Document:

Exhibit 10.49

 

LEAK-OUT AGREEMENT

 

This leak-out agreement, (this “Agreement”), dated as of March   , 2016, by and between Combimatrix Corporation (the “Company”) and the holder identified on the signature page hereto (the “Holder”) of the Series F Convertible Preferred Stock, par value of $0.001 per share (the “Preferred Stock”), convertible into shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), issued in connection with the public offering (the “Offering”) of the Preferred Stock pursuant to the registration statement filed with the U.S. Securities and Exchange Commission on Form S-1 (registration No. 333-208704).  Defined terms not otherwise defined herein shall have the meanings set forth in the Certificate of Designation of Preferences, Rights and Limitations of the Series F Convertible Preferred Stock filed in connection with the Offering (the “Certificate of Designation”).

 

From the date hereof until such time that the Holder no longer holds Preferred Stock or shares of Common Stock issued upon conversion of the Preferred Stock (the “Leak Out Period”), the Holder agrees, on behalf of itself and each affiliate (as defined in Rule 405 under the Securities Act) of the Holder which (x) had knowledge of the transactions contemplated hereby, (y) has or shares discretion relating to the Holder’s investments or trading or information concerning the Holder’s investments, including in respect of the Securities, or (z) is subject to the Holder’s review or input concerning such affiliate’s investments or trading (collectively, “Trading Affiliates”), that, the Holder will not, and will cause each of its Trading Affiliates not to, sell, dispose or otherwise transfer, in the aggregate, more than their pro-rata portion of 40% of the composite trading volume of the Common Stock as reported by Bloomberg, LP on any Trading Day(as defined below) (such percentage of composite trading volume, the “Leak Out Trading Volume”); provided, however, that the provisions of this sentence shall not apply to any sale, disposal or other transfer at a price greater than $5.00 per share (appropriately adjusted for any stock split, reverse stock split, stock dividend or other reclassification or combination of the Common Stock occurring after the date hereof).  Each Holder and its Trading Affiliates may, in the aggregate, on any Trading Day, sell up to the pro-rata portion of the Leak Out Trading Volume calculated as the quotient of (A) the number of shares of Common Stock issued to the Holder and its Trading Affiliates in the Offering (including any shares of Common Stock acquirable upon conversion in full of the Preferred Stock (without giving effect to any limitations on conversion set forth in the Certificate of Designation filed by the Company with the State of Delaware in connection with the Offering (the “Certificate of Designation”)) divided by (B) the aggregate number of shares of Common Stock issued in the Offering as set forth on Schedule A attached hereto (including any shares of Common Stock acquirable upon conversion in full of the Preferred Stock issued in the Offering (without giving effect to any limitations on conversion set forth in the Certificate of Designation)).  In the event that the Holder does not sell its pro-rata portion of the Leak Out Trading Volume on a given Trading Day for the maximum amount permitted during the Leak Out Period, the Holder shall not be permitted to accumulate or roll-forward to a subsequent Trading Day the amount to which the Holder was entitled to sell on such Trading Day but elected not to sell.  Any fractional shares resulting from the calculations shall be rounded down to the nearest whole share.  For the purposes of clarification, it is acknowledged and understood, that in no event will the aggregate sales of Common Stock on any given Trading Day by the Holder and the other holders of the Preferred Stock who have entered into an agreement with the Company, substantially similar in form and substance to this agreement, exceed the Leak Out Trading Volume.   “Trading Day” means any day on which the Common Stock is

 

 

traded on the NASDAQ Capital Market, or, if the NASDAQ Capital Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded.  For clarity, nothing herein shall limit the rights of a Holder in connection with a Fundamental Transaction (as defined under both the Certificate of Designation and the Warrants).

 

The obligations of the Holder under this Agreement are several and not joint with the obligations of any other holder of Preferred Stock, and the Holder shall not be responsible in any way for the performance of the obligations of any other holder of Preferred Stock under any other agreement, as amended and restated.  Nothing contained herein or in any other agreement, as amended and restated, and no action taken by the Holder pursuant hereto, shall be deemed to constitute the Holder and the other holders of Preferred Stock as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holder and any other holder of Preferred Stock are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement or any other agreement and the Company acknowledges that, to the best of its knowledge, the Holder and the other holders of Preferred Stock are not acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement or any other agreement. The Company and the Holder confirm that the Holder has independently participated in the negotiation of the transactions contemplated hereby with the advice of its own counsel and advisors. The Holder shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement, and it shall not be necessary for any other holder of Preferred Stock to be joined as an additional party in any proceeding for such purpose.

