Document:

Exhibit

Exhibit 4.2

Execution Version

SUPPLEMENTAL INDENTURE ESTABLISHING A SERIES OF NOTES

THE HERTZ CORPORATION
as Issuer
and
the Subsidiary Guarantors from time to time party to the Indenture
and
WELLS FARGO BANK, NATIONAL ASSOCIATION
as Trustee
____
FIRST SUPPLEMENTAL INDENTURE
DATED AS OF SEPTEMBER 22, 2016
to the
INDENTURE 
DATED AS OF SEPTEMBER 22, 2016 
Providing for the Issuance of 
5.50% Senior Notes Due 2024

 

FIRST SUPPLEMENTAL INDENTURE, dated as of September 22, 2016 (this “Supplemental Indenture”), among The Hertz Corporation (together with its successors and assigns, the “Company”), as issuer, the Subsidiary Guarantors under the Indenture referred to below (the “Subsidiary Guarantors”), and Wells Fargo Bank, National Association, as Trustee.
W I T N E S S E T H:
WHEREAS, the Company, the Subsidiary Guarantors and the Trustee are party to the Indenture, dated as of September 22, 2016 (as amended, supplemented or otherwise modified from time to time, the “Indenture”), which provides for the issuance from time to time of Notes by the Company;
WHEREAS, Section 901(6) of the Indenture provides that the Company may provide for the issuance of Notes of any series as permitted by Section 301 therein;
WHEREAS, in connection with the issuance of the 2024 Notes (as defined herein), the Company has duly authorized the execution and delivery of this Supplemental Indenture to establish the forms and terms of the 2024 Notes as hereinafter described; and
WHEREAS, pursuant to Section 901 of the Indenture, the parties hereto are authorized to execute and deliver this Supplemental Indenture to amend the Indenture, without the consent of any Holder;
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company, the Subsidiary Guarantors and the Trustee mutually covenant and agree for the benefit of the Holders of the Notes as follows:
1.    Defined Terms.  As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used herein as so defined.  The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.
2.    Title of Notes.  There shall be a series of Notes of the Company designated the “5.50% Senior Notes due 2024” (the “2024 Notes”).
3.    Maturity Date.  The final Stated Maturity of the 2024 Notes shall be October 15, 2024.
4.    Interest and Interest Rates.  Interest on the Outstanding principal amount of 2024 Notes will accrue at the rate of 5.50% per annum and will be payable semi-annually in arrears on April 15 and October 15 in each year, commencing on April 15, 2017, to holders of record on the immediately preceding April 1 and October 1, respectively (each such April 1 and October 1, a “Regular Record Date”).  Interest on the 2024 Notes will accrue from the most recent date to which interest has been paid or provided for or, if no interest has been paid, from September 22, 2016, except that interest on any Additional 2024 Notes (as defined below) issued on or after the 

 

first Interest Payment Date will accrue (or will be deemed to have accrued) from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid on such Additional 2024 Notes, from the Interest Payment Date immediately preceding the date of issuance of such Additional 2024 Notes (or if the date of issuance of such Additional 2024 Notes is an Interest Payment Date, from such date of issuance); provided that if any 2024 Note issued in exchange therefor is surrendered for exchange on or after a record date for an Interest Payment Date that will occur on or after the date of such exchange, interest on such Note received in exchange thereof will accrue from such Interest Payment Date.
5.    No Limitation on Aggregate Principal Amount.  The aggregate principal amount of 2024 Notes that may be authenticated and delivered and Outstanding under the Indenture is not limited.  The aggregate principal amount of the 2024 Notes shall initially be $800.0 million.  The Company may from time to time, without the consent of the Holders, create and issue Additional Notes having the same terms and conditions as the 2024 Notes in all respects or in all respects except for issue date, issue price and, if applicable, the first date on which interest accrues and the first payment of interest thereon.  Additional Notes issued in this manner will be consolidated with, and will form a single series with, the 2024 Notes (any such Additional Notes, “Additional 2024 Notes”), unless otherwise specified for Additional Notes in an applicable Notes Supplemental Indenture, or otherwise designated by the Company, as contemplated by Section 301 of the Indenture.
6.    Redemption.  (a)  The 2024 Notes will be redeemable, at the Company’s option, in whole or in part, at any time and from time to time on and after October 15, 2019 and prior to maturity thereof at the applicable redemption price set forth below.  The 2024 Notes will be so redeemable at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest, if any, to, but not including, the relevant Redemption Date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date falling prior to or on the Redemption Date pursuant to Section 307 of the Indenture), if redeemed during the 12-month period commencing on October 15 of the years set forth below:
	
