Document:

Form of Severance agreement

 Exhibit 10.32 

 

					
	

	  		  	
	  		  	
		  		  	December 1, 2011

 [NAME] 
 [TITLE]

 Rib-X Pharmaceuticals, Inc. 
  

	 	RE:	Severance Agreement 

 Dear [NAME]:

 You are a key member of the senior management team of Rib-X Pharmaceuticals, Inc. (the “Company”). As a
result, the Company is providing you with the following benefits in consideration of your continued employment with the Company. 
  

	I.	Definitions. For the purposes of this Severance Agreement (this “Agreement”), capitalized terms shall have the following meanings:

 1. “Cause” shall mean: 

 

	 	(a)	your conviction of or your plea of guilty to or confession of an act of fraud, misappropriation or embezzlement or any felony; 

 

	 	(b)	your willful refusal or failure to follow a lawful directive or instruction of the Company’s board of directors or the individual(s) to whom you report;

  

	 	(c)	in carrying out your duties, you commit material dishonesty or you breach a fiduciary duty to the Company; 

 

	 	(d)	you engage in conduct which causes material injury to the Company, monetarily or otherwise; 

 

	 	(e)	you use illegal substances at any time; or 

  

	 	(f)	you materially breach any Company policies regarding confidentiality, trading or inside information or your employment agreement. 

2. “Change in Control” shall mean the date: 

 

	 	(a)	any “person” or “group” (as such terms are used in Section 13(d) and 14(d) of the Exchange Act) is or becomes the beneficial owner of our
securities representing 50% or more of the total voting power of the Company’s then-outstanding voting securities, pursuant to a transaction which the Company’s board of directors does not approve; 

	 	(b)	the Company undergoes a merger, reorganization or other consolidation, including the sale of substantially all of the Company’s assets, in which the Company is not
the surviving entity and in which the persons holding the Company’s outstanding equity immediately prior to such merger, reorganization or consolidation own less than 50% of the surviving entity’s voting power immediately after the
transaction; or 

  

	 	(c)	a change in the composition of the Company’s board of directors, as a result of which fewer than a majority of the directors are incumbent directors. Incumbent
directors shall mean directors who either (A) are Company directors as of November 11, 2011, or (B) are elected, or nominated for election, to the Company’s board of directors with the affirmative votes of at least a majority of
the incumbent directors at the time of such election or nomination, but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of members to the
Company’s board of directors. 

 And provided further that in each of the foregoing cases, the Change in
Control also meets all of the requirements of a “change in the ownership of a corporation” within the meaning of Code Treasury Regulation §1.409A-3(i)(5)(v), a “change in the effective control of a corporation” within the
meaning of Code Treasury Regulation §1.409A-3(i)(5)(vi) or a “a change in the ownership of a substantial portion of the corporation’s assets” within the meaning of Code Treasury Regulation §1.409A-3(i)(5)(vii). 

 

	 	3.	“Code” shall mean the Internal Revenue Code of 1986, as amended. 

 

	 	4.	“Disability” shall mean a disability as determined under the Company’s long-term disability plan or program in effect at the time the disability
first occurs, or if no such plan or program exists at the time of disability, then a “disability” as defined Section 22(e)(3) of the Code. 

  

	 	5.	“Good Reason” shall mean one of the following events has occurred without your consent: 

 

	 	(a)	your annual base salary is decreased; 

  

	 	(b)	the office to which you are assigned is relocated to a place 35 or more miles away from your present location; or 

 

	 	(c)	the Company breaches the material terms of your employment agreement or you experience a material adverse change to your primary responsibilities or duties.

  
 Page 2 of 6

 And provided further that Good Reason shall not exist unless and until within 90 days after
the event giving rise to Good Reason under (a), (b) or (c) above has occurred, you deliver a written termination notice to the Company stating that an event giving rise to Good Reason has occurred and identifying with reasonable detail the
event that you assert constitutes Good Reason under (a), (b) or (c) above and the Company fails or refuses to cure or eliminate the event giving rise to Good Reason on or within 30 days after receiving your notice. To avoid doubt, the
termination of your employment would become effective at the close of business on the thirtieth day after the Company receives your termination notice, unless the Company cures or eliminates the event giving rise to Good Reason prior to such time.

 6. “Termination Date” shall mean the last day of your employment with the Company. 

 

	II.	Severance Benefits 

  

	 	1.	Severance shall be paid to you if your employment is terminated by the Company (except for termination for Cause or due to a Disability) or if you, of your own
initiative, terminate your employment for Good Reason (in accordance with the notice and cure provisions in this Agreement), provided that the termination of your employment also constitutes a “separation from service” as defined by Code
Treasury Regulation §1.409A-1(h). 

  

	 	2.	In the event you are eligible for severance, the Company shall make a cash payment (the “Severance Payment”) to you in an amount equal to six months of
your annual base salary (less applicable withholdings) on a payroll basis (provided, however, that if you terminate your employment for Good Reason based on a reduction in your annual base salary, then the annual base salary to be used in
calculating the Severance Payment shall be your annual base salary in effect immediately prior to such reduction in annual base salary). If you are covered under the Company’s group medical and dental coverage as of the Termination Date, and if
you are eligible to continue such coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company will reimburse the employer portion of the premium costs (consistent with the
Company’s policy for active employees) of such continuation coverage until the earlier of (i) the end of the sixth month following the Termination Date; or (ii) the date that you become eligible for coverage under another group health
plan. 

  

	 	3.	The Severance Payment will only be made in exchange for a general release to be executed by you, which becomes enforceable and irrevocable within 60 days of your
Termination Date, of all claims against the Company, its subsidiaries, and its and their officers, directors and representatives, in a form satisfactory to the Company. The Severance Payment shall begin within ten days after the execution by you of
the general release and expiration without revocation of any applicable revocation periods under such general release, provided that, if the 60 day period during which the release is required to become effective and irrevocable begins in one
calendar year and ends in another calendar year, the Severance Payment shall be made in the second calendar year. 

  
 Page 3 of 6

	 	4.	You shall not be required to mitigate the amount of the Severance Payment or any other benefit provided under this Agreement by seeking other employment or otherwise,
nor shall the amount of any payment or benefit provided for in this Agreement be reduced (except as provided in this Agreement) by any compensation earned by you as the result of other employment, by retirement benefits, or be offset against any
amount claimed to be owed by you to the Company or otherwise (except for any required withholding taxes); provided, that if the Company makes any other severance payments to you under any other program or agreement, such amounts shall be offset
against the payments the Company is obligated to make pursuant to this Agreement. 

