Document:

EX-10.3

 Exhibit 10.3 

Lock-Up Agreement 

July 21, 2022 
 Ladies and Gentlemen:

 The undersigned (the “Stockholder”) understands that: (i) SILVERBACK
THERAPEUTICS, INC., a Delaware corporation (“Parent”), has entered into an Agreement and Plan of Merger and Reorganization, dated as of July 21, 2022 (the “Merger
Agreement”), with ARS PHARMACEUTICALS, INC., a Delaware corporation (the “Company”) and SABRE MERGER SUB,
INC., a Delaware corporation and wholly-owned subsidiary of Parent (“Merger Sub”), pursuant to which at the effective time (the “Effective Time”), Merger Sub will be merged with and
into the Company (the “Merger”) and the separate corporate existence of Merger Sub will cease and the Company will continue as the surviving corporation; and (ii) in connection with the Merger, the stockholders of the
Company will receive shares of common stock, par value $0.0001 per share, of Parent (“Parent Common Stock”). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in
the Merger Agreement. 
 As a material inducement to the willingness of each of the parties to enter into the Merger Agreement, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Stockholder hereby agrees that the Stockholder will not, subject to the exceptions set forth in this letter agreement, during the period
commencing upon the Effective Time and ending on the date that is 180 days after the Effective Time (the “Restricted Period”), (a) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Parent Common Stock or any securities convertible into or exercisable or exchangeable for
Parent Common Stock, including without limitation, Parent Common Stock or such other securities of Parent which may be deemed to be beneficially owned by the Stockholder in accordance with the rules and regulations of the U.S. Securities and
Exchange Commission and securities of Parent which may be issued upon exercise of a stock option or warrant or settlement of a restricted stock unit or other equity award (collectively, Shares”), (b) enter into any swap, short
sale, hedge or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Shares, regardless of whether any such transaction described in clause (a) or (b) above is to be settled by delivery of
Parent Common Stock or such other securities, in cash or otherwise, or (c) make any demand for or exercise any right with respect to the registration of any shares of Parent Common Stock or any security convertible into or exercisable or
exchangeable for Parent Common Stock, in each case other than: 
 (i) transfers or dispositions of Shares as bona fide charitable
contributions, gifts or donations; 
 (ii) transfers or dispositions of Shares to any trust for the direct or indirect benefit of the
Stockholder or the immediate family of the Stockholder; 
 (iii) transfers or dispositions of Shares by will, other testamentary document or
intestate succession to the legal representative, heir, beneficiary or a member of the immediate family of the Stockholder; 
 (iv) transfers
of Shares to stockholders, direct or indirect affiliates (within the meaning set forth in Rule 405 under the Securities Act), current or former partners (general or limited), members or managers of the Stockholder, as applicable, or to the estates
of any such stockholders, affiliates, partners, members or managers, or to another corporation, partnership, limited liability company or other business entity that controls, is controlled by or is under common control with the Stockholder; 

  
 1 

 (v) transfers that occur by operation of law pursuant to a qualified domestic relations
order or in connection with a divorce settlement; 
 (vi) transfers or dispositions not involving a change in beneficial ownership; 

(vii) if the Stockholder is a trust, transfers or dispositions to any beneficiary of the Stockholder or the estate of any such beneficiary;

