Document:

Exhibit 10.2

EXCHANGE
AGREEMENT

 

This Exchange Agreement (this “Agreement”) is made as
of the later of the dates set forth opposite the parties’ signatures (the “Agreement
Date”) by and between Vertex Pharmaceuticals Incorporated, a Massachusetts
corporation (the “Company”), and Alexandra Global Master Fund
Ltd., a British Virgin Islands international business company (the “Investor”).

 

WHEREAS:  The Company originally issued
$345,000,000 in aggregate principal amount of 5% Convertible Subordinated Notes
due 2007 (the “Notes”);

 

WHEREAS:  The
Investor is the holder of the Notes described in Section 2(b) (the “Exchange
Notes”); and

 

WHEREAS:  The
Investor has indicated to the Company its desire to exchange the Exchange Notes
for Common Stock of the Company (the “Common Stock”) and, after negotiation
between the parties hereto, such parties have agreed to affect such exchange on
the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in
consideration of the premises, the mutual covenants and agreements herein
contained and other valuable consideration, the receipt and adequacy whereof is
hereby acknowledged, the parties hereto agree as follows:

Section 1.               Agreement
to Exchange Securities

(a)           Exchange
of Securities.  On the terms and
subject to the conditions set forth herein, the Investor agrees to transfer, or
cause to be transferred, to the Company all of its right, title and interest in
and to the Exchange Notes on the following basis: in exchange for the Exchange
Notes, a number of shares of freely tradable Common Stock (the “Exchanged
Shares”) equal to (i) 99% of the principal amount of the Exchange Notes plus
100% of the accrued and unpaid interest on the Exchange Notes, divided by
(ii) the Determination Price.

(b)           Determination
Price.  The Determination Price shall
be equal to 93% of the lesser of (i) the arithmetic average of the closing bid
prices of the Common Stock for the 10 consecutive trading days ending on and
including the Agreement Date, and (ii) the closing bid price of the Common
Stock on the Agreement Date.

(c)           Fractional
Shares.  In lieu of issuing
fractional shares, the Company shall issue the highest whole number of
Exchanged Shares according to the formula set forth in Section 1.1(a) plus cash
in an amount equal to the fraction of an Exchanged Share to which the Investor
would otherwise be entitled multiplied by the Determination Price.

(d)           Closing.  The completion of the transactions
contemplated by this Agreement (the “Closing”) shall take place as soon as
practical and, in any event, no later than September 9, 2005, or such other
date as is agreed upon by the parties (the “Closing Date”), as follows:

(i) The Investor shall deliver or cause to be
delivered the Exchange Notes to the Company or the Company’s agent in such
manner as shall be acceptable to the Company and effective to convey all right,
title and interest of the Investor in the Exchange Notes

 

 

to the Company against
delivery of the Exchanged Shares by the Company through the Depositary Trust
Company to Deutsche Bank Securities, DTC# 0573, FFC: Alexandra Global Master
Fund Ltd., Acct: 106-95455.

(ii) The Company shall pay the Investor by wire
transfer of immediately available funds an amount equal to the cash value of
any fractional Exchange Share, determined in accordance with the provisions of
Section 1(c).

Section 2.               Representations
and Warranties

(a)           Mutual
Representations and Warranties.  Each
party hereto hereby makes the following representations and warranties to the
other party hereto as follows:

(i)            It
is a corporation or other entity duly organized, validly existing and in good
standing under the laws of its jurisdiction of organization.

(ii)           (x)
It has full power and authority to enter into this Agreement and to consummate
the transactions contemplated hereby, and (y) the person who has executed this
Agreement is duly authorized to do so and thereby bind the party on whose
behalf he or she is purporting to sign.

(iii)          This
Agreement is its valid and binding agreement, enforceable against it in
accordance with its terms, subject to bankruptcy and similar laws and to
equitable principles.

(iv)          Neither
the execution and delivery of this Agreement, nor the consummation of the
transactions contemplated hereby, will violate, result in a breach of any of
the terms or provisions of, constitute a default under, accelerate any
obligations under, or conflict with (x) its certificate of incorporation or
bylaws (or other organizational documents) or any agreement, indenture or other
instrument to which it is a party or by which it or its properties are bound,
(y) any judgment, decree, order or award of any court, governmental body or
arbitrator to which it is subject, or (z) any law, rule or regulation
applicable to it.

