Document:

EX-10.21

 Exhibit 10.21 
  

	***	INDICATES MATERIAL THAT WAS OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

  

			
	

	 	 

 Syndax Pharmaceuticals, Inc. 

400 Totten Pond Road, Suite 140 
 Waltham, Massachusetts 02451

 USA 
 Attention: Arlene M. Morris, Chief Executive Officer

  

			
	 Re:  License, Development and Commercialization Agreement dated as of
March 26, 2007, as amended, (the “License Agreement”) between Bayer Pharma AG (formerly known as Bayer Schering Pharma AG), a German corporation (“Bayer”), and Syndax Pharmaceuticals, Inc., a Delaware corporation
(“Syndax”)
  
 Dear Ms. Morris:

 
 The purpose of this letter is to memorialize certain understandings between Bayer and
Syndax regarding payment of the first milestone listed in Section 6.3.1 of the License Agreement.
  

Syndax has confirmed that the first milestone listed in Section 6.3.1 of the License Agreement (that is, “Signature of an informed consent form by a
patient in a Phase III Clinical Trial”) has been achieved as of 30 June 2014.
  

Notwithstanding the requirement that the $2,000,000 payment related to the first milestone listed in Section 6.3.1 of the License Agreement (that is,
“Signature of an informed consent form by a patient in a Phase III Clinical Trial”) shall be made by Syndax to Bayer within *** following achievement of such milestone, payment shall be made in two (2) installments as follows:
	  	  
 18.09.2014

 
 Bayer Pharma AG

Julio Triana
  

Postadresse:
 13342 Berlin, Deutschland Besucheradresse:

Műllerstraße 178
 13353 Berlin. Deutschland

Tel. +49 30 468 193887
 Julio.triana@bayer.com

 
 www.bayerpharma.de

 
 Vorstand:

Dieter Weinand
 Vorsitzender

Hartmut Klusik
 Manfred Vehreschild

 
 Vorsitzender des

Aufsichtsrats:
 Michael Kőnig

 

	  
	  
	  
	  

  

							
	 Installments
	  	Payment	 	  	 Sitz der Gesellschaft:

Berlin
 Eintragung:

Amtsgericht Charlottenburg
 HRB 283

	 1. First installment due no later than December 31, 2014
	  	$	1,000,000	  	  
	 2. Second installment due upon the earlier of (i) receiving gross proceeds of at least $50,000,000 from an equity financing
(public or private) or (ii) July 31, 2015
	  	$	1,000,000	  	  

  
 1 

 The payment shall be subject to late payment interest at 2.231% (the three (3) month LIBOR rate as of
30 June 2014, plus a premium of two percent (2%)). Interest shall be calculated based on the actual number of days in the interest period divided by 360 and shall be calculated from the original due date (inclusive) until the date of payment
(exclusive). 
 Capitalized terms, unless defined herein, have the meaning given to such term in the Agreement. Except as agreed to in this letter, all
other provisions of the Agreement shall remain in full force and effect. 
 If you are in agreement with this summary, please countersign a copy of this
letter and return it to Claudia Karnbach by e-mail at ***. 
 Very truly yours, 
  

					
	BAYER PHARMA AG
		
	By:	 	 /s/ Julio Triana

	Name:	 	Julio Triana
	Title:	 	Senior Vice President
		
	By:	 	 /s/ Sven Hauser

	Name:	 	Sven Hauser
	Title:	 	Vice President
	
	ACKNOWLEDGED AND AGREED:
	
	SYNDAX PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Arlene M. Morris

	Name:	 	Arlene M. Morris
	Title:	 	President and CEO
		
	Date:	 	10/4/2014

  

	***	INDICATES MATERIAL THAT WAS OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT WAS REQUESTED. ALL SUCH OMITTED MATERIAL WAS FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

  
 2EX-10.35

 Exhibit 10.35 

FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT 

THIS FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of September 25, 2014 (the
“Amendment Effective Date”), is made among Syndax Pharmaceuticals, Inc., a Delaware corporation (the “Borrower”), Solar Capital Ltd., a Maryland corporation (“SolarCap”), in its capacity
as collateral agent (in such capacity, “Collateral Agent”) and the Lenders listed on Schedule 1.1 (as amended herein) of the Loan and Security Agreement (as defined below) or otherwise a party hereto from time to time including
SolarCap in its capacity as a Lender (each a “Lender” and collectively, the “Lenders”). 
 The Borrower,
the Lenders and the Collateral Agent are parties to a Loan and Security Agreement dated as of June 13, 2014 (the “Loan and Security Agreement”). The Borrower has requested that the Lenders agree to certain amendments to the
Loan and Security Agreement. The Lenders have agreed to such request, subject to the terms and conditions hereof. 
 Accordingly, the
parties hereto agree as follows: 
 SECTION 1 Definitions; Interpretation. 

