Document:

EX-10.2

 Exhibit 10.2 

GUARANTY OF PAYMENT 

GUARANTY OF PAYMENT (this “Guaranty”), made as of August 18, 2016, jointly and severally by PROLOGIS, INC., a Maryland
corporation (“General Partner”), and PROLOGIS, L.P., a Delaware limited partnership (“Prologis LP” and, together with General Partner, each a “Guarantor” and collectively, the
“Guarantors”), for the benefit of SUMITOMO MITSUI BANKING CORPORATION, as Administrative Agent (in such capacity, the “Administrative Agent”), for the lenders (the “Lenders”) that are from time to
time parties to the Term Loan Agreement (as amended or otherwise modified from time to time, the “Term Loan Agreement”), dated as of August 18, 2016, among Prologis GK Holdings Y.K. (the “Borrower”), the
Guarantors, the Lenders and the Administrative Agent. Capitalized terms used but not defined herein have the meanings ascribed thereto in the Term Loan Agreement. 

W I T N E S S E T H: 
 WHEREAS,
the Lenders have agreed to make loans (collectively, the “Loans”) to the Borrower under the Term Loan Agreement in the aggregate principal amount (after giving effect to permitted increases thereunder) of up to JPY 200,000,000,000;

 WHEREAS, the Loans may be evidenced by promissory notes of the Borrower made to Administrative Agent or to each of the Lenders in
accordance with Section 2.5 of the Term Loan Agreement (collectively, the “Notes”); 
 WHEREAS, the Term Loan
Agreement, the Notes and any other documents executed in connection therewith are hereinafter collectively referred to as the “Loan Documents”; 

WHEREAS, each of Prologis LP and General Partner is the direct or indirect owner of equity interests of the Borrower; and 

WHEREAS, as a condition to the execution and delivery of the Loan Documents, the Lenders have required that the Guarantors execute and deliver
this Guaranty; 
 NOW THEREFORE, in consideration of the premises and the benefits to be derived from the making of the Loans by the Lenders
to the Borrower, and in order to induce the Administrative Agent and the Lenders to enter into the Term Loan Agreement and the other Loan Documents, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Guarantors hereby agree as follows: 
 1. Each Guarantor, on behalf of itself and its successors and assigns, hereby
irrevocably, absolutely and unconditionally guarantees the full and punctual payment when due, whether at stated maturity or otherwise, of all Obligations of the Borrower now or hereafter existing under the Notes and the Term Loan Agreement,
including in the event that the Borrower exercises the right under the Term Loan Agreement to borrow Additional Term Loans, for principal and/or interest as well as any other amounts due thereunder, including, without limitation, all indemnity
obligations of the Borrower thereunder, and all reasonable and documented costs and expenses (including, without limitation, reasonable and documented attorneys’ fees and disbursements) incurred by the Administrative Agent and/or the Lenders in
enforcing their rights under this Guaranty (all of the foregoing obligations being the “Guaranteed Obligations”). 

 2. It is agreed that the Guaranteed Obligations of each Guarantor hereunder are primary, and this
Guaranty shall be enforceable, jointly and severally, against each Guarantor and its respective successors and assigns without the necessity for any suit or proceeding of any kind or nature whatsoever brought by the Administrative Agent or any of
the Lenders against the Borrower or its successors or assigns or any other party or against any security for the payment and performance of the Guaranteed Obligations and without the necessity of any notice of
non-payment or non-observance or of any notice of acceptance of this Guaranty or of any notice or demand to which the Guarantors might otherwise be entitled (including,
without limitation, diligence, presentment, notice of maturity, extension of time, change in nature or form of the Guaranteed Obligations, acceptance of further security, release of further security, imposition or agreement arrived at as to the
amount of or the terms of the Guaranteed Obligations, notice of adverse change in the Borrower’s financial condition and any other fact that might materially increase the risk to each Guarantor), all of which each Guarantor hereby expressly
waives; and each Guarantor hereby expressly agrees that the validity of this Guaranty and the obligations of each Guarantor hereunder shall in no way be terminated, affected, diminished, modified or impaired by reason of the assertion of or the
failure to assert by the Administrative Agent or any of the Lenders against the Borrower or its successors or assigns, any of the rights or remedies reserved to the Administrative Agent or any of the Lenders pursuant to the provisions of the Loan
Documents. Each Guarantor agrees that any notice or directive given at any time to the Administrative Agent or any of the Lenders that is inconsistent with the waiver in the immediately preceding sentence shall be void and may be ignored by the
Administrative Agent and the Lenders, and, in addition, may not be pleaded or introduced as evidence in any litigation relating to this Guaranty for the reason that such pleading or introduction would be at variance with the written terms of this
Guaranty, unless the Administrative Agent has specifically agreed otherwise in a writing, signed by a duly authorized officer. Each Guarantor specifically acknowledges and agrees that the foregoing waivers are of the essence of this transaction and
that, but for this Guaranty and such waivers, the Administrative Agent and the Lenders would not make the requested Loans to the Borrower. 