(v)           It
has not, directly or indirectly, paid any commission or other remuneration to
any person for soliciting the exchange of the Exchange Notes for Exchanged
Shares as contemplated by this Agreement.

 

(b)           Representations
and Warranties of the Investor.  The
Investor hereby represents and warrants to the Company that it

(i) is the sole legal and beneficial owner of the Exchange
Notes, and, upon the Closing, the Company will acquire the Exchange Notes free
and clear of any liens, encumbrances, pledges, security interests or other
restrictions or claims of third parties, other than any of the foregoing
created by the Company;

(ii) is not an affiliate of the Company;

(iii) holds the following
Exchange Notes that were acquired before September 1, 2005 in the public market
and are free of restrictive legend: $17,029,000 principal amount of  Notes (CUSIP: 92532F AD 2):

 

2

 

(iv) has had such
opportunity as it has deemed adequate to obtain from representatives of  the Company such information as is necessary
to permit it to evaluate the merits and risks of an investment in the Exchanged
Shares; and

 

(v) has sufficient
experience in business, financial and investment matters to be able to evaluate
the risks involved in the acquisition of the Exchanged Shares issued in respect
of the Exchange Notes and to make an informed investment decision with respect
to such acquisition.

 

(vi) on September 8, 2005, it (a) did not and will not, directly or indirectly,
issue, offer, sell, agree to issue, offer or sell, solicit offers to
purchase, grant any call option, warrant or other right to purchase, purchase any put option or other right
to sell, pledge, borrow, assign or otherwise dispose of any Relevant Security (as defined below), and (b) did not and
will not, directly or indirectly, establish or increase any “put equivalent
position” or liquidate or decrease any “call equivalent position” with respect
to any Relevant Security (in each case within the meaning of Section 16 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules
and regulations promulgated thereunder) with respect to any Relevant
Security, or otherwise enter into any
swap, derivative or other transaction or arrangement that transfers to another,
in whole or in part, any economic consequence of ownership of a Relevant
Security, whether or not such transaction is to be settled by delivery of
Relevant Securities, other securities, cash or other consideration.    As
used herein, the term “Relevant Security” means the Common Stock, any other
equity security of the Company and any security convertible into, or
exercisable or exchangeable for, the Common Stock or any other such equity
security.

 

 

(c)           Representations
and Warranties of the Company.  The
Company hereby represents and warrants to the Investor that upon issuance, the
Exchanged Shares will be duly and validly authorized and issued, fully paid and
nonassessable, and that the Investor will acquire such Common Stock free and
clear of any liens, encumbrances, pledges, security interests or other
restrictions or claims of third parties, other than any of the foregoing
created by the Investor. The Company represents and warrants to the Investor
that the Exchanged Shares to be issued in exchange for the Exchange Notes shall
be issued pursuant to a valid exemption from registration under Section 3(a)(9)
of the Securities Act of 1933, as amended, in order to make them freely salable
into the public market in the hands of the Investor. If required by the rules
of Nasdaq, the Company will, prior to the Closing Date, file an application for
the listing of the Exchanged Shares on Nasdaq.

(d)           Survival
of Representations and Warranties. 
All representations, warranties and agreements of each party hereto
shall survive the Closing.

Section 3.               Miscellaneous

(a)           Further
Assurances.  Each party hereto shall
properly execute and deliver such further agreements and instruments, and take
such further actions, as the other party may reasonably request in order to
carry out the purposes and intent of this Agreement.

(b)           Exclusivity.  The Company hereby agrees that concurrently
with the Closing and for a 90 day period beginning on the Closing Date, the
Company will not engage in any transaction or transactions that would result in
the exchange of Notes with an aggregate principal amount in excess of
$40,050,000 (including the transactions contemplated by this Agreement, which
shall not exceed such amount).

(c)           Confidentiality.  The parties hereto agree to keep confidential
and to not disclose the terms, provisions, or existence of this Agreement,
except as the parties reasonably believe such disclosure

 

3

 

is required by applicable law, provided, however, that the
Company shall be entitled, without the prior approval of the Investor, to make
any press release or other public disclosure with respect to such transactions
as is required by applicable law and regulations, including the Exchange Act
and the rules and regulations promulgated thereunder, including the public
filing of this Agreement (although the Investor shall be consulted by the
Company in connection with any such press release or other public disclosure
prior to its release and shall be provided with a copy thereof).  The restrictions contained in the foregoing
sentence shall expire upon the Company’s issuance of a press release describing
the transactions.

