Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

AMENDMENT NO. 1 TO LOAN AND SERVICING AGREEMENT, dated as of December 27, 2021 (this “Amendment ”), among Onex Falcon
Direct Lending BDC SPV, LLC, a Delaware limited liability company (the “Borrower”), Onex Falcon Direct Lending BDC Fund, as collateral manager (the “Collateral Manager”), Société
Générale, as agent (the “Agent ”) and lender agent (the “Lender Agent”) and Multicurrency Lender, Dollar Lender and as a Revolving Lender (the “Lender”), U.S. Bank National
Association, as collateral agent (the “Collateral Agent”) and as collateral custodian (the “Collateral Custodian”). 

WHEREAS, the Borrower, the Collateral Manager, Onex Falcon Direct Lending BDC Fund, as equityholder, the Collateral Agent, the Collateral
Custodian, the Lender and the Agent are party to the Loan and Servicing Agreement, dated as of October 4, 2021 (as amended, supplemented, amended and restated and otherwise modified from time to time, the “Loan Agreement”);

 WHEREAS, the Borrower, the Agent, the Lender Agent, the Lender, the Collateral Agent, the Collateral Custodian, and the Collateral
Manager have agreed to amend the Loan Agreement in accordance with the terms and conditions set forth herein; and 
 NOW THEREFORE, in
consideration of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound,
hereby agree as follows: 
 ARTICLE I 

Definitions 
 SECTION 1.1
Defined Terms. Terms used but not defined herein have the respective meanings given to such terms in the Loan Agreement. 
 ARTICLE
II 
 Amendments to the Loan Agreement 

SECTION 2.1 As of the date of this Amendment, the Loan Agreement is hereby amended to delete the stricken text (indicated textually in the
same manner as the following example: stricken text) and to add the bold and double-underlined text
(indicated textually in the same manner as the following example: bold and double-underlined text) as set forth on
the pages of the Loan Agreement attached as Appendix A hereto. 

 ARTICLE III 

Conditions to Effectiveness 

SECTION 3.1 This Amendment shall become effective as of the date first written above upon the satisfaction of each of the following
conditions: 
 (a) the execution and delivery of this Amendment by each party hereto; 

(b) the Agent’s receipt of a legal opinion of counsel for the Borrower, in form and substance reasonably satisfactory to the Agent
covering such matters as the Agent may reasonably request; 
 (c) the Agent’s receipt of a good standing certificate for the Borrower
and the Collateral Manager issued by the applicable office body of its jurisdiction of organization and a certified copy of the resolutions of the board of managers or directors (or similar items) of the Borrower and the Collateral Manager approving
this Amendment and the transactions contemplated hereby, certified by its secretary or assistant secretary or other authorized officer; and 

(d) payment of all fees due and owing to the Agent on or prior to the date of this Amendment. 

ARTICLE IV 

Representations and Warranties 

SECTION 4.1 The Borrower hereby represents and warrants to the Agent that, as of the date first written above, (i) no Event of Default or
Unmatured Event of Default has occurred and is continuing and (ii) the representations and warranties of the Borrower contained in the Loan Agreement are true and correct in all material respects on and as of such day (other than any
representation and warranty that is made as of a specific date). 
 ARTICLE V 

Miscellaneous 
 SECTION
5.1 Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

SECTION 5.2 Severability Clause. In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity,
legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  
 -2- 

 SECTION 5.3 Ratification. Except as expressly amended and waived hereby, the Loan
Agreement is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Agreement shall form a part of the Loan Agreement for all purposes and is therefore a Transaction
Document. 
 SECTION 5.4 Entire Agreement. The only amendments being made to the Loan Agreement are those that are set forth in this
Agreement; no other amendments are being made. This Agreement, constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, understandings and negotiations, both written and
oral, among the parties hereto with respect to the subject matter of this Agreement. Neither this Agreement nor any provision hereof is intended to confer upon any Person other than the parties hereto and the other parties hereto. 

SECTION 5.5 Counterparts. The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall
constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof. 