(a) Terms Defined in Loan and Security Agreement. All capitalized terms used in this Amendment (including in the recitals hereof) and
not otherwise defined herein shall have the meanings assigned to them in the Loan and Security Agreement. 
 (b) Interpretation. The
rules of interpretation set forth in Section 1.1 of the Loan and Security Agreement shall be applicable to this Amendment and are incorporated herein by this reference. 

SECTION 2 Amendments to the Loan and Security Agreement. 

(a) The Loan and Security Agreement shall be amended as follows effective as of the Amendment Effective Date: 

(i) Definitions Chart. The chart of definitions in Section 1.3 is amended as follows: (A) a new line for “Term C
Loan” is added, which is defined in Section 2.2(a)(iii), (B) a new line for “Term D Loan” is added, which is defined in Section 2.2(a)(iv), and (C) the Section reference for “Term Loan” is changed to
Section 2.2(a)(iv). 
 (ii) New Definitions. The following definitions are added to Section 1.3 in their proper
alphabetical order: 
 “First Amendment Effective Date” means September 25, 2014. 

“Term A Condition” means that Borrower has received a minimum of Four Million, Nine Hundred Forty-Five
Thousand Dollars ($4,945,000.00) in net proceeds from a bona fide financing (in the form of debt, convertible debt or equity) from existing investors or other private equity or venture capital investors subject to terms and conditions reasonably
acceptable to Collateral Agent (including without limitation that any such debt be deeply subordinated to the Obligations pursuant to a subordination agreement reasonably acceptable to Collateral Agent) after September 5, 2014 but on or before
September 30, 2014. 
 “Term B Condition” means the satisfaction of both of the following by
December 31, 2014: (a) the Term A Loans have been fully funded, and (b) Borrower has received a minimum of Fifteen Million Dollars ($15,000,000.00) in net proceeds (excluding any proceeds received in connection with the satisfaction
of the Term A Condition) from a bona fide financing in the form of a sale of the Borrower’s Series C Preferred Stock to 

  
 1 

 
existing investors or other private equity or venture capital investors subject to terms and conditions reasonably acceptable to Collateral Agent. 

“Term C Condition” means the satisfaction of both of the following by December 31, 2014: (a) the
Term A Loans have been fully funded, and (b) Borrower has received a minimum of Twenty Million Dollars ($20,000,000.00) in net proceeds from a strategic transaction in only Japan and South Korea subject to terms and conditions reasonably
acceptable to Collateral Agent. 
 “Term D Condition” means the satisfaction of both of the following by
June 30, 2015: (a) the Term A Loans and either the Term B Loans or the Term C Loans have been fully funded, and (b) the consummation of an IPO resulting in the receipt of at least Thirty-Seven Million Dollars ($37,000,000.00) in net
proceeds to Borrower. 
 (iii) Amended and Restated Definitions. The following definitions are hereby amended and restated as
follows: 
 “Amortization Date” is, (i) with respect to the Term A Loans, July 1, 2015 (provided,
however, that prior to July 1, 2015, Borrower may extend such date to October 1, 2016 if the Term A Loans, the Term D Loans, and either the Term B Loans or the Term C Loans are fully advanced, by providing notice to the Collateral Agent
requesting such extension) and (ii) with respect to Term Loans other than the Term A Loans, the Amortization Date then in effect for the Term A Loans. 

(iv) Amended Definitions. The following definitions are hereby amended as follows: 

“Prepayment Fee”. The definition of “Prepayment Fee” is hereby amended by replacing each
occurrence of “Term B Loan” therein with “Term Loan”. 
 “Non-Use Fee”. The definition
of “Non-Use Fee” is hereby amended by replacing “IPO Condition” therein with “Term A Condition”. 
 (v)
Deleted Definitions. The following definitions are hereby deleted in their entirety: (A) IPO Condition; (B) Second Draw Period. 

