Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 THIRD
AMENDMENT TO THE 
 RECEIVABLES FINANCING AGREEMENT 

This THIRD AMENDMENT TO THE RECEIVABLES FINANCING AGREEMENT (this “Amendment”), dated as of June 30, 2020, is entered
into by and among the following parties: 
  

	 	(i)	 LAMAR TRS RECEIVABLES, LLC, a Delaware limited liability company, as a Borrower (the “TRS
Borrower”); 

  

	 	(ii)	 LAMAR QRS RECEIVABLES, LLC, a Delaware limited liability company, as a Borrower (the “QRS
Borrower”; together with the TRS Borrower, collectively, the “Borrowers”); 

  

	 	(iii)	 LAMAR MEDIA CORP., a Delaware corporation, as initial Servicer; and 

 

	 	(iv)	 PNC BANK, NATIONAL ASSOCIATION (“PNC”), as Administrative Agent and as Lender.

 Capitalized terms used but not otherwise defined herein (including such terms used above) have the respective meanings
assigned thereto in the Receivables Financing Agreement described below. 
 BACKGROUND 

A.    The parties hereto have entered into a Receivables Financing Agreement, dated as of December 18, 2018 (as
amended, restated, supplemented or otherwise modified through the date hereof, the “Receivables Financing Agreement”). 

B.    Concurrently herewith, the Borrowers, PNC and PNC Capital Markets LLC are entering into that certain Amendment Fee
Letter, dated as of the date hereof (the “Fee Letter”). 
 C.    The Servicer has notified PNC that the
average Dilution Ratio for the three consecutive Fiscal Months ending in May 2020 exceeded 4.00% (such event, the “Dilution Trigger Breach”). 

D.    The parties hereto desire to amend the Receivables Financing Agreement as set forth herein. 

NOW THEREFORE, with the intention of being legally bound hereby, and in consideration of the mutual undertakings expressed herein, each party
to this Amendment hereby agrees as follows: 
 SECTION 1.    Amendments to the Receivables Financing Agreement.
The Receivables Financing Agreement is hereby amended to incorporate the changes shown on the marked pages of the Receivables Financing Agreement attached hereto as Exhibit A. 

 SECTION 2.    Waiver. 

(a)    Limited Waiver. The Administrative Agent and the Lenders (the “Waiving
Parties”) hereby waive the occurrence of the Event of Default pursuant to Section 10.01(f)(i)(C) of the Receivables Financing Agreement solely to the extent arising prior to the date hereof as a result of the Dilution Trigger Breach
(the “Subject Event”). 
 (b)    General Limitations. Notwithstanding anything to
the contrary herein or in the Transaction Documents, by executing this Amendment, no Waiving Party is now waiving, nor has it agreed to waive in the future (i) the breach of any provision of the Transaction Documents, other than as expressly
set forth in clause (a) above, (ii) any Event of Default or Unmatured Event of Default under the Receivables Financing Agreement or the other Transaction Documents (whether presently or subsequently existing or arising), other than as
expressly set forth in clause (a) above or (iii) any rights, powers or remedies presently or subsequently available to any of the Waiving Parties or any other Person against the Lamar Parties under the Receivables Financing
Agreement, any of the other Transaction Documents, applicable law or otherwise, relating to any matter other than solely to the extent expressly waived herein, each of which rights, powers or remedies is hereby specifically and expressly reserved
and continue. 
 (c)    No Waiver of Indemnification, Etc. Without limiting the generality of the
foregoing and for the avoidance of doubt, the Waiving Parties are not hereby waiving or releasing, nor have they agreed to waive or release in the future, any right or claim to indemnification or reimbursement by, or damages from, any Lamar Party or
any other Person under any Transaction Document, including without limitation, for any liability, obligation, loss, damage, penalty, judgment, settlement, cost, expense or disbursement resulting or arising directly or indirectly from the Dilution
Trigger Breach or otherwise. 
 SECTION 3.    Representations and Warranties of the Borrowers and the Servicer.
Each Borrower and the Servicer hereby represent and warrant to each of the parties hereto as of the date hereof as follows: 

(a)    Representations and Warranties. The representations and warranties made by it in the
Receivables Financing Agreement and each of the other Transaction Documents to which it is a party are true and correct in all material respects as of the date hereof unless such representations and warranties by their terms refer to an earlier
date, in which case they are true and correct in all material respects as of such earlier date. 

(b)    Enforceability. The execution and delivery by it of this Amendment, and the performance of
its obligations under this Amendment, the Fee Letter, the Receivables Financing Agreement (as amended hereby) and the other Transaction Documents to which it is a party are within its organizational powers and have been duly authorized by all
necessary action on its part, and this Amendment, the Fee Letter, the Receivables Financing Agreement (as amended hereby) and the other Transaction Documents to which it is a party are (assuming due authorization and execution by the other parties
thereto) its valid and legally binding obligations, enforceable in accordance with their terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
the enforcement of 

  
 2 

 
creditors’ rights generally and (ii) as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in
equity or at law. 
 (c)    No Event of Default. After giving effect to this Amendment, no Event
of Default or Unmatured Event of Default has occurred and is continuing, or would occur as a result of this Amendment, the Fee Letter or the transactions contemplated hereby or thereby. 

SECTION 4.    Effect of Amendment; Ratification. All provisions of the Receivables Financing Agreement and the
other Transaction Documents, as expressly amended and modified by this Amendment, shall remain in full force and effect. After this Amendment becomes effective, all references in the Receivables Financing Agreement (or in any other Transaction
Document) to “this Receivables Financing Agreement”, “this Agreement”, “hereof”, “herein” or words of similar effect referring to the Receivables Financing Agreement shall be deemed to be references to the
Receivables Financing Agreement as amended by this Amendment. This Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of the Receivables Financing Agreement other than as set forth herein. The
Receivables Financing Agreement, as amended by this Amendment, is hereby ratified and confirmed in all respects. 
 SECTION
5.    Effectiveness. This Amendment shall become effective as of the date hereof, subject to the conditions precedent that the Administrative Agent shall have received the following: 

(a)    counterparts to this Amendment executed by each of the parties hereto; and 

(b)    counterparts to the Fee Letter executed by each of the parties thereto and confirmation that all
fees owing under the Fee Letter have been paid in accordance with its terms. 
 SECTION 6.    Severability. Any
provisions of this Amendment which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

SECTION 7.    Transaction Document. This Amendment shall be a Transaction Document for purposes of the Receivables
Financing Agreement. 
 SECTION 8.    Counterparts. This Amendment may be executed in any number of counterparts,
each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart hereof by facsimile or other electronic means shall be equally
effective as delivery of an originally executed counterpart. 

