Document:

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Exhibit 10.1
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Fifth Amendment to 
Second Amended and Restated Credit Agreement and Consent
This Fifth Amendment to Second Amended and Restated Credit Agreement and Consent (herein, this “Fifth Amendment”) is entered into as of November 12, 2020, among CTO Realty Growth, Inc., a Florida corporation (formerly known as Consolidated-Tomoka Land Co. (“CTO Florida”), and together with its successors and assigns, the “Borrower”), the Guarantors party hereto, the Lenders party hereto and Bank of Montreal, as Administrative Agent (the “Administrative Agent”).
Preliminary Statements
A.The Borrower, the Guarantors party thereto (the “Guarantors”), the financial institutions party thereto (the “Lenders”), and the Administrative Agent entered into that certain Second Amended and Restated Credit Agreement, dated as of September 7, 2017, as amended by the First Amendment to Second Amended and Restated Credit Agreement dated as of May 14, 2018, as amended by the Second Amendment to Amended and Restated Credit Agreement dated as of May 24, 2019, as amended by the Third Amendment to Amended and Restated Credit Agreement dated as of November 26, 2019, and as amended by the Fourth Amendment to Amended and Restated Credit Agreement dated as of July 1, 2020 (such Second Amended and Restated Credit Agreement, as heretofore amended, and as the same may be amended, restated, supplemented or otherwise modified, the “Credit Agreement”).  All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement.
B.CTO Florida has adopted a plan to restructure its business operations so that it can elect and will qualify as a “real estate investment trust” (“REIT”) in accordance with Section 856 et. seq. of the Internal Revenue Code of 1986, as amended, and any successor statute thereto (the “REIT Conversion”).  In connection with the REIT Conversion, CTO Florida intends to merge (the “Merger”) with and into CTO NEWCO REIT, Inc., a Maryland corporation (“NEWCO”) and a Subsidiary of the Borrower, with NEWCO being the surviving corporation. Upon consummation of the Merger, the surviving entity will change its name to CTO Realty Growth, Inc., a Maryland corporation (“CTO Maryland”).  Upon the closing of the Merger, CTO Maryland will succeed to and continue to operate the existing business of CTO Florida and will be obligated for all Obligations under the Credit Agreement and all Loan Documents to which CTO Florida is a party as successor by merger to CTO Florida and as the Borrower under the Credit Agreement.
C.Pursuant to Section 8.9 of the Credit Agreement, the Borrower may not be party to any merger of the Borrower and a Subsidiary if the Borrower is not the corporation surviving the merger, except with the prior written consent of the Required Lenders (not to be unreasonably, withheld, conditioned or delayed).

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D.CTO Florida has provided a limited recourse carve-out guaranty in connection with indebtedness of certain of its subsidiaries pursuant to that certain Loan Agreement, dated as of September 30, 2014, by and among Wells Fargo Bank, National Association (the “CMBS Lender”), and the entities set forth on Schedule VI thereto (as amended, the “Wells Fargo Loan Agreement”). The Merger requires the prior consent of the CMBS Lender.  CTO Florida has used commercially reasonable efforts to obtain the consent of the CMBS Lender.  However, in the event that the CMBS Lender does not provide written consent, CTO Florida may, in its sole discretion, complete the Merger without the written consent of the CMBS Lender, which may constitute a default under the Wells Fargo Loan Agreement.  Pursuant to Section 9.1(f) of the Credit Agreement, the default under any Indebtedness for Borrowed Money guaranteed by the Borrower aggregating in excess of $10,000,000 shall constitute an Event of Default (the “Wells Fargo Cross Default”). 
E.CTO Florida has requested that the Administrative Agent and Required Lenders (i) consent to the Merger and CTO Maryland’s assumption of the Obligations of CTO Florida under the Credit Agreement as successor by merger and as the Borrower under the Credit Agreement, (ii) waive the Wells Fargo Cross Default, if any, and (iii) make certain other revisions to the Credit Agreement and Loan Documents, and the Administrative Agent and the Lenders are willing to do so on the terms and conditions set forth herein.
Now, Therefore, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
	Section 1.
	Consent to Merger.

Upon execution of this Fifth Amendment by the Borrower, the Guarantors, the Required Lenders and the Administrative Agent and, subject to Section 5, the Lenders hereby consent to the Merger.  From and after the consummation of the Merger, all references to the term “Borrower” as used in the Credit Agreement and any of the Loan Documents shall be and mean CTO Realty Growth, Inc., a Maryland corporation.
	Section 2.
	Limited Waiver of Event of Default.

On the Merger Consent Effective Date, the Required Lenders hereby waive the Wells Fargo Cross Default; provided, that such waiver shall only be effective if and for so long as the Borrower’s guarantee in favor of the CMBS Lender remains a limited recourse carve-out guaranty, and not a recourse payment guaranty.  The execution, delivery and effectiveness of the waiver in the foregoing sentence is limited to the matters expressly set forth herein, shall not operate as a waiver of any right, power or remedy of the Administrative Agent and the Lenders under the Credit Agreement or any other document, instrument or agreement in connection therewith, nor constitute a waiver of any provision contained therein or any other than existing Default or Event of Default, and except for the waiver of the Wells Fargo Cross Default, all other terms of the Credit Agreement and the other Loan Documents shall stand and remain unchanged and in full force and effect.

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Section 3.Fifth Amendment Effective Date Amendments.
On the Fifth Amendment Effective Date (as defined herein), the Credit Agreement shall be and hereby is amended as follows:
3.1.The definition of “Fixed Charges” in Section 5.1 of the Credit Agreement shall be and hereby is amended and restated in its entirety to read as follows:
“Fixed Charges” means, for any Rolling Period, (a) Interest Expense, plus (b) scheduled principal amortization paid on Total Indebtedness (exclusive of any balloon payments or prepayments of principal paid on such Total Indebtedness), plus (c) Dividends and required distributions on the Borrower’s preferred equity securities for such Rolling Period plus (d) all income taxes (federal, state and local) paid by Borrower in cash during such Rolling Period; provided, that for purposes of calculating income taxes under clause (d) for any Rolling Period, such amount shall not include any income taxes paid from and in connection with any extraordinary gain for such Rolling Period.  Pro forma adjustments shall be made for any Property acquired or sold during any period as if the acquisition or disposition occurred on the first day of the applicable period.
3.2.The following definitions of “Adjusted FFO,” “REIT” and “Restricted Payments” shall be and hereby are added to Section 5.1 of the Credit Agreement in proper alphabetical order to read as follows:
“Adjusted FFO” means for any period, “funds from operations” as defined in accordance with resolutions adopted by the Board of Governors of the National Association of Real Estate Investment Trusts as in effect from time to time; provided, that Adjusted FFO shall (i) be based on net income after payment of distributions to holders of preferred partnership units in Borrower and distributions necessary to pay holders of preferred stock of Borrower, and (ii) at all times exclude (a) charges for impairment losses from property sales, (b) stock-based compensation, (c) write-offs or reserves of straight-line rent related to sold assets, (d) amortization of debt costs, and (e) non-recurring charges, including, without limitation, acquisition expenses, non-cash charges related to the write-off of deferred equity and financing costs and one-time charges related to the transition to self-management.
“REIT” means a “real estate investment trust” in accordance with Section 856 et. seq. of the Code.
“Restricted Payments” means dividends on or other distributions in respect of any class or series of Stock, Stock Equivalents or other Equity Interests of the Borrower or its Subsidiaries or the direct or indirect purchase, redemption, acquisition, or retirement of any of the Borrower’s or a Subsidiaries’ Stock, Stock Equivalents or other Equity Interest.