  

	III.	Pro-Rated Bonus upon Change in Control 

 If, within six (6) months of the effective date of a Change in Control, you are terminated without Cause or you resign for Good Reason, you will be entitled to the pro-rata portion of the Annual
Bonus for the year in which the termination of the your employment occurs, based on the number of months of completed employment up to the Termination Date, payable no later than March 1 of the following year, in one lump-sum amount (less
required withholdings). 
  

	IV.	Miscellaneous. 

  

	 	1.	 Section 409A Compliance. The payments and benefits provided for in Section II of this Agreement constitute an involuntary separation plan
pursuant to Treas. Reg. §1.409A-1(n), and thus is not “non-qualified deferred compensation” subject to Section 409A of the Code. To the extent that any of the payments or benefits provided for in Section II are deemed to
constitute non-qualified deferred compensation benefits subject to Section 409A of the Code, however, the following interpretations apply: Any termination of your employment triggering payment of benefits under Section II must constitute a
“separation from service” under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) before distribution of such benefits can commence. To the extent that the termination of your employment does not constitute a
separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) (as the result of further services that are reasonably anticipated to be provided by you to the Company or any of its parents, subsidiaries or
affiliates at the time your employment terminates), any benefits payable under Section II that constitute deferred compensation under Section 409A of the Code shall be delayed until after the date of a subsequent event constituting a separation
of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h). For purposes of clarification, this Section shall not cause any forfeiture of benefits on your part, but shall only act as a delay until such time as a
“separation from service” occurs. Further, if you are a “specified employee” (as that term is used in Section 409A of the Code and regulations and other guidance issued thereunder) on the date a separation from service
becomes effective, any benefits payable under Section II that constitute non-qualified deferred compensation under Section 409A of the Code shall be delayed until the earlier of (i) the business day following the six-month anniversary of
the date your separation from service becomes effective, and (ii) the date of your death, but only to the extent necessary to avoid such penalties under 

  
 Page 4 of 6

	 	
Section 409A of the Code. On the earlier of (i) the business day following the six-month anniversary of the date your separation from service becomes effective, and (ii) your
death, the Company shall pay you (or your estate) in a lump sum the aggregate value of the non-qualified deferred compensation that the Company otherwise would have paid you prior to that date under Section II of this Agreement. It is intended that
each installment of the payments and benefits provided under Section II of this Agreement shall be treated as a separate “payment” for purposes of Section 409A of the Code. Neither the Company nor you shall have the right to
accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A of the Code. 

 

	 	2.	Employee’s Obligations. Upon the termination of employment, you shall promptly deliver to the Company all property of the Company and all material
documents, data and other items which may by in your possession or under your control and which relate in a material way to the business or affairs of the Company or its subsidiaries, and no copies of any such documents or any part thereof shall be
retained by you. Any post-employment obligations you may have pursuant to separate agreements supplement but do not supersede this Agreement and shall survive as provided for in such separate agreements. 

 

	 	3.	Entire Agreement. This Agreement and any employment or confidentiality and non-competition and equity agreements previously executed by you covers the entire
understanding of the parties as to the subject matter hereof, superseding all prior understandings and agreements related hereto. No modification or amendment of the terms and conditions of this Agreement shall be effective unless in writing and
signed by the parties or their respective duly authorized agents. 

  

	 	4.	Governing Law. This Agreement shall be governed by the laws of the State of Connecticut, as applied to contracts entered into and performed entirely in
Connecticut by Connecticut residents. 

  

	 	5.	Successors and Assigns. This Agreement may be assigned by the Company upon a sale, transfer or reorganization of the Company. Upon a Change in Control, the
Company shall require the successor to assume the Company’s rights and obligations under this Agreement. The Company’s failure to do so shall constitute a material breach of this Agreement. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their successors, permitted assigns, legal representatives and heirs. 

  
 Page 5 of 6

 Kindly indicate your acceptance of the foregoing by signing and dating this Agreement as
noted below, and returning one fully executed original to my attention. 
  

			
	Very truly yours,
	
	Rib-X Pharmaceuticals, Inc.
		
	By:	 	 
		 	Mark Leuchtenberger

  

	
	ACCEPTED AND AGREED:
	
	  
	NAME
	
	  
	 DATE

  
 Page 6 of 6

 List of Officers to Whom Provided 
 Robert A. Conerly 
 Erin M. Duffy, Ph.D. 
 Scott J. Hopkins, M.D. 
 Jarrod Longcor 
 Anthony Sabatelli, Ph.D., J.D. 
 Colleen WilsonForm of senior convertible demand promissory note

 Exhibit 10.33 
 THIS SENIOR NOTE HAS BEEN, AND THE SHARES OF COMMON STOCK OR NEW SECURITIES WHICH MAY BE RECEIVED PURSUANT TO THE CONVERSION OF THIS SENIOR NOTE WILL BE, ACQUIRED SOLELY FOR INVESTMENT AND NOT WITH A VIEW
TO, OR FOR RESALE IN CONNECTION WITH, ANY DISTRIBUTION THEREOF. NEITHER THIS SENIOR NOTE NOR SUCH SHARES OF COMMON STOCK OR NEW SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR QUALIFIED
UNDER ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF SUCH REGISTRATION OR QUALIFICATION OR AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH DISPOSITION IS
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY REGISTRATION OR QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE SECURITIES LAWS. 
 RIB-X PHARMACEUTICALS, INC. 
 Senior Convertible Demand Promissory Note (the
“Note”) 
  

