;Amendment&#148;) </B>is entered into this
25<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2016 by and among (a)&nbsp;<B>SILICON VALLEY BANK (&#147;Bank&#148;) </B>and (b)&nbsp;(i)&nbsp;<B>SYNACOR, INC., </B>a Delaware corporation <B>(&#147;Synacor&#148;),</B>
(ii)<B> NTV INTERNET HOLDINGS, LLC,</B> a Delaware limited liability company (<B>&#147;NTV&#148;</B>), and (iii) <B>SYNC HOLDINGS, LLC, </B>a Delaware limited liability company (&#147;Sync&#148;, and together with Synacor and NTV, individually and
collectively, jointly and severally, the <B>&#147;Borrower&#148;).</B> </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>R<SMALL>ECITALS</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>A.</B> Bank and Borrower have entered into that certain Loan and Security Agreement dated as of September&nbsp;27, 2013 (the <B>&#147;Loan
and Security Agreement&#148;), </B>as amended by that certain First Amendment to Loan and Security Agreement dated as of October&nbsp;28, 2014 by and among Borrower and Bank, as amended by that certain Joinder to Loan and Security Agreement dated as
of April&nbsp;13, 2015 by and among Borrower and Bank, as amended by that certain Joinder to Loan and Security Agreement dated as of September&nbsp;25, 2015 by and among Borrower and Bank, as amended by that certain Second Amendment to Loan and
Security Agreement dated as of September&nbsp;25, 2015 by and among Borrower and Bank, and as further amended by that certain Third Amendment to Loan and Security Agreement dated as of October&nbsp;28, 2015 by and among Borrower and Bank (as the
same may from time to time be further amended, modified, supplemented or restated, the <B>&#147;Loan</B> <B>Agreement&#148;).</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>B.</B> Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>C.</B> Borrower has requested that Bank amend the Loan Agreement to (i)&nbsp;increase the interest rate, (ii)&nbsp;revise a financial
covenant, and (iii)&nbsp;make certain other revisions to the Loan Agreement as more fully set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>D.</B> Borrower has
notified Bank that it intends to purchase the Purchased Assets (as defined in the Asset Purchase Agreement (as defined below)) from Technorati, Inc. a Delaware corporation <B>(&#147;Seller&#148;) </B>(the <B>&#147;Acquisition&#148;) </B>pursuant to
the terms and conditions of that certain Asset Purchase Agreement dated as of February&nbsp;19, 2016, by and among Borrower and Seller (the <B>&#147;Purchase Agreement&#148;) </B>attached as <U>Exhibit A</U> hereto. Borrower has requested that Bank
consent to the Acquisition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>E.</B> Bank has agreed to (i)&nbsp;consent to the Acquisition and (ii)&nbsp;amend certain provisions of
the Loan Agreement, 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. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>A<SMALL>GREEMENT</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Now, T<SMALL>HEREFORE</SMALL>, </B>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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1. Definitions.</B>
Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2. Amendments to
Loan Agreement.</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>2.1</B> <B>Section&nbsp;6.7(a) (Financial Covenants). </B>Section&nbsp;6.7(a) is deleted in its entirety and
replaced with the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Adjusted Quick Ratio</U>. (i)&nbsp;Through and including the calendar quarter ending
June&nbsp;30, 2014, a ratio of (A)&nbsp;Quick Assets to (B)&nbsp;outstanding Obligations, of at least 2.50 to 1.0 (to be tested as