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3.3.The following new Section 6.27 shall be and hereby is added to the Credit Agreement immediately following Section 6.26 therein to read as follows:
Section 6.27.REIT Status.  The Borrower (a) will elect to be taxed as a REIT beginning with its taxable year ending December 31, 2020, upon the filing of its federal income tax return for such year and will continue to operate in a manner so as to qualify as a REIT, and (b) will not revoke its election to be taxed as a REIT.
3.4.The following new Sections 8.28 and 8.29 shall be and hereby are added to the Credit Agreement immediately following Section 8.27 therein to read as follows:
Section 8.28.REIT Status.  From and after the date that the Borrower elects to qualify as a REIT, the Borrower shall maintain its status as a REIT.
Section 8.29.Restricted Payments.  The Borrower shall not permit, nor shall it permit any Subsidiary to, declare or make any Restricted Payment; provided that:
(a)(i) Borrower may declare or make cash distributions to its equity holders in an aggregate amount not to exceed the greater of (x) ninety-five percent (95%) of Borrower’s Adjusted FFO for each Rolling Period, or (y) the amount necessary for Borrower to be able to make distributions required to maintain its status as a REIT and to avoid the imposition of any federal or state income tax, and to avoid the imposition of the excise tax described by Section 4981 of the Code, in each case on Borrower; provided, that, in either case, (A) during the continuance of an Event of Default, Restricted Payments made pursuant to this clause (a) shall not exceed the amounts described in clause (y), and (B) following a Bankruptcy Event with respect to the Borrower or the acceleration of the Obligations, Borrower shall not make any cash distributions;
(b)each Subsidiary may make Restricted Payments ratably to the holders of its Equity Interests;
(c)the Borrower or any Guarantor may declare and make dividend payments or other distributions payable solely in the common equity interests or other equity interests of such entity including (i) “cashless exercises” of options granted under any share option plan adopted by such entity, (ii) distributions of rights or equity securities under any rights plan adopted by such entity and (iii) distributions (or effect stock splits or reverse stock splits) with respect to its equity interests payable solely in additional shares of its equity interests; 
(d)the Borrower and each Guarantor may make cash payments in lieu of the issuance of fractional shares representing insignificant 

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interests in connection with the exercise of warrants, options or other securities convertible into or exchangeable for equity interests of the Borrower or any Subsidiary;
(e)so long as no Change of Control results therefrom, the Borrower and each Subsidiary may make Restricted Payments in connection with the implementation of or pursuant to any retirement, health, stock option and other benefit plans, bonus plans, performance based incentive plans, and other similar forms of compensation;
(e)so long as no Change of Control results therefrom, the Borrower and each Subsidiary that is a Guarantor may make dividends or distributions to allow Borrower to make payments in connection with share purchase programs, to the extent not otherwise prohibited by the terms of this Agreement;
(f)Borrower may exercise any redemption or conversion rights with respect to its Equity Interests in accordance with the terms of the governing documents setting out any such rights; and
(e)Borrower may make a one-time cash distribution of earnings and profits in connection with its initial election to be taxed as a REIT.
3.5.Clause (b) of Section 9.1 of the Credit Agreement shall be and hereby is amended and restated in its entirety to read as follows:
(b)default in the observance or performance of any covenant set forth in Sections 8.1 (only with respect to the first sentence thereof), 8.5 (for a period of five (5) days), 8.7, 8.8, 8.9, 8.10, 8.20, 8.21 (if not replaced with another Eligible Property or Eligible Properties in accordance with Section 7.3 hereof within ten (10) Business Days after the period of notice required by Section 7.3), 8.22, 8.24, 8.25 or 8.29 hereof or of any provision in any Loan Document dealing with the use, disposition or remittance of the proceeds of Collateral or requiring the maintenance of insurance thereon;
3.6.Exhibit E (Compliance Certificate) to the Credit Agreement shall be and hereby is amended and restated in its entirety to read as set forth on Annex I to this Fifth Amendment attached hereto.
	Section 4.
	Merger Consent Effective Date.

On the Merger Consent Effective Date (as defined herein), the Credit Agreement shall be and hereby is amended as follows:

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4.1.Section 6.1 of the Credit Agreement shall be and hereby is amended and restated in its entirety to read as follows:
Section 6.1.Organization and Qualification.  The Borrower is duly organized, validly existing, and in good standing as a corporation under the laws of the State of Maryland.  The Borrower has full and adequate power to own its Property and conduct its business as now conducted, and is duly licensed or qualified and in good standing in each jurisdiction in which the nature of the business conducted by it or the nature of the Property owned or leased by it requires such licensing or qualifying and where the failure to be so qualified could reasonably be expected to have, in each instance, a Material Adverse Effect.
4.2.Section 8.26 of the Credit Agreement shall be and hereby is amended and restated in its entirety to read as follows:
Section 8.26.[Reserved].
	Section 5.
	Conditions Precedent.

5.1.  Section 3 of this Fifth Amendment shall become effective upon the satisfaction of the following conditions precedent (the “Fifth Amendment Effective Date”):  
(a)  The Administrative Agent shall have received for the Borrower: (i) a good standing certificate from the State of Florida; (ii) copies of the Borrower’s Certificate of Incorporation and Borrower’s Bylaws; (iii) resolutions authorizing the transactions to be consummated in connection with this Fifth Amendment and the Merger; and (iv) an incumbency certificate for the Borrower’s authorized representatives, which shall supersede such list previously delivered to the Administrative Agent.
(b)  Upon the reasonable request of any Lender made prior to the Fifth Amendment Effective Date, the Administrative Agent and any requesting Lender shall have received any information or materials reasonably required by the Administrative Agent or such Lender in order to assist the Administrative Agent or such Lender in maintaining compliance with (i) the Patriot Act and (ii) any applicable “know your customer” or similar rules and regulations.
(c)  The Borrower shall have paid to the Administrative Agent all invoiced fees and expenses due in connection with this Fifth Amendment.
(d)  The Administrative Agent shall have received search reports for the Borrower indicating the absence of any Liens (other than Permitted Liens).
(e)  The Administrative Agent shall have received a written opinion of counsel to the Borrower and each Guarantor, in form and substance reasonably satisfactory to the Administrative Agent.
5.2.  Subject to satisfaction of (x) the prior occurrence of the Fifth Amendment Effective 

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Date and (y) the following conditions precedent prior to or substantially concurrently with the consummation of the Merger (the “Merger Consent Effective Date”), Sections 2 and 4 of this Fifth Amendment shall become effective upon consummation of the Merger; provided, that, Borrower’s failure to satisfy all such conditions substantially concurrently with the Merger shall be deemed an automatic Event of Default under Section 9.1 of the Credit Agreement:
(a)  The Borrower shall have executed and delivered the Merger Consent Effective Date Acknowledgments attached hereto as Annex II, dated as of the date of the consummation of the Merger, which Merger Consent Effective Date Acknowledgments shall be deemed to be part of this Fifth Amendment.
(b)  The Administrative Agent shall have received for the Borrower: (i) a good standing certificate from the State of Maryland; (ii) copies of the Certificate of Merger, Borrower’s Certificate of Incorporation and Borrower’s Bylaws, in each case, as in effect after the consummation of the Merger; (iii) resolutions authorizing the transactions to be consummated in connection with this Fifth Amendment and the Merger; and (iv) an incumbency certificate for the Borrower’s authorized representatives after the consummation of the Merger, which shall supersede such list previously delivered to the Administrative Agent.
(c)  Upon the reasonable request of any Lender made prior to the Merger Consent Effective Date, the Administrative Agent and any requesting Lender shall have received any information or materials reasonably required by the Administrative Agent or such Lender in order to assist the Administrative Agent or such Lender in maintaining compliance with (i) the Patriot Act and (ii) any applicable “know your customer” or similar rules and regulations.
(d)  The Borrower shall have paid to the Administrative Agent all invoiced fees and expenses due in connection with this Fifth Amendment.
(e)  The Administrative Agent shall have received search reports for NEWCO indicating the absence of any Liens (other than Permitted Liens) current through a date not earlier than 30 days prior to the effective date of the Merger.
(f)  Legal matters incident to the Merger shall be reasonably satisfactory to the Administrative Agent and its counsel.
	Section 6.
	Representations.

In order to induce the Administrative Agent and the Lenders to execute and deliver this Fifth Amendment, the Borrower hereby represents to the Administrative Agent and the Lenders that (a) after giving effect to this Fifth Amendment, the representations and warranties set forth in Section 6 of the Credit Agreement are and shall be and remain true and correct in all material respects (except in the case of a representation or warranty qualified by materiality in which case such representation or warranty shall be true and correct in all respects) as of the date hereof (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (b) no Default or Event of Default has occurred and is 

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continuing under the Credit Agreement or shall result after giving effect to this Fifth Amendment.
	Section 7.
	Miscellaneous.

