Document:

Exhibit 10.18

 

WARRANT AGREEMENT

 

To subscribe for Warrant Shares in the share capital of

 

UNIQURE B.V.

 

Dated as of September 20, 2013 (the “Effective Date”)

 

WHEREAS, uniQure Biopharma B.V., a limited liability company organized under the laws of The Netherlands, has entered into a Loan and Security Agreement on or about 11 June 2013 (the “Loan Agreement”) with Hercules Technology Growth Capital, Inc., a corporation organized under the laws of the State of Maryland, USA (the “Warrantholder”);

 

WHEREAS, uniQure B.V., a limited liability company organized under the laws of The Netherlands (the “Company”), is the sole shareholder of uniQure Biopharma B.V.;

 

WHEREAS, the Company desires to grant to Warrantholder, in consideration for, among other things, the financial accommodations provided for in the Loan Agreement, the right to subscribe for Warrant Shares (as defined below) pursuant to this Warrant Agreement (this “Agreement”);

 

NOW, THEREFORE, in consideration of the Warrantholder executing the Loan Agreement and providing the financial accommodations contemplated therein, and in consideration of the mutual covenants and agreements contained herein, the Company and Warrantholder agree as follows:

 

SECTION 1.                         DEFINITIONS AND INTERPRETATION

 

As used herein, the following terms shall have the following meanings:

 

“Company” means uniQure B.V., a limited liability company organized under the laws of The Netherlands, and any successor or surviving entity that assumes the obligations of the Company under this Agreement.

 

“Articles” means the Company’s articles of association, as may be amended and in effect from time to time.

 

“Ordinary Shares” means ordinary shares Class A (gewone aandelen A) in the issued share capital of the Company with a nominal value of EUR 0.01 each, or after an Initial Public Offering, such ordinary shares in the issued share capital of the Company as shall be issued in such Initial Public Offering.

 

“Exercise Price” shall mean US$2.69 per Warrant Share.

 

“Initial Public Offering” means the initial underwritten public offering of the Company’s Ordinary Shares pursuant to a registration statement under the US Securities Act of 1922 as amended, or any successor statute, or pursuant to the laws of any non-US jurisdiction, which public offering has been declared effective by the SEC or has otherwise been consummated in accordance with the laws of such non-US jurisdiction.

 

“Merger Event” 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) the merger or consolidation of the Company into or with another entity (other than a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the shareholders 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 shareholders 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 shareholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power. For the avoidance of doubt, the envisaged conversion of the legal form of the Company in connection with the Initial Public Offering does not qualify as a Merger Event.

 

“Warrant Shares” shall mean the Ordinary Shares.

 

“Shareholders Agreements” means the Class A Shareholders Agreement relating to the Company dated 19 April 2012 between the Company and the Investors (as defined therein) and the Class B Shareholders Agreement relating to the Company dated 19 April 2012 between the Company, the Stichting Administratiekantoor uniQure B.V. and the Investors (as defined therein).

 

“Subscription Price” means, with respect to any exercise of this Agreement, an amount equal to the Exercise Price as of the relevant time multiplied by the number of Warrant Shares subscribed for under this Agreement pursuant to such exercise.

 

SECTION 2.                         GRANT OF THE RIGHT TO SUBSCRIBE FOR WARRANT SHARES.

 

(a)                                Grant of Warrants. For value received by its subsidiary uniQure Biopharma B.V., the Company hereby issues warrants (“Warrants”) to the Warrantholder, upon the terms and subject to the conditions of this Agreement. The Warrantholder shall have the number of Warrants equal to the number of Warrant Shares the Warrantholder may subscribe to as calculated in accordance with Section 2(b) below, each Warrant comprising the right and not the obligation to subscribe in cash for one Warrant Share at a subscription price per share equal to the Exercise Price (as defined below).

 

(b)                                Number of Shares.  This Agreement shall be exercisable for 185,873 Warrant Shares, subject to adjustment thereafter from time to time in accordance with the provisions of this Agreement.

 

SECTION 3.                         TERM OF THE AGREEMENT.

 

Except as otherwise provided for herein, the term of this Agreement and the right to subscribe for Warrant Shares as granted herein shall commence on the Effective Date Any and all Warrants which remain outstanding on the earlier of (i) ten (10) years from the Effective Date; or (ii) five (5) years after the Initial Public Offering, shall be immediately cancelled and the Warrantholder shall have no further rights under those Warrants as of such time.

 

SECTION 4.                         EXERCISE OF WARRANTS.

 

(a)                                Exercise.  The subscription rights set forth in this Agreement are exercisable by the Warrantholder, in whole or in part, at any time, or from time to time, prior to the expiration of the term set forth in Section 3, by tendering to the Company at its principal office a notice of exercise in the form attached hereto as Exhibit I (the “Notice of Exercise”), duly completed and executed.  The Company shall procure that promptly upon receipt of the Notice of Exercise, and in no event later than five (5) business days thereafter, any Warrant Shares to be issued to the Warrantholder upon the valid exercise of any Warrants shall be issued to the Warrantholder and, if the issuance takes place prior to any Initial Public Offering, that such Warrantholder is entered in the shareholders register of the Company as the holder of those Warrant Shares. If the issuance of

 

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Warrant Shares takes place after any Initial Public Offering, the Warrant Shares shall be delivered in book entry form to a securities account specified by the Warrantholder.

 

(b)                                Set-off. Parties hereto, including solely for purposes of this Section 4 (b) uniQure Biopharma B.V., hereby agree that, for as long as the Warrantholder also acts as Lender under the Loan Agreement, payment of (a portion of) the Subscription Price may be set off against any outstanding amounts payable by uniQure Biopharma B.V. under the Loan Agreement.