 

The provisions of this Agreement and the other leak out agreements with the Preferred Stock holders in the Offering may be only be amended and/or waived with the prior written consent of the Company and the holders in interest of 67% or more of the then outstanding Preferred Stock (and Conversion Shares issued upon conversion of the Preferred Stock that are still held by the parties to this Agreement and the other similar agreements). This Agreement may be executed by the parties hereto in one or more counterparts, each of which shall be deemed an original and all of which when taken together shall constitute one and the same agreement.  Any signature delivered by a party by facsimile transmission shall be deemed to be an original signature hereto.

 

[Remainder of Page Intentionally Left Blank]

 

 

[SIGNATURE PAGE TO COMBIMATRIX LEAK-OUT AGREEMENT]

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

 

	
 
    	
COMBIMATRIX CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[NAME OF HOLDER]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
Dollar Amount of Preferred Stock:
    

 

[SIGNATURE PAGES CONTINUE]

 

 

SCHEDULE A

 

	
Name of Holder
    	
 
    	
Shares of Preferred
   Stock
    	
 
    	
Common Stock
   underlying Preferred
   StockEX-4.3

 Exhibit 4.3 
 SECOND AMENDING AGREEMENT to the Amended and Restated Credit Agreement dated as of July 20, 2011, as amended by the First Amending Agreement dated as of June 14, 2013, entered into in the
City of Montreal, Province of Quebec, as of January 28, 2015. 
  

			
	AMONG:	  	VIDÉOTRON LTÉE, a company constituted in accordance with the laws of Quebec, having its registered office at 612 St. Jacques Street, 18th floor, in the City of Montreal, Province of Quebec (hereinafter
called the “Borrower”)
		
	AND:	  	THE LENDERS, AS DEFINED IN THE CREDIT AGREEMENT (the “Lenders”)
		
	AND:	  	ROYAL BANK OF CANADA, AS ADMINISTRATIVE AGENT FOR THE LENDERS, a Canadian bank, having a place of business at 200 Bay Street, 12th floor, South Tower, Royal Bank Plaza, in
the City of Toronto, Province of Ontario (hereinafter called the “Agent”)
		
	AND:	  	HSBC BANK PLC, AS FINNVERA FACILITY AGENT, a bank governed by the laws of England and Wales, having a place of business at 8 Canada Square, Canary Wharf, London,
UK, E14 5HQ (hereinafter called the “Finnvera Facility Agent”)

 WHEREAS the parties hereto are parties to an Amended and Restated Credit Agreement dated as of
July 20, 2011, as amended by the First Amending Agreement dated as of June 14, 2013 (the “Credit Agreement”); 
 WHEREAS the Borrower has requested an amendment to the Credit Agreement to increase the permitted unsecured Debt basket of Section 13.7(i) from $100,000,000 to $250,000,000; 

WHEREAS the requisite majority of Lenders has agreed with the Borrower to the amendments contemplated hereby, and as such, the
Lenders have complied with the provisions of Section 18.14 and 18.15 of the Credit Agreement, as evidenced by the signature of the Agent on this Agreement; 
 NOW THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS: 
  

	I.	INTERPRETATION 

 All of
the words and expressions which are capitalized herein shall have the meanings ascribed to them in the Credit Agreement unless otherwise indicated herein. 

