Document:

xene-ex105_309.htm

Exhibit 10.5

September 27, 2018

Genentech, Inc.

1 DNA Way

South San Francisco

California, USA 94080

	
 
	
Re:
	
Collaborative Research and License Agreement between Xenon Pharmaceuticals Inc. (“Xenon”) and Genentech, Inc. (“GNE”) together with F. Hoffmann-La Roche Ltd (“Roche”) (GNE and Roche, collectively, “Genentech”), made as of December 22, 2011, as amended (prior to this Amendment) (the “Agreement”)

Attention: Kate Skrable, Alliance Management

Dear Kate,

Further to our recent discussions and in accordance with Section 16.14 of the Agreement, and in consideration of the premises and mutual covenants contained herein, Xenon and Genentech agree as follows: 

	
1
	
AMENDED AND RESTATED Letter Amendment #7

This amendment to the Agreement shall amend and restate, and replace in its entirety, the letter amendment #7 dated July 25, 2018, and shall hereinafter be referred to as the “Letter Amendment #7”.  Except as specifically defined below, capitalized terms used in this Letter Amendment #7 shall have the same meaning as ascribed to such terms in the Agreement.

	
2
	
DEFINITIONS

For purposes of this Letter Amendment #7:

	
2.1
	
“Amendment Date” means July 25, 2018.

	
2.2
	
“Final Patent Review” means the patent review of the NaV1.6 IP (excluding the patents covering the patent applications listed in Exhibit A, which have already been subject to review) following the process set out in the Letter Agreement of May 8, 2017, which review has been completed prior to the Amendment Date.

	
2.3
	
“ [†] Assay” means the assay described in Exhibit B to this Letter Amendment #7.

	
2.4
	
“[†] Model” means the [†].

	
2.5
	
“NaV1.6 Compound(s)” means [†].

[†] DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

- 2 -

	
2.6
	
“NaV1.6 IP” has the meaning set out in Letter Amendment #4 up to the NaV1.6 Research Program End Date, including the subject matter of the patent applications listed in Exhibit A and any other patent applications that claim priority to one or more of the patent applications listed in Exhibit A, and any other Intellectual Property Controlled by Xenon arising from the NaV1.6 Research Program identified in the Final Patent Review.

	
2.7
	
“NaV1.6 Licensee” means a Third Party licensed by Xenon to make, use, sell, offer for sale, or import products containing NaV1.6 Compounds above the NaV1.7 Threshold. A “NaV1.6 Licensee” does not include [†].

	
2.8
	
“NaV1.6 Research Program End Date” means [†].

	
2.9
	
“NaV1.7 Threshold” means [†] as measured using the [†] Assay.

	
2.10
	
“Pain Field” means treating the following diseases by modulating NaV1.7: pain indications and pain associated with other diseases or conditions.

	
3
	
Wind-down of the NaV1.6 Research Program

	
3.1
	
As of the NaV1.6 Research Program End Date, the NaV1.6 Research Program shall terminate. Thereafter, Xenon may conduct its own independent NaV1.6 research program.

	
3.2
	
As of the Amendment Date, Xenon’s obligations to disclose Xenon Research Data under Section 4 of Letter Amendment #4 shall cease; and Section 4.2 of Letter Amendment #4 is hereby amended and restated as follows:

“All Xenon Research Data disclosed to Genentech pursuant to Letter Amendment #4 shall be held and maintained as Confidential Information of Xenon in accordance with Article 11 of the Agreement, subject to the license grant to Genentech under Section 6(c) below.”

	
3.3
	
As of the Amendment Date, the Parties shall cease their patent cooperation under Section 9 of Letter Amendment #4, and Section 9 of Letter Amendment #4 is hereby terminated.

	
4
	
Royalties

	
4.1
	
For products containing NaV1.6 Compounds above the NaV1.7 Threshold (except for Excluded Collaboration Compounds), Xenon shall pay Genentech a royalty on Net Sales of such products on a product by product basis and on a country by country basis, at the percentage rate set out below.  The royalties shall be paid for a period of ten (10) years commencing on the date of First Commercial Sale of such product(s) in such country.

Annual Net Sales up to and including $[†]:       [†] percent ([†]%)

Annual Net Sales above $[†]:        [†] percent ([†]%)

[†] DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

- 3 -

	
4.2
	
The calculation, reporting, payment and audit rights respecting such royalty shall be as if sales by Xenon or a licensee of products containing NaV1.6 Compounds above the NaV1.7 Threshold were sales of a Licensed Product by Genentech or a licensee, and Sections 8.11, Royalty Reports; Payments; 8.12, Audits; 8.13, Tax Matters; 8.14, Currency Exchange; 8.15, Late Payments; 8.16, Mