Document:

Exhibit 4.1

 

INDUSTRIAL PROPERTY TRUST INC.

Third Amended and Restated Share Redemption Program

As Adopted by the Board of Directors, effective January 8, 2020

 

Definitions

 

Company — Shall mean Industrial Property Trust Inc. or its successor. The Company may be referred to as “we” or “our” within the context of this document.

 

Operating Partnership — Shall mean Industrial Property Operating Partnership LP.

 

Operating Partnership Agreement — Shall mean the Limited Partnership Agreement of the Operating Partnership, as amended from time to time.

 

OP Units — Shall mean limited partnership interests in the Operating Partnership.

 

Third Amended and Restated Share Redemption Program

 

Our share redemption program is available solely in connection with the death of a stockholder in accordance with the procedures outlined below, subject to certain conditions and limitations described below and applicable law. At the time that a request for redemption is submitted, we may, subject to the conditions and limitations described below, redeem the shares of our common stock presented for redemption for cash to the extent that we have sufficient funds available to fund such redemption. There is no fee in connection with a redemption of shares of our common stock. The share redemption program will be immediately terminated if a secondary market is otherwise established or if the aggregate amount of redemption proceeds paid under this share redemption program (as amended and restated effective January 8, 2020) equals $1.0 million.

 

In the event of the death of a stockholder, the deceased stockholder’s shares will be redeemed at a price equal to the estimated net asset value per share most recently announced by the Company in a public filing with the Securities and Exchange Commission (the “Commission”) as of the Applicable Quarter End (defined below); provided, however, that any such redemption request with respect to the death of a stockholder must be submitted to us within 18 months after the date of death, as further described below. Our board of directors reserves the right in its sole discretion at any time and from time to time to (a) reject any request for redemption for any reason or (b) reduce the amount of our common stock allowed to be redeemed under the share redemption program.

 

We are not obligated to redeem shares of our common stock under the share redemption program. We presently intend to cap the aggregate amount of shares to be redeemed such that redemption proceeds paid under the share redemption program shall not exceed $1.0 million (the “Aggregate Redemption Cap”).

 

Our board of directors may, in its sole discretion, amend, suspend, or terminate the share redemption program at any time if it determines that the funds available to fund the share redemption program are needed for other business or operational purposes or that amendment, suspension or termination of the share redemption program is in the best interest of our stockholders. Any amendment, suspension or termination of the share redemption program will not affect the rights of holders of OP Units to cause us to redeem their OP Units for, at our sole discretion, shares of our common stock, cash, or a combination of both pursuant to the Operating Partnership Agreement. If our board of directors decides to materially amend, suspend or terminate the share redemption program, we will provide stockholders with prompt written notice, which we will provide by filing a Current Report on Form 8-K with the Commission. Therefore, you may not have the opportunity to make a redemption request prior to any potential suspension, amendment or termination of our share redemption program.

 

We intend to redeem shares of our common stock quarterly under the program. All requests for redemption must be made in writing and received by us at least 15 days prior to the end of the applicable quarter (the “Applicable Quarter End”). Redemption requests may be withdrawn in whole or in part by submitting a request in writing that is received by us at any time up to three business days prior to the Applicable Quarter End.

 

We cannot guarantee that the funds set aside for the share redemption program will be sufficient to accommodate all requests made. In the event that the total amount of shares requested for redemption exceeds the Aggregate Redemption Cap, we plan to redeem the shares of our common stock on a pro rata basis until the Aggregate Redemption Cap is reached and then our share

 

 

redemption program will automatically terminate. However, such determinations regarding our share redemption program will not affect any determinations that may be made by our board of directors regarding requests by holders of OP Units for redemption of their OP Units pursuant to the Operating Partnership Agreement.

 

We will determine whether to approve redemption requests no later than 15 days following the Applicable Quarter End, which we refer to as the “Redemption Determination Date.” No later than three business days following the Redemption Determination Date, we will pay the redemption price in cash for shares approved for redemption and/or, as necessary, will notify each stockholder in writing if the stockholder’s redemption request was not honored in whole or in part.

 

Moreover, all shares of our common stock requested to be repurchased must be beneficially owned by the stockholder of record’s estate, heir or beneficiary, or the party requesting the repurchase must be authorized to do so by the stockholder of record’s estate, heir or beneficiary, and such shares of common stock must be fully transferable and not subject to any liens or encumbrances. In certain cases, we may ask the requesting party to provide evidence satisfactory to us that the shares requested for repurchase are not subject to any liens or encumbrances. If we determine that a lien exists against the shares, we will not be obligated to redeem any shares subject to the lien.