		
	Redemption Period
	Price

	2019
	104.125%

	2020
	102.750%

	2021
	101.375%

	2022 and thereafter
	100.000%

(c)    In addition, at any time and from time to time on or prior to October 15, 2019, the Company at its option may redeem the 2024 Notes in an aggregate principal amount equal to up to 40% of the original aggregate principal amount of the Notes (including the principal amount of any Additional 2024 Notes, or any other Additional Notes of the same series as the 2024 Notes), with funds in an equal aggregate amount (the “Redemption Amount”) not exceeding the aggregate proceeds of one or more Equity Offerings, at a redemption price (expressed as a percentage of principal amount thereof) of 105.50%, plus accrued and unpaid interest, if any, to 

the Redemption Date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date falling prior to or on the Redemption Date pursuant to Section 307 of the Indenture); provided, however, that an aggregate principal amount of 2024 Notes equal to at least 50.0% of the original aggregate principal amount of 2024 Notes (including the principal amount of any Additional 2024 Notes, or any other Additional Notes of the same series as the 2024 Notes) must remain outstanding immediately after each such redemption.  Any amount payable pursuant to this Section 6(c) may be funded from any source (including amounts in excess of the Redemption Amount).
(d)    At any time prior to October 15, 2019, the 2024 Notes may also be redeemed (by the Company or any other person) in whole or in part, at the Company’s option, at a price (the “Redemption Price”) equal to 100.0% of the principal amount thereof plus the Applicable Premium (as defined below) as of, and accrued but unpaid interest, if any, to, but not including, the Redemption Date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date falling prior to or on the Redemption Date pursuant to Section 307 of the Indenture).  
“Applicable Premium” means, with respect to a 2024 Note at any Redemption Date, the greater of (i) 1.00% of the principal amount of such 2024 Note and (ii) the excess of (A) the present value at such Redemption Date, calculated as of the date of the applicable redemption notice, of (1) the redemption price of such 2024 Note on October 15, 2019 (such redemption price being that described in Section 6(a)), plus (2) all required remaining scheduled interest payments due on such 2024 Note through such date (excluding accrued and unpaid interest to the Redemption Date), computed using a discount rate equal to the Treasury Rate plus 50 basis points, over (B) the principal amount of such 2024 Note on such Redemption Date, as calculated by the Company or on behalf of the Company by such Person as the Company shall designate; provided that such calculation shall not be a duty or obligation of the Trustee.
“Treasury Rate” means, with respect to a Redemption Date, the weekly average yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two Business Days prior to the date of the applicable redemption notice (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Redemption Date to October 15, 2019; provided, however, that if the period from the Redemption Date to such date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the Redemption Date to such date is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used.
(e)    Notwithstanding clauses (a), (b), (c) and (d) of this Section 6, in connection with any tender for the 2024 Notes, if Holders of not less than 90% in the aggregate principal amount of the outstanding 2024 Notes (including the principal amount of any Additional 2024 Notes, or 

