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UPIP > SEC Filings for UPIP > Form 8-K on 14-Feb-2013All Recent SEC Filings

Show all filings for UNWIRED PLANET, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for UNWIRED PLANET, INC.


14-Feb-2013

Termination of a Material Definitive Agreement


Item 1.02. Termination of a Material Definitive Agreement.

On February 12, 2013, in connection with the previously disclosed patent acquisition transaction with Telefonaktiebolaget LM Ericsson (publ), Unwired Planet, Inc. (the "Company" or "UP") terminated its secured revolving credit facility with Silicon Valley Bank ("SVB"), dated as of January 23, 2009 (as subsequently amended, the "Credit Facility"). As of December 31, 2012, the Credit Facility bore interest of 4% per annum and, for each letter of credit issued under the Credit Facility, the Company was required to pay 0.75% per annum on the face amount of the letter of credit. In addition, the Company was required to pay an annual commitment fee to SVB. The revolving credit line was secured by a blanket lien on all of the Company's assets and contained certain financial and reporting covenants customary for these types of credit facility agreements. In connection with the termination of the Credit Facility, SVB has agreed that the Company will be able to maintain certain letters of credit under the Credit Facility to the extent such letters of credit are fully cash collateralized. The amount collateralized is approximately $18.0 million and will be reflected as restricted cash on the Company's balance sheet; approximately $17.0 million of this amount relates to the lease on the Company's prior headquarters which expires in June 2013, after which time that amount of cash will no longer be restricted. Except for liens on the cash collateral, all security interests and other liens granted to SVB pursuant to the Credit Facility were terminated and released. The Company did not incur any early termination fees in connection with the termination of the Credit Facility. The foregoing description of the Credit Facility is qualified in its entirety by reference to the Credit Facility and the amendments and waiver thereto, which original Credit Facility is filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the "Commission") on January 28, 2009. A schedule of the filings of the amendments and waiver to the original Credit Facility is below.

A more detailed description of the Credit Facility, including the amendments and waiver thereto, can be found under the heading "Credit Agreement" in Note 8 to the financial statements contained in Item 15 of Part IV of the Company's Annual Report on Form 10-K for the year ended June 30, 2012, filed with the Commission on September 7, 2012 (as amended, the "Annual Report") and under the heading "Credit Agreement" in Note 7 to the financial statements contained in Item 1 of Part I of the Company's Quarterly Reports on Form 10-Q for the quarters ended September 30, 2012 and December 31, 2012, filed with the Commission on November 7, 2012 and February 7, 2013, respectively.

Below is a schedule of the filings of the amendments and waiver to the Credit Facility since its original execution on January 23, 2009:

 Amendment/Waiver                           Filed As
 Amendment No. 1 dated January 20, 2010     Exhibit 10.6 to the Company's
                                            Quarterly Report on Form 10-Q filed
                                            with the Commission on February 5,
                                            2010
 Amendment No. 2 dated January 20, 2010     Exhibit 10.7 to the Company's
                                            Quarterly Report on Form 10-Q filed
                                            with the Commission on February 5,
                                            2010
 Amendment No. 3 dated April 14, 2010       Exhibit 10.5 to the Company's
                                            Quarterly Report on Form 10-Q filed
                                            with Commission on May 7, 2010
 Amendment No. 4 dated April 26, 2011       Exhibit 10.2 to the Company's
                                            Quarterly Report on Form 10-Q filed
                                            with the Commission on May 6, 2011
 Amendment No. 5 dated September 6, 2011    Exhibit 10.4 to the Company's
                                            Quarterly Report on Form 10-Q filed
                                            with the Commission on November 7,
                                            2011
 Amendment No. 6 dated January 23, 2012     Exhibit 10.10 to the Company's
                                            Quarterly Report on Form 10-Q filed
                                            with the Commission on February 8,
                                            2012
 Amendment No. 7 dated February 24, 2012    Exhibit 10.1 to the Company's
                                            Quarterly Report on Form 10-Q filed
                                            with the Commission on May 10, 2012
 Amendment No. 8 dated March 29, 2012       Exhibit 10.2 to the Company's
                                            Quarterly Report on Form 10-Q filed
                                            with the Commission on May 10, 2012
 Amendment No. 9 dated April 16, 2012       Exhibit 10.3 to the Company's
                                            Quarterly Report on Form 10-Q filed
                                            with the Commission on May 10, 2012
 Amendment No. 10 dated May 4, 2012         Exhibit 10.4 to the Company's
                                            Quarterly Report on Form 10-Q filed
                                            with the Commission on May 10, 2012
 Limited Waiver dated February 1, 2011      Exhibit 10.1 to the Company's
                                            Quarterly Report on Form 10-Q filed
                                            with the Commission on February 8,
                                            2011


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