  
 3 

 SECTION 9.    GOVERNING LAW AND JURISDICTION. 

(a)    THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO
ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF). 
 (b)    EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO (I) WITH
RESPECT TO EACH BORROWER AND THE SERVICER, THE EXCLUSIVE JURISDICTION, AND (II) WITH RESPECT TO EACH OF THE OTHER PARTIES HERETO, THE NON-EXCLUSIVE JURISDICTION, IN EACH CASE, OF ANY NEW YORK STATE OR
FEDERAL COURT SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING (I) IF BROUGHT BY
ANY BORROWER, THE SERVICER OR ANY AFFILIATE THEREOF, SHALL BE HEARD AND DETERMINED, AND (II) IF BROUGHT BY ANY OTHER PARTY TO THIS AMENDMENT MAY BE HEARD AND DETERMINED, IN EACH CASE, IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY
LAW, IN SUCH FEDERAL COURT. NOTHING IN THIS SECTION 9 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO BRING ANY ACTION OR PROCEEDING AGAINST ANY BORROWER OR THE SERVICER OR ANY OF THEIR RESPECTIVE PROPERTY IN
THE COURTS OF OTHER JURISDICTIONS. EACH BORROWER AND THE SERVICER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING. THE PARTIES HERETO
AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 

SECTION 10.    Section Headings. The various headings of this Amendment are included for convenience only and shall
not affect the meaning or interpretation of this Amendment, the Receivables Financing Agreement or any provision hereof or thereof. 

SECTION 11.    Performance Guaranty Ratification. After giving effect to this Amendment and the Fee Letter and the
transactions contemplated hereby and thereby, (i) all of the provisions of the Performance Guaranty shall remain in full force and effect and (ii) the Performance Guarantor hereby ratifies and affirms the Performance Guaranty and
acknowledges that the Performance Guaranty has continued and shall continue in full force and effect in accordance with its terms. 

[SIGNATURE PAGES FOLLOW] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized
officers as of the date first above written. 
  

			
	LAMAR TRS RECEIVABLES, LLC,
	as a Borrower
		
	By:	 	 /s/ Jay L. Johnson

	Name:	 	Jay L Johnson
	Title:	 	Executive Vice President, Chief Financial Officer
	
	LAMAR QRS RECEIVABLES, LLC,
	as a Borrower
		
	By:	 	 /s/ Jay L. Johnson

	Name:	 	Jay L Johnson
	Title:	 	Executive Vice President, Chief Financial Officer
	
	LAMAR MEDIA CORP.,
	as the Servicer
		
	By:	 	 /s/ Jay L. Johnson

	Name:	 	Jay L Johnson
	Title:	 	Executive Vice President, Chief Financial Officer

  

					
		  	S-1	  	Third Amendment to the Receivables Financing Agreement

 
			
	PNC BANK, NATIONAL ASSOCIATION,
	as Administrative Agent
		
	By:	 	 /s/ Michael Brown

	Name:	 	Michael Brown
	Title:	 	Senior Vice President
	
	PNC BANK, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Michael Brown

	Name:	 	Michael Brown
	Title:	 	Senior Vice President

  

					
		  	S-2	  	Third Amendment to the Receivables Financing Agreement

			
	Acknowledged and agreed:
	
	LAMAR MEDIA CORP.,
	as Performance Guarantor
		
	By:	 	 /s/ Jay L. Johnson

	Name:	 	Jay L Johnson
	Title:	 	Executive Vice President, Chief Financial Officer

  

					
		  	S-3	  	Third Amendment to the Receivables Financing Agreement

 Exhibit A 

(attached) 

  

 EXECUTION
VERSIONEXHIBIT A to  
 SecondThird Amendment to Receivables Financing
Agreement, dated as of May 6,June 30,
2020 
 RECEIVABLES FINANCING AGREEMENT 

Dated as of December 18, 2018 

by and among 
 THE PERSONS FROM
TIME TO TIME PARTY HERETO, 
 as Borrowers, 

THE PERSONS FROM TIME TO TIME PARTY HERETO, 

as Lenders, 
 PNC BANK, NATIONAL
ASSOCIATION, 
 as Administrative Agent, 

LAMAR MEDIA CORP., 
 as initial
Servicer, 
 and 
 PNC CAPITAL
MARKETS LLC, 
 as Structuring Agent 

 Borrower or the Servicer to so instruct) such Obligor to remit payments under Pool Receivables directly to a
Collection Account or a Lock-Box (or directly to the Administrative Agent or its designee), the most recent payment remitted by such Obligor following receipt of such instruction was made to a Collection
Account or a Lock-Box (or directly to the Administrative Agent or its designee). 

“Majority Lenders” means Lenders representing more than 50% of the aggregate Commitments of all Lenders (or, if the
Commitments have been terminated, Lenders representing more than 50% of the aggregate outstanding Capital held by all the Lenders). 

“Material Adverse Effect” means relative to any Person (provided that if no particular Person is specified,
“Material Adverse Effect” shall be deemed to be relative to both (i) the Servicer, the Performance Guarantor and the Originators, taken as a whole and (ii) the Borrowers, individually and in the aggregate) with respect to any
event or circumstance, a material adverse effect on any of the following: 
 (a)    the assets,
operations, business or financial condition of the Servicer, the Performance Guarantor and the Originators, taken as a whole; 

(b)    the assets, operations, business or financial condition of any Borrower; 

(c)    the ability of the Borrowers, the Servicer, the Performance Guarantor or any Originator to perform
its obligations under this Agreement or any other Transaction Document to which it is a party; 

(d)    the validity or enforceability of this Agreement or any other Transaction Document, or the validity,
enforceability, value or collectibility of any material portion of the Pool Receivables; 
 (e)    the
status, perfection, enforceability or priority of the Administrative Agent’s security interest in any material portion of the Collateral; or 

(f)    the rights and remedies of any Credit Party under the Transaction Documents or associated with its
respective interest in the Collateral. 
 “Material Indebtedness” shall mean (i) Debt under the Credit Agreement and
(ii) Debt of any one or more of Holdings, the Lamar Parties or any Subsidiary thereof in an aggregate principal amount exceeding $100,000,000. 