	II.	AMENDMENTS 

 1. Section 13.7 of the
Credit Agreement is amended by replacing the number “$100,000,000” in clause (i) with the number “$250,000,000”. Consequently, Section 13.7 now provides as follows: 

“13.7 Debt and Guarantees 
 Incur or assume Debt, provide Guarantees or render itself liable in any manner whatsoever, directly or indirectly, for any Indebtedness or obligation whatsoever of another Person, except
(a) hereunder for the purposes set forth in Section 3.1; (b) that a member of the VL Group may provide financial assistance to another member of the VL Group to the extent that the Borrower complies with the provisions of
Section 12.12; (c) unsecured Debt not exceeding $75,000,000 under the Tranche B Finnvera credit agreement entered into among the Borrower, HSBC Bank plc, The Toronto-Dominion Bank, Credit Suisse and Sumitomo Banking Corporation of Canada
dated as of November 13, 2009; (d) in connection with Debt incurred or assumed that is secured by Permitted Charges, and within the limits applicable thereto; (e) in connection with Back-to-Back Transactions and Tax Benefit
Transactions including by way of unsecured daylight loans; (f) that the Borrower may incur or assume unsecured Debt by way of Additional Offerings, and that a member of the VL Group may provide unsecured Guarantees in respect of obligations of
the Borrower under any such Debt outstanding at any time, to the extent that the Borrower complies with the applicable Leverage Ratio calculated on a pro forma basis and, subject to the provisions of Section 9.3, such member has provided
a Guarantee under subsection 9.1.1 or provides such a Guarantee contemporaneously with its Guarantee in relation to the Additional Offering; (g) unsecured Debt by way of Additional Offerings incurred by the Borrower before the Closing Date and
listed in Schedule “H” and including, subject to Section 9.3, unsecured Guarantees by members of the VL Group in respect of obligations of the Borrower under such Debt outstanding at any time; (h) the Borrower may borrow
Subordinated Debt from Quebecor Media Inc. in a principal amount outstanding from time to time of up to $500,000,000, with interest at a rate not exceeding the greater of (y) the three month bankers’ acceptance rate quoted on Reuter’s
Services, page CDOR, as at approximately 10:00 a.m. on such day plus 3.0% per annum, or (z) 7% per annum (together with interest accrued thereon or paid in kind, the “QMI Subordinated Debt”); (i) additional
unsecured Debt of up to $250,000,000; (j) in connection with other Subordinated Debt; (k) unsecured daylight loans incurred in connection with Tax Consolidation Transactions, provided that prior to incurring the daylight loan made at the
initiation of any Tax Consolidation Transaction in a minimum amount of $75,000,000, the Agent shall have been informed by the Borrower of the incurrence of such daylight loan; and (l) unsecured Debt in respect of daylight loans in the ordinary
course of business for cash management purposes; provided that, with respect to any of the matters described in paragraphs (c) to (i)

  
 2. 

 
above inclusive, (A) no Default or Event of Default exists at the time, (B) incurring or assuming such Debt (including by way of providing such Guarantee) will not cause a Default or
Event of Default, and (C) on a pro forma basis, the incurrence or assumption of such Debt would not reasonably be expected to cause the Borrower to breach any of its covenants under Section 12.11 hereof.”. 

 

	III.	EFFECTIVE DATE AND CONDITIONS 

 1. This
Second Amending Agreement shall become effective as of January 28, 2015 (the “Effective Date”), subject to the fulfilment of all conditions precedent set out herein. 
 2. On the Effective Date, the Credit Agreement shall be modified by the foregoing amendment. The parties hereto agree that the changes to the Credit Agreement set out herein and the execution hereof shall
not constitute novation and all the Security shall continue to apply to the Credit Agreement, as amended hereby, and all other obligations secured thereby. Without limiting the generality of the foregoing and to the extent necessary, (i) the
Lenders and the Agent reserve all of their rights under each of the Security Documents, and (ii) each of the Borrower and the Guarantors obligates itself again in respect of all present and future obligations under, inter alia, the
Credit Agreement, as amended hereby. 
 3. The Borrower shall pay all fees and costs, including all legal fees associated with this Agreement
incurred by the Agent as contemplated and restricted by the provisions of Section 12.14 of the Credit Agreement. 
 4. All of the
representations and warranties of the Borrower contained in Article 11 of the Credit Agreement (except where qualified in Article 11 as being made as at a particular date) are true and correct on and as of the Effective Date as though made on and as
of the Effective Date. 
  

