Document:

Exhibit 10.1

 

 

November 17, 2015

 

 

FIRST AMENDMENT TO PROMISSORY NOTE

 

This First Amendment to Promissory Note (this “First
Amendment”) is effective as of November 10, 2015 (the “First Amendment Effective Date”), by and
between Vaccinogen, Inc., a Maryland corporation (the “Borrower”) and Dolphin Offshore Partners, LP, a limited
partnership formed under the laws of Delaware (the “Lender”).

 

RECITALS

 

WHEREAS, the Borrower and the Lender entered
into that certain unsecured promissory note dated as of August 12, 2015 (the “Promissory Note”), pursuant to
which the Lender agreed to lend, and the Borrower agreed to borrow, a loan with a principal amount of $800,000; and

 

WHEREAS, the Borrower and the Lender desire
to enter into this First Amendment to amend the term of the Promissory Note and add to the Promissory Note certain provisions that
would convert the outstanding principal amount and unpaid interest under the Promissory Note to shares of the Borrower’s
common stock upon the satisfaction of certain conditions;

 

NOW THERFORE, in consideration of the mutual
covenants, agreements, representations and warranties set forth herein, the parties hereby agree as follows:

 

Agreement

 

1.Capitalized terms used
but not otherwise defined herein shall have the meanings ascribed thereto in the Promissory Note.

 

2.Paragraph 3 (“Maturity”)
of the Promissory Note shall be deleted in its entirety and replaced with the following:

 

“Maturity. The entire Principal Amount
and all accrued interest shall become fully due and payable on March 31, 2016 (the “Maturity Date”); provided
that, at any time before the Maturity Date, the Lender may elect to convert part or all of the outstanding principal and any
interest due and payable under the Promissory Note at such time into shares of the Company’s common stock, par value $0.0001
per share (the “Common Stock”), at a rate of $2.50 per share by providing written notice to the Borrower of
such election. Upon receipt of such written notice, the Borrower shall issue the corresponding whole number of shares to the Lender
within a commercially reasonable period of time. For the avoidance of doubt, an issuance of the Common Stock pursuant to clause
(ii) of the preceding sentence shall not constitute a default under this Note.”

 

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3.Paragraph 5 (“Payments”)
of the Promissory Note shall be deleted in its entirety and replaced with the following:

 

Payments. Except as otherwise stated in Paragraph
3 hereof, all payments made hereunder shall be in lawful money of the United States of America. All payments and prepayments shall
be applied first to costs of collection, next, to accrued interest, and thereafter to principal.

 

4.The Lender acknowledges
and agrees that the Borrower’s obligation to issue the Common Stock pursuant to Paragraph 2 above is conditioned upon the
Borrower and the Lender entering into a mutually agreed subscription agreement prior to such issuance, which agreement will be
substantially in the form set forth in Annex A hereto.

 

5.For the avoidance of doubt,
the right to receive the Common Stock described in Paragraph 2 above shall not be assignable by the Lender without the prior written
consent of the Borrower.

 

6.Except as expressly modified
by this First Amendment, all other provisions of the Promissory Note are unmodified and continue in full force and effect.

 

7.In the event of any conflict
between this First Amendment and the Promissory Note, the provisions of this First Amendment shall prevail.

 

8.This First Amendment may
be executed in multiple originals, each of which is deemed to be an original, and may be signed in counterparts.

  

 

 

 

 

[Remainder of page intentionally left
blank]

 

 

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IN WITNESS WHEREOF, the Borrower and the Lender have caused
this First Amendment to be executed by duly authorized officers on November 17, 2015.

 

Borrower:

 

	VACCINOGEN, INC.
	 	 
	 	 
	Name: Andrew L. Tussing
	Title: Chairman and Chief Executive Officer
	 	 
	 	 
	DOLPHIN OFFSHORE PARTNERS
	 	 
	 	 
	Name:	 
	Title:	 

 

 

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ANNEX A

 

Subscription Agreement

 

THE SECURITIES HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE OR ANY OTHER JURISDICTION. THERE ARE FURTHER
RESTRICTIONS ON THE TRANSFERABILITY OF THE SECURITIES DESCRIBED HEREIN.

 

THE PURCHASE OF THE
SECURITIES INVOLVES A HIGH DEGREE OF RISK AND SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN BEAR THE RISK OF THE LOSS OF THEIR ENTIRE
INVESTMENT.

 

Ladies and Gentlemen:

 

The undersigned understands
that VACCINOGEN, INC., a corporation organized under the laws of Maryland (the “Company”), is offering shares
of its common stock, par value $0.0001 per share in a private placement. The undersigned further understands that the offering
is being made without registration of the Securities under the Securities Act of 1933, as amended (the “Securities Act”),
or any securities law of any state of the United States or of any other jurisdiction, and is being made only to “Accredited
Investors” (as defined in Rule 501 of Regulation D under the Securities Act).

 

1.Subscription.
Subject to the terms and conditions of this Subscription Agreement (this “Subscription Agreement”), on the date of
the Closing referred to in Section 3 hereof, the undersigned shall purchase from the Company and the Company shall sell
to the undersigned [ ] shares of common stock, par value $0.0001 per share (the “Securities”), for the aggregate purchase
price of [$ ], at [$ ] per share.

 

2.Acceptance of
Subscription and Issuance of Securities. Notwithstanding anything in this Subscription Agreement to the contrary, the Company
shall have no obligation to issue any of the Securities to any person who is a resident of a jurisdiction in which the issuance
of the Securities to such person would constitute a violation of the securities, “blue sky” or other similar laws of
such jurisdiction (collectively referred to as the “State Securities Laws”).

 

3.The Closing.
The closing of the purchase and sale of the Securities (the “Closing”) shall take place at the offices of the
Company on the date the Company countersigns this Subscription Agreement, or at such other time and place as the Company may designate.

 

4.Payment for
Securities. Consideration for the issuance of the Securities having already been received by the Company, the Company shall
deliver certificates or other appropriate evidence of the Securities to the undersigned at the Closing bearing an appropriate legend
referring to the fact that the Securities were sold in reliance upon an exemption from registration under the Securities Act.

 

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5.Representations
and Warranties of the Company. As of the Closing, the Company represents and warrants that the Company is duly formed and validly
existing under the laws of Maryland, with full power and authority to conduct its business as it is currently being conducted and
to own its assets; and has secured any other authorizations, approvals, permits and orders required by law for the conduct by the
Company of its business as it is currently being conducted.

 

6.Representations
and Warranties of the Undersigned. The undersigned hereby represents and warrants to and covenants with the Company that:

 

(a)General.

 

(i)The undersigned
has all requisite authority to receive the Securities, enter into this Subscription Agreement and to perform all the obligations
required to be performed by the undersigned hereunder, and such purchase will not contravene any law, rule or regulation binding
on the undersigned or any investment guideline or restriction applicable to the undersigned.

 

(ii)The undersigned
is a resident of the state set forth on the signature page hereto and is not acquiring the Securities as a nominee or agent or
otherwise for any other person.

 

(iii)The undersigned
will comply with all applicable laws and regulations in effect in any jurisdiction in which the undersigned purchases or sells
the Securities and obtain any consent, approval or permission required for such purchases or sales under the laws and regulations
of any jurisdiction to which the undersigned is subject or in which the undersigned makes such purchases or sales, and the Company
shall have no responsibility therefor.

 

(b)Information
Concerning the Company.

 

(i)The undersigned
has been given the opportunity to ask questions and receive answers concerning the terms and conditions of the issuance of the
Securities. The undersigned has been given the opportunity to obtain material and relevant information from the Company enabling
it to make an informed investment decision. All data that the undersigned has requested has been furnished to it. The undersigned
is aware of and has access to the Company’s public filings with the Securities and Exchange Commission (the “Public
Filings”).

 

(ii)The undersigned
understands and accepts that the purchase of the Securities involves various risks, including the risks outlined in this Subscription
Agreement and the Public Filings. The undersigned represents that it is able to bear any loss associated with an investment in
the Securities.

