Document:

ex_178674.htm

Exhibit 10.18

 

**** THE SYMBOL “[****]” DENOTES PLACES WHERE CERTAIN IDENTIFIED

INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (i)

NOT MATERIAL, AND (ii) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE

COMPANY IF PUBLICLY DISCLOSED ****

 

Exclusive Capital Services Engagement Agreement

 

	
			Thank you for engaging [****] to provide you with the Capital Markets Services indicated below. The purpose of this Agreement is to define the scope of that representation, how our services will be provided to you, and the fees associated with such services.

			 

			
	
			Services to be Provided:

			 

				 	 
	
			[****] will assist you, the undersigned Borrower, in seeking financing with prospective lenders and in negotiating the terms of financing with prospective lenders for the following assets (the “Asset”):

			 

			Flowerfield Park: 1 Flowerfield, St. James, New York

			Cortlandt Medical Park: 1985 Crompond Road, Cortlandt Manor, New York

			 

			To that end, [****] will create and structure a financing request package, and shall submit that package to lenders in an attempt to generate competitive offers. [****] will consult with you in connection with its preparation of the financing request memorandum package. In performing these services, you understand that [****] is not acting as your agent or the agent of any lender and is not responsible for performing any investigation or due diligence of the Asset or the underlying investment, or for providing professional tax or legal advice.

			 

			You are granting to [****] the right and authority for 180 days from the Effective Date to work on your behalf to obtain debt financing on the Asset.

			Lenders not eligible for [****] to represent are the following lenders you already have relationships with (defined as “Excluded Lenders”): [****]. 

			 

			 

			Fees for Services Provided:

				 

 

You agree to pay [****] an Origination Fee (the “Fee”) equal to One Percent (1.0%) of the final loan amount upon the occurrence of any of the following events: (1) Loan is closed with an [****] proposed lender other than an Excluded Lender; or (2) You obtain any debt financing on these Assets within 12 months of executing the agreement (“12-Month Period”) from any lender disclosed or introduced to you by [****] other than an Excluded Lender. Gyrodyne has the right to terminate for any reason with a 30 day notice.

 

The Fee is due to [****] upon closing, and [****] will be entitled to make demand of any closing agent for payment from the proceeds of the financing, and you shall approve instructions directing that the closing agent pay [****] the Fee. In no event shall [****] be paid later than 30 days after any of the events resulting in the Fee.

 

This Fee is in addition to all other third-party processing and report costs, and you agree to pay any expenses that may be required or incurred by a lender to complete the debt financing, including, but not limited to, title insurance, application fees, legal fees, appraisal costs, commitment fees, survey costs, documentation fees, and environmental audits.

 

 

 

 

Other Terms:

 

	
			●    You understand that [****]is not the lender, and that [****] does not guarantee that financing can be obtained. If [****] obtains a commitment or proposed note or mortgage, you agree to review it promptly. Gyrodyne has the ultimate decision to accept or reject any proposed loan.

			 

			●    You agree to defend, indemnify and hold [****] harmless from any and all claims, demands, liabilities and damages arising from or related to any untrue statement of a material fact on the part of Gyrodyne in connection with the financing request package or the omission to state in the financing request package a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

			 

			●    Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by final binding arbitration administered before a single arbitrator with a minimum of ten years’ experience in commercial real estate by the American Arbitration Association (“AAA”), or another administrator chosen by the parties, under AAA’s Commercial Arbitration Rules. Judgment on the award rendered by the arbitrator may be entered in any court of competent jurisdiction. The Parties shall be permitted to engage in discovery, and the arbitrator shall decide pre-hearing dispositive motions. By signing below you consent to binding arbitration and give up your rights to have the dispute litigated in court or jury trial.

			 

			●    In any litigation, arbitration, or other legal proceeding which may arise out of or relating to this Agreement, the prevailing party shall be entitled to recover its costs, including reasonable attorneys' fees.

			 

			●   This Agreement is binding upon and inures to the benefit of the parties and their legal representatives, successors and assigns. The Agreement may not be assigned without the consent of both parties.

				 	
			●   You understand and acknowledge that the closing of the financing contemplated under this Agreement could be delayed by factors outside of [****] control. If delayed, you may realize a taxable event or suffer other tax and financial penalties. You hereby release and hold [****] harmless from any and all liability or other financial consequences arising out of or related to delay caused by factors outside of [****] control.

			 

			●   You acknowledge that [****] is relying on information provided by you and has not made an independent investigation, determination, assessment, analysis, warranty or representation of, among other things, the value of the Asset, the financial, legal, title, physical, geological or environmental condition of the Asset, the financial condition or business prospects of any tenant, or such tenant’s intent to continue or renew its tenancy in the Asset, or the suitability of the Asset for your contemplated use. You agree that investigation and analysis of the foregoing matters is your sole responsibility and that you will hold [****] harmless from any liability therefore.

			 

			●    This Agreement shall be governed and construed in accordance with the laws of the State of New York. Venue of any federal or state court in Suffolk County.

