Document:

Exhibit 10.10

 

LOXO ONCOLOGY, INC.

 

FOUNDER’S RESTRICTED STOCK PURCHASE AGREEMENT

 

This Agreement is made and entered into as of June 28, 2013 (the “Effective Date”) by and between Loxo Oncology, Inc. (the “Company”), a Delaware corporation, and Joshua H. Bilenker (the “Purchaser”).

 

1.                                      PURCHASE OF SHARES.  On the Effective Date and subject to the terms and conditions of this Agreement, Purchaser hereby purchases from the Company, and Company hereby sells to Purchaser, an aggregate of Two Hundred Fifty Thousand (250,000) shares of the Company’s Common Stock, $0.0001 par value per share (the “Shares”), at an aggregate purchase price of Two Hundred Fifty Dollars and No Cents ($250.00) (the “Purchase Price”) or $0.001 per Share (the “Purchase Price Per Share”).  As used in this Agreement, the term “Shares” refers to the Shares purchased under this Agreement and includes all securities received (a) in substitution of the Shares, (b) as a result of stock dividends or stock splits with respect to the Shares, and (c) in replacement of the Shares in a merger, recapitalization, reorganization or similar corporate transaction.

 

2.                                      PAYMENT OF PURCHASE PRICE; CLOSING.

 

2.1                                     Deliveries by Purchaser.  Purchaser hereby delivers to the Company:  (a) a duly executed copy of this Agreement, (b) two (2) copies of a blank Stock Power and Assignment Separate from Stock Certificate in the form of Exhibit 1 attached hereto (the “Stock Powers”), both executed by Purchaser (and Purchaser’s spouse, if any), and (c) payment of the Purchase Price by check in the amount of $250.00, a copy of which is attached hereto as Exhibit 2.

 

2.2                                     Deliveries by the Company.  Upon its receipt of the entire Purchase Price and all the documents to be executed and delivered by Purchaser to the Company under Section 2.1, the Company will issue a duly executed stock certificate evidencing the Shares in the name of Purchaser, registered in Purchaser’s name, with such certificate to be placed in escrow as provided in Section 7 until expiration or termination of the Company’s Right of First Refusal described in Section 5.

 

3.                                      REPRESENTATIONS AND WARRANTIES OF PURCHASER.  Purchaser hereby represents and warrants to the Company as follows.

 

3.1                                     Purchase for Own Account for Investment.  Purchaser is purchasing the Shares for Purchaser’s own account for investment purposes only and not with a view to, or for sale in connection with, a distribution of the Shares within the meaning of the Securities Act of 1933, as amended (the “1933 Act”).  Purchaser has no present intention of selling or otherwise disposing of all or any portion of the Shares and no one other than Purchaser has any beneficial ownership of any of the Shares.

 

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3.2                                     Access to Information.  Purchaser has had access to all information regarding the Company and its present and prospective business, assets, liabilities and financial condition that Purchaser reasonably considers important in making the decision to purchase the Shares, and Purchaser has had ample opportunity to ask questions of the Company’s representatives concerning such matters and this investment.

 

3.3                                     Understanding of Risks.  Purchaser is a founder of the Company and is fully aware of:  (a) the highly speculative nature of the investment in the Shares; (b) the financial hazards involved; (c) the lack of liquidity of the Shares and the restrictions on transferability of the Shares (e.g., that Purchaser may not be able to sell or dispose of the Shares or use them as collateral for loans); (d) the qualifications and backgrounds of the management of the Company; and (e) the tax consequences of investment in the Shares.

 

3.4                                     Purchaser’s Qualifications.  Purchaser has a preexisting personal or business relationship with the Company and/or certain of its officers and/or directors of a nature and duration sufficient to make Purchaser aware of the character, business acumen and general business and financial circumstances of the Company and/or such officers and directors.  By reason of Purchaser’s business or financial experience, Purchaser is capable of evaluating the merits and risks of this investment, has the ability to protect Purchaser’s own interests in this transaction and is financially capable of bearing a total loss of this investment.

 

3.5                                     No General Solicitation.  At no time was Purchaser presented with or solicited by any publicly issued or circulated newspaper, mail, radio, television or other form of general advertising or solicitation in connection with the offer, sale and purchase of the Shares.

 

3.6                                     Compliance with Securities Laws.  Purchaser understands and acknowledges that, in reliance upon the representations and warranties made by Purchaser herein, the Shares are not being registered with the Securities and Exchange Commission (“SEC”) under the 1933 Act or being qualified under the California Corporate Securities Law of 1968, as amended (the “Law”), but instead are being issued under an exemption or exemptions from the registration and qualification requirements of the 1933 Act and the Law or other applicable state securities laws which impose certain restrictions on Purchaser’s ability to transfer the Shares.

 

3.7                                     Restrictions on Transfer.  Purchaser understands that Purchaser may not transfer any Shares unless such Shares are registered under the 1933 Act and qualified under the Law or other applicable state securities laws or unless, in the opinion of counsel to the Company, exemptions from such registration and qualification requirements are available.  Purchaser understands that only the Company may file a registration statement with the SEC or the California Commissioner of Corporations or other applicable state securities commissioners and that the Company is under no obligation to do so with respect to the Shares.  Purchaser has also been advised that exemptions from registration and qualification may not be available or may not permit Purchaser to transfer all or any of the Shares in the amounts or at the times proposed by Purchaser.