3. Each Guarantor waives, and covenants and agrees that it will not at any time insist upon, plead or in any manner whatsoever claim or take
the benefit or advantage of, any appraisal, valuation, stay, extension, marshaling-of-assets or redemption laws, or right of homestead or exemption, whether now or at
any time hereafter in force, that may delay, prevent or otherwise affect the performance by each Guarantor of its obligations under, or the enforcement by the Administrative Agent or any of the Lenders of, this Guaranty. Each Guarantor further
covenants and agrees not to set up or claim any defense, counterclaim, setoff or other objection of any kind to any action, suit or proceeding in law, equity or otherwise, or to any demand or claim that may be instituted or made by the
Administrative Agent or any of the Lenders other than the defense of the actual timely payment and performance by the Borrower of the Guaranteed Obligations hereunder; provided, however, that the foregoing shall not be deemed a waiver of each
Guarantor’s right to assert any compulsory counterclaim if such counterclaim is compelled under local law or rule of procedure, nor shall the foregoing be deemed a waiver of each Guarantor’s right to assert any claim that would constitute
a defense, setoff, counterclaim or crossclaim of any nature whatsoever against the Administrative Agent or any Lender in any separate action or proceeding. Each Guarantor represents, warrants and agrees that, as of the date hereof, its obligations
under this Guaranty are not subject to any counterclaims, setoffs or defenses against the Administrative Agent or any Lender of any kind. 

  
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 4. The provisions of this Guaranty are for the benefit of the Administrative Agent and the
Lenders and their successors and permitted assigns, and nothing herein contained shall impair as between the Borrower and the Administrative Agent and the Lenders the obligations of the Borrower under the Loan Documents. 

5. This Guaranty shall be a continuing, unconditional and absolute guaranty and the liability of each Guarantor hereunder shall in no way be
terminated, affected, modified, impaired or diminished by reason of the happening, from time to time, of any of the following, all without notice or the further consent of the Guarantors: 

(a) any assignment, amendment, modification or waiver of or change in any of the terms, covenants, conditions or provisions of
any of the Guaranteed Obligations or the Loan Documents or the invalidity or unenforceability of any of the foregoing; or 

(b) any extension of time that may be granted by the Administrative Agent to the Borrower, any Guarantor, or their respective
successors or assigns; or 
 (c) any action that the Administrative Agent may take or fail to take under or in respect of any
of the Loan Documents or by reason of any waiver of, or failure to enforce any of the rights, remedies, powers or privileges available to the Administrative Agent under this Guaranty or available to the Administrative Agent at law, equity or
otherwise, or any action on the part of the Administrative Agent granting indulgence or extension in any form whatsoever; or 

(d) any sale, exchange, release, or other disposition of any property pledged, mortgaged or conveyed, or any property in which
the Administrative Agent and/or the Lenders have been granted a lien or security interest to secure any indebtedness of the Borrower to the Administrative Agent and/or the Lenders; or 

(e) any release of any person or entity who may be liable in any manner for the payment and collection of any amounts owed by
the Borrower to the Administrative Agent and/or the Lenders; or 
 (f) the application of any sums by whomsoever paid or
however realized to any amounts owing by the Borrower to the Administrative Agent and/or the Lenders under the Loan Documents in such manner as the Administrative Agent shall determine in its sole discretion; or 

  
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 (g) the Borrower’s or any Guarantor’s voluntary or involuntary
liquidation, dissolution, sale of all or substantially all of its assets and liabilities, appointment of a trustee, receiver, liquidator, sequestrator or conservator for all or any part of the Borrower’s or any Guarantor’s assets,
insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment, or the commencement of other similar proceedings affecting the Borrower or any Guarantor or any of the assets of any of them,
including, without limitation, (i) the release or discharge of the Borrower or any Guarantor from the payment and performance of their respective obligations under any of the Loan Documents by operation of Law, or (ii) the impairment,
limitation or modification of the liability of the Borrower or any Guarantor in bankruptcy, or of any remedy for the enforcement of the Guaranteed Obligations under any of the Loan Documents, or any Guarantor’s liability under this Guaranty,
resulting from the operation of any present or future provisions of any Debtor Relief Law or from the decision of any court; or 

(h) any improper disposition by the Borrower of the proceeds of the Loans, it being acknowledged by each Guarantor that the
Administrative Agent or any Lender shall be entitled to honor any request made by the Borrower for a disbursement of such proceeds and that neither the Administrative Agent nor any Lender shall have any obligation to see the proper disposition by
the Borrower of such proceeds. 
 6. Each Guarantor agrees that if at any time all or any part of any payment at any time received by the
Administrative Agent from the Borrower or any Guarantor under or with respect to this Guaranty is or must be rescinded or returned by the Administrative Agent or any Lender for any reason whatsoever (including, without limitation, the insolvency,
bankruptcy or reorganization of the Borrower or any Guarantor), then such Guarantor’s obligations hereunder shall, to the extent of the payment rescinded or returned, be deemed to have continued in existence notwithstanding such previous
receipt by such party, and such Guarantor’s obligations hereunder shall continue to be effective or reinstated, as the case may be, as to such payment, as though such previous payment had never been made. 