“Minimum Dilution Reserve Percentage” means, at any time of determination, the product (expressed as a percentage and rounded
to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward) of (a) the average of the Dilution Ratios for the twelve (12) most recent Fiscal Months, multiplied by (b) the Dilution Horizon Ratio. 

“Minimum Funding
 Threshold” means, on any day, an amount equal to the lesser of (a) the product of (i) 50.00% times (ii) the aggregate Commitment of all Lenders at such time and (b) the Borrowing Base at such time; provided, that the Borrowers may, prior to
December 21, 2020, reduce the percentage set forth in clause (a)(i) above to a lower percentage for multiple 

  
 25 

 
periods of up to sixty calendar days in the aggregate, so long
as, for each such period, both (x) the Borrowers have delivered no less than two days’ prior written request therefore to the Administrative Agent and each Lender (provided, that no such notice shall be required to be delivered with
respect to the commencement on the Third Amendment Effective Date of such a period) and (y) the end of such period shall be no later than December 21, 2020. 

“
Monthly Settlement Date” means the 25th day of each calendar month (or if such day is not a Business Day, the next occurring Business Day).

 “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto that is a nationally
recognized statistical rating organization. 
 “Multiemployer Plan” means a multiemployer plan as defined in
Section 4001(a)(3) of ERISA to which any Lamar Party or any of their respective ERISA Affiliates is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make
contributions. 
 “Net Receivables Pool Balance” means, at any time of determination: (a) the aggregate Outstanding
Balance of all Eligible Receivables then in the Receivables Pool, minus (b) the Excess Concentration. 

“Obligor” means, with respect to any Receivable, any Person obligated to make payments with respect to such Receivable,
including (i) to the extent so obligated, any related advertiser or any advertising agency, agent or licensee of such advertiser or (ii) any guarantor thereof or co-obligor therewith. 

“Obligor Percentage” means, at any time of determination, for each Obligor, a fraction, expressed as a percentage,
(a) the numerator of which is the aggregate Outstanding Balance of the Eligible Receivables of such Obligor and its Affiliates less the amount (if any) then included in the calculation of the Excess Concentration with respect to such Obligor
and its Affiliates and (b) the denominator of which is the aggregate Outstanding Balance of all Eligible Receivables at such time. 

“OFAC” means the U.S. Department of Treasury’s Office of Foreign Assets Control. 

“Originator” means each of the QRS Originators and the TRS Originators. 

“Other Connection Taxes” means, with respect to any Affected Person, Taxes imposed as a result of a present or former
connection between such Affected Person and the jurisdiction imposing such Tax (other than connections arising from such Affected Person having executed, delivered, become a party to, performed its obligations under, received payments under,
received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in any Loan or Transaction Document). 

“Other Taxes” means any and all present or future stamp, court or documentary, intangible, recording, filing Taxes or any
other excise or property Taxes, charges or similar levies or fees arising from any payment made hereunder or from the execution, delivery, performance, 

  
 26 

 “Subject Obligor Collections” means any Collections on Pool Receivables
owing by any Subject Obligor. 

“Subject Periods”
 means each of the three consecutive Fiscal Month periods ending in June 2020, July 2020 and August 2020, respectively. 

“
Sub-Servicer” has the meaning set forth in Section 9.01(d). 

“Subsidiary” means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares
of stock of each class or other interests having ordinary voting power (other than stock or other interests having such power only by reason of the happening of a contingency) to elect a majority of the Board of Directors or other managers of such
entity are at the time owned, or management of which is otherwise controlled: (a) by such Person, (b) by one or more Subsidiaries of such Person or (c) by such Person and one or more Subsidiaries of such Person. 

“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges, withholdings (including
backup withholding), assessments, fees or other charges imposed by any Governmental Authority and all interest, penalties, additions to tax and any similar liabilities with respect thereto. 

“Termination Date” means the earliest to occur of (a) the Scheduled Termination Date, (b) the date on which the
“Termination Date” is declared or deemed to have occurred under Section 10.01 and (c) the date selected by the Borrowers on which all Commitments have been reduced to zero pursuant to Section 2.02(e). 

“Third
Amendment Effective Date” means June 30, 2020. 
 “Total
Reserves” means, at any time of determination, an amount equal to the product of (a) the sum of (A) the Yield Reserve Percentage, plus (B) the greater of (I) the sum of the Concentration Reserve Percentage, plus
the Minimum Dilution Reserve Percentage and (II) the sum of the Loss Reserve Percentage, plus the Dilution Reserve Percentage, times (b) the Net Receivables Pool Balance at such time. 

“Tranche Period” means, with respect to any LIBOR Loan, a period of one, two, three or six months selected by the applicable
Borrower pursuant to Section 2.05. Each Tranche Period shall commence on a Monthly Settlement Date and end on (but not including) the Monthly Settlement Date occurring one, two, three or six calendar months thereafter, as selected by the
applicable Borrower pursuant to Section 2.05; provided, however, that if the date any Loan made pursuant to Section 2.01 is not a Monthly Settlement Date, the initial Tranche Period for such Loan shall commence
on the date such Loan is made pursuant to Section 2.01 and end on the next Monthly Settlement Date occurring after the day in the applicable succeeding calendar month which corresponds numerically to the beginning day of such initial
Tranche Period; provided, further, that if any Tranche Period would end after the Termination Date, such Tranche Period (including a period of one day) shall end on the Termination Date. 