any other Additional Notes of the same series as the 2024 Notes) validly tender and do not withdraw such Notes in such tender offer and the Company, or any other Person making such tender offer, purchases all of the 2024 Notes (including any Additional 2024 Notes and any Additional Notes of the same series as the 2024 Notes) validly tendered and not withdrawn by such Holders, the Company will have the right, upon notice given not more than 30 days following such purchase pursuant to such tender offer, to redeem all of the 2024 Notes that remain outstanding following such purchase at a price in cash equal to the price offered to each Holder in such tender offer, plus, to the extent not included in the tender offer payment, accrued and unpaid interest to but excluding the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date falling prior to or on the Redemption Date). 
(f)    Any redemption of Notes pursuant to this Section 6 may be made upon notice sent electronically or, at the Company’s option, mailed by first-class mail to each Holder’s registered address in accordance with Section 1005 of the Indenture.  The Company may provide in any redemption notice that payment of the redemption price and the performance of the Issuers’ obligations with respect to such redemption may be performed by another Person.
(g)    Any redemption of Notes pursuant to this Section 6 (including in connection with an Equity Offering) or notice thereof may, at the Company’s discretion, be subject to the satisfaction (or, waiver by the Company in its sole discretion) of one or more conditions precedent, which may include consummation of any related Equity Offering or the occurrence of a Change of Control or Change of Control Triggering Event.  If such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice may state that, in the Company’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Company in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been (or, in the Company’s sole determination, may not be) satisfied (or waived by the Company in its sole discretion) by the Redemption Date, or by the Redemption Date so delayed.
7.    Form.  The 2024 Notes shall be issued substantially in the form set forth, or referenced, in Article II of the Indenture, and Exhibit A attached to the Indenture, as provided for in Section 201 of the Indenture (as such form may be modified in accordance with Section 301 of the Indenture).
8.    Governing Law.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  THE TRUSTEE, THE COMPANY, ANY OTHER OBLIGOR IN RESPECT OF THE NOTES AND (BY THEIR ACCEPTANCE OF THE NOTES) THE HOLDERS AGREE TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE.

9.    Ratification of Indenture; Supplemental Indentures Part of Indenture.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.  The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture or as to the accuracy of the recitals to this Supplemental Indenture.
10.    Counterparts.  The parties hereto may sign one or more copies of this Supplemental Indenture in counterparts, all of which together shall constitute one and the same agreement.  The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes.  Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.
11.    Headings.  The section headings herein are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.
     THE HERTZ CORPORATION 
By: /s/ R. Scott Massengill____________________ 
    Name:  R. Scott Massengill 
    Title: Senior Vice President and Treasurer 
 
Dollar Rent A Car, Inc.
Dollar Thrifty Automotive Group, Inc.
DTG Operations, Inc.
DTG Supply, LLC
firefly rent a car llc
HCM Marketing Corporation
Hertz Car Sales, LLC
Hertz Claim Management Corporation
Hertz Global Services Corporation
Hertz Local Edition Corp.
Hertz Local Edition Transporting, Inc.
Hertz System, Inc.
Hertz Technologies, Inc.
Hertz Transporting, Inc.
Smartz Vehicle Rental Corporation
Rental car group company, llc
Thrifty Car Sales, Inc.
Thrifty, LLC
Thrifty Insurance Agency, Inc.
Thrifty Rent-A-Car System, LLC
TRAC Asia Pacific, Inc.

By:  /s/ R. Scott Massengill____________________ 
    Name:    R. Scott Massengill
Title:     Treasurer

Donlen Corporation

By: /s/ R. Scott Massengill____________________ 
    Name:    R. Scott Massengill

[Signature Page to First Supplemental Indenture]
 

Title:     Vice President and Assistant Treasurer

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee 
 
 
By: /s/ Martin Reed____________________ 
    Name:    Martin Reed
Title:     Vice President 

[Signature Page to First Supplemental Indenture]crxm-ex101_6.htm

Exhibit 10.1

EXCHANGE AND REDEMPTION AGREEMENT

THIS EXCHANGE AND REDEMPTION AGREEMENT (the “Agreement”), dated as of September 23, 2016, is entered into by and between Taxus Cardium Pharmaceuticals Group Inc., a Delaware Company (the “Company”), and the party identified as “Holder” on the signature page hereto (the “Holder”).

WHEREAS, pursuant to the Securities Purchase Agreement, dated as of April 4, 2013, between the Company and the purchasers thereto (“Purchase Agreement”), the Company issued to the Holder shares of Series A Convertible Preferred Stock of which 999.8 shares remain outstanding and beneficially owned by the Holder (such shares of preferred stock, the “Preferred Stock”); and

WHEREAS, the Holder desires to allow for the redemption at Stated Value of the Preferred Stock during the 75 days following the date hereof, and the Company desires to grant the Holder the right to exchange, from time to time after the date hereof, its shares of Preferred Stock for shares of Common Stock, all on the terms and conditions contained herein.