SECTION 5.6 Headings. The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not
be deemed to alter or affect the meaning or interpretation of any provisions hereof. 
 SECTION 5.7 Electronic Signatures. The words
“execution,” “signed,” “signature,” and words of like import in this Agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global
and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

[Signature pages follow] 

  
 -3- 

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

			
	ONEX FALCON DIRECT LENDING BDC SPV, LLC, as Borrower
		
	By:	 	 /s/ Steven Gutman

		 	Name: Steven Gutman
		 	Title: Authorized Signatory

 [Signature Page to First Amendment to Loan and Servicing Agreement] 

 
			
	SOCIÉTÉ GÉNÉRALE, as Agent
		
	By:	 	 /s/ Julien Thinat

		 	Name: Julien Thinat
		 	Title: Authorized Signatory

 [Signature Page to First Amendment to Loan and Servicing Agreement] 

 
			
	 SOCIÉTÉ GÉNÉRALE, as a Lender Agent, Multicurrency
Lender, Dollar Lender and as a Revolving Lender

		
	By:	 	 /s/ Julien Thinat

		 	Name: Julien Thinat
		 	Title: Authorized Signatory

 [Signature Page to First Amendment to Loan and Servicing Agreement] 

 
			
	 ONEX FALCON DIRECT LENDING BDC FUND, as Collateral Manager

		
	By:	 	 /s/ Steven Gutman

		 	Name: Steven Gutman
		 	Title: Authorized Signatory

 [Signature Page to First Amendment to Loan and Servicing Agreement] 

 
			
	 U.S. BANK NATIONAL ASSOCIATION, as Collateral Custodian

		
	By:	 	 /s/ Maria D. Calzado

		 	Name: Maria D. Calzado
		 	Title: Senior Vice President

 [Signature Page to First Amendment to Loan and Servicing Agreement] 

 
			
	 U.S. BANK NATIONAL ASSOCIATION, as Collateral Agent

		
	By:	 	 /s/ Maria D. Calzado

		 	Name: Maria D. Calzado
		 	Title: Senior Vice President

 [Signature Page to First Amendment to Loan and Servicing Agreement] 

 APPENDIX A 

 EXECUTION VERSION 

CONFORMED THROUGH AMENDMENT
NO. 1 
 LOAN AND SERVICING AGREEMENT 

dated as of October 4, 2021 

ONEX FALCON DIRECT LENDING BDC SPV, LLC, 

as Borrower 
 ONEX FALCON DIRECT
LENDING BDC FUND, 
 as Equityholder 

ONEX FALCON DIRECT LENDING BDC FUND, 

as Collateral Manager 
 THE LENDERS
FROM TIME TO TIME PARTIES HERETO, 
 SOCIÉTÉ GÉNÉRALE, 

as Agent 
 THE OTHER LENDER AGENTS
PARTIES HERETO, 
 U.S. BANK NATIONAL ASSOCIATION, 

as Collateral Agent 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Collateral Custodian 

 in each case that are not received in lieu of principal, interest or fees owed under the related Underlying
Instruments. 
 “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to
be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized
under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes,
(b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in the Obligations pursuant to a law in effect on the date on which (i) such
Lender acquires such interest in the Obligations (other than pursuant to Section 17.17) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 4.3, amounts with
respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure
to comply with Section 4.3(f) and (d) any Taxes imposed under FATCA. 
 “Executive Officer” means, with
respect to the Borrower, the Collateral Manager or the Equityholder, the Chief Executive Officer, the Chief Operating Officer, the Executive Vice President of such Person or any other Person included on the incumbency of the Borrower, Collateral
Manager or Equityholder, as applicable, delivered hereunder and, with respect to any other Person, the President, Chief Financial Officer, Executive Vice President or any Vice President. 

“Exposure Amount” means, as of any date of determination and with respect to any Variable Funding Asset, the excess of
(a) the Borrower’s maximum funding commitment thereunder over (b) the Principal Balance of such Variable Funding Asset. For the avoidance of doubt, the Exposure Amount in respect of a Defaulted Collateral Obligation shall be
included in the calculation of the Exposure Amount if the Borrower is at such time subject to contractual funding obligations with respect to such Defaulted Collateral Obligation and such obligation has not ceased to be enforceable under the
Bankruptcy Code. 
 “Extension Request” has the meaning set forth in Section 2.6. 

“Facility” means the loan facility to be provided to the Borrower pursuant to, and in accordance with, this Agreement. 