 

(c)                                 Amendment Articles. The Company agrees that, if and when — at any time- an amendment of the Company’s Articles, including, but not limited to, an increase in the authorized capital of issuable shares, is necessary in order to allow for a sufficient number of Warrant Shares to be issuable upon the exercise of Warrants, then it will procure that any and all members of its group will, vote in favor of the necessary amendment(s) of the Company’s Articles and take any such further action as may necessary or appropriate in order to allow the Company to create the relevant Warrant Shares.

 

(d)                                Partial exercise. Upon partial exercise of the Warrants, the Company shall promptly register in the warrant registry the remaining number of Warrant Shares issuable hereunder.

 

SECTION 5.                         NO RIGHTS AS SHAREHOLDER.

 

This Agreement does not entitle the Warrantholder to any voting rights or other rights as a shareholder/ of the Company prior to the exercise of this Agreement.

 

SECTION 6.                         WARRANTHOLDER REGISTRY.

 

The Company shall maintain a registry showing the name and address of the Warrantholder of this Agreement, the number of Warrants, which at any time are outstanding, as well as the Exercise Price and scheduled expiry of such Warrants. Warrantholder’s initial address, for purposes of such registry, is set forth in Section 11(d) below. Warrantholder may change such address by giving written notice of such changed address to the Company in accordance with the requirements of Section 11(d).

 

SECTION 7.                         ADJUSTMENT RIGHTS.

 

The Exercise Price and the number of Warrant Shares issuable hereunder are subject to adjustment, as follows, provided however that no adjustment shall be made such that, on exercise Warrant Shares would be issued at a discount to their nominal value:

 

(a) Merger Event.  If at any time there shall be a Merger Event as referred in Section 1 under (ii) of the definition of Merger Event, then, as a part of such Merger Event, appropriate adjustments shall be made so that the Warrantholder shall thereafter be entitled to receive, upon exercise of this Agreement, the number of shares, or other securities or monetary compensation (“Reference Property”), that the Warrantholder would have received in connection with such Merger Event if Warrantholder had exercised the Warrants immediately prior to the Merger Event.  In any such case, appropriate adjustments (as determined in good faith by the Company’s Board of Directors) shall be made in the application of the provisions of this Agreement with respect to the rights and interests of the Warrantholder after the Merger Event to the end that the provisions of this Agreement (including adjustments of the Exercise Price and adjustments to ensure that the provisions of this Section 7 shall thereafter be applicable, as nearly as possible, to the subscription rights under this Agreement in relation to any Reference Property thereafter acquirable upon exercise of such subscription rights) shall continue to be applicable in their entirety, and to the greatest extent possible.  Without limiting the foregoing, in connection with any Merger Event, upon the closing thereof, the successor or surviving entity shall assume

 

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the obligations of this Agreement; provided that if the Reference Property includes shares or other securities and assets of an entity other than the successor or purchasing company, as the case may be, in such Merger Event, then such other entity shall assume the obligations under this Agreement and any such assumption shall contain such additional provisions to protect the interests of the Warrantholder as reasonably necessary by reason of the foregoing (as determined in good faith by the Company’s Board of Directors).  The provisions of this Section 7(a) shall similarly apply to successive Merger Events.

 

(b)                                Reclassification of Shares.  Except for Merger Events subject to Section 7(a), and subject to Section 7(f), if the Company at any time shall, by combination, reclassification, exchange or subdivision of shares or otherwise, change any of the shares as to which subscription rights under this Agreement exist into the same or a different number of securities of any other class or classes, this Agreement shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities which were subject to the purchase rights under this Agreement immediately prior to such combination, reclassification, exchange, subdivision or other change. The provisions of this Section 7(b) shall similarly apply to successive combination, reclassification, exchange, subdivision or other change.

 

(c)                                 Subdivision or Combination of Shares.  If the Company at any time shall combine or subdivide its Warrant Shares, (i) in the case of a subdivision, the Exercise Price shall be proportionately decreased, or (ii) in the case of a combination, the Exercise Price shall be proportionately increased.

 

(d)                                Shares Dividends.  If the Company at any time while Warrants are outstanding and unexpired shall:

 

(i)                                                                                                                                                                                                             pay a dividend to the Warrant Shares in the form of Warrant Shares (including any share premium account and, for the avoidance of doubt, a dividend that permits the recipient to elect between cash and Warrant Shares), then the Exercise Price shall be adjusted, from and after the date of determination of shareholders entitled to receive such dividend or distribution, to that price determined by multiplying the Exercise Price in effect immediately prior to such date of determination by a fraction (A) the numerator of which shall be the total number of Warrant Shares outstanding immediately prior to such dividend or distribution, and (B) the denominator of which shall be the total number of Warrant Shares outstanding immediately after such dividend or distribution; or

 

(ii)                                                                                                                                                                                                          make any other distribution with respect to Warrant Shares (or shares into which the Warrant Shares are convertible and including any distribution that permits the recipient to elect between cash and Warrant Shares), except any distribution specifically provided for in any other clause of this Section 7, then, in each such case, provision shall be made by the Company such that the Warrantholder shall receive upon exercise or conversion of this Warrant a proportionate share of any such distribution as though it were the holder of the Warrant Shares (or other Shares for which the Warrant Shares is convertible) as of the record date fixed for the determination of Shareholders of the Company entitled to receive such distribution.

