Document:

Exhibit
10.8

 

Execution
version

 

AGREEMENT
OF AMENDMENT TO FINANCING AGREEMENT

 

This
Agreement of Amendment to Financing Agreement (“Amendment”) is effective December 23, 2020 by and between ROSENTHAL
& ROSENTHAL, INC., a New York corporation, with an address at 1370 Broadway, New York, New York 10018 (“Lender”),
and REED’S INC., a Delaware corporation, with an address at 201 Merritt 7 Corporate Park, Norwalk, Connecticut 06851
(“Borrower”).

 

RECITALS

 

A.
Lender and Borrower have executed a Financing Agreement dated October 4, 2018 (“Financing Agreement”).

 

B.
Borrower has requested an amendment to the Financing Agreement and Lender has agreed to such modification as set forth in this
Amendment.

 

NOW,
THEREFORE, in consideration of the promises, covenants and understandings set forth in this Amendment and the benefits
to be received from the performance of such promises, covenants and understandings, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

AGREEMENTS

 

1.
Lender and Borrower reaffirm, consent and agree to all of the terms and conditions of the Financing Agreement and the Loan Documents
defined therein as binding, effective and enforceable according to their stated terms, except to the extent that such Loan Documents
are hereby expressly modified by this Amendment.

 

2.
In the case of any ambiguity or inconsistency between the Loan Documents and this Amendment, the language and interpretation of
this Amendment is to be deemed binding and paramount.

 

3.
The Loan Documents (and any exhibits thereto) are hereby amended as follows:

 

As
to the Financing Agreement:

 

(i)
The definition of “Loan Documents” is hereby amended to include this Amendment.

 

(ii)
Section 9.1 (12) is amended to read as follows:

 

“(12)
if the LC is not extended or renewed to Lender’s satisfaction within sixty (60) days prior to any Renewal Date.”

 

4.
Borrower represents and warrants that there are no Defaults or Events of Default pursuant to or defined in any of the Loan Documents,
and that all warranties and covenants which have been made or performed by Borrower in connection with the Loan Documents were
true and complete when made or performed.

 

    	 

    	 

    

 

5.
Except as otherwise provided herein, the Loan Documents shall continue in full force and effect, in accordance with their respective
terms. The parties hereto hereby expressly confirm and reaffirm all of their respective liabilities, obligations, duties and responsibilities
under and pursuant to said Loan Documents and consent to the terms of this Amendment. Capitalized terms used in this Amendment
which are not otherwise defined herein have the meaning ascribed thereto in the Loan Documents.

 

6.
The parties agree to sign, deliver and file any additional documents and take any other actions that may reasonably be required
by Lender including, but not limited to, affidavits, resolutions, or certificates for a full and complete consummation of the
matters covered by this Amendment.

 

7.
This Amendment is binding upon, inures to the benefit of, and is enforceable by the heirs, personal representatives, successors
and assigns of the parties. This Amendment is not assignable by Borrower without the prior written consent of Lender.

 

8.
This Amendment may only be changed or amended by a written agreement signed by all of the parties. By the execution of this Amendment,
Lender is not to be deemed to consent to any future amendment to the Loan Documents. This Amendment is deemed to be part of and
integrated into the Loan Documents.

 

9.
This Amendment is governed by and is to be construed and enforced in accordance with the laws of New York as though made and to
be fully performed in New York (without regard to the conflicts of law rules of New York).

 

10.
Borrower agrees to pay all attorneys’ fees and other costs incurred by Lender or otherwise payable in connection with this
Amendment (in addition to those otherwise payable pursuant to the Loan Documents), which fees and costs are to be paid as of the
date hereof.

 

11.
This Amendment may be executed in any number of counterparts, each of which when so executed is deemed to be an original and all
of which taken together constitute but one and the same agreement. Delivery of an executed counterpart of this Amendment by telefacsimile
or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this
Amendment. Any party delivering an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission
also shall deliver an original executed counterpart of this Amendment but the failure to deliver an original executed counterpart
shall not affect the validity, enforceability, and binding effect of this Amendment.