7. Until this Guaranty is terminated pursuant to the terms hereof, each Guarantor (i) shall have no right of subrogation against the
Borrower by reason of any payments or acts of performance by such Guarantor in compliance with the obligations of such Guarantor hereunder, (ii) waives any right to enforce any remedy that such Guarantor now or hereafter shall have against the
Borrower by reason of any one or more payment or acts of performance in compliance with the obligations of such Guarantor hereunder and (iii) from and after an Event of Default, subordinates any liability or indebtedness of the Borrower now or
hereafter held by such Guarantor or any affiliate of such Guarantor to the obligations of the Borrower under the Loan Documents. The foregoing, however, shall not be deemed in any way to limit any rights that any Guarantor may have at law or in
equity with respect to any other partners, members or other interest holders of the Borrower. 
 8. Each Guarantor represents and warrants
to the Administrative Agent and the Lenders with the knowledge that the Administrative Agent and the Lenders are relying upon the same, as follows: 

(a) each of Prologis LP and General Partner is a direct or indirect owner of equity interests of the Borrower; 

  
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 (b) based upon such relationships, each Guarantor has determined that it is in
its best interests to enter into this Guaranty; 
 (c) this Guaranty is necessary and convenient to the conduct, promotion
and attainment of each Guarantor’s business, and is in furtherance of each Guarantor’s business purposes; 
 (d)
the benefits to be derived by each Guarantor from the Borrower’s access to funds made possible by the Loan Documents are at least equal to the obligations undertaken pursuant to this Guaranty; 

(e) each Guarantor is solvent and has full power and legal right to enter into this Guaranty and to perform its obligations
under the terms hereof and (i) Prologis LP is organized and validly existing under the laws of the State of Delaware and General Partner is organized and validly existing under the laws of the State of Maryland, (ii) each Guarantor has
complied with all provisions of applicable Law in connection with all aspects of this Guaranty, and (iii) each person executing this Guaranty has all the requisite power and authority to execute and deliver this Guaranty; 

(f) to the best of each Guarantor’s knowledge, there is no action, suit, proceeding, or investigation pending or
threatened against or affecting such Guarantor at law, in equity, in admiralty or before any arbitrator or any governmental department, commission, board, bureau, agency or instrumentality (domestic or foreign) that is likely to materially and
adversely impair the ability of such Guarantor to perform its obligations under this Guaranty; 
 (g) the execution and
delivery of, and the performance by each Guarantor of its obligations under this Guaranty, have been duly authorized by all necessary action on the part of each Guarantor and do not (i) violate any provision of any Law, rule, regulation
(including, without limitation, Regulation U or X of the Board of Governors of the Federal Reserve System of the United States), order, writ, judgment, decree, determination or award presently in effect having applicability to such Guarantor or the
Organization Documents of such Guarantor the consequences of which violation is likely to materially and adversely impair the ability of such Guarantor to perform its obligations under this Guaranty or (ii) violate or conflict with, result in a
breach of or constitute (with due notice or lapse of time or both) a default under any indenture, agreement or other instrument to which such Guarantor is a party, or by which such Guarantor or any of its property is bound, the consequences of which
violation, conflict, breach or default is likely to materially and adversely impair the ability of such Guarantor to perform its obligations under this Guaranty; 

(h) this Guaranty has been duly executed by each Guarantor and constitutes the legal, valid and binding obligation of each
Guarantor, enforceable against such Guarantor in accordance with its terms except as enforceability may be limited by applicable insolvency, bankruptcy or other Laws affecting creditors’ rights generally or general principles of equity, whether
such enforceability is considered in a proceeding in equity or at law; 

  
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 (i) no authorization, consent, approval, license or formal exemption from, nor
any filing, declaration or registration with, any Federal, state, local or foreign court, governmental agency or regulatory authority is required in connection with the making and performance by each Guarantor of this Guaranty, except those which
have already been obtained; and 
 (j) neither Guarantor is an “investment company” as that term is defined in, nor
is it otherwise subject to regulation under, the Investment Company Act of 1940, as amended. 
 9. Guarantor and Administrative Agent each
acknowledge and agree that this Guaranty is a guarantee of payment and performance and not of collection and enforcement in respect of any obligations that may accrue to the Administrative Agent and/or the Lenders from the Borrower under the
provisions of any Loan Document. 
 10. Subject to the terms and conditions of the Term Loan Agreement, and in conjunction therewith, the
Administrative Agent or any Lender may assign any or all of its rights under this Guaranty. In the event of any such assignment, the Administrative Agent shall give each Guarantor prompt notice of same. If the Administrative Agent elects to sell all
the Loans or participations in the Loans and the Loan Documents, including this Guaranty, the Administrative Agent or any Lender may forward to each purchaser and prospective purchaser all documents and information relating to this Guaranty or to
each Guarantor, whether furnished by the Borrower or any Guarantor or otherwise, subject to the terms and conditions of the Term Loan Agreement. 

11. Each Guarantor agrees, upon the written request of the Administrative Agent, to execute and deliver to the Administrative Agent, from time
to time, any modification or amendment hereto or any additional instruments or documents reasonably considered necessary by the Administrative Agent or its counsel to cause this Guaranty to be, become or remain valid and effective in accordance with
its terms, provided, that, any such modification, amendment, additional instrument or document shall not increase Guarantor’s obligations or diminish its rights hereunder and shall be reasonably satisfactory as to form to each Guarantor and to
such Guarantor’s counsel. 
 12. The representations and warranties of each Guarantor set forth in this Guaranty shall survive until
this Guaranty shall terminate in accordance with the terms hereof. 
 13. This Guaranty contains the entire agreement among the parties with
respect to the subject matter hereof and supersedes all prior agreements relating to such subject matter and may not be modified, amended, supplemented or discharged except by a written agreement signed by each Guarantor and the Administrative
Agent. 
 14. If any provision contained in this Guaranty shall be determined to be invalid, illegal or unenforceable in any respect for any
reason, such provision shall be deemed stricken and severed from this Guaranty and the remaining provisions shall continue in full force and effect. 