 

(e)                                 Antidilution Rights.  All Warrant Shares to be issued hereunder shall rank pari passu and form one class with the Warrant Shares issued and outstanding on the relevant date of exercise of such Warrants. Additional antidilution rights applicable to the Warrant Shares issuable hereunder are as set forth in the Articles and/or such other agreements entered into by shareholders

 

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of the Company and shall be applicable with respect to the Warrant Shares issuable hereunder.  The Company shall promptly provide the Warrantholder with any restatement, amendment, modification or waiver of the Articles and/or the Shareholders Agreements; provided, that no such amendment, modification or waiver shall impair or reduce the antidilution rights applicable to the Warrant Shares as of the date hereof unless such amendment, modification or waiver affects the rights of Warrantholder with respect to the Warrant Shares in the same manner as it affects all other holders of Warrant Shares.  The Company shall provide Warrantholder with prior written notice of any issuance of shares in the share capital of the Company or other equity security to occur after the Effective Date of this Agreement, which notice shall include (a) the price at which such shares or security is to be issued, (b) the number of shares to be issued, and (c) such other information as necessary for Warrantholder to determine if a dilutive event has occurred. For the avoidance of doubt, there shall be no duplicate anti-dilution adjustment pursuant to this subsection (e), the forgoing subsection (d) and the Articles.

 

(f)                                  “Pay to Play” Rights.  In the event that any “pay to play” terms or conditions (i.e. terms or conditions that require a holder of the Warrant Shares to purchase securities in a future round of equity financing or else lose the benefit of anti-dilution protections applicable to Warrant Shares or have such Warrant Shares automatically convert into Ordinary Shares or another class or series of shares) in the Articles and/or the Shareholders Agreements are triggered in connection with any Equity Round (a “Trigger Event”), then, in each such event, the subscription rights under this Agreement shall automatically adjust to provide the Warrantholder, upon the later exercise hereof, with the same securities and/or rights that the Warrantholder would have received had the Warrantholder (i) exercised this Warrant prior to such Trigger Event, and (ii) participated in the applicable equity financing in an amount sufficient to be deemed to have fully participated for purposes of such “pay to play” provision.

 

(g)                                 Notice of Adjustments.  If: (i) the Company shall declare any dividend or distribution upon its shares, whether in shares, cash, property or other securities; (ii) the Company offer for subscription pro rata to the holders of the outstanding Warrant Shares any additional shares or other securities of any class or other rights to subscribe for or purchase same; (iii) there shall be any Merger Event; (iv) there shall be an Initial Public Offering; (v) the Company shall sell, lease, license or otherwise transfer all or substantially all of its assets; or (vi) there shall be any voluntary dissolution, liquidation or winding up of the Company; then, in connection with each such event, the Company shall send to the Warrantholder: (A) at least ten (10) days’ prior written notice of the date on which the books of the Company shall close or a record shall be taken for such dividend, distribution, subscription rights (specifying the date on which the holders of Warrant Shares shall be entitled thereto) or for determining rights to vote in respect of such Merger Event, dissolution, liquidation or winding up; (B) in the case of any such Merger Event, sale, lease, license or other transfer of all or substantially all assets, dissolution, liquidation or winding up, at least ten (10) days’ prior written notice of the date when the same shall take place (and specifying the date on which the holders of Warrant Shares shall be entitled to exchange their Warrant Shares for securities or other property deliverable upon such Merger Event, dissolution, liquidation or winding up); and (C) in the case of an Initial Public Offering, the Company shall give the Warrantholder at least ten (10) days’ written notice prior to the effective date thereof.

 

Each such written notice shall set forth, in reasonable detail, (i) the event requiring the notice, and (ii) if any adjustment is required to be made, (A) the amount of such adjustment, (B) the method by which such adjustment was calculated, (C) the adjusted Exercise Price (if the Exercise Price has been adjusted), and (D) the number of shares subject to subscription hereunder after giving effect to such adjustment, and shall be given by reputable overnight courier with all charges prepaid, addressed to the Warrantholder at the address for Warrantholder set forth in the registry referred to in Section 6.

 

(h)                                Timely Notice.  Failure to timely provide such notice required by subsection (g) above shall entitle Warrantholder to retain the benefit of the applicable notice period

 

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notwithstanding anything to the contrary contained in any insufficient notice received by Warrantholder.  For purposes of this subsection (h), and notwithstanding anything to the contrary in Section 11(d), the notice period shall begin on the date Warrantholder actually receives a written notice containing all the information required to be provided in such subsection (g).

 

SECTION 8.                         REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY.

 

(a)                                Articles. The Company has made available to the Warrantholder true, correct and complete copies of the current Articles and the Shareholders Agreements.

 

(b)                                Due Authority.  The execution by the Company of this Agreement and the performance of all obligations of the Company hereunder, including the issuance of Warrants to Warrantholder, have been duly authorized by all necessary corporate action on the part of the Company and any member of its group.  This Agreement: (1) does not violate the Articles; (2) does not contravene any law or governmental rule, regulation or order applicable to it; and (3) does not and will not contravene any provision of, or constitute a default under, any material agreement or instrument binding upon it or a member of its groups or constitute a material default or termination event (however described) under any such agreement or instrument to which it is a party or by which it is bound at the date of this Agreement.  This Agreement constitutes a legal, valid and binding agreement of the Company, enforceable in accordance with its terms.

 

(c)                                 Consents and Approvals.  No consent or approval of, giving of notice to, registration with, or taking of any other action in respect of any governmental authority is required with respect to the execution and performance by the Company of its obligations under this Agreement.

 

(d)                                Issued Securities.