 

(iii)The undersigned
confirms that it is not relying on any communication (written or oral) of the Company or any of its affiliates, as investment advice
or as a recommendation to purchase the Securities. It is understood that information and explanations related to the terms and
conditions of the Securities provided by the Company or any of its affiliates shall not be considered investment advice or a recommendation
to purchase the Securities, and that neither the Company nor any of its affiliates is acting or has acted as an advisor to the
undersigned in deciding to invest in the Securities. The undersigned acknowledges that neither the Company nor any of its affiliates
has made any representation regarding the proper characterization of the Securities for purposes of determining the undersigned’s
authority to invest in the Securities.

 

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(iv)The undersigned
is familiar with the business and financial condition and operations of the Company. The undersigned has had access to such information
concerning the Company and the Securities as it deems necessary to enable it to make an informed investment decision concerning
the purchase of the Securities.

(v)The undersigned
understands that, unless the undersigned notifies the Company in writing to the contrary at or before the Closing, each of the
undersigned’s representations and warranties contained in this Subscription Agreement will be deemed to have been reaffirmed
and confirmed as of the Closing, taking into account all information received by the undersigned.

 

(vi)The undersigned
understands that no federal or state agency has passed upon the merits or risks of an investment in the Securities or made any
finding or determination concerning the fairness or advisability of this investment.

 

(c)Non-reliance.

 

(i)The undersigned
represents that it is not relying on (and will not at any time rely on) any communication (written or oral) of the Company, as
investment advice or as a recommendation to purchase the Securities, it being understood that information and explanations related
to the terms and conditions of the Securities shall not be considered investment advice or a recommendation to purchase the Securities.

 

(ii)The undersigned
confirms that the Company has not (A) given any guarantee or representation as to the potential success, return, effect or benefit
(either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the Securities or (B) made any representation
to the undersigned regarding the legality of an investment in the Securities under applicable legal investment or similar laws
or regulations. In deciding to purchase the Securities, the undersigned is not relying on the advice or recommendations of the
Company and the undersigned has made its own independent decision that the investment in the Securities is suitable and appropriate
for the undersigned.

 

(d)Status of
Undersigned.

 

(i)The undersigned
has such knowledge, skill and experience in business, financial and investment matters that the undersigned is capable of evaluating
the merits and risks of an investment in the Securities. With the assistance of the undersigned’s own professional advisors,
to the extent that the undersigned has deemed appropriate, the undersigned has made its own legal, tax, accounting and financial
evaluation of the merits and risks of an investment in the Securities and the consequences of this Subscription Agreement. The
undersigned has considered the suitability of the Securities as an investment in light of its own circumstances and financial condition
and the undersigned is able to bear the risks associated with an investment in the Securities and its authority to invest in the
Securities.

 

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(ii)The undersigned
is an “accredited investor” as defined in Rule 501(a) under the Securities Act. The undersigned agrees to furnish any
additional information requested by the Company or any of its affiliates to assure compliance with applicable U.S. federal and
state securities laws in connection with the purchase and sale of the Securities. The undersigned acknowledges that the undersigned
has completed the Investor Questionnaire contained in Appendix A (the “Questionnaire”) and that the information
and representations contained therein is complete and accurate as of the date thereof and is hereby affirmed as of the date hereof
and as of the Closing. Any information that has been furnished or that will be furnished by the undersigned to evidence its status
as an accredited investor is accurate and complete, and does not contain any misrepresentation or material omission.

 

(e)Restrictions
on Transfer or Sale of Securities.

 

(i)The undersigned
is acquiring the Securities solely for the undersigned’s own beneficial account, for investment purposes, and not with a
view to, or for resale in connection with, any distribution of the Securities. The undersigned understands that the Securities
have not been registered under the Securities Act or any State Securities Laws by reason of specific exemptions under the provisions
thereof which depend in part upon the investment intent of the undersigned and of the other representations made by the undersigned
in this Subscription Agreement and the Questionnaire. The undersigned understands that the Company is relying upon the representations
and agreements contained in this Subscription Agreement and the Questionnaire (and any supplemental information) for the purpose
of determining whether this transaction meets the requirements for such exemptions.

 

(ii)The undersigned
understands that the Securities are “restricted securities” under applicable federal securities laws and that the Securities
Act and the rules of the U.S. Securities and Exchange Commission (the “Commission”) provide in substance that
the undersigned may dispose of the Securities only pursuant to an effective registration statement under the Securities Act or
an exemption therefrom, and the undersigned understands that the Company has no obligation or intention to register any of the
Securities, or to take action so as to permit sales pursuant to the Securities Act (including Rule 144 thereunder). Consequently,
the undersigned understands that the undersigned must bear the economic risks of the investment in the Securities for an indefinite
period of time.

 

(iii)The undersigned
agrees: (A) that the undersigned will not sell, assign, pledge, give, transfer or otherwise dispose of the Securities or any interest
therein, or make any offer or attempt to do any of the foregoing, except pursuant to a registration of the Securities under the
Securities Act and all applicable State Securities Laws, or in a transaction which is exempt from the registration provisions of
the Securities Act and all applicable State Securities Laws; (B) that the certificates or book entries representing the Securities
will bear a legend making reference to the foregoing restrictions; and (C) that the Company and its affiliates shall not be required
to give effect to any purported transfer of such Securities except upon compliance with the foregoing restrictions.

 

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(iv)The undersigned
acknowledges that neither the Company nor any other person offered to sell the Securities to it by means of any form of general
solicitation or advertising, including but not limited to: (A) any advertisement, article, notice or other communication published
in any newspaper, magazine or similar media or broadcast over television or radio or (B) any seminar or meeting whose attendees
were invited by any general solicitation or general advertising.

 

7.Conditions to
Obligations of the Undersigned and the Company. The obligations of the undersigned to purchase and pay for the Securities specified
in Section 1 and of the Company to sell the Securities are subject to the satisfaction at or prior to the Closing of the
following conditions precedent: the representations and warranties of the Company contained in Section 5 hereof and of the
undersigned contained in Section 6 hereof shall be true and correct as of the Closing in all respects with the same effect
as though such representations and warranties had been made as of the Closing.

 

8.Obligations
Irrevocable. The obligations of the undersigned shall be irrevocable.

 

9.Legend.
Any certificates representing the Securities sold pursuant to this Subscription Agreement will be imprinted with a legend in substantially
the following form:

 

“THE SECURITIES
EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER
JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE
LAWS.”

 

10.Waiver, Amendment.
Neither this Subscription Agreement nor any provisions hereof shall be modified, changed, discharged or terminated except by an
instrument in writing, signed by the party against whom any waiver, change, discharge or termination is sought.

 

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11.Assignability.
Neither this Subscription Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall
be assignable by either the Company or the undersigned without the prior written consent of the other party.

 

12.Waiver of Jury
Trial. THE UNDERSIGNED IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT
OF THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. Each party to this Subscription
Agreement certifies and acknowledges that (a) no representatives of any other party has represented, expressly or otherwise, that
such other party would not seek to enforce the foregoing waiver in the event of a legal action; (b) such party has considered the
implications of this waiver; (c) such party makes this waiver voluntarily; and (d) such party has been induced to enter into this
Subscription Agreement by, among other things, the mutual waivers and certifications in this section.

 

13.Submission
to Jurisdiction. With respect to any suit, action or proceeding relating to any offers, purchases or sales of the Securities
by the undersigned (“Proceedings”), the undersigned irrevocably submits to the jurisdiction of the federal or
state courts located in the State of Maryland, which submission shall be exclusive unless none of such courts has lawful jurisdiction
over such Proceedings.

 

14.Governing Law.
This Subscription Agreement shall be governed by and construed in accordance with the laws of the State of Maryland.

 

15.Section and
Other Headings. The section and other headings contained in this Subscription Agreement are for reference purposes only and
shall not affect the meaning or interpretation of this Subscription Agreement.

 

16.Counterparts.
This Subscription Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be
deemed to be an original and all of which together shall be deemed to be one and the same agreement.

 

17.Notices.
All notices and other communications provided for herein shall be in writing and shall be deemed to have been duly given if delivered
personally or sent by registered or certified mail, return receipt requested, postage prepaid to the following addresses (or such
other address as either party shall have specified by notice in writing to the other): 

 

	If to the Company:	
        Vaccinogen, Inc.