  
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 15. This Guaranty may be executed in counterparts, all of which taken together shall constitute
the same instrument. 
 16. All notices, requests and other communications to any party hereunder shall be in writing (including bank wire,
telex, facsimile transmission followed by telephonic confirmation or similar writing) and shall be addressed to such party at the address set forth below or to such other address as may be identified by any party in a written notice to the others:

  

			
	If to Guarantors to	  	
	(one joint notice to	  	Prologis, Inc.
	both Guarantors	  	Pier 1, Bay 1
	shall be sufficient):	  	San Francisco, California 94111
		  	Attn: Gayle Starr
		  	Fax: 415-394-9001
		
	and	  	
	Prologis, L.P.	  	
		  	Pier 1, Bay 1
		  	San Francisco, California 94111
		  	Attn: Gayle Starr
		  	Fax: 415-394-9001
		
	With Copies of	  	
	Notices to Guarantors to:	  	Mayer Brown LLP
		  	71 S. Wacker Drive
		  	Chicago, IL 60606
		  	Attn: Robert C. Baptista, Jr.
		  	Fax: (312) 706-8231
		
	If to the	  	
	Administrative Agent to:	  	Sumitomo Mitsui Banking Corporation
		  	277 Park Avenue, 6th Floor
		  	New York, New York 10172
		  	Attn: Charles Sullivan
		  	Fax: (212) 224-4887
		
	With Copies of	  	
	Notices to	  	
	Administrative Agent to:	  	Allen & Overy LLP
		  	1221 Avenue of the Americas
		  	New York, New York 10020
		  	Attn: Kevin J. O’Shea, Esq.
		  	Fax: (212) 610-6399

  
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 Each such notice, request or other communication shall be effective (i) if given by telex or
facsimile transmission, when such telex or facsimile is transmitted to the telex number or facsimile number specified in this Section and the appropriate answerback or facsimile confirmation is received, (ii) if given by certified registered
mail, return receipt requested, with first class postage prepaid, addressed as aforesaid, upon receipt or refusal to accept delivery, (iii) if given by a nationally recognized overnight carrier, 24 hours after such communication is deposited
with such carrier with postage prepaid for next day delivery, or (iv) if given by any other means, when delivered at the address specified in this Section. 

17. Any acknowledgment or new promise, whether by payment of principal or interest or otherwise by the Borrower or any Guarantor, with respect
to the Guaranteed Obligations shall, if the statute of limitations in favor of any Guarantor against the Administrative Agent shall have commenced to run, toll the running of such statute of limitations, and if the period of such statute of
limitations shall have expired, prevent the operation of such statute of limitations. 
 18. This Guaranty shall be binding upon each
Guarantor and its successors and assigns and shall inure to the benefit of the Administrative Agent and the Lenders and their respective successors and permitted assigns. 

19. The failure of the Administrative Agent to enforce any right or remedy hereunder, or promptly to enforce any such right or remedy, shall
not constitute a waiver thereof, nor give rise to any estoppel against the Administrative Agent, nor excuse any Guarantor from its obligations hereunder. Any waiver of any such right or remedy to be enforceable against the Administrative Agent must
be expressly set forth in a writing signed by the Administrative Agent. 
 20. (a) THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE PRINCIPLES THEREOF RELATING
TO CONFLICTS OF LAW). 
 (b) Any legal action or proceeding with respect to this Guaranty and any action for enforcement of any judgment in
respect thereof may be brought in the courts of the State of New York sitting in New York County or of the United States of America for the Southern District of New York, and, by execution and delivery of this Guaranty, each Guarantor hereby accepts
for itself and in respect of its property, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts and appellate courts from any thereof. Each Guarantor irrevocably consents to
the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to such Guarantor at its address for notices set forth herein. Each
Guarantor hereby irrevocably waives any objection that it may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Guaranty brought in the courts referred to above and
hereby further irrevocably waives and agrees not to plead or claim in any such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum. Nothing herein shall affect the right of the Administrative
Agent to serve process in any other manner permitted by Law or to commence legal proceedings or otherwise proceed against any Guarantor in any other jurisdiction. 

  
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 (c) EACH GUARANTOR HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIMS OR CAUSES OF ACTION
BASED UPON OR ARISING OUT OF THIS GUARANTY. IT IS HEREBY ACKNOWLEDGED BY EACH GUARANTOR THAT THE WAIVER OF A JURY TRIAL IS A MATERIAL INDUCEMENT FOR THE ADMINISTRATIVE AGENT TO ACCEPT THIS GUARANTY AND THAT THE LOANS MADE BY THE LENDERS ARE MADE IN
RELIANCE UPON SUCH WAIVER. EACH GUARANTOR FURTHER WARRANTS AND REPRESENTS THAT SUCH WAIVER HAS BEEN KNOWINGLY AND VOLUNTARILY MADE, FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS GUARANTY MAY BE FILED BY THE
ADMINISTRATIVE AGENT IN COURT AS A WRITTEN CONSENT TO A NON-JURY TRIAL. 
 (d) Each Guarantor does
hereby further covenant and agree that each Guarantor may be joined in any action against the Borrower in connection with the Loan Documents and that recovery may be had against either or both Guarantors in such action or in any independent action
against either or both Guarantors (with respect to the Guaranteed Obligations), without the Administrative Agent first pursuing or exhausting any remedy or claim against the Borrower or its successors or assigns. Each Guarantor also agrees that, in
an action brought with respect to the Guaranteed Obligations in any jurisdiction, they each shall be conclusively bound by the judgment in any such action by the Administrative Agent (wherever brought) against the Borrower or its successors or
assigns, as if the Guarantors were parties to such action, even though one or both of the Guarantors were not joined as a party or parties in such action. 