 

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3.8                                     Rule 144.  In addition, Purchaser has been advised that SEC Rule 144 promulgated under the 1933 Act, which permits certain limited sales of unregistered securities, is not presently available with respect to the Shares and, in any event, requires that the Shares be held for a minimum of six months, and in certain cases one year, after they have been purchased and paid for (within the meaning of Rule 144), before they may be resold under Rule 144.  Purchaser understands that Rule 144 may indefinitely restrict transfer of the Shares so long as Purchaser remains an “affiliate” of the Company and certain information about the Company (as defined in Rule 144) is not publicly available.

 

4.                                      MARKET STANDOFF AGREEMENT.  Purchaser agrees in connection with any registration of the Company’s securities under the 1933 Act that, upon the request of the Company or the underwriters managing any registered public offering of the Company’s securities, Purchaser will not sell or otherwise dispose of any Shares without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days) after the effective date of such registration requested by such managing underwriters and subject to all restrictions as the Company or the managing underwriters may specify for employee-shareholders generally.  Purchaser further agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing and that such underwriters are express third party beneficiaries of this Section 4.

 

5.                                      RIGHT OF FIRST REFUSAL.  Before any Shares held by Purchaser or any transferee of such Shares (either sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including without limitation a transfer by gift or operation of law), the Company and/or its assignee(s) will have a right of first refusal to purchase the Shares to be sold or transferred (the “Offered Shares”) on the terms and conditions set forth in this Section (the “Right of First Refusal”).

 

5.1                                     Notice of Proposed Transfer.  The Holder of the Offered Shares will deliver to the Company a written notice (the “Notice”) stating:  (a) the Holder’s bona fide intention to sell or otherwise transfer the Offered Shares; (b) the name and address of each proposed purchaser or other transferee (the “Proposed Transferee”); (c) the number of Offered Shares to be transferred to each Proposed Transferee; (d) the bona fide cash price or other consideration for which the Holder proposes to transfer the Offered Shares (the “Offered Price”); and (e) that the Holder acknowledges this Notice is an offer to sell the Offered Shares to the Company and/or its assignee(s) pursuant to the Company’s Right of First Refusal at the Offered Price as provided for in this Agreement.

 

5.2                                     Exercise of Right of First Refusal.  At any time within thirty (30) days after the date of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all (or, with the consent of the Holder, less than all) the Offered Shares proposed to be transferred to any one or more of the Proposed Transferees named in the Notice, at the purchase price determined in accordance with Section 5.3 below.

 

5.3                                     Purchase Price.  The purchase price for the Offered Shares purchased under this Section will be the Offered Price, provided that if the Offered Price consists of no legal consideration (as, for example, in the case of a transfer by gift), the purchase price will be

 

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the fair market value of the Offered Shares as determined in good faith by the Company’s Board of Directors.  If the Offered Price includes consideration other than cash, then the value of the non-cash consideration, as determined in good faith by the Company’s Board of Directors, will conclusively be deemed to be the cash equivalent value of such non-cash consideration.

 

5.4                                     Payment.  Payment of the purchase price for the Offered Shares will be payable, at the option of the Company and/or its assignee(s) (as applicable), by check or by cancellation of all or a portion of any outstanding indebtedness owed by the Holder to the Company (or to such assignee, in the case of a purchase of Offered Shares by such assignee) or by any combination thereof.  The purchase price will be paid without interest within sixty (60) days after the Company’s receipt of the Notice, or, at the option of the Company and/or its assignee(s), in the manner and at the time(s) set forth in the Notice.

 

5.5                                     Holder’s Right to Transfer.  If all of the Offered Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section, then the Holder may sell or otherwise transfer such Offered Shares to each Proposed Transferee at the Offered Price or at a higher price, provided that (a) such sale or other transfer is consummated within one hundred twenty (120) days after the date of the Notice, (b) any such sale or other transfer is effected in compliance with all applicable securities laws, and (c) each Proposed Transferee agrees in writing that the provisions of this Section will continue to apply to the Offered Shares in the hands of such Proposed Transferee.  If the Offered Shares described in the Notice are not transferred to each Proposed Transferee within such one hundred twenty (120) day period, then a new Notice must be given to the Company, pursuant to which the Company will again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred.

 

5.6                                     Exempt Transfers.  Notwithstanding anything to the contrary in this Section, the following transfers of Shares will be exempt from the Right of First Refusal: (a) the transfer of any or all of the Shares during Purchaser’s lifetime by gift or on Purchaser’s death by will or intestacy to Purchaser’s “Immediate Family” (as defined below) or to a trust for the benefit of Purchaser or Purchaser’s Immediate Family, provided that each transferee or other recipient agrees in a writing satisfactory to the Company that the provisions of this Section will continue to apply to the transferred Shares in the hands of such transferee or other recipient; (b) except as provided in Section 5.7 clause (b) below, any transfer or conversion of Shares made pursuant to a statutory merger or statutory consolidation of the Company with or into another corporation or corporations; or (c) any transfer of Shares pursuant to the winding up and dissolution of the Company.  As used herein, the term “Immediate Family” will mean Purchaser’s spouse or Spousal Equivalent, the lineal descendant or antecedent, brother or sister, of Purchaser or Purchaser’s spouse or Spousal Equivalent, or the spouse or Spousal Equivalent, of any lineal descendant or antecedent, brother or sister of Purchaser, or Purchaser’s spouse or Spousal Equivalent, whether or not any of the above are adopted.  As used herein, a person is deemed to be a “Spousal Equivalent” if the relevant person and the related party are registered as “domestic partners” under the laws of the State of California or any other law having similar effect or provided the following circumstances are true:  (a) irrespective of whether or not the relevant person and the Spousal Equivalent are the same sex, they are the sole spousal equivalent of the other for the last twelve (12) months, (b) they intend to remain so indefinitely, (c) neither