			
	 $[____________] (the “Principal Amount”)
	  	New York, NY
		  	December 28, 2011

 Rib-X Pharmaceuticals, Inc., a Delaware corporation (the “Company”), for value received, hereby promises
to pay to [                    ] or its assigns (collectively, the “Holder”) the Principal Amount together with interest
(computed on the basis of a 365-day year for the actual number of days elapsed) accruing daily and compounding quarterly from the date hereof on the unpaid balance of the Principal Amount from time to time outstanding at the rate of ten percent
(10%) per annum (the “Interest”) until the Principal Amount and Interest are paid in full or converted as provided herein. Capitalized terms used herein but not defined shall have the meanings given to such terms in the Senior
Convertible Demand Promissory Note Purchase Agreement (the “Note Purchase Agreement”), dated as of January 10, 2011, by and among the Company and the Purchasers (as defined therein), as amended. It is acknowledged that the
Senior Convertible Demand Promissory Notes issued pursuant to the Note Purchase Agreement, of which this Senior Note is one, are being issued at the Fourth Closing in an aggregate amount of $6,516,352 (such Senior Convertible Demand Promissory
Notes, the “Fourth Closing Notes”) and the holders of such notes, collectively, the “Noteholders”. It is further acknowledged that the Company has previously issued Senior Convertible Demand Promissory Notes at the
First Closing (the “First Closing Notes”), the Second Closing (the “Second Closing Notes”) and the Third Closing (the “Third Closing Notes”) in an aggregate amount of $14,516,355 (the Third Closing
Notes, the Second Closing Notes and the First Closing Notes, together with these Fourth Closing Notes, the “Senior Notes”). 

 Subject to Section 2 of this Senior Note, the Principal Amount and the Interest thereon, unless
previously converted or repaid as provided herein, shall be due and payable by the Company in cash on December 28, 2016 (the “Maturity Date”). Payments hereunder are to be made without defense, setoff, counterclaim or
recoupment in lawful money of the United States of America in same day or immediately available funds to the account of the Holder specified from time to time by the Holder to the Company. 

Subject to any applicable notice periods, all parties to this Senior Note, including the Company and any sureties, endorsers, or
guarantors, hereby waive protest, presentment, notice of dishonor, and notice of acceleration of maturity and agree to continue to remain bound for the payment of the Principal Amount, the Interest and all other sums due under this Senior Note
notwithstanding any change or changes by way of release, surrender, exchange, modification or substitution of any security for this Senior Note or by way of any extension or extensions of time for the payment of the Principal Amount and the Interest
and all such parties waive all and every kind of notice of such change or changes and agree that the same may be without notice or consent of any of them. 
 Following an Event of Default (as defined herein), the Noteholders who hold Senior Notes representing at least a majority of the aggregate principal amount owed by the Company pursuant to the then
outstanding Senior Notes (the “Senior Majority”) may (i) elect to pursue the rights of the Noteholders under this Senior Note and all other Senior Notes and (ii) collectively employ an attorney to enforce their rights and
remedies under this Senior Note and all other Senior Notes and the Company and any surety, guarantor or endorser of this Senior Note hereby agree to pay to the Noteholders’ reasonable attorneys’ fees, plus all other reasonable expenses
incurred by the Noteholders in exercising any such rights and remedies. The rights and remedies of the Noteholders as provided in this Senior Note and all other Senior Notes shall be cumulative and each such right or remedy may be pursued singly,
successively, or together against any other funds, property or security held by the Noteholders for payment or security, in the sole discretion of the Senior Majority. The failure to exercise any such right or remedy shall not be a waiver or release
of such rights or remedies or the right to exercise any of them at another time. 
 As used herein, the term “Base
Conversion Price” shall mean the Conversion Price (as defined in, and as adjusted pursuant to, the Company’s Seventh Amended and Restated Certificate of Incorporation, as may be amended or amended and restated after the date hereof
(the “Charter”)) of the Company’s Series C Preferred Stock; provided, however, if at any time there are no longer any shares of the Company’s Series C Preferred Stock outstanding, the Base Conversion Price
shall thereafter be adjusted as if one (1) share of Series C Preferred Stock continued to be outstanding. 
  

	1.	Conversion. 

  

	 	(a)	Definitions. For purposes of this Senior Note, the following terms shall have the definitions set forth below: 

“2009 Notes” shall mean the Subordinated Convertible Promissory Notes issued by the Company pursuant to
the Subordinated Convertible Promissory Notes Purchase Agreement, dated as of January 7, 2009. 

  
 -2-

 “2009 Notes Applicable Notional Conversion Price” shall
mean the lesser of (i) the Base Notional Conversion Price multiplied by 0.75 and (ii) the Base Conversion Price. 
 “2009 Notes Base Waterfall Conversion Shares” shall mean the number of shares of Common Stock equal to (i) the Implied Fully Diluted Waterfall Shares less (ii) the 2011 Notes
Waterfall Conversion Shares, the 2010 Notes Waterfall Conversion Shares and the Other Common Shares. 

“2009 Notes Maximum Waterfall Conversion Shares” shall mean the number of shares of Common Stock
obtained by dividing (i) the 2009 Required Waterfall Return by (ii) (x) if such calculation is being made in respect of conversion in connection with an IPO, the price per share of Common Stock issued in the IPO, before any
underwriting discount or (y) if such calculation is being made in connection with a Repayment Event, the implied purchase price or liquidation value, as the case may be, per share of Common Stock in respect of such Repayment Event. 

“2009 Notes Notional Conversion Shares” shall mean the number of shares of Common Stock obtained by
dividing (i) the amount then outstanding under the 2009 Notes including any accrued but unpaid interest thereon being converted by (ii) the 2009 Notes Applicable Notional Conversion Price. 

“2009 Required Waterfall Return” shall mean the aggregate amount then outstanding under the 2009 Notes
including any accrued but unpaid interest thereon being converted divided by 0.75. 
 “2009 Notes
Waterfall Conversion Shares” shall mean the lesser of the 2009 Notes Base Waterfall Conversion Shares and the 2009 Notes Maximum Waterfall Conversion Shares. 

“2010 Notes” shall mean the Senior Subordinated Convertible Demand Promissory Notes issued by the
Company pursuant to the Senior Subordinated Convertible Demand Promissory Notes Purchase Agreement dated as of May 28, 2010. 
 “2010 Notes Applicable Notional Conversion Price” shall mean the lesser of (i) the Base Notional Conversion Price divided by 3.0 and (ii) the Base Conversion Price. 

“2010 Notes Applicable Waterfall Percentage” shall mean 96%. 

“2010 Notes Base Waterfall Conversion Shares” shall mean the number of shares of Common Stock equal to
(i) the Implied Fully Diluted Waterfall Shares multiplied by the 2010 Notes Applicable Waterfall Percentage less (ii) the 2011 Notes Waterfall Conversion Shares. 