(e) Each Guarantor agrees to pay all reasonable and documented expenses (including, without limitation, reasonable and documented
attorneys’ fees and disbursements) of the Administrative Agent and/or the Lenders in connection with the enforcement of their rights under this Guaranty, whether or not suit is initiated. 

21. Notwithstanding anything to the contrary contained herein, this Guaranty shall terminate and be of no further force or effect upon the full
performance and payment in full in cash of the Guaranteed Obligations hereunder. Upon termination of this Guaranty in accordance with the terms of this Guaranty, the Administrative Agent promptly shall deliver to each Guarantor such documents as
such Guarantor or such Guarantor’s counsel reasonably may request in order to evidence such termination. 
 22. All of the
Administrative Agent’s rights and remedies under each of the Loan Documents or under this Guaranty are intended to be distinct, separate and cumulative and no such right or remedy therein or herein mentioned is intended to be in exclusion of or
a waiver of any other right or remedy available to the Administrative Agent. 

  
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 23. Neither Guarantor shall use any assets of an “employee benefit plan” within the
meaning of Section 3(3) of ERISA or a “plan” within the meaning of Section 4975(e)(1) of the Internal Revenue Code (the “Code”) to repay or secure the Loan, the Note, the Obligations or this Guaranty. Neither
Guarantor shall assign, sell, pledge, encumber, transfer, hypothecate or otherwise dispose of any of its rights or interests (direct or indirect) in the Borrower, or attempt to do any of the foregoing or suffer any of the foregoing, or permit any
party with a direct or indirect interest or right in the Borrower to do any of the foregoing, if such action would cause the Note, the Loan, the Obligations, this Guaranty, or any of the Loan Documents or the exercise of any of the Administrative
Agent’s or Lender’s rights in connection therewith, to constitute a prohibited transaction under ERISA or the Code (unless such Guarantor furnishes to the Administrative Agent a legal opinion satisfactory to the Administrative Agent that
the transaction is exempt from the prohibited transaction provisions of ERISA and the Code (and for this purpose, the Administrative Agent and the Lenders, by accepting the benefits of this Guaranty, hereby agree to supply each Guarantor all
relevant non-confidential, factual information reasonably necessary to such legal opinion and reasonably requested by such Guarantor) or would otherwise result in the Administrative Agent or any of the Lenders being deemed in violation of Sections
404 or 406 of ERISA or Section 4975 of the Code or would otherwise result in the Administrative Agent or any of the Lenders being a fiduciary or party in interest under ERISA or a “disqualified person” as defined in
Section 4975(e)(2) of the Code with respect to an “employee benefit plan” within the meaning of Section 3(3) of ERISA or a “plan” within the meaning of Section 4975(e)(1) of the Code. The Guarantors shall jointly
and severally indemnify and hold each of the Administrative Agent and the Lenders free and harmless from and against all loss, costs (including reasonable and documented attorneys’ fees and expenses), expenses, taxes and damages (including
consequential damages) that each of the Administrative Agent and the Lenders may suffer by reason of the investigation, defense and settlement of claims and in obtaining any prohibited transaction exemption under ERISA necessary in Administrative
Agent’s reasonable judgment as a result of such Guarantor’s action or inaction or by reason of a breach of the foregoing provisions by such Guarantor. 

[SIGNATURE PAGES FOLLOW] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Guaranty as of the date
and year first above written. 
  

			
	PROLOGIS, INC.,
	a Maryland corporation
		
	By	 	 /s/ Gayle P. Starr

		 	Name: Gayle P. Starr
		 	Title: Managing Director

 
			
	
	 PROLOGIS, L.P., 
 a
Delaware limited partnership

		
	By:	 	PROLOGIS, INC., its General Partner
		
	By	 	 /s/ Gayle P. Starr

		 	Name: Gayle P. Starr
		 	Title: Managing Director

 Guaranty (Yen Term Loan) 

			
	ACCEPTED:
	
	 SUMITOMO MITSUI BANKING CORPORATION,

as Administrative Agent

		
	By:	 	 /s/ William G. Karl

	Name:	 	William G. Karl
	Title:	 	Executive Officer

 Guaranty (Yen Term Loan)ex10-1.htm

Exhibit 10.1

 

 

AGREEMENT TO AMEND AND EXERCISE WARRANTS

 

This Agreement to Amend and Exercise Warrants and Related Matters (the “Agreement”), dated as of August 19, 2016, is by and among GeoVax Labs, Inc., a Delaware corporation (the “Company”), and the investors listed on the signature pages hereto.

