Document:

Exhibit 10.1

Exhibit 10.1

REGENERX BIOPHARMACEUTICALS, INC.

 

SECURITIES PURCHASE AGREEMENT

SEPTEMBER 30, 2009

 

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	SECTION 1. DEFINITIONS
	 	 	1	 
	SECTION 2. ISSUANCE AND SALE OF THE SECURITIES
	 	 	3	 
	SECTION 3. THE CLOSING
	 	 	3	 
	3.1 Closing
	 	 	3	 
	3.2 Deliveries by the Company
	 	 	4	 
	3.3 Deliveries by the Investor
	 	 	4	 
	SECTION 4. REPRESENTATIONS, WARRANTIES AND COVENANTS
	 	 	5	 
	4.1 Representations and Warranties of the Company
	 	 	5	 
	4.2 Representations and Warranties of the Investor
	 	 	7	 
	SECTION 5. RESTRICTIONS ON TRANSFER
	 	 	8	 
	SECTION 6. VOTING
	 	 	8	 
	6.1 Common Stock
	 	 	8	 
	6.2 Legend
	 	 	9	 
	6.3 Rights of the Company
	 	 	9	 
	6.4 Schedule 13D
	 	 	9	 
	SECTION 7. RESERVED
	 	 	9	 
	SECTION 8. CONDITIONS TO CLOSING
	 	 	9	 
	8.1 Conditions to Closing by the Investor
	 	 	9	 
	8.2 Conditions to Closing by the Company
	 	 	10	 
	SECTION 9. MISCELLANEOUS
	 	 	10	 
	9.1 Waivers and Amendments
	 	 	10	 
	9.2 Costs and Expenses
	 	 	10	 
	9.3 Remedies Cumulative
	 	 	11	 
	9.4 Remedies Not Waived
	 	 	11	 

 

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Table
of Contents

(continued)

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	9.5 Entire Agreement
	 	 	11	 
	9.6 Specific Performance
	 	 	11	 
	9.7 Governing Law
	 	 	11	 
	9.8 Notices
	 	 	11	 
	9.9 Counterparts
	 	 	12	 
	9.10 Successors and Assigns
	 	 	12	 
	9.11 Third Parties
	 	 	12	 
	9.12 Schedules and Exhibits
	 	 	13	 
	9.13 Headings
	 	 	13	 

 

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SECURITIES PURCHASE AGREEMENT

THIS SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as of September 30, 2009, is
entered into by and between RegeneRx Biopharmaceuticals, Inc., a Delaware corporation (the
“Company”), and Chaumiere-Consultadoria & Servicos SDC Unipessoal LDA (hereinafter the
“Investor”).

RECITALS

Whereas, the Company has authorized the sale and issuance of (i) an aggregate of
1,219,512 shares of its Common Stock (the “Shares”) and (ii) a warrant, in substantially the form
attached hereto as Exhibit A (the “Warrant”), to purchase an aggregate of 609,756 shares
of its Common Stock (the “Warrant Shares” and, along with the Warrant and the Shares, the
“Securities”) for an aggregate purchase amount of no more than $1,000,000, pursuant to the terms of
this Agreement;

Whereas, the Investor desires to purchase the Securities on the terms and conditions
set forth herein; and

Whereas, the Company desires to issue and sell the Securities to the Investor on the
terms and conditions set forth herein.

AGREEMENT

Now, Therefore, in consideration of the foregoing recitals and the mutual promises,
representations, warranties, and covenants hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

SECTION 1. DEFINITIONS

The following terms when used in this Agreement shall have the following respective meanings:

“Affiliate” has the meaning set forth in Rule 501(b) of Regulation D.

“Applicable Laws” has the meaning set forth in Section 4.1(f) hereof.

“Board of Directors” means the Board of Directors of the Company.

“Capital Stock” means (i) with respect to any Person that is a corporation, any and all
shares, interests or equivalents in capital stock (whether voting or nonvoting and whether common
or preferred) of such corporation and (ii) with respect to any Person that is not a corporation,
any and all partnership, membership, limited liability company or other equity interests of such
Person; and in each case, any and all warrants, rights or options to purchase any of the foregoing.

 

 

 

“Certificate of Incorporation” means the Certificate of Incorporation of the Company, as in
effect and on file with the Secretary of State of the State of Delaware on the date of this
Agreement.

“Closing” has the meaning set forth in Section 3.1 hereof.

“Closing Date” has the meaning set forth in Section 3.1 hereof.

“Common Stock” means the Common Stock of the Company, par value $0.001 per share.

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

“Governmental Authority” means the United States, any state, county or municipality, the
government of any foreign country, any subdivision of any of the foregoing or any authority,
department, commission, board, bureau, agency, court or instrumentality of any of the foregoing.

“Holding Period” has the meaning set forth in Section 5 hereof.

“Knowledge of the Company,” including the terms “Know,” “Known” and other derivatives thereof,
means, with respect to the Company, the actual knowledge, after reasonable investigation, of any
Responsible Officer.

“Lien” means any mortgage, lien, pledge, security interest, easement, conditional sale or
other title retention agreement or other encumbrance of any kind except for liens relating to taxes
that have accrued but are not yet payable which do not have a Material Adverse Effect.

“Material Adverse Effect” means a material adverse effect upon (i) the condition (financial or
otherwise), operations, business, properties or assets of the Company, (ii) the ability of the
Company to perform its obligations under this Agreement or any of the other agreements or documents
contemplated hereby to which it is a party or (iii) the legality, validity or enforceability of
this Agreement or any of the other agreements or documents contemplated hereby or the rights and
remedies of the Investor and the other parties hereunder and thereunder.

“Material Agreements” has the meaning set forth in Section 4.1(e) hereof.

“Parties” refers collectively to the Company and the Investor.

“Person” means an individual, corporation, partnership, joint venture, trust, unincorporated
organization, or Governmental Authority.

“Purchase Price” has the meaning set forth in Section 2 hereof.

“Regulation D” has the meaning set forth in Section 4.2(c) hereof.

“Responsible Officer” means, with respect to the Company, the President and Chief Executive
Officer, the Chief Financial Officer, the Vice President of Clinical and Regulatory
Affairs or the Chairman of the Board of Directors.

 

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“Returns” has the meaning set forth in Section 4.1(i) hereof.

“SEC” means the U.S. Securities and Exchange Commission.

“SEC Reports” has the meaning set forth in Section 4.1(h)(i) hereof.

“Securities” has the meaning set forth in the Preamble.

“Securities Act” means the Securities Act of 1933, as amended.

“Shares” has the meaning set forth in the Preamble.

“Stockholders” has the meaning set forth in Section 4.1(b) hereof.

“Tax” or “Taxes” refers to any and all federal, state, national, local, foreign and other
taxes, assessments and other governmental charges, duties, levies, impositions and liabilities
relating to taxes, including taxes based upon or measured by gross receipts, income, profits,
sales, use and occupation, and value added, ad valorem, transfer, franchise, withholding, payroll,
recapture, employment, excise and property taxes, together with all interest, penalties and
additions imposed with respect to such amounts and any obligations under any agreements or
arrangements with any other person with respect to such amounts and including any liability for
taxes of a predecessor entity.

“Transfer” has the meaning set forth in Section 5 hereof.

“Warrant” has the meaning set forth in the Preamble.

“Warrant Shares” has the meaning set forth in the Preamble.

SECTION 2. ISSUANCE AND SALE OF THE SECURITIES

At the Closing, the Company shall issue and sell to the Investor and the Investor shall
purchase from the Company (i) 1,219,512 Shares at a purchase price equal to $0.82 per Share (the
“Purchase Price”), for aggregate gross proceeds of no more than $1,000,000 and (ii) a
Warrant to purchase 609,756 Warrant Shares, representing 50% of the Shares purchased, at an
exercise price of $1.12 per share.

SECTION 3. THE CLOSING

3.1 Closing 

The closing of the issuance and sale of the Securities pursuant to Section 2 hereof and
certain of the other transactions contemplated hereby (the “Closing”) shall take place at the
offices of Cooley Godward Kronish LLP, One Freedom Square, Reston Town Center, 11951 Freedom Drive,
Reston, Virginia 20190, within one business day following the satisfaction of the
conditions specified in Section 8 below, or at such other time or place as the Parties shall
mutually agree (the actual date being referred to herein as the “Closing Date”). The Parties agree
that the Closing may occur by facsimile signature and delivery and that the Parties need not appear
in person at the Closing.