         

        949 Fell Street

         

        Baltimore, MD 21231

         

        Attention:Chief Executive Officer

         

 

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	with a copy to:	
        Venable LLP

         

        750 E. Pratt Street, Suite 900

         

        Baltimore, MD 21202

         

        Attention:Eric R. Smith, Esq.

         

	If to the Purchaser:	
        Dolphin Offshore Partners, L.P.

         

        PO Box 16867

         

        Fernandina Beach, FL 32035 

 

18.Binding Effect.
The provisions of this Subscription Agreement shall be binding upon and accrue to the benefit of the parties hereto and their respective
heirs, legal representatives, successors and assigns.

 

19.Survival.
All representations, warranties and covenants contained in this Subscription Agreement shall survive (i) the acceptance of the
subscription by the Company and the Closing, and (ii) the death, disability, or dissolution of the undersigned.

 

20.Notification
of Changes. The undersigned hereby covenants and agrees to notify the Company upon the occurrence of any event prior to the
closing of the purchase of the Securities pursuant to this Subscription Agreement, which would cause any representation, warranty,
or covenant of the undersigned contained in this Subscription Agreement to be false or incorrect.

 

21.Severability.
If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term
or provision in any other jurisdiction.

 

 

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS
WHEREOF, the undersigned has executed this Subscription Agreement this ____ of ______________________, 2015

 

	 	PURCHASER (if an individual):
	 	 
	 	By:	
	 	Name:	 

 

The offer
to purchase Securities as set forth above is confirmed and accepted by the Company as to [
] shares of common stock.

 

	 	Vaccinogen, Inc.
	 	 
	 	By:	 
	 	 	Name:	Andrew L. Tussing
	 	 	Title: 	Chief Executive Officer

 

 

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APPENDIX A

 

INVESTOR QUESTIONNAIRE

 

This Questionnaire
is being distributed to the undersigned investor (the “Investor”) by Vaccinogen, Inc., a Maryland corporation (the
“Issuer”) in connection with the Subscription Agreement of the Investor to which this Questionnaire is a part (the
“Subscription Agreement”), to enable the Issuer to determine whether the Investor is qualified to invest in the Securities
(as defined in the Subscription Agreement). To be qualified to invest in the Securities, the Investor must be an “Accredited
Investor” (as that term is defined in Rule 501(a) of Regulation D promulgated under Section 4(a)(2) of the Securities Act
of 1933, as amended (the “Securities Act”)).

 

The Issuer will rely
upon the accuracy and completeness of the information provided in this Questionnaire in establishing that the issuance of the Securities
is exempt from the registration requirements of the Securities Act.

 

ACCORDINGLY, THE
INVESTOR IS OBLIGATED TO READ THIS QUESTIONNAIRE CAREFULLY AND TO ANSWER THE ITEMS CONTAINED HEREIN COMPLETELY AND ACCURATELY.

 

ALL INFORMATION CONTAINED
IN THIS QUESTIONNAIRE WILL BE TREATED CONFIDENTIALLY. However, the Investor understands and agrees that the Issuer may present,
upon giving prior notice to the Investor, this Questionnaire to such parties as the Issuer deems appropriate if called upon to
establish that the issuance of the Securities (i) is exempt from the registration requirements of the Securities Act or (ii) meets
the requirements of applicable state securities laws; provided, however, that the Issuer need not give prior notice to the
Investor of its presentation of this Questionnaire to the Issuer’s regularly employed legal, accounting and financial advisors.

 

The Investor understands
that this Questionnaire is merely a request for information and is not an offer to sell, a solicitation of an offer to buy, or
a sale of the Securities. The Investor also understands that the Investor may be required to furnish additional information.

 

PLEASE NOTE THE FOLLOWING
INSTRUCTIONS BEFORE COMPLETING THIS INVESTOR QUESTIONNAIRE.

 

Unless instructed otherwise,
the Investor should answer each question on the Questionnaire. If the answer to a particular question is “None” or
“Not Applicable,” please so state. If the Questionnaire does not provide sufficient space to answer a question, please
attach a separate schedule to your executed Questionnaire that indicates which question is being answered thereon. Persons having
questions concerning any of the information requested in this Questionnaire should consult with their purchaser representative
or representatives, lawyer, accountant or broker or may call Amanda C. E. Knab, Esq., Venable LLP, at 410.244.6514.

 

 

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1. General Information

 

Name of Entity: Dolphin
Offshore Partners, L.P.

 

Address of Principal
Office: 4828 First Coast Hwy., Suite 5

 

Fernandina
Beach, FL 32034

 

Type of Organization:
Limited Partnership

 

Date and State of Organization:
July 21, 1989 Delaware

 

 2. Accredited
Investor Status

 

To be qualified to
invest in the Securities, the Investor must be an Accredited Investor.

 

Please check the appropriate
description which applies to you.

 

(a) ____________ A
bank, as defined in Section 3(a)(2) of the Securities Act or any savings and loan association or other institution as defined in
Section 3(a)(5)(A) of the Securities Act, whether acting in an individual or a fiduciary capacity.

 

(b) ____________ A
broker or dealer registered under Section 15 of the Securities Exchange Act of 1934, as amended.

 

(c) ____________ An
insurance company, as defined in Section 2(13) of the Securities Act.

 

(d) ____________ An
investment company registered under the Investment Company Act of 1940 or a business development company, as defined in Section
2(a)(48) of that act.

 

(e) ____________ A
Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business
Investment Act of 1958.

 

(f) ____________ A
plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political
subdivisions for the benefit of its employees, if the plan has total assets in excess of $5 million.

 

(g) ____________ An
employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, if the investment decision
is being made by a plan fiduciary, as defined in Section 3(21) of such act, and the plan fiduciary is either a bank, a savings
and loan association, an insurance company, or a registered investment adviser, or if the employee benefit plan has total assets
in excess of $5 million or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors.

 

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(h) ____________ A
private business development company, as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

 

(i) ____________ A
corporation, Massachusetts or similar business trust, or partnership, or an organization described in Section 501(c)(3) of the
Internal Revenue Code of 1986, as amended, that was not formed for the specific purpose of acquiring the Securities, and that has
total assets in excess of $5 million.

 

(j) _____________ A
trust with total assets in excess of $5 million not formed for the specific purpose of acquiring the Securities, whose purchase
is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the Securities Act.

 

(k) _____________ An
entity in which all of the equity owners are accredited investors and meet the criteria listed in Part I, Item 2 of this Questionnaire.

 

3. Representations

 

The undersigned entity
represents that:

 

(a) The entity understands
that the Issuer will rely upon the completeness and accuracy of the entity’s responses to the questions in this Questionnaire
in establishing that the contemplated transactions are exempt from the Securities Act, and hereby affirms that all such responses
are accurate and complete. The entity will notify the Issuer immediately of any changes in any of such information occurring prior
to the acceptance of its subscription.

 

(b) The entity is not
a retirement plan, employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) or Section 4975 of the IRS Code (or an entity whose assets are deemed to include assets of those plans under
the Department of Labor’s “plan asset regulation”), a corporate pension and profit-sharing plan, a “simplified
employee pension plan,” a “Keogh” plan, an Individual Retirement Account,  or retirement or employee benefit
plan not subject to ERISA.

 

 

 

[SIGNATURE PAGE FOLLOWS]

 

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	Individual	 
	 	 	 
	 	 
	Name		 
	 	 	 
	 	 
	Signature 	 	 
	 	 	 
	 	 
	Date:	 	 
	 	 	 
	 	 	 
	 	 	 
	Partnership, Corporation or Other Entity
	 	 	 
	Dolphin Offshore Partners, L.P.
	Print or Type Name 
	 	 	 
	By:	 	 
	 	 	 
	Name: Peter E. Salas 
	 	 	 
	Title: General Partner 
	 	 	 
	Date:EX-10.1

 EXHIBIT 10.1 

EXECUTION VERSION 
 SHARE
REPURCHASE AGREEMENT 
 THIS SHARE REPURCHASE AGREEMENT (this “Agreement”) is made and entered into as of
November 17, 2015, by and among Careal Holding AG, a Swiss corporation (the “Seller”) and CA, Inc., a Delaware corporation (the “Purchaser” and, together with the Seller, the “Parties”). 