“Transaction Documents” means this Agreement, each Purchase and Sale Agreement, the Account Control Agreements, the Fee
Letter, each Intercompany Loan Agreement, the 

  
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aggregate amount of $100,000 and shall be an integral multiple of $100,000 in excess thereof and
(ii, (ii) the Borrowers shall not provide any Reduction Notice, and no such Reduction Notice shall
be effective, if after giving effect thereto, the Aggregate Capital at such time would be less than an amount equal to the Minimum Funding Threshold and (iii) any accrued Interest and Fees in
respect of the portion(s) of Capital so reduced shall be paid in full on the immediately following Settlement Date; provided, however that notwithstanding the foregoing, a prepayment may be in an amount necessary to reduce any
Borrowing Base Deficit existing at such time to zero. 
 (e)    The Borrowers may, at any time upon at least
thirty (30) days’ prior written notice to the Administrative Agent and each Lender, terminate the Facility Limit in whole or ratably reduce the Facility Limit in part. Each partial reduction in the Facility Limit shall be in a minimum
aggregate amount of $5,000,000 or integral multiples of $1,000,000 in excess thereof, and no such partial reduction shall reduce the Facility Limit to an amount less than $50,000,000. In connection with any partial reduction in the Facility Limit,
the Commitment of each Lender shall be ratably reduced. 
 (f)    In connection with any reduction of the Commitments,
the Borrowers shall remit to the Administrative Agent (i) instructions regarding such reduction and (ii) for payment to the Lenders, cash in an amount sufficient to pay (A) Capital of each Lender in excess of the Commitment of such
Lender at such time and (B) all other outstanding Borrower Obligations with respect to such reduction (determined based on the ratio of the reduction of the Commitments being effected to the amount of the Commitments prior to such reduction or,
if the Administrative Agent reasonably determines that any portion of the outstanding Borrower Obligations is allocable solely to that portion of the Commitments being reduced or has arisen solely as a result of such reduction, all of such portion)
including, without duplication, any associated Breakage Fees. Upon receipt of any such amounts, the Administrative Agent shall apply such amounts first to the reduction of the Aggregate Capital, and second to the payment of the remaining outstanding
Borrower Obligations, including any associated Breakage Fees, with respect to such reduction, by paying such amounts to the Lenders. 

(g)    So long as no Event of Default has occurred and is continuing, upon notice to the Administrative Agent and each
Lender, the Borrowers may from time to time request an increase in the Commitment with respect to one or more Lenders, at any time following the Closing Date and prior to the Termination Date, such aggregate increase in such Lenders’
Commitments to be an amount (for all such requests or additions) not exceeding $125,000,000; provided, that each request for an increase shall be in a minimum amount of $10,000,000. At the time of sending such notice with respect to any
Lender, the Borrowers (in consultation with the Administrative Agent and the Lenders) shall specify the time period within which such Lenders and the Administrative Agent are requested to respond to the Borrowers’ request (which shall in no
event be less than ten (10) Business Days from the date of delivery of such notice to the Administrative Agent and the Lenders). In respect of any Lender, each of such Lender being asked to increase its Commitment and the Administrative Agent
shall notify the Borrowers and the Servicer within the applicable time period whether or not such Person agrees, in its respective sole discretion, to the increase to such Lender’s Commitment. Any such Person not responding within such time
period shall be deemed to have declined to consent to an increase in such Lender’s Commitment. For the avoidance of doubt, only the consent of the Lender then being 

  
 38 

 
shall be deemed to have represented and warranted that such statements are then true and correct): 

(i)    the representations and warranties of each Borrower and the Servicer contained in Sections
7.01 and 7.02 are true and correct in all material respects on and as of the date of such Credit Extension as though made on and as of such date unless such representations and warranties by their terms refer to an earlier date, in which
case they shall be true and correct in all material respects on and as of such earlier date; 

(ii)    no Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of
Default or Unmatured Event of Default would result from such Credit Extension; 
 (iii)    no Borrowing
Base Deficit exists or would exist after giving effect to such Credit Extension; and 
 (iv)    the
Termination Date has not occurred. 
 SECTION 6.03.    Conditions Precedent to All Releases. Each Release
hereunder on or after the Closing Date shall be subject to the conditions precedent that: 
  

(a)    after giving effect to such Release, the Servicer shall be holding in trust for the benefit of the Secured Parties
an amount of Collections sufficient to pay the sum of (x) all accrued and unpaid Servicing Fees, Interest, Fees and Breakage Fees, in each case, through the date of such Release, (y) the amount of any Borrowing Base Deficit and
(z) the amount of all other accrued and unpaid Borrower Obligations through the date of such Release; 
 (b)    the
Borrowers shall use the proceeds of such Release solely to pay the purchase price for Receivables purchased by the Borrowers in accordance with the terms of the Purchase and Sale Agreements and amounts owing by the Borrowers to the Originators under
the Intercompany Loan Agreements; and 
 (c)    on the date of such Release the following statements shall be true and
correct (and upon the occurrence of such Release, each Borrower and the Servicer shall be deemed to have represented and warranted that such statements are then true and correct): 

(i)    the representations and warranties of each Borrower and the Servicer contained in Sections
7.01 and 7.02 are true and correct in all material respects on and as of the date of such Release as though made on and as of such date unless such representations and warranties by their terms refer to an earlier date, in which case they
shall be true and correct in all material respects on and as of such earlier date; 
 (ii)    no Event of
Default or Unmatured Event of Default has occurred and is continuing, and no Event of Default or Unmatured Event of Default would result from such Release; 

(iii)    no Borrowing Base Deficit exists or would exist after giving effect to such Release; and 

  
 57 

 (iv)    the Termination Date has not occurred; and 

(v)
    the Aggregate Capital exceeds the
Minimum Funding Threshold. 
 ARTICLE VII 

REPRESENTATIONS AND WARRANTIES 

SECTION 7.01.    Representations and Warranties of the Borrowers. Each Borrower represents and warrants to each
Credit Party as of the Closing Date, on each Settlement Date and on each day that a Credit Extension or Release shall have occurred: 