7.1.Except as specifically amended herein, the Credit Agreement and the other Loan Documents shall continue in full force and effect in accordance with their original terms.  Reference to this specific Fifth Amendment need not be made in the Credit Agreement, the Notes, the other Loan Documents, or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit Agreement or any other Loan Document, any reference in any of such items to the Credit Agreement and each other Loan Document being sufficient to refer to the Credit Agreement or such Loan Document as amended hereby.
7.2.The Borrower agrees to pay on demand all reasonable costs and out-of-pocket expenses of or incurred by the Administrative Agent in connection with the negotiation, preparation, execution and delivery of this Fifth Amendment, including the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent.
7.3.Each of the Borrower and certain Guarantors heretofore executed and delivered to the Administrative Agent and the Lenders certain Collateral Documents to which they are a party.  Each of the Borrower and each applicable Guarantor hereby acknowledges and agrees that the Liens created and provided for by the Collateral Documents continue to secure, among other things, the Obligations arising under the Credit Agreement as amended hereby; and the Collateral Documents and the rights and remedies of the Administrative Agent and the Lenders thereunder, the obligations of the Borrower or applicable Guarantor thereunder, and the Liens created and provided for thereunder remain in full force and effect and shall not be affected, impaired or discharged hereby.  Nothing herein contained shall in any manner affect or impair the priority of the liens and security interests created and provided for by the Collateral Documents as to the indebtedness which would be secured thereby prior to giving effect to this Amendment.
7.4.Each Guarantor consents to the amendments, modifications and waivers to the Credit Agreement and other Loan Documents as set forth herein and confirms all of its obligations under its Guaranty remain in full force and effect.  Furthermore, each Guarantor acknowledges and agrees that the consent of the Guarantors, or any of them, to any further amendments, modifications or waivers to the Credit Agreement shall not be required as a result of this consent having been obtained.
7.5.The Borrower and the Guarantors acknowledge that the Preliminary Statements set forth above are true and correct.  This Fifth Amendment is a Loan Document.  This Fifth Amendment may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement.  Any of the parties hereto may execute this Fifth Amendment by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original.  Delivery of executed counterparts of this Fifth Amendment by Adobe portable document format 

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(a “PDF”) via e-mail or by facsimile shall be effective as an original.  This Fifth Amendment, and the rights and the duties of the parties hereto, shall be construed and determined in accordance with the internal laws of the State of New York.
[Signature Pages Follow]
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This Fifth Amendment and Consent to Second Amended and Restated Credit Agreement is entered into as of the date and year first above written
“Borrower”
CTO Realty Growth, Inc., a Florida corporation
By
Name:  Matthew M. Partridge
Title:  Senior Vice President, Chief Financial Officer and Treasurer
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[Signature Page to Fifth Amendment to 
Second Amended and Restated Credit Agreement and Consent – 
CTO Realty Growth, Inc.]

“Guarantors”
Indigo Development LLC, a Florida limited liability company
		By:
	CTO Realty Growth, Inc., a Florida corporation, its sole member

By: /s/ Matthew M. Partridge _____________
Name:  Matthew M. Partridge
Title:  Senior Vice President, Chief Financial Officer and Treasurer
LHC15 Riverside FL LLC, a Delaware limited liability company
		By: 
	CTO Realty Growth, Inc., a Florida corporation, its sole manager

By: /s/ Matthew M. Partridge _____________
Name:  Matthew M. Partridge
Title:  Senior Vice President, Chief Financial Officer and Treasurer
CTO16 OSI LLC, a Delaware limited liability company
		By:
	CTO Realty Growth, Inc., a Florida corporation, its sole manager

By: /s/ Matthew M. Partridge _____________
Name:  Matthew M. Partridge
Title:  Senior Vice President, Chief Financial Officer and Treasurer
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[Signature Page to Fifth Amendment to 
Second Amended and Restated Credit Agreement and Consent – 
CTO Realty Growth, Inc.]

CTO17 Sarasota LLC, a Delaware limited liability company
By:  CTO Realty Growth, Inc., a Florida corporation, its manager
By: /s/ Matthew M. Partridge _____________
Name:  Matthew M. Partridge
Title:  Senior Vice President, Chief Financial Officer and Treasurer
CTO17 Westcliff TX LLC, a Delaware limited liability company
By:  CTO Realty Growth, Inc., a Florida corporation, its sole member
By: /s/ Matthew M. Partridge _____________
Name:  Matthew M. Partridge
Title:  Senior Vice President, Chief Financial Officer and Treasurer
Indigo Group Inc., a Florida corporation
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By: /s/ Matthew M. Partridge _____________
Name:  Matthew M. Partridge
Title:  Senior Vice President, Chief Financial Officer and Treasurer
CTO18 Aspen LLC, a Delaware limited liability company
By:  CTO Realty Growth, Inc., a Florida corporation, its manager
By: /s/ Matthew M. Partridge _____________
Name:  Matthew M. Partridge
Title:  Senior Vice President, Chief Financial Officer and Treasurer
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[Signature Page to Fifth Amendment to 
Second Amended and Restated Credit Agreement and Consent – 
CTO Realty Growth, Inc.]

CTO18 Jacksonville FL LLC, a Delaware limited liability company
By:  CTO Realty Growth, Inc., a Florida corporation, its manager
By: /s/ Matthew M. Partridge _____________
Name:  Matthew M. Partridge
Title:  Senior Vice President, Chief Financial Officer and Treasurer
CTO18 Albuquerque NM LLC, a Delaware limited liability company
By:  CTO Realty Growth, Inc., a Florida corporation, its manager
By: /s/ Matthew M. Partridge _____________
Name:  Matthew M. Partridge
Title:  Senior Vice President, Chief Financial Officer and Treasurer
IGI19 FC VA LLC, a Delaware limited liability company
		By:
	Indigo Group, Inc., a Florida corporation, its manager

By: /s/ Matthew M. Partridge _____________
Name:  Matthew M. Partridge
Title:  Senior Vice President, Chief Financial Officer and Treasurer
CTO19 NRH TX LLC, a Delaware limited liability company
​
		By:
	CTO Realty Growth, Inc., a Florida corporation, its manager

By: /s/ Matthew M. Partridge _____________
Name: Matthew M. Partridge
Title: Senior Vice President, Chief Financial Officer and Treasurer
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[Signature Page to Fifth Amendment to 
Second Amended and Restated Credit Agreement and Consent – 
CTO Realty Growth, Inc.]

CTO19 Oceanside NY LLC, a Delaware limited liability company
​
		By:
	CTO Realty Growth, Inc., a Florida corporation, its manager

By: /s/ Matthew M. Partridge _____________
  Name: Matthew M. Partridge
Title: Senior Vice President, Chief Financial Officer and Treasurer
CTO19 Reston VA LLC, a Delaware limited liability company
​
		By:
	CTO Realty Growth, Inc., a Florida corporation, its manager

By: /s/ Matthew M. Partridge _____________
  Name: Matthew M. Partridge
Title: Senior Vice President, Chief Financial Officer and Treasurer
CTO19 Carpenter Austin LLC, a Delaware limited liability company
​
		By:
	CTO Realty Growth, Inc., a Florida corporation, its manager

By: /s/ Matthew M. Partridge _____________
  Name: Matthew M. Partridge
Title: Senior Vice President, Chief Financial Officer and Treasurer
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[Signature Page to Fifth Amendment to 
Second Amended and Restated Credit Agreement and Consent – 
CTO Realty Growth, Inc.]

Indigo Group Ltd., a Florida limited partnership
		By:
	Indigo Group, Inc., a Florida corporation, its General Partner

By: /s/ Matthew M. Partridge _____________
  Name: Matthew M. Partridge
Title: Senior Vice President, Chief Financial Officer and Treasurer
CTO17 Aruba Land LLC, a Delaware limited liability company 
		By:
	CTO Realty Growth, Inc., a Florida corporation, its manager

By: /s/ Matthew M. Partridge _____________
  Name: Matthew M. Partridge
Title: Senior Vice President, Chief Financial Officer and Treasurer
CTO19 STRAND JAX LLC, a Delaware limited liability company
		By:
	CTO Realty Growth, Inc., a Florida corporation, its manager

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By: /s/ Matthew M. Partridge _____________ 
Name:  Matthew M. Partridge
Title:  Senior Vice President, Chief Financial Officer and Treasurer
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[Signature Page to Fifth Amendment to 
Second Amended and Restated Credit Agreement and Consent – 
CTO Realty Growth, Inc.]

