Document:

Exhibit 10.8

 

DIVIDEND REINVESTMENT
PLAN

OF

PALMER SQUARE
CAPITAL BDC INC.

 

Palmer Square Capital
BDC Inc., a Maryland corporation (the “Company”), has adopted the following plan (the “Plan”),
to be administered by U.S. Bank, National Association (the “Plan Administrator”), with respect to dividends
and other distributions declared by the Company’s board of directors (the “Board of Directors”) on shares
of common stock of the Company, par value $0.001 per share (the “Common Stock”).

Stockholders who do
not wish to participate in the Plan must “opt out” of the Plan. A stockholder may elect to “opt out” of
the Plan in the stockholder’s subscription agreement relating to the Common Stock or by providing notice to the Plan Administrator
in accordance with the terms hereof. A stockholder who participates in the Plan by not “opting out” of the Plan (each
a “Participant”) will be subject to the terms below.

1.                  
All cash dividends or other distributions hereafter declared by the Board of Directors, net of any applicable withholding
tax, shall be automatically reinvested in additional shares of Common Stock. No action shall be required on such Participant’s
part to receive a distribution in Common Stock.

2.                  
Such distributions shall be payable on such date or dates as may be fixed from time to time by the Board of Directors to
stockholders of record at the close of business on the record date established by the Board of Directors for the distribution involved.

3.                  
Prior to the listing (a “Listing”) of the Common Stock on a national securities exchange (the “Securities
Exchange”), the Board of Directors will use newly-issued shares of Common Stock to implement the Plan. The number of
shares of Common Stock to be issued to a Participant prior to a Listing would be equal to the quotient determined by dividing the
cash value of the dividend payable to such Stockholder by the net asset value per share as of the date such dividend was declared.

4.                  
After a Listing, the Board of Directors intends to primarily use newly issued shares to implement the Plan, whether the
shares are trading at a price per share at, below or above net asset value. However, the Board of Directors reserves the right
to purchase shares in the open market in connection with the implementation of the Plan. The number of newly issued shares to be
issued to Participant is determined by dividing the total dollar amount of the dividend payable to such Participant by the market
price per share of Common Stock at the close of regular trading on the Securities Exchange on the dividend payment date. Shares
purchased in open market transactions by the Plan Administrator will be allocated to a Participant based upon the average purchase
price, excluding any brokerage charges or other charges, of all shares of Common Stock purchased with respect to the dividend.
The number of shares to be outstanding after giving effect to payment of a distribution cannot be established until the value per
share at which additional shares will be issued has been determined and elections of the stockholders have been tabulated.

5.                  
The Plan Administrator shall establish an account for shares of Common Stock acquired pursuant to the Plan for each Participant.
The Plan Administrator shall hold each Participant’s shares of Common Stock, together with the shares of Common Stock of
other Participants, in non-certificated form. The Plan Administrator shall not issue share certificates to any Participant.

     

     

    

 

6.                  
The Plan Administrator shall confirm to each Participant each acquisition made pursuant to the Plan as soon as practicable
but not later than 30 business days after the payable date. Each Participant may from time to time have an undivided fractional
interest (computed to three decimal places) in a share of Common Stock, and distributions on fractional shares shall be credited
to each Participant’s account. In the event of termination of a Participant’s account under the Plan, the Plan Administrator
shall adjust for any such undivided fractional interest in cash at the time of termination.

7.                  
In the event that the Company makes available to its stockholders rights to purchase additional shares of Common Stock or
other securities, the Common Stock held by the Plan Administrator for each Participant under the Plan shall be added to any other
shares of Common Stock held by the Participant in calculating the number of rights to be issued to the Participant. Transaction
processing may be either curtailed or suspended until the completion of any stock dividend, stock split or corporate action.