 

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3.2 Deliveries by the Company

At or prior to the Closing, the Company shall deliver or cause to be delivered to the Investor
the following items:

(a) One or more stock certificates evidencing a number of Shares purchased by the Investor
hereunder, registered in the name of such Investor and subject to the legends and other
restrictions set forth herein;

(b) a Warrant, executed by the Company and registered in the name of such Investor, pursuant
to which such Investor shall have the right to acquire the Warrant Shares issuable to such Investor
pursuant to Section 2 on the terms set forth therein;

(c) a copy of the Certificate of Incorporation certified by the Secretary of State of the
State of Delaware as of a date within thirty days prior to the Closing Date;

(d) a certificate of the Secretary of State of the State of Delaware as to the good standing
of the Company dated within thirty days prior to the Closing Date;

(e) a certificate of the Secretary or Assistant Secretary of the Company, in form and
substance satisfactory to counsel for the Investor, certifying that attached thereto are true and
correct copies of (i) the bylaws of the Company, and (ii) resolutions duly and validly adopted by
the Board of Directors authorizing the allotment and issuance of the Securities to the Investor,
execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby; and

(f) a counterpart of this Agreement duly executed by the Company.

3.3 Deliveries by the Investor

At or prior to the Closing, the Investor shall deliver or cause to be delivered to the Company
the following items:

(a) payment of the Purchase Price in immediately available funds by wire transfer to an
account designated in writing by the Company prior to the Closing Date;

(b) a fully completed and duly executed Accredited Investor Certification in the form attached
hereto as Exhibit B; and

(c) a counterpart of this Agreement duly executed by the Investor.

 

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SECTION 4. REPRESENTATIONS, WARRANTIES AND COVENANTS

4.1 Representations and Warranties of the Company

In order to induce the Investor to purchase the Securities it is purchasing hereunder, the
Company represents and warrants to the Investor as of the date hereof that:

(a) Organization and Standing. The Company is duly incorporated and validly existing
under the laws of the State of Delaware and has all requisite corporate power and authority to own
or lease its properties and assets and to conduct its business as it is presently being conducted.

(b) Capitalization. Immediately subsequent to the consummation of the transactions
contemplated by this Agreement, the authorized Capital Stock of the Company shall be as set forth
on Schedule 4.1(b) hereto. The outstanding shares of Capital Stock are all duly and
validly authorized and issued, fully paid and nonassessable, and based in part on the
representations of the stockholders of the Company (the “Stockholders”) made in connection with the
issuance thereof, were issued in compliance with all applicable federal and state securities laws.

(c) Capacity of the Company; Consents; Execution of Agreements. The Company has all
requisite power, authority and capacity to enter into this Agreement and to perform the
transactions and obligations to be performed by it hereunder. The execution and delivery of this
Agreement and any agreements contemplated hereby by the Company, and the performance by the Company
of the transactions and obligations contemplated hereby and thereby, including, without limitation,
the issuance and delivery of the Securities to the Investor, has been duly authorized by all
requisite action of the Company and Stockholders. This Agreement has been duly executed and
delivered by a duly authorized officer of the Company and constitutes a valid and legally binding
agreement of the Company, enforceable in accordance with its respective terms, except as
enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other
similar laws of the United States (both state and federal), affecting the enforcement of creditors’
rights or remedies in general and general equity principles.

(d) Status of the Shares and Warrant Shares; Reservation of Common Stock. The Shares
and Warrant Shares to be issued and purchased hereunder, when issued by the Company to the Investor
and paid for by the Investor pursuant to the terms of this Agreement and the Warrant, will (i) be
duly authorized, validly issued, fully paid and nonassessable, (ii) based on the Investor’s
representations in Section 4.2, have been issued in compliance with all applicable United States
federal and state securities laws and (iii) be free and clear of all Liens. The Company has
available sufficient shares of Common Stock for issuance pursuant to the terms of this Agreement.

(e) Conflicts; Defaults. The execution and delivery of this Agreement by the Company
and the performance by the Company of the transactions and obligations contemplated hereby to be
performed by it will not (i) materially violate, conflict with, or constitute a default under any
of the terms or provisions of, the Certificate of Incorporation, the bylaws, or any provisions of,
or result in the acceleration of any obligation under, any material contract, note, debt
instrument, security agreement, or other instrument to which the Company is a party or by
which the Company, or any of their assets is bound (collectively, the “Material Agreements”);
(ii) result in the creation or imposition of any Liens or claims upon the Company’s assets or upon
the Company’s Common Stock; (iii) assuming the accuracy of the Investor’s representations in
Section 4.2, constitute a material violation of any law, statute, judgment, decree, order, rule, or
regulation of a Governmental Authority applicable to the Company; or (iv) constitute an event
which, after notice or lapse of time or both, would result in any of the foregoing. The Company is
not presently in violation of its Certificate of Incorporation or bylaws.

 

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(f) Compliance with Laws. The Company is not in violation of, nor do any of its
respective operations violate in any respect, any statute, law, or regulation of any Governmental
Authority applicable to the Company (“Applicable Laws”), which violation would have a Material
Adverse Effect.

(g) Litigation. As of the date hereof: (i) the Company is not subject to any order of,
or written agreement or memorandum of understanding with, any Governmental Authority which would
have a Material Adverse Effect; (ii) there are no material actions, suits, claims, investigations,
or proceedings pending at law or in equity or before or by any Governmental Authority, or, to the
Knowledge of the Company, threatened, against the Company or any of its assets or properties or the
transactions contemplated by this Agreement, and to the Knowledge of the Company, there exist no
facts or circumstances which reasonably could be anticipated to result in any such action, suit,
claim, investigation, or proceeding; and (iii) no Person has asserted, and, to the Knowledge of the
Company, no Person has a valid basis upon which to assert, any claims against the Company that
would materially adversely affect the transactions contemplated by this Agreement or result in or
form the basis of any such action, suit, claim, investigation or proceeding. There is no material
action, suit, proceeding or investigation by the Company currently pending or which the Company
intends to initiate.

(h) Securities Laws.

(i) The Company has filed all forms, reports and documents with the SEC required to be filed
by it pursuant to the federal securities laws and the SEC rules and regulations thereunder, all of
which complied in all material respects with all applicable requirements of the Securities Act and
the Exchange Act (collectively, the “SEC Reports”). None of the SEC Reports, including, without
limitation, any financial statements or schedules included therein, at the time filed (or if
amended or superseded by a filing prior to the date of this Agreement, then on the date of such
filing) contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements therein, in light of
circumstances under which they were made, not misleading.

(ii) Based on the Investor’s representations in Section 4.2, no consent, authorization,
approval, permit, or order of or filing with any Governmental Authority is required in order for
the Company to execute and deliver this Agreement or in order for the Company to offer, issue,
sell, or deliver the Securities. Based in part on the representations of the Investor and under
the circumstances contemplated hereby and under current laws and regulations, the offer, issuance,
sale and delivery of the Securities to the Investor is exempt from the registration requirements of
the Securities Act.

 

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(i) Taxes. The Company has timely filed or caused to be filed with the appropriate
taxing authority all federal, state, national, local and foreign returns, estimates, information
statements and reports (“Returns”) relating to Taxes required to be filed by the Company on or
prior to the Closing Date. The Returns have accurately reflected in all material respects and will
accurately reflect in all material respects all liability for Taxes of the Company for the periods
covered thereby.

4.2 Representations and Warranties of the Investor

The Investor hereby represents and warrants to the Company that as of the date hereof:

(a) Investment Intent. The Securities to be purchased by the Investor hereunder are
being purchased for its own account and not with the view to, or for resale in connection with, any
distribution or public offering thereof within the meaning of the Securities Act. The Investor
understands that the Securities have not been registered under the Securities Act by reason of
their issuance in transactions exempt from the registration and prospectus delivery requirements of
the Securities Act pursuant to Section 4(2) thereof. The Investor further understands that the
certificates representing the Shares and any Warrant Shares that may be issued pursuant to the
exercise of the Warrant will bear the following legend and the Investor agrees that it will hold
such shares subject thereto:

“THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE
SECURITIES LAWS OR BLUE SKY LAWS.”