Daytona JV LLC, a Florida limited liability company
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		By:
	LHC15 Atlantic DB JV LLC, a Delaware limited liability company, its sole manager

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		By:
	CTO Realty Growth, Inc., a Florida corporation, its sole member

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By: /s/ Matthew M. Partridge _____________ 
Name:  Matthew M. Partridge
Title:  Senior Vice President, Chief Financial Officer and Treasurer
CTO20 Crossroads AZ LLC, a Delaware limited liability company
​
		By:
	CTO Realty Growth, Inc., a Florida corporation, its manager

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By: /s/ Matthew M. Partridge _____________ 
  Name: Matthew M. Partridge
Title: Senior Vice President, Chief Financial Officer and Treasurer
IGI20 Crossroads AZ LLC, a Delaware limited liability company
​
		By:
	Indigo Group Inc., a Florida corporation, its manager

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By: /s/ Matthew M. Partridge _____________ 
  Name: Matthew M. Partridge
  Title: Senior Vice President, Chief Financial Officer and Treasurer
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[Signature Page to Fifth Amendment to 
Second Amended and Restated Credit Agreement and Consent – 
CTO Realty Growth, Inc.]

CTO20 PERIMETER LLC, a Delaware limited liability company
By:  CTO Realty Growth, Inc., 
  a Florida corporation, its sole manager
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By: /s/ Matthew M. Partridge _____________ 
  Name: Matthew M. Partridge
  Title: Senior Vice President, Chief Financial Officer and Treasurer
CTO20 PERIMETER II LLC, a Delaware limited liability company
By:  CTO Realty Growth, Inc., a Florida corporation, its sole manager
​
By: /s/ Matthew M. Partridge _____________ 
  Name: Matthew M. Partridge
  Title: Senior Vice President, Chief Financial Officer and Treasurer
​
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[Signature Page to Fifth Amendment to 
Second Amended and Restated Credit Agreement and Consent – 
CTO Realty Growth, Inc.]

CTO20 Tampa LLC, a Delaware limited liability company
By:  CTO Realty Growth, Inc., a Florida corporation, its manager
By: /s/ Matthew M. Partridge _____________ 
  Name: Matthew M. Partridge
  Title: Senior Vice President, Chief Financial Officer and Treasurer
IGI20 Tampa LLC, a Delaware limited liability company
By:  Indigo Group Inc., a Florida corporation, its manager
By: /s/ Matthew M. Partridge _____________ 
  Name: Matthew M. Partridge
  Title: Senior Vice President, Chief Financial Officer and Treasurer
IGL20 Tampa LLC, a Delaware limited liability company
By:  Indigo Group Ltd.,
a Florida limited partnership,
		By:
	Indigo Group Inc.,
a Florida corporation, its general partner

By: /s/ Matthew M. Partridge _____________ 
  Name: Matthew M. Partridge
  Title: Senior Vice President, Chief Financial Officer and Treasurer
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[Signature Page to Fifth Amendment to 
Second Amended and Restated Credit Agreement and Consent – 
CTO Realty Growth, Inc.]

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Accepted and Agreed to.
“Administrative Agent and L/C Issuer”
Bank of Montreal, as L/C Issuer and as Administrative Agent
By/s/ Gwendolyn Gatz__________________
Name:  Gwendolyn Gatz
Title:  Director
“Lenders”
Bank of Montreal, as a Lender and Swing Line Lender
By/s/ Gwendolyn Gatz___________________
Name:  Gwendolyn Gatz
Title:  Director
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[Signature Page to Fifth Amendment to 
Second Amended and Restated Credit Agreement and Consent - 
CTO Realty Growth, Inc.]

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Truist Bank
By: /s/ Ryan Almond ____________________
Name: Ryan Almond
Title: Director
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[Signature Page to Fifth Amendment to 
Second Amended and Restated Credit Agreement and Consent - 
CTO Realty Growth, Inc.]

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Wells Fargo Bank, National Association
By: /s/ Patrick T. Roygre__________________
Name: Patrick T. Roygre
Title: Senior Vice President
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[Signature Page to Fifth Amendment to 
Second Amended and Restated Credit Agreement and Consent
CTO Realty Growth, Inc.]

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Annex I to Fifth Amendment to 
Second Amended and Restated Credit Agreement and Consent
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Exhibit E
Compliance Certificate
	To:
	Bank of Montreal, as Administrative Agent under, and the Lenders party to, the Credit Agreement described below

This Compliance Certificate is furnished to the Administrative Agent and the Lenders pursuant to that certain Second Amended and Restated Credit Agreement dated as of September 7, 2017, as amended, among CTO Realty Growth, Inc. (the “Borrower”), the Guarantors signatory thereto, the Administrative Agent and the Lenders party thereto (the “Credit Agreement”).  Unless otherwise defined herein, the terms used in this Compliance Certificate have the meanings ascribed thereto in the Credit Agreement.
The Undersigned hereby certifies that:
1.I am the duly elected ____________ of CTO Realty Growth, Inc.;
2.I have reviewed the terms of the Credit Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and conditions of the Borrower and its Subsidiaries during the accounting period covered by the attached financial statements;
3.The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or the occurrence of any event which constitutes a Default or Event of Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Compliance Certificate, except as set forth below;
4.The financial statements required by Section 8.5 of the Credit Agreement and being furnished to you concurrently with this Compliance Certificate are true, correct and complete as of the date and for the periods covered thereby; and
5.The Schedule I hereto sets forth financial data and computations evidencing the Borrower’s compliance with certain covenants of the Credit Agreement, all of which data and computations are, to the best of my knowledge, true, complete and correct and have been made in accordance with the relevant Sections of the Credit Agreement.
Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature of the condition or event, the period during which it has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition or event:

​

​

​
​
​
​
The foregoing certifications, together with the computations set forth in Schedule I hereto and the financial statements delivered with this Certificate in support hereof, are made and delivered this ______ day of __________________ 20___.
​
CTO Realty Growth, Inc.
​
​
By:
  Name:
  Title:
​
​
​
​

​

​

Schedule I
to Compliance Certificate
_________________________________________________
Compliance Calculations
for Second Amended and Restated Credit Agreement 
dated as of September 7, 2017, as amended
Calculations as of _____________, _______
​
	​

	​

	A.

Maximum Total Indebtedness to Total Asset Value Ratio (Section 8.20(a))

	​

	
1.

Total Indebtedness

	$___________

	
2.

Total Asset Value as calculated on Exhibit A hereto

	___________

	
3.

Ratio of Line A1 to A2

	____:1.0

	
4.

Line A3 must not exceed

	0.60:1.0

	
5.

The Borrower is in compliance (circle yes or no)

	yes/no

	​
B.

Maximum Secured Indebtedness to Total Asset Value Ratio (Section 8.20(b))

	​

	
1.

Secured Indebtedness

	$___________

	
2.

Total Asset Value as calculated on Exhibit A hereto

	___________

	
3.

Ratio of Line B1 to B2

	____:1.0

	
4.

Line B3 must not exceed

	0.40:1.0

	
5.

The Borrower is in compliance (circle yes or no)

	yes/no

	C.

Minimum Adjusted EBITDA to Fixed Charges Ratio (Section 8.20(c))

	​

	
1.

Net Income

	$___________

	
2.

Depreciation and amortization expense

	___________

	
3.

Interest Expense

	___________

​
​

​

​
	​

	​

	
4.

Income tax expense

	___________

	
5.

Extraordinary, unrealized or non-recurring losses

	___________

	
6.

Non-Cash Compensation Paid in Equity Securities

	___________

	
7.

Extraordinary, unrealized or non-recurring gains

	___________

	
8.

Income tax benefits

	___________

	
9.

Sum of Lines C2, C3, C4, C5 and C6

	___________

	
10.

Sum of Lines C7 and C8

	___________

	
11.

Line C1 plus Line C9 minus Line C10 (“EBITDA”)

	___________

	
12.

Annual Capital Expenditure Reserve

	___________

	
13.

Line C11 minus Line C12 (“Adjusted EBITDA”)

	___________

	
14.

Interest Expense

	___________

	
15.

Principal Amortization Payments

	___________

	
16.

Dividends

	___________

	
17.

Income Taxes Paid

	___________

	
18.

