Document:

Exhibit 10.1

 

AMENDMENT NO. 4

TO THE

AMENDED AND RESTATED TRUST AGREEMENT

 

This Amendment No. 4 (this “Amendment”),
dated as of June 28, 2018, to the Trust Agreement (as defined below) is made by and among Easterly Acquisition Corp., a Delaware
corporation (the “Company”), and Continental Stock Transfer & Trust Company (the “Trustee”).
All terms used but not defined herein shall have the meanings assigned to them in the Trust Agreement.

 

WHEREAS, the Company and the Trustee entered
into an Amended and Restated Investment Management Trust Agreement dated as of October 13, 2015 (the “Trust Agreement”);

 

WHEREAS, the Company and the Trustee entered
into Amendment No. 1 to the Trust Agreement, dated as of August 1, 2017, Amendment No. 2 to the Trust Agreement, dated as of December
14, 2017, and Amendment No. 3 to the Trust Agreement, dated as of March 29, 2018 (the “Amendments”);

 

WHEREAS, Section 1(i) of the Trust Agreement
as amended by the Amendments sets forth the terms that govern the liquidation of the Trust Account under the circumstances described
therein;

 

WHEREAS, at a special meeting of stockholders
of the Company held on June 28, 2018, the Company stockholders approved (i) a proposal to amend (the “Charter Amendment”)
the Company’s amended and restated certificate of incorporation to provide that the date by which the Company shall be required
to effect a Business Combination shall be on or before November 30, 2018 (the “Extended Date”) and (ii)
a proposal to extend the date on which to commence liquidating the Trust Account in the event the Company has not consummated a
business combination by the Extended Date; and

 

WHEREAS, on the date hereof, the Company
is filing the Charter Amendment with the Secretary of State of the State of Delaware.

 

NOW THEREFORE, IT IS AGREED:

 

1.        Section
1(i) of the Trust Agreement is hereby amended and restated to read in full as follows:

 

(i) Commence liquidation of the Trust
Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination
Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B signed on behalf
of the Company by its Chief Executive Officer, Chief Financial Officer or Chairman of the board of directors (the “Board”)
or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the
Trust Account, including interest (which interest shall be net of any taxes payable and less up to $100,000 of interest that may
be released to the Company to pay dissolution expenses, it being understood that the Trustee has no obligation to monitor or question
the Company’s position that an allocation has been made for taxes payable), only as directed in the Termination Letter and
the other documents referred to therein, or (y) November 30, 2018, if a Termination Letter has not been received by the Trustee
prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination
Letter attached as Exhibit B and the Property in the Trust Account, including interest (which interest shall be net of any taxes
payable and less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), shall be distributed
to the Public Shareholders of record as of such date; provided, however, that in the event the Trustee receives a Termination Letter
in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the Property because it has received
no such Termination Letter by November 30, 2018, the Trustee shall keep the Trust Account open until twelve (12) months following
the date the Property has been distributed to the Public Shareholders;

 

2.       All
other provisions of the Trust Agreement shall remain unaffected by the terms hereof.

 

     

     

    

 

3.       This
Amendment may be signed in any number of counterparts, each of which shall be an original and all of which shall be deemed to be
one and the same instrument, with the same effect as if the signatures thereto and hereto were upon the same instrument. A facsimile
signature shall be deemed to be an original signature for purposes of this Amendment.

 

4.       This
Amendment is intended to be in full compliance with the requirements for an Amendment to the Trust Agreement as required by Section
6(c) of the Trust Agreement, and every defect in fulfilling such requirements for an effective amendment to the Trust Agreement
is hereby ratified, intentionally waived and relinquished by all parties hereto.

 

5.       This
Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.

 

[Signature Page Follows]

  

     

     

    

 

IN WITNESS WHEREOF, the parties have
duly executed this Amendment No. 4 to the Investment Management Trust Agreement as of the date first written above.

  

	 	Continental Stock Transfer & Trust Company, as Trustee 
	 	 
	 	 
	 	By:	/s/ Francis E. Wolf,
Jr.	 
	 	 	Name: Francis E. Wolf, Jr.	 
	 	 	Title: Vice President	 

 

 

	 	Easterly Acquisition Corp.
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Avshalom Kalichstein	 
	 	 	Name: Avshalom Kalichstein	 
	 	 	Title: Chief Executive Officer	 

 

[Signature Page to Amendment No. 4 to
the Investment Management Trust Agreement]Exhibit 10.1

 

June 29, 2018

 

Aralez Pharmaceuticals Inc.