RECITALS 
 WHEREAS, the
Seller desires to sell to the Purchaser, and the Purchaser desires to purchase from the Seller, 22,000,000 shares (the “Shares”) of Common Stock, par value $0.10 per share, of the Purchaser (“Common Stock”), on the
terms and conditions set forth in this Agreement (the “Repurchase Transaction”). 
 WHEREAS, the Purchaser has determined
that it is in the best interests of the Purchaser and its stockholders to enter into the Repurchase Transaction. 
 NOW, THEREFORE, in
consideration of the premises and the agreements set forth below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

ARTICLE I  
 CERTAIN
DEFINITIONS AND CONSTRUCTION 
 Section 1.1 Certain Definitions. As used in this Agreement, the following terms have the
meanings set forth below: 
 (a) “Agreement” has the meaning set forth in the Preamble. 

(b) “Closing” has the meaning set forth in Section 2.2. 

(c) “Closing Date” has the meaning set forth in Section 2.2. 

(d) “Common Stock” has the meaning set forth in the Recitals. 

(e) “Contract” means any agreement, obligation, contract, license, commitment, indenture or instrument, whether written or
oral. 
 (f) “Custodian” means UBS Switzerland AG. 

(g) “Order” has the meaning set forth in Section 6.1. 

(h) “Parties” has the meaning set forth in the Preamble. 

(i) “Person” means an individual, a corporation, a general or limited partnership, an association, a limited liability
company, a governmental entity, a trust or other entity or organization. 

 (j) “Proceeding” means any suit, action, proceeding, arbitration, mediation,
audit, hearing, inquiry or, to the knowledge of the Person in question, investigation (in each case, whether civil, criminal, administrative, investigative, formal or informal) commenced, brought, conducted or heard by or before, or otherwise
involving, any governmental entity. 
 (k) “Purchase Price” has the meaning set forth in Section 2.1(b). 

(l) “Purchaser” has the meaning set forth in the Preamble. 

(m) “Repurchase Transaction” has the meaning set forth in the Recitals. 

(n) “Seller” has the meaning set forth in the Preamble. 

(o) “Shares” has the meaning set forth in the Recitals. 

(p) “Transfer Agent” means Computershare Trust Company, N.A. 

Section 1.2 Headings. The section headings contained in this Agreement are for reference purposes only and shall not affect in any
way the meaning or interpretation of this Agreement. 
 Section 1.3 Interpretation. Unless the express content otherwise
requires, (i) terms herein defined in the singular shall have a comparable meaning when used in the plural, and vice versa; (ii) the term “$” means United States Dollars; (iii) the word “or” shall not be exclusive;
(iv) references to “written” or “in writing” include in electronic form; (v) references herein to any contract or agreement (including this Agreement) mean such contract or agreement, as amended, restated, supplemented
or modified from time to time in accordance with the terms thereof; (vi) “including” and its variants mean “including, without limitation” and its variants; (vii) the term “Section” refers to the specified
Section of this Agreement and the term “Article” refers to the specified Article of this Agreement; and (viii) the word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing
extends and such phrase shall not mean simply “if.” 
 ARTICLE II  

SALE AND PURCHASE OF SHARES 

Section 2.1 Purchase. 

(a) Subject to the terms and conditions of this Agreement, at the Closing (as defined below), the Seller shall sell, assign, transfer, convey
and deliver to the Purchaser, and the Purchaser shall purchase, acquire and accept from the Seller, the Shares, in consideration of the payment by the Purchaser to the Seller by wire transfer of immediately available funds in the amount of the
Purchase Price. 
 (b) The purchase price for each Share shall be equal to $26.8131. The aggregate amount payable for the Shares shall be
$589,888,200.00; provided, however, that if the Closing occurs on or after November 19, 2015, which is the record date for the dividend that the Purchaser will pay to its shareholders during the quarterly period ending on December 31,
2015, 

  
 2 

 
the aggregate amount payable for the Shares shall be reduced by $5,500,000.00, which is the aggregate amount of such dividend on the Shares (the amount payable at the Closing being referred to
herein as the “Purchase Price”). The purchase price of $26.8131 for each Share equals a 3.00% discount to the arithmetic average of each daily volume weighted average price of $27.6424 according to Bloomberg for the period of 10
trading days preceding and including November 5th, 2015. 
 Section 2.2 Closing. The closing of the Repurchase Transaction
(the “Closing”) will take place at 9:00 am New York City time on November 20, 2015 or at such other time and place as the Parties may mutually agree. The date on which the Closing occurs is called the “Closing
Date”. At the Closing, the Seller shall cause the Custodian, which is holding the Shares in custody for the Seller, to deliver the Shares to the Transfer Agent with instructions to register the Shares in the name of the Purchaser against
payment of the Purchase Price to the Custodian for the account of the Seller by wire transfer of immediately available funds. 
 ARTICLE
III 
 REPRESENTATIONS AND WARRANTIES OF THE SELLER 

The Seller hereby makes the following representations and warranties to the Purchaser that: 

Section 3.1 Power; Authorization and Enforceability. 

(a) The Seller is a corporation duly formed and validly existing under the laws of Switzerland. The Seller has the power, authority and
capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated by this Agreement. All consents, Orders, approvals and other authorizations, whether governmental, corporate or
otherwise, necessary for such execution, delivery and performance by the Seller of this Agreement and the transactions contemplated by this Agreement have been obtained and are in full force and effect. 

(b) This Agreement has been duly executed and delivered by the Seller and constitutes a legal, valid and binding obligation of the Seller,
enforceable against the Seller in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization and other similar laws of general applicability relating to or affecting the enforcement of creditors’ rights
generally and to general principles of equity. 
 Section 3.2 No Conflicts. The execution and delivery of this Agreement by the
Seller and the consummation by the Seller of the transactions contemplated by this Agreement does not and will not constitute or result in a breach, violation or default under (i) any agreement or instrument, whether written or oral, express or
implied, to which the Seller is a party, (ii) the organizational documents of the Seller or (iii) any statute, law, ordinance, decree, order, injunction, rule, directive, judgment or regulation of any court, administrative or regulatory
body, governmental entity, arbitrator, mediator or similar body on the part of the Seller, except, in each case, as would not reasonably be expected to (x) adversely affect the ability to deliver the Shares free and clear of any lien, pledge,
charge, security interest, mortgage or other encumbrance or adverse claim or (y) materially impact the Seller’s ability to perform its obligations under this Agreement. 

  
 3 

 Section 3.3 Title to Shares. The Seller is the sole legal owner of, and has good and
valid title to, the Shares and upon delivery to the Purchaser of the Shares to be sold by the Seller to the Purchaser, against payment made pursuant to this Agreement, good and valid title to such Shares, free and clear of any lien, pledge, charge,
security interest, mortgage, or other encumbrance or adverse claim, will pass to the Purchaser (it being understood that resale of the Shares by the Purchaser is subject to applicable securities laws). There are no outstanding rights, options,
warrants, conversion rights, repurchase rights, agreements, arrangements, calls, commitments or rights of any kind that obligate the Seller to sell the Shares or any securities or obligations convertible or exchangeable into or exercisable for, or
giving any Person a right to subscribe for or acquire the Shares. 
 Section 3.4 Legal Proceedings. As of the date hereof, there
are no legal, governmental or regulatory Proceedings pending or, to the knowledge of the Seller, threatened against the Seller which, individually or in the aggregate, would materially and adversely affect the ability of the Seller to perform its
obligations under this Agreement. 
 Section 3.5 No Broker’s Fees. As of the date hereof, the Seller is not a party to any
Contract with any Person that would require the Purchaser or its subsidiaries to pay any investment banking fee or commission, finder’s fee or similar payment in connection with the Repurchase Transaction. 