Sum of Lines C14, C15, C16 and C17 (“Fixed Charges”)

	___________

	
19.

Ratio of Line C13 to Line C18

	____:1.0

	
20.

Line C19 shall not be less than

	1.50:1.0

	
21.

The Borrower is in compliance (circle yes or no)

	yes/no

	D.

Maximum Secured Recourse Indebtedness to Total Asset Value Ratio (Section 8.20(d))

	​

	
1.

Secured Recourse Indebtedness 

	$___________

	
2.

Total Asset Value as calculated on Exhibit A hereto

	___________

	
3.

Ratio of Line D1 to Line D2

	____:1.0

	
4.

Line D3 shall not exceed

	0.05:1.0

​

​

	​

	​

	
5.

The Borrower is in compliance (circle yes or no)

	yes/no

	E.

Tangible Net Worth (Section 8.20(e))

	​

	
1.

Tangible Net Worth

	$___________

	
2.

Aggregate net proceeds of Stock and Stock Equivalent offerings after March 31, 2020

	___________

	
3.

75% of Line E2

	___________

	
4.

$263,312,927 plus Line E3 

	___________

	
5.

Line E1 shall not be less than Line E4

	​

	
6.

The Borrower is in compliance (circle yes or no)

	yes/no

	F.

Investments (Corporate Debt, Stock to Stock Equivalents in REC/REITS/Alpine) (Section 8.8(f))

	​

	1.Investments in debt, Stock or Stock Equivalents of listed real estate companies and real estate investment trusts
	$__________

	2.Investments in Stock of Alpine
	$__________

	3.Sum of Line F1 and Line F2
	$__________

	4.Line F3 shall not exceed $15,000,000
	​

	5.The Borrower is in compliance (circle yes or no)
	yes/no

	6.Investments in Stock Equivalents of Alpine
	$__________

	G.

Investments (Joint Ventures) (Section 8.8(j))

	​

	
1.

Cash Investments in Joint Ventures

	$___________

	
2.

Total Asset Value

	___________

	
3.

Line G1 divided by Line G2

	___________

	
4.

Line G3 shall not exceed 10% of Total Asset Value

	​

	
5.

The Borrower is in compliance (circle yes or no)

	yes/no

​

​

	H.

Investments (Assets Under Development) (Section 8.8(k))

	​

	
1.

Assets Under Development

	$___________

	
2.

Total Asset Value

	___________

	
3.

Line H1 divided by Line H2

	___________

	
4.

Line H3 shall not exceed 7.5% of Total Asset Value

	​

	
5.

The Borrower is in compliance (circle yes or no)

	yes/no

	I.

Investments (Mortgage Loans, Mezzanine Loans and Notes Receivable) (Section 8.8(l))

	​

	
1.

Mortgage Loans, Mezzanine Loans and Notes Receivable

	$___________

	
2.

Total Asset Value

	___________

	
3.

Line I1 divided by Line I2

	___________

	
4.

Line I3 shall not exceed 25% of Total Asset Value

	​

	
5.

The Borrower is in compliance (circle yes or no)

	yes/no

	J.

Investments (Ground Leases) (Section 8.8(m))

	​

	
1.

Investments in Ground Leases other than Permitted Ground Lease Investments

	$___________

	
2.

Total Asset Value

	___________

	
3.

Line J1 divided by Line J2

	___________

	
4.

Line J3 shall not exceed 20% of Total Asset Value

	​

	
5.

The Borrower is in compliance (circle yes or no)

	yes/no

	K.

Investments (Stock Repurchases) (Section 8.8(n))

	​

	
1.

Stock Repurchases 

	$___________

	
2.

Investment Net Sales Proceeds

	$___________

	
3.

Line K1 minus Line K2

	___________

​

​

​

​
	​

	​

	
4.

Adjusted EBITDA (from Line C13)1

	$___________

	
5.

Fixed Charges (from Line C18)

	$___________

	
6.

Sum of lines K3 and K5

	$___________

	
7.

Ratio of Line K4 to Line K6

	____:1.0

	
8.

Line K7 shall not be less than

	1.50:1.0

	
9.

The Borrower is in compliance (circle yes or no)

	yes/no

	L.

Investments (Land Assets) (Section 8.8(o))

	​

	
1.

Land Assets 

	$___________

	
2.

Total Asset Value

	___________

	
3.

Line L1 divided by Line L2

	___________

	
4.

Line L3 shall not exceed 10% of Total Asset Value 

	​

	
5.

The Borrower is in compliance (circle yes or no)

	yes/no

	M.

Aggregate Investment Limitation to Total Asset Value (Section 8.8)

	​

	
1.

Sum of Lines F3, F6, G1, H1, I1, J1 and K3

	$___________

	
2.

Total Asset Value

	____________

	
3.

Line M1 divided by Line M2

	___________

	
4.

Line M3 shall not exceed 30% of Total Asset Value

	​

	
5.

The Borrower is in compliance (circle yes or no)

	yes/no

	
N.

Restricted Payments (Section 8.29(a))

	​

	
1.

Aggregate amount of cash distributions made by the Borrower to its equity holders during such period

	$___________

	
2.

Borrower’s Adjusted FFO for such period

	____________

1 Remainder to be completed if Line K5 is greater than $0.

​

​

	
3.

95% of Line N2

	____________

	
4.

Amount necessary for the Borrower to be able to make distributions required to maintain its status as a REIT (i.e., to satisfy the distribution requirements set forth in Section 4981 of the Code)

	​
​
____________

	
5.

Greater of Line N3 and Line N4

	____________

	
6. 

Line N1 shall not exceed Line N5

	​

	
7.

The Borrower is in compliance (circle yes or no)

	yes/no

​
​

​

​

Exhibit A to Schedule I
to Compliance Certificate
of CTO Realty Growth, Inc.
This Exhibit A, with a calculation date of __________,______, is attached to Schedule I to the Compliance Certificate of CTO Realty Growth, Inc. dated _______________, 20__ , as amended, and delivered to Bank of Montreal, as Administrative Agent, and the Lenders party to the Credit Agreement, as amended, referred to therein.  The undersigned hereby certifies that the following is a true, correct and complete calculation of Total Asset Value for Rolling Period most recently ended:
[Insert Calculation]
​
​
CTO Realty Growth, Inc.
​
​
By:
  Name:
  Title:

​

​

Exhibit B to Schedule I
to Compliance Certificate
of CTO Realty Growth, Inc.
This Exhibit B, with a calculation date of _______________, 20___, is attached to Schedule I to the Compliance Certificate of CTO Realty Growth, Inc. dated _______________, 20__ , as amended, and delivered to Bank of Montreal, as Administrative Agent, and the Lenders party to the Credit Agreement, as amended, referred to therein.  The undersigned hereby certifies that the following is a true, correct and complete calculation of Property NOI for all Properties for Rolling Period most recently ended:
​
	​

	​

	​

	​

	​

	​

	​

	​

	​

	​

	Property
	Property Income
	Minus
	Property Expenses (without Cap. Ex. Reserve or Management Fees)
	Minus
	Annual Capital Expenditure Reserve
	Minus
	Greater of 3% of rents or actual management fees
	equals
	Property NOI

	​
	$________
	-
	$___________
	​
	​
	​
	​
	=
	$________

	​
	$________
	-
	$___________
	​
	​
	​
	​
	=
	$________

	​
	$________
	-
	$___________
	​
	​
	​
	​
	=
	$________

	​
	$_______
	-
	$___________
	​
	​
	​
	​
	=
	$________

​
Total Property NOI for all Properties:$_____________
​
CTO Realty Growth, Inc.
​
​
By:
  Name:
  Title:
​
​