			 

			●   [****] makes no representation as to the legal effect or validity of any provision of this Agreement. If you desire legal, financial, or tax advice, consult your attorney, accountant, or tax advisor.

			 

			●    This Agreement contains our entire understanding. There are no other written or oral agreements that affect this Agreement.

			 

			●   You agree to provide lender required information to MMCC to help achieve loan approval and closing, limited to proposed loans that Gyrodyne has agreed to pursue.

			 

			●    The terms of this agreement and the information provided by Gyrodyne to [****] shall be subject to The January 27th, 2020 Confidentiality Agreement.

			

 

Page 2

 

 

	
			By signing below you authorize [****] to disclose this information to prospective lenders and authorize [****] and/or lenders to investigate your credit and financial histories as well as those of any entity or individual related to this Agreement, and to verify information from any source.

			 

			If the borrower is a corporation, company, or partnership, you represent that by signing below you are authorized to execute on behalf of and bind the corporation, company, or partnership.

			 

			
	
			Gyrodyne, LLC:

			 

				
			[****]

			
	
			Your Name:

			Gary J. Fitlin

				
			By:

			[****]

			
	
			Your Address:

			One Flowerfield, Suite 24

			St. James, NY 11780

				
			Our Address:

			[****]

			
	
			Your Phone Number:

			(631) 584-5400 x316

				
			Our Phone Number:

			[****]

			
	
			Your Email:

			gfitlin@gyrodyne.com

				
			Our Email:

			[****]

			
	
			Signature:

			 

				
			Signature:

			
	
			Effective Date:

			 

			

 

Page 3life-ex410_254.htm

 

Exhibit 4.10

 

DESCRIPTION OF COMMON STOCK

 

The following summary description of the common stock of aTyr Pharma, Inc. (we, our or us) is based on the provisions of our amended and restated certificate of incorporation, as well as our amended and restated bylaws, and the applicable provisions of the Delaware General Corporation Law (DGCL). This information is qualified entirely by reference to the applicable provisions of our amended and restated certificate of incorporation, amended and restated bylaws, and the DGCL. Our amended and restated certificate of incorporation and amended and restated bylaws have previously been filed as exhibits with the Securities and Exchange Commission (SEC). 

 

Common Stock 

 

The holders of our common stock are entitled to one vote for each share held on all matters submitted to a vote of the stockholders. The holders of our common stock do not have any cumulative voting rights. Holders of our common stock are entitled to receive ratably any dividends declared by our Board of Directors out of funds legally available for that purpose, subject to any preferential dividend rights of any outstanding preferred stock. Our common stock has no preemptive rights, conversion rights or other subscription rights or redemption or sinking fund provisions. 

 

In the event of our liquidation, dissolution or winding up, holders of our common stock will be entitled to share ratably in all assets remaining after payment of all debts and other liabilities and any liquidation preference of any outstanding preferred stock. 

 

Preferred Stock 

 

The rights of holders of our common stock described above, are and will be subject to, and may be adversely affected by, the rights of currently authorized and outstanding preferred stock and any preferred stock that we may designate and issue in the future. Our Board of Directors is authorized to issue up to 2,714,048‬ shares of undesignated preferred stock in one or more series without stockholder approval. Our Board of Directors may determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock, any or all of which may be more favorable than the rights of our common stock. The issuance of shares of undesignated preferred stock could decrease the amount of earnings and assets available for distribution to holders of shares of common stock. The issuance may also adversely affect the rights and powers, including voting rights, of these holders and may have the effect of delaying, deterring or preventing a change in control of us. The existence of authorized but unissued shares of undesignated preferred stock may enable our Board of Directors to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise. For example, if in the due exercise of its fiduciary obligations, our Board of Directors were to determine that a takeover proposal is not in the best interests of us or our stockholders, our Board of Directors could cause shares of preferred stock to be issued without stockholder approval in one or more private offerings or other transactions that might dilute the voting or other rights of the proposed acquirer, stockholder or stockholder group. 

 

Our Board of Directors is authorized to issue up to 5,000,000 shares of undesignated preferred stock in one or more series without stockholder approval. Our Board of Directors may determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock, any or all of which may be more favorable than the rights of our common stock. 

 

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Provisions of our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and Delaware Anti-Takeover Law 

 

Certain provisions of the DGCL and of our amended and restated certificate of incorporation and amended and restated bylaws could have the effect of delaying, deferring or discouraging another party from acquiring control of us. These provisions, which are summarized below, are expected to discourage certain types of coercive takeover practices and inadequate takeover bids and, as a consequence, they might also inhibit temporary fluctuations in the market price of our common stock that often result from actual or rumored hostile takeover attempts. These provisions are also designed in part to encourage anyone seeking to acquire control of us to first negotiate with our Board of Directors. These provisions might also have the effect of preventing changes in our management. It is possible that these provisions could make it more difficult to accomplish transactions that stockholders might otherwise deem to be in their best interests. However, we believe that the advantages gained by protecting our ability to negotiate with any unsolicited and potentially unfriendly acquirer outweigh the disadvantages of discouraging such proposals, including those priced above the then-current market value of our common stock, because, among other reasons, the negotiation of such proposals could improve their terms.  