(a)    Organization and Good Standing. Such Person is a limited liability company duly organized and validly
existing in good standing under the laws of the State of Delaware and has full power and authority under its constitutional documents and under the laws of its jurisdiction to own its properties and to conduct its business as such properties are
currently owned and such business is presently conducted. 
 (b)    Due Qualification. Such Person is duly
qualified to do business as a limited liability company, is in good standing as a foreign limited liability company and has obtained all necessary licenses and approvals in all jurisdictions in which the conduct of its business requires such
qualification, licenses or approvals, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

(c)    Power and Authority; Due Authorization. Such Person (i) has all necessary limited liability company
power and authority to (A) execute and deliver this Agreement and the other Transaction Documents to which it is a party, (B) perform its obligations under this Agreement and the other Transaction Documents to which it is a party and
(C) grant a security interest in the Collateral to the Administrative Agent on the terms and subject to the conditions herein provided and (ii) has duly authorized by all necessary limited liability company action such grant and the
execution, delivery and performance of, and the consummation of the transactions provided for in, this Agreement and the other Transaction Documents to which it is a party. 

(d)    Binding Obligations. This Agreement and each of the other Transaction Documents to which such Person is a
party constitutes legal, valid and binding obligations of such Person, enforceable against such Person in accordance with their respective terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is
considered in a proceeding in equity or at law. 
 (e)    No Conflict or Violation. The execution, delivery and
performance of, and the consummation of the transactions contemplated by, this Agreement and the other Transaction Documents to which such Person is a party, and the fulfillment of the terms hereof and thereof, will not (i) conflict with,
result in any breach of any of the terms or provisions of, or constitute (with or without notice or lapse of time or both) a default under its organizational 

  
 58 

 
any Credit Extension to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism
Law. The funds used to repay each Credit Extension will not be derived from any unlawful activity. The Borrowers shall comply with all Anti-Terrorism Laws. The Borrowers shall promptly notify the Administrative Agent and each Lender in writing upon
the occurrence of a Reportable Compliance Event. The Borrowers have not used and will not use the proceeds of any Credit Extension to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a
Sanctioned Country. 
 (w)    Borrower’s Net Worth. The Borrowers shall not permit the Borrower’s Net
Worth to be less than the Required Capital Amount. 
 (x)    Federal Assignment of Claims Act; Etc. If requested
by the Administrative Agent following the occurrence of an Event of Default, prepare and make any filings under the Federal Assignment of Claims Act (or any other similar applicable law) with respect to Receivables owing by Governmental Authorities,
that are necessary in order for the Administrative Agent to enforce such Receivables against the Obligor thereof. 

(y)    Taxes. Each Borrower will (i) timely file all tax returns (federal, state and local) required to be
filed by it and (ii) pay, or cause to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and other governmental charges being contested in good faith by appropriate proceedings and as to which
adequate reserves have been provided in accordance with GAAP, except in the case of clauses (i) and (ii) above, where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

(z)    Borrowers’ Tax Status. Each Borrower will remain a wholly-owned subsidiary of a United States person
(within the meaning of Section 7701(a)(30) of the Code) and not be subject to withholding under Section 1446 of the Code. No action will be taken that would cause any Borrower to (i) be treated other than as a “disregarded
entity” within the meaning of U.S. Treasury Regulation § 301.7701-3 for U.S. federal income tax purposes or (ii) become an association taxable as a corporation or a publicly traded partnership
taxable as a corporation for U.S. federal income tax purposes. No Borrower shall become subject to any Tax in any jurisdiction outside the United States. 

(aa)    Commingling. Each Borrower (or the Servicer on its behalf) will, and will cause each Originator to, at all
times, ensure that for each calendar month, that no more than 2.5% (or after the occurrence of a Ratings Event Level II, such lesser percentage as the Administrative Agent may notify the Borrowers upon no less than 30 days prior notice, which
percentage may be 0%) of the aggregate amount of all funds deposited into the Collection Accounts during such calendar month constitute Affiliate Collections. 

(bb)    Subject Obligor Collections. Each Borrower (or the Servicer on its behalf) will, and will cause each
Originator to, at all times, ensure that for each calendar month, no more than $10,000,000 of Subject Obligor Collections are deposited into the Approved Accounts. 

(cc)    Liquidity Coverage Ratio. No Borrower shall issue any LCR Security. 

  
 76 

(dd)
    Minimum Funding Threshold. Each Borrower shall
cause the Aggregate Capital to exceed the Minimum Funding Threshold at all times. 

SECTION 8.02.    Covenants of the Servicer. At all times from the Closing Date until the Final Payout Date: 

(a)    Existence. The Servicer shall keep in full force and effect its existence and rights as a corporation or
other entity under the laws of the State of Delaware. The Servicer shall obtain and preserve its qualification to do business in each jurisdiction in which the conduct of its business or the servicing of the Pool Receivables as required by this
Agreement requires such qualification, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

(b)    Financial Reporting. The Servicer will maintain a system of accounting established and administered in
accordance with GAAP, and the Servicer shall furnish to the Administrative Agent and each Lender: 

(i)    Compliance Certificates. (A) A compliance certificate promptly upon completion of the
annual report of Holdings and in no event later than 120 days after the close of Holdings’ fiscal year, in form and substance substantially similar to Exhibit H signed by a Financial Officer of the Servicer stating that no Event of
Default or Unmatured Event of Default has occurred and is continuing, or if any Event of Default or Unmatured Event of Default has occurred and is continuing, stating the nature and status thereof and (B) within 60 days after the close of each
of the first three fiscal quarters of Holding, a compliance certificate in form and substance substantially similar to Exhibit H signed by a Financial Officer of the Servicer stating that no Event of Default or Unmatured Event of Default has
occurred and is continuing, or if any Event of Default or Unmatured Event of Default has occurred and is continuing, stating the nature and status thereof. 

(ii)    Information Packages and Interim Reports. (A) Not later than two (2) Business Days
prior to each Settlement Date, an Information Package as of the most recently completed Fiscal Month and (B) if a Ratings Event Level II has occurred, upon ten (10) Business Days’ prior written notice from the Administrative Agent, an
Interim Report not later than the second Business Day of each calendar week with respect to the Pool Receivables with data as of the close of business on the last day of the immediately preceding calendar week. 