Section 3.6 No Other Representations or Warranties. Except for the representations and warranties made by the Seller in this
Article III, the Seller makes no representations or warranties to the Purchaser in connection with this Agreement. 
 Section 3.7
Acknowledgment. The Seller acknowledges that neither the Purchaser nor any Person on behalf of the Purchaser is making any representations, warranties or covenants whatsoever, express or implied, beyond those expressly made by the Purchaser
in Article IV and V and the Seller has not been induced by, or relied upon, any representations, warranties, covenants or statements (written or oral), whether express or implied, made by any Person, other than those that are expressly set forth in
Article IV and Article V. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

The Purchaser hereby makes the following representations and warranties to the Seller that: 

Section 4.1 Power; Authorization and Enforceability. 

(a) The Purchaser is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has the
power, authority and capacity to execute and deliver this Agreement, to perform the Purchaser’s obligations hereunder, and to consummate the transactions contemplated hereby. All consents, Orders, approvals and other authorizations, whether
governmental, corporate or otherwise, necessary for such execution, delivery and performance by the Purchaser of this Agreement and the transactions contemplated hereby have been obtained and are in full force and effect. 

  
 4 

 (b) This Agreement has been duly executed and delivered by the Purchaser and constitutes a legal,
valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization and other similar laws of general applicability relating to or
affecting the enforcement of creditors’ rights generally and to general principles of equity. 
 Section 4.2 No Conflicts.
The execution and delivery of this Agreement by the Purchaser and the consummation by the Purchaser of the transactions contemplated by this Agreement does not and will not constitute or result in a breach, violation or default under (i) any
agreement or instrument, whether written or oral, express or implied, to which the Purchaser is a party, (ii) the organizational documents of the Purchaser or (iii) any statute, law, ordinance, decree, order, injunction, rule, directive,
judgment or regulation of any court, administrative or regulatory body, governmental entity, arbitrator, mediator or similar body on the part of the Purchaser, except, in each case, as would not reasonably be expected to (x) affect the ability
to receive the Shares free and clear of any lien, pledge, charge, security interest, mortgage or other encumbrance or adverse claim or (y) materially impact the Purchaser’s ability to perform its obligations under this Agreement. 

Section 4.3 Sufficiency of Funds. The Purchaser has access to funds sufficient to consummate the transactions contemplated by this
Agreement. 
 Section 4.4 Capitalization. The authorized capital stock of the Purchaser consists of (i) 1,100,000,000
shares of Common Stock and (ii) 10,000,000 shares of Class A preferred stock, without par value (the “Preferred Stock”). As of the close of business on September 30, 2015, the Purchaser had issued a total of 589,695,081
shares of Common Stock and zero shares of Preferred Stock. Of the 589,695,081 issued shares of Common Stock, 438,761,847 shares were outstanding (which number includes 4,455,617 shares awarded to employees subject to restrictions on transfer and
forfeiture until vesting) and 150,933,233 shares were held by the Purchaser in its treasury, and the Purchaser had reserved for issuance out of the shares held in its treasury (i) 3,877,313 shares upon exercise of outstanding stock options,
(ii) 1,417,514 shares for restricted stock units, (iii) 3,184,210 shares for performance share awards and (iv) 621,799 shares to be issued to directors. From the close of business on September 30, 2015 until December 31,
2015, the Purchaser has not issued and will not issue any shares of Common Stock that are not already outstanding except out of the shares held in its treasury, so that the total number of issued shares will remain the same until December 31,
2015. 
 Section 4.5 Legal Proceedings. As of the date hereof, there are no legal, governmental or regulatory Proceedings
pending or, to the knowledge of the Purchaser, threatened against the Purchaser which, individually or in the aggregate, would materially and adversely affect the ability of the Purchaser to perform its obligations under this Agreement. 

  
 5 

 Section 4.6 No Broker’s Fees. As of the date hereof, the Purchaser is not a
party to any Contract with any Person that would require the Seller to pay any investment banking fee or commission, finder’s fee or similar payment in connection with the Repurchase Transaction. 

Section 4.7 No Other Representations or Warranties. Except for the representations and warranties made by the Purchaser in this
Article IV, the Purchaser makes no representations or warranties to the Seller in connection with this Agreement. 
 Section 4.8
Acknowledgment. The Purchaser acknowledges that neither the Seller nor any Person on behalf of the Seller is making any representations, warranties or covenants whatsoever, express or implied, beyond those expressly made by the Seller in
Article III and Article V and the Purchaser has not been induced by, or relied upon, any representations, warranties, covenants or statements (written or oral), whether express or implied, made by any Person, other than those that are expressly set
forth in Article III and Article V. 
 ARTICLE V 

COVENANTS AND INDEMNIFICATION 

Section 5.1 Further Assurances. The parties agree to use reasonable best efforts to execute and deliver, or cause to be executed
and delivered, further instruments or documents or take such other actions as may be reasonably necessary (or as reasonably requested by another party) to consummate the Repurchase Transaction. 

Section 5.2 Filings and Announcements. The Purchaser will issue a press release, in the form attached hereto as Exhibit A, and
will file a Current Report on Form 8-K with the U.S. Securities and Exchange Commission, to announce this Agreement and the purchase by the Purchaser of the Shares and will include a copy of this Agreement as an exhibit to such Form 8-K. The Seller
will issue a press release, in the form attached hereto as Exhibit B, to announce this Agreement, and the Seller will, to the extent required by law, file a Form 4 and an appropriate amendment to its Schedule 13D regarding the sale of the Shares.
Except as required by applicable law, none of the Parties shall issue a subsequent press release or public announcement or otherwise make any disclosure concerning this Agreement or the transactions contemplated hereby without consulting with the
other Party and providing such other Party a reasonable opportunity to comment thereon. The Parties acknowledge and agree that, notwithstanding the foregoing, nothing in this Agreement shall limit the Parties’ or their affiliates’ ability
to file this Agreement as required by applicable law or disclose the terms and provisions of this Agreement and the transactions contemplated hereby in any reports that they file with regulators or in any teleconference or webcast hosted by or on
behalf of the Parties or their respective affiliates to discuss financial results or related matters. 
 Section 5.3 Post-Closing
Shares Treatment. After the Closing, the Purchaser shall not cancel the Shares by way of a capital reduction or otherwise, shall continue to hold the Shares in a separate account pending their sale or other transfer and shall use commercially
reasonable efforts to sell or otherwise transfer the Shares to one or more Persons (other than one of the Parties) after the Closing Date until all the Shares have been so sold or otherwise transferred. Upon request by the Seller, Purchaser shall
document and confirm such position to the Seller. 

  
 6 

 Section 5.4 Indemnification. 