 (viii) transfers pursuant to a bona fide third party tender offer, merger, consolidation or other similar transaction made to all holders
of the Parent’s capital stock involving a change of control of the Parent, provided that in the event that such tender offer, merger, consolidation or other such transaction is not completed, the Shares shall remain subject to the
restrictions contained in this letter agreement; 
 provided, that in each case of clauses (i)-(vii), (a) no filing by any party (donor,
donee, transferor or transferee) under Section 16 of the Exchange Act or other public announcement shall be made voluntarily reporting a reduction in beneficial ownership of shares of Parent Common Stock or any securities convertible into or
exercisable or exchangeable for Parent Common Stock in connection with such transfer or distribution during the Restricted Period (other than any exit filings) and if any filing under Section 16(a) of the Exchange Act, or other public filing,
report or announcement reporting a reduction in beneficial ownership of shares of Parent Common Stock in connection with such transfer or distribution, shall be legally required during the Restricted Period, such filing, report or announcement shall
clearly indicate in the footnotes thereto the nature and conditions of such transfer and (c) the transferee or donee agrees in writing to be bound by the terms and conditions of this letter agreement and either the Stockholder or the transferee
or donee provides Parent with a copy of such agreement promptly upon consummation of any such transfer. For purposes of this letter agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote
than first cousin. 
 Notwithstanding the restrictions imposed by this letter agreement, the Stockholder may (a) exercise an option or
warrant to purchase Shares or settle a restricted stock unit or other equity award (including a net or cashless exercise of such option or warrant provided the Shares are transferred to Parent and not sold on the open market) and
provided further, that the underlying Shares shall continue to be subject to the restrictions on transfer set forth in this letter agreement, (b) transfer Shares to Parent to cover tax withholding obligations of the
Stockholder in connection with the vesting, settlement or exercise of such options, warrants, restricted stock units or other equity awards, as applicable, (c) establish a trading plan pursuant to Rule
10b5-1 under the Exchange Act for the transfer of Shares, provided that such plan does not provide for any transfers of Shares during the Restricted Period and, provided
further, that, no filing under the Exchange Act or other public announcement shall be required or shall be made voluntarily in connection with the establishment of such a plan, (d) transfer of Shares to Parent pursuant to
arrangements under which Parent has the option to repurchase such Shares or (e) transfer or dispose of Shares acquired on the open market or in a public offering by Parent, in each case, following the date of the Merger Agreement. 

Any attempted transfer in violation of this letter agreement will be of no effect and null and void, regardless of whether the purported
transferee has any actual or constructive knowledge of the transfer restrictions set forth in this letter agreement, and will not be recorded on the stock transfer books of Parent. In order to ensure compliance with the restrictions referred to
herein, the Stockholder agrees that Parent may issue appropriate “stop transfer” certificates or instructions. Parent may cause the legend set forth below, or a legend substantially equivalent thereto, to be placed upon any certificate(s)
or other documents or instruments evidencing ownership of the Shares: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AND MAY
ONLY BE TRANSFERRED IN COMPLIANCE WITH A LOCK-UP AGREEMENT, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY. 

  
 2 

 The Stockholder hereby represents and warrants that the Stockholder has full power and
authority to enter into this letter agreement. All authority conferred or agreed to be conferred and any obligations of the Stockholder under this letter agreement will be binding upon the successors, assigns, heirs or personal representatives of
the Stockholder. 
 In the event that during the Restricted Period any holder of Parent’s securities that is subject to a substantially
similar agreement entered into by such holder, other than the Stockholder (such agreement, a “Similar Agreement”), is permitted by Parent or otherwise granted a release to sell or otherwise transfer or dispose of shares of
Parent Common Stock for value other than as permitted by this or a substantially similar agreement entered into by such holder (a “Triggering Release” and the holder that is the subject of such Triggering Release, the
“Triggering Release Party”), the same pro rata percentage of shares of Parent Common Stock held by the Stockholder as the percentage of shares of Parent Common Stock being released in the Triggering Release represent with
respect to the securities held by the Triggering Release Party shall be immediately and fully released on the same terms from any remaining restrictions set forth herein (the “Pro-Rata
Release”); provided, that Parent will notify the Stockholder of any such Pro-Rata Release within two business days of the corresponding Triggering Release. Notwithstanding the
foregoing, any such Pro-Rata Release shall not be applied unless and until permission has been granted by Parent to an equity holder or equity holders to sell or otherwise transfer or dispose of all or a
portion of such equity holders’ shares of Parent Common Stock in an aggregate amount in excess of 1% of the number of shares of Parent Common Stock originally subject to a substantially similar agreement. 

With respect to any Similar Agreement, if such agreement contains terms or conditions that are more favorable than the terms and conditions
hereof, then this letter agreement shall be automatically amended to incorporate such more favorable terms or conditions. 
 Upon the
release of any Shares from this letter agreement, Parent will cooperate with the Stockholder to facilitate the timely preparation and delivery of certificates or the establishment of book entry positions at the Parent’s transfer agent
representing the Shares without the restrictive legend above and the withdrawal of any stop transfer instructions at the Parent’s transfer agent. 