 

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are married to anyone else, (d) both are at least eighteen (18) years of age and mentally competent to consent to contract, (e) they are not related by blood to a degree of closeness that which would prohibit legal marriage in the state in which they legally reside, (f) they are jointly responsible for each other’s common welfare and financial obligations, and (g) they reside together in the same residence for the last twelve (12) months and intend to do so indefinitely.

 

5.7                                     Termination of Right of First Refusal.  The Right of First Refusal will terminate as to all Shares (a) on the effective date of the first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the SEC under the 1933 Act (other than a registration statement relating solely to the issuance of Common Stock pursuant to a business combination or an employee incentive or benefit plan) or (b) on any transfer or conversion of Shares made pursuant to a statutory merger or statutory consolidation of the Company with or into another corporation or corporations if the common stock of the surviving corporation or any direct or indirect parent corporation thereof is registered under the Securities Exchange Act of 1934, as amended.

 

6.                                      RIGHTS AS OWNER OF SHARES.

 

6.1                                     Encumbrances on Shares.  Purchaser may grant a lien or security interest in, or pledge, hypothecate or encumber Shares only if each party to whom such lien or security interest is granted, or to whom such pledge, hypothecation or other encumbrance is made, agrees in a writing satisfactory to the Company that:  (a) such lien, security interest, pledge, hypothecation or encumbrance will not apply to such Shares after they are acquired by the Company and/or its assignees under this Section; and (b) the provisions of this Section will continue to apply to such Shares in the hands of such party and any transferee of such party.

 

6.2                                     Encumbrance on Shares.  Subject to the terms and conditions of this Agreement, Purchaser will have all of the rights to the Shares from and after the date that Purchaser delivers payment of the Purchase Price until such time as Purchaser disposes of the Shares or the Company and/or its assignee(s) exercise(s) the Right of First Refusal.  Upon an exercise of the Right of First Refusal, Purchaser will have no further rights as a holder of the Shares so purchased upon such exercise, except the right to receive payment for the Shares so purchased in accordance with the provisions of this Agreement, and Purchaser will promptly surrender the stock certificate(s) evidencing the Shares so purchased to the Company for transfer or cancellation.

 

7.                                      ESCROW.  As security for Purchaser’s faithful performance of this Agreement, Purchaser agrees, immediately upon receipt of the stock certificate(s) evidencing the Shares, to deliver such certificate(s), together with the Stock Powers executed by Purchaser and by Purchaser’s spouse, if any (with the date, transferee, stock certificate number and number of Shares left blank), to the Secretary of the Company or other designee of the Company (the “Escrow Holder”), who is hereby appointed to hold such certificate(s) and Stock Powers in escrow and to take all such actions and to effectuate all such transfers and/or releases of such Shares as are in accordance with the terms of this Agreement.  Escrow Holder will act solely for the Company as its agent and not as a fiduciary.  Purchaser and the Company agree that Escrow Holder will not be liable to any party to this Agreement (or to any other party) for any actions or

 

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omissions unless Escrow Holder is grossly negligent or intentionally fraudulent in carrying out the duties of Escrow Holder under this Agreement.  Escrow Holder may rely upon any letter, notice or other document executed with any signature purported to be genuine and may rely on the advice of counsel and obey any order of any court with respect to the transactions contemplated by this Agreement.  The Shares will be released from escrow upon termination of the Right of First Refusal.

 

8.                                      TAX CONSEQUENCES.  PURCHASER UNDERSTANDS THAT PURCHASER MAY SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF PURCHASER’S PURCHASE OR DISPOSITION OF THE SHARES.  PURCHASER REPRESENTS (a) THAT PURCHASER HAS CONSULTED WITH A TAX ADVISER THAT PURCHASER DEEMS ADVISABLE IN CONNECTION WITH THE PURCHASE OR DISPOSITION OF THE SHARES AND (b) THAT PURCHASER IS NOT RELYING ON THE COMPANY FOR ANY TAX ADVICE.  represents that Purchaser has consulted any tax advisors Purchaser deems advisable in connection with Purchaser’s purchase of the Shares.