 

(i)                                     The authorized capital of the Company consists of (A) 200,000,000 shares, of which 60,957,675 shares are issued and outstanding.

 

(ii)                                  The Company has reserved 8,439,126 for issuance under its Shares Option Plan(s), under which 8,428,167 options are outstanding. Other than the Shares Option Plan(s) and the Convertible Note Amendment Agreement, dated March 1, 2013, there are no other options, warrants, conversion privileges or other rights presently outstanding to subscribe for or purchase or otherwise acquire any authorized but unissued shares in the share capital of the Company or other securities of the Company. The Company has no outstanding loans to any employee, officer or director of the Company, and the Company agrees not to enter into any such loan or otherwise guarantee the payment of any loan made to an employee, officer or director by a third party.

 

(e)                                 Insurance.  The Company has in full force and effect insurance policies, with extended coverage, insuring the Company and its property and business against such losses and risks, and in such amounts, as are customary for corporations engaged in a similar business and similarly situated and as otherwise may be required pursuant to the terms of any other contract or agreement.

 

(f)                                  Information Rights.  During the term of this Warrant, Warrantholder shall be entitled to the information rights contained in Section 7.1 of the Loan Agreement, and Section 7.1 of the Loan Agreement is hereby incorporated into this Agreement by this reference as though fully set forth herein, provided, however, that the Company shall not be required to deliver a

 

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Compliance Certificate once all Indebtedness (as defined in the Loan Agreement) owed by the uniQure Biopharma B.V. to Warrantholder has been repaid.

 

SECTION 9.                         REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER.

This Agreement has been entered into by the Company in reliance upon the following representations and covenants of the Warrantholder:

 

(a)                                Financial Risk.  The Warrantholder has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment, and has the ability to bear the economic risks of its investment.

 

(b)                                The execution by the Warrantholder of this Agreement and the performance of all obligations of the Warrantholder hereunder have been duly authorized by all necessary corporate action on the part of the Warrantholder and any member of its group.  This Agreement constitutes a legal, valid and binding agreement of the Warrantholder, enforceable in accordance with its terms.

 

SECTION 10.                  TRANSFERS

 

The Warrantholder may transfer its rights or obligations under this Agreement, with the Company’s prior written consent, which shall not be unreasonably withheld, by executing a deed of transfer in the form attached hereto as Exhibit II (the “Transfer Deed”). The duly executed Transfer Deed should promptly be issued to the Company to enable the Company to register the transfer in the warrant registry. Any transfer of Warrant Shares issued upon the exercise of Warrants shall be subject to the Articles and, if applicable, the Shareholders Agreements and the transfer restrictions set out therein for transfer of shares.

 

SECTION 11.                  MISCELLANEOUS.

 

(a)                                Effective Date.  The provisions of this Agreement shall be construed and shall be given effect in all respects as if it had been executed and delivered by the Company on the date hereof.

 

(b)                                Remedies. The Parties waive their rights to (a) rescind or to seek to rescind (ontbinden) the Agreement, including, without limitation, the rights and defences contemplated by section 6:265 of the Dutch Civil Code performed under or pursuant to the Agreement, (b) suspend (opschorten) any of its obligations under this Agreement pursuant to section 6:52, 6:262 or 6:263 of the Dutch Civil Code or on any other ground and (ii) nullify (vernietigen) this Agreement pursuant to section 6:228 of the Dutch Civil Code or on any other ground.

 

(c)                                 Severability.  In the event any one or more of the provisions of this Agreement shall for any reason be held invalid, illegal or unenforceable, the remaining provisions of this Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable provision, which comes closest to the intention of the parties underlying the invalid, illegal or unenforceable provision.

 

(d)                                Notices.  Except as otherwise provided herein, any notice, demand, request, consent, approval, declaration, service of process or other communication that is required, contemplated, or permitted under this Agreement or with respect to the subject matter hereof shall be in writing, and shall be deemed to have been validly served, given, delivered, and received upon the earlier of: (i) the day of transmission by facsimile or hand delivery if transmission or

 

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delivery occurs on a business day at or before 5:00 pm in the time zone of the recipient, or, if transmission or delivery occurs on a non-business day or after such time, the first business day thereafter, or the first business day after deposit with an overnight express service or overnight mail delivery service; or (ii) the third calendar day after deposit in the United States mails, with proper first class postage prepaid, and shall be addressed to the party to be notified as follows:

 

If to Warrantholder:

 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

Legal Department

Attention:  Chief Legal Officer and Manuel Henriquez

400 Hamilton Avenue, Suite 310

Palo Alto, CA 94301

USA

Facsimile:  650-473-9194

Telephone:  650-289-3060

 

(i)                                     If to the Company:

 

UNIQURE B.V.

Attention: Chief Financial Officer

Meibergdreef 61

1105 BA Amsterdam

The Netherlands

Facsimile:

Telephone:

 

or to such other address as each party may designate for itself by like notice.

 

(e)                                 Entire Agreement; Amendments.  This Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof, and supersede and replace in their entirety any prior proposals, term sheets, letters, negotiations or other documents or agreements, whether written or oral, with respect to the subject matter hereof (including Lender’s proposal letter dated April 18, 2013).  None of the terms of this Agreement may be amended except by a written instrument executed by each of the parties hereto.

 

(f)                                  Headings.  The various headings in this Agreement are inserted for convenience only and shall not affect the meaning or interpretation of this Agreement or any provisions hereof.

 

(g)                                 Advice of Counsel.  Each of the parties represents to each other party hereto that it has discussed (or had an opportunity to discuss) with its counsel this Agreement.