 

THE
BORROWER, FOR ITSELF, ITS SUBSIDIARIES (IF ANY) AND LENDER HEREBY WAIVE ALL RIGHTS TO A TRIAL BY JURY IN ANY LITIGATION RELATING
TO THIS AMENDMENT OR THE LOAN DOCUMENTS AS AN INDUCEMENT TO THE EXECUTION OF THIS AMENDMENT.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	-2-

    	 

    

 

 

IN
WITNESS WHEREOF, the parties have signed this Amendment.

 

	 	REED’S
    INC.
	 	 	 
	 	By:	/s/
    Norman E. Snyder, Jr.
	 	Name:	Norman
    E. Snyder, Jr.
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	ROSENTHAL
    & ROSENTHAL, INC.
	 	 
	 	By:	/s/
    Norman E. Snyder, Jr.
	 	Name:	Robert
    A. Miller
	 	Title:	Executive
    Vice President

 

[Signature
Page to Agreement of Amendment to Financing Agreement]

 

    	-3-Exhibit
10.12

TERMINATION
AGREEMENT

 

This
TERMINATION AGREEMENT (“Termination Agreement”), effective as of December 23, 2020, is entered into by and
between ROSENTHAL & ROSENTHAL, INC., a New York corporation (“Senior Lender”) and RAPTOR/HARBOR REEDS SPV LLC,
a Delaware limited liability company (“Junior Lender”) and terminates that certain Subordination Agreement by and
between the parties dated October 4, 2018 (“Subordination Agreement”). Capitalized terms not defined herein have the
meanings ascribed to them in the Subordination Agreement.

 

WHEREAS,
the Junior Lender Indebtedness has been satisfied in full pursuant to that certain Satisfaction, Settlement and Release of Claims
agreement dated December 11, 2020; and

 

WHEREAS,
Junior Lender and Senior Lender desire to terminate the Subordination Agreement and release each other from all obligations, rights,
responsibilities, and duties thereunder, including but not limited to Junior Lender’s purchase right set forth in Section
7.3 of the Subordination Agreement (“Purchase Right”) and the Overadvance Put set forth in Section 7.4.

 

NOW,
THEREFORE, in consideration of the mutual covenants and promises contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows:

 

1.
Termination. Each of Senior Lender and Junior Lender hereby terminates the Subordination Agreement, effective as of the
date hereof, and hereby agrees that from and after the date hereof, the Subordination Agreement shall be of no further force and
effect and none of the parties thereto shall have any further obligations, rights, responsibilities or duties under such Subordination
Agreement. As such, Junior Lender’s Purchase Right and Overadvance Put are hereby terminated.

 

2.
Entire Agreement. This Termination Agreement contains the sole and entire agreement among the parties with respect to the
subject matter hereof, and supersedes any and all prior agreements, understandings, negotiations and discussions, whether oral
or written, among the parties with respect to the subject matter hereof.

 

3.
Successors and Assigns. This Termination Agreement shall be binding upon and inure to the benefit of the parties and their
respective successors and assigns.

 

4.
Governing Law. The validity of this Agreement, its construction, interpretation and enforcement, and the rights of the
parties hereunder shall be determined under, governed by, and construed in accordance with the laws of the State of New York.

 

5.
Counterparts. This Termination Agreement may be executed in counterparts, delivered by facsimile, electronic mail (including
any electronic signature complying with the U.S. Federal E-SIGN Act of 2000) or other transmission method and any counterpart
so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused their duly authorized representatives to execute this Termination Agreement
as of the date first written above.

 

	ROSENTHAL
    & ROSENTHAL, INC.,	 
	a
    New York corporation	 
	 	 	 
	By:	/s/
    Robert Miller	 
	Name:	Robert
    Miller	 
	Title:	EVP	 

 

	RAPTOR/HARBOR
    REEDS SPV LLC,	 
	a
    Delaware limited liability company	 
	 	 	 
	By:	/s/
    Robert Needham	 
	Name:	Robert
    Needham	 
	Title:	CFOcrnx-ex43_10.htm

Exhibit 4.3

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

Crinetics Pharmaceuticals, Inc. (“Crinetics,” “we,” “our” and “us”) has one class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): our common stock.