(d)           Notices.  All notices, requests, demands and other
communications hereunder shall be in writing and shall be deemed given if
delivered personally, by facsimile transmission (with subsequent letter
confirmation by mail), by overnight courier or two days after being mailed by
certified or registered mail, postage prepaid, return receipt requested, to the
parties, their successors in interest or their assignees at the following
addresses, or at such other addresses as the parties may designate by written
notice in the manner aforesaid:

	
  If to the Investor:

  	
  Alexandra Global Master
  Fund Ltd.

  
	
   

  	
  c/o Alexandra Investment
  Management, LLC

  
	
   

  	
  767 Third Avenue

  
	
   

  	
  39th Floor

  
	
   

  	
  New York, New York  10017

  
	
   

  	
  Facsimile:  (212) 301-1810

  
	
   

  	
   

  
	
  If to the Company:

  	
  Vertex Pharmaceuticals Incorporated

  
	
   

  	
  130 Waverly Street

  
	
   

  	
  Cambridge, Massachusetts 02139

  
	
   

  	
  Attention: The Office of General Counsel

  
	
   

  	
  Facsimile: 617-444-6483

  

 

(e)           Assignability
and Parties in Interest. This Agreement shall not be assignable by any of
the parties hereto without the consent of the other party hereto.  This Agreement shall inure to the benefit of
and be binding upon the parties and their respective permitted successors and
assigns.

(f)            Governing
Law. This Agreement shall be governed by and construed and enforced in
accordance with the internal substantive law, and not the law pertaining to
conflicts of law, of the State of New York.

(g)           Counterparts.  This Agreement may be executed in several
counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same instrument.

(h)           Complete
Agreement.  This Agreement is an
integrated agreement containing the entire agreement between the parties hereto
with respect to the subject matter hereof and shall supersede all previous and
all contemporaneous oral or written negotiations, commitments or
understandings.

(i)            Modifications,
Amendments and Waiver.  This
Agreement may be modified, amended otherwise supplemented or terminated only by
a writing signed by the party against whom it is sought to be enforced.  No waiver of any right or power hereunder
shall be deemed effective unless and until a writing waiving such right or
power is executed by the party waiving such right or power.

 

4

 

(j)            No
Third Party Beneficiaries. There are no third party beneficiaries under
this Agreement or intended by any party hereto.

(k)           Expenses.  Each party hereto shall bear its own costs
and expenses, including, without limitation, attorneys’ fees, incurred in
connection with this Agreement and the transactions contemplated hereby.

(l)            Contract
Interpretation and Construction of Agreement.  This Agreement is the joint drafting product
of the Company and the Investor, and each provision has been subject to
negotiation and agreement with the advice of counsel and shall not be construed
for or against either party as the drafter thereof.

 

5

 

                IN
WITNESS WHEREOF, each of the Company and the Investor have caused this
Agreement to be signed by their respective duly authorized officers as of the
date first written above.

 

	
   

  	
  Vertex
  Pharmaceuticals Incorporated

  
	
   

  	
   

  	
   

  
	
  Date: September
  8, 2005

  	
  By:

  	
  /s/ JOSHUA S. BOGER

  
	
   

  	
   

  	
  Joshua S. Boger,
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ALEXANDRA GLOBAL MASTER FUND LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  ALEXANDRA INVESTMENT

  
	
   

  	
   

  	
  MANAGEMENT, LLC,

  
	
   

  	
   

  	
  as Investment Advisor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date: September 8, 2005

  	
  By:

  	
  /s/ MIKHAIL FILIMONOV

  
	
   

  	
   

  	
  Mikhail Filimonov

  
	
   

  	
   

  	
  Chairman and Chief Executive Officer

  

 

6Exhibit 10.3

 

Exchange Agreement

 

This Exchange Agreement (this “Agreement”), dated as of September 8,
2005, is entered into between Vertex Pharmaceuticals Incorporated (the “Company”) and Quattro Fund, Ltd., Quattro Multi-Strategy
Master Fund, LP, Partners Group Alternative Strategies PCC Limited, Red Delta
Cell and Institutional Benchmark Series (Master Feeder) Limited in Respect of
Electra Series (collectively, “Quattro”).