The Stockholder understands that each of Parent and the Company is relying upon this letter agreement in proceeding toward consummation of the
Merger. The Stockholder further understands that this letter agreement is irrevocable and is binding upon the Stockholder’s heirs, legal representatives, successors and assigns. 

This letter agreement and any claim, controversy or dispute arising under or related to this letter agreement shall be governed by and
construed in accordance with the laws of the State of Delaware, without regard to the conflict of laws principles thereof. 
 The
Stockholder understands that if the Merger Agreement is terminated in accordance with its terms or the board of directors of Parent makes a Parent Board Adverse Recommendation Change, the Stockholder will be released from all obligations under this
letter agreement. 
 This letter agreement may be executed by electronic (i.e., PDF) transmission, which is deemed an original. 

[Signature Page Follows] 

  
 3 

 
							
		 	Very truly yours,
		
	Print Name of Stockholder:	 	     

     

		
		 	Signature (for individuals):
		 	  

		
		 	Signature (for entities):
			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

  
 [SIGNATURE
PAGE TO LOCK-UP AGREEMENT]Document

        

VONAGE HOLDINGS CORP.
AND 
WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Trustee 
FIRST SUPPLEMENTAL INDENTURE 
Dated as of July 21, 2022
1.75% Convertible Senior Notes due 2024

			
	

FIRST SUPPLEMENTAL INDENTURE
FIRST SUPPLEMENTAL INDENTURE, dated as of July 21, 2022 (this “Supplemental Indenture”), by and between Vonage Holdings Corp., a Delaware corporation, as issuer (the “Company”), and Wilmington Trust, National Association, as trustee (the “Trustee”), supplements the Indenture dated as of June 14, 2019 (as it may be further amended or supplemented from time to time, the “Indenture”), between the Company and the Trustee.
RECITALS OF THE COMPANY
WHEREAS, pursuant to the Indenture, the Company issued $300,000,000 aggregate principal amount of 1.75% Convertible Senior Notes due 2024 (the “Notes”);
WHEREAS, pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of November 22, 2021, among the Company, Telefonaktiebolaget LM Ericsson (publ), an entity organized and existing under the Laws of Sweden (the “Parent”), Ericsson Muon Holding Inc., an indirectly wholly owned subsidiary of the Parent (“Merger Sub”), Merger Sub has offered to purchase any and all outstanding shares of common stock, par value $0.001 per share (the “Common Stock”), of the Company at a price per share of $21.00 in cash, without interest thereon (the “Offer”);
WHEREAS, following the consummation of the Offer, pursuant to the Merger Agreement, Merger Sub will merge with and into the Company with the Company surviving as a wholly owned indirect subsidiary of the Parent (the “Merger”);
WHEREAS, pursuant to the Merger Agreement, at the Effective Time (as defined in the Merger Agreement) (the “Effective Time”), each share of Common Stock (as defined in the Merger Agreement) issued and outstanding immediately prior to the Effective Time, other than certain shares as set forth in the Merger Agreement, will be converted into the right to receive $21.00 in cash, without interest thereon and less any applicable withholding taxes (the “Stock Price”);
WHEREAS, pursuant to Section 14.07(a) of the Indenture, the Merger constitutes a Merger Event, and the Indenture provides that the Company shall execute with the Trustee a supplemental indenture providing that from and after the Effective Time the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes into the units of Reference Property;
WHEREAS, pursuant to the terms of the Merger Agreement and Section 14.07(a) of the Indenture, each unit of Reference Property consists of $21.00 in cash;
WHEREAS, Section 10.01(j) of the Indenture provides that the Company and the Trustee may enter into a supplemental indenture, without prior notice to or the consent of the Holders of any of the Notes at the time outstanding, in connection with any Merger Event to provide that the Notes are convertible into Reference Property, subject to the provisions of Section 14.02 of the Indenture, and to make related changes to the terms of the Notes to the extent expressly required by Section 14.07 of the Indenture;
WHEREAS, the Board of Directors has duly adopted resolutions authorizing the Company to execute and deliver this Supplemental Indenture;
-2-