“Facility Amount” means
$100,000,000200,000,000
. 
 “Facility Termination Date” means the earlier of
(i) October 2, 2026 and (ii) the effective date on which the facility hereunder is terminated pursuant to Section 13.2. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with), and any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal
or regulatory legislation, rules or practices adopted pursuant to, any intergovernmental agreement, treaty or convention among Official Bodies and implementing such Sections of the Code. 

  
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 “Federal Funds Rate” means, for any period, the greater of (a) 0.0%
and (b) a fluctuating rate per annum equal for each day during such period to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as
published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for
such day on such transactions received by the Agent from three federal funds brokers of recognized standing selected by it. 
 “Fee
Letter” has the meaning set forth in Section 8.4. 
 “Fees” has the meaning set forth in
Section 8.4. 
 “FILO A Loan” means a FILO Loan that, as of any date of determination, has an Effective LTV of
less than or equal to 60% and Total Net Leverage Ratio less than or equal to 5.5x. 
 “FILO B Loan” means a FILO Loan that
is not a FILO A Loan and, as of any date of determination, has an Effective LTV less than or equal to 75% and Total Net Leverage Ratio less than or equal to 6.5x. 

“FILO C Loan” means any FILO Loan that is not a FILO A Loan or a FILO B Loan and, as of any date of determination, has Total
Net Leverage Ratio less than or equal to 7.0x, provided that any FILO Loan that would have constituted a FILO A Loan or a FILO B Loan but for the fact that it fails to meet the provisions thereto with respect to Effective LTV shall constitute
a FILO C Loan. 
 “FILO D Loan” means any FILO Loan that is not a FILO A Loan, a FILO B Loan, or a FILO C Loan and, as of
any date of determination, has Total Net Leverage Ratio less than or equal to 7.5x. 
 “FILO E Loan” means any FILO Loan
that, as of any date of determination, is not a FILO A Loan, FILO B Loan, FILO C Loan or FILO D Loan. 
 “FILO Loan” means
a commercial loan that (x) would have constituted a First Lien Loan but for the fact that, at any time prior to and/or after an event of default under the related loan agreement of such loan, will be paid after one or more tranches of First Out
Loans issued by the same Obligor have been paid in full in accordance with a specified waterfall or other priority of payments and (y) the total size of First Out Loans repayable ahead of the FILO Loan shall be less than 25% of the sum of the
sizes of such First Out Loans and such FILO Loan. 

“First
Amendment Effective Date” means December 27, 2021. 

  
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 (b) the Borrower shall promptly notify the Agent of the occurrence any
Material Modification with respect to a particular Eligible Collateral Obligation; 
 provided that, for the avoidance of doubt, “Material
Modification” shall not include any change to the base rate in respect of a Collateral Obligation from LIBOR to an alternative rate, including any applicable spread or payment frequency adjustments thereto that in the Collateral Manager’s
commercially reasonable judgment is consistent with the successor for LIBOR. 
 “Maximum Weighted Average Life Test” means
a test that will be satisfied on any date of determination if the Weighted Average Life of all Eligible Collateral Obligations included in the Collateral is less than or equal to 7.5 years. 

“Measurement Date” means each of the following, as applicable: (i) the Effective Date; (ii) each Determination Date;
(iii) each Funding Date; (iv) the date of any repayment or prepayment pursuant to Section 2.4; (v) the date that the Collateral Manager has actual knowledge of the occurrence of any Evaluation Event with respect to any
Collateral Obligation; (vi) the date of any optional repurchase or substitution pursuant to Section 7.11; and (vii) the date of any Optional Sale. 

“Minimum Commitment Usage” means (i) from the Effective Date to the six month anniversary of the Effective
Dateand including April 4, 2022, 0.0% and, (ii) from April 5, 2022 to and including June 27, 2022,
37.5% and (iii) thereafter, 75%. 
 “Minimum Weighted Average
Spread Test” means a test that will be satisfied on any date of determination, if the Weighted Average Spread of all Eligible Collateral Obligations included in the Collateral on such day is equal to or greater than 4.00%. 

“Monthly Report” means a report prepared by the Collateral Agent, on behalf of the Borrower, substantially in the form of
Exhibit D. 
 “Moody’s” means Moody’s Investors Service, Inc., or any successor thereto. 

“Moody’s Industry Classifications” means the list of industry classifications set forth on Schedule 2. 