(b) Capacity of the Investor; Execution of Agreement. The Investor has all requisite
power, authority and capacity to enter into this Agreement, deliver the Purchase Price, and to
perform the transactions and obligations to be performed by it hereunder. This Agreement has been
duly authorized, executed and delivered by them and constitutes its valid and legally binding
obligation, enforceable in accordance with its terms, except as enforcement thereof may be limited
by bankruptcy, insolvency, reorganization, moratorium or other similar laws, both state and
federal, affecting the enforcement of creditors’ rights or remedies in general from time to time in
effect and the exercise by courts of equity powers or their application of principles of public
policy.

(c) Accredited Investor. The Investor is an “accredited investor” as defined in Rule
501(a) of Regulation D promulgated under the Securities Act (“Regulation D”).

 

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(d) Suitability and Sophistication. (i) The Investor has such knowledge and experience
in financial and business matters that it is capable of independently evaluating the risks and
merits of purchasing the Securities; (ii) the Investor has independently evaluated the risks and
merits of purchasing the Securities and has independently determined that the Securities are a
suitable investment for it; and (iii) the Investor has sufficient financial resources to bear the
loss of their entire investment in the Securities.

(e) Receipt of Information. The Investor believes, after due inquiry and
investigation, that it has received all of the information that it considers necessary or
appropriate for deciding whether to purchase the Securities. The Investor further represents that
it has had an opportunity to ask questions and receive answers from the Company regarding the terms
and conditions of the offering of the Securities and the business, properties, prospects and
financial condition of the Company and to obtain additional information (to the extent the Company
possessed such information or could acquire it without unreasonable effort or expense) necessary to
verify the accuracy of any information furnished to the Investor. The foregoing, however, does not
limit or modify the representations and warranties of the Company in Section 4 of this Agreement or
the right of the Investor to rely thereon.

(f) Independent Existence. The Investor was not formed for the specific purpose of
purchasing the Securities.

SECTION 5. RESTRICTIONS ON TRANSFER

The Investor agrees that the Investor shall not sell, assign, encumber, pledge, gift, transfer
or otherwise dispose of the Securities by any means, including, without limitation, any transfer or
disposition by means of a put or call option, security interest or any similar instrument
(collectively, a “Transfer”), from the date hereof through September 30, 2012 (the “Holding
Period”). Notwithstanding the foregoing, the Investor may Transfer the Securities to an Affiliate
of the Investor during the Holding Period provided that: (i) the Investor gives the Company written
notice of its intention to effect such Transfer, (ii) the Investor did not enter into this
Agreement with the intention of effecting such Transfer and (iii) the transferee becomes a party to
this Agreement. The Investor understands, acknowledges and agrees that the Company shall not be
required (y) to transfer on its books any Securities that have been sold or transferred in
violation of the provisions of this Section 5 or (z) to treat as the owner of the Securities, or
otherwise to accord voting or dividend rights to, any transferee to whom the Securities have been
transferred in contravention of this Agreement.

SECTION 6. VOTING

6.1 Common Stock. The Investor agrees to hold all Shares and any Warrant Shares
issued upon exercise of the Warrant for the term of the Holding Period subject to the voting
provisions contained herein.

 

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6.2 Legend. There shall be imprinted or otherwise placed on certificates representing
the Shares and any Warrant Shares issued upon exercise of the Warrant, the following restrictive
legend (the “Legend”):

“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS
OF A SECURITIES PURCHASE AGREEMENT WHICH PLACES CERTAIN RESTRICTIONS ON THE VOTING
AND DISPOSITION OF THE SHARES REPRESENTED HEREBY. A COPY OF SUCH SECURITIES PURCHASE
AGREEMENT WILL BE FURNISHED TO THE RECORD HOLDER OF THIS CERTIFICATE WITHOUT CHARGE
UPON WRITTEN REQUEST TO THE COMPANY AT ITS PRINCIPAL PLACE OF BUSINESS.”

6.3 Rights of the Company. During the Holding Period, the Company, acting by and
through its Board of Directors, shall possess and shall have the exclusive right, except as
otherwise expressly limited in this Agreement, to exercise, in person or by nominees or proxies of
the Company, all voting rights and powers in respect of the Shares and any Warrant Shares issued
upon exercise of the Warrant, for any and every purpose, and to take part in or consent to any
Company or Stockholders’ action of any kind whatsoever, as absolute owner of such Shares and any
Warrant Shares issued upon exercise of the Warrant. The Investor hereby assigns to the Company all
voting rights that it otherwise might have had arising out of ownership of the Shares and any
Warrant Shares issued upon exercise of the Warrant, whether by operation of law or agreement. The
right to vote shall include the right to vote for and against, to consent, to abstain or to refrain
from attending any meeting with respect to the election of directors or any other matter to be
acted upon by the Stockholders of the Company at any meeting or by consent.

6.4 Schedule 13D. The Investor hereby acknowledges and understands that the foregoing
voting restrictions may require the Parties to file an amended Schedule 13D pursuant to the
Exchange Act and the Parties hereby agree to provide each other with all reasonably necessary
assistance in order to effect such filing on a timely basis.

SECTION 7. Reserved.

SECTION 8. CONDITIONS TO CLOSING

8.1 Conditions to Closing by the Investor

The obligations of the Investor to consummate the purchase of the Securities pursuant to
Section 2 hereof and certain of the transactions contemplated by this Agreement are subject to the
satisfaction on or prior to the Closing Date of the following conditions, any of which may be
waived in whole or in part in writing by the Investor:

(a) all representations and warranties of the Company contained in this Agreement shall be
true and correct as of the date of this Agreement and as of the Closing Date as though made anew as
of such date (unless another date is specified);

(b) the Company shall have delivered to the Investor the items required by Section 3.2 of this
Agreement;

(c) the Company shall have performed and complied with all agreements and conditions required
by this Agreement to be performed and complied with by it prior to or as of
the Closing Date; and

 

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(d) all pre-issuance registrations, qualifications, permits and approvals required, if any,
under applicable state securities laws or stock exchange listing rules for the lawful execution and
delivery of this Agreement and the offer, sale, issuance and delivery of the Securities shall have
been obtained.

8.2 Conditions to Closing by the Company

The obligations of the Company to consummate the issuance and sale of the Securities pursuant
to Section 2 hereof and certain of the transactions contemplated by this Agreement are subject to
the satisfaction on or prior to the Closing Date of the following conditions, any of which may be
waived in whole or in part in writing by the Company:

(a) all representations and warranties of the Investor contained in this Agreement shall be
true and correct as of the date of this Agreement and as of the Closing Date as though made anew as
of such date;

(b) the Investor shall have delivered to the Company the items required by Section 3.3 of this
Agreement;

(c) all pre-issuance registrations, qualifications, permits and approvals required, if any,
under applicable state securities laws or stock exchange listing rules for the lawful execution and
delivery of this Agreement and the offer, sale, issuance and delivery of the Securities shall have
been obtained; and

(d) the Investor shall have performed and complied with all agreements and conditions required
by this Agreement to be performed and complied with by them prior to or as of the Closing Date.

SECTION 9. MISCELLANEOUS

9.1 Waivers and Amendments

This Agreement may be amended or modified in whole or in part only by a writing which makes
reference to this Agreement that is executed by the Investor and the Company. The obligations of
any Party hereunder may be waived (either generally or in a particular instance and either
retroactively or prospectively) only with the written consent of the party claimed to have given
the waiver; provided, however, that any waiver by any party of any violation of, breach of, or
default under any provision of this Agreement or any other agreement provided for herein shall not
be construed as, or constitute, a continuing waiver of such provision, or waiver of any other
violation of, breach of or default under any other provision of this Agreement or any other
agreement provided for herein.

9.2 Costs and Expenses

Each party agrees to pay its own costs and expenses in connection with the preparation,
execution and delivery of this Agreement and other instruments and documents to be delivered
hereunder and thereunder.

 

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9.3 Remedies Cumulative

No specific right, power, or remedy conferred by this Agreement shall be exclusive, and each
such right, power, or remedy shall be cumulative and in addition to every other right, power, or
remedy, whether conferred hereby or by any security of the Company or now or hereafter available,
at law or in equity, by statute or otherwise.

9.4 Remedies Not Waived

No course of dealing between the Company and the Investor, and no delay in exercising any
right, power, or remedy conferred hereby or by any security issued by the Company, or now or
hereafter available at law or in equity, by statute or otherwise, shall operate as a waiver of or
otherwise prejudice any such right, power, or remedy.