  
 -3-

 “2010 Notes Maximum Waterfall Conversion Shares” shall mean
the number of shares of Common Stock obtained by dividing (i) the 2010 Required Waterfall Return by (ii) (x) if such calculation is being made in respect of conversion in connection with an IPO, the price per share of Common Stock
issued in the IPO, before any underwriting discount or (y) if such calculation is being made in connection with a Repayment Event, the implied purchase price or liquidation value, as the case may be, per share of Common Stock in respect of such
Repayment Event. 
 2010 Notes Notional Conversion Shares” shall mean the number of shares of Common
Stock obtained by dividing (i) the amount then outstanding under the 2010 Notes including any accrued but unpaid interest thereon being converted by (ii) the 2010 Notes Applicable Notional Conversion Price. 

“2010 Required Waterfall Return” shall mean the aggregate amount then outstanding under the 2010 Notes
including any accrued but unpaid interest thereon being converted multiplied by 3.0. 
 “2010 Notes
Waterfall Conversion Shares” shall mean the lesser of the 2010 Notes Base Waterfall Conversion Shares and the 2010 Notes Maximum Waterfall Conversion Shares. 

“2011 Notes Applicable Notional Conversion Price” shall mean the lower of (i) the Base Notional
Conversion Price divided by 3.0 and (ii) the Base Conversion Price. 
 “2011 Notes Applicable
Waterfall Percentage” shall mean 80%. 
 “2011 Notes Base Waterfall Conversion Shares”
shall mean a number of shares of Common Stock equal to the Implied Fully Diluted Waterfall Shares multiplied by the 2011 Notes Applicable Waterfall Percentage. 
 “2011 Notes Conversion Shares” shall mean (i) if the Aggregate Senior Notes Waterfall Conversion Share Value equals or exceeds the Aggregate Senior Notes Notional Conversion Share
Value, the 2011 Notes Waterfall Conversion Shares and (ii) if the Aggregate Senior Notes Notional Share Conversion Value exceeds the Aggregate Senior Notes Waterfall Conversion Share Value, the 2011 Notes Notional Conversion Shares. 

“2011 Notes Maximum Waterfall Conversion Shares” shall mean the number of shares of Common Stock
obtained by dividing (i) the 2011 Required Waterfall Return by (ii) (x) if such calculation is being made in respect of conversion in connection with an IPO, the price per share of Common Stock issued in the IPO, before any
underwriting discount or (y) if such calculation is being made in connection with a Repayment Event, the implied purchase price or liquidation value, as the case may be, per share of Common Stock in respect of such Repayment Event. 

  
 -4-

 “2011 Notes Notional Conversion Shares” shall mean the
number of shares of Common Stock obtained by dividing (i) the Outstanding Amount being converted under the Senior Notes by (ii) the 2011 Notes Applicable Notional Conversion Price. 

“2011 Notes Waterfall Conversion Shares” shall mean the lesser of the 2011 Notes Base Waterfall
Conversion Shares and the 2011 Notes Maximum Waterfall Conversion Shares. 
 “2011 Required Waterfall
Return” shall mean the aggregate amount then outstanding under the Senior Notes including any accrued but unpaid interest thereon multiplied by 3.0. 
 “Aggregate Senior Notes Notional Conversion Share Value” shall mean the product of (x) the Implied Notional Value Per Share multiplied (y) by the Aggregate Senior Notes Notional
Conversion Shares. 
 “Aggregate Senior Notes Notional Conversion Shares” shall mean the 2010
Notes Notional Conversion Shares and the 2011 Notes Notional Conversion Shares. 
 “Aggregate Senior
Notes Waterfall Conversion Share Value” shall mean the product of (x) the Implied Waterfall Value Per Share multiplied by (y) the Aggregate Senior Notes Waterfall Conversion Shares. 

“Aggregate Senior Notes Waterfall Conversion Shares” shall mean the 2010 Notes Waterfall Conversion
Shares and the 2011 Notes Waterfall Conversion Shares. 
 “Approved Benefits Shares” shall mean
all shares of Common Stock (or options, warrants or securities exercisable for or convertible into shares of Common Stock) issued or issuable to officers, founders, employees or directors of, or consultants to, the Company pursuant to a stock
purchase or option plan or other compensatory stock arrangements adopted after the date hereof and approved by the Senior Eligible Securities Majority (as defined in the Charter) and designated by the Senior Eligible Securities Majority as
“Approved Benefits Shares” for purposes of the conversion provisions of the Senior Notes. 

“Approved Conversion Shares” shall mean all shares of Common Stock issuable upon conversion of any
security approved by the Senior Eligible Securities Majority after the date hereof and designated by the Senior Eligible Securities Majority as “Approved Conversion Shares” for the purposes of the conversion provisions of the Senior Notes.

  
 -5-

 “Base Notional Conversion Price” shall mean the Pre-Money
Valuation divided by the number of Other Common Shares. 
 “Excluded Common Shares” shall mean
(i) all shares of Common Stock issuable under the Senior Notes, (ii) all shares of Common Stock issuable under the 2010 Notes, (iii) all shares of Common Stock issuable under the 2009 Notes, (iv) all Approved Conversion Shares
and (v) all Approved Benefits Shares. 
 “Implied Fully Diluted Waterfall Shares” shall
mean a number of shares of Common Stock equal to the amount obtained by dividing the number of Other Common Shares then outstanding by the Other Common Shares Allocable Amount. 

“Implied Notional Value Per Share” shall mean an amount equal to (i) the Pre-Money Valuation
divided by (ii) the sum of the Aggregate Senior Notes Notional Conversion Shares, the 2009 Notes Notional Conversion Shares and the Other Common Shares. 
 “Implied Waterfall Value Per Share” shall mean an amount equal to (i) the Pre-Money Valuation divided by (ii) the Implied Fully Diluted Waterfall Shares. 