“Multicurrency Lender” means the Persons executing this Agreement (or an assignment hereof in accordance with Article
XV) in the capacity of a “Multicurrency Lender”. 
 “Note” means a promissory grid note, in the form of
Exhibit A, made payable to the order of a Lender Agent, on behalf of the related Lenders. 
 “Note Agent” has the
meaning set forth in Section 14.1. 
 “Obligations” means all obligations (monetary or otherwise) of the
Borrower to the Lenders, the Lender Agents, the Collateral Agent, the Collateral Custodian, the Securities Intermediary, the Agent or any other Affected Person or Indemnitee arising under or in connection with this Agreement, the Notes and each
other Transaction Document. 

  
 -41- 

 Effective LTV greater than 60% as of the Relevant Test Period most recently ended prior to the related
Cut-Off Date, or (b) a FILO Loan. 
 “Standard & Poor’s” means S&P Global Ratings and any successor
thereto. 
 “Structured Finance Obligation” means any obligation owing or issued by a special purpose vehicle and secured
directly by, referenced to, or representing ownership of, a pool of receivables or other financial assets of any Obligor, including collateralized debt obligations and mortgage-backed securities, including (but not limited to) collateral debt
obligations, collateral loan obligations, asset backed securities and commercial mortgage backed securities or any resecuritization thereof. 

“Subsidiary” means, with respect to any Person, a corporation, partnership or other entity of which such Person and/or its
other Subsidiaries own, directly or indirectly, such number of outstanding shares or interests as have more than 50% of the ordinary voting power for the election of directors, managers or general partners, as applicable. 

“Substituted Collateral Obligation” means, with respect to any Collection Period, any Warranty Collateral Obligation with
respect to which the Equityholder has substituted in a replacement Eligible Collateral Obligation pursuant to Section 7.11 and the Sale Agreement. 

“Supported QFC” has the meaning set forth in Section 17.23. 

“Swap Contracts” means, as to any Person, all payment and collateralization obligations of such Person in respect of
(a) any rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions,
cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International
Swaps and Derivatives Association, Inc. (“ISDA”), any International Foreign Exchange Master Agreement, or any other master agreement, including any such obligations or liabilities under any such agreement. 

“Target Portfolio Amount” means
$185,000,000370,000,000
. 
 “Taxes” means all present or future taxes, levies,
imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Official Body, including any interest, additions to tax or penalties applicable thereto. 

“Term Commitment” means, with respect to each Term Lender, the commitment of such Term Lender to make Term Loans to the
Borrower on the Effective Date, pursuant to an Assignment Agreement or on any Conversion Date in the amount of the total Term Loans as set forth on Annex B, as such amount may be terminated or reduced from time to time in accordance the
occurrence and during the continuation of a Collateral Manager Event of Default, deliver to the Agent copies of all Records in its possession which evidence or relate to the Collections. 

  
 -53- 

 (d) The Collateral Manager shall, as soon as practicable following receipt thereof, turn
over to the applicable Person any cash collections or other cash proceeds received with respect to each Collateral Obligation that do not constitute Collections or were paid in connection with a Retained Interest. 

(e) On each Measurement Date, the Collateral Manager (on behalf of the Borrower) shall re-determine the status of each Eligible Collateral
Obligation as of such date and provide notice of any change in the status of any Eligible Collateral Obligation to the Collateral Agent and the Agent and, as a consequence thereof, Collateral Obligations that were previously Eligible Collateral
Obligations on a prior Measurement Date may be excluded from the Aggregate Eligible Collateral Obligation Amount on such Measurement Date. 

(f) The Collateral Manager may, with the prior written consent of the Agent, execute any of its duties under this Agreement and the other
Transaction Documents by or through its subsidiaries, affiliates, agents or attorneys in fact; provided that, it shall remain liable for all such duties as if it performed such duties itself. 