8.                  
The Plan Administrator’s service fee, if any, and expenses for administering the Plan shall be paid for by the Company.
There will be no brokerage charges or other charges to Participants. If, subsequent to a Listing, a Participant elects to sell
part or all of his, her or its shares held by the Plan Administrator and have the proceeds remitted to the Participant, such request
must first be submitted to the Participant’s broker, who will coordinate with the Plan Administrator and is authorized to
deduct a $15.00 transaction fee plus a $0.10 per share brokerage commission from the sale proceeds.

9.                  
Each Participant may elect to receive an entire distribution in cash by notifying the Plan Administrator in writing so that
such notice is received by the Plan Administrator no later than the record date for such distribution to stockholders. Those Participants
who hold shares through a broker or other financial intermediary may receive distributions in cash by notifying their broker or
other financial intermediary of their election.

10.              
Each Participant may terminate the Participant’s account under the Plan by so notifying the Plan Administrator by
submitting a letter of instruction terminating the Participant’s account under the Plan to the Plan Administrator. Such termination
shall be effective immediately if the Participant’s notice is received by the Plan Administrator at least three days prior
to any distribution date; otherwise, such termination shall be effective only with respect to any subsequent distribution. The
Plan may be terminated or amended by the Company upon notice in writing mailed to each Participant at least 30 days prior to any
record date for the payment of any dividend by the Company. Upon any termination, the Plan Administrator shall cause shares of
Common Stock held for the Participant under the Plan to be delivered to the Participant.

11.              
These terms and conditions may be amended or supplemented by the Company at any time but, except when necessary or appropriate
to comply with applicable law or the rules or regulations of the U.S. Securities and Exchange Commission or any other applicable
regulatory authority, only by mailing to each Participant appropriate written notice at least 30 days prior to the effective date
thereof. The amendment or supplement shall be deemed to be accepted by each Participant unless, prior to the effective date thereof,
the Plan Administrator receives written notice of the termination of the Participant’s account under the Plan. Any such amendment
may include an appointment by the Plan Administrator in its place and stead of a successor agent under these terms and conditions,
with full power and authority to perform all or any of the acts to be performed by the Plan Administrator under these terms and
conditions. Upon any such appointment of any agent for the purpose of receiving distributions, the Company shall be authorized
to pay to such successor agent, for each Participant’s account, all distributions payable on shares of Common Stock held
in the Participant’s name or under the Plan for retention or application by such successor agent as provided in these terms
and conditions.

     2

     

    

 

12.              
The Plan Administrator shall at all times act in good faith and use its best efforts within reasonable limits to ensure
its full and timely performance of all services to be performed by it under this Plan and to comply with applicable law, but assumes
no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by the Plan Administrator’s
negligence, bad faith or willful misconduct or that of its employees or agents.

13.              
These terms and conditions shall be governed by the laws of the State of Maryland.

 

November 13, 2019

     3Document

Certain information indicated with [***] in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

Exhibit 10.1
Amendment No. 2
to
Clinical and Commercial Supply Agreement
Viral Vector Product

This Amendment No. 2 to the Clinical and Commercial Supply Agreement-Viral Vector Product (the “Amendment”) is made on January 14, 2020, (“Amendment Effective Date”) by and between bluebird bio (Switzerland) GmbH (“Company”), and SAFC Carlsbad, Inc., a California corporation (“SAFC”). Company and SAFC may hereinafter be referred to as a Party or as the Parties. Capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Agreement. 
WHEREAS, Company and SAFC are parties to that certain Clinical and Commercial Supply Agreement, as amended, dated as of November 27, 2017, and having an Effective Date of January 1, 2018 (the “Agreement”); 
WHEREAS, bluebird bio, Inc. has, pursuant to the terms of the Agreement, assigned the Agreement to its Affiliate, bluebird bio (Switzerland) GmbH, by Letter dated May 15, 2019 which is attached hereto and made a part hereof;
WHEREAS, bluebird bio (Switzerland) GmbH shall be the contracting entity and the “Company” under this Agreement effective May 15, 2019; 
WHEREAS, Company and SAFC wish to extend the Term and modify the Minimum Purchase Commitment, 
WHEREAS, Company and SAFC wish to incorporate updated forecasting obligations and an updated Performance Bonus structure, as outlined in Task Order 11 dated July, 2, 2019, which will apply to all additional Batches ordered from Contract Year Three through the termination or expiration of the Agreement; and
WHEREAS, the Parties desire to mutually amend and modify the Agreement as stated hereinafter.
NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the amount and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
1.The Initial Term in Section 10.1 is hereby extended for an additional [***] Contract Year for [***]. The Initial Term and this [***], is hereinafter referred to as the Term.