“Note Percentage” shall mean the Outstanding Amount divided by the aggregate amount then outstanding
under the Senior Notes including any accrued but unpaid interest thereon. 
 “Other Common
Shares” shall mean all outstanding shares of Common Stock and all shares of Common Stock issuable upon the exercise or conversion of any options, warrants, preferred stock, convertible notes or other convertible or exchangeable securities,
other than, in each case, Excluded Common Shares. 
 “Other Common Shares Allocable Amount”
shall mean 0.008. 
 “Pre-Money Valuation” shall mean the monetary valuation of the Company
immediately prior to the conversion of the Outstanding Amount being converted hereunder implied by (x) if such calculation is being made in respect of conversion in connection with an IPO, the price per share of Common Stock issued in the IPO,
before any underwriting discount or (y) if such calculation is being made in connection with a Repayment Event, the purchase price or liquidation value, as the case may be, in respect of the Company in connection with such Repayment Event.

  

	 	(b)	 In Connection With a Drag-Along Event. Subject to Sections 1(c) and 1(d) below, in the event of any transaction (including, without limitation,
any change of control transaction, joint venture, partnership, liquidation or Repayment Event (as defined herein)) approved by the Senior Eligible Securities Majority (as 

  
 -6-

	 	
defined in the Charter), the Senior Majority shall have the right, but not the obligation, to elect to convert all or any portion of the amount then outstanding under this Senior Note including
any accrued but unpaid Interest (the “Outstanding Amount”) (and a corresponding portion of the Outstanding Amounts under all other Senior Notes) into the number of shares of common stock of the Company, par value $0.001 per share
(“Common Stock”), that is equal to the 2011 Notes Conversion Shares multiplied by the Note Percentage. 

  

	 	(c)	In Connection With an Equity Financing. In the event that the Company consummates any financing pursuant to which the Company or any affiliate thereof issues
equity securities, including without limitation, any security convertible or exchangeable into equity securities of the Company, which shall exclude for this purpose (i) any equity securities (and any security convertible or exchangeable into
equity securities) of the Company issued upon conversion of the Junior Notes, the Senior Subordinated Notes or the Senior Notes or upon exercise or conversion of the Existing Warrants or Warrants and (ii) any equity securities issued or
issuable to officers, founders, employees or directors of, or consultants to, the Company pursuant to a stock purchase or option plan or other compensatory stock arrangements existing as of January 10, 2011 or as otherwise approved by the Board
of Directors of the Company (the “New Securities”) prior to the Maturity Date, the Senior Majority shall have the right, but not the obligation, to elect to convert all or any portion of the Outstanding Amount under this Senior Note
(and a corresponding portion of the Outstanding Amounts under all other Senior Notes) into the number of New Securities that is equal to (A) the Outstanding Amount being converted under this Senior Note (and the corresponding Outstanding
Amounts being converted under all other Senior Notes) divided by (B) the lesser of (1) the Base Conversion Price as of the date of such conversion and (2) one-third (1/3) of the price per New Security at which the New Security is
sold to investors in the financing (the “Equity Financing Conversion Price”). 

  

	 	(d)	In Connection With an Initial Public Offering. In the event that the Company consummates an initial public offering of its Common Stock (the
“IPO”) prior to the Maturity Date, the Outstanding Amount under this Senior Note shall automatically convert into an amount of shares of Common Stock equal to the 2011 Notes Conversion Shares multiplied by the Note Percentage. An
example of the calculation of the 2011 Notes Conversion Shares, provided for illustrative purposes only, is attached hereto as Annex A. 

  

	 	(e)	Mechanics of Conversion. 

  

	 	(i)	In connection with any conversion of the Senior Note pursuant to this Section 1, the Holder shall provide notice to the Company, which shall state such
Holder’s name or the names of his or its nominees in which such Holder wishes the shares of Common Stock or the New Securities to be issued upon conversion. Promptly following such conversion the Company shall update the books and records of
the Company to evidence the issuance of the applicable shares of Common Stock or New Securities to the Holder. 

  
 -7-

	 	(ii)	Immediately upon any conversion of the Senior Note pursuant to this Section 1, this Senior Note shall no longer be deemed to be outstanding and all rights
of the Holder with respect to this Senior Note shall immediately cease and terminate, except the right of the Holder to receive the applicable shares of Common Stock or New Securities to which it is entitled as a result of such conversion.

  

	 	(iii)	The Company shall pay any and all issue and other taxes that may be payable in respect of any issuance or delivery of the applicable shares of Common Stock or New
Securities upon any conversion of this Senior Note pursuant to this Section 1. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of the
applicable shares of Common Stock or New Securities in a name other than that of the registered Holder of this Senior Note, and no such issuance or delivery shall be made unless and until the person or entity requesting such issuance has paid to the
Company the amount of any such tax or has established, to the satisfaction of the Company, that such tax has been paid. 

  

	 	(iv)	Any conversion hereunder of a portion of, but not all, the Senior Notes shall be pro rata among the Holders based on the Outstanding Amount held by each Holder.

  

	 	(f)	Reservation of Common Stock. During the period within which this Senior Note may be converted pursuant to this Section 1, the Company shall at all
times have authorized and reserved for issuance a sufficient number of shares of its Common Stock to provide for the conversion of the then Outstanding Amount. 

 

	2.	Repayment. 

  

	 	(a)	 Upon a Change of Control or Liquidation. In the event of (a) any liquidation, dissolution or winding up of the affairs of the Company,
(b) any consolidation, merger or other business combination of the Company (other than a consolidation, merger, or combination in which the stockholders of the Company immediately prior to the transaction possess more than fifty percent
(50%) of the voting securities of the surviving or resulting entity immediately after the transaction), (c) any sale or disposition of a majority of the Company’s equity interests (calculated on an as-converted basis) to any person or
entity who is not an equityholder of the Company as of the date hereof, (d) any sale, license or disposition of all or substantially all of the assets of the Company, (e) any Public Company Merger or (f) any other event in which the
Series B and Series C Liquidation Preference (as defined in the Charter) would be payable to the holders of Series B Preferred Stock of the Company and Series C Preferred Stock of the Company (each a “Repayment Event”), upon the
written election of the Senior 