7100 West Credit Avenue

Suite 101

Mississauga, Ontario L5N 0E4

 

	
Re:
    	
Waiver   and Limited Consent
    

 

Ladies and Gentlemen:

 

Reference is hereby made to that certain Second Amended and Restated Facility Agreement dated as of December 7, 2015 (as the same has been and may hereinafter be amended, modified, restated or otherwise supplemented from time to time, including, but not limited to, by the Waiver and Limited Consent between the Lenders and the Credit Parties, dated as of April 29, 2016, the Limited Consent between the Lenders and the Credit Parties, dated as of September 6, 2016, the Amendment to Second Amended and Restated Facility Agreement between the Lenders and the Credit Parties, dated as of October 3, 2016, and the Waiver and Limited Consent between the Lenders and the Credit Parties, dated as of December 20, 2017, the “Facility Agreement”), by and among Aralez Pharmaceuticals Inc. (“Aralez”), POZEN Inc. (“Pozen”), Aralez Pharmaceuticals Canada Inc. (formerly known as Tribute Pharmaceuticals Canada Inc.) (“Aralez Canada” and, collectively with Aralez and Pozen, the “Credit Parties”) and Deerfield Private Design Fund III, L.P. and Deerfield Partners, L.P., as a Lender and as successor in interest to Deerfield International Master Fund, L.P. (collectively, the “Lenders”).  Capitalized terms used in this letter (this “Letter”) and not otherwise defined herein shall have the meanings ascribed thereto in the Facility Agreement.

 

The Credit Parties have requested that the Lenders permit Credit Parties to pay interest on the Initial Loans and the Acquisition Loans due and payable on July 1, 2018, in kind.

 

Notwithstanding the provisions of the Facility Agreement to the contrary, upon the satisfaction of the terms and conditions set forth below, interest, due and payable (i) on the Initial Loans in the outstanding principal amount of $467,465.76, due on July 1, 2018 (“Initial Loan PIK Interest”) shall be paid in kind, added to the outstanding principal amount of the Initial Loans on such Interest Payment Date and bear interest at the Interest Rate, and (ii) on the Acquisition Loans in the outstanding principal amount of $6,232,876.72, due on July 1, 2018 (“Acquisition Loan PIK Interest”) shall be paid in kind, added to the outstanding principal amount of the Acquisition Loans on such Interest Payment Date and bear interest at the Interest Rate.  All such Initial Loan PIK Interest and Acquisition Loan PIK Interest, together with all accrued interest thereon, shall be due and payable, without premium or penalty, on the earlier of August 15, 2018, or the date that the principal amount of the applicable Loans is due or declared due pursuant to the Facility Agreement.

 

The effectiveness of this Letter is subject to the satisfaction of each of the following conditions:

 

1

 

(a)           The Lenders shall have received an original countersignature of each of the Credit Parties to this Letter, agreeing to the terms of this Letter; and

 

(b)           No Event of Default exists.

 

Except as expressly set forth herein, (i) the Facility Agreement and the other Loan Documents remain unchanged and in full force and effect, (ii) this Letter shall not be deemed to be a waiver, amendment or modification of, or consent to or departure from, any provision of the Facility Agreement or other Loan Documents or to be a waiver of any Event of Default under the Facility Agreement or the other Loan Documents, whether arising before or after the date hereof or as a result of the transactions contemplated hereby, and (iii) this Letter shall not preclude the future exercise of any right, remedy, power or privilege available to the Lenders whether under the Facility Agreement, other Loan Documents or otherwise, and shall not be construed or deemed to be a satisfaction, novation, cure, modification, amendment or release of the Obligations, Facility Agreement or other Loan Documents or establish a course of conduct with respect to future requests for amendments, modifications or consents.

 

This Letter (i) is a Loan Document and constitutes the entire understanding of the parties with respect to the subject matter hereof, and any other prior or contemporaneous agreements, whether written or oral, with respect hereto or thereto are expressly superseded hereby, and (ii) shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto and thereto.  This Letter may be executed in any number of counterparts (which taken together shall constitute one and the same instrument) and by facsimile or other electronic transmission, which facsimile or other electronic signatures shall be considered original executed counterparts.

 

The Credit Parties hereby reaffirm, confirm and ratify their obligations and liabilities set forth in the Facility Agreement and the other Loan Documents, all of which shall remain in fill force and effect, as modified by this Letter.

 

[Signature pages follow]

 

2

 

	
 
    	
Very truly yours,
    
	
 
    	
 
    
	
 
    	
DEERFIELD   PRIVATE DESIGN FUND III, L.P.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   David J. Clark
    
	
 
    	
Name:
    	
David   J. Clark
    
	
 
    	
Title:
    	
Authorized   Signatory
    
	
 
    	
 
    
	
 
    	
DEERFIELD PARTNERS,   L.P.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   David J. Clark
    
	
 
    	
Name:
    	
David   J. Clark
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

[Waiver and Limited Consent]

 

 

	
Acknowledged   and Agreed To
    	
 
    
	
as   of the date set forth above
    	
 
    
	
 
    	
 
    
	
ARALEZ   PHARMACEUTICALS INC.
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Andrew I. Koven
    	
 
    
	
Name:
    	
Andrew   I. Koven
    	
 
    
	
Title:
    	
President
    	
 
    
	
 
    	
 
    
	
ARALEZ   PHARMACEUTICALS CANADA INC.
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Andrew I. Koven
    	
 
    
	
Name:
    	
Andrew   I. Koven
    	
 
    
	
Title:
    	
President
    	
 
    
	
 
    	
 
    
	
POZEN   INC.
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Andrew I. Koven
    	
 
    
	
Name:
    	
Andrew   I. Koven
    	
 
    
	
Title:
    	
President
    	
 
    

 

[Waiver and Limited Consent]

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