Section 7.4 Representations and Warranties of the Collateral Manager. The Collateral Manager represents, warrants and covenants as
of the Effective Date and each Funding Date as to itself: 
 (a) Organization and Good Standing. It (i) has been duly organized,
and is validly existing as a statutory trust under the laws of its jurisdiction of organization and (ii) has all requisite limited partnership power and authority to own or lease its properties and conduct its business as such business is
presently conducted. 
 (b) Due Qualification. It (i) is in good standing as a statutory trust under the laws of its jurisdiction
of organization and, (ii) duly qualified to do business in its jurisdiction of organization and and (iii) has obtained all necessary qualifications, licenses and approvals, in all jurisdictions in which the ownership or lease of property
or the conduct of its business requires such qualifications, licenses or approvals, except where the failure to be so qualified or obtain such qualifications, licenses or approvals would not reasonably be expected to have a Material Adverse Effect.

 (c) Power and Authority. It (i) has all necessary statutory trust power and authority to (a) execute and deliver each
Transaction Document to which it is a party, and (b) perform its obligations under the Transaction Documents to which it is a party, and (ii) has duly authorized by all necessary statutory trust action, the execution, delivery and
performance of each Transaction Document to which it is a party. This Agreement and each other Transaction Document to which the Collateral Manager is a party have been duly executed and delivered by the Collateral Manager. 

(d) Binding Obligations. Each Transaction Document to which the Collateral Manager is a party constitutes a legal, valid and binding
obligation of the Collateral Manager enforceable against the Collateral Manager in accordance with its respective terms, except as 

  
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 Annex B 

 

									
	Lender 	  	Dollar or Multicurrency Lender	  	 Commitment as of
 the First Amendment
 Effective Date
	 	  	Revolving or Term Commitment
	 Société Générale
	  	Multicurrency Lender	  	$	20,000,000$40,000,000	 	  	Revolving Commitment
	 Société Générale
	  	Dollar Lender	  	$	80,000,000$160,000,000	 	  	Revolving Commitment

  
 B-1Exhibit 4.1

 

DESCRIPTION
OF SECURITIES

pursuant
to section 12 of the securities exchange act of 11934

 

The
following description is intended as a summary of our third amended and restated certificate of incorporation (which we refer
to as our “charter”) and our bylaws, and to the applicable provisions of the Delaware General Corporation Law. Because the
following is only a summary, it does not contain all of the information that may be important to you. For a complete description, you
should refer to our charter and bylaws.

 

Our
current certificate of incorporation authorizes us to issue:

 

	 	●	100,000,000
    shares of common stock, par value $0.0001 per share; and
	 	●	20,000,000
    shares of Preferred Stock, par value $0.000001 per share, of which 18,000,000 shares have been designated as Series B preferred stock
    and the remainder of which have not been designated.

 

As
of March 31, 2022, there were 17,253,278 shares of common stock outstanding and 0 shares of Series B Preferred Stock outstanding.

 

Common
Stock

 

Voting.
The holders of our common stock are entitled to one vote for each share held of record on all matters on which the holders are entitled
to vote (or consent pursuant to written consent).

 

Dividends.
The holders of our common stock are entitled to receive, ratably, dividends only if, when and as declared by our board of directors out
of funds legally available therefor and after provision is made for each class of capital stock having preference over the common stock.

 

Liquidation
Rights. In the event of our liquidation, dissolution or winding-up, the holders of our common stock are entitled to share, ratably,
in all assets remaining available for distribution after payment of all liabilities and after provision is made for each class of capital
stock having preference over the common stock.

 

Conversion
Rights. The holders of our common stock have no conversion rights.

 

Preemptive
and Similar Rights. The holders of our common stock have no preemptive or similar rights.

 

Redemption/Put
Rights. There are no redemption or sinking fund provisions applicable to the common stock. All of the outstanding shares of our common
stock are fully-paid and non-assessable.

 

Preferred
Stock

 

We
are authorized to issue up to 20,000,000 shares of “blank check” preferred, which may be issued from time to time in one
or more series upon authorization by our board of directors. Our board of directors, without further approval of the stockholders, is
authorized to fix the dividend rights and terms, conversion rights, voting rights, redemption rights and terms, liquidation preferences,
and any other rights, preferences, privileges and restrictions applicable to each series of preferred stock. Accordingly, our board of
directors is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, conversion, voting, or other
rights that could adversely affect the voting power or other rights of the holders of our common stock. The issuance of preferred stock
could have the effect of restricting dividends on our common stock, diluting the voting power of our common stock, impairing the liquidation
rights of our common stock, or delaying or preventing a change in control of our company, all without further action by our stockholders.
Our board of directors has designated 18,000,000 of our preferred stock as Series B Preferred Stock.