 

(h)                                No Strict Construction.  The parties hereto have participated jointly in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement.

 

(i)                                    No Waiver.  No omission or delay by Warrantholder at any time to enforce any right or remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof by the Company at any time designated, shall be a waiver of any such right or remedy to which Warrantholder is entitled, nor shall it in any way affect the right of Warrantholder to enforce such provisions thereafter.

 

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(j)                                   Survival.  All agreements, representations and warranties contained in this Agreement or in any document delivered pursuant hereto shall be for the benefit of Warrantholder and shall survive the execution and delivery of this Agreement and the expiration or other termination of this Agreement.

 

(k)                                Governing Law.  This Agreement is governed by Dutch law.

 

(l)                                    Enforcement. The courts (rechtbank) of Amsterdam, The Netherlands, subject to ordinary appeal (hoger beroep) and final appeal (cassatie), shall have exclusive jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement) and, for such purposes, each of the Parties hereto irrevocably submits to the exclusive jurisdiction of such courts.

 

(m)                            Counterparts.  This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall constitute but one and the same instrument.

 

(n)                                Language. The official language of this Agreement and of all notices and other communications by a party or between the parties hereunder shall be in English.

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by its officers thereunto duly authorized as of the Effective Date.

 

 

	
 
    	
COMPANY:
    	
UNIQURE   B.V.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/PJ   Morgan
    
	
 
    	
 
    	
Name:
    	
PJ   Morgan
    
	
 
    	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
WARRANTHOLDER:
    	
HERCULES   TECHNOLOGY GROWTH
    
	
 
    	
 
    	
CAPITAL, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/K.   Nicholas Martitsch
    
	
 
    	
 
    	
Name:
    	
K.   Nicholas Martitsch
    
	
 
    	
 
    	
Title:
    	
Associate   General Counsel
    

 

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SOLELY   FOR PURPOSES OF SECTION 4 (b):
    	
 
    
	
 
    	
 
    	
UNIQURE   BIOPHARMA B.V.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/PJ   Morgan
    
	
 
    	
 
    	
Name:
    	
PJ   Morgan
    
	
 
    	
 
    	
Title:
    	
CFO
    

 

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EXHIBIT  I

 

NOTICE OF EXERCISE

 

To:                             [                                                        ]

 

(1)         This is a Warrant notice of exercise, Terms defined in the warrant agreement dated the [         ] day of [          ,           ] (the “Agreement”) between [                                     ] and the Warrantholder (“Agreement”) shall have the same meaning in this exercise notice unless otherwise defined herein.

 

(2)         The undersigned Warrantholder hereby exercises [                  ] Warrants, pursuant to the terms of the Agreement, which gives us the right to acquire [*] Warrant Shares upon payment of the Subscription Price.

 

(2)                                 Please notify us within three Business Days when the deed of issue relating to the Warrant Shares to be issued will be executed and, if applicable, which notary will execute such deed of issue.

 

	
WARRANTHOLDER:
    	
HERCULES   TECHNOLOGY GROWTH
    
	
 
    	
CAPITAL, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
Date:
    	
 
    

 

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EXHIBIT II

 

TRANSFER DEED

 

(To transfer the foregoing Agreement execute this form and supply required information.)

 

FOR VALUE RECEIVED, the foregoing Agreement and all rights evidenced thereby are hereby transferred to

 

	
 
    	
 
    
	
(Please   Print)
    	
 
    
	
 
    	
 
    
	
whose   address is
    	
 
    	
 
    
	
 
    	
 
    
			

 

	
 
    	
Dated:
    	
 
    
	
 
    	
Warrantholder’s   Signature:
    	
 
    
	
 
    	
Warrantholder’s   Address:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Dated:
    	
 
    
	
 
    	
Transferee’s   Signature:
    	
 
    
	
 
    	
Transferee’s   Address:
    	
 
    
	
 
    	
 
    
					

 

12Exhibit 10.19

	
  

  	
  Execution
  version Subscription Agreement
  between Chiesi Farmaceutici S.p.A., as the Investor and uniQure B.V., as the
  Company 

  

 

	
  

  	
  SUBSCRIPTION AGREEMENT THIS
  SUBSCRIPTION AGREEMENT is made on 29 April 2013 BETWEEN: 1 Chiesi Farmaceutici S.p.A., a
  company organized under the laws of Italy, with its offices at Via Palermo,
  26/A, 43122 Parma, Italy (the “Investor”); and 2 uniQure B.V., a private company with limited liability
  incorporated and existing under the laws of the Netherlands, having with its
  corporate seat at Amsterdam, the Netherlands and its registered address at
  Meibergdreef 61, 1105 BA Amsterdam Zuidoost, the Netherlands and registered
  with the trade register of the Chamber of Commerce for Amsterdam with
  registration number 54385229 (the “Company”). The Investor and the Company,
  hereinafter jointly referred to as the “Parties” and each of them
  individually as a “Party”. WHEREAS: (A) The investor and uniQure biopharma
  B.V. (a wholly-owned subsidiary of the Company) intend to enter into
  (i) a commercialisation agreement for the sale of Glybera® in Europe and
  certain other additional specified territories (the ‘Commercialisation
  Agreement”), and (ii) a co-development and license agreement in respect
  of a Hemophilia B gene therapy programme for certain European and other
  additional specified territories (the “Co- Development and License
  Agreement”). (B) Subject to the terms and conditions of this Agreement, the
  Parties have agreed that on Closing Date the Investor will subscribe for such
  number of new class C ordinary shares, with a nominal value of €0.01 each, in
  the capital of the Company as set out opposite the Investor’s name in
  Schedule 1 (the “Investor Shares”) for a subscription price of €2.52431 per
  Investor Share (the “Subscription Price”). (C) Immediately following the
  Closing, the Investor Shares will represent not less than 8.75% of the share
  capital of the Company, including dilution arising from existing warrants and
  share options. (D) Before Closing, the Company shall obtain approval by the
  Company’s shareholders meeting, in which it is resolved (i) to amend the
  Company’s articles of association, (ii) to issue the Investor Shares to
  the Investor against the Subscription Price per Investor Share on the terms
  as set forth in this Agreement, and (iii) to exclude the pre-emptive
  rights of the existing shareholders of the Company in relation to such share
  issuance. AGREE AS FOLLOWS: 1 Interpretation
  1.1 Unless explicitly stated otherwise, the following terms shall have the
  following meaning (and grammatical variations of such terms shall have
  corresponding meanings) in this Agreement: “Agreement” means this
  subscription agreement including the recitals and the Schedules thereto;