9.5 Entire Agreement

This Agreement and the other agreements and instruments expressly provided for herein,
together set forth the entire understanding of the parties hereto and supersede in their entirety
all prior contracts, agreements, arrangements, communications, discussions, representations and
warranties, whether oral or written, among the parties with respect to the subject matter hereof.

9.6 Specific Performance

The Company and the Investor acknowledge and agree that irreparable damage would occur in the
event that any of the provisions of this Agreement were not performed in accordance with the
specific terms hereof or were otherwise breached. It is accordingly agreed that, to the fullest
extent permitted by law or equity, each of the parties shall be entitled to an injunction or
injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce
specifically the terms and provisions hereof, this being in addition to any other remedy to which
the parties may be entitled by law or equity.

9.7 Governing Law

This Agreement shall in all respects be governed by and construed in accordance with the
internal substantive laws of the State of Delaware without giving effect to the principles of
conflicts of law thereof.

 

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9.8 Notices

Any notice, request or other communication required or permitted hereunder shall be in writing
and be deemed to have been duly given (a) when personally delivered or sent by facsimile
transmission (the receipt of which is confirmed in writing), (b) one business day after being sent
by a nationally recognized overnight courier service or (c) three business days after being sent by
registered or certified mail, return receipt requested, postage prepaid, to the parties at their
respective addresses set forth below.

If to the Company:

RegeneRx Biopharmaceuticals, Inc.

3 Bethesda Metro Center

Suite 630

Bethesda, MD 20814

Attention: J.J. Finkelstein

Facsimile: 301-280-1996

With a copy, which shall not constitute notice, to:

Cooley Godward Kronish LLP

One Freedom Square, Reston Town Center

11951 Freedom Drive

Reston, VA 20190

Attention: Darren K. DeStefano, Esq.

Facsimile: 703-456-8100

If to the Investor:

To the address set forth below the Investor’s name on the signature page of this Agreement

Any party
by written notice to the others may change the address or the persons to whom notices or copies thereof shall be directed.

9.9 Counterparts

This Agreement may be executed in counterparts, each of which shall be deemed to be an
original, and all of which together shall constitute one and the same instrument.

9.10 Successors and Assigns

This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and assigns, subject to the restrictions on Transfer contained herein.
The Investor may, prior to the Closing, assign all or a portion of its right to purchase the
Securities to an Affiliate of the Investor.

9.11 Third Parties

Nothing expressed or implied in this Agreement is intended, or shall be construed, to confer
upon or give any Person other than the parties hereto any rights or remedies under or by reason of
this Agreement.

 

12

 

9.12 Schedules and Exhibits

The schedules and exhibits attached to this Agreement are incorporated herein and shall be
part of this Agreement for all purposes.

9.13 Headings

The headings in this Agreement are solely for convenience of reference and shall not be given
any effect in the construction or interpretation of this Agreement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

13

 

IN WITNESS WHEREOF, the parties have duly executed, or have caused their duly authorized
officer or representative to execute, this Securities Purchase Agreement as of the date first above
written.

	 	 	 	 	 	 	 
	REGENERX BIOPHARMACEUTICALS, INC.	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ J.J. Finkelstein	 	 
	 	 	 	 	 
	 

	 	Name:
	 	J.J. Finkelstein	 	 
	 

	 	Title:
	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	CHAUMIERE-CONSULTADORIA & SERVICOS SDC UNIPESSOAL LDA
	 
	 	 	 	 	 	 
	By:	 	/s/ João José De Freitas Rodrigues	 	 
	 	 	 	 	 
	 

	 	Name:

Title:
	 	João José De Freitas Rodrigues

Director	 	 

 

 

 

Exhibit A

FORM OF WARRANT

[Attached as Exhibit 4.1]

 

2

 

Exhibit B

ACCREDITED INVESTOR CERTIFICATION

The undersigned represents and warrants to RegeneRx Biopharmaceuticals, Inc. (the “Company”) that
the undersigned fits within each category marked below, and that for any category marked, he, she
or it has truthfully set forth any description required as provided for below. ALL INFORMATION
WILL BE KEPT STRICTLY CONFIDENTIAL. The undersigned agrees to furnish any additional information
that the Company deems necessary in order to verify the answers set forth below.

(PLEASE MARK EACH CATEGORY APPLICABLE TO YOU)

	 	 	 
	o

	 	The undersigned is an individual (not a partnership, corporation, etc.) whose individual net worth, or
joint net worth with his or her spouse, presently exceeds $1,000,000.
	 
	 	 
	 

	 	Explanation. In calculating net worth you may include equity in personal property and real estate,
including your principal residence, cash, short-term investments, stock and securities. Equity in
personal property and real estate should be based on the fair market value of such property minus debt
secured by such property.
	 
	 	 
	o

	 	The undersigned is an individual (not a partnership, corporation, etc.) who had an income in excess of
$200,000 in each of the two most recent years, or joint income with his or her spouse in excess of
$300,000 in each of those years (in each case, including foreign income, tax exempt income and full
amount of capital gains and losses, but excluding any income of other family members and any unrealized
capital appreciation), and has a reasonable expectation of reaching the same income level in the
current year.
	 
	 	 
	o

	 	The undersigned is a director or executive officer of the Company.
	 
	 	 
	o

	 	The undersigned is either: (a) a bank as defined in Section 3(a)(2) of the Securities Act of 1933, as
amended (the “Act”); (b) a savings and loan association or other institution as defined in Section
3(a)(5)(A) of the Act, whether acting in its individual or fiduciary capacity; (c) a broker dealer
registered pursuant to Section 15 of the Securities Exchange Act of 1934; (d) an insurance company as
defined in Section 2(13) of the Act; (e) an investment company registered under the Investment Company
Act of 1940 or a business development company as defined in Section 2(a)(48) of the Act; (f) 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; (g) 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 such a plan has total assets in excess of $5,000,000; or (h) an
employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974
(“ERISA”), if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of
ERISA, which is either a bank, savings and loan association, insurance company or registered investment
advisor, or if the employee benefit plan has total assets in excess of $5,000,000, or, if a
self-directed plan, with investment decisions made solely by persons that are accredited
investors, as defined in Rule (501)(a) promulgated under the Act.
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 

	 	(describe entity)

 

3

 

	 	 	 
	o

	 	The undersigned is a private business development company as
defined in Section 202(a)(22) of the Investment Advisers Act of
1940.
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 

	 	(describe entity)
	 
	þ

	 	The undersigned is an organization within the meaning of Section
501(c)(3) of the Internal Revenue Code, a corporation, a business
trust, or a partnership, not formed for the specific purpose of
acquiring the Securities, with total assets in excess of
$5,000,000.
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 

	 	(describe entity)
	 
	 	 
	o

	 	The undersigned is a trust with total assets in excess of
$5,000,000, not formed for the specific purpose of acquiring the
Securities, whose investments are directed by a “sophisticated
person” as described in Rule 506(b)(2)(ii) promulgated under the
Act.
	 
	 	 
	o

	 	The undersigned is an entity, all the equity owners of which are
“accredited investors” within one or more of the above categories.
If relying upon this category alone, each equity owner must
complete a separate copy of this Certificate.
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 

	 	(describe entity)
	 
	 	 
	o

	 	The undersigned does not meet the criteria of any of the categories listed above.

 

4

 

THE UNDERSIGNED UNDERSTANDS THAT THE COMPANY WILL RELY ON THE FOREGOING REPRESENTATIONS TO, AMONG
OTHER THINGS, MAINTAIN THE EXEMPTION FOR THE ISSUANCE OF THE SECURITIES FROM THE REQUIREMENT TO
REGISTER SUCH SECURITIES UNDER THE ACT.

The answers to the foregoing questions are correctly stated to the best of my knowledge,
information and belief. I hereby agree to notify the Company promptly of any changes in the
foregoing information.