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, and intending to be legally bound, the Company and the Holder agree as follows:

1.Definitions. Terms used as defined terms herein and not otherwise defined shall have the meanings provided therefor in the Purchase Agreement.  

2.Company Redemption Right.  At any time after the date hereof until November 29, 2016, the Company may deliver a notice to the Holder (an “Optional Redemption Notice” and the date such notice is deemed delivered hereunder, the “Optional Redemption Notice Date”) of its irrevocable election to redeem some or all of the then outstanding Preferred Stock, for cash in an amount equal to the aggregate Stated Value then outstanding plus any other amounts due in respect of the Preferred Stock (the “Optional Redemption Amount”) on the 20th Trading Day following the Optional Redemption Notice Date (such date, the “Optional Redemption Date”, such period, the “Optional Redemption Period” and such redemption, the “Optional Redemption”).  The Optional Redemption Amount is payable in full on the Optional Redemption Date.  The Company shall not take any action, or omit to take any action with the purpose or intent of impeding or frustrating the Holders right to convert or exchange shares of Preferred Stock into Common Stock during the Optional Redemption Period and sell the Common Stock in the market. The Company covenants and agrees that it will honor all Notices of Conversion and right to exchange under this Agreement tendered from the time of delivery of the Optional Redemption Notice through the date the Optional Redemption Amount is paid in full. If any portion of the cash payment for an Optional Redemption has not been paid by the Company on the Optional Redemption Date, interest shall accrue thereon until such amount is paid in full at a rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law.

3.Holder Exchange Right.  After the date hereof until the Preferred Stock is no longer outstanding, in addition to the right to convert the Preferred Stock pursuant to Section 6 of the Certificate of Designation, the Holder shall have the irrevocable right to exchange shares of Preferred Stock into shares of Common Stock (“Exchange Shares”), subject to the limitations set 

 

 

forth in Section 6(d) of the Certificate of Designation (as if the exchange were a conversion), determined by dividing the Stated Value of such Preferred Stock by $0.18 (the “Exchange Price”), subject to adjustment as set forth in Section 7(a) of the Certificate of Designation.  The Holder shall effect exchanges hereunder by providing the Company with a notice of exchange (otherwise in the form of a Notice of Conversion).  For clarity, when determining whether the Holder has exercised a conversion right or exchange right, absent written instructions to the contrary by the Holder, the lowest Exchange Price or Conversion Price, as applicable, shall be assumed to apply (nothwithstanding whether the notice indicates a conversion or exchange).  The provisions of Section 6(c), 6(d), 7(a), 7(c), 7(d), 7(e), 7(f) and 7(g) of the Certificate of Designation relating to Conversion Shares shall apply to the Exchange Shares as if the Exchange Shares were Conversion Shares.  The right to receive Exchange Shares is a separate right from the Holder’s right to convert Preferred Stock pursuant to the Certificate of Designations and no provision of the Certificate of Designation or the other Transaction Documents shall be deemed amended or waived hereunder. 

4.Representations and Warranties.  The Company hereby makes to the Holder the following representations and warranties:

(a)Organization and Qualification.  The Company is an entity duly incorporated, validly existing and in good standing under the laws of the jurisdiction of its incorporation, with 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.  

(b)Authorization; Enforcement.  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 the Company and no further action is required by the 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.

(c)No Conflicts.  The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other material instrument (evidencing a Company or Subsidiary debt or otherwise) or other material understanding to which the Company or any Subsidiary is a party or by which any property 

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or asset of the Company or any Subsidiary is bound or affected, or (iii) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect. 

(d)Issuance of the Exchange Shares.  The Exchange Shares, when issued in accordance with the terms of this Agreement and the Transaction Documents, will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents.  The Company has reserved from its duly authorized capital stock a sufficient number of shares of Common Stock for issuance of all of the Exchange Shares. 