 

9.                                      RESTRICTIVE LEGENDS AND STOP-TRANSFER ORDERS.

 

9.1                                     Legends.  Purchaser understands and agrees that the Company will place the legends set forth below or similar legends on any stock certificate(s) evidencing the Shares, together with any other legends that may be required by state or federal securities laws, the Company’s Certificate of Incorporation or Bylaws, any other agreement between Purchaser and the Company or any third party:

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES.  THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.  INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.  THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON PUBLIC RESALE AND TRANSFER, INCLUDING THE RIGHT OF FIRST REFUSAL HELD BY THE ISSUER AND/OR ITS ASSIGNEE(S), AND A MARKET STANDOFF RESTRICTION, AS SET FORTH IN A FOUNDER’S RESTRICTED STOCK PURCHASE AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE

 

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PRINCIPAL OFFICE OF THE ISSUER.  SUCH PUBLIC SALE AND TRANSFER RESTRICTIONS, INCLUDING THE RIGHT OF FIRST REFUSAL, AND THE MARKET STANDOFF RESTRICTION, ARE BINDING ON TRANSFEREES OF THESE SHARES.

 

9.2                                     Stop-Transfer Instructions.  Purchaser agrees that, to ensure compliance with the restrictions imposed by this Agreement, the Company may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.  The Company will not be required (a) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (b) to treat as owner of such Shares, or to accord the right to vote or pay dividends, to any purchaser or other transferee to whom such Shares have been so transferred.

 

10.                               COMPLIANCE WITH LAWS AND REGULATIONS.  The issuance and transfer of the Shares will be subject to and conditioned upon compliance by the Company and Purchaser with all applicable state and federal laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company’s Common Stock may be listed or quoted at the time of such issuance or transfer.

 

11.                               GENERAL PROVISIONS.

 

11.1                        Notices.  Any and all notices required or permitted to be given to a party pursuant to the provisions of this Agreement will be in writing and will be effective and deemed to provide such party sufficient notice under this Agreement on the earliest of the following:  (a) at the time of personal delivery, if delivery is in person; (b) one (1) business day after deposit with an express overnight courier for United States deliveries, or two (2) business days after such deposit for deliveries outside of the United States; or (c) three (3) business days after deposit in the United States mail by certified mail (return receipt requested) for United States deliveries.  All notices for delivery outside the United States will be sent by express courier.  All notices not delivered personally will be sent with postage and/or other charges prepaid and properly addressed to the party to be notified at the address set forth below the signature lines of this Agreement or at such other address as such other party may designate by one of the indicated means of notice herein to the other party hereto.  A “business day” shall be a day, other than Saturday or Sunday, when the banks in the city of San Francisco are open for business.

 

11.2                        Further Assurances.  The parties agree to execute such further documents and instruments and to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Agreement.

 

11.3                        Titles and Headings.  The titles, captions and headings of this Agreement are included for ease of reference only and will be disregarded in interpreting or construing this Agreement.  Unless otherwise specifically stated, all references herein to “sections” and “exhibits” will mean “sections” and “exhibits” to this Agreement.

 

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11.4                        Governing Law.  This Agreement will be governed by and construed in accordance with the laws of the State of California, without giving effect to that body of laws pertaining to conflict of laws.

 

11.5                        Assignments; Successors and Assigns.  The Company may assign any of its rights and obligations under this Agreement, including but not limited to its right to repurchase Shares under the Right of First Refusal.  Any assignment of rights and obligations by any other party to this Agreement requires the Company’s prior written consent.  This Agreement, and the rights and obligations of the parties hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors, administrators and legal representatives.

 

11.6                        Entire Agreement.  This Agreement and the documents referred to herein constitute the entire agreement and understanding of the parties with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, whether oral or written, between or among the parties hereto with respect to the specific subject matter hereof.

 

11.7                        Amendment and Waivers.  This Agreement may be amended only by a written agreement executed by each of the parties hereto.  No amendment of or waiver of, or modification of any obligation under this Agreement will be enforceable unless set forth in a writing signed by the party against which enforcement is sought.  Any amendment effected in accordance with this section will be binding upon all parties hereto and each of their respective successors and assigns.  No delay or failure to require performance of any provision of this Agreement shall constitute a waiver of that provision as to that or any other instance.  No waiver granted under this Agreement as to any one provision herein shall constitute a subsequent waiver of such provision or of any other provision herein, nor shall it constitute the waiver of any performance other than the actual performance specifically waived.

 

11.8                        Severability.  If any provision of this Agreement is determined by any court or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto.  If such clause or provision cannot be so enforced, such provision shall be stricken from this Agreement and the remainder of this Agreement shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Agreement.  Notwithstanding the forgoing, if the value of this Agreement based upon the substantial benefit of the bargain for any party is materially impaired, which determination as made by the presiding court or arbitrator of competent jurisdiction shall be binding, then both parties agree to substitute such provision(s) through good faith negotiations.

 

11.9                        Counterparts; Facsimile Signatures.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered will be deemed an original, and all of which together shall constitute one and the same agreement.  This Agreement may be executed and delivered by facsimile and upon such delivery the facsimile signature will be deemed to have the same effect as if the original signature had been delivered to the other party.

 

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[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the Company has caused this Founder’s Restricted Stock Purchase Agreement to be executed by its duly authorized representative and Purchaser has executed this Agreement, each as of the Effective Date.

 

	
“COMPANY”

 

LOXO   ONCOLOGY, INC.
    	