  

 

	
  

  	
  “Closing Date”
  means the date on which the Closing occurs, which shall be on the third
  business day following the date of this Agreement or such later date that the
  Company shall reasonably determine, and in any event not later than 30
  June 2013; “Closing” means the consummation of the transactions set out
  in clause 2 in accordance with clause 4; “Company” as defined above; “Company
  Warranties” means the representations and warranties made by the Company to
  the Investor contained in Schedule 2; “Encumbrance” means any right of
  pledge, mortgage, usufruct, retention of title or other security interest
  whatsoever and any arrest, charge, attachment, option or lien or any similar
  concept that limits free and unrestricted title and/or use, under any
  applicable law; “Investor” as defined above; “Investor Warranties” means the
  representations and warranties made by the Investor to the Company contained
  in Schedule 3; “Investor Shares” has the meaning ascribed to it in recital
  (B); “Notary” means Mr P.H.N. Quist or his substitute, civil law notary at
  the offices of Stibbe N.V. in Amsterdam, The Netherlands; “Notary’s Account”
  has the meaning ascribed to it in clause 4.2; “Parties” as defined above;
  “Schedule” means a schedule to this Agreement; “Share Issue Deed” means the
  notarial share issue deed to be executed in connection with the effectuation
  of the issuance of the Investor Shares; “Shares” means class A, class B or
  class C ordinary shares in the capital of the Company with a nominal value of
  €0.01 each, outstanding from time to time; and “Subscription Price” has the
  meaning ascribed to it in recital (B). 1.2 In this Agreement, a reference to:
  1.2.1 singular words shall include the plural and vice versa and words in a particular gender shall include all
  genders, unless the context requires otherwise; 1.2.2 the word “include” or
  “including” are used to indicate that the matters listed are not a complete
  enumeration of all matters covered, unless the contrary is specifically
  stated; 1.2.3 the words “hereof”, “herein”, “hereto” and “hereunder” and
  words of similar import shall refer to this Agreement as a whole and not to
  any particular provision thereof; 1.2.4 a clause or a schedule is a reference
  to a clause or schedule of the actual agreement, or, if specifically
  mentioned, to a clause to the Investor Warranties or the Company Warranties;
  and

  

 

	
  

  	
  1.2.5 a person
  includes a reference to a body corporate, association or partnership. L.  4 1.3 
  In this Agreement, clause headings are inserted for convenience
  purposes only. They shall not affect the construction or interpretation of
  this Agreement. 1.4  In case of
  conflict between or inconsistency of the provisions of the actual agreement
  and the contents of the Schedules, the provisions of the actual agreement
  shall prevail. 1.5  The English
  language used in this Agreement intends to describe Dutch legal concepts only
  and the consequences of the use of this language in English law or any other
  law shall be disregarded. In case of conflict between Dutch legal concepts
  mentioned between brackets and/or in italics in this Agreement and the
  English translation thereof as used in this Agreement. the Dutch text, and
  its meaning thereof under Dutch law, will prevail. 2  Subscription
  and Issue 2.1  Subject to the
  terms and conditions of this Agreement, and in reliance on the Company
  Warranties, the Investor hereby agrees to subscribe for the Investor Shares
  on the Closing Date against payment of the Subscription Price per Investor
  Share in accordance with clause 4. 2.2 
  Subject to the terms and conditions of this Agreement, and in reliance
  on the Investor Warranties, the Company hereby agrees to issue the Investor
  Shares subscribed for by the Investor on the Closing Date against receipt of
  the aggregate Subscription Price for such Investor Shares in accordance with
  clause 4. 3  Conditions Precedent The obligations of (a) the Investor to
  subscribe for the Investor Shares in accordance with clause 2.1 above, and
  (b) of the Company to issue the Investor Shares in accordance with
  clause 2.2 above, shall each be subject to the following conditions precedent
  (“opschortende voorwaarden”) (the
  “Conditions Precedent”):
  (a)  the Investor and uniQure biopharma
  B.V. having entered into the Commercialization Agreement and such agreement
  having become unconditional in all respects; and (b)  the Investor and uniQure biopharma B.V.
  having entered into the Co- Development and License Agreement and such
  agreement having become unconditional in all respects. 4  Closing
  4.1  Upon fulfilment, or waiver, of the
  Conditions Precedent, Closing shall
  take place on the Closing Date at the offices of the Notary, or at such other
  place the Parties may agree. 4.2  No
  later than two business days prior to the Closing Date, the Investor shall
  pay the aggregate Subscription Price for the Investor Shares it has
  subscribed for, to be paid in full, without any deductions or set-off, by
  wire transfer and in immediately available funds to the trust account of the
  office of the Notary, bank account number 69.64.62.672 in the name of Stibbe
  Derdengelden Notariaat with ING Bank
  N.V.(IBAN: NL79 INGB 0696 4626
  72 and BIC INGBNL2A (the “Notary’s Account”). 4.3  At Closing, after having received the
  confirmation from the Notary that the Subscription Price for the Investor
  Shares that the Investor has subscribed for has been paid in full