(a) Indemnification by the Purchaser. If the Purchaser breaches any of the covenants set forth in Section 5.3 and, solely as a
result of such breach, the Seller is required to pay, and does in fact pay, Swiss federal corporate income taxes arising out of the Repurchase Transaction and/or out of the transfer of 37,050,000 shares of Common Stock of the Purchaser to BigPoint
Holding AG, the private holding company of Mr. Haefner, which, for the avoidance of doubt, shall be reduced by any deduction, loss, credit or other tax attribute that may be utilized to reduce such corporate income taxes, then the Purchaser
shall pay to the Seller an amount such that, taking into account reasonable expenses incurred by the Seller with respect to such breach and the Swiss federal corporate income taxes (including interest and penalties) imposed on the Seller as the
result of the payment received from the Purchaser pursuant to this Section 5.4(a), the Seller is in the same after-tax position in which the Seller would have been in the absence of the Purchaser’s breach of such covenants; provided
that the Seller shall, at the Purchaser’s request, contest any imposition of such Swiss federal corporate income taxes in good faith to the fullest extent permitted by applicable law and; provided, further, that the Purchaser
shall not be obligated to make any payment under this Section 5.4(a) until a final tax bill or decision, which can no longer be legally contested, will have been rendered, confirming that Swiss federal corporate income taxes arising out of the
Repurchase Transaction and/or out of the transfer of the 37,050,000 shares of Common Stock of the Purchaser to BigPoint Holding AG are due, except that, if Seller has made a good faith determination that Purchaser is likely to have an obligation to
make a payment under this Section 5.4(a), Purchaser shall advance to the Seller the amount of any tax payment or deposit of tax reasonably required to contest any imposition of such Swiss federal corporate income taxes, provided that any refund
of such tax payment or deposit of tax shall be for the account of the Purchaser. The Purchaser will in any event not be liable for any consequential, incidental or indirect damages suffered by the Seller as a result of the Purchaser’s breach of
such covenants. The Seller shall promptly notify the Purchaser in writing upon receipt of notice of any tax audits, examinations or assessments that could give rise to a liability for which the Purchaser may be responsible under this
Section 5.4(a). The Seller shall also (i) notify the Purchaser of significant developments with respect to such tax audit, examination or assessment, (ii) give to the Purchaser a copy of any tax adjustment proposed in writing with
respect to such tax audit, examination or proceeding and copies of any other written correspondence with the relevant taxing authority related to such tax audit, examination or proceeding, (iii) not settle or compromise any issue without the
consent of the Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed, (iv) otherwise permit the Purchaser to participate in all aspects of such tax audit, examination or proceeding (including, but not limited to,
appeal proceeding) at the Purchaser’s own expense. A certificate delivered by the Seller to the Purchaser after such payment of Swiss federal corporate income taxes shall, absent manifest error, be conclusive as to the amount owed by the
Purchaser to the Seller. The Purchaser shall make a payment in cash to the Seller in the amount presented in such certificate within ten (10) business days of the receipt of such certificate. The Parties agree that, from and after the Closing,
the remedies provided for in this Section 5.4(a) shall constitute the sole and exclusive remedy for any and all loss or damage that the Seller may suffer or incur arising from, or directly or indirectly relating to, a breach by the Purchaser of
such covenants. 

  
 7 

 (b) Indemnification by the Seller. If the United States Internal Revenue Service
(“IRS”) asserts that the deduction or withholding of taxes was required by applicable law with respect to the payment of the Purchase Price made by the Purchaser to the Seller pursuant to this Agreement, the Seller shall pay to the
Purchaser an amount such that, taking into account reasonable expenses incurred by the Purchaser with respect to any such assertion and all taxes (including interest and penalties) imposed on the Purchaser as the result of the payment received from
the Seller pursuant to this Section 5.4(b), the Purchaser is in the same after-tax position in which the Purchaser would have been if the IRS had not asserted that any deduction or withholding of taxes was so required; provided that the
Purchaser shall, at the Seller’s request, contest any such assertion in good faith to the fullest extent permitted by applicable law and; provided, further, that the Seller shall not be obligated to make any payment under this
Section 5.4(b) until there has been a final “determination” within the meaning of Section 1313(a) of the United States Internal Revenue Code of 1986, as amended, as to the amount of tax, if any, that is due by reason of the
failure to so deduct or withhold, except that, if Purchaser has made a good faith determination that Seller is likely to have an obligation to make a payment under this Section 5.4(b), the Seller shall advance to the Purchaser the amount of any
tax payment or deposit of tax reasonably required to contest any such assertion, provided that any refund of such tax payment or deposit of tax shall be for the account of the Seller. The Seller will in any event not be liable for any consequential,
incidental or indirect damages suffered by the Purchaser as a result of the IRS’s assertion that any deduction or withholding of taxes was required. The Purchaser shall promptly notify the Seller in writing upon receipt of notice of any tax
audits, examinations or assessments that could give rise to a liability for which the Seller may be responsible under this Section 5.4(b). The Purchaser shall also (i) notify the Seller of significant developments with respect to such tax
audit, examination or assessment, (ii) give to the Seller a copy of any tax adjustment proposed in writing with respect to such tax audit, examination or proceeding and copies of any other written correspondence with the relevant taxing
authority related to such tax audit, examination or proceeding, (iii) not settle or compromise any issue without the consent of the Seller, which consent shall not be unreasonably withheld, conditioned or delayed, (iv) otherwise permit the
Seller to participate in all aspects of such tax audit, examination or proceeding at the Seller’s own expense. A certificate delivered by the Purchaser to the Seller after a final determination shall, absent manifest error, be conclusive as to
the amount owed by the Seller to the Purchaser. The Seller shall make a payment in cash to the Purchaser in the amount presented in such certificate within ten (10) business days of the receipt of such certificate. The Parties agree that, from
and after the Closing, the remedies provided for in this Section 5.4(b) shall constitute the sole and exclusive remedy for any and all loss or damage that the Purchaser may suffer or incur arising from, or directly or indirectly relating to,
the IRS’s assertion that any deduction or withholding of taxes was required by applicable law with respect to the payment of the Purchase Price made by the Purchaser to the Seller pursuant to this Agreement. 

Section 5.5 Survival. Section 5.3, Section 5.4 and this Section 5.5 shall survive the Closing. 

Section 5.6 Tax Treatment. The Parties agree to treat any indemnity payment under Section 5.4 as an adjustment to the
Purchase Price, which interpretation shall be followed for United States federal income tax and Swiss tax purposes to the fullest extent permitted by applicable law. 

  
 8 

 ARTICLE VI 

CONDITIONS TO CLOSING 

Section 6.1 Conditions to Each Party’s Obligations to Consummate the Repurchase Transaction. The respective obligation of
each party hereto to consummate the Repurchase Transaction is subject to the satisfaction or waiver of the following condition: 
 (a) No
Injunction. No judgment, injunction, decree or other legal restraint (each, an “Order”) prohibiting the consummation of the Repurchase Transaction shall have been issued by any governmental entity and be continuing in effect,
there shall be no pending Proceeding commenced by a governmental entity seeking an Order that would prohibit the Repurchase Transaction, and the consummation of the Repurchase Transaction shall not have been prohibited or rendered illegal under any
applicable law. 
 Section 6.2 Conditions to the Seller’s Obligation to Consummate the Repurchase Transaction. The
obligations of the Seller to consummate the Repurchase Transaction are subject to the satisfaction or waiver of each of the following conditions: 

(a) Representations and Warranties. The representations and warranties of the Purchaser set forth in Article IV shall be true and
correct in all material respects as of the Closing Date as if made on and as of the Closing Date (except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty
shall be true and correct in all material respects as of such earlier date). 
 (b) Covenants. Each of the covenants and agreements of
the Purchaser contained in this Agreement that are to be performed at or prior to the Closing shall have been duly performed in all material respects. 

Section 6.3 Conditions to the Purchaser’s Obligation to Consummate the Repurchase Transaction. The obligation of the
Purchaser to consummate the Repurchase Transaction is subject to the satisfaction or waiver of each of the following conditions: 
 (a)
Representations and Warranties. The representations and warranties of the Seller set forth in Article III shall be true and correct in all material respects as of the Closing Date as if made on and as of the Closing Date (except to the extent
that any such representation and warranty expressly speaks as of an earlier date, in which case such representation and warranty shall be true and correct in all material respects as of such earlier date). 

(b) Covenants. Each of the covenants and agreements of the Seller contained in this Agreement that are to be performed at or prior to
the Closing shall have been duly performed in all material respects. 

  
 9 

 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.1 Termination. Any Party may terminate this Agreement in its entirety and be of no further force or effect with the
exception of the provisions set forth in this Article VII if the Closing has not occurred on or before December 31, 2015. 

Section 7.2 Notice. All notices, requests, certificates and other communications to any party hereunder shall be in writing and
given to each other party hereto and shall be deemed given or made (i) as of the date delivered, if delivered personally, (ii) on the date the delivering party receives confirmation, if delivered by facsimile or electronic mail,
(iii) three business days after being mailed by registered or certified mail (postage prepaid, return receipt requested) or (iv) one business day after being sent by overnight courier (providing proof of delivery), to the parties at the
following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 7.2). 