			
	

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture and has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel; and
WHEREAS, all conditions precedent provided for in the Indenture relating to the execution of this Supplemental Indenture have been complied with.
NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH, for and in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto mutually covenant and agree for the equal and proportionate benefit of the Holders as follows:
ARTICLE I
TERMS
Section 1.01 Definitions. Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Indenture.
ARTICLE II
AMENDMENTS
Section 1.02Conversion Right. Pursuant to Section 14.07(a) of the Indenture, from and after the Effective Time, the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes solely into a number of units of Reference Property in an aggregate amount equal to the Conversion Rate in effect on the Conversion Date (subject to any adjustments under Section 14.03 of the Indenture) multiplied by the Stock Price paid per share of Common Stock in the Merger, (A) which in the case of a conversion in connection with a Make-Whole Fundamental Change as described in the second sentence of Section 14.03(a) will be cash equal to $1,343.81 per $1,000 principal amount of Notes based on a Conversion Rate equal to (i) 59.8256 shares of Common Stock per $1,000 principal amount of Notes plus (ii) 4.1653 Additional Shares (which 4.1653 Additional Shares are payable as determined by reference to the table set forth in Section 14.03(e) of the Indenture based on the Effective Date of the Make-Whole Fundamental Change being July 21, 2022 and the Stock Price paid per share of Common Stock in the Make-Whole Fundamental Change being cash in amount equal to $21.00), and (B) which in the case of a conversion at all other times when such Notes are convertible beginning immediately after the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date corresponding to such Fundamental Change will be cash equal to $ 1,256.34 per $1,000 principal amount of Notes based on a Conversion Rate equal to 59.8256 shares of Common Stock per $1,000 principal amount of Notes. Accordingly, any reference in respect of the Holders’ conversion rights to a share of Common Stock in the Indenture shall be deemed a reference to a right to receive a cash amount equal to $21.00 and the provisions of the Indenture, as modified herein, shall continue to apply, mutatis mutandis, to the Holders’ right to convert the Notes only into the cash Reference Property. For the avoidance of doubt, Holders will not have the right to convert Notes into shares of common stock or other securities of the Company.
ARTICLE III
ACCEPTANCE OF SUPPLEMENTAL INDENTURE
Section 1.03Trustee’s Acceptance. The Trustee hereby accepts this Supplemental Indenture and agrees to perform the same under the terms and conditions set forth in the Indenture.
-3-

			
	

ARTICLE IV
MISCELLANEOUS PROVISIONS
Section 1.04Governing Law; Waiver of Trial by Jury. THIS SUPPLEMENTAL INDENTURE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.
Benefits of Supplemental Indenture. Nothing in this Supplemental Indenture, expressed or implied, shall give to any Person, other than the Holders, the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar, and Custodian and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture.
Execution in Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.  The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission or electronic signatures and the keeping of records in electronic form, shall be of the same legal effect, validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other similar state laws based on the Uniform Electronic Transactions Act. The Trustee shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.
Ratification of Indenture. The Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided.
The Trustee. The Trustee makes no representations as to and shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture. The recitals in this Supplemental Indenture are made by the Company only and not by the Trustee, and all of the rights, privileges, protections, immunities and benefits afforded to the Trustee under the Indenture are deemed to be incorporated herein, and shall be enforceable by the Trustee hereunder, in each of its capacities hereunder as if set forth herein in full.
Headings, Etc. The titles and headings of the articles and sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.
[Signature Pages Follow]
-4-

			
	

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the day and year first above written. 
 
															
			
	 VONAGE HOLDINGS CORP.

		
	By:	 	/s/ Randy K. Rutherford
		 	Name: Randy K. Rutherford
		 	Title:   Chief Legal Officer and Secretary
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Iris Munoz
		 	Name: Iris Munoz
		 	Title:   Assistant Vice President

SIGNATURE PAGE TO SUPPLEMENTAL INDENTURE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]