  
 -8-

	 	
Majority delivered to the Company the Holder shall automatically be entitled to receive, in full satisfaction of the Company’s repayment obligations under this Senior Note, the greater of
(i) the sum of (y) three and one-half times (3.5x) the Principal Amount plus (z) any then accrued but unpaid Interest and (ii) the amount that the Holder would be entitled to receive if the Outstanding Amount
converted into an amount of Common Stock equal to the 2011 Notes Conversion Shares multiplied by the Note Percentage. It is understood and agreed that the Holder’s rights under this Section 2(a) shall survive any Repayment Event as to
which the Senior Majority does not elect to exercise its right to repayment pursuant to this Section 2(a), with such changes to the defined term “Company” as are necessary to reflect structural changes resulting from such Repayment
Event. In connection with any Repayment Event that is a Public Company Merger, the Holder may elect to receive any of the payments contemplated by this Section 2(a) either in (A) cash, (B) securities issued by the surviving entity in
connection with such Public Company Merger (which securities issued by the surviving entity shall be valued based on the price per such security (or value per such security) in such Public Company Merger) or any combination of the foregoing
(A) and (B). “Public Company Merger” shall mean any merger of the Company with or into any other entity a result of which is that shares of common stock or equity securities of the surviving entity (or an affiliate thereof) received
by the holders of securities of the Company pursuant to such merger are listed on the New York Stock Exchange or the Nasdaq Stock Market or other stock exchange or listing system, or trade on any electronic quotation system, “Pink Sheets”,
“OTCBB” or any similar system. 

  

	 	(b)	Upon Demand. Upon the written election of the Senior Majority, given following the earlier of (i) June 30, 2012 and (ii) the date on which the
Company enters into an exclusive product licensing transaction which provides at least $30,000,000 in up-front net cash proceeds to the Company, the Company shall promptly (and in any event within ten (10) business days of receipt of such
notice) repay the Outstanding Amount under this Senior Note and the corresponding Outstanding Amounts under all other Senior Notes. All such repayments shall be made pro rata among the Senior Notes based on the amounts then outstanding under each
such Senior Note. 

  

	 	(c)	No Prepayment. Except as contemplated by this Section 2, in no event shall the Company have the right or the obligation to repay any portion of the
Principal Amount or any Interest thereon or any portion of the amounts owed by the Company under any other Senior Note prior to the Maturity Date. 

  

	3.	 Restrictions on Transfer. This Senior Note and the equity interests into which the Senior Note may be converted, shall not be assigned, sold,
pledged, transferred or otherwise disposed of except in compliance with the terms of the Fourth Amended and Restated Stockholders Agreement, dated as of January 10, 2011, by and among the Stockholders (as defined therein) and the Company (as
the same may be amended, the “Stockholders Agreement”) and only with the prior written consent of the Senior Majority. For purposes of Section 3 and Section 4 of the Stockholders Agreement, the Holder shall
be 

  
 -9-

	 	
deemed to hold the number of shares of Common Stock into which this Senior Note could be converted pursuant to Section 1. Any shares of Common Stock or New Securities issuable upon a
conversion pursuant to Section 1 shall be subject to the terms and conditions of the Stockholders Agreement that are applicable to the Holder. 

  

	4.	Default. This Senior Note and all amounts due hereunder shall become immediately due and payable in cash at the election of the Senior Majority upon the
occurrence at any time of any of the following events of default (individually, an “Event of Default” and collectively, “Events of Default”): 

 

	 	(a)	default in the payment when due of any portion of the Principal Amount or any Interest thereon; 

 

	 	(b)	the liquidation, termination of existence, dissolution or the appointment of a receiver or custodian for the Company or any part of its property if such appointment is
not terminated or dismissed within thirty (30) days; 

  

	 	(c)	the institution against the Company or any endorser or guarantor of this Senior Note of any proceedings under the United States Bankruptcy Code or any other federal or
state bankruptcy, reorganization, receivership, insolvency or other similar law affecting the rights of creditors generally, which proceeding is not dismissed within thirty (30) days of filing; 

 

	 	(d)	the institution by the Company or any endorser or guarantor of this Senior Note of any proceedings under the United States Bankruptcy Code or any other federal or state
bankruptcy, reorganization, receivership, insolvency or other similar law affecting the rights of creditors generally or the making by the Company or any endorser or guarantor of this Senior Note of a composition or an assignment or trust mortgage
for the benefit of creditors; 

  

	 	(e)	the material breach of any covenant set forth in the Note Purchase Agreement or this Senior Note which breach remains uncured ten (10) days after written notice
thereof by any Noteholder to the Company; 

  

	 	(f)	the occurrence of an Event of Default under the Junior Notes or the Senior Subordinated Notes; 

 

	 	(g)	the failure of any of the Company’s representations or warranties set forth in Article II of the Note Purchase Agreement to be true and correct (i) in all
respects on the Initial Closing Date (as defined in the Note Purchase Agreement) or (ii) in all material respects on each Subsequent Closing Date (as defined in the Note Purchase Agreement); or 

 

	 	(h)	the occurrence of any event upon which, whether with the giving of notice, the passage of time or otherwise, would allow the Holder or holders of any indebtedness of
the Company or any of its subsidiaries to accelerate or otherwise demand repayment or repurchase prior to the scheduled maturity thereof of any such indebtedness or the acceleration of any such indebtedness. 

  
 -10-

 Upon the occurrence of an Event of Default, the Holder shall have then, or at any time
thereafter, all of the rights and remedies afforded by the Uniform Commercial Code as from time to time in effect in the State of Delaware or afforded by other applicable law. 

 

	5.	General. 

  

	 	(a)	Successors and Assigns. This Senior Note, and the obligations and rights of the Company hereunder, shall be binding upon and inure to the benefit of the Company,
the Holder, and their respective heirs, successors and permitted assigns. 

  

	 	(b)	Recourse. Recourse under this Senior Note shall be to the Company and its assets only, and in no event to the officers, directors or shareholders of the Company.

  

	 	(c)	Changes. Changes in or additions to this Senior Note may be made or compliance with any term, covenant, agreement, condition or provision set forth herein may be
omitted or waived (either generally or in a particular instance and either retroactively or prospectively) upon written consent of the Company and the Senior Majority and shall not, for the avoidance of doubt, separately require the consent of the
Holder; provided, however, any amendment modification or waiver of a provision of the Senior Notes that by its terms treats the Holder in a materially different and adverse manner relative to the other Noteholders shall not be binding
as to the Holder unless the Holder consents in writing to the amendment, modification or waiver; provided, further, that no such amendment, waiver or consent shall: (i) reduce the principal amount outstanding hereunder without the
Holder’s written consent, or (ii) reduce the rate of interest hereof without the Holder’s written consent. 

