Document:

exv4w5w4

 

Exhibit 4.5.4

AMENDMENT TO INVESTOR RIGHTS AGREEMENT AND CONSENT

     This Amendment to Investor Rights Agreement and Consent (this “Amendment and Consent”)
is entered into this ___day of November 2005 by and among Iomai Corporation, a Delaware
corporation (the “Company”), and those Purchasers listed on the signature pages hereto (the
“Consenting Purchasers”). The Company and the Consenting Purchasers collectively are
referred to as the “Parties.” Capitalized terms used and not defined herein shall have the
meanings ascribed to such terms in that certain Investor Rights Agreement by and among the Company
and the Purchasers (as defined therein) party thereto, dated December 4, 2002 (the “Investor
Rights Agreement”).

     WHEREAS, in the event the Company effects a reverse split of its capital stock (the
“Reverse Stock Split”), the Parties desire to amend the Investor Rights Agreement;

     WHEREAS, the Parties desire to amend the Investor Rights Agreement to contemplate any stock
split, stock dividend, recapitalization, combination of shares of the Company or other similar
events that may be duly authorized by the Board of Directors of the Company (the “Board”)
in the future;

     WHEREAS, the Company is contemplating a proposed initial public offering of its Common Stock
pursuant to a registration statement on Form S-1 under the Securities Act of 1933, as amended;

     WHEREAS, the Company is contemplating entering into a development and license relationship
(the “Influenza Development Relationship”) with Solvay Pharmaceuticals B.V. (an affiliate
of Solvay S.A. and referred to collectively with Solvay S.A. herein as “Solvay”) which
would require the Company to invest more than $1,000,000 during the upcoming fiscal year and more
than $3,000,000 in the aggregate in a Phase II proof of principle clinical trial and other
activities to support development of a needle-free influenza vaccine product;

     WHEREAS, in connection with the Influenza Development Relationship, the Company is
contemplating the sale and issuance to Solvay of 150,000 shares of Series D Preferred Stock (the
“Series D Issuance”) prior to the closing of its initial public offering;

     WHEREAS, to facilitate the Company’s proposed Influenza Development Relationship and
associated Series D Issuance (collectively, the “Solvay Transaction”), the Consenting
Purchasers desire to approve the Company’s issuance of certain registration rights to Solvay, to
waive any and all rights of the Purchasers to participate in the Series D Issuance and to consent
to the Solvay Transaction and waive the application of any provisions under the Investor Rights
Agreement that conflict with the Company’s activities in connection with the Solvay Transaction;

     WHEREAS, to facilitate the Company’s initial public offering, the Consenting Purchasers desire
to approve certain actions to be taken by the Company with respect to employment agreements and the
Company’s stock incentive plans;

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     WHEREAS, pursuant to its right of first refusal under that certain Stockholders’ Agreement
dated December 4, 2002 by and among the Company, Elan International Services, Ltd. (“EIS”) and
those Stockholders listed on the signature pages thereto (the “Stockholders’ Agreement”),
the Company may repurchase up to 14,734,578 shares of its Series B Preferred Stock which has been
offered for sale by EIS to Saints Capital (subject to the Company’s right of first refusal) at an
aggregate purchase price of approximately $3.5 million (the “EIS Repurchase”);

     WHEREAS, Section 6.4 of the Investor Rights Agreement provides that, unless otherwise
expressly set forth in the Investor Rights Agreement, any term of the Investor Rights Agreement may
be amended and the observance of any term of the Investor Rights Agreement may be waived with the
written consent of the Company and the holders of at least 60% of the Registrable Shares;

     WHEREAS, Section 2.10 of the Investor Rights Agreement requires the prior affirmative vote or
written consent of Purchasers holding at least a majority of the Registrable Shares to approve the
grant of certain registration rights by the Company to stockholders other than the Purchasers;

     WHEREAS, Section 3.1(h)(vii) of the Investor Rights Agreement requires the prior written
consent of the holders of a majority of the Shares then outstanding to waive the participation
rights of the Purchasers under Section 3.1 of the Investor Rights Agreement;