Dated: September 30, 2009

CHAUMIERE-CONSULTADORIA & SERVICOS SDC UNIPESSOAL LDA

	 	 	 	 	 
	 	By:  	     /s/ João José De Freitas Rodrigues
 	 
	 	 	Name:  	João José De Freitas Rodrigues                	 
	 	 	Title:  	Director 	 

 

5exv10w1

Exhibit 10.1

Execution Version

COFFEYVILLE RESOURCES, LLC

THIRD AMENDMENT TO

SECOND AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

     This THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT, dated as of
October 2, 2009 (this “Amendment”), is entered into by and among COFFEYVILLE RESOURCES, LLC, a
Delaware limited liability company (“Company”), COFFEYVILLE PIPELINE, INC., a Delaware corporation
(“Pipeline”), COFFEYVILLE REFINING & MARKETING, INC., a Delaware corporation (“Refining”),
COFFEYVILLE NITROGEN FERTILIZERS, INC., a Delaware corporation (“Fertilizers”), COFFEYVILLE CRUDE
TRANSPORTATION, INC., a Delaware corporation (“Transportation”), COFFEYVILLE TERMINAL, INC., a
Delaware corporation (“Terminal”), CL JV HOLDINGS, LLC, a Delaware limited liability company (“CL
JV” and together with Pipeline, Refining, Fertilizers, Transportation and Terminal, collectively,
“Holdings”) and CERTAIN SUBSIDIARIES OF HOLDINGS, as Guarantors, the Lenders listed on the
signature pages hereto, GOLDMAN SACHS CREDIT PARTNERS L.P. and CREDIT SUISSE SECURITIES (USA) LLC,
as Joint Lead Arrangers and Joint Bookrunners (in such capacities, collectively, the “Arrangers”)
and CREDIT SUISSE, as Administrative Agent, Collateral Agent, Funded LC Issuing Bank and Revolving
Issuing Bank (in such capacities, collectively, the “Administrative Agent”), and is made with
reference to that certain Second Amended and Restated Credit and Guaranty Agreement, dated as of
December 28, 2006 as amended by the First Amendment to the Second Amended and Restated Credit and
Guaranty Agreement dated as of August 23, 2007 and the Second Amendment to the Second Amended and
Restated Credit and Guaranty Agreement dated as of December 22, 2008 (the “Current Credit
Agreement”), by and among Company, Holdings, the Subsidiaries of Holdings named therein, Lenders,
Arrangers, Administrative Agent, and the other Agents party thereto. Capitalized terms used herein
not otherwise defined herein or otherwise amended hereby shall have the meanings ascribed thereto
in the Current Credit Agreement, and, for all purposes of this Amendment (except as otherwise
expressly provided), Sections 1.2 and 1.3 of the Current Credit Agreement are hereby incorporated
by reference, mutatis mutandis, as if fully set forth herein.

RECITALS:

     WHEREAS, the Credit Parties have requested that the Requisite Lenders agree to amend certain
provisions of the Current Credit Agreement as provided for herein; and

     WHEREAS, subject to certain conditions set forth herein, the Requisite Lenders are willing to
agree to such amendments relating to the Current Credit Agreement.

     NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants
herein contained, the parties hereto agree as follows:

 

 

SECTION I. AMENDMENTS TO CURRENT CREDIT AGREEMENT

     A. Amendments to Section 1: Definitions.

     (a) Section 1.1 of the Current Credit Agreement is hereby amended by adding the following
definitions in proper alphabetical sequence:

     “Allocated Debt Proceeds” as defined in Section 2.14(g).

     “CVR Affirmation” as defined in Section 6.5(a)(viii).

     “Net Proceeds” means, with respect to the incurrence of any Indebtedness, the cash proceeds
received in respect of the incurrence of such Indebtedness minus the sum of direct costs
relating to the incurrence of such Indebtedness, including legal, accounting and investment banking
fees, brokerage and other commissions, and taxes paid or payable as a result thereof.

     “Parent Company” means, with respect to a Lender, the bank holding company (as defined in
Federal Reserve Board Regulation Y), if any, of such Lender, and/or any Person owning, beneficially
or of record, directly or indirectly, a majority of the shares of such Lender.

     “Revolving Credit Level 0 Status” means, in the case of Revolving Loans, (a) the Company has
consummated a Qualified IPO, (b) the Company’s corporate family rating is Caa1 (with a stable
outlook) or lower by Moody’s and (c) the Company’s corporate or issuer credit rating is CCC+ (with
a stable outlook) or lower by S&P.

     “Term Loan Level 0 Status” means, in the case of Term Loans and Funded Letters of Credit, (a)
the Company has consummated a Qualified IPO, (b) the Company’s corporate family rating is Caa1
(with a stable outlook) or lower by Moody’s and (c) the Company’s corporate or issuer credit rating
is CCC+ (with a stable outlook) or lower by S&P.

     “Third Amendment” means that certain Third Amendment to Second Amended and Restated Credit and
Guaranty Agreement, dated as of October 2, 2009, among Company, Holdings, the Arrangers, the
Administrative Agent, the Collateral Agent and the financial institutions and the Credit Parties
listed on the signature pages thereto.

     “Third Amendment Effective Date” means the date of satisfaction or waiver by the Arrangers of
the conditions referred to in Section II of the Third Amendment.

     (b) The following defined terms in Section 1.1 of the Current Credit Agreement are hereby
restated in their entireties as follows:

     “Agreement” means the Second Amended and Restated Credit and Guaranty Agreement, dated as of
December 28, 2006, as amended by the First Amendment, the Second Amendment and the Third Amendment,
as it may be further amended, supplemented or otherwise modified from time to time.

     “Applicable Margin” means (a) (i) with respect to Revolving Loans that are Eurodollar Rate
Loans, (A) from the Second Amendment Effective Date until the Company has achieved a

2

 

change in the
Revolving Credit Status, 5.25% per annum and (B) thereafter, a percentage per annum based on the
Revolving Credit Status in effect from time to time as set forth below

	 	 	 	 	 
	 	 	Applicable Margin
	Revolving Credit Status	 	for Revolving Loans
	Revolving Credit Level 0 Status
	 	 	6.25	%
	Revolving Credit Level I Status
	 	 	5.75	%
	Revolving Credit Level II Status
	 	 	5.50	%
	Revolving Credit Level III Status
	 	 	5.25	%
	Revolving Credit Level IV Status
	 	 	5.00	%

; and (ii) with respect to Term Loans that are Eurodollar Rate Loans and Funded Letters of Credit,
(A) from the Second Amendment Effective Date until the Company has achieved a change in the Term
Loan Status, 5.25% per annum and (B) thereafter, a percentage per annum based on the Term Loan
Status in effect from time to time as set forth below

	 	 	 	 	 
	 	 	Applicable Margin
	 	 	for Term Loans and Funded Letters
	Term Loan Status	 	of Credit
	Term Loan Level 0 Status
	 	 	6.25	%
	Term Loan Level I Status
	 	 	5.75	%
	Term Loan Level II Status
	 	 	5.50	%
	Term Loan Level III Status
	 	 	5.25	%
	Term Loan Level IV Status
	 	 	5.00	%

; and (b) with respect to Swing Line Loans, Revolving Loans and Term Loans that are Base Rate
Loans, an amount equal to (i) the Applicable Margin for Eurodollar Rate Loans as set forth in
clause (a) above minus (ii) 1.00% per annum. Within one Business Day of receipt of a change in
Revolving Credit Status or Term Loan Status, as applicable, Administrative Agent shall notify each
Lender of the Applicable Margin in effect from such date. At any time, and for so long as, an
Event of Default shall have occurred and be continuing, the Applicable Margin shall be determined
as if Revolving Credit Level 0 Status and Term Loan Level 0 Status were in effect.
No reduction in the Applicable Margin hereunder shall be effected for so long as any Event of
Default has occurred and is continuing.

3

 

     “Change of Control” means, at any time, (i) as a result of a private sale of Capital Stock of
Parent, Sponsors shall cease to beneficially own and control, directly or indirectly, on a fully
diluted basis at least 35% of the economic and voting interests in the Capital Stock of Parent (it
being understood that any one or more of the Sponsors may individually or collectively satisfy the
minimum ownership and control requirements of this clause (i)) (provided that, in the event that
Sponsors cease to beneficially own and control, directly or indirectly, on a fully diluted basis at
least 35% of the economic and voting interests in the Capital Stock of Parent as a result of a
public sale of Capital Stock of Parent, this clause (i) shall no longer be operative); (ii) any
Person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act) other than
any one or more of the Sponsors shall have acquired (a) beneficial ownership of 35% or more on a
fully diluted basis of the voting and/or economic interest in the Capital Stock of Parent, in the
aggregate, or (b) the power (whether or not exercised) to elect a majority of the members of the
board of directors (or similar governing body) of any of Parent; (iii) Parent shall cease to
beneficially own and control, directly or indirectly (including through any of Holdings), 100% on a
fully diluted basis of the economic and voting interest in the Capital Stock of Company; (iv)
Holdings (on a collective basis) shall cease to beneficially own and control 100% on a fully
diluted basis of the economic and voting interest in the Capital Stock of Company; or (v) the
majority of the seats (other than vacant seats) on the board of directors (or similar governing
body) of Parent cease to be occupied by Persons who either (a) were members of the board of
directors (or similar governing body) of Parent on the Effective Date or (b) were nominated for
election by the board of directors (or similar governing body) of Parent, a majority of whom were
directors on the Effective Date or whose election or nomination for election was previously
approved by a majority of such directors.