 

Recitals: 1.  Quattro wishes to exchange a total of
$5,311,000 par value  of 5% Convertible
Subordinated Notes due 2007 (the “Notes”) issued
by the Company.  2.  Quattro and the Company have agreed that it
is in their mutual interest to exchange the Notes for shares of the common
stock of the Company (the “Stock”).  3.  In consideration of the premises
and the agreements and representations contained herein, the parties hereto
agree as follows:

 

A. Agreement to Exchange
Securities

 (1) Exchange of Securities.  On the terms and subject to the conditions
set forth herein, the Quattro agrees to transfer, or cause to be transferred,
to the Company all of its right, title and interest in and to the Notes
described in Section C(8) (the “Exchange Notes”)
in exchange for a number of shares of Stock (the “Shares”)
equal to (i) 99% of the principal amount of the Exchange Notes plus 100%
of the accrued and unpaid interest on the Exchange Notes through and including
the date hereof, divided by (ii) the Determination Price.

(2)  Determination
Price.  The Determination Price shall
be equal to 93% of the lesser of (i) the arithmetic average of the closing bid
prices of the Common Stock for the 10 consecutive trading days ending on and
including the date hereof, and (ii) the closing bid price of the Common Stock
on the date hereof. “Trading day” shall mean any day on which the Common Stock
is traded for any period on the Nasdaq National Market.

 

(3) Fractional Shares.  In lieu of issuing fractional shares, the
Company shall issue the highest whole number of Shares according to the formula
set forth in Section 1.1(a) plus cash in an amount equal to the fraction of a
Share to which the Quattro would otherwise be entitled multiplied by the
Determination Price.

(4) Closing. 
The completion of the transactions contemplated by this Agreement (the “Closing”) shall take place as soon as practical and, in any
event, no later than September 9, 2005, or such other date as is agreed upon by
the parties (the “Closing Date”),
as follows:

(i) The Quattro shall deliver or cause to be delivered
the Exchange Notes to the Company or the Company’s agent in such manner as
shall be acceptable to the Company and effective to convey all right, title and
interest of the Quattro in the Exchange Notes to the Company against delivery
of the Shares by the Company through the Depositary Trust Company to the broker
accounts listed on Exhibit A. The Shares shall be issued to the Quattro entities
pro rata based on the par value of the Notes exchanged by each such entity.

 

(ii) the Company shall pay the Quattro by wire
transfer of immediately available funds an amount equal to the cash value of
any fractional Share, determined in accordance with the provisions of Section
A(3).

 

(5) the Company shall be
entitled to deduct and withhold from this consideration such amount as may be
required to be deducted and withheld with respect to the making of such payment
under the Internal Revenue Code of 1986, as amended, or under any provision of
state, local or foreign law.

 

 B.  Company Representations and Warranties.

 

The Company
represents and warrants to Quattro that:

 

(1) upon issuance,
the Shares are validly issued, fully paid, nonassessable and free and clear of
any liens, encumbrances, pledges, security interests or other restrictions or
claims of third parties, other than any of the foregoing created by Quattro;

 

1

 

(2) the Shares
will not be registered at the time of their issuance under the Securities Act
for the reason that the sale provided for in this Agreement is exempt pursuant
to Section 3(a)(9) of the Securities Act (as defined below) and that the
reliance of the Company on such exemption is predicated in part on Quattro’s
representations set forth herein;

 

(3) the issuance
and delivery of the Shares to Quattro does not violate: (a) the Company’s
charter documents; (b) any agreement to which the Company is a party, including
any indenture; or (c) any  federal or
state statute, rule or regulation applicable to it;

 

(4) the Company is
duly organized and validly existing under the laws of the jurisdiction of its
formation and has the requisite corporate power and authority to execute,
deliver and perform its obligations under this Agreement;

 

(5) this Agreement
has been duly executed and delivered by the Company and constitutes a valid and
legally binding obligation, enforceable against it in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, fraudulent conveyance or transfer, moratorium or
similar laws and court decisions affecting the enforcement of creditors’ right
generally or by equitable principles relating to enforceability (regardless of
whether considered in a proceeding at law or in equity) and

 

(6) no
representation or warranty contained herein or information appearing in any
writing furnished to Quattro contains any untrue statement of a material fact
or omits to state a material fact necessary to make the statements herein or
therein not misleading.