  

	 	(d)	Governing Law. This Senior Note shall be governed by and construed in accordance with the law of the State of Delaware, excluding the body of law relating to
conflict of laws. Notwithstanding anything to the contrary contained herein, in no event may the effective rate of interest collected or received by the Holder hereof exceed that which may be charged, collected or received by the Holder under
applicable law. 

  

	 	(e)	 Notices. All notices, requests, consents and demands shall be made in writing and shall be mailed postage prepaid, or delivered by hand, to the
Company at the Company’s principal offices or to the Holder at the address of the Holder set forth in the Note Purchase Agreement or to such other address as may be furnished in writing to the other party hereto, and in addition may be
delivered by telex, telecopy, electronic mail or facsimile transmission. All notices, requests, consents and other communications hereunder shall be deemed to have been given either (i) if by hand, at the time of the delivery thereof to the
receiving party at the address of such party set forth above, (ii) if made by telex, telecopy, electronic mail or facsimile transmission, at the time that receipt thereof has been acknowledged by electronic confirmation or otherwise,
(iii) if sent by overnight courier, on the next business day following the day such notice is delivered to the courier service, or (iv) if sent by registered or certified mail, on the 3rd business day following the day such mailing is made.

  
 -11-

	 	(f)	Jurisdiction. THE COMPANY AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS SENIOR NOTE, THE NOTE PURCHASE AGREEMENT OR ANY OTHER RELATED DOCUMENT MAY BE BROUGHT
IN THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURTS AND SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON THE COMPANY AT ITS PRINCIPAL OFFICES. THE COMPANY HEREBY
WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT COURT. 

 

	 	(g)	Trial by Jury. The Company hereby waives its right to a jury trial with respect to any action or claim arising out of any dispute in connection with this Senior
Note, any rights or obligations hereunder or the performance of such rights and obligations. 

  

	 	(h)	Waiver. To the extent permitted by applicable law, the Company shall not assert, and hereby waives, any claim against any Noteholder and their respective
affiliates, directors, employees, attorneys, agents or sub-agents, for special, indirect, consequential or punitive damages arising out of, in connection with, as a result of or related to, this Senior Note, the transactions contemplated hereby or
thereby, including the loan hereunder or the use of the proceeds thereof. 

 [Remainder of Page Intentionally
Left Blank] 

  
 -12-

 IN WITNESS WHEREOF, this Senior Note has been executed and delivered on the date
first above written by the duly authorized representative of the Company. 
  

			
	RIB-X PHARMACEUTICALS, INC.
		
	By:	 	 
	Name:	 	Mark Leuchtenberger
	Title:	 	President and Chief Executive Officer

  
 -13-

 ANNEX A 

 

			
	 EXAMPLE 1 ($100 MILLION PRE-MONEY VALUATION)

 
 FOR ILLUSTRATION PURPOSES ONLY

 
 ($ and shares in millions; certain figures are
rounded, thus results of equations in the parentheticals below
  
 may not equal the corresponding amount indicated in the table)
  

	IPO Date	 	June 30, 2012
		
	Pre-Money Valuation	 	$100
		
	Aggregate outstanding amount (2011 Notes)	 	$21.9
		
	Aggregate outstanding amount (2010 Notes)	 	$18.0
		
	Aggregate outstanding amount (2009 Notes)	 	$48.1
		
	Other Common Shares	 	465
		
	Other Common Shares Allocable Amount	 	0.008
		
	Implied Fully Diluted Waterfall Shares	 	58,155 (465/0.008)
		
	Implied Waterfall Value Per Share	 	$0.0017 ($100/58,155)
		
	Base Conversion Price	 	$0.6189
		
	Base Notional Conversion Price	 	$0.2149 ($100/465)
	  
 Waterfall Calculation

 

	2011 Notes	 	
		
	2011 Applicable Waterfall Percentage	 	0.80
		
	2011 Required Waterfall Return	 	$65.7 ($21.9*3.0)
		
	2011 Notes Base Waterfall Conversion Shares	 	46,524 (0.8*58,155)
		
	2011 Notes Maximum Waterfall Conversion Shares	 	38,225 ($65.7/$0.0017)
		
	2011 Notes Waterfall Conversion Shares	 	38,225 (lesser of 46,524 and 38,225)
		
	2010 Notes	 	
		
	2010 Applicable Waterfall Percentage	 	0.96

  
 -1-

			
		
	2010 Required Waterfall Return	 	$54.1 ($18.0*3.0)
		
	2010 Notes Base Waterfall Conversion Shares	 	17,604 ((0.96*58,155)-38,225)
		
	2010 Notes Maximum Waterfall Conversion Shares	 	31,475 ($54.1/$0.0017)
		
	2010 Notes Waterfall Conversion Shares	 	17,604 (lesser of 17,604 and 31,475)
		
	2009 Notes	 	
		
	2009 Required Waterfall Return	 	$64.1 ($48.1/0.75)
		
	2009 Notes Base Waterfall Conversion Shares	 	1,861 (58,155-38,225-17,604-465)
		
	2009 Notes Maximum Waterfall Conversion Shares	 	37,306 ($64.1/$0.0017)
		
	2009 Notes Waterfall Conversion Shares	 	1,861 (lesser of 1,861 and 37,306)
		
	Aggregate Senior Notes	 	
		
	Aggregate Senior Notes Waterfall Conversion Shares	 	55,829 (17,604+38,225)
		
	Aggregate Senior Notes Waterfall Conversion Share Value	 	$96.0 ($0.0017*(17,604+38,225))
	  
 Notional Conversion
Calculation
  

	2009 Notes	 	
		
	2009 Notes Applicable Notional Conversion Price	 	$0.1612 (lesser of ($0.2149*0.75) and $0.6189)
		
	2009 Notes Notional Conversion Shares	 	298 ($48.1/$0.1612)
		
	Aggregate Senior Notes	 	
		
	2011 Notes Applicable Notional Conversion Price	 	$0.0716 (lesser of ($0.2149/3.0) and $0.6189)
		
	2011 Notes Notional Conversion Shares	 	306 ($21.9/$0.0716)
		
	2010 Notes Applicable Notional Conversion Price	 	$0.0716 (lesser of ($0.2149/3.0) and $0.6189)
		
	2010 Notes Notional Conversion Shares	 	252 ($18.0/$0.0716)
		
	Aggregate Senior Notes Notional Conversion Shares	 	558 (252 + 306)
		