(iii)    Other Information. Such other information (including
non-financial information) as the Administrative Agent or any Lender may from time to time reasonably request. 

(iv)    Quarterly Financial Statements of Holdings. As soon as available and in no event later than
60 days following the end of each of the first three fiscal quarters in each of Holdings’ fiscal years, (A) the unaudited consolidated balance sheet and statements of income of Holdings and its consolidated Subsidiaries as at the end of
such fiscal quarter and the related unaudited consolidated statements of earnings and cash continue unremedied for two (2) Business Days or (iii) Lamar shall resign as Servicer, and no successor Servicer reasonably satisfactory to the
Administrative Agent shall have been appointed; 

  
 77 

 (b)    any representation or warranty made or deemed made by any Lamar
Party (or any of their respective officers) under or in connection with this Agreement or any other Transaction Document or any information or report delivered by any Lamar Party pursuant to this Agreement or any other Transaction Document, shall
prove to have been incorrect or untrue in any material respect when made or deemed made or delivered; 
 (c)    any
Borrower or the Servicer shall fail to deliver an Information Package or Interim Report at the time required pursuant to this Agreement, and such failure shall remain unremedied for two (2) Business Days; 

(d)    this Agreement or any security interest granted pursuant to this Agreement or any other Transaction Document shall
for any reason cease to create, or for any reason cease to be, a valid and enforceable first priority perfected security interest in favor of the Administrative Agent with respect to the Collateral, free and clear of any Adverse Claim; 

(e)    any Lamar Party shall generally not pay its debts as such debts become due, or shall admit in writing its inability
to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any Insolvency Proceeding shall be instituted by or against any Lamar Party and, in the case of any such proceeding instituted against such Person (but
not instituted by such Person), either such proceeding shall remain undismissed or unstayed for a period of sixty (60) consecutive days, or any of the actions sought in such proceeding (including the entry of an order for relief against, or the
appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or any Lamar Party shall take any corporate or organizational action to authorize any of the actions set forth
above in this paragraph; 
 (f)    (i) the average for three consecutive Fiscal Months of: (A) the Default Ratio
shall exceed 3.50%, (B) the Delinquency Ratio shall exceed, (x) solely with respect to any Subject Period, 11.00%
and, (y) otherwise, 8.00% or (C) the Dilution Ratio shall
exceed, (x) solely with respect to any Subject Period, 7.00% and, (y) otherwise, 4.00% or (ii) the Days’ Sales Outstanding shall exceed,
(A) solely with respect to any Subject Period, 75 days and, (B) otherwise, 65 days; 

(g)    a Change in Control shall occur; 

(h)    a Borrowing Base Deficit shall occur, and shall not have been cured within two (2) Business Days; 

(i)    (i) any Borrower shall fail to pay any principal of or premium or interest on any of its Debt when the same becomes
due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement, mortgage, indenture or instrument
relating to such Debt (whether or not such failure shall have been waived under the related 

  
 95 

 (iii)    no Borrowing Base Deficit exists or would exist
after giving effect to such Credit Extension; 
 (iv)    the Aggregate Capital will not exceed the
Facility Limit; and 

(v)    the Termination Date has not occurred; and 

(vi)
    the Aggregate Capital exceeds the
Minimum Funding Threshold. 

  
 Exhibit A- 2 

 EXHIBIT B 

Form of Reduction Notice 

[LETTERHEAD OF BORROWER] 

[Date] 
 [Administrative Agent] 

[Lenders] 
  

	 	Re:	 Reduction Notice 

Ladies and Gentlemen: 
 Reference is hereby made
to that certain Receivables Financing Agreement, dated as of December 18, 2018 among Lamar TRS Receivables, LLC and Lamar QRS Receivables, LLC, as borrowers (collectively, the “Borrowers”), Lamar Media Corp., as Servicer (the
“Servicer”), the Lenders party thereto, PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”) and PNC Capital Markets LLC, as Structuring Agent (as amended,
supplemented or otherwise modified from time to time, the “Agreement”). Capitalized terms used in this Reduction Notice and not otherwise defined herein shall have the meanings assigned thereto in the Agreement. 

This letter constitutes a Reduction Notice pursuant to Section 2.02(d) of the Agreement. The Borrowers hereby notify the Administrative
Agent and the Lenders that they shall prepay the outstanding Capital of the Lenders in the amount of [$        ] to be made on
[            , 201    ]. After giving effect to such prepayment, the Aggregate Capital will be [$        ]. 

Each Borrower hereby represents and warrants as of the date hereof, and after giving effect to such reduction, as follows: 

(i)    the representations and warranties of each Borrower and the Servicer contained in Sections
7.01 and 7.02 of the Agreement are true and correct in all material respects on and as of the date of such prepayment as though made on and as of such date unless such representations and warranties by their terms refer to an earlier
date, in which case they shall be true and correct in all material respects on and as of such earlier date; 

(ii)    no Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of
Default or Unmatured Event of Default would result from such prepayment; 
 (iii)    no Borrowing Base
Deficit exists or would exist after giving effect to such prepayment; and 

  
 Exhibit B- 1 

 (iv)    the Termination Date has not occurred; and 

(v)    the
 Aggregate Capital exceeds the Minimum Funding Threshold. 