     WHEREAS, the waiver of any term set forth in Section 4.3 (Negative Covenants of the Company)
of the Investor Rights Agreement requires the prior affirmative vote or prior written consent of
the holders of a majority of the then outstanding shares of Series B Preferred and Series C
Preferred that are held by Persons other than Competitors, voting together as a single class (on an
as converted basis); and

     WHEREAS, the Consenting Purchasers are the holders of (a) at least 60% of the Registrable
Shares, (b) a majority of the outstanding Shares and (c) a majority of the outstanding shares of
Series B Preferred and Series C Preferred that are held by Persons other than Competitors.

     NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants and
agreements herein contained, the Parties agree as follows:

	 	1.	 	Amendments to Investor Rights Agreement.

	 	(a)	 	Amendment Upon Effectiveness of the Reverse Stock Split. Subject
only to the effectiveness of the Reverse Stock Split, the reference to “10,000,000
shares” in Section 4.1(d) of the Investor Rights Agreement shall be
proportionately reduced to reflect the Reverse Stock Split.

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	 	(b)	 	Amendment to Accommodate Future Stock Adjustments. The Investor
Rights Agreement is hereby amended by inserting the following sentence at the end
of Section 4.1(d): “In the event of any stock split, stock dividend,
recapitalization, combination of shares of the Company, or other similar event,
then the number of shares required to be held by a Purchaser pursuant to the first
sentence of this Section 4.1(d) shall automatically be adjusted accordingly.”

	 	2.	 	Written Consent of Purchasers.

	 	(a)	 	Approval of Grant of Registration Rights to Solvay. The Consenting
Purchasers constituting at least a majority of the Registrable Shares hereby
approve, in accordance with Section 2.10 of the Investor Rights Agreement, the
following actions by the Company in connection with the Series D Issuance:

	 	(1)	 	the entry by the Company into an agreement with Solvay
whereby Solvay would be permitted to include securities of the Company in any
Registration Statement; and
	 
	 	(2)	 	the grant by the Company of registration rights to Solvay
which are equal to those of the Purchasers with respect to underwriter
cutbacks.

	 	(b)	 	Approval of Actions by the Company Subject to Negative Covenants.
The Consenting Purchasers constituting at least a majority of the outstanding
shares of Series B Preferred and Series C Preferred that are held by Persons other
than Competitors, voting together as a single class, hereby approve, in accordance
with Section 4.3 of the Investor Rights Agreement, the following actions by the
Company:

	 	(1)	 	adoption by the Company of the 2005 Incentive Plan, attached
hereto as Exhibit A;
	 
	 	(2)	 	adoption by the Company of the 2006 Employee Stock Purchase
Plan, attached hereto as Exhibit B; and
	 
	 	(3)	 	repurchase by the Company of any or all shares of Series B
Preferred Stock currently held by EIS to the extent the EIS Repurchase is
recommended by the Board or a committee thereof.

	 	(c)	 	Approval of Solvay Transaction Related Activities by the Company.
Pursuant to section 6.4 of the Investor Rights Agreement, and solely in connection
with the Solvay Transaction, the Consenting Purchasers, being the holders of at
least 60% of the Registrable Shares and a majority of the outstanding shares of
Series B Preferred and Series C Preferred that are held by Persons other than
Competitors, for themselves and for all other

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	 	 	 	parties to the Investor Rights Agreement, hereby consent to the Solvay Transaction
and waive the application of any provisions under the Investor Rights Agreement
that conflict with (i) entering into the Solvay Transaction, (ii) the agreements
entered into in connection with the Solvay Transaction, and (iii) the performance
by the Company of its obligations in connection with the Solvay Transaction.

     3. Waiver of Participation Rights. In the event that the Company sells or issues
Series D Preferred Stock or agrees to sell or issue Series D Preferred Stock to Solvay in
connection with the Series D Issuance, the Consenting Purchasers hereby waive any and all
participation rights of the Purchasers set forth in Section 3.1 of the Investor Rights Agreement on
behalf of all of the Purchasers.