 
    	
“PURCHASER”

 

JOSHUA H. BILENKER
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Joshua H. Bilenker
    	
 
    	
By:
    	
/s/ Joshua H. Bilenker
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
Joshua H. Bilenker
    	
 
    	
Address:
    	
888 7th Avenue
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
CEO
    	
 
    	
30th Floor
    
	
 
    	
 
    	
 
    	
 
    
	
Address:
    	
888 7th Avenue, 30th Floor
    	
 
    	
New York, NY 10106
    
	
 
    	
 
    	
 
    	
 
    
	
New York, NY 10106
    	
 
    	
 
    

 

 

Exhibit 1:              Stock Power and Assignment

Exhibit 2:              Copy of Purchaser’s Check

 

[SIGNATURE PAGE TO FOUNDER’S RESTRICTED STOCK PURCHASE AGREEMENT]

 

 

EXHIBIT 1

 

STOCK POWER AND ASSIGNMENT

 

SEPARATE FROM STOCK CERTIFICATE

 

 

STOCK POWER AND ASSIGNMENT

 

SEPARATE FROM CERTIFICATE

 

FOR VALUE RECEIVED and pursuant to that certain Founder’s Restricted Stock Purchase Agreement dated as of June 24, 2013 (the “Agreement”), the undersigned hereby sells, assigns and transfers unto                                                             ,                      shares of the Common Stock, $0.0001 par value per share, of Loxo Oncology, Inc., a Delaware corporation (the “Company”), standing in the undersigned’s name on the books of the Company represented by Certificate No(s).          delivered herewith, and does hereby irrevocably constitute and appoint the Secretary of the Company as the undersigned’s attorney-in-fact, with full power of substitution, to transfer said stock on the books of the Company.  THIS ASSIGNMENT MAY ONLY BE USED AS AUTHORIZED BY THE AGREEMENT AND ANY EXHIBITS THERETO.

 

 

	
Dated:
    	
6/24/13
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
PURCHASER
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
/s/ Joshua H. Bilenker
    
	
 
    	
 
    	
 
    	
(Signature)
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Joshua H. Bilenker
    
	
 
    	
 
    	
 
    	
(Please Print Name)
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
(Spouse’s Signature, if any)
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
(Please Print Spouse’s Name)
    

 

Instructions to Purchaser:  Please do not fill in any blanks other than the signature line.  The purpose of this Stock Power and Assignment is to enable the Company and/or its assignee(s) to acquire the shares upon exercise of its “Right of First Refusal” set forth in the Agreement without requiring additional signatures on the part of the Purchaser or Purchaser’s Spouse, if any.

 

 

EXHIBIT 2

 

COPY OF PURCHASER’S CHECKex10-1.htm

Exhibit 10.1

 

 

INCREMENTAL TERM FACILITY SUPPLEMENT

This INCREMENTAL TERM FACILITY SUPPLEMENT (Tranche A-1) (this “Supplement”) is entered into as of June 24, 2014, among Alliant Techsystems Inc., a Delaware corporation (the “Borrower”), each lender party hereto (collectively, the “Tranche A-1 Incremental Term Loan Lenders” and individually, a “Tranche A-1 Incremental Term Loan Lender”), and Bank of America, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”).

Each of Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any of its designated affiliates), Wells Fargo Securities, LLC, The Bank of Tokyo-Mitsubishi UFJ, Ltd., J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Inc. and U.S. Bank National Association (collectively, the “Joint Lead Arrangers” and individually, a “Joint Lead Arranger”) shall act as a joint lead arranger in connection with the Incremental Term Commitment (as defined below).

Reference is made to that certain Third Amended and Restated Credit Agreement, dated as of November 1, 2013 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement;” the terms defined therein being used herein as therein defined), among the Borrower, the Lenders from time to time party thereto, the Administrative Agent, the other Agents and the Arrangers.

Pursuant to Section 2.15(a) of the Credit Agreement, the Borrower has requested (a) the addition of a $150,000,000 additional term loan facility, (b) that the Tranche A-1 Incremental Term Loan Lenders party hereto extend Incremental Term Loans as provided herein, and (c) the effective date for such additional term loan facility be June 24, 2014 (the “Effective Date”).

Each Tranche A-1 Incremental Term Loan Lender party to this Supplement has agreed to provide the Incremental Term Commitment set forth opposite its name on Schedule I hereto (its “Incremental Term Commitment”) and has indicated its willingness to lend the Incremental Term Loans on the terms and conditions set forth herein and in the Credit Agreement.

Section 1.   Tranche A-1 Incremental Term Facility.  The aggregate Incremental Term Commitments of $150,000,000 provided hereunder shall be designated the “Tranche A-1 Incremental Term Facility” (the “Tranche A-1 Incremental Term Facility”) and the Incremental Term Loans made thereunder shall be designated “Tranche A-1 Incremental Term Loans” (the “Tranche A-1 Incremental Term Loans”) and shall, in addition to the terms and conditions set forth in the Credit Agreement, have the following terms and conditions:

(a)           The Incremental Term Facility Closing Date must occur on or prior to July 15, 2014 (the “Termination Date”);

(b)           The Maturity Date shall be January 31, 2019;

 

 

  

  

  

 