     “Revolving Credit Level I Status” means, in the case of Revolving Loans, (a) with respect to
any determination made after June 30, 2007, if the Company has not consummated a Qualified IPO, or
(b) (i) the Company’s corporate family rating is B3 (regardless of outlook) or lower by Moody’s or
(ii) the Company’s corporate or issuer credit rating is B— (regardless of outlook) or lower by
S&P, but not Revolving Credit Level 0 Status.

     “Revolving Credit Level II Status” means, in the case of Revolving Loans, the Company has not
achieved Revolving Credit Level 0 Status, Revolving Credit Level I Status, Revolving Credit Level
III Status, or Revolving Credit Level IV Status.

     “Revolving Credit Status” means the existence of Revolving Credit Level 0 Status, Revolving
Credit Level I Status, Revolving Credit Level II Status, Revolving Credit Level III Status, or
Revolving Credit Level IV Status, as the case may be. Changes in the Applicable Margin resulting
from changes in Revolving Credit Status shall become effective as of the first Business Day
following (a) the day that changes in ratings from Moody’s or S&P become effective and/or (as
applicable) (b) the day that the Company consummates a Qualified IPO.

     “Term Loan Level I Status” means, in the case of Term Loans and Funded Letters of Credit, (a)
with respect to any determination made after June 30, 2007, if the Company has not consummated a
Qualified IPO, or (b) (i) the Company’s corporate family rating is B3 (regardless
of outlook) or lower by Moody’s or (ii) the Company’s corporate or issuer credit rating is B—
(regardless of outlook) or lower by S&P, but not Term Loan Level 0 Status.

4

 

     “Term Loan Level II Status” means, in the case of Term Loans and Funded Letters of Credit, the
Company has not achieved Term Loan Level 0 Status, Term Loan Level I Status, Term Loan Level III
Status, or Term Loan Level IV Status.

     “Term Loan Status” means the existence of Term Loan Level 0 Status, Term Loan Level I Status,
Term Loan Level II Status, Term Loan Level III Status, or Term Loan Level IV Status, as the case
may be. Changes in the Applicable Margin resulting from changes in Term Loan Status shall become
effective as of the first Business Day following (a) the day that changes in ratings from Moody’s
or S&P become effective and/or (as applicable) (b) the day that the Company consummates a Qualified
IPO.

     (c) The definition of “Consolidated Total Debt” set forth in Section 1.1 of the Current Credit
Agreement is hereby amended by replacing “$40,000,000” with “$60,000,000”.

     (d) Effective in respect of measurement periods ending after the Third Amendment Effective
Date, (i) the definition of “FIFO Adjustment” set forth in Section 1.1 of the Current Credit
Agreement is hereby restated in its entirety as follows:

     ““FIFO Adjustment” means, with respect to any period (which shall be a period of four Fiscal
Quarters and which period, with respect to any Fiscal Quarter (the “Reference Fiscal Quarter”),
shall begin on the first day of the third preceding Fiscal Quarter and end on the last day of the
Reference Fiscal Quarter), to the extent changes in the inventory value of any item of hydrocarbon
inventory included in the inventory amount shown in the financial statements of the Company (each
an “Item”) reduce or increase Consolidated Net Income, for each such Item, an amount equal to 75%
of the sum of the products of (i) the inventory volume of each Item at the beginning of such period
and (ii) the amount determined by subtracting (a) the inventory value of such Item at the beginning
of such period from (b) the inventory value of such Item at the end of such period, such that if
the result is negative, it represents a loss, and if the result is positive, it represents a
gain.”; and

(ii) the definition of “FIFO Calculation Amount” set forth in Section 1.1 of the Current Credit
Agreement is hereby deleted.

     B. Section 2.4(l) of the Current Credit Agreement is hereby restated in its entirety as
follows:

     “(l) Swap Agreement Support. Notwithstanding anything herein to the contrary, Company
shall maintain during any period in which the Swap Agreement remains in effect, Funded Letters of
Credit in an aggregate amount required by the Swap Agreement.”.

     C. Section 2.11 of the Current Credit Agreement is hereby amended by the following:

     (i) inserting a new paragraph (f) as follows:

“(f) Company agrees to pay to the Administrative Agent for the ratable benefit of each
Lender having Tranche D Term Loan Exposure an amount (based on each such Lender’s Pro Rata
Share of Tranche D Term Loan Exposure) equal to (A) 2.00% of all voluntary

5

 

prepayments and
mandatory prepayments of principal of Tranche D Term Loans made at any time on or after the
Third Amendment Effective Date and prior to the first anniversary of the Third Amendment
Effective Date (other than any mandatory prepayments made pursuant to Section 2.14(b),
2.14(d) or 2.14(e)) and (B) 1.00% of all voluntary prepayments and mandatory prepayments of
principal of Tranche D Term Loans made at any time on or after the first anniversary of the
Third Amendment Effective Date and prior to the second anniversary of the Third Amendment
Effective Date (other than any mandatory prepayments made pursuant to Section 2.14(b),
2.14(d) or 2.14(e)), each such amount to be paid concurrently with such voluntary or
mandatory prepayment; provided that, for certainty, the amounts payable pursuant to clauses
(A) and (B) above shall not be payable in connection with any scheduled principal payment
pursuant to Section 2.12 or any voluntary prepayments made pursuant to Section
2.13(b)(iii).”; and

(ii) re-numbering paragraph (f) of Section 2.14 of the Current Credit Agreement as paragraph
(g).

     D. Section 2.14(d) of the Current Credit Agreement is hereby restated in its entirety as
follows:

“(d) Consolidated Excess Cash Flow. In the event that there shall be Consolidated
Excess Cash Flow for any Fiscal Year (commencing with Fiscal Year 2007), Company shall, no
later than ninety days after the end of such Fiscal Year, prepay the Loans as set forth in
Section 2.15(b) in an aggregate amount equal to 75% of such Consolidated Excess Cash Flow
less 100% of voluntary prepayments made during that Fiscal Year pursuant to Section
2.13 (excluding repayments of Revolving Loans or Swing Line Loans except to the extent the
Revolving Commitments are permanently reduced in connection with such repayment).”

     E. Section 2.14 of the Current Credit Agreement is hereby amended by the following:

     (i) inserting a new paragraph (g) as follows:

     “(g) Proceeds of Indebtedness issued by CVR. No later than the fifth Business Day
following the date of receipt by Company pursuant to Section 6.5(a)(viii) of any direct or indirect
proceeds from the issuance of Indebtedness by CVR, Company shall prepay the Tranche D Term Loans in
an aggregate amount equal to 35% of the Net Proceeds of such Indebtedness incurred by CVR (the
“Allocated Debt Proceeds”).”; and

     (ii) re-numbering paragraphs (g), (h) and (i) of Section 2.14 of the Current Credit Agreement
as paragraphs (h), (i) and (j), respectively.

     F. Section 2.22 of the Current Credit Agreement is hereby amended by replacing the following:

     “Anything contained herein to the contrary notwithstanding, in the event that any Lender,
other than at the direction or request of any regulatory agency or authority, defaults (a

6

 

“Defaulting Lender”) in its obligation to fund (a “Funding Default”) any Revolving Loan or its
portion of any unreimbursed payment under Section 2.3(b)(iv) or 2.4(e) or to fund its Credit Linked
Deposit (in each case, a “Defaulted Loan”)”

with the following:

     “Anything contained herein to the contrary notwithstanding, in the event that any Lender (1)
defaults in its obligation to fund any Revolving Loan or its portion of any unreimbursed payment
under Section 2.3(b)(iv) or 2.4(e) or to fund its Credit Linked Deposit (in each case, a “Defaulted
Loan”), (2) notifies the Administrative Agent or a Credit Party in writing that it does not intend
to satisfy any such funding obligation hereunder, (3) has stated publicly that it will not comply
with any such funding obligation hereunder or (4) such Lender or its Parent Company is the subject
of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver,
trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender or
its Parent Company (any of (1)-(4), a “Funding Default” and any such Lender, a “Defaulting
Lender”)”.