     4. Miscellaneous. Except as expressly amended, approved or waived hereby, the
provisions of the Investor Rights Agreement are and shall remain in full force and effect. The
section and other headings of this Amendment and Consent are for convenience of reference only and
are not to be considered in construing this Amendment and Consent. This Amendment and Consent may
be executed in two or more counterparts, each of which shall be deemed an original, but all of
which taken together shall constitute one instrument. Unless otherwise noted, any Consenting
Purchaser’s signature that appears on the signature pages hereto is deemed a vote with respect to
all shares of capital stock of the Company held of record by such Consenting Purchaser.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, the Parties have executed this Amendment to Investor Rights Agreement and
Consent as of the date first written above.

	 	 	 	 	 
	COMPANY:	IOMAI CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	Stanley C. Erck 	 
	 	 	Title:  	Chief Executive Officer and President 	 
	 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

 

	 	 	 	 	 
	CONSENTING PURCHASERS:	 	ELAN INTERNATIONAL
SERVICES, LTD.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

	 	 	 	 	 
	 	 	ALEXANDRIA REAL ESTATE
EQUITIES, L.P.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

	 	 	 	 	 
	 	 	CNF INVESTMENTS, LLC
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

	 	 	 	 	 
	 	 	DOMAIN PARTNERS V, L.P.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

	 	 	 	 	 
	 	 	DP V ASSOCIATES, L.P.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

 

 

	 	 	 	 	 
	 	 	ESSEX WOODLANDS HEALTH VENTURES V, L.P.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	FBR INFINITY II VENTURES (Israel) LP
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	FBR INFINITY II VENTURES LP
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	FBR INFINITY II VENTURES (Erisa) LP
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	GLOBAL CAPITAL FINANCE GMBH & CO. EUROPE KG
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

 

 

	 	 	 	 	 
	 	 	MEDIMMUNE VENTURES, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	NEW ENTERPRISE ASSOCIATES 10, LIMITED PARTNERSHIP
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	NEA VENTURES 2002, LIMITED PARTNERSHIP
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	PROQUEST INVESTMENTS II, L.P.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	PROQUEST INVESTMENTS II ADVISORS FUND, L.P.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

 

 

	 	 	 	 	 
	 	 	SAM SUSTAINABILITY PRIVATE EQUITY, L.P.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	TECHNOLOGY PARTNERS FUND VI, L.P.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	TECHNOLOGY PARTNERS FUND VII, L.P.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	TECHNOLOGY PARTNERS AFFILIATES VII, L.P.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	ETP/FBR VENTURE CAPITAL II, LLC
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

 

 

	 	 	 	 	 
	 	 	CHINA DEVELOPMENT INDUSTRIAL BANK INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	PAN-PACIFIC VENTURE CAPITAL CO., LTD.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	AIG PRIVATE EQUITY PORTFOLIO, L.P.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	AIG PRIVATE EQUITY PORTFOLIO II, L.P.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	AIG HORIZON PARTNERS FUND, L.P.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

 

 

	 	 	 	 	 
	 	 	AIG HORIZON SIDE-BY-SIDE FUND, L.P.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	COSMOS BIO LIFE SCIENCES, LLC
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	EIICHI IDA
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	GLOBAL CAPITAL FINANCE BEKILIGUNGAN AG
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

 

 

Exhibit A

2005 INCENTIVE PLAN

 

 

Exhibit B

2006 EMPLOYEE STOCK PURCHASE PLANexv10w1w1

 

Exhibit
10.1.1

Execution Copy

AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT

     This Amendment No. 2 (this “Amendment”) to the Employment Agreement, dated as of May 18, 2000,
by and between Stanley Erck, an individual resident of the Commonwealth of Massachusetts (“you”),
and Iomai Corporation, a Delaware corporation (the “Company”), as amended by Amendment No. 1
thereto on October 25, 2001 (as so amended, the “Employment Agreement”, is made and entered
into as of December 1, 2005 by and between you and the Company. Capitalized terms used and not
otherwise defined in this Amendment are used herein as defined in the Employment Agreement.