If delivered to the Purchaser, to: 

CA, Inc. 
 520 Madison Avenue 

New York, NY 10022 
 Attention:
Michael C. Bisignano 
 Executive Vice President, General Counsel and Corporate Secretary 

Facsimile: +1 631 342 4866 

E-mail: Michael.Bisignano@ca.com 

with a copy to: 

Sullivan & Cromwell LLP 

125 Broad Street 
 New York, NY
10004 
 Attention: Keith A. Pagnani 

Facsimile No.: +1 212 291 9110 

E-mail: pagnanik@sullcrom.com 

if to the Seller, to: 
 Careal
Holding AG 
 Utoquai 49 
 8008
Zürich 
 Attention: Roger Rotach 

Facsimile: +41 44 269 53 63 

E-mail: roger.rotach@amag.ch 

  
 10 

 with a copy to: 

Homburger AG 
 Primetower 

Hardstrasse 201 
 8005 Zürich

 Attention: Claude Lambert 

Facsimile No.:+41 43 222 15 00 

E-mail: claude.lambert@homburger.ch 

Section 7.3 Entire Agreement. This Agreement (including the exhibits hereto and the documents and instruments referred to in this
Agreement) shall constitute the entire agreement between the parties with respect to the subject matter hereof and shall supersede all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter
of this Agreement. 
 Section 7.4 Assignment; Binding Agreement. Neither this Agreement nor any of the rights, interests or
obligations hereunder shall be assigned, in whole or in part, by any of the Parties without the prior written consent of the other party. Subject to preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be
enforceable by, the parties hereto and their respective successors and permitted assigns. Any purported assignment not permitted under this Section 7.4 shall be null and void. 

Section 7.5 Counterparts. This Agreement may be executed and delivered (including by facsimile or electronic mail transmission) in
one or more counterparts, and by the different parties in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of
executed counterparts transmitted by telecopy, telefax or electronic transmission shall be considered original executed counterparts for purposes of this Section 7.5. 

Section 7.6 Specific Performance. Each party acknowledges, stipulates and agrees that (i) irreparable injury will result to
the other parties in the event that any party breaches its covenants or agreements contained in this Agreement, and (ii) in the event of any such breach or threatened breach of any of the provisions set forth in this Agreement, the other
parties hereto shall be entitled, in addition to any other remedies available to it (including, without limitation, damages), to preliminary injunction, permanent injunction or other injunctive relief, without posting any bond or other security,
compelling such party to comply with any and all such provisions. Nothing herein contained shall be construed as an election of remedies or as a waiver or limitation of any right available to any party under this Agreement or the law, including the
right to seek damages from any party for its breach of any provision of this Agreement. 
 Section 7.7 Forum Selection, Consent to
Jurisdiction and Governing Law. THIS AGREEMENT AND ANY MATTERS RELATED TO THE TRANSACTIONS CONTEMPLATED HEREBY SHALL IN ALL RESPECTS BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING
EFFECT TO PRINCIPLES OF CONFLICTS OF 

  
 11 

 
LAWS. The Purchaser and the Seller agrees that any Proceeding arising in respect of this Agreement will be tried exclusively in the U.S. District Court for the Southern District of New York or,
if that court does not have subject matter jurisdiction, in any state court located in The City and County of New York and the Purchaser and the Seller agrees to submit to the jurisdiction of, and to venue in, such courts. EACH PARTY HERETO WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 7.8 No Third-Party Beneficiaries or Other Rights. This Agreement is for the sole benefit of the parties and their
successors and permitted assigns and nothing herein express or implied shall give or shall be construed to confer any legal or equitable rights or remedies to any Person other than the parties to this Agreement and such successors and permitted
assigns. 
 Section 7.9 Amendments; Waivers. This Agreement and its terms may not be changed, amended, waived, terminated,
augmented, rescinded or discharged (other than in accordance with its terms), in whole or in part, except by a writing executed by the parties hereto. 

Section 7.10 Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The parties shall endeavor in good faith negotiations
to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

Section 7.11 Expenses and Transfer Duties. Each of the Purchaser, on the one hand, and the Seller, on the other hand, shall bear
their own expenses in connection with the drafting, negotiation, execution and delivery of this Agreement and the consummation of the transactions contemplated hereby. Swiss duties, if any, applicable on the transfer of the Shares (such as the Swiss
federal transfer stamp tax) shall be exclusively borne by the Seller. 

  
 12 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as of the date first
above written. 
  

					
	THE PURCHASER:	  	
		
	CA, Inc.	  	
			
	By:	 	 /s/ Michael Bisignano
	  	
	Name: Michael Bisignano	  	
	Title: General Counsel & Executive Vice President	  	

			
	THE SELLER:
	
	Careal Holding AG
		
	By:	 	 /s/ Martin Haefner

	Name: Martin Haefner
	Title: Director
		
	By:	 	 /s/ Peter Widmer

	Name: Peter Widmer
	Title: Director

 Exhibit A 

[Purchaser press release] 

 CA Technologies Increases Dividend, Accelerates Stock Repurchase Program, and Announces
Additional $750M Stock Repurchase Authorization 
  

	 	•	 	Increases Dividend to $1.02 per share in FY17 

  

	 	•	 	Accelerates Stock Repurchase Program 

  

	 	•	 	Announces Additional $750M Stock Repurchase Authorization 

  

	 	•	 	Increases FY16 EPS by Approximately $0.03 GAAP and $0.04 non-GAAP 

 NEW YORK, November 18, 2015 —
CA Technologies (NASDAQ: CA) announced today that it intends to increase the dividend per share in Fiscal Year 2017, subject to quarterly board approval, to $1.02 per share for the year, or $0.255 per share on a quarterly basis. This is up from
the current $1.00 per share annual dividend, or $0.25 per share on a quarterly basis. 
 The company has accelerated its Common Stock Repurchase Program,
having agreed to repurchase 22 million shares of its Common Stock from Careal Holding AG, its largest shareholder, in a private transaction valued at $590 million (with an effective share repurchase price of $26.81 per share). 

The per share purchase price represents a 3% discount to the 10-trading day volume weighted average price for CA stock using a reference date of
November 5, 2015. The closing price of CA stock on November 17, 2015 was $26.90. The transaction, which is expected to close in the third quarter of Fiscal Year 2016, will be funded from US cash on hand. 

Careal Holding AG has disclosed that Martin Haefner, one of Careal’s co-principals, will obtain approximately 37 million shares of CA common stock
from Careal to add to his personal investment holdings. 
 This deal effectively concludes CA’s prior $1 billion stock repurchase program, through
which CA had repurchased approximately 11 million shares as of September 30, 2015. As a result, as part of the company’s capital allocation strategy, CA’s board of directors has authorized a new $750 million share repurchase
program. 
 The impact of the accelerated share repurchase is expected to benefit GAAP EPS by $0.03 and non-GAAP EPS by $0.04 in FY16. 

“Our capital allocation strategy, which includes a new $750 million share buy-back authorization as well as an increasing dividend, reflects our improved
confidence in our business as we look to the coming years,” said Rich Beckert, CFO, CA Technologies. “The transaction with Careal provided us with the opportunity to accelerate our share repurchase program at favorable prices, and
highlights our long-term strategy of returning capital to shareholders.” 

 Careal used CA’s share buyback program as an opportunity to rebalance Careal’s assets as part of an
overall reallocation. Careal issued a statement today that “Careal Holding AG and its shareholders remain the principal shareholders of CA Technologies... they believe that CA Technologies will continue to grow and intend to keep hold of
their investments for the long term.” 
 About CA Technologies 

CA Technologies (NASDAQ: CA) creates software that fuels transformation for companies and enables them to seize the opportunities of the application economy.
Software is at the heart of every business in every industry. From planning, to development, to management and security, CA is working with companies worldwide to change the way we live, transact, and communicate—across mobile, private and
public cloud, distributed and mainframe environments. Learn more at www.ca.com. 
 Follow CA Technologies 

 

	 	•	 	Twitter 

  

	 	•	 	Social Media Page 

  

	 	•	 	Press Releases 

  

	 	•	 	Blogs 

 Non-GAAP Financial Measures 

This news release includes certain financial measures that exclude the impact of certain items and therefore have not been calculated in accordance with U.S.
generally accepted accounting principles (GAAP). Non-GAAP metrics for diluted earnings per share exclude the following items: share-based compensation expense; non-cash amortization of purchased software and other intangible assets; charges relating
to rebalancing initiatives that are large enough to require approval from the Company’s Board of Directors, and certain other gains and losses. The Company began expensing costs for internally developed software where development efforts
commenced in the first quarter of fiscal 2014. Due to this change, the Company also adds back capitalized internal software costs and excludes amortization of internally developed software costs previously capitalized from these non-GAAP metrics.
These non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in
accordance with GAAP. By excluding these items, non-GAAP financial measures facilitate management’s internal comparisons to the Company’s historical operating results and cash flows, to competitors’ operating results and cash flows,
and to estimates made by securities analysts. Management uses these non-GAAP financial measures internally to evaluate its performance and they are key variables in determining management incentive compensation. The Company believes these non-GAAP
financial measures are useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making. In addition, the Company has historically reported similar non-GAAP
financial measures to its investors and believes that the inclusion of comparative numbers provides consistency in its financial reporting. 