Description of Common Stock

General

The following summary of the terms of our common stock does not purport to be complete and is subject to and qualified in its entirety by reference to our Amended and Restated Certificate of Incorporation (the “certificate of incorporation”), and Amended and Restated Bylaws (the “bylaws”), which are filed as exhibits to this Annual Report on Form 10-K and are incorporated by reference herein. We encourage you to read our certificate of incorporation and our bylaws for additional information.

Under our certificate of incorporation, the total number of shares of all classes of stock that we have authority to issue is 210,000,000, consisting of 200,000,000 shares of common stock, par value $0.001 per share and 10,000,000 shares of preferred stock, par value $0.001 per share.

Common Stock

Voting Rights

The holders of our common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders, including the election of directors, and do not have cumulative voting rights. Accordingly, the holders of a majority of the outstanding shares of common stock entitled to vote in any election of directors can elect all of the directors standing for election, if they so choose, other than any directors that holders of any preferred stock we may issue may be entitled to elect. Subject to the supermajority votes for some matters, other matters shall be decided by the affirmative vote of our stockholders having a majority in voting power of the votes cast by the stockholders present or represented and voting on such matter. Our certificate of incorporation and bylaws also provide that our directors may be removed only for cause and only by the affirmative vote of the holders of at least two-thirds in voting power of the outstanding shares of capital stock entitled to vote thereon. In addition, the affirmative vote of the holders of at least two-thirds in voting power of the outstanding shares of capital stock entitled to vote thereon is required to amend or repeal, or to adopt any provision inconsistent with, several of the provisions of our certificate of incorporation. 

Dividends

Subject to preferences that may be applicable to any then outstanding preferred stock, holders of common stock are entitled to receive ratably those dividends, if any, as may be declared by the board of directors out of legally available funds. 

Liquidation 

In the event of our liquidation, dissolution or winding up, the holders of common stock will be entitled to share ratably in the assets legally available for distribution to stockholders after the payment of 

 

 

or provision for all of our debts and other liabilities, subject to the prior rights of any preferred stock then outstanding. 

Rights and Preferences 

Holders of common stock have no preemptive or conversion rights or other subscription rights and there are no redemption or sinking funds provisions applicable to the common stock. 

The rights, preferences and privileges of holders of common stock are subject to and may be adversely affected by the rights of the holders of shares of any series of preferred stock that we may designate and issue in the future. 

Fully Paid and Nonassessable

All outstanding shares of common stock are duly authorized, validly issued, fully paid and nonassessable. 

Anti-Takeover Effects of Delaware Law and Our Certificate of Incorporation and Bylaws

Some provisions of Delaware law, our certificate of incorporation and our bylaws contain provisions that could make the following transactions more difficult: an acquisition of us by means of a tender offer; an acquisition of us by means of a proxy contest or otherwise; or the removal of our incumbent officers and directors. It is possible that these provisions could make it more difficult to accomplish or could deter transactions that stockholders may otherwise consider to be in their best interest or in our best interests, including transactions which provide for payment of a premium over the market price for our shares. 

These provisions, summarized below, are intended to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors. We believe that the benefits of the increased protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging these proposals because negotiation of these proposals could result in an improvement of their terms. 

Undesignated Preferred Stock 

The ability of our board of directors, without action by the stockholders, to issue up to 10,000,000 shares of undesignated preferred stock with voting or other rights or preferences as designated by our board of directors could impede the success of any attempt to change control of us. These and other provisions may have the effect of deferring hostile takeovers or delaying changes in control or management of our company.

Stockholder Meetings 

Our bylaws provide that a special meeting of stockholders may be called only by our chairman of the board of directors, chief executive officer or president, or by a resolution adopted by a majority of our board of directors. 

Requirements for Advance Notification of Stockholder Nominations and Proposals 

 

 

Our bylaws establish advance notice procedures with respect to stockholder proposals to be brought before a stockholder meeting and the nomination of candidates for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors. 