​

​

Annex II to Fifth Amendment to 
Second Amended and Restated Credit Agreement and Consent
​
Merger Consent Effective Date Acknowledgements
Dated as of ________________
​
CTO Realty Growth, Inc., as Borrower, the Guarantors party thereto (the “Guarantors”), the financial institutions party thereto (the “Lenders”), and the Administrative Agent entered into that certain Second Amended and Restated Credit Agreement, dated as of September 7, 2017, as amended by the First Amendment to Second Amended and Restated Credit Agreement dated as of May 14, 2018, as amended by the Second Amendment to Amended and Restated Credit Agreement dated as of May 24, 2019, as amended by the Third Amendment to Amended and Restated Credit Agreement dated as of November 26, 2019, as amended by the Fourth Amendment to Amended and Restated Credit Agreement dated as of July 1, 2020 and as amended by the Fifth Amendment to Amended and Restated Credit Agreement and Consent dated as of November 12, 2020 (the “Fifth Amendment” and such Second Amended and Restated Credit Agreement, as heretofore amended, and as the same may be amended, restated, supplemented or otherwise modified, the “Credit Agreement”).  All capitalized terms used but not defined herein shall have the meanings assigned thereto in the Credit Agreement and Fifth Amendment, as applicable.
​
The undersigned hereby confirms that effective upon consummation of the Merger:
​
(a)CTO Realty Growth, Inc., a Maryland corporation (“CTO Maryland”), as successor by merger to CTO Realty Growth, Inc., a Florida corporation, is and shall be the Borrower under the Credit Agreement and the other Loan Documents with the same force and effect as if originally named therein as the “Borrower,” the effect of which shall be, without limitation, that (A) each reference to the “Borrower” in the Credit Agreement and the other Loan Documents shall be deemed to be to CTO Maryland and (B) CTO Maryland shall be bound by all of the terms and provisions of the Credit Agreement and the other Loan Documents binding on the “Borrower” and hereby shall be deemed to have assumed all of the obligations, liabilities and indebtedness of its predecessor thereunder;
​
(b)CTO Maryland, as successor by merger to CTO Realty Growth, Inc., a Florida corporation, as debtor, grantor, pledgor, guarantor or in any other similar capacity in which the Borrower granted liens or security interests in its properties under the Loan Documents, hereby (a) ratifies and reaffirms each of the Loan Documents to which it is a party and all of its payment and performance obligations, contingent or otherwise, under each of the Loan Documents to which it is a party, (b) confirms that each Loan Document to which it is a party remains in full force and effect, and (c) to the extent it or its predecessors in interest granted liens on or security interests in any properties pursuant to any such Loan Documents, ratifies and reaffirms such grant of security and confirms that such liens and security interests continue to secure the Obligations under and as defined in the Credit Agreement;
​

​

​

(c)as of the Merger Consent Effective Date, the undersigned hereby represents to the Administrative Agent and the Lenders that (a) the representations and warranties set forth in Section 6 of the Credit Agreement are and shall be and remain true and correct in all material respects (except in the case of a representation or warranty qualified by materiality in which case such representation or warranty shall be true and correct in all respects) as of the date hereof (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (b) no Default or Event of Default has occurred and is continuing under the Credit Agreement.
​
(d)from time to time, as and when requested by the Administrative Agent, the undersigned shall execute and deliver or cause to be executed and delivered, all such documents, instruments and agreements and to take or cause to be taken such further or other action as the Agent may deem necessary in order to carry out the intent and purposes of the foregoing paragraphs.
​
[Signature Pages to Follow]
​
​

​

​

The undersigned acknowledge that the Administrative Agent and the Lenders are relying on the assurances provided herein in continuing to extend credit to the Borrower under the Credit Agreement.
“Borrower”
CTO Realty Growth, Inc., a Maryland corporation (as successor by merger with CTO Realty Growth, Inc., a Florida corporation)
By
Name:  Matthew M. Partridge
Title:  Senior Vice President, Chief Financial Officer and Treasurer

[Fifth Amendment Effective Date Acknowledgements – CTO Realty Growth, Inc.]
​Exhibit 4.5

 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

WARRANT TO PURCHASE STOCK [—]

 

	
Company:
    	
 
    	
SIGILON THERAPEUTICS, INC., a Delaware corporation
    
	
Number of Shares:
    	
 
    	
[—] (Subject to Section 1.7)
    
	
Type/Series of Stock:
    	
 
    	
Series B Preferred Stock (Subject to Section 1.7)
    
	
Warrant Price:
    	
 
    	
$6.00 per share (Subject to Section 1.7)
    
	
Issue Date:
    	
 
    	
September 2, 2020
    
	
Expiration Date:
    	
 
    	
September 2, 2030 (See also Section 5.1(b))
    
	
Credit Facility:
    	
 
    	
This Warrant to Purchase Stock (“Warrant”) is issued in connection with that certain Loan   and Security Agreement, dated September 2, 2020, herewith among Oxford   Finance LLC, as Lender and Collateral Agent, the Lenders from time to time   party thereto, and the Company (as modified, amended and/or restated from   time to time, the “Loan Agreement”).
    

 

THIS WARRANT CERTIFIES THAT, for good and valuable consideration, OXFORD FINANCE LLC (“Oxford” and, together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase up to the number of fully paid and non-assessable shares (the “Shares”) of the above-stated Type/Series of Stock (the “Class”) of the above-named company (the “Company”) at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant.

 

SECTION 1.                            EXERCISE.

 

1.1                               Method of Exercise.  Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased.

 

1.2                               Cashless Exercise.  On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised.  Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula:

 

X = Y(A-B)/A

 

where:

 

X =                             the number of Shares to be issued to the Holder;

 

Y =                             the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Warrant Price);

 

1

 

A =                             the fair market value (as determined pursuant to Section 1.3 below) of one Share; and

 

B =                             the Warrant Price.

 

1.3                               Fair Market Value.  If the Company’s common stock is then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”) and the Class is common stock, the fair market value of a Share shall be the closing price or last sale price of a share of common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company.  If the Company’s common stock is then traded in a Trading Market and the Class is a series of the Company’s convertible preferred stock, the fair market value of a Share shall be the closing price or last sale price of a share of the Company’s common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company multiplied by the number of shares of the Company’s common stock into which a Share is then convertible.  If the Company’s common stock is not traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment.

 

1.4                               Delivery of Certificate and New Warrant.  Within a reasonable time after Holder exercises this Warrant in the manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise or, if such Shares are not certificated, the Company shall reflect Holder’s ownership of such Shares by book entry in the Company’s books and records, and, if this Warrant has not been fully exercised and has not expired, the Company shall deliver a new warrant of like tenor representing the Shares not so acquired.

 

1.5                               Replacement of Warrant.  On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount.

 

1.6                               Treatment of Warrant Upon Acquisition of Company.

 

(a)                                 Acquisition.  For the purpose of this Warrant, “Acquisition” means any transaction or series of related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company; (ii) any merger or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization (or, if such Company stockholders beneficially own a majority of the outstanding voting power of the surviving or successor entity as of immediately after such merger, consolidation or reorganization, such surviving or successor entity is not the Company); or (iii) any sale or other transfer by the stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power (other than a bona fide equity financing exclusively for capital raising purposes in which the Company sells and issues equity securities to institutional investors).

 

(b)                                 Treatment of Warrant at Acquisition.  In the event of an Acquisition in which the consideration to be received by the Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), either (i) Holder shall exercise this Warrant pursuant to Section 1.1 and/or 1.2 and such exercise will be deemed effective immediately prior to and contingent upon the consummation of such Acquisition or (ii) if Holder does not exercise this Warrant, this Warrant will expire immediately prior to the consummation of such Acquisition.

 

(c)                                  The Company shall provide Holder with written notice of its request relating to the Cash/Public Acquisition (together with such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such contemplated Cash/Public Acquisition giving rise to such notice),

 

2

 

which is to be delivered to Holder not less than seven (7) Business Days prior to the closing of the proposed Cash/Public Acquisition.  In the event the Company does not provide such notice, then if, immediately prior to the Cash/Public Acquisition, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall promptly notify the Holder of the number of Shares (or such other securities) issued upon such exercise to the Holder and Holder shall be deemed to have restated each of the representations and warranties in Section 4 of this Warrant as the date thereof.  If, immediately prior to the Cash/Public Acquisition, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above would not be greater than the Warrant Price in effect on such date, then this Warrant shall terminate without exercise or conversion immediately prior to, and subject to, the closing of such Cash/Public Acquisition.

 

(d)                                 Upon the closing of any Acquisition other than a Cash/Public Acquisition defined above, the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid at the closing of such Acquisition for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant.

 

(e)                                  As used in this Warrant, “Marketable Securities” means securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise or convert this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations or a contractual lock-up provision that is generally applicable to the other former securityholders of the Company receiving such securities, and (y) does not extend beyond six (6) months from the closing of such Acquisition.