     G. Section 5.13 of the Current Credit Agreement is hereby restated in its entirety as follows:

     “5.13 Swap Agreement. Company (i) may, at any time, terminate the Swap Agreement; provided
that, if Company has not terminated the Swap Agreement within 30 Business Days following the Third
Amendment Effective Date, Company shall, on such 30th Business Day, pay to each Lender a
fee equal to 0.50% of the sum of such Lender’s aggregate Revolving Exposure, aggregate Tranche D
Term Loan Exposure, aggregate Funded Letter of Credit Exposure and aggregate New Term Loan
Exposure, and (ii) shall, within five days (or, if such day is not a Business Day, the next
succeeding Business Day) of any termination of the Swap Agreement pursuant to clause (i),
permanently reduce the Credit Linked Deposits on deposit in the Credit Linked Deposit Account to
zero.”.

     H. Section 6.5(a)(viii) of the Current Credit Agreement is hereby restated in its entirety as
follows:

     “so long as no Event of Default under Section 8.1(a) or under Section 8.1(c) with respect to
Section 6.8 shall exist and be continuing, Company and Holdings may make Restricted Junior Payments
to the extent necessary to permit CVR to make any payments of interest (and solely to make such
payments) under any Indebtedness issued by CVR in an aggregate amount not to exceed $20,000,000 in
any Fiscal Year; provided that, prior to any issuance of such Indebtedness, CVR shall agree in
writing (for the benefit of the Administrative Agent and the Lenders) (any such writing, a “CVR
Affirmation”) (A) to transfer an amount equal to the Allocated Debt Proceeds to Company for
application by Company to the prepayment of the Tranche D Term Loans in accordance with Section
2.14(g) and (B) that CVR shall not use any proceeds of any such Indebtedness to (x) repurchase any
of its Capital Stock or (y) pay any dividend or other distribution, direct or indirect, on account
of any of its Capital Stock;”.

     I. Section 6.5(b) of the Current Credit Agreement is hereby restated in its entirety as
follows:

7

 

     “(b) Company may make payments in connection with the termination of the Swap Agreement in
accordance with Section 5.13;”.

     J. Section 6.8(a) of the Current Credit Agreement is hereby amended by replacing the
following:

	 	 	 	 	 
	March 31, 2009 and thereafter
	 	 	3.75:1.00	 

          with the following:

	 	 	 	 	 
	March 31, 2009 and thereafter
	 	 	3.00:1.00	 

     K. Section 6.8(b) of the Current Credit Agreement is hereby amended by replacing the
following:

	 	 	 	 	 
	March 31, 2009

	 	 	2.25:1.00	 
	June 30, 2009

	 	 	2.25:1.00	 
	September 30, 2009

	 	 	2.25:1.00	 
	December 31, 2009

	 	 	2.25:1.00	 
	March 31, 2010 and thereafter

	 	 	2.00:1.00	 

          with the following:

	 	 	 	 	 
	March 31, 2009 and thereafter
	 	 	2.75:1.00	 

     L. Section 8.1 of the Current Credit Agreement is hereby amended by:

	 	(i)	 	deleting the word “or” at the end of clause (k);
	 
	 	(ii)	 	inserting the word “or” at the end of clause (l); and
	 
	 	(iii)	 	inserting a new paragraph (m) immediately following paragraph (l) as follows:

8

 

     “(m) CVR Affirmation. At any time after the execution and delivery by CVR of a CVR
Affirmation, (i) CVR shall breach any obligation under such CVR Affirmation or (ii) such CVR
Affirmation shall be declared null and void or otherwise fail to be in full force and effect;”.

SECTION II. CONDITIONS PRECEDENT TO EFFECTIVENESS

     This Amendment shall become effective as of the date hereof only upon the satisfaction or
waiver by the Arrangers of all of the following conditions precedent (the date of satisfaction of
such conditions being referred to herein as the “Third Amendment Effective Date”):

     A. Execution. The Administrative Agent shall have received a counterpart signature
page of this Amendment duly executed by each of the Credit Parties and the Requisite Lenders.

     B. Fees. The Administrative Agent shall have received (i) for distribution to all
Lenders executing this Amendment, an upfront fee in an amount equal to 0.50% of the aggregate of
such Lender’s Loans and Commitments outstanding as of the Third Amendment Effective Date and (ii)
all other fees and other amounts due and payable on or prior to the Third Amendment Effective Date
(other than any fees or other amounts due and payable to GSCP, in its capacity as an Arranger),
including, to the extent invoiced, reimbursement or other payment of all out-of-pocket expenses
required to be reimbursed or paid by Company hereunder or any other Credit Document. GSCP, in its
capacity as an Arranger, shall have received all fees and other amounts due and payable on or prior
to the Third Amendment Effective Date, including, to the extent invoiced, reimbursement or other
payment of all out-of-pocket expenses required to be reimbursed or paid by Company hereunder or any
other Credit Document. All such fees shall be non-refundable.

     C. Necessary Consents. Each Credit Party shall have obtained all material consents
necessary in connection with the transactions contemplated by this Amendment.

     D. Other Documents. On or before the Third Amendment Effective Date, the Arrangers
shall have received such other documents, information or agreements regarding Credit Parties as the
Arrangers may reasonably request.

SECTION III. REPRESENTATIONS AND WARRANTIES

     A. Corporate Power and Authority. Each Credit Party, which is party hereto, has all
requisite power and authority to enter into this Amendment and to carry out the transactions
contemplated by, and perform its obligations under, the Current Credit Agreement as amended by this
Amendment (the “Amended Agreement”) and the other Credit Documents.

     B. Authorization of Agreements. The execution and delivery of this Amendment and the performance of the Amended
Agreement and the other Credit Documents have been duly authorized by all necessary action on the
part of each Credit Party that is a party thereto.

     C. No Conflict. The execution and delivery by each Credit Party of this Amendment and
the performance by each Credit Party of the Amended Agreement and the other Credit Documents do not
and will not (i) violate (A) any material provision of any law, statute, rule or regulation, or of
the certificate or articles of incorporation or partnership agreement, other

9

 

constitutive documents
or by-laws of Holdings, Company or any Credit Party or (B) any applicable order of any court or any
rule, regulation or order of any Governmental Authority, (ii) be in conflict with, result in a
breach of or constitute (alone or with notice or lapse of time or both) a default under any
Contractual Obligation of the applicable Credit Party (other than the Current Credit Agreement),
where any such conflict, violation, breach or default referred to in clause (i) or (ii) of this
Section III.C., individually or in the aggregate could reasonably be expected to have a Material
Adverse Effect, (iii) be in conflict with, result in a breach of or constitute (alone or with
notice or lapse of time or both) a default under the Current Credit Agreement, (iv) except as
permitted under the Amended Agreement, result in or require the creation or imposition of any Lien
upon any of the properties or assets of each Credit Party (other than any Liens created under any
of the Credit Documents in favor of Collateral Agent on behalf of Lenders), or (v) require any
approval of stockholders or partners or any approval or consent of any Person under any Contractual
Obligation of each Credit Party, except for such approvals or consents which will be obtained on or
before the Third Amendment Effective Date and except for any such approvals or consents the failure
of which to obtain will not have a Material Adverse Effect.

     D. Binding Obligation. This Amendment has been duly executed and delivered by each of
the Credit Parties party to the Amended Agreement and each constitutes a legal, valid and binding
obligation of such Credit Party to the extent a party thereto, enforceable against such Credit
Party in accordance with its terms, except as enforceability may be limited by bankruptcy,
insolvency, moratorium, reorganization or other similar laws affecting creditors’ rights generally
and except as enforceability may be limited by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law).

     E. Governmental Consents. No action, consent or approval of, registration or filing
with or any other action by any Governmental Authority is or will be required in connection with
the execution and delivery by each Credit Party of this Amendment and the performance by Company
and Holdings of the Amended Agreement and the other Credit Documents, except for such actions,
consents and approvals the failure to obtain or make which could not reasonably be expected to
result in a Material Adverse Effect or which have been obtained and are in full force and effect.

     F. Incorporation of Representations and Warranties From Credit Documents. The representations
and warranties contained in Section 4 of the Third Amendment are and will be true and correct in
all material respects on and as of the Third Amendment Effective Date to
the same extent as though made on and as of that date, except to the extent such representations
and warranties specifically relate to an earlier date, in which case they were true and correct in
all material respects on and as of such earlier date.