 

WHEREAS, pursuant to a Securities Purchase Agreement dated as of March 16, 2012, as amended December 11, 2013 (the “2012 Purchase Agreement”), the purchasers thereunder purchased 2,200 shares of the Company’s Series A Convertible Preferred Stock, as well as Series A Warrants, Series B Warrants, and Series C Warrants to purchase up to an aggregate of 8,799,999 shares of the Company’s Common Stock, par value $0.001 per share (the “Common Stock”);

 

WHEREAS, pursuant to a Securities Purchase Agreement dated February 25, 2015 as amended February 15, 2016 (the “2015 Purchase Agreement”), among the Company and specified purchasers (the “2015 Purchasers”), the 2015 Purchasers were issued 3,000 shares of the Company’s Series C Convertible Preferred Stock (the “Series C Stock”) and Series D Warrants, Series E Warrants, and Series F Warrants (collectively, the “2015 Warrants”) to purchase up to an aggregate of 49,999,998 shares of Common Stock, and in the individual amounts set forth below such Purchaser’s name on the signature pages to the 2015 Purchase Agreement;

 

WHEREAS, the Company desires to encourage the holders of Series A Warrants under the 2012 Purchase Agreement who sign this Agreement (the “2012 Purchasers”) to exercise the remaining Series A Warrants by agreeing to pay a warrant exercise fee; 

 

WHEREAS, the 2012 Purchasers wish to receive a warrant exercise fee upon exercise of the Series A Warrants; and

 

WHEREAS, the Company desires to encourage the 2015 Purchasers to exercise the Series E Warrants by extending the term of the Series E Warrants as described below.

 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Purchasers and the Company agree as follows:

 

article I

definitions

 

Section 1.     Definitions. Capitalized terms not defined in this Agreement shall have the meanings ascribed to such terms in the 2012 and 2015 Purchase Agreements and in the Certificate of Designation for the Series C Stock filed with the Delaware Secretary of State which authorized the Series C Stock (the “Series C Certificate of Designation”), as applicable. The 2012 Purchasers and 2015 Purchasers are also referred to herein as “Purchasers”.

  

ARTICLE II

AMENDMENTS AND OTHER AGREEMENTS

 

Section 2.1.     Payment of Warrant Exercise Fee Upon Exercise of Series A Warrants. The Series A Warrants entitle the 2012 Purchasers to acquire Common Stock as follows:

 

	
Warrant Holder
	
Number of Shares
	
Current Exercise Price

	
Sabby Healthcare Master Fund, Ltd.
	
603,666
	
$0.09416

	
Sabby Volatility Warrant Master Fund, Ltd.
	
603,666
	
$0.09416

 

The 2012 Purchasers agree to promptly exercise their Series A Warrants pursuant to Section 2.3 below. To induce the 2012 Purchasers to exercise the Series A Warrants, the Company agrees to pay to each 2012 Purchaser a warrant exercise fee of $0.02916 for each share purchased by such 2012 Purchaser upon exercise of the Series A Warrants from and after the date hereof. The Company agrees to pay the warrant exercise fees to the applicable 2012 Purchaser within three (3) business days after the Company receives the proceeds from each exercise of Series A Warrants. Such warrant exercise fee shall be paid by wire transfer to the account designated by such 2012 Purchaser. By way of an example, if the Company receives $9,416.00 gross proceeds from a 2012 Purchaser on Series A Warrant exercises, the Company would wire such Purchaser, within 3 business days from the date of exercise of such Series A Warrants, $2,916.00.

 

 

 

 

 

 

Section 2.2.     Waivers of Antidilution Provisions. Solely to the extent applicable to the exercise of the Series A Warrants and payment of the warrant exercise fee pursuant to Section 2.1 above, each 2012 Purchaser hereby waives the right to an adjustment to the exercise price and/or conversion price, as applicable, pursuant to each of the following, if applicable:

 

(a)     Section 7(b) of the Series C Certificate of Designation pursuant to Section 8(e) thereof;

(b)     Section 3(b) of the Series A Warrants pursuant to Section 5(l) thereof;

(c)     Section 3(b) of the Series D Warrants issued February 27, 2015 (the “Series D Warrants”) pursuant to Section 5(l) thereof; and

(d)     Section 3(b) of the Series F Warrants issued February 27, 2015 (the “Series F Warrants”) pursuant to Section 5(l) thereof.

 

Furthermore, the 2012 Purchasers hereby confirm, acknowledge and agree that they shall not be entitled to acquire additional shares pursuant to the Series C Certificate of Designation, Series A Warrants, Series D Warrants, Series E Warrants, or Series F Warrants, as a result of the Company’s agreement to pay the warrant exercise fee upon exercise of Series A Warrants pursuant to this Agreement.

 

Section 2.3.     Exercise of Series A Warrants. Promptly after the execution of this Agreement by the parties hereto, the 2012 Purchasers shall submit a Notice of Exercise and exercise all of their Series A Warrants. The exercise price for the Series A Warrants in connection with such exercise shall be paid in cash by means of wire transfer.

 

Section 2.4.     Amendment to the Series E Warrants. The first sentence of the first paragraph of the Series E Warrants as amended is hereby further amended to delete the phrase “the eighteen month anniversary” and substitute “[December 31, 2016]” in lieu thereof.

 

Section 2.5.     Payment of Warrant Exercise Fee Upon Exercise of Series E Warrants. The Series E Warrants entitle the 2015 Purchasers to acquire Common Stock as follows:

 

	
Warrant Holder
	
Grant Date
	
Expiration Date after extension
	
Number of Shares
	
Current Exercise Price

	
Sabby Healthcare Master Fund, Ltd.
	
February 27, 2015
	
December 31, 2016
	
2,801,039
	
$0.09416

	
Sabby Volatility Warrant Master Fund, Ltd.
	