	IV.	MISCELLANEOUS 

 1. All of the provisions
of the Credit Agreement that are not amended hereby shall remain in full force and effect. 
 2. This Agreement shall be governed by and
construed in accordance with the Laws of the Province of Quebec. 
 3. The parties acknowledge that they have required that the present
agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto be drawn up in English. Les parties reconnaissent avoir exigé la rédaction
en anglais de la présente convention ainsi que de tous documents exécutés, avis donnés et procédures judiciaires intentées, directement ou indirectement, relativement ou à la suite de la
présente convention. 
 IN WITNESS WHEREOF THE PARTIES HERETO HAVE SIGNED THIS AGREEMENT ON THE DATE AND AT THE PLACE FIRST HEREINABOVE
MENTIONED. 

  
 3. 

 VIDÉOTRON LTÉE 

 

									
	Per:	 	 /s/ Hugues Simard
	 		 		 	
					
	Per:	 	 /s/ Chloé Poirier
	 		 		 	

									
	ROYAL BANK OF CANADA, as Agent	 		 		 	
					
	Per:	 	 /s/ Rodica Dutka
	 		 		 	
		 	Rodica Dutka	 		 		 	
		 	Manager, Agency	 		 		 	
					
	Per:	 	  
	 		 		 	

  

									
	THE REVOLVING FACILITY LENDERS:
			
	ROYAL BANK OF CANADA, as Lender	 		 	NATIONAL BANK OF CANADA
					
	Per:	 	 /s/ Pierre Bouffard
	 		 	Per:	 	 /s/ Luc Bernier

		 	Pierre Bouffard	 		 		 	Luc Bernier
		 	Authorized Signatory	 		 		 	Directeur – Director
					
	Per:	 	  
	 		 	Per:	 	 /s/ François Montigny

		 		 		 		 	François Montigny
		 		 		 		 	Managing Director

  

									
	THE TORONTO-DOMINION BANK	 		 	BANK OF MONTREAL
					
	Per:	 	 /s/ (signature)
	 		 	Per:	 	 /s/ Sean P. Gallaway

		 		 		 		 	Sean P. Gallaway
		 		 		 		 	Vice President
					
	Per:	 	 /s/ (signature)
	 		 	Per:	 	  

  

									
	BANK OF AMERICA, N.A., Canada Branch	 		 	CANADIAN IMPERIAL BANK OF COMMERCE
					
	Per:	 	 /s/ Medina Sales de Andrade
	 		 	Per:	 	 /s/ Philippe Boivin

		 	Medina Sales de Andrade	 		 		 	Philippe Boivin
		 	Vice President	 		 		 	Director
					
	Per:	 	  
	 		 	Per:	 	 /s/ Anissa Rabia-Zeribi

		 		 		 		 	Anissa Rabia-Zeribi
		 		 		 		 	Executive Director

									
	THE BANK OF NOVA SCOTIA	 		 	CITIBANK, N.A., Canadian Branch
					
	Per:	 	 /s/ Rob King
	 		 	Per:	 	 /s/ Isabelle Côté

		 	Rob King	 		 	Name:	 	Isabelle Côté
		 	Managing Director	 		 	Title:	 	Authorized Signatory
					
	Per:	 	 /s/ Sean Flinn
	 		 	Per:	 	  

		 	Sean Flinn	 		 		 	
		 	Associate	 		 		 	

  

									
	CAISSE CENTRALE DESJARDINS	 		 	LAURENTIAN BANK OF CANADA
					
	Per:	 	 /s/ (signature)
	 		 	Per:	 	 /s/ Guylaine Couture

		 		 		 		 	Guylaine Couture
		 		 		 		 	Vice-présidente adjointe
		 		 		 		 	Assistant Vice President
					
	Per:	 	 /s/ (signature)
	 		 	Per:	 	 /s/ Sophie Boucher

		 		 		 		 	Sophie Boucher
		 		 		 		 	Vice President

  

									
	HSBC BANK CANADA	 		 	GOLDMAN SACHS LENDING PARTNERS LLC
					
	Per:	 	 /s/ (signature)
	 		 	Per:	 	 /s/ Michelle Latzoni

		 		 		 		 	Michelle Latzoni
		 		 		 		 	Authorized Signatory
					
	Per:	 	 /s/ Giancarlo Zito
	 		 	Per:	 	  