(e)Status of Exchange Shares.  The shares of Preferred Stock were issued to the Holder pursuant to the terms of an effective Registration Statement (333-168693) and have the status of unrestricted, freely transferable shares.  The exchange of the shares of Preferred Stock for Exchange Shares is exempt from registration pursuant to Section 3(a)(9) of the Securities Act, and the Exchanges Shares, when issued in accordance with the terms of this Agreement will be unrestricted, freely transferable shares.  The Company agrees not to take a position contrary to this paragraph.  If requested by a Holder, the Company shall promptly, and in any event within 3 Business Days of such request, provide a legal opinion of outside counsel opining to the unrestricted and freely tradeable nature of the Exchange Shares.

5.Representations and Warranties of the Holder.  The Holder hereby represents and warrants as of the date hereof to the Company as follows:

 

(a)Organization.  The Holder is an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporated or formed with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder. 

 

(b)Authorization; Enforcement.  The execution and delivery of this Agreement and performance by the Holder of the transactions contemplated herein have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of the Holder.  This Agreement has been duly executed by the Holder, and when delivered by the Holder in accordance with the terms hereof, will constitute the valid and legally binding obligation of the Holder, enforceable against it 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.

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The Company acknowledges and agrees that the representations contained in this Section 6 shall not modify, amend or affect the Holder’s right to rely on the Company’s representations and warranties contained in this Agreement or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transaction contemplated hereby.

 

6.Miscellaneous.

 

(a)The Company shall, prior to 9 a.m. E.T. on the Trading Day immediately following the date hereof, file a Current Report on Form 8-K with the Commission disclosing the material terms of the transactions contemplated hereby, and shall attach this Agreement as an exhibit thereto.  From and after such filing, the Holder shall not be in possession of any material, nonpublic information received from the Company, any of its Subsidiaries or any of their respective officers, directors, employees or agents that is not disclosed in such Form 8-K.  The Company shall consult with the Holder in issuing the Form 8-K and any other press releases with respect to the transactions contemplated hereby.

 

 (b)This Agreement may be executed in two or more counterparts and may be delivered by electronic mail in portable document format or other means intended to preserve the original graphic content of a signature, and each of such counterparts shall be deemed an original and all of such counterparts together shall constitute one and the same agreement.  

(c)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.

(d) If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties.  The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

(e)Except as expressly set forth herein, all of the terms and conditions of the Transaction Documents shall continue in full force and effect after the execution of this 

4

 

Agreement and shall not be in any way changed, modified or superseded by the terms set forth herein. 

(f)This Agreement shall be governed by and interpreted in accordance with laws of the State of New York, excluding its choice of law rules.  The parties hereto hereby waive the right to a jury trial in any litigation resulting from or related to this Agreement.  The parties hereto consent to exclusive jurisdiction and venue in the federal courts sitting in the southern district of New York, unless no federal subject matter jurisdiction exists, in which case the parties hereto consent to exclusive jurisdiction and venue in the New York state courts in the borough of Manhattan, New York.  Each party waives all defenses of lack of personal jurisdiction and forum non conveniens.  Process may be served on any party hereto in the manner authorized by applicable law or court rule.

***********************

 

5

 

IN WITNESS WHEREOF, this Exchange and Redemption Agreement is executed as of the date first set forth above.

 

 

TAXUS CARDIUM PHARMACEUTICALS GROUP INC. 

 

	
By:
	
/s/Christopher Reinhard

	
 
	
Name:
	
Christopher Reinhard

	
 
	
Title:
	
CEO

 

 

 

 

[signature page of Holder to follow]

 

 

SIGNATURE PAGE OF HOLDER TO 

EXCHANGE AND REDEMPTION AGREEMENT

BETWEEN CRXM AND 

THE HOLDER THEREUNDER

 

 

 

	
Name of Holder:
	
Sabby Health Care Master Fund, Ltd.

	
By: 
	
/s/ Robert Grundstein

	
Name: 
	
Robert Grundstein

	
Title: 
	
COO of Investment Management

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