  
 Exhibit B- 2Exhibit 10.1

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement (this “Agreement”) is made effective as of [   ], 2020 by and between Therapeutics Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS, the Company’s registration statement on Form S-1, File No. 333-239196 (the “Registration Statement”) and prospectus (the “Prospectus”) for the initial public offering (the “Offering”) of shares (the “Offering Shares”) of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and

 

WHEREAS, the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Jefferies LLC, as representative (the “Representative”) of the several underwriters (the “Underwriters”) named therein; and

 

WHEREAS, as described in the Prospectus, $100,000,000 of the gross proceeds of the Offering and sale of the shares of Common Stock in a private placement in connection with the Offering, if any (or $115,000,000 if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United States (the “Trust Account”) for the benefit of the Company and the holders of the Common Stock as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,” the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”);

 

WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property up to $3,500,000, or up to $4,025,000 if the Underwriters’ over-allotment option is exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon and concurrently with the consummation of the Business Combination (as defined below) (the “Deferred Discount”); and

 

WHEREAS, the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

 

NOW THEREFORE, IT IS AGREED:

 

1.             Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a)           Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the Trustee in the United States at J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more) in the United States, maintained by the Trustee and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company;

 

(b)           Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c)           In a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely in United States government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations, as determined by the Company; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder and the Trustee may earn bank credits or other consideration;

 

(d)           Collect and receive, when due, all interest or other income arising from the Property, which shall become part of the “Property,” as such term is used herein;

 

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(e)           Promptly notify the Company and the Representative of all communications received by the Trustee with respect to any Property requiring action by the Company;

 

(f)            Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s preparation of the tax returns relating to assets held in the Trust Account;

 

(g)           Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company to do so;

 

(h)           Render to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements of the Trust Account;

 

(i)            Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer, President, Executive Vice President, Vice President, Secretary or Chairman of the board of directors of the Company (the “Board”) or other authorized officer of the Company, and, in the case of Exhibit A, acknowledged and agreed to by the Representative, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to its taxes (less taxes payable and up to $100,000 of such net interest to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the date which is, the later of (1) 24 months after the closing of the Offering and (2) such later date as may be approved by the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less taxes payable and up to $100,000 of such net interest to pay dissolution expenses), shall be distributed to the Public Stockholders of record as of such date;

 

(j)            Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property requested by the Company to cover any tax obligation owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing authority so long as there is no reduction in the principal amount initially deposited in the Trust Account; provided, however, that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be designated by the Company in writing to make such distribution (it being acknowledged and agreed that any such amount in excess of interest income earned on the Property shall not be payable from the Trust Account). The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request;

 

(k)           Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D (a “Stockholder Redemption Withdrawal Instruction”), the Trustee shall distribute on behalf of the Company the amount requested by the Company to be used to redeem shares of Common Stock from Public Stockholders properly submitted in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares (the “public shares”) if the Company has not consummated an initial Business Combination within such time as is described in the Company’s amended and restated certificate of incorporation or with respect to any other material provisions relating to stockholders’ rights or pre-initial Business Combination activity. The written request of the Company

 

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referenced above shall constitute presumptive evidence that the Company is entitled to distribute said funds, and the Trustee shall have no responsibility to look beyond said request; and

 

(l)            Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (k) above.

 

2.             Agreements and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)           Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President, Executive Vice President, Vice President or Secretary. In addition, except with respect to its duties under Sections 1(i), 1(j) and 1(k) hereof, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care, believes to be given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing;

 

(b)           Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld. The Company may participate in such action with its own counsel;

 

(c)           Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee, and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be used to pay such fees unless and until it is distributed to the Company pursuant to Sections 1(i) through 1(j) hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof;

 

(d)           In connection with any vote of the Company’s stockholders regarding a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses (the “Business Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder meeting verifying the vote of such stockholders regarding such Business Combination;

 

(e)           Provide the Representative with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

(f)            Unless otherwise agreed between the Company and the Representative, ensure that any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount is paid directly to the account or accounts directed by the Representative on behalf of the Underwriters prior to any transfer of the funds held in the Trust Account to the Company or any other person;

 

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(g)           Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee to make any distributions that are not permitted under this Agreement; and

 

(h)           Within four (4) business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount.

 

3.             Limitations of Liability. The Trustee shall have no responsibility or liability to:

 

(a)           Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this Agreement and that which is expressly set forth herein;

 

(b)           Take any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability to any third party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

(c)           Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

 

(d)           Refund any depreciation in principal of any Property;

 

(e)           Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f)            The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and with reasonable care, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto;

 

(g)           Verify the accuracy of the information contained in the Registration Statement;

 

(h)           Provide any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as contemplated by the Registration Statement;

 

(i)            File information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property;

 

(j)            Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to, tax obligations, except pursuant to Section 1(j) hereof; or

 

(k)           Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i), 1(j) or 1(k) hereof.

 

4

 

4.             Trust Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

 

5.             Termination. This Agreement shall terminate as follows:

 

(a)           If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time that the Company notifies the Trustee that a successor trustee has been appointed and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that in the event that the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New York or with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever; or

 

(b)           At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 2(b).

 

6.             Miscellaneous.

 

(a)           The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such confidential information, or of any change in its authorized personnel. In executing funds transfers, the Trustee shall rely upon all information supplied to it by the Company, including, account names, account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any error in the information or transmission of the funds.

 

(b)           This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. This Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one instrument.

 

(c)           This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Subject to Section 6(d) hereof, this Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing signed by each of the parties hereto.

 

(d)           This Agreement or any provision hereof may only be changed, amended or modified pursuant to Section 6(c) hereof with the Consent of the Stockholders. For purposes of this Section 6(d), the “Consent of the Stockholders” means receipt by the Trustee of a certificate from the inspector of elections of the stockholder meeting certifying that the Company’s stockholders of record as of a record date established in accordance with Section 213(a) of the Delaware General Corporation Law, as amended (“DGCL”) (or any successor rule), who hold sixty-five percent (65%) or more of all then outstanding shares of the Common Stock and Class B common stock, par value $0.0001 per share, of the Company voting together as a single class, have voted in favor of such change, amendment or modification. No such amendment will affect any Public Stockholder who has otherwise indicated his election to redeem his shares of Common Stock in connection with a stockholder vote sought to amend this

 

5

 

Agreement to modify the substance or timing of the Company’s obligation to redeem 100% of the Common Stock if the Company does not complete its initial Business Combination within the time frame specified in the Company’s amended and restated certificate of incorporation. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee may rely conclusively on the certification from the inspector or elections referenced above and shall be relieved of all liability to any party for executing the proposed amendment in reliance thereon.

 

(e)           The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York or the State of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

(f)            Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or by electronic mail:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

Therapeutics Acquisition Corp.