 

Series
B Preferred Stock

 

Voting.
The holders of our Series B Preferred Stock are entitled to vote together with our common stock as a single class, on all matters on
which the holders of the common stock are entitled to vote (or consent pursuant to written consent) Each share of Series B Preferred
Stock will have a number of votes equal to one share of common stock.

 

    	 

    	 

    

 

Dividends.
The holders of Series B Preferred Stock are entitled to share, ratably and on an as-converted basis, in all dividends declared by our
board of directors and paid to the holders of our common stock.

 

Liquidation.
In the event of any liquidation, dissolution or winding up of our company, the assets available for distribution to our stockholders
will be distributed among the holders of our Series B Preferred Stock and the holders of our common stock, pro rata, on an as-converted-to-common
stock basis.

 

Conversion
Rights. Under the terms of the Series B Preferred Stock, each share of Series Preferred B Stock was to convert into one share of
our common stock upon the Reverse Split unless (i) to the extent (but only to the extent) such conversion for a Series B Preferred Stock
holder would violate the Springing Blocker and (ii) such holder has notified the Company in writing that it wants the Springing Blocker
to apply to such holder. We had only one holder of our Series B Preferred Stock that notified the Company that it wanted the Springing
Blocker to apply. Any Series B Preferred Stock not converted as a result of this provision would automatically convert into common stock
as soon as such conversion would not violate the Springing Blocker. Our Series B Preferred Stock will cease to be designated as a separate
series of our preferred stock when all of such shares have converted into shares of our common stock.

 

Preemptive
and Similar Rights. The holders of our Series B Preferred Stock have no preemptive or similar rights.

 

Redemption/Put
Rights. There are no redemption or sinking fund provisions applicable to our Series B Preferred Stock. All of the outstanding shares
of our Series B Preferred Stock are fully-paid and non-assessable.

 

Transfer
Agent and Registrar

 

American
Stock Transfer & Trust Company, LLC is the transfer agent and registrar for our common stock.

 

Dividends

 

We
have never paid or declared any cash dividends on our common stock, and we do not anticipate paying any cash dividends on our common
stock in the foreseeable future. We intend to retain all available funds and any future earnings to fund the development and expansion
of our business. Any future determination to pay dividends will be at the discretion of our board of directors and will depend upon a
number of factors, including our results of operations, financial condition, future prospects, contractual restrictions, restrictions
imposed by applicable law and other factors our board of directors deems relevant.

 

Anti-Takeover
Effect of Delaware Law, Certain Charter and Bylaw Provisions

 

In
addition to the provisions included in our Amended and Restated Certificate and Bylaws, we are subject to the provisions of Section 203
of the General Corporation Law of the State of Delaware, an anti-takeover law. In general, Section 203 prohibits a publicly held Delaware
corporation from engaging in a “business combination” with an “interested stockholder” for a period of three
years after the date of the transaction in which the person became an interested stockholder, unless the business combination is approved
in the following prescribed manner:

 

	 	●	prior
    to the time of the transaction, the board of directors of the corporation approved either the business combination or the transaction
    which resulted in the stockholder becoming an interested stockholder;

 

	 	●	upon
    completion of the transaction that resulted in the stockholder becoming an interested stockholder, the stockholder owned at least
    85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining
    the number of shares outstanding (1) shares owned by persons who are directors and also officers and (2) shares owned by employee
    stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan
    will be tendered in a tender or exchange offer; and

 

    	2

    	 

    

 

	 	

    ●
	on
    or subsequent to the time of the transaction, the business combination is approved by the board and authorized at an annual or special
    meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock
    which is not owned by the interested stockholder.

 

Generally,
for purposes of Section 203, a “business combination” includes a merger, asset or stock sale, or other transaction resulting
in a financial benefit to the interested stockholder. An “interested stockholder” is a person who, together with affiliates
and associates, owns or, within three years prior to the determination of interested stockholder status, owned 15% or more of a corporation’s
outstanding voting securities.

 

Public
Warrants

 

General. Each warrant is
exercisable to purchase one share of common stock at an exercise price of $4.98 per share,. This exercise price will be adjusted if specific
events, summarized below, occur. A holder of warrants will not be deemed a holder of the underlying stock for any purpose until the warrant
is exercised.