(vi) Section 2.2(a)(i). Section 2.2(a)(i) is hereby amended and restated as follows: 

(i) Subject to the terms and conditions of this Agreement and the prior satisfaction of the Term A Condition (as reasonably
determined by the Lenders), the Lenders agree, severally and not jointly, upon Borrower’s prior written request, to make term loans to Borrower within three (3) Business Days of receipt of such request (or on the First Amendment Effective
Date should the Term A Condition be satisfied prior to that date to the reasonable satisfaction of the Collateral Agent), in an aggregate principal amount of Five Million Dollars ($5,000,000.00) according to each Lender’s Term A Loan Commitment
as set forth on Schedule 1.1 hereto (such term loans are hereinafter referred to singly as a “Term A Loan”, and collectively as the “Term A Loans”). After repayment, no Term A Loan may be re-borrowed.
Notwithstanding anything to the contrary herein, the Lenders shall have no obligations to fund the Term A Loans after September 30, 2014. 

(vii) Section 2.2(a)(ii). Section 2.2(a)(ii) is hereby amended and restated as follows: 

  
 2 

 (ii) Subject to the terms and conditions of this Agreement and the prior
satisfaction of the Term B Condition (as reasonably determined by the Lenders), the Lenders agree, severally and not jointly, upon Borrower’s prior written request, to make term loans to Borrower within three (3) Business Days of receipt
of such request, which shall be irrevocable, in an aggregate principal amount, designated by the Borrower, of up to Three Million Dollars ($3,000,000.00), according to each Lender’s Term B Loan Commitment as set forth on Schedule 1.1 hereto
(such term loans are hereinafter referred to singly as a “Term B Loan”, and collectively as the “Term B Loans”). After repayment, no Term B Loan may be re-borrowed. Notwithstanding anything to the contrary herein,
the Lenders shall have no obligations to fund the Term B Loans after December 31, 2014. 
 (viii) Section 2.2(a)(iii). A
new Section 2.2(a)(iii) is hereby added as follows: 
 (iii) Subject to the terms and conditions of this Agreement and
the prior satisfaction of the Term C Condition (as reasonably determined by the Lenders), the Lenders agree, severally and not jointly, upon Borrower’s prior written request, to make term loans to Borrower within three (3) Business Days of
receipt of such request, which shall be irrevocable, in an aggregate principal amount, designated by the Borrower, of up to Four Million Dollars ($4,000,000.00), according to each Lender’s Term C Loan Commitment as set forth on Schedule 1.1
hereto (such term loans are hereinafter referred to singly as a “Term C Loan”, and collectively as the “Term C Loans”). After repayment, no Term C Loan may be re-borrowed. Notwithstanding anything to the contrary
herein, the Lenders shall have no obligations to fund the Term C Loans after December 31, 2014. 
 (ix) Section 2.2(a)(iv).
A new Section 2.2(a)(iv) is hereby added as follows: 
 (iv) Subject to the terms and conditions of this Agreement and
the prior satisfaction of the Term D Condition (as reasonably determined by the Lenders), the Lenders agree, severally and not jointly, upon Borrower’s prior written request, to make term loans to Borrower within three (3) Business Days of
receipt of such request, which shall be irrevocable, in an aggregate principal amount, designated by the Borrower, of up to Seven Million Dollars ($7,000,000.00) according to each Lender’s Term D Loan Commitment as set forth on
Schedule 1.1 hereto (such term loans are hereinafter referred to singly as a “Term D Loan”, and collectively as the “Term D Loans”; each Term A Loan, Term B Loan, Term C Loan or Term D Loan is hereinafter
referred to singly as a “Term Loan” and the Term A Loans, the Term B Loans, the Term C Loans and the Term D Loans are hereinafter referred to collectively as the “Term Loans”); provided, however, notwithstanding
anything herein to the contrary, the total Term Loan Commitment shall not exceed Fifteen Million Dollars ($15,000,000) and the Lenders shall not be required to advance Term D Loans in an amount that causes all Term Loans advanced by the Lenders to
exceed Fifteen Million Dollars ($15,000,000). After repayment, no Term D Loan may be re-borrowed. Notwithstanding anything to the contrary herein, the Lenders shall have no obligations to fund the Term D Loans after June 30, 2015. 