(c)           The Borrower shall repay to the Administrative Agent for the ratable account of the Tranche A-1 Incremental Term Loan Lenders the aggregate principal amount of all Tranche A-1 Incremental Term Loans outstanding on the following dates in the respective amounts set forth opposite such dates (which amounts shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.05 of the Credit Agreement):

	
Date

	
Amount

	
September 30, 2014

	
$1,875,000

	
December 30, 2014

	
$1,875,000

	
March 30, 2015

	
$1,875,000

	
June 30, 2015

	
$1,875,000

	
September 30, 2015

	
$1,875,000

	
December 31, 2015

	
$1,875,000

	
March 31, 2016

	
$1,875,000

	
June 30, 2016

	
$1,875,000

	
September 30, 2016

	
$1,875,000

	
December 30, 2016

	
$1,875,000

	
March 31, 2017

	
$1,875,000

	
June 30, 2017

	
$1,875,000

	
September 29, 2017

	
$1,875,000

	
December 29, 2017

	
$1,875,000

	
March 29, 2018

	
$1,875,000

	
June 29, 2018

	
$1,875,000

	
September 30, 2018

	
$1,875,000

	
December 30, 2018

	
$1,875,000

provided, however, that the final principal repayment installment of the Tranche A-1 Incremental Term Loans shall be repaid on the Maturity Date for the Tranche A-1 Incremental Term Facility under which such Tranche A-1 Incremental Term Loans were made and in any event shall be in an amount equal to the aggregate principal amount of all Tranche A-1 Incremental Term Loans outstanding on such date;

(d)           The Applicable Rate for the Tranche A-1 Incremental Term Loans shall be the applicable rate per annum set forth in the grid below, under the captions “Base Rate Percentage” or “Eurodollar Percentage” cited therein, as the case may be, based upon the Senior Secured Credit Rating:

	
Tranche A-1 Incremental Term Loan Facility – Applicable Rate

	
Pricing Level

	
Senior Secured Credit Ratings

(Moody’s/S&P/Fitch)

	
Eurodollar Percentage

	
Base Rate Percentage

	
1

	
Baa2 / BBB / BBB or higher

	
1.75%

	
0.75%

	
2

	
Baa3 / BBB- / BBB-

	
2.00%

	
1.00%

	
3

	
Ba1 / BB+ / BB+

	
2.25%

	
1.25%

	
4

	
Ba2 / BB / BB

	
2.50%

	
1.50%

	
5

	
Ba3 / BB- / BB- or lower or no Senior Secured Credit Rating

	
2.75%

	
1.75%

 

 

  

2

  

 

(e)           The making of the Tranche A-1 Incremental Term Loans shall be subject to the provisions of Sections 2.01(b), 2.02 and 4.02 of the Credit Agreement.

Section 2.   Representations and Warranties of the Borrower.  The Borrower represents to the Administrative Agent and the Tranche A-1 Incremental Term Loan Lenders that:

(a)           no Default has occurred and is continuing on and as of the Effective Date or would result from the addition of the Tranche A-1 Incremental Term Facility hereunder;

(b)           the representations and warranties of the Borrower contained in Article V of the Credit Agreement or any other Loan Document, are true and correct in all material respects on and as of the Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and except that for purposes of this Section 2(b), the representations and warranties contained in Sections 5.05(a) and (b) of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b), respectively, of the Credit Agreement;

(c)           the Borrower has complied with each of the conditions set forth in Section 2.15 of the Credit Agreement on and as of the Effective Date; and

(d)           the transactions contemplated by this Supplement and the use of the proceeds of the Tranche A-1 Incremental Term Loans made hereunder will not violate any applicable Sanctions.

Section 3.   New Lenders.  Each Tranche A-1 Incremental Term Loan Lender that is an Additional Term Loan Lender:

(a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Supplement and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and shall have the obligations of a Lender thereunder and (iv) it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the most recent financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Supplement and provide its Incremental Term Commitment hereunder on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender;

 

 

  

3

  

 

(b) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement and the other Loan Documents;

(c) appoints and authorizes the Administrative Agent to take such action on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto;

(d) agrees that it will perform in accordance to their terms, all obligations which by the terms of the Credit Agreement and the other Loan Documents are required to be performed by it as a Lender; and

(e) in the case of such Tranche A-1 Incremental Term Loan Lender that is a Foreign Lender, agrees that it will comply with the provisions of Section 10.14 of the Credit Agreement.

Section 4.            Reference to and Effect on Loan Documents.  (a)  On and after the Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes and each of the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as supplemented by this Supplement.  This Supplement is an Incremental Term Facility Supplement referred to in the definition of Loan Documents and shall for all purposes constitute a Loan Document.

(b)           The Credit Agreement, the Notes and each of the other Loan Documents, as specifically supplemented by this Supplement, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.  Without limiting the generality of the foregoing, the Collateral Documents and all of the Collateral described therein do and shall continue to secure the payment of all Obligations (including, without limitation, any Obligations created or contemplated hereunder) of the Loan Parties under the Loan Documents, in each case as supplemented by this Supplement.