 

1.7                               Adjustment to Class of Shares; Number of Shares; Warrant Price; Adjustments Cumulative.  If, (i) the closing of the Next Equity Financing occurs on or before December 2, 2020 or (ii) upon the closing of the Next Equity Financing, the Next Equity Financing Price shall be less than the Warrant Price in effect as of immediately prior thereto, then the “Class” shall be Next Equity Financing Securities from and after such closing, subject to adjustment thereafter from time to time in accordance with the provisions of this Warrant and the “Warrant Price” shall be the Next Equity Financing Price from and after such closing, subject to adjustment thereafter from time to time in accordance with the provisions of this Warrant; provided, that upon such date, if any, as the “Class” becomes Next Equity Financing Securities pursuant to this sentence, this Warrant shall be exercisable for such number of shares of such Class as shall equal (i) Seventy Five Thousand Dollars ($75,000.00) (minus the aggregate exercise price paid by Holder under this Warrant prior to such date), divided by (ii) the Next Equity Financing Price, subject to adjustment thereafter from time to time in accordance with the provisions of this Warrant.  As used herein (i) “Next Equity Financing” means the first sale or issuance by the Company on or after the Issue Date of this Warrant set forth above, in a single transaction or series of related transactions, of shares of its convertible preferred stock or other senior equity securities to one or more investors for cash for financing purposes; (ii) “Next Equity Financing Securities” means the type, class and series of convertible preferred stock or other senior equity security sold or issued by the Company in the Next Equity Financing; and (iii) “Next Equity Financing Price” means the lowest price per share for which Next Equity Financing Securities are sold or issued by the Company in the Next Equity Financing.

 

1.8                               Certain Agreements.  Upon any exercise of this Warrant, Holder shall, if the Company so requests in writing, become a party to (and hold Shares issued upon such exercise (and the shares of Common Stock, if any issued upon conversion of such Shares) subject to), by execution and delivery to the Company of a counterpart signature page, joinder agreement, instrument of accession or similar instrument, (i) as an Investor (as 

 

3

 

that term is defined therein) to that certain Second Amended and Restated Investors’ Rights Agreement, dated as of August 22, 2019, by and among the Company and the investors party thereto, as the same may be amended and/or restated from time to time (the “Investors’ Rights Agreement”), (ii) as an Investor (as that term is defined therein) to that certain Second Amended and Restated Voting Agreement, dated as of August 22, 2019 (as amended and in effect from time to time, the “Voting Agreement”) by and among the Company and the Stockholders (as defined therein) and (iii) as an Investor (as that term is defined therein) to that certain Second Amended and Restated Right of First Refusal and Co-Sale Agreement, dated as of August 22, 2019 (as amended and in effect from time to time, the “ROFR Agreement” and together with the Investors’ Rights Agreement and the Voting Agreement, the “Stockholder Agreements”), among the Company, the Key Holders (as defined therein) and the Investors (as defined therein), in each case solely with respect to the Shares issued upon such exercise (and the shares of Common Stock, if any issued upon conversion of such Shares), solely to the extent that such Stockholder Agreement is then in force and effect, and only if all holders of outstanding shares of the Class are then parties thereto.

 

SECTION 2.                            ADJUSTMENTS TO THE SHARES AND WARRANT PRICE.

 

2.1                               Stock Dividends, Splits, Etc.  If the Company declares or pays a dividend or distribution on the outstanding shares of the Class payable in common stock or other securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred.  If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased.  If the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased.

 

2.2                               Reclassification, Exchange, Combinations or Substitution.  Upon any event whereby all of the outstanding shares of the Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the number, class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant.  The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations substitutions, replacements or other similar events.

 

2.3                               Conversion of Preferred Stock.  If the Class is a class and series of the Company’s convertible preferred stock, in the event that all outstanding shares of the Class are converted, automatically or by action of the holders thereof, into common stock pursuant to the provisions of the Company’s Amended and Restated Certificate of Incorporation, as amended and/or restated from time to time (the “Certificate of Incorporation”), including, without limitation, in connection with the Company’s initial, underwritten public offering and sale of its common stock pursuant to an effective registration statement under the Act (the “IPO”), then from and after the date on which all outstanding shares of the Class have been so converted, this Warrant shall be exercisable for such number of shares of common stock into which the Shares would have been converted had the Shares been outstanding on the date of such conversion, and the Warrant Price shall equal the Warrant Price in effect as of immediately prior to such conversion divided by the number of shares of common stock into which one Share would have been converted, all subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant.

 

2.4                               Adjustments for Diluting Issuances.  Without duplication of any adjustment otherwise provided for in this Section 2, the number of shares of common stock issuable upon conversion of the Shares shall be subject to anti-dilution adjustment from time to time in the manner set forth in the Certificate of Incorporation (including giving effect to any waiver of such required adjustment effected in accordance with the terms of the Certificate of Incorporation) as if the Shares were issued and outstanding on and as of the date of any such required adjustment.

 

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2.5                               No Fractional Share.  No fractional Share or other security issuable upon the exercise hereof shall be issuable upon exercise of this Warrant and the number of Shares or such other securities to be issued shall be rounded down to the nearest whole Share or other security.  If a fractional Share interest or other security interest arises upon any exercise of this Warrant, the Company shall eliminate such fractional Share interest or other security interest by paying Holder, at such Holder’s request, in cash the amount computed by multiplying the fractional interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share or other security, less (ii) the then-effective Warrant Price.

 

2.6                               Notice/Certificate as to Adjustments.  Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of Shares and facts upon which such adjustment is based.  The Company shall, upon written request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, Class and number of Shares in effect upon the date of such adjustment.

 

SECTION 3.                            REPRESENTATIONS AND COVENANTS OF THE COMPANY.

 

3.1                               Representations and Warranties.  The Company represents and warrants to, and agrees with, the Holder as follows as of the Issue Date:

 

(a)                                 The initial Warrant Price referenced on the first page of this Warrant is not greater than the price per share at which shares of the Class were last sold and issued prior to the Issue Date hereof in an arms-length transaction in which at least $500,000 of such shares were sold.

 

(b)                                 All Shares which may be issued upon the exercise of this Warrant, and all securities, if any, issuable upon conversion of such Shares, in accordance with the Certificate of Incorporation, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein, in the Stockholder Agreements (to the extent that the Shares are or become subject to the Stockholder Agreements in accordance with Section 1.8) or under applicable federal and state securities laws.  The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of shares of the Class, common stock and other securities as will be sufficient to permit the exercise in full of this Warrant and, if applicable, the conversion of the Shares into common stock or such other securities.

 

(c)                                  The Company’s capitalization table attached hereto as Schedule 1 is true and complete, in all material respects, as of the Issue Date.

 

3.2                               Notice of Certain Events.  If the Company proposes at any time to:

 

(a)                                 declare any dividend or distribution upon the outstanding shares of the Class or common stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend;

 

(b)                                 offer for subscription or sale pro rata to the holders of the outstanding shares of the Class any additional shares of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights or other participation rights held by certain of the Company’s stockholders);

 

(c)                                  effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the Class;

 

(d)                                 effect an Acquisition or to liquidate, dissolve or wind up; or

 

(e)                                  effect an IPO;

 

then, in connection with each such event, the Company shall give Holder:

 

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(1)                                 at least seven (7) Business Days prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of outstanding shares of the Class will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (a) and (b) above;

 

(2)                                 in the case of the matters referred to in (c) and (d) above at least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be entitled to exchange their shares for the securities or other property deliverable upon the occurrence of such event); and

 

(3)                                 with respect to the IPO, written notice no later than the date on which the Company files its registration statement in connection therewith.

 

Reference is made to Section 1.6(c) whereby this Warrant will be deemed to be exercised pursuant to Section 1.2 hereof if the Company does not give written notice to Holder of a Cash/Public Acquisition as required by the terms hereof.  Company will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements.  Holder agrees that in handling any confidential information of the Company (including notice of the Company’s intention to file a registration statement), Holder shall handle such information in accordance with the provisions of Section 12.9 of the Loan Agreement (regardless of whether the Obligations (as defined in the Loan Agreement) have been repaid in full).

 

SECTION 4.                            REPRESENTATIONS, WARRANTIES OF THE HOLDER.