February 27, 2015
	
December 31, 2016
	
2,851,039
	
$0.09416

 

The 2015 Purchasers agree to exercise certain of their Series E Warrants pursuant to Section 2.7 below. To induce the 2015 Purchasers to exercise the Series E Warrants, the Company previously agreed to pay to each 2015 Purchaser a warrant exercise fee of $0.02916 for each share purchased by such Purchaser upon all exercises of the Series E Warrants pursuant to the Agreement to Amendment Exercise Series E Warrants and Related Matters dated as of February 15, 2016 (the “2016 Amendment”). The Company agreed to pay the warrant exercise fees to the applicable 2015 Purchaser within three (3) business days after the Company receives the proceeds from each exercise of Series E Warrants. Such warrant exercise fee shall be paid by wire transfer to the account designated by such 2015 Purchaser. By way of an example, if the Company receives $9,416.00 gross proceeds from a 2015 Purchaser on Series E Warrant exercises, the Company would wire such 2015 Purchaser, within 3 business days from the date of exercise of such Series E Warrants, $2,916.00. 

 

Section 2.6.     Waivers of Antidilution Provisions. Solely to the extent applicable to the exercise and extension of the Series E Warrants and payment of the warrant exercise fee as described at Section 2.5 above, each 2015 Purchaser hereby waives the right to an adjustment to the exercise price and/or conversion price, as applicable, pursuant to each of:

 

(a) Section 7(b) of the Series C Certificate of Designation pursuant to Section 8(e) thereof; 

(b) Section 3 (b) of the Series A Warrants originally pursuant to Section 5 (l) thereof;

(c) Section 3(b) of the Series D Warrants issued February 27, 2015 (the “Series D Warrants”) pursuant to Section 5 (l) thereof ; and 

(d) Section 3(b) of the Series F Warrants issued February 27, 2015 (the “Series F Warrants”) pursuant to Section 5 (l) thereof.

 

 

 

 

 

 

Furthermore, the 2015 Purchasers hereby confirm, acknowledge and agree that they shall not be entitled to acquire additional shares pursuant to the Series C Certificate of Designation, Series A Warrants, Series D Warrants, Series E Warrants, or Series F Warrants, as a result of the Company’s agreement to pay warrant exercise fees and extend the term of the Series E Warrants pursuant to this Agreement. 

 

Section 2.7.     Exercise of Series E Warrants. Promptly after the execution of this Agreement by the parties hereto, the 2015 Purchasers shall submit a Notice of Exercise and exercise sufficient Series E Warrants such that each of the 2015 Purchasers (collectively with such 2015 Purchaser’s affiliates) shall thereafter be the beneficial owner of 9.98% of the Company’s Common Stock (after taking into account the exercise of Series A Warrants pursuant to Section 2.3). The computation of such percentage shall be as provided in Section 2 (e) of the Series E Warrant. The exercise price for the Series E Warrants in connection with such exercise shall be paid in cash by means of wire transfer so long as a Registration Statement covering the exercise of such Series E Warrants is effective and the prospectus therein available at the time of such exercise. 

 

Section 2.8.     Purchasers’ Agreement to Give Priority to Exercise of the Series E Warrants. Consistent with the 2016 Amendment, the 2015 Purchasers agree that if, after the exercise of Series E Warrants pursuant to Section 2.7, a Purchaser’s beneficial ownership shall fall below 9.98% of the Company’s Common Stock, and such Purchaser shall desire to acquire additional shares of the Company’s Common Stock, during the term of the Series E Warrants, such Purchaser shall exercise its rights to buy additional shares of such Common Stock pursuant to the Series E Warrants before acquiring such shares pursuant to any other existing right such Purchaser may have to acquire them. For example, the Purchaser shall forego the conversion of Series C Stock, and the exercise of Series D Warrants, or Series F Warrants, until it has acquired all of the shares of the Company’s Common Stock subject to the Series E Warrant. The provisions of this Section 2.8 shall be null and void in the event either (x) the Company breaches or is in default of its obligations under any Transaction Document, including, without limitation, the timely payment of all warrant exercise fees pursuant to Section 2.1 in connection with all Series A Warrant exercises or (y) there is no effective Registration Statement (or the prospectus therein is not available) covering the resale of the Warrant Shares issuable upon exercise of the Series E Warrants by the Purchasers.

 

Section 2.9.     Confirmation of Term of Series F Warrant. The Company and the 2015 Purchasers acknowledge that the exercisability of the Series F Warrants shall vest ratably from time to time in proportion to the holder’s (or its permitted assigns) exercise of the Series E Warrants as compared with all Series E Warrants issued to the holder on February 27, 2015 in connection with the original issuance of the Series E Warrants, provided such exercise occurs during the term of the Series E Warrants, as amended by the 2016 Amendment and this Agreement.

 

Section 2.10.     Effect on Existing Documents. The foregoing agreements, consents and waivers are given solely in respect of the transactions described herein. Except as expressly set forth herein, all of the terms and conditions of the 2012 Purchase Agreement, 2015 Purchase Agreement, Series C Certificate of Incorporation, Series A Warrants, Series D Warrants, Series E Warrants, and Series F. Warrants shall continue in full force and effect after the execution of this Agreement, and shall not be in any other way changed, modified or superseded by the terms set forth herein. 