  

 

	
  

  	
  without any
  deductions or set-off in immediately available funds on the Notary’s Account,
  the Investor and the Company shall execute the Share Issue Deed in order to
  effectuate the issuance of the Investor Shares.   Warranties
  5.1  The Company represents and warrants to the Investor that each of
  the Company Warranties is true and correct on the date hereof and shall be
  true and correct on the Closing Date. 5.2 
  The Investor represents and warrants to the Company that in respect of
  the Investor each of the Investor Warranties is true and correct on the date
  hereof and shall be true and correct on the Closing Date. 5.3  In the event of a breach of any of the
  Company Warranties or the Investor Warranties, the defaulting Party shall pay
  an amount necessary to compensate the damages of the other Party to whom the
  warranties are given, which shall not include any consequential loss suffered
  by such Party. 5.4  The Parties
  understand and acknowledge that in relation to the subscription no prospectus
  shall be prepared nor made available, and that the Investor Shares are
  unlisted securities which shall not, at this time, be listed on any
  recognised investment exchange. 6  Confidentiality Each Party
  undertakes not to disclose the existence of this Agreement or to divulge any
  part of its contents to any third party, other than as a necessary result of
  the exercise of any rights under this Agreement or if obliged to do so by
  applicable securities or other law or competent regulatory authorities,
  provided, however, that the Company may make a public announcement regarding
  the transactions contemplated by this Agreement in a form to be agreed with
  the Investor, such agreement not to be unreasonably withheld. 7  Binding
  effect; assignment 7.1  All the
  terms, provisions, representations, warranties, covenants and conditions of
  this Agreement shall only be binding upon and inure to the benefit of and be
  enforceable by the Parties hereto after this Agreement has been signed by all
  Parties. 7.2  Except as expressly set
  out otherwise, this Agreement and any rights and obligations of the Investor
  hereto cannot be assigned or delegated by the Investor to a third party
  without the prior written consent of the Company. 8  Dissolution
  and partial invalidity 8.1  Each
  of the Parties hereby waives the right, and each of the Parties accepts the
  same, to cancel (opzeggen), to
  dissolve or bring an action to dissolve this Agreement (ontbinding) and/or to annul or bring
  an action to annul this Agreement (vernietiging)
  or alter this Agreement on the basis of unforeseen circumstances (onvoorziene omstandigheden) or
  suspend (opschorten) any of
  the obligations assumed hereunder as from the moment of its execution.
  8.2  In the event that one or more
  clauses of this Agreement or of the Schedules would appear to be non-binding,
  the other clauses of this Agreement and of the Schedules will continue to be
  effective. The Parties are obliged to replace the non-binding clauses with
  other

  

 

	
  

  	
  clauses that
  are binding, in such a way that the new clauses differ as little as possible
  from the non-binding clauses, taking into account the object and the purpose
  of this Agreement. 9  Entire agreement This Agreement
  contains all arrangements which the Parties have made on the subject hereof
  and thereof. They shall take the place of all other (previous) arrangements
  and agreements, which any of the Parties have made or have entered into on
  the subject hereof and thereof. 10  Expenses Each of the Parties hereto
  shall pay its own expenses incurred or to be incurred in connection with this
  Agreement. 11  Notices 11.1 As long as the Investor does not give notice to the
  Company of any other address, all announcements or notices by the Company to
  the Investor will be done in writing or by telefax (but in the case of a
  telefax immediately confirmed in writing) to the Investor’s address mentioned
  in Schedule 1. 11.2 All announcements or notices by the Investor to the
  Company will be done in writing or by telefax (but in the case of a telefax
  immediately confirmed in writing) to: uniQure B.V. Attn: the Executive Board
  P.O. Box 22506 1100 DA Amsterdam The Netherlands Per fax: +31 20 566
  9272 12  Governing law and jurisdiction 12.1 This Agreement and any non-contractual
  obligations arising there from or connected with it shall be governed by, and
  construed in accordance with, the laws of the Netherlands and the courts of
  Amsterdam, the Netherlands shall have exclusive jurisdiction in respect of
  any disputes relating to it. 12.2 This Agreement may be executed in any
  number of counterparts and each of the executed counterparts, when duly
  exchanged or delivered, shall be deemed to be an original, but taken
  together, they shall constitute one instrument. Thus executed on the day and
  year first above written. [signature
  page to follow]

  

 

	
  

  	
  /s/ Jorn Aldag
  Name: Jorn Aldag Title: Executive Director 
  /s/ Mr. Ugo Di Francesco Name: Mr. Ugo Di Francesco Titl CEO
  /s/ Mr. Alberto Chiesi Name: Mr. Alberto Chiesi Title: President Chiesi Farmaceutici S.p.A. Title:
  Executive Director Chiesi
  Farmaceutici S.p.A. /s/ Piers Morgan Name: Piers Morgan Title:
  Executive Director  uniQure B.V.uniQure B.V. J. Prensting
  VP, Business Development

  

 

	
  