2.The Minimum Purchase Commitment in Section 3.1(a), is hereby modified for Contract Year 2019 from [***] to [***].

3.     Section 1.23 “Minimum Purchase Commitment” shall be deleted and replaced in its entirety with the following:
1.23 “Minimum Purchase Commitment” means Company’s minimum binding purchase commitment to SAFC for a minimum number of Vector Product during a Contract Year, including those additional Batches that are part of Company’s Binding Forecast, determined as set forth in Sections 3.1(a) and 3.2(a).
4.     Section 3.1 (a) of the Agreement shall be deleted and replaced in its entirety with the following:

Certain information indicated with [***] in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

3.1  Minimum Purchase Commitment; Run Equivalents; Additional Batches and Manufacturing Capacity; Support Studies.
(a)  During the Term, Company shall purchase the Minimum Purchase Commitment, which shall be equal to [***]
In the event Company fails to purchase the Minimum Purchase Commitment [***].  Such payment requirement for the shortfall of Batches shall be invoiced [***].
5. Section 3.2 (a) of the Agreement shall be deleted in its entirety and replaced with the following:
3.2 Forecasts; Change of Vector Product.
(a) In advance of the Effective Date, Company shall determine and provide to SAFC Company’s initial Contract Year forecast, which shall be updated on a [***].  From the Effective Date until [***], each [***] update shall include a “rolling” [***] update that includes four (4) consecutive quarters.  As of [***], Company’s rolling [***] updates will increase to include [***] and shall include any additional Batches to be manufactured within that time period.  
As of [***], the first [***] of the rolling forecast will be considered binding on both Parties [***].
6. New sections, Sections 3.2 (d)-(f) shall be added to the Agreement as follows:
3.2 Forecasts; Change of Vector Product.
(d) [***]
(e) [***]
(f) [***]
7. Section 3.3(b) of the Agreement is hereby deleted and replaced in its entirety with the following:
(b)  For each subsequent Contract Year following the initial Contract Year, a Task Order for the Contract Year shall be executed between the Parties in writing as above and Company shall issue to SAFC a Purchase Order [***]
8. Sections 3(b) and 3(c) of Exhibit 4 are hereby deleted and replaced in their entirety with the following:
[***]
8. This Amendment, together with the Agreement, constitutes the final, complete and exclusive statement of the agreement between the parties pertaining to its subject matter and supersedes any and all prior and contemporaneous understandings or agreements of the parties with respect thereto. 

9.  This Amendment may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed counterpart of a signature page to this Amendment by telecopier or other electronic means (e.g., via PDF) shall be effective delivery of a manually executed counterpart of this Amendment.  
    

Certain information indicated with [***] in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

Except as provided herein, all terms and conditions of the Agreement shall remain the same and are in full force and effect.
IN WITNESS WHEREOF, the Parties hereto have each caused this Amendment to be executed by their duly authorized representatives as of the Amendment Effective Date above.

SAFC CARLSBAD, INC.  BLUEBIRD BIO (SWITZERLAND) GMBH

By: /s/ Joan Haab                                     By: /s/ David Seeberger 

Name:  Joan Haab Name:  David Seeberger

Title:  Carlsbad Site Head; Title:  Head of Finance, Europe
        Viral & Gene Therapy Operations

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