 Cautionary Statement Regarding Forward-Looking Statements 

The declaration and payment of future dividends is subject to the determination of the Company’s Board of Directors, in its sole discretion, after
considering various factors, including the Company’s financial condition, historical and forecast operating results, and available cash flow, as well as any applicable laws and contractual covenants and any other relevant factors. The
Company’s practice regarding payment of dividends may be modified at any time and from time to time. 
 Repurchases under the Company’s stock
repurchase program may be made from time to time, subject to market conditions and other factors, in the open market, through solicited or unsolicited privately negotiated transactions or otherwise. The program does not obligate the Company to
acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company’s discretion. Certain statements in this communication (such as statements containing the words “believes,”
“plans,” “anticipates,” “expects,” “estimates,” “targets” and similar expressions relating to the future) constitute “forward-looking statements” that are based upon the beliefs of, and
assumptions made by, the Company’s management, as well as information currently available to management. These forward-looking statements reflect the Company’s current views with respect to future events and are subject to certain risks,
uncertainties, and assumptions. A number of important factors could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: the ability to achieve success in the Company’s strategy
by, among other things, enabling the Company’s sales force to accelerate growth of new product sales (at levels sufficient to offset any decline in revenue in the Company’s Mainframe Solutions segment), improving the Company’s brand,
technology and innovation awareness in the marketplace, ensuring the Company’s offerings for cloud computing, application development and IT operations (DevOps), Software-as-a-Service (SaaS), and mobile device management, as well as other new
offerings, address the needs of a rapidly changing market, while not adversely affecting the demand for the Company’s traditional products or its profitability to an extent greater than anticipated, and effectively managing the strategic shift
in the Company’s business model to develop more easily installed software, provide additional SaaS offerings and refocus the Company’s professional services and education engagements on those engagements that are connected to new product
sales, without affecting the Company’s performance to an extent greater than anticipated; the failure to innovate or adapt to technological changes and introduce new software products and services in a timely manner; competition in product and
service offerings and pricing; the ability of the Company’s products to remain compatible with ever-changing operating environments, platforms or third party products; global economic factors or political events beyond the Company’s
control and other business and legal risks associated with non-U.S. operations; the failure to expand partner programs; the ability to retain and attract qualified professionals; general economic conditions and credit constraints, or unfavorable
economic conditions in a particular region, industry or business sector; the ability to successfully integrate acquired companies and products into the Company’s existing business; risks associated with sales to government customers; breaches
of the Company’s data center, network, as well as the Company’s software products, and the IT environments of the Company’s vendors and customers; the ability to adequately manage, evolve and protect the Company’s information
systems, infrastructure and processes; fluctuations in foreign exchange rates; discovery of errors or omissions in the Company’s software products or documentation and potential product liability claims; the failure to protect the
Company’s intellectual property rights and source code; the failure to renew large license transactions on a satisfactory basis; access to software licensed from third parties; risks associated with the use of software from open source code
sources; third-party claims of intellectual property infringement or royalty payments; fluctuations in the number, terms and duration of the Company’s license agreements, as well as the timing of orders from customers and channel partners;
events or circumstances that would require the Company to record an impairment charge relating to the Company’s goodwill or capitalized software and other intangible assets balances; potential tax liabilities; changes in market conditions or
the Company’s credit ratings; the failure to effectively execute the Company’s workforce reductions, workforce rebalancing and facilities consolidations; successful and secure outsourcing of various functions to third parties; changes in
generally accepted accounting principles; and other factors described more fully in the Company’s filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties occur, or should the Company’s
assumptions prove incorrect, actual results may vary materially from those described herein as believed, planned, anticipated, expected, estimated, targeted or similarly expressed in a forward-looking manner. The Company assumes no obligation to
update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof 

Copyright © 2015 CA, Inc. All Rights Reserved. All other trademarks, trade names, service marks, and logos referenced herein belong to their respective
companies. 

 Contacts: 

Saswato Das 
 Corporate Communications 

(646) 710 6690 – US ET 
 Saswato.Das@ca.com 

Traci Tsuchiguchi 
 Investor Relations 

(650) 534 9814 – US PT 
 Traci.Tsuchiguchi@ca.com 

 Exhibit B 

[Seller press release] 

 Medienmitteilung 

Careal Holding AG passt im Rahmen ihrer Portfolio-Strategie ihre Beteiligung an der CA Technologies an 

Z ü r i c h, 18. November 2015 – Die Careal Holding AG, Zürich, eine Familienholding im Besitz von Martin Haefner und Eva Maria
Bucher-Haefner, hat in Umsetzung ihrer Portfolio-Strategie und im Rahmen eines Aktienrückkaufprogramms der CA Technologies, New York, 22 Millionen Aktien der CA Technologies im Gesamtwert von rund USD 590 Mio. verkauft. Gleichzeitig wird die
Careal Holding AG 37 Millionen Aktien der CA Technologies an die Privatholding von Martin Haefner übertragen. Die Careal Holding AG und ihre Aktionäre bleiben mit rund 24% der ausstehenden Aktien Hauptaktionäre der CA Technologies,
einer der weltweit grössten unabhängigen Software-Unternehmungen. Sie sind überzeugt vom weiteren Wachstum der CA Technologies und beabsichtigen, ihre Beteiligungen langfristig zu halten. 

Kontakt 
 Im Auftrag der Careal Holding AG: 

Hirzel.Neef.Schmid.Konsulenten 
 Sarah Antenore 

Telefon +41 344 42 55 
 sarah.antenore@konsulenten.ch 

Über Careal Holding AG 
 Die 1941 gegründete
Careal Holding AG befindet sich vollständig im Besitz der Familien Martin Haefner und Eva Maria Bucher-Haefner, der Nachkommen des Firmengründers Walter Haefner. Das Unternehmen ist Eigentümerin der AMAG Automobil- und Motoren AG, des
bedeutendsten Unternehmens der schweizerischen Automobilwirtschaft, und hält massgebliche Beteiligungen an weiteren schweizerischen und internationalen Industrie- und Immobilienunternehmungen. 

 Press release 

Careal Holding AG adjusts stake in CA Technologies as part of its portfolio strategy 

Z u r i c h, November 18, 2015 – Careal Holding AG, Zurich, a family holding company owned by Martin Haefner and Eva Maria Bucher-Haefner, has sold
22 million shares in CA Technologies, New York, worth around USD 590 million, as part of its portfolio strategy and in response to a stock repurchase program by CA Technologies. At the same time, Careal Holding AG will transfer
37 million shares in CA Technologies to Martin Haefner’s private holding company. Careal Holding AG and its shareholders remain the principal shareholders in CA Technologies, one of the world’s largest independent software companies,
with a stake of around 24% of outstanding shares. They believe that CA Technologies will continue to grow and intend to keep hold of their investments for the long term. 

Contact 
 On behalf of Careal Holding AG: 

Hirzel.Neef.Schmid.Counselors 
 Sarah Antenore. 

Phone +41 344 42 55 
 sarah.antenore@konsulenten.ch 

About Careal Holding AG 
 Careal Holding AG, founded in
1941, is wholly owned by the families of Martin Haefner and Eva Maria Bucher-Haefner, the descendants of the company’s founder Walter Haefner. The company owns Amag Automobil- und Motoren AG, the leading firm in the Swiss automotive industry,
and holds significant shareholdings in other Swiss and international industrial and real estate companies.

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