 

C.  Quattro
Representations and Warranties.

 

Quattro, on behalf
of each of the Quattro entities, 
represents and warrants:

 

(1) Each of the
Quattro entities (a) is a limited partnership, corporation, partnership or
limited liability company duly organized and validly existing under the laws of
the jurisdiction of its formation and (b) has the requisite partnership
corporate or limited liability company, as the case may be, power and authority
to execute, deliver and perform its obligations under this Agreement.

 

(2) The execution,
delivery and performance by it of this Agreement and the transactions
contemplated hereby (a) have been duly authorized by all necessary partnership,
corporate or limited liability company, as the case may be, action, of each
Quattro entity, (b) do not contravene the terms of each of such entities organizational
documents, or any amendment thereof, and (c) do not violate, conflict with or
result in any breach or contravention of, or the creation of any lien under any
agreement to which any of the Quattro entities is a party; or (c) any  federal or state statute, rule or regulation
applicable to any of the Quattro entities.

 

(3) This Agreement
has been duly executed and delivered by it and constitutes its valid and
legally binding obligation, enforceable against each of the Quattro entities in
accordance with its terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, fraudulent conveyance or
transfer, moratorium or similar laws and court decisions affecting the
enforcement of creditors’ rights generally or by equitable principles relating
to enforceability (regardless of whether considered in a proceeding at law or
in equity).

 

(4) Each of the
Quattro entities understands that the Shares will not be registered at the time
of their issuance under the Securities Act for the reason that the sale
provided for in this Agreement is exempt pursuant to Section 3(a)(9) of the
Securities Act and that the reliance of the Company on such exemption is
predicated in part on its representations set forth herein.

 

(5) Each of the
Quattro entities believes that it has received all the information it considers
necessary or appropriate for deciding whether to make an investment in the
Shares.  It has  reviewed all of the Company’s registration
statements, proxy statement, periodic filings and other reports filed with the
Securities and Exchange Commission, including the Company’s Annual Report to
Stockholder on Form 10-K for the year ended December 31, 2004, and the Company’s
Quarterly Report on Form 10-Q for the period ended June 30, 2005.

 

(6) Each of the
Quattro entities owns all right, title and interest in and to its Notes, free
and clear of any liens, encumbrances, charges or other security interests and
when transferred to the Company pursuant to the terms of this Agreement, the
Company shall have valid title to the Notes free and clear of any liens,
encumbrances, pledges, security interests or other restrictions or claims of
third parties, other than any of the foregoing created by the Company. None of
the Quattro entities used a broker, finder or financial advisor in connection
with the transactions contemplated by this Agreement.

 

(7) Each of the
Quattro entities, individually or collectively, is not an “affiliate” of the
Company as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”).

 

2

 

(8) The Quattro
entities collectively hold the following Exchange Notes that were acquired
before September 1, 2005 in the public market and are free of restrictive
legend: $5,311,000 principal amount of 
Notes (CUSIP: 92532F AD 2).

 

(9) Each of the
Quattro entities has had such opportunity as it has deemed adequate to obtain
from representatives of  the Company such
information as is necessary to permit it to evaluate the merits and risks of an
investment in the Shares.

 

(10) Each of the
Quattro entities has sufficient experience in business, financial and
investment matters to be able to evaluate the risks involved in the acquisition
of the Shares issued in respect of the Exchange Notes and to make an informed
investment decision with respect to such acquisition.

 

(11) On September 8, 2005, none
of the Quattro entities (a) did or will, directly or indirectly, issue,
offer, sell, agree to issue, offer or sell, solicit offers to purchase, grant
any call option, warrant or other right
to purchase, purchase any put option or other right to sell, pledge,
borrow, assign or otherwise dispose of
any Relevant Security (as defined below), and (b) did or will, directly
or indirectly, establish or increase any “put equivalent position” or liquidate
or decrease any “call equivalent position” with respect to any Relevant
Security (in each case within the meaning of Section 16 of the Exchange Act,
and the rules and regulations promulgated thereunder) with respect to
any Relevant Security, or otherwise
enter into any swap, derivative or other transaction or arrangement that
transfers to another, in whole or in part, any economic consequence of
ownership of a Relevant Security, whether or not such transaction is to be
settled by delivery of Relevant Securities, other securities, cash or other
consideration.    As
used herein, the term “Relevant Security” means the Stock, any other equity
security of the Company and any security convertible into, or exercisable or
exchangeable for, the Stock or any other such equity security.