	Implied Notional Value Per Share	 	$0.0757 ($100/(558 + 298 + 465))
		
	Aggregate Senior Notes Notional Conversion Share Value	 	$42.2 ($0.0757*558)

  
 -2-

			
	 2011 Notes Conversion Shares

 

	2011 Notes Conversion Shares	 	38,225 ($96.0 > $42.2)
		
	2010 Notes Conversion Shares	 	17,604 ($96.0 > $42.2)
		
	2009 Notes Conversion Shares	 	1,861 ($96.0 > $42.2)
	  
 Conversion Shares

 

	Outstanding Amount	 	$5
		
	Note Percentage (2011)	 	0.23 (5/21.9)
		
	Conversion Shares in Respect of Outstanding Amount (2011)	 	8,727 (38,225*0.23)
		
	Note Percentage (2010)	 	0.28 (5/18.0)
		
	Conversion Shares in Respect of Outstanding Amount (2010)	 	4,890 (17,604*0.28)
		
	Note Percentage (2009)	 	0.10 (5/48.1)
		
	Conversion Shares in Respect of Outstanding Amount (2009)	 	193 (1,861*0.10)

  
 -3-

			
	 EXAMPLE 2 ($200 MILLION PRE-MONEY VALUATION)

 
 FOR ILLUSTRATION PURPOSES ONLY

 
 ($ and shares in millions; certain figures are
rounded, thus results of equations in the parentheticals below
  
 may not equal the corresponding amount indicated in the table)
  

	IPO Date	 	June 30, 2012
		
	Pre-Money Valuation	 	$200
		
	Aggregate outstanding amount (2011 Notes)	 	$21.9
		
	Aggregate outstanding amount (2010 Notes)	 	$18.0
		
	Aggregate outstanding amount (2009 Notes)	 	$48.1
		
	Other Common Shares	 	465
		
	Other Common Shares Allocable Amount	 	0.008
		
	Implied Fully Diluted Waterfall Shares	 	58,155 (465/0.008)
		
	Implied Waterfall Value Per Share	 	$0.0344 ($200/58,155)
		
	Base Conversion Price	 	$0.6189
		
	Base Notional Conversion Price	 	$0.4299 ($200/465)
	  
 Waterfall Calculation

 

	2011 Notes	 	
		
	2011 Applicable Waterfall Percentage	 	0.80
		
	2011 Required Waterfall Return	 	$65.7 ($21.9*3.0)
		
	2011 Notes Base Waterfall Conversion Shares	 	46,524 (0.8*58,155)
		
	2011 Notes Maximum Waterfall Conversion Shares	 	1,912 ($65.7/$0.0344)
		
	2011 Notes Waterfall Conversion Shares	 	1,912 (lesser of 46,524 and 1,912)
		
	2010 Notes	 	
		
	2010 Applicable Waterfall Percentage	 	0.96

  
 -4-

			
	2010 Required Waterfall Return	 	$54.1 ($18.0*3.0)
		
	2010 Notes Base Waterfall Conversion Shares	 	53,917 ((0.96*58,155)-1,912)
		
	2010 Notes Maximum Waterfall Conversion Shares	 	1,574 ($54.1/$0.0344)
		
	2010 Notes Waterfall Conversion Shares	 	1,574 (lesser of 53,917 and 1,574)
		
	2009 Notes	 	
		
	2009 Required Waterfall Return	 	$64.1 ($48.1/0.75)
		
	2009 Notes Base Waterfall Conversion Shares	 	54,204 (58,155-1,912-1,574-465)
		
	2009 Notes Maximum Waterfall Conversion Shares	 	1,866 ($64.1/$0.0344)
		
	2009 Notes Waterfall Conversion Shares	 	1,866 (lesser of 54,204 and 1,866)
		
	Aggregate Senior Notes	 	
		
	Aggregate Senior Notes Waterfall Conversion Shares	 	3,486 (1,574+1,912)
		
	Aggregate Senior Notes Waterfall Conversion Share Value	 	$119.9 ($0.0344*(1,574+1,912))
	  
 Notional Conversion
Calculation
  

	2009 Notes	 	
		
	2009 Notes Applicable Notional Conversion Price	 	$0.3224 (lesser of ($0.4299*0.75) and $0.6189)
		
	2009 Notes Notional Conversion Shares	 	149 ($48.1/$0.3224)
		
	Aggregate Senior Notes	 	
		
	2011 Notes Applicable Notional Conversion Price	 	$0.1433 (lesser of ($0.4299/3.0) and $0.6189)
		
	2011 Notes Notional Conversion Shares	 	153 ($21.9/$0.1433)
		
	2010 Notes Applicable Notional Conversion Price	 	$0.1433 (lesser of ($0.4299/3.0) and $0.6189)
		
	2010 Notes Notional Conversion Shares	 	126 ($18.0/$0.1433)
		
	Aggregate Senior Notes Notional Conversion Shares	 	279 (126 + 153)
		
	Implied Notional Value Per Share	 	$0.2239 ($200/(279 + 149 + 465))
		
	Aggregate Senior Notes Notional Conversion Share Value	 	$62.4 ($0.2239*279)

  
 -5-

			
	 2011 Notes Conversion Shares

 

	2011 Notes Conversion Shares	 	1,912 ($119.9 > $62.4)
		
	2010 Notes Conversion Shares	 	1,574 ($119.9 > $62.4)
		
	2009 Notes Conversion Shares	 	1,866 ($119.9 > $62.4)
	  
 Conversion Shares

 

	Outstanding Amount	 	$5
		
	Note Percentage (2011)	 	0.23 (5/21.9)
		
	Conversion Shares in Respect of Outstanding Amount (2011)	 	437 (1,912*0.23)
		
	Note Percentage (2010)	 	0.28 (5/18.0)
		
	Conversion Shares in Respect of Outstanding Amount (2010)	 	437 (1,574*0.28)
		
	Note Percentage (2009)	 	0.10 (5/48.1)
		
	Conversion Shares in Respect of Outstanding Amount (2009)	 	194 (1,866*0.10)

  
 -6-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}]]