WITNESSETH:

     WHEREAS, in accordance with Section 17(c) of the Employment Agreement, you and the Company
desire to amend certain provisions of the Employment Agreement, as set forth below.

     NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties herby agree as follows:

     1. Amendment to Section 1(b). Section 1(b) of the Employment Agreement is hereby
amended by deleting all but the first sentence thereof.

     2. Amendment to Section 3(c). The last sentence of Section 3(c) of the Employment
Agreement is hereby amended and restated in its entirety as follows:

“Your options shall be governed by the Company’s option plans pursuant to
which the grant has been, or in the future is, made and shall vest under
the Company’s standard vesting schedule, provided, however, that the
Company agrees that (i) in the event of a Change of Control, (ii) if your
employment with the Company is terminated by the Company for other than
Cause (as defined below) or (iii) if you terminate your employment with
the Company for Good Reason (as defined herein), all of your unvested
options, whether granted by the Company pursuant to this Section 3(c) of
this Agreement or otherwise, shall immediately vest and become
exercisable.”

     3. Amendment to Section 9(a). Section 9(a) of the Employment Agreement is hereby
amended and restated in its entirety as follows:

“(a) Cash Payment. Provided that you execute a general release of claims
in a form reasonably acceptable to the Company (and provided further that you do
not revoke that release within seven (7) days after you

 

 

Execution Copy

execute it), on the Termination Date you shall receive a cash payment equal to
twice the sum of (A) your then current Base Compensation, (or if your Base
Compensation has been reduced within sixty (60) days of the Termination Date or at
any time after the Change of Control, your Base Compensation in effect prior to
such reduction) and (B) the higher of (i) you target incentive bonus for the year
in which the Date of Termination occurs or (ii) your actual incentive bonus for the
last full year preceding the year in which the Date of Termination occurs, net of
any deductions for taxes required by law.”

     4. Addition of new Section 17(i). Section 17(i) of the Employment Agreement is hereby
added to read in its entirety as follows:

“(i) Timing of Payments. In the event that, at the time that the
Executive’s employment with the Company terminates, the Company is publicly traded
(as defined in Section 409A of the Internal Revenue Code), any amounts payable
under this Agreement that would otherwise be considered deferred compensation
subject to additional tax imposed by Section 409A if paid within six (6) months
following the date of termination shall be paid at the time that will prevent such
amounts from being considered deferred compensation.”

     5. Full Force and Effect. Except as modified, amended and supplemented above, all
rights, terms and conditions of the Employment Agreement shall remain in full force and effect.

     6. Effect of Amendment. This Amendment is an amendment to the Employment Agreement.
Unless the context of this Amendment otherwise requires, the Employment Agreement and this
Amendment shall be read together and shall have the effect as if the provisions of the Employment
Agreement and this Amendment were contained in one agreement. After the effective date of this
Amendment, all references in the Employment Agreement to the “Employment Agreement,” “this
Agreement,” “hereto,” “hereof,” “hereunder” or words of like import referring to the Employment
Agreement shall mean the Employment Agreement as amended by this Amendment.

     7. Governing Law. Regardless of the choice of law provisions of the State of Delaware
or any other jurisdiction, the parties agree that this Amendment shall be otherwise interpreted,
enforced and governed by federal laws and the laws of the State of Delaware.

     8. Counterparts. This Amendment may be executed in counterparts, and when so
executed, each counterpart shall be deemed an original, and said counterparts together shall
constitute one and the same instrument.

     9. Effective Date. This Amendment shall be effective on the date the Company has a
registration statement for an initial public offering declared effective by the Securities and
Exchange Commission.

 

 

Execution Copy

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above
written.

IOMAI CORPORATION

	 	 	 	 	 	 	 
	/s/ Stanley C. Erck

	 	 	 	By:
	 	/s/ Russell P. Wilson
	 

	 	 	 	 	 	 
	Stanley Erck	 	 	 	Russell P. Wilson
	 	 	 	 	Senior Vice President

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