 

Section 2.11.     Filing of Form 8-K. By 9:00 am (NY time) on the business day immediately following the date hereof, the Company shall issue a Current Report on Form 8-K and a prospectus supplement to the existing Registration Statements, reasonably acceptable to each Purchaser disclosing the material terms of the transactions contemplated hereby, which shall include this Agreement as an attachment thereto.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

Section 3.1.     Representations and Warranties of the Company. The Company hereby makes the representations and warranties set forth below to the 2012 and 2015 Purchasers that as of the date of its execution of this Agreement:

 

(a)     Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part of such Company and no further action is required by such Company, its board of directors or its stockholders in connection therewith. This Agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

 

 

 

 

 

(b)     Outstanding Shares. As of the date hereof, and before the exercise of Series A Warrants and Series E Warrants contemplated by this Agreement, there are 44,365,401 issued and outstanding shares of Common Stock.

 

 

(c)     Other Securities. The transactions hereunder will not obligate the Company to issue shares of Common Stock or other securities to any Person (other than the Purchasers) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. 

 

 

(d)     Effective Registration. Registration Statement no 333-180535, which registers the resale of the Common Stock issuable upon exercise of the Series A Warrants by the 2012 Purchasers, is effective and the prospectus therein is current and available. Registration Statement no 333-202897, which registers the resale of the Common Stock issuable upon exercise of the Series E Warrants by the Purchasers, is effective and the prospectus therein is current and available.

 

 

(e)     Equal Consideration. The Company has complied with the provisions of Section 4.13 of the 2012 or 2015 Purchase Agreements in effecting the transactions contemplated hereby. 

  

Section 3.2.     Representations and Warranties of the Purchasers. Each Purchaser hereby makes the representations and warranties set forth below to the Company that as of the date of its execution of this Agreement: (i) the execution and delivery of this Agreement by such Purchaser and the consummation by such Purchaser of the transactions contemplated hereby have been duly authorized by all necessary action on such Purchaser’s behalf and (ii) this Agreement has been duly executed and delivered by such Purchaser and constitutes the valid and binding obligation of such Purchaser, enforceable against such Purchaser in accordance with its terms, except (A) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (B) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (C) insofar as indemnification and contribution provisions may be limited by applicable law.

 

ARTICLE IV

MISCELLANEOUS

 

Section 4.1.     Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be made in accordance with the provisions of the 2012 Purchase Agreement with respect to the Series A Warrants and the 2015 Purchase Agreement with respect to the Series E Warrants (or otherwise related to this Agreement but not the Series A Warrants).

 

Section 4.2.     Survival. All warranties and representations (as of the date such warranties and representations were made) made herein or in any certificate or other instrument delivered by it or on its behalf under this Agreement shall be considered to have been relied upon by the parties hereto and shall survive the issuance of Common Stock upon exercise of Series A or Series E Warrants. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties; provided however that no party may assign this Agreement or the obligations and rights of such party hereunder without the prior written consent of the other parties hereto.

 

Section 4.3.     Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page were an original thereof.

 

 

 

 

 

 

Section 4.4.     Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement.

 

Section 4.5.     Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined pursuant to the Governing Law provision of the 2015 Purchase Agreement.

 

Section 4.6.     Entire Agreement. This Agreement, together with any exhibits and schedules thereto, contains the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

Section 4.7.     Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

 

Section 4.8.     Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser hereunder are several and not joint with the obligations of any other Purchasers hereunder, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any Purchaser pursuant hereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Purchaser shall be entitled to protect and enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose.

 

Section 4.9.     Fees and Expenses. Except as expressly set forth herein, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all transfer agent fees, stamp taxes and other taxes and duties levied in connection with the delivery of any Common Stock upon exercise of a Series A Warrant or Series E Warrant.

 

 

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to Amend and Exercise Warrants to be duly executed by their respective authorized signatories as of the date first indicated above.

  

 

  

	
 
	
geovax labs, inc.

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
By:
	  
	
 
	
 
	
Name: Robert T. McNally

Title: President & CEO

 

 

 

 

 

 

 

IN WITNESS WHEREOF, the undersigned 2012 Purchaser and 2015 Purchaser has caused this Agreement to Amend and Exercise Warrants to be duly executed by their respective authorized signatories as of the date first indicated above.

 

 

Name of Purchaser: Sabby Volatility Warrant Master Fund, Ltd

 

Signature of Authorized Signatory of Purchaser: ______________________

 

Name of Authorized Signatory: Robert Grundstein

 

Title of Authorized Signatory: COO of Investment Manager

 

Email Address of Purchaser: rgrundstein@sabbycapital.com

 

 

Address for Notice of Purchaser: c/o Sabby Management, LLC

 

10 Mountainview Road, Suite 205

 

Upper Saddle River, NJ 07458

 

 

 

Address for Delivery of Securities for Purchaser (if not same as above):

 

 

 

 

 

 

 

 

  

IN WITNESS WHEREOF, the undersigned 2012 Purchaser and 2015 Purchaser has caused this Agreement to Amend and Exercise Warrants to be duly executed by their respective authorized signatories as of the date first indicated above.

 

 

Name of Purchaser: Sabby Healthcare Master Fund, Ltd

 

Signature of Authorized Signatory of Purchaser: ________________________

 

Name of Authorized Signatory: Robert Grundstein

 

Title of Authorized Signatory: COO of Investment Manager

 

Email Address of Purchaser: rgrundstein@sabbycapital.com

 

 

Address for Notice of Purchaser: c/o Sabby Management, LLC

 

10 Mountainview Road, Suite 205

 

Upper Saddle River, NJ 07458

 

 

 

Address for Delivery of Securities for Purchaser (if not same as above):

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