(x) Section 3.2(d). Section 3.2(d) is hereby amended by adding “, Term C Loan or Term D Loan, as applicable”
immediately after “Term B Loan” therein. 
 (xi) Lenders and Commitments. Schedule 1.1 of the Loan Agreement, the Schedules
of Lenders and Commitments, is hereby amended and restated in its entirety with Annex A hereto. 

  
 3 

 (b) References Within Loan and Security Agreement. Each reference in the Loan and Security
Agreement to “this Agreement” and the words “hereof,” “herein,” “hereunder,” or words of like import, shall mean and be a reference to the Loan and Security Agreement as amended by this Amendment. 

SECTION 3 Conditions of Effectiveness. The effectiveness of Section 2 of this Amendment shall be subject to the satisfaction of each of the
following conditions precedent: 
 (a) Fees and Expenses. The Borrower shall have paid (i) all invoiced costs
and expenses then due in accordance with Section 5(d), and (ii) all other fees, costs and expenses, if any, due and payable as of the Amendment Effective Date under the Loan and Security Agreement. 

(b) This Amendment. The Collateral Agent shall have received this Amendment, executed by the Collateral Agent, the Lenders and the
Borrower. 
 (c) Representations and Warranties; No Default. On the Amendment Effective Date, after giving effect to the amendment of
the Loan and Security Agreement contemplated hereby: 
 (i) The representations and warranties contained in Section 4 shall be
true and correct on and as of the Amendment Effective Date as though made on and as of such date; and 
 (ii) There exist no Events of
Default or events that with the passage of time would result in an Event of Default. 
 SECTION 4 Representations and Warranties. To induce the
Lenders to enter into this Amendment, the Borrower hereby confirms, as of the date hereof, (a) that the representations and warranties made by it in Section 5 of the Loan and Security Agreement and in the other Loan Documents are true and
correct in all material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof. For the
purposes of this Section 4, (i) each reference in Section 5 of the Loan and Security Agreement to “this Agreement,” and the words “hereof,” “herein,” “hereunder,” or words of like import in such
Section, shall mean and be a reference to the Loan and Security Agreement as amended by this Amendment, and (ii) any representations and warranties which relate solely to an earlier date shall not be deemed confirmed and restated as of the date
hereof (provided that such representations and warranties shall be true, correct and complete as of such earlier date); (b) that there has not been and there does not exist a Material Adverse Change; and (c) other than as updated on
Exhibit A attached hereto, that the information included in the Perfection Certificate delivered to Collateral Agent on the Effective Date remains true and correct. 

SECTION 5 Miscellaneous. 
 (a) Loan
Documents Otherwise Not Affected; Reaffirmation. Except as expressly amended pursuant hereto, the Loan and Security Agreement and the other Loan Documents shall remain unchanged and in full force and effect and are hereby ratified and confirmed
in all respects. The Lenders’ and the Collateral Agent’s execution and delivery of, or acceptance of, this Amendment shall not be deemed to create a course of dealing or otherwise create any express or implied duty by any of them to
provide any other or further amendments, consents or waivers in the future. The Borrower hereby reaffirms the grant of security under Section 4.1 of the Loan and Security Agreement and hereby reaffirms that such grant of security in the
Collateral secures all Obligations under the Loan and Security Agreement, including without limitation any Term Loans funded on or after the Amendment Effective Date, as of the date hereof. 

(b) Conditions. For purposes of determining compliance with the conditions specified in Section 3, each Lender that has
signed this Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the
Collateral Agent shall have received notice from such Lender prior to the Amendment Effective Date specifying its objection thereto. 

  
 4 

 (c) No Reliance. The Borrower hereby acknowledges and confirms to the Collateral Agent and
the Lenders that the Borrower is executing this Amendment on the basis of its own investigation and for its own reasons without reliance upon any agreement, representation, understanding or communication by or on behalf of any other Person. 