(c)           Each of the undersigned Guarantors consents to this Supplement and the transactions contemplated hereby and hereby confirms and agrees that (i) notwithstanding the effectiveness of this Supplement, the Guaranty is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except that, on and after the effectiveness of this Supplement each reference in the Guaranty to the “Credit Agreement”, “thereunder”, “thereof” or words of like import shall mean and be a reference to the Credit Agreement, as supplemented by this Supplement, and (b) each of the Collateral Documents to which such Guarantor is a party and all of the Collateral described therein do, and shall continue to, secure the payment of all Obligations (including, without limitation, any Obligations created or contemplated hereunder) to be secured thereunder.

 

 

  

4

  

 

Section 5.           Costs and Expenses.  The Borrower agrees to pay or reimburse all reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, execution, delivery and administration, modification and amendment of this Supplement and the other instruments and documents to be delivered hereunder or in connection herewith (including, without limitation, the reasonable fees and expenses of counsel for the Administrative Agent) in accordance with the terms of Section 10.04 of the Credit Agreement.

Section 6.            Execution in Counterparts.  This Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.  Delivery of an executed counterpart of a signature page to this Supplement by facsimile or other electronic means shall be effective as delivery of a manually executed counterpart of this Supplement.

Section 7.            Effective Date; Incremental Term Facility Closing Date; Termination of Commitments.  (a)  This Supplement shall become effective on the Effective Date subject to (i) receipt by the Administrative Agent of executed counterparts of this Supplement by each party hereto and (ii) the representations and warranties of the Borrower in Section 2 being true and correct in all material respects.

(b)           The occurrence of the Incremental Term Facility Closing Date and the obligation of each Tranche A-1 Incremental Term Loan Lender to honor any Request for a Credit Extension in respect of the Tranche A-1 Incremental Term Loans is subject to (i) receipt by the Administrative Agent of a certificate of each Loan Party substantially in the form of Exhibit A hereto dated as of the Incremental Term Facility Closing Date signed by a Responsible Officer of such Loan Party (A) certifying and attaching (w) the Organization Documents of such Loan Party (or certifying that the applicable Organization Document delivered in connection with the funding on the Restatement Closing Date remains in full force and effect and has not been amended, modified, revoked or rescinded since the Restatement Closing Date, as applicable), (x) the resolutions adopted by such Loan Party approving or consenting to such increase, (y) an incumbency certificate of such Loan Party evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Supplement and (z) a certificate of good standing (or equivalent) of such Loan Party, and (B) in the case of the Borrower, certifying that the conditions to borrowing set forth in Section 4.02 of the Credit Agreement are satisfied; (ii) receipt by the Administrative Agent of favorable opinions of counsel for the Loan Parties substantially in the form of Exhibits B-1, B-2, B-3, B-4, B-5 and B-6 hereto; (iii) receipt by the Administrative Agent of a certificate substantially in the form of Exhibit C hereto attesting to the Solvency of the Loan Parties, on a consolidated basis, before and after giving effect to the transactions contemplated hereby, (iv) if requested by any Lender, receipt by such Lender of a Note duly executed by the Borrower in favor of such Lender; and (v) such date not being later than the Termination Date.

(c)           If the Effective Date and the Incremental Term Facility Closing Date do not occur on or prior to the Termination Date, the Incremental Term Commitments hereunder shall automatically terminate.

 

 

  

5

  

 

Section 8.            Governing Law.  This Supplement shall be governed by, and construed in accordance with, the laws of the State of New York, and shall be subject to the jurisdictional and service provisions of the Credit Agreement, as if this were a part of the Credit Agreement.

 

  

6

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Supplement to be duly executed as of the date first written above.

 

	ALLIANT TECHSYSTEMS INC.	 
	 	 	 
	 	 	 
	By:   	
/s/ Scott Chaplin

	 
	 	
Name:   

	
Scott Chaplin

	 
	 	
Title:

	
Senior Vice President, General Counsel and Secretary

 

 

 

 

Incremental Term Facility Supplement

  

  

  

 

 

ALLIANT TECHSYSTEMS OPERATIONS LLC

ATK COMMERCIAL AMMUNITION COMPANY INC.

ATK COMMERCIAL AMMUNITION HOLDINGS COMPANY, INC.

ATK LAUNCH SYSTEMS INC.

ATK SPACE SYSTEMS INC.

CALIBER COMPANY

EAGLE INDUSTRIES UNLIMITED, INC.

EAGLE MAYAGUEZ, LLC

EAGLE NEW BEDFORD, INC.

FEDERAL CARTRIDGE COMPANY

SAVAGE ARMS, INC.

SAVAGE RANGE SYSTEMS, INC.

SAVAGE SPORTS CORPORATION

SAVAGE SPORTS HOLDINGS, INC.

BEE STINGER, LLC

BOLLÉ AMERICA, INC.

BOLLÉ INC.

BUSHNELL GROUP HOLDINGS, INC.

BUSHNELL HOLDINGS, INC.

BUSHNELL INC.

DOUBLE BULL ARCHERY, INC.

GOLD TIP, LLC

MICHAELS OF OREGON CO.

MIKE’S HOLDING COMPANY

MILLETT INDUSTRIES

NIGHT OPTICS USA, INC.

OLD WSR, INC.

OPT HOLDINGS, INC.

PRIMOS, INC.

SERENGETI EYEWEAR, INC.

STONEY POINT PRODUCTS INC.

TASCO HOLDINGS, INC.