		 	Giancarlo Zito #58245	 		 		 	
		 	Associate, Global Banking	 		 		 	
		 	HSBC Bank Canada	 		 		 	

  

									
	MIZUHO BANK, LTD.	 		 	BANK OF TOKYO – MITSUBISHI UFJ (CANADA)
					
	Per:	 	 /s/ W.M. McFarland
	 		 	Per:	 	 /s/ (signature)

		 	W.M. McFarland	 		 		 	
		 	Senior Vice President Canada Branch	 		 		 	
					
	Per:	 	  
	 		 	Per:	 	  

									
	ICICI BANK CANADA	 		 	SUMITOMO MITSUI BANKING CORPORATION OF CANADA
					
	Per:	 	 /s/ Sandeep Goel
	 		 	Per:	 	 /s/ E.R. Langley

		 	Sandeep Goel	 		 		 	E.R. Langley
		 	Senior Vice President &	 		 		 	Senior Vice President
		 	Chief Risk Officer	 		 		 	
		 	ICICI Bank Canada	 		 		 	
					
	Per:	 	 /s/ Lester Fernandes
	 		 	Per:	 	  

		 	Lester Fernandes	 		 		 	
		 	Assistant Vice President	 		 		 	
		 	Corporate Banking	 		 		 	
		 	ICICI Bank Canada	 		 		 	

									
	HSBC BANK PLC, as Finnvera Facility Agent	 		 		 	
					
	Per:	 	 /s/ Jeremy Causton
	 		 		 	
		 	Jeremy Causton	 		 		 	
		 	Authorised Signatory	 		 		 	
					
	Per:	 	  
	 		 		 	

  

									
	THE FINNVERA TERM FACILITY LENDERS:
			
	HSBC BANK PLC	 		 	THE TORONTO-DOMINION BANK
					
	Per:	 	 /s/ Mark Looi
	 		 	Per:	 	 /s/ (signature)

		 	Mark Looi	 		 		 	
		 	Director	 		 		 	
		 	38368A	 		 		 	
					
	Per:	 	  
	 		 	Per:	 	 /s/ (signature)

  

									
	SUMITOMO MITSUI BANKING	 		 		 	
	CORPORATION OF CANADA	 		 		 	
					
	Per:	 	 /s/ E.R. Langley
	 		 		 	
		 	E.R. Langley	 		 		 	
		 	Senior Vice President	 		 		 	
					
	Per:	 	  
	 		 		 	

 The undersigned acknowledge having taken cognizance of the provisions of the foregoing Second Amending
Agreement and agree that the Guarantees and Security executed by them (A) remain enforceable against them in accordance with their terms, and (B) continue to guarantee or secure, as applicable, all of the obligations of the Persons
specified in such Guarantees and Security Documents in connection with the Credit Agreement as defined above, and as amended hereby: 
  

									
	9293-6707 QUÉBEC INC.	 		 	9227-2590 QUÉBEC INC.
					
	Per:	 	 /s/ Hugues Simard
	 		 	Per:	 	 /s/ Hugues Simard

					
	Per:	 	 /s/ Chloé Poirier
	 		 	Per:	 	 /s/ Chloé Poirier

			
	9230-7677 QUÉBEC INC.	 		 	8487782 CANADA INC.
					
	Per:	 	 /s/ Hugues Simard
	 		 	Per:	 	 /s/ Hugues Simard

					
	Per:	 	 /s/ Chloé Poirier
	 		 	Per:	 	 /s/ Chloé Poirier

			
	VIDEOTRON L.P., represented by	 		 	VIDEOTRON G.P.
	its general partner 9230-7677 QUÉBEC INC.	 		 		 	
					
	Per:	 	 /s/ Hugues Simard
	 		 	Per:	 	 /s/ Hugues Simard

					
	Per:	 	 /s/ Chloé Poirier
	 		 	Per:	 	 /s/ Chloé Poirier

				
	VIDÉOTRON INFRASTRUCTURES INC.	 		 		 	
					
	Per:	 	 /s/ Hugues Simard
	 		 		 	
					
	Per:	 	 /s/ Chloé Poirier

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