  	
  Investor  Number of Investor
  Shares Aggregate Subscription Price Chiesi
  Farmaceutici S.p.A. 5,546,070 € 14,000,000 
  Unless the Investor gives notice to the Company of another address in
  accordance with clause 11 of the Agreement, all announcements or notices to
  the Investor shall be done in accordance with clause 11 of the Agreement to
  the following address: Chiesi Farmaceutici S.p.A. Attn: CEO Via Palermo,
  26/A, 43122 Parma Italy Per fax: +39 0521 774468

  

 

	
  

  	
  SCHEDULE 2 — 1.COMPANY WARRANTIES The Company has been duly incorporated and is validly existing
  as a private company with limited liability under the laws of the Netherlands
  and has all requisite power to carry on its business as presently conducted.
  2  The Company has not been dissolved
  and no resolution to dissolve the Company has been adopted. The Company has
  not been granted a moratorium of payment or been declared bankrupt. 3  The Company has full power and authority
  (corporate or otherwise) to enter into, execute, deliver and carry out the
  terms of the Agreement and to incur its obligations provided for herein, all
  of which have been duly authorised by all necessary corporate action and is
  not in violation of its articles of association or governing documents.
  4  No consent, authorisation or
  approval of, filing with, notice to. or exemption by, any person or any
  governmental authority is required to authorise or is required in connection
  with the execution, delivery and performance by the Company of the Agreement,
  or is required as a condition to the validity or enforceability of the
  Agreement. 5  The Agreement constitutes
  legal and binding obligations for the Company, enforceable in accordance with
  its terms, except as such enforceability may be limited by applicable
  bankruptcy, insolvency, reorganisation or other similar laws affecting the
  enforcement of the creditors’ rights generally or by general principles of
  equity. 6  The Investor Shares are duly
  authorised and, when issued and paid for in accordance with the Agreement,
  (i) the investor Shares will be duly and validly issued, fully paid and
  nonassessable, (ii) the Investor Shares will form a new class of
  ordinary shares, which shall have the same dividend and voting rights as all
  of the other Shares (iii) issuance of the Investor Shares will not be
  subject to pre-emptive rights, (iv) the Investor will acquire full
  ownership of the Investor Shares, free and clear of any Encumbrance, and
  (v) immediately following the Closing, the Investor Shares will
  represent not less than 8.75% of the share capital of the Company, including
  dilution arising from existing warrants and share options.

  

 

	
  

  	
  SCHEDULE 3 — INVESTOR WARRANTIES 1  The Investor has been duly incorporated and
  is validly existing as a company under the laws of Italy. 2  The Investor has not been dissolved and no
  resolution to dissolve the Investor has been adopted. The Investor has not
  been granted a moratorium of payment or been declared bankrupt. 3  The Investor has full power and authority
  (corporate or otherwise) to enter into, execute, deliver and carry out the
  terms of the Agreement and to incur its obligations provided for herein, all
  of which have been duly authorised by all necessary corporate action and is
  not in violation of its articles of association or governing documents.
  4  Except as specifically set forth in
  the Agreement, no consent, authorisation or approval of, filing with, notice
  to, or exemption by, any person or any governmental authority is required to
  authorise or is required in connection with the execution, delivery and
  performance by the Investor of the Agreement, or is required as a condition
  to the validity or enforceability of the Agreement. 5  The Agreement constitutes legal and binding
  obligations for the Investor, enforceable in accordance with its terms,
  except as such enforceability may be limited by applicable bankruptcy,
  insolvency, reorganisation or other similar laws affecting the enforcement of
  the creditors’ rights generally or by general principles of equity. 6  The Investor is not a person located in the
  United States and is eligible to participate in an “offshore transaction”, as
  defined in Regulation S under the US Securities Act of 1933. as amended (the
  “Securities Act”), conducted in accordance with Regulation S under the
  Securities Act and the Investor Shares were not offered to it by means of
  “directed selling efforts” as defined in Regulation S promulgated under the
  Securities Act. 7  The Investor is a
  qualified investor in the meaning of Directive 2003/71/EC of the European
  Parliament and of the European Council of 4 November 2003, as amended by
  Directive 2010/73/EU. 8  The Investor
  understands that the Investor Shares are being offered in a transaction not
  involving any (public) offering in the United States within the meaning of
  the Securities Act and that the Investor Shares are not being and will not be
  registered under the Securities Act or under any securities laws of any state
  or other jurisdiction of the United States and may not be offered, sold,
  resold, taken up, exercised, renounced, transferred or delivered, directly or
  indirectly, within the United States except pursuant to an applicable
  exemption from the registration requirements of the Securities Act and in
  compliance with any applicable securities laws of any state or other
  jurisdiction of the United States. 9 
  The Investor understands that nothing in the Agreement or any other
  information presented to the Investor in connection with the subscription and
  sale of the Investor Shares constitutes legal, tax or investment advice.
  10  The Investor understands that the
  Investor Shares will be “restricted securities” within the meaning of
  Rule 144(a)(3) under the Securities Act and it agrees that for so
  long as such securities are “restricted securities” (as so defined), they may
  not be deposited into any unrestricted depositary facility established or
  maintained by any depositary bank.

  

 

	
  

  	
  11  As long as the Investor Shares are
  “restricted securities” within the meaning of Rule 144(a)(3) under the
  Securities Act, the Investor will not reoffer, resell, pledge or otherwise
  transfer the Investor Shares, except in an offshore transaction in accordance
  with Rule 903 or Rule 904 of Regulation S under the Securities Act
  (which, for the avoidance of doubt, includes a sale over Euronext Amsterdam)
  or some other available exemption from the registration requirements of the
  Securities Act and in accordance with any applicable securities laws of any
  state or other jurisdiction of the United States.

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