Elimination of Stockholder Action by Written Consent 

Our certificate of incorporation and bylaws eliminate the right of stockholders to act by written consent without a meeting. 

Staggered Board of Directors

Our board of directors is divided into three classes. The directors in each class will serve for a three-year term, one class being elected each year by our stockholders. This system of electing and removing directors may tend to discourage a third party from making a tender offer or otherwise attempting to obtain control of us, because it generally makes it more difficult for stockholders to replace a majority of the directors. 

Removal of Directors 

Our certificate of incorporation provides that no member of our board of directors may be removed from office by our stockholders except for cause and, in addition to any other vote required by law, upon the approval of not less than two thirds of the total voting power of all of our outstanding voting stock then entitled to vote in the election of directors. 

Stockholders Not Entitled to Cumulative Voting 

Our certificate of incorporation does not permit stockholders to cumulate their votes in the election of directors. Accordingly, the holders of a majority of the outstanding shares of our common stock entitled to vote in any election of directors can elect all of the directors standing for election, if they choose, other than any directors that holders of our preferred stock may be entitled to elect. 

Delaware Anti-Takeover Statute

We are subject to Section 203 of the Delaware General Corporation Law. This statute regulating corporate takeovers prohibits a Delaware corporation from engaging in any business combination with any interested stockholder for three years following the date that the stockholder became an interested stockholder, unless:

	
 
	
•
	
prior to the date of the transaction, the board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

	
 
	
•
	
the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding (a) shares owned by persons who are directors and also officers and (b) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

 

 

	
 
	
•
	
on or subsequent to the date of the transaction, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 662/3% of the outstanding voting stock which is not owned by the interested stockholder.

Section 203 defines a business combination to include:

	
 
	
•
	
any merger or consolidation involving the corporation and the interested stockholder;

	
 
	
•
	
any sale, transfer, pledge or other disposition involving the interested stockholder of 10% or more of the assets of the corporation;

	
 
	
•
	
subject to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;

	
 
	
•
	
any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or

	
 
	
•
	
the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

In general, Section 203 defines an interested stockholder as an entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by such entity or person.

Choice of Forum 

Our certificate of incorporation provides that, unless we consent in writing to the selection of an alternative form, the Court of Chancery of the State of Delaware will be the sole and exclusive forum for: (1) any derivative action or proceeding brought on our behalf; (2) any action asserting a claim of breach of a fiduciary duty or other wrongdoing by any of our directors, officers, employees or agents to us or our stockholders, creditors or other constituents; (3) any action asserting a claim against us arising pursuant to any provision of the General Corporation Law of the State of Delaware or our certificate of incorporation or bylaws; (4) any action to interpret, apply, enforce or determine the validity of our certificate of incorporation or bylaws; or (5) any action asserting a claim governed by the internal affairs doctrine. This exclusive forum provision would not apply to suits brought to enforce any liability or duty created by the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. To the extent that any such claims may be based upon federal law claims, Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. Furthermore, Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. Our bylaws provide that unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. Our certificate of incorporation also provides that any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock will be deemed to have notice of and to have consented to this choice of forum provision. It is possible that a court of law could rule that the choice of forum provisions contained in our certificate of incorporation or bylaws are inapplicable or unenforceable if they are challenged in a proceeding or otherwise.

 

 

Amendment of Charter Provisions 

The amendment of any of the above provisions, except for the provision making it possible for our board of directors to issue preferred stock, would require approval by holders of at least two thirds of the total voting power of all of our outstanding voting stock. 

The provisions of Delaware law, our certificate of incorporation and our bylaws could have the effect of discouraging others from attempting hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of our common stock that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in the composition of our board of directors and management. It is possible that these provisions could make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests. 

Listing

Our common stock is listed for trading on the Nasdaq Global Select Market under the symbol “CRNX.”

Transfer Agent and Registrar

The transfer agent and registrar for our common stock is Computershare Trust Company, N.A.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}]]