     G. Absence of Default. No event has occurred and is continuing or will result from the
consummation of the transactions contemplated by this Amendment that would constitute an Event of
Default or a Default.

SECTION IV. CREDIT SUPPORT PARTY ACKNOWLEDGMENT AND CONSENT

          Each Domestic Subsidiary and Holdings are referred to herein as a “Credit

10

 

Support Party” and
collectively as the “Credit Support Parties”, and the Credit Documents to which they are a party
are collectively referred to herein as the “Credit Support Documents”.

          Each Credit Support Party hereby acknowledges that it has reviewed the terms and provisions of
the Current Credit Agreement and this Amendment and consents to the amendment of the Current Credit
Agreement effected pursuant to this Amendment. Each Credit Support Party hereby confirms that each
Credit Support Document to which it is a party or otherwise bound and all Collateral encumbered
thereby will continue to guarantee or secure, as the case may be, to the fullest extent possible in
accordance with the Credit Support Documents the payment and performance of all “Obligations” under
each of the Credit Support Documents to which it is a party (in each case as such terms are defined
in the applicable Credit Support Document).

          Each Credit Support Party acknowledges and agrees that any of the Credit Support Documents to
which it is a party or otherwise bound shall continue in full force and effect and that all of its
obligations thereunder shall be valid and enforceable and shall not be impaired or limited (except
as expressly provided herein) by the execution or effectiveness of this Amendment. Each Credit
Support Party represents and warrants that all representations and warranties contained in the
Amended Agreement and the Credit Support Documents to which it is a party or otherwise bound are
true and correct in all material respects on and as of the Third Amendment Effective Date to the
same extent as though made on and as of that date, except to the extent such representations and
warranties specifically relate to an earlier date, in which case they were true and correct in all
material respects on and as of such earlier date.

          Each Credit Support Party acknowledges and agrees that (i) notwithstanding the conditions to
effectiveness set forth in this Amendment, such Credit Support Party is not required by the terms
of the Current Credit Agreement or any other Credit Support Document to consent to the amendments
to the Current Credit Agreement effected pursuant to this Amendment and (ii) nothing in the Current
Credit Agreement, this Amendment or any other Credit Support Document shall be deemed to require
the consent of such Credit Support Party to any future amendments to the Current Credit Agreement
or the Amended Agreement.

SECTION V. MISCELLANEOUS

     A. Reference to and Effect on the Current Credit Agreement and the Other Credit Documents.

          (1) On and after the Third Amendment Effective Date, each reference in the Current Credit
Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to
the Current Credit Agreement, and each reference in the other Credit Documents to the “Credit
Agreement”, “thereunder”, “thereof” or words of like import referring to the Current Credit
Agreement shall mean and be a reference to the Current Credit Agreement as amended by this
Amendment.

          (2) Except as specifically amended by this Amendment, the Current Credit Agreement and the
other Credit Documents shall remain in full force and effect and are hereby ratified and confirmed.

11

 

          (3) The execution, delivery and performance of this Amendment shall not constitute a waiver of
any provision of, or operate as a waiver of any right, power or remedy of any Agent or Lender
under, the Current Credit Agreement or any of the other Credit Documents.

     B. Severability. In case any provision in or obligation hereunder shall be invalid,
illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the
remaining provisions or obligations, or of such provision or obligation in any other jurisdiction,
shall not in any way be affected or impaired thereby.

     C. Execution. The execution, delivery and performance of this Amendment shall not,
except as expressly provided herein, constitute a waiver of any provision of, or operate as a
waiver of any right, power or remedy of any Agent or Lender under, the Current Credit Agreement or
any of the other Credit Documents.

     D. Headings. Section and Subsection headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment for any other
purpose or be given any substantive effect.

     E. APPLICABLE LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. THE PARTIES HEREUNDER
SHALL WAIVE ANY RIGHT TO TRIAL BY JURY.

     F. Counterparts. This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed and delivered
shall be deemed an original, but all such counterparts together shall constitute but one and the
same instrument; signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to the same document.

[Remainder of this page intentionally left blank.]

12

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective officers thereunto duly authorized as of the date first written
above.

	 	 	 	 	 
	 	COFFEYVILLE RESOURCES, LLC

 	 
	 	By:  	/s/ Edward Morgan
 	 
	 	 	Name:  	Edward Morgan 	 
	 	 	Title:  	Chief Financial Officer and Treasurer 	 
	 
	 	COFFEYVILLE PIPELINE, INC.

 	 
	 	By:  	/s/ Edward Morgan
 	 
	 	 	Name:  	Edward Morgan 	 
	 	 	Title:  	Chief Financial Officer and Treasurer 	 
	 
	 	COFFEYVILLE REFINING & MARKETING, INC.

 	 
	 	By:  	/s/ Edward Morgan
 	 
	 	 	Name:  	Edward Morgan 	 
	 	 	Title:  	Chief Financial Officer and Treasurer 	 
	 
	 	COFFEYVILLE NITROGEN FERTILIZERS, INC.

 	 
	 	By:  	/s/ Edward Morgan
 	 
	 	 	Name:  	Edward Morgan 	 
	 	 	Title:  	Chief Financial Officer and Treasurer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	COFFEYVILLE CRUDE TRANSPORTATION, INC.

 	 
	 	By:  	/s/ Edward Morgan
 	 
	 	 	Name:  	Edward Morgan 	 
	 	 	Title:  	Chief Financial Officer and Treasurer 	 
	 
	 	COFFEYVILLE TERMINAL, INC.

 	 
	 	By:  	/s/ Edward Morgan
 	 
	 	 	Name:  	Edward Morgan 	 
	 	 	Title:  	Chief Financial Officer and Treasurer 	 
	 
	 	CL JV HOLDINGS, LLC

 	 
	 	By:  	/s/ Edward Morgan
 	 
	 	 	Name:  	Edward Morgan 	 
	 	 	Title:  	Chief Financial Officer and Treasurer 	 
	 
	 	COFFEYVILLE RESOURCES PIPELINE, LLC

 	 
	 	By:  	/s/ Edward Morgan
 	 
	 	 	Name:  	Edward Morgan 	 
	 	 	Title:  	Chief Financial Officer and Treasurer 	 
	 
	 	COFFEYVILLE RESOURCES REFINING & MARKETING, LLC

 	 
	 	By:  	/s/ Edward Morgan
 	 
	 	 	Name:  	Edward Morgan 	 
	 	 	Title:  	Chief Financial Officer and Treasurer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	COFFEYVILLE RESOURCES NITROGEN FERTILIZERS, LLC

 	 
	 	By:  	/s/ Edward Morgan
 	 
	 	 	Name:  	Edward Morgan 	 
	 	 	Title:  	Chief Financial Officer and Treasurer 	 
	 
	 	COFFEYVILLE RESOURCES CRUDE TRANSPORTATION, LLC

 	 
	 	By:  	/s/ Edward Morgan
 	 
	 	 	Name:  	Edward Morgan 	 
	 	 	Title:  	Chief Financial Officer and Treasurer 	 
	 
	 	COFFEYVILLE RESOURCES TERMINAL, LLC

 	 
	 	By:  	/s/ Edward Morgan
 	 
	 	 	Name:  	Edward Morgan 	 
	 	 	Title:  	Chief Financial Officer and Treasurer 	 
	 
	 	CVR PARTNERS, LP

 	 
	 	By:  	CVR GP, LLC, its managing general partner
 	 
	 
	 	By:  	                                              /s/ Edward Morgan
 	 
	 	 	Name:  	Edward Morgan 	 
	 	 	Title:  	Chief Financial Officer and Treasurer 	 
	 
	 	CVR SPECIAL GP, LLC

 	 
	 	By:  	/s/ Edward Morgan
 	 
	 	 	Name:  	Edward Morgan 	 
	 	 	Title:  	Chief Financial Officer and Treasurer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CREDIT SUISSE, CAYMAN ISLANDS BRANCH,

as Administrative Agent, Collateral Agent, Swing Line

Lender, Funded LC Issuing Bank and Revolving Issuing

Bank and a Lender

 	 
	 	By:  	/s/ Mikhail Faybusovich
 	 
	 	 	Name:  	Mikhail Faybusovich 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	                       /s/ Kevin Buddhdew
 	 
	 	 	Name:  	Kevin Buddhdew 	 
	 	 	Title:  	Associate

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