 

As set forth above, we will redeem shares upon the death of a stockholder who is a natural person, subject to the conditions and limitations described above, including shares held by such stockholder through a revocable grantor trust, or an IRA or other retirement or profit-sharing plan, after receiving written notice from the estate of the stockholder, the recipient of the shares through bequest or inheritance, or, in the case of a revocable grantor trust, the trustee of such trust, who shall have the sole ability to request redemption on behalf of the trust. We must receive the written redemption request within 18 months after the death of the stockholder. Such a written request must be accompanied by a certified copy of the official death certificate of the stockholder. If spouses are joint registered holders of shares, the request to redeem the shares may be made if either of the registered holders dies. If the stockholder is not a natural person, such as certain trusts or a partnership, corporation or other similar entity, the right of redemption upon death does not apply.

 

Shares of our common stock approved for redemption on the Redemption Determination Date will be redeemed by us under the share redemption program effective as of the Applicable Quarter End and will return to the status of authorized but unissued shares of common stock. We will not resell such shares of common stock to the public unless they are first registered with the Commission under the Securities Act of 1933, as amended, and under appropriate state securities laws or otherwise sold in compliance with such laws.

 

The federal income tax consequences of having shares redeemed pursuant to our share redemption program will vary depending upon the requesting parties’ particular circumstances, and they are urged to consult their own tax advisors regarding the specific tax consequences to them of participation in the share redemption program.

 

2AMENDMENT AGREEMENT

 

This Amendment Agreement (this "Amendment") dated as of January 27, 2020, is between GENEREX BIOTECHNOLOGY
CORPORATION, a Delaware corporation with a business address located at 10102 USA Today Way, Miramar, Florida, 33025 ("Generex")
and GH Care, Inc. D/B/A ALTuCELL, Inc., a New York C Corporation ("ALTuCELL").

 

Background

 

Pursuant to that certain Stock Purchase
Agreement between Generex and ALTuCELL dated November 15, 2019 (the "Agreement") whereby the “Closing” was scheduled
for December 31, 2019; Generex and ALTuCELL desire to amend the Agreement as set forth expressly below.

 

NOW THEREFORE, in consideration of the execution and delivery of the Amendment and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

	1.		The Closing, as defined in the Stock Purchase Agreement, will occur within 30 days
of the fully executed (both parties) signing of this Amendment, with the understanding that the Conditions Precedent to Closing,
as outlined in the Stock Purchase Agreement are met.

	2.		Generex will pay the $2.5 million upfront closing fee to ALTuCELL (minus payments
made to date) from the S1 registered share offering currently in progress, including the Roth Capital investment and/or the Oasis
Capital equity line of credit (E-LOC) that is currently signed and fully executed.

	3.		If the Closing is not completed within 30 days of signing this Amendment, the terms
of the Stock Purchase Agreement will no longer be in effect without a further written agreement mutually accepted by both parties,
which shall be negotiated in good faith to maintain the overall structure of the deal without material change.

	4.		Generex agrees to fund the ongoing operations of ALTuCELL during the extension period
prior to Closing with an upfront payment of $100,000 to Gary Harlem within 2 business days of signing this Amendment for funding
operations, initiating clinical programs, and general corporate purposes, such amount to be deducted from the purchase price,
else the extension and this Amendment shall be considered null and void.

	5.		If ALTuCELL chooses to cancel the deal as a result of delays due to forces beyond
the control of Generex, including government regulatory delays or extended reviews by regulators that delay approvals of corporate
actions, or by natural disasters or other unforeseen events beyond the control of Generex, ALTuCELL agrees to return all upfront
payments paid by Generex to date.

	6.		Generex and ALTuCELL will work in a reasonable and timely manner to complete any Ancillary
Agreements or other documents necessary to formerly effectuate the Stock Purchase Agreement within the 30-day extension of this
Amendment.

	7.		This Amendment shall be deemed part of but shall take precedence over and supersede
any provisions to the contrary contained in, the Stock Purchase Agreement. All of the provisions of the Agreement which are not
in conflict with the terms of this Amendment, shall remain in full force and effect.

 

Signature Page to Follow

 

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IN WITNESS WHEREOF, ALTuCELL and Generex hav executed
this Amendment as of the date first above written.

 

	GH CARE, INC. D/B/A ALTuCELL, INC.	 	GENEREX BIOTECHNOLOGY CORPORATION
	a New York Corporation	 	a Delaware Corporation
	 	 	 
	By /s/ Gay Harlem	 	By: /s/ Joseph Moscato
	Name: Gary Harlem	 	Name: Joseph Moscato
	Title: President and CEO	 	President & CEO

 

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