 

The Holder represents and warrants to the Company, as of the Issue Date and as of the date of issuance of any of the Shares issuable upon exercise of this Warrant, as follows:

 

4.1                               Purchase for Own Account.  This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act.  Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or the Shares.  By executing this Warrant, Holder further represents that, as of the Issue Date, Holder does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person with respect to this Warrant, the Shares issuable upon exercise of this Warrant or, if applicable, any shares of common stock issuable upon conversion of such Shares, except for the transfer from Oxford to one or more of Oxford’s affiliates (each an “Oxford Affiliate”), as contemplated and allowed by Section 5.4.

 

4.2                               Disclosure of Information.  Holder is aware of the Company’s business affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities.  Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

4.3                               Investment Experience.  Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk.  Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons.

 

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4.4                               Accredited Investor Status.  Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act.

 

4.5                               The Act.  Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein.  Holder understands that this Warrant and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available.  Holder understands that this Warrant and the Shares issuable upon exercise of this Warrant are “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such federal securities laws and applicable regulations such securities may be resold without registration under the Act only in certain limited circumstances and absent such circumstances Holder may be required to hold this Warrant and the Shares to be issued upon any exercise hereof indefinitely.  Holder is aware of the provisions of Rule 144 promulgated under the Act.

 

4.6                               Market Stand-off Agreement.  The Holder agrees that the Shares or, if the Shares are convertible into shares of common stock of the Company, such shares of common stock shall be subject to the market standoff provisions in Section 2.11 of the Investors’ Rights Agreement, or a similar agreement.

 

4.7                               No Stockholder Rights.  Holder, as a Holder of this Warrant, will not have any voting rights, rights to receive dividends, rights to receive notice of meetings, subscription rights or any other stockholder rights until the exercise of this Warrant.

 

SECTION 5.                            MISCELLANEOUS.

 

5.1                               Term; Automatic Cashless Exercise Upon Expiration.

 

(a)                                 Term.  Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from time to time on or before 6:00 PM, Eastern time, on the Expiration Date and shall be void thereafter.

 

(b)                                 Automatic Cashless Exercise upon Expiration.  In the event that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall, within a reasonable time, deliver a certificate representing the Shares (or such other securities) issued upon such exercise to Holder.

 

5.2                               Legends.  Each certificate evidencing Shares (and each certificate evidencing the securities issued upon conversion of any Shares, if any) shall be imprinted with a legend in substantially the following form:

 

THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO OXFORD FINANCE LLC DATED SEPTEMBER 2, 2020, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

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5.3                               Compliance with Securities Laws on Transfer.  This Warrant and the Shares issued upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company) and in compliance with the terms of this Warrant.  In addition, if the Shares are subject to the Investors’ Rights Agreement in accordance with Section 1.8 hereof, the Shares may not be transferred or assigned except in compliance with the Investors’ Rights Agreement.  The Company shall not require Holder to provide an opinion of counsel if the transfer is to an affiliate of Holder, provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated under the Act.  Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of Rule 144 promulgated under the Act.

 

5.4                               Transfer Procedure.  After receipt by Oxford of the executed Warrant, Oxford may transfer all or part of this Warrant to one or more of Oxford Affiliates, by execution of an Assignment substantially in the form of Appendix 2.  Subject to the provisions of Section 5.3 and upon providing the Company with written notice, Oxford, any such Oxford Affiliate and any subsequent Holder, may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the Shares issuable directly or indirectly, upon conversion of the Shares, if any) to any other transferee, provided, however, in connection with any such transfer, (a) the Oxford Affiliate(s) or any subsequent Holder will give the Company notice of the portion of this Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable) and (b) any transferee of the Shares shall, upon request by the Company, execute a counterpart signature page to the Stockholder Agreements.  Notwithstanding any contrary provision herein, at all times prior to the IPO, Holder may not, without the Company’s prior written consent, transfer this Warrant or any portion hereof, or any Shares issued upon any exercise hereof, or any shares or other securities issued upon any conversion of any Shares issued upon any exercise hereof, to any person or entity who directly competes with the Company, except in connection with an Acquisition of the Company by such a direct competitor.

 

5.5                               Notices.  All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage prepaid, (iii) upon actual receipt if given by electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5.  All notices to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise:

 

Oxford Finance LLC

133 N. Fairfax Street

Alexandria, VA 22314

Attn: Legal Department

Telephone: [***]

Email: [***]

 

Notice to the Company shall be addressed as follows until Holder receives notice of a change in address:

 

Sigilon Therapeutics, Inc.

100 Binney Street

Suite 600

Cambridge, MA 02142

Attn: Mr. Glenn Reicin, Chief Financial Officer

Email: [***]

 

With a copy (which shall not constitute notice) to:

 

Ropes & Gray, LLP

 

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Prudential Tower

800 Boylston Street

Boston, MA 02199-3600

Attn:  Marc A. Rubenstein

Email:  [***]

 

5.6                               Waiver.  This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought.

 

5.7                               Attorneys’ Fees.  In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees.

 

5.8                               Counterparts; Electronic Signatures.  This Warrant may be executed in counterparts, all of which together shall constitute one and the same agreement.  Any signature page delivered electronically shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

 

5.9                               Governing Law.  This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to its principles regarding conflicts of law that would result in the application of the laws of any other jurisdiction.

 

5.10                        WAIVER OF JURY TRIAL.  HOLDER AND THE COMPANY ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL RIGHT, BUT ONE THAT MAY BE WAIVED.  AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT, HOLDER AND THE COMPANY WAIVE ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS WARRANT.

 

5.11                        Headings.  The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant.

 

5.12                        Business Days.  “Business Day” is any day that is not a Saturday, Sunday or a day on which banks in New York or Massachusetts are closed.

 

[Remainder of page left blank intentionally]

 

[Signature page follows]

 

9

 

IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by their duly authorized representatives effective as of the Issue Date written above.

 

	
“COMPANY”
    	
 
    
	
 
    	
 
    
	
SIGILON THERAPEUTICS,   INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Rogerio Vivaldi   Coelho
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Rogerio Vivaldi Coelho
    	
 
    
	
 
    	
(Print)
    	
 
    
	
Title:
    	
President and CEO
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
“HOLDER”
    	
 
    
	
 
    	
 
    
	
OXFORD FINANCE LLC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Colette H.   Featherly
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Colette H. Featherly
    	
 
    
	
 
    	
(Print)
    	
 
    
	
Title:
    	
Senior Vice President
    	
 
    

 

[Signature Page to Warrant to Purchase Stock]

 

 

APPENDIX 1

 

NOTICE OF EXERCISE

 

1.                                      The undersigned Holder hereby exercises its right purchase                         shares of the Common/Series           Preferred [circle one] Stock of SIGILON THERAPEUTICS, INC. (the “Company”) in accordance with the attached Warrant to Purchase Stock, and tenders payment of the aggregate Warrant Price for such shares as follows:

 

o                                    check in the amount of $          payable to order of the Company enclosed herewith

 

o                                    Wire transfer of immediately available funds to the Company’s account

 

o                                    Cashless Exercise pursuant to Section 1.2 of the Warrant

 

o                                    Other [Describe]                                                                         

 

2.                                      Please issue a certificate or certificates representing the Shares in the name specified below:

 

	
 
    	
 
    
	
Holder’s Name
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
(Address)
    	
 
    

 

3.                                      By its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in Section 4 of the Warrant to Purchase Stock as of the date hereof.

 

	
 
    	
HOLDER:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Date:
    	
 
    

 

 

APPENDIX 2

 

ASSIGNMENT

 

For value received, Oxford Finance LLC hereby sells, assigns and transfers unto

 

	
 
    	
Name:
    	
[OXFORD TRANSFEREE]
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Address:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Tax ID:
    	
 
    	
 
    

 

that certain Warrant to Purchase Stock issued by SIGILON THERAPEUTICS, INC. (the “Company”), on September 2, 2020 (the “Warrant”) together with all rights, title and interest therein.

 

	
 
    	
 
    	
OXFORD FINANCE LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    	
 
    
					

 

By its execution below, and for the benefit of the Company, [OXFORD TRANSFEREE] makes each of the representations and warranties set forth in Section 4 of the Warrant as of the date hereof and agrees to all other provisions of the Warrant as of the date hereof.

 

	
 
    	
 
    	
[OXFORD TRANSFEREE]
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

 

SCHEDULE 1

 

Company Capitalization Table

 

See attached

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