TASCO OPTICS CORPORATION

 

	By:   	
/s/ Scott Chaplin

	 
	 	
Name:  

	
Scott Chaplin

	 
	 	
Title:

	
Senior Vice President, General Counsel and Secretary

 

 

 

 

 

Incremental Term Facility Supplement

  

  

  

 

 

	
BANK OF AMERICA, N.A., as

Administrative Agent

	 
	 	 	 
	 	 	 
	By:  	
/s/ Robert Rittelmeyer

	 
	 	
Name:  

	
Robert Rittelmeyer

	 
	 	
Title:

	
Vice President

 

 

 

 

Incremental Term Facility Supplement

  

  

  

 

 

	
BANK OF AMERICA, N.A.

	 
	 	 	 
	 	 	 
	By:  	
/s/ Kenneth Beck

	 
	 	
Name:  

	
Kenneth Beck

	 
	 	
Title:

	
Director

 

 

 

Incremental Term Facility Supplement

  

  

  

 

 

  

	

WELLS FARGO BANK, N.A.

	 
	 	 	 
	 	 	 
	By:   	
/s/ Scott Santa Cruz

	 
	 	
Name:   

	
Scott Santa Cruz

	 
	 	
Title:

	
Managing Director

 

 

 

 

 

Incremental Term Facility Supplement

  

  

  

  

  

	

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

	 
	 	 	 
	 	 	 
	By:   	
/s/ Thomas J. Sterr

	 
	 	
Name:   

	
Thomas J. Sterr

	 
	 	
Title:

	
Authorized Signatory

 

 

 

 

Incremental Term Facility Supplement

  

  

  

 

  

	

JPMORGAN CHASE BANK, N.A.

	 
	 	 	 
	 	 	 
	By:   	
/s/ Bruce S. Borden

	 
	 	
Name:   

	
Bruce S. Borden

	 
	 	
Title:

	
Executive Director

 

 

 

 

 

Incremental Term Facility Supplement

  

  

  

 

 

  

	

SUNTRUST BANK

	 
	 	 	 
	 	 	 
	By:   	
/s/ David Simpson

	 
	 	
Name:   

	
David Simpson

	 
	 	
Title:

	
Vice President

 

 

 

 

 

Incremental Term Facility Supplement

  

  

  

 

 

	

U.S. BANK NATIONAL ASSOCIATION

	 
	 	 	 
	 	 	 
	By:   	
/s/ Andrew Beckman

	 
	 	
Name:   

	
Andrew Beckman

	 
	 	
Title:

	
Vice President

 

 

 

 

Incremental Term Facility Supplement

  

  

  

 

  

	

SUMITOMO MITSUI BANKING CORPORATION

	 
	 	 	 
	 	 	 
	By:   	
/s/ David W. Kee

	 
	 	
Name:   

	
David W. Kee

	 
	 	
Title:

	
Managing Director

  

 

 

 

 

Incremental Term Facility Supplement

  

  

  

 

 

	

PNC BANK, NATIONAL ASSOCIATION

	 
	 	 	 
	 	 	 
	By:   	
/s/ Michael J. Cortese

	 
	 	
Name:   

	
Michael J. Cortese

	 
	 	
Title:

	
Vice President

 

 

 

Incremental Term Facility Supplement

  

  

  

 

  

	

KEYBANK NATIONAL ASSOCIATION

	 
	 	 	 
	 	 	 
	By:   	
/s/ Thomas A. Crandell

	 
	 	
Name:   

	
Thomas A. Crandell

	 
	 	
Title:

	
Senior Vice President

  

 

 

 

 

Incremental Term Facility Supplement

  

  

  

 

  

	

FIFTH THIRD BANK

	 
	 	 	 
	 	 	 
	By:   	
/s/ Susan Waters

	 
	 	
Name:    

	
Susan Waters

	 
	 	
Title:

	
Vice President

  

  

 

 

 

Incremental Term Facility Supplement

  

  

  

 

 

  

	

COMERICA BANK

	 
	 	 	 
	 	 	 
	By:   	
/s/ Mark J. Leveille

	 
	 	
Name:    

	
Mark J. Leveille

	 
	 	
Title:

	
Vice President

 

 

 

 

 

Incremental Term Facility Supplement

 

 

 

 

 

SCHEDULE I

TO

INCREMENTAL TERM FACILITY SUPPLEMENT

	
Tranche A-1 Incremental Tem Loan Lender

	
Incremental Term Commitment

	
Bank of America, N.A.

	
$20,000,000.00

	
Wells Fargo Bank, N.A.

	
$20,000,000.00

	
The Bank of Tokyo-Mitsubishi UFJ, Ltd.

	
$15,000,000.00

	
JPMorgan Chase Bank, N.A.

	
$15,000,000.00

	
SunTrust Robinson Humphrey, Inc.

	
$15,000,000.00

	
U.S. Bank National Association

	
$15,000,000.00

	
Sumitomo Mitsui Banking Corporation

	
$15,000,000.00

	
PNC Bank, National Association

	
$11,000,000.00

	
KeyBank National Association

	
$11,000,000.00

	
Fifth Third Bank

	
$8,000,000.00

	
Comerica Bank

	
$5,000,000.00

	
Total

	
$150,000,000.00

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