 

Board Composition and Filling Vacancies. Our amended and restated certificate of incorporation provides for the division of our Board of Directors into three classes serving staggered three-year terms, with one class being elected each year. Our amended and restated certificate of incorporation also provides that directors may be removed only for cause and then only by the affirmative vote of the holders of 75% or more of the shares then entitled to vote at an election of directors. Furthermore, any vacancy on our Board of Directors, however occurring, including a vacancy resulting from an increase in the size of our board, may only be filled by the affirmative vote of a majority of our directors then in office even if less than a quorum. 

 

No Written Consent of Stockholders. Our amended and restated certificate of incorporation provides that all stockholder actions are required to be taken by a vote of the stockholders at an annual or special meeting, and that stockholders may not take any action by written consent in lieu of a meeting. 

 

Meetings of Stockholders. Our amended and restated certificate of incorporation and amended and restated bylaws provide that only a majority of the members of our Board of Directors then in office may call special meetings of stockholders and only those matters set forth in the notice of the special meeting may be considered or acted upon at a special meeting of stockholders. Our amended and restated bylaws limit the business that may be conducted at an annual meeting of stockholders to those matters properly brought before the meeting. 

 

Advance Notice Requirements. Our amended and restated bylaws establish advance notice procedures with regard to stockholder proposals relating to the nomination of candidates for election as directors or new business to be brought before meetings of our stockholders. These procedures provide that notice of stockholder proposals must be timely given in writing to our corporate secretary prior to the meeting at which the action is to be taken. 

 

Amendment to Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws. As required by the DGCL, any amendment of our amended and restated certificate of incorporation must first be approved by a majority of our Board of Directors, and if required by law or our amended and restated certificate of incorporation, must thereafter be approved by a majority of the outstanding shares entitled to vote on the amendment and a majority of the outstanding shares of each class entitled to vote thereon as a class, except that the amendment of the provisions relating to stockholder action, board composition, limitation of liability and the amendment of our certificate of incorporation must be approved 

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by not less than 75% of the outstanding shares entitled to vote on the amendment, and not less than 75% of the outstanding shares of each class entitled to vote thereon as a class. Our amended and restated bylaws may be amended by the affirmative vote of a majority of the directors then in office, subject to any limitations set forth in the amended and restated bylaws; and may also be amended by the affirmative vote of at least 75% of the outstanding shares entitled to vote on the amendment, or, if our Board of Directors recommends that the stockholders approve the amendment, by the affirmative vote of the majority of the outstanding shares entitled to vote on the amendment, in each case voting together as a single class. 

 

Delaware Anti-Takeover Law. We are subject to the provisions of Section 203 of the DGCL. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a three-year period following the time that this stockholder becomes an interested stockholder, unless the business combination is approved in a prescribed manner. Under Section 203, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies one of the following conditions: 

 

	
 
	
•
	
before the stockholder became interested, the board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

 

	
 
	
•
	
upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, shares owned by persons who are directors and also officers, and employee stock plans, in some instances; or

 

	
 
	
•
	
at or after the time the stockholder became interested, the business combination was approved by the board of directors of the corporation and authorized at an annual or special meeting of the stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.

 

Section 203 defines a business combination to include: 

 

	
 
	
•
	
any merger or consolidation involving the corporation and the interested stockholder;

 

	
 
	
•
	
any sale, transfer, lease, pledge or other disposition involving the interested stockholder of 10% or more of the assets of the corporation;

 

	
 
	
•
	
subject to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;

 

	
 
	
•
	
subject to exceptions, any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; and

 

	
 
	
•
	
the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

 

In general, Section 203 defines an interested stockholder as any entity or person beneficially owning or having owned in the past three years 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by the entity or person. 

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Exclusive Jurisdiction of Certain Actions. Our amended and restated bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers or other employees to us or our stockholders, (iii) any action asserting a claim arising pursuant to any provision of the DGCL, our amended and restated certificate of incorporation or our amended and restated bylaws, or (iv) any action asserting a claim against us governed by the internal affairs doctrine. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our directors and officers. This choice of forum provision does not apply to suits brought to enforce a duty or liability created by the Securities Act of 1933, as amended, or the Exchange Act, or any other claim for which the federal courts have exclusive jurisdiction.

 

This choice of forum provision may limit a stockholder’s ability to bring certain claims in a judicial forum that it finds favorable for disputes with us or any of our directors, officers, other employees or stockholders, which may discourage lawsuits with respect to such claims, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder. If a court were to find this choice of forum provision to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could adversely affect our business and financial condition.

Listing 

 

Our common stock is listed on the Nasdaq Capital Market under the symbol “LIFE.” 

 

Transfer Agent and Registrar 

 

The transfer agent and registrar for our common stock is American Stock Transfer & Trust Company, LLC. The transfer agent and registrar’s address is 6201 15th Avenue, Brooklyn, NY 11219. 

 

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