200 Berkeley Street, 18th Floor

Boston, Massachusetts 02116

Attn: Peter Kolchinsky

Email: pkolchinsky@racap.com

 

in each case, with copies to:

 

Winston & Strawn LLP

200 Park Avenue

New York, New York 10166

Attn: Joel L. Rubinstein

Email: jrubinstein@winston.com

 

and

 

Jefferies LLC

520 Madison Avenue

New York, New York 10022

Attn: General Counsel

 

and

 

Goodwin Procter LLP

100 Northern Avenue

Boston, Massachusetts 02210

Attn.: Jocelyn M. Arel, Esq.

Email: JArel@goodwinlaw.com

 

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(g)           Each of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance.

 

(h)           This Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

(i)            This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall constitute valid and sufficient delivery thereof.

 

(j)            Each of the Company and the Trustee hereby acknowledges and agrees that the Representative on behalf of the Underwriters is a third-party beneficiary of this Agreement.

 

(k)           Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person or entity.

 

[Signature Page Follows]

 

7

 

IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the date first written above.

 

	
 
    	
CONTINENTAL   STOCK TRANSFER & TRUST COMPANY, as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
THERAPEUTICS   ACQUISITION CORP.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name: Peter Kolchinsky
    
	
 
    	
 
    	
Title: Chief Executive   Officer
    

 

[Signature Page to Investment Management Trust Agreement]

 

 

SCHEDULE A(1)

 

	
Fee Item
    	
 
    	
Time and method of payment
    	
 
    	
Amount
    	
 
    
	
Initial set-up fee
    	
 
    	
Initial closing of Offering by wire transfer.
    	
 
    	
$
    	
3,500.00
    	
 
    
	
Trustee administration fee
    	
 
    	
Payable annually. First year fee payable, at initial   closing of Offering by wire transfer, thereafter by wire transfer or check.
    	
 
    	
$
    	
10,000.00
    	
 
    
	
Transaction processing fee for disbursements to   Company under Sections 1 and 2
    	
 
    	
Billed to Company following disbursement made to   Company under Section 1 and 2
    	
 
    	
$
    	
250.00
    	
 
    
	
Paying Agent services as required pursuant to Section 1(i) and   1(k)
    	
 
    	
Billed to Company upon delivery of service pursuant   to Section 1(i) and 1(k)
    	
 
    	
Prevailing rates
    	
 
    

 

(1)  Note to Draft: To be confirmed.

 

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

Re:          Trust Account No.           Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the Investment Management Trust Agreement between Therapeutics Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of           , 2020 (the “Trust Agreement”), this is to advise you that the Company has entered into an agreement with           (the “Target Business”) to consummate a business combination with Target Business (the “Business Combination”) on or about [insert date]. The Company shall notify you at least seventy-two (72) hours in advance of the actual date (or such shorter period as you may agree) of the consummation of the Business Combination (the “Consummation Date”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account and to transfer the proceeds to a segregated account held by you on behalf of the Beneficiaries to the effect that, on the Consummation Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation Date (including as directed to it by the Representative on behalf of the Underwriters (with respect to the Deferred Discount)).

 

On the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated, or will be consummated concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”), and (ii) the Company shall deliver to you (a) a certificate by the Chief Executive Officer, Chief Financial Officer, Co-Executive Chairman or Vice Chairman, which verifies that the Business Combination has been approved by a vote of the Company’s stockholders, if a vote is held and (b) a joint written instruction signed by the Company and the Representative with respect to the transfer of the funds held in the Trust Account, including payment of amounts owed to public stockholders who have properly exercised their redemption rights and payment of the Deferred Discount directly to the account or accounts directed by the Representative from the Trust Account (the “Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

In the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business day immediately following the Consummation Date as set forth in such notice as soon thereafter as possible.

 

 

	
 
    	
 
    	
Very truly yours,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Therapeutics   Acquisition Corp.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
Agreed and acknowledged   by:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Jefferies LLC
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    

 

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

Re:          Trust Account No.             Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez :

 

Pursuant to Section 1(i) of the Investment Management Trust Agreement between Therapeutics Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of         , 2020 (the “Trust Agreement”), this is to advise you that the Company has been unable to effect a business combination with a Target Business (the “Business Combination”) within the time frame specified in the Company’s Amended and Restated Certificate of Incorporation, as described in the Company’s Prospectus relating to the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Operating Account and to transfer the total proceeds into a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public Stockholders. The Company has selected          (2) as the effective date for the purpose of determining when the Public Stockholders will be entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly to the Company’s Public Stockholders in accordance with the terms of the Trust Agreement and the Amended and Restated Certificate of Incorporation of the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(i) of the Trust Agreement.

 

	
 
    	
Very truly yours,
    
	
 
    	
 
    
	
 
    	
Therapeutics   Acquisition Corp.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
cc: Jefferies LLC
    	
 
    

 

(2)  24 months from the closing of the Offering or such later date as may be approved by the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation.

 

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

Re:          Trust Account No.           Tax Payment Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez :

 

Pursuant to Section 1(j) of the Investment Management Trust Agreement between Therapeutics Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of            , 2020 (the “Trust Agreement”), the Company hereby requests that you deliver to the Company $           of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	
 
    	
Very truly yours,
    
	
 
    	
 
    
	
 
    	
Therapeutics   Acquisition Corp.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
cc: Jefferies LLC
    	
 
    

 

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

Re:          Trust Account No.         Stockholder Redemption Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez :

 

Pursuant to Section 1(k) of the Investment Management Trust Agreement between Therapeutics Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of          , 2020 (the “Trust Agreement”), the Company hereby requests that you deliver to the redeeming Public Stockholders of the Company $             of the principal and interest income earned on the Property as of the date hereof to a segregated account held by you on behalf of the Beneficiaries. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds to pay its Public Stockholders who have properly elected to have their shares of Common Stock redeemed by the Company in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of public shares of Common Stock if the Company has not consummated an initial Business Combination within such time as is described in the Company’s amended and restated certificate of incorporation or with respect to any other material provisions relating to stockholders’ rights or pre-initial Business Combination activity. As such, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to a segregated account held by you on behalf of the Beneficiaries.

 

	
 
    	
Very truly yours,
    
	
 
    	
 
    
	
 
    	
Therapeutics   Acquisition Corp.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
cc: Jefferies LLC

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