 

Form and Exchange Listing.
The warrants are listed on The NASDAQ Capital Market under the symbol “PTIXW”.

 

Warrant Agent. The warrants
were issued in registered form under a warrant agency agreement between American Stock Transfer & Trust Company, LLC, as warrant
agent, and us.

 

Exercisability. The warrants
are exercisable at any time after their original issuance and at any time up to the date that is five years after their original issuance.
The warrants are exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice
and, at any time a registration statement registering the issuance of the shares of Common Stock underlying the warrants under the Securities
Act is effective and available for the issuance of such shares, or an exemption from registration under the Securities Act is available
for the issuance of such shares, by payment in full in immediately available funds for the number of shares of Common Stock purchased
upon such exercise. If a registration statement registering the issuance of the shares of Common Stock underlying the warrants under
the Securities Act is not effective or available and an exemption from registration under the Securities Act is not available for the
issuance of such shares, the holder may, in its sole discretion, elect to exercise the warrant through a cashless exercise, in which
case the holder would receive upon such exercise the net number of shares of Common Stock determined according to the formula set forth
in the warrant. No fractional shares of Common Stock will be issued in connection with the exercise of a warrant. In lieu of fractional
shares, we will pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price.

 

Exercise Price. The exercise
price per share of common stock purchasable upon exercise of the warrants is $4.98 per share. The exercise price is subject to appropriate
adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events
affecting our Common Stock and also upon any distributions of assets, including cash, stock or other property to our stockholders.

 

Transferability. Subject
to applicable laws, the warrants may be offered for sale, sold, transferred or assigned without our consent.

 

Redemption. Beginning July
25, 2021, the warrants became redeemable at our option, in whole or in part, at a redemption price equal to $0.025 per
warrant upon 30 days’ prior notice (which may be made via publication of a press release), at any time after the date on which the
closing price of our common stock has equaled or exceeded $7.26 for at least five consecutive trading days, provided we have a
current and effective registration statement available covering the exercise of the warrants. Notice of redemption may be made via publication
of a press release or any other lawful means. If notice of redemption is made via publication of a press release, no other form of notice
or publication will be required. If we call the warrants for redemption, the holders of the warrants will then have to decide whether
to sell warrants, exercise them before the close of business on the business day preceding the specified redemption date or hold them
for redemption.

 

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Adjustments
in Certain Events. We will make adjustments to the terms of the warrants if certain events occur as described below. If prior to
the exercise of any warrants, we effect one or more stock splits, stock dividends or other increases or reductions of the number of shares
of our common stock outstanding without receiving compensation therefor in money, services or property, the number of shares of common
stock subject to the warrants shall (i) if a net increase shall have been effected in the number of outstanding shares of common stock,
be proportionately increased, and the exercise price payable per share of common stock subject to the warrant shall be proportionately
reduced, and, (ii) if a net reduction shall have been effected in the number of outstanding shares of the common stock, be proportionately
reduced and the exercise price payable per share of common stock subject to the warrant shall be proportionately increased. We may, in
our sole discretion, lower the exercise price per share of common stock subject to the warrant at any time prior to the expiration date
for a period of not less than 20 days.

 

In
the event of a capital reorganization or reclassification of our common stock, the warrants will be adjusted so that thereafter each
warrant holder will be entitled to receive upon exercise the same number and kind of securities that such holder would have received
if the warrant had been exercised before the capital reorganization or reclassification of our common stock.

 

If
we merge or consolidate with another corporation, or if we sell our assets as an entirety or substantially as an entirety to another
corporation, we will make provisions so that warrantholders will be entitled to receive upon exercise of a warrant the kind and number
of securities, cash or other property that would have been received as a result of the transaction by a person who was our stockholder
immediately before the transaction and who owned the same number of shares of common stock for which the warrant was exercisable immediately
before the transaction. No adjustment to the warrants will be made, however, if a merger or consolidation does not result in any reclassification
or change in our outstanding common stock.

 

Rights
as a Stockholder. Except as otherwise provided in the warrants or by virtue of such holder’s ownership of shares of our common
stock, the holder of a warrant does not have the rights or privileges of a holder of our common stock, including any voting rights, until
the holder exercises the warrant.

 

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