 

 

D. Miscellaneous

 

(1) Exclusivity. For a period beginning on the
Closing Date and extending for 30 days following the closing of the
transaction, the Company shall not engage in any transaction or transactions
that would result in the exchange of the Notes with an aggregate principal
amount in excess of $40,450,000 (including the transaction set forth herein).

 

(2) Governing Law. This Agreement shall be governed by the laws
of the State of New York without giving effect to the conflict of law rules
contained therein.

 

(3) Further Assurances. 
Each party hereto shall properly execute and deliver such further
agreements and instruments, and take such further actions, as the other party
may reasonably request in order to carry out the purposes and intent of this
Agreement.

 

(4) Notices.  All notices,
requests, demands and other communications hereunder shall be in writing and
shall be deemed given if delivered personally, by facsimile transmission (with
subsequent letter confirmation by mail), by overnight courier or two days after
being mailed by certified or registered mail, postage prepaid, return receipt
requested, to the parties, their successors in interest or their assignees at
the following addresses, or at such other addresses as the parties may
designate by written notice in the manner aforesaid:

 

If to Quattro:

Facsimile:

 

If to the Company:

Vertex Pharmaceuticals Incorporated

130 Waverly Street

Cambridge, Massachusetts 02139

Attention: The Office of General Counsel

Facsimile: 617-444-6483

 

(5) Assignability and Parties in Interest. This Agreement shall
not be assignable by any of the parties hereto without the consent of the other
party hereto.  This Agreement shall inure
to the benefit of and be binding upon the parties and their respective
permitted successors and assigns.

 

(6) Counterparts.  This
Agreement may be executed in several counterparts, each of which shall be
deemed an original, but all of which shall constitute one and the same
instrument.

 

3

 

(7) Complete Agreement. 
This Agreement is an integrated agreement containing the entire
agreement between the parties hereto with respect to the subject matter hereof
and shall supersede all previous and all contemporaneous oral or written
negotiations, commitments or understandings.

 

(8) Modifications, Amendments and Waiver.  This Agreement may be modified, amended
otherwise supplemented or terminated only by a writing signed by the party
against whom it is sought to be enforced. 
No waiver of any right or power hereunder shall be deemed effective
unless and until a writing waiving such right or power is executed by the party
waiving such right or power.

 

(9) No Third Party Beneficiaries. There are no third party
beneficiaries under this Agreement or intended by any party hereto.

 

(10) Expenses.  Each party
hereto shall bear its own costs and expenses, including, without limitation,
attorneys’ fees, incurred in connection with this Agreement and the
transactions contemplated hereby.

 

(11) Contract Interpretation and Construction of Agreement.  This Agreement is the joint drafting product
of the Company and Quattro, and each provision has been subject to negotiation
and agreement with the advice of counsel and shall not be construed for or
against either party as the drafter thereof.

 

 

IN WITNESS WHEREOF, the parties have caused this
Agreement to be duly executed as of the date hereof.

 

 

	
  Quattro Fund Ltd.

  	
   

  	
  Vertex Pharmaceuticals Incorporated

  
	
  Quattro Multi Strategy Master Fund LP

  	
   

  	
   

  	
   

  
	
  Partners Group Alternative Strategies, PCC

  	
   

  	
   

  	
   

  
	
  Limited,
  Red Delta Cell

  	
   

  	
   

  	
   

  
	
  Institutional Benchmark Services (Master

  	
   

  	
   

  	
   

  
	
  Feeder)
  Limited in Respect of Electra Series)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/  GREGG RIINA

  	
   

  	
  By:

  	
  /s/  JOSHUA S.
  BOGER

  
	
  Name:

  	
  Gregg Riina

  	
   

  	
  Name:

  	
  Joshua S. Boger

  
	
  Title:

  	
  Authorized Person

  	
   

  	
  Title:

  	
  Chief Executive Officer

  

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00093-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00093-of-00352.parquet"}]]