Exhibit 10.2
ADDENDUM NO. 1
TO MASTER LEASE AGREEMENT
DATED AS OF DECEMBER 31, 1998
THIS ADDENDUM (this "ADDENDUM") amends and supplements the above referenced
lease (the "LEASE"), between GENERAL ELECTRIC CAPITAL CORPORATION ("LESSOR") and
MYRIAD GENETICS INC. ("LESSEE") and is hereby incorporated into the Lease as
though fully set forth therein. Capitalized terms not otherwise defined herein
shall have the meanings set forth in the Lease.
The Lease is hereby amended as follows:
1. XXI. ADDITIONAL COVENANTS.
(a) At all times during the term of the Lease, Lessee shall maintain:
(i) unrestricted cash, cash equivalents and investment grade securities
(including long term marketable securities) of at least $15,000,000; (ii) a
minimum current asset including long term marketable securities) to current
liability ratio of 1.50:1.00; (iii) a total liabilities to tangible net
worth ratio of no more than 0.50:1; and (iv) a minimum tangible net worth
(defined as total shareholders equity minus intangible assets ) of
$20,000,000. Unrestricted cash, cash equivalents and investment grade
securities shall be defined as being net of any non-GE Capital contingent
liabilities associated with other lease or loan cash triggers, pledge
agreements, etc. Except as defined herein, accounting terms used herein
shall be as defined, and all calculations hereunder shall be made, in
accordance with GAAP.
(b) Lessee's chief financial officer shall notify Lessor of the amount
of Lessee's unrestricted cash, cash equivalents, investment grade
securities, tangible net worth, current asset to current liability ratio
and total liabilities to tangible net worth ratio, and shall certify that
such amounts are in compliance with the requirements of Section XXI(a)
above, such notification and certification shall be provided within thirty
(30) days after the end of each quarter, reflecting such information as of
the end of the quarter immediately preceding such notice, unless Lessee's
unrestricted cash, cash equivalents and investment grade securities fall
below $15,000,000 at which point reporting becomes monthly. If Lessee
fails timely to provide such notification and compliance certificates,
within thirty (30) days after such failure, Lessee shall be in default
hereunder.
Except as expressly modified hereby, all terms and provisions of the Lease shall
remain in full force and effect. This Addendum is not binding nor effective
with respect to the Lease or the Equipment until executed on behalf of Lessor
and Lessee by authorized representatives of Lessor and Lessee.
IN WITNESS WHEREOF, Lessee and Lessor have caused this Addendum to be executed
by their duly authorized representatives as of the date first above written.
LESSOR: LESSEE:
GENERAL ELECTRIC CAPITAL MYRIAD GENETICS INC.
CORPORATION
By: /s/ Xxxxx Xxxx By: /s/ Xxx X. Xxxxx
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Name: Xxxxx Xxxx Name: Xxx X. Xxxxx
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Title: Risk Analyst Title: V.P. Finance/C.F.O.
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Attest:
By: /s/ Xxxx Xxxxxxx
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