(d) Costs and Expenses. The Borrower agrees to pay to the Collateral Agent within thirty days of its receipt of an invoice (or on the
Amendment Effective Date to the extent invoiced prior at least one (1) Business Day prior to the Amendment Effective Date), the reasonable out-of-pocket costs and expenses of the Collateral Agent and the Lenders party hereto, and the reasonable
fees and disbursements of counsel to the Collateral Agent and the Lenders party hereto (including allocated costs of internal counsel), in connection with the negotiation, preparation, execution and delivery of this Amendment and any other documents
to be delivered in connection herewith on the Amendment Effective Date or after such date. 
 (e) Binding Effect. This Amendment
binds and is for the benefit of the successors and permitted assigns of each party. 
 (f) Governing Law. THIS AMENDMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES OF SUCH
STATE), INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, REGARDLESS OF THE LOCATION OF THE COLLATERAL. 
 (g)
Complete Agreement; Amendments; Success Fee Agreement. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements with respect to such subject matter. All
prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Agreement and the Loan Documents. For the avoidance of doubt and
notwithstanding anything to the contrary in this Amendment, Borrower (a) reaffirms its obligations under the Success Fee Agreement, including without limitation its obligation to pay the Success Fee (as defined in the Success Fee Agreement) if
and when due thereunder, and (b) agrees that the defined term “Loan Agreement” as defined in the Success Fee Agreement shall on and after the Amendment Effective Date mean the Loan Agreement as amended by this Amendment and as may be
amended, restated or modified from time to time on or after the Amendment Effective Date. 
 (h) Severability of Provisions. Each
provision of this Amendment is severable from every other provision in determining the enforceability of any provision. 
 (i)
Counterparts. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 

(j) Loan Documents. This Amendment and the other Amendment Documents shall constitute Loan Documents. 

[Balance of Page Intentionally Left Blank; Signature Pages Follow] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment, as of the date first
above written. 
  

			
	 BORROWER:

	
	 SYNDAX PHARMACEUTICALS, INC.

as Borrower

		
	 By:
	 	 /s/ Arlene M. Morris

	 Title:
	 	 President and CEO

	
	 COLLATERAL AGENT AND LENDERS:

	
	 SOLAR CAPITAL LTD.,

as Collateral Agent and a Lender

		
	 By:
	 	 /s/ Anthony Storino

	 Name:
	 	 Anthony Storino

	 Title:
	 	 Authorized Signatory

  
 S-1 

 SCHEDULE 1.1 

Lenders and Commitments 

Term A Loans 
  

									
	 Lender
	  	Term Loan Commitment	 	 	Commitment Percentage	 
	 Solar Capital Ltd.
	  	$	5,000,000	  	 	 	100.00	% 
	 TOTAL
	  	$	5,000,000	  	 	 	100.00	% 
	
	 Term B Loans
	   

			
	 Lender
	  	Term Loan Commitment	 	 	Commitment Percentage	 
	 Solar Capital Ltd.
	  	$	3,000,000	  	 	 	100.00	% 
	 TOTAL
	  	$	3,000,000	  	 	 	100.00	% 
	
	Term C Loans	  
			
	 Lender
	  	Term Loan Commitment	 	 	Commitment Percentage	 
	 Solar Capital Ltd.
	  	$	4,000,000	  	 	 	100.00	% 
	 TOTAL
	  	$	4,000,000	  	 	 	100.00	% 
	
	Term D Loans	  
			
	 Lender
	  	Term Loan Commitment	 	 	Commitment Percentage	 
	 Solar Capital Ltd.
	  	$	7,000,000	* 	 	 	100.00	% 
	 TOTAL
	  	$	7,000,000	* 	 	 	100.00	% 
	
	 Aggregate (all Term Loans)
	   

			
	 Lender
	  	Term Loan Commitment	 	 	Commitment Percentage	 
	 Solar Capital Ltd.
	  	$	15,000,000	  	 	 	100.00	% 
	 TOTAL
	  	$	15,000,000	  	 	 	100.00	% 

  

	*	The total Term Loan Commitment shall not exceed Fifteen Million Dollars ($15,000,000) and the Lenders shall not be required to advance Term D Loans in an amount that causes all Term Loans advanced by the Lenders to
exceed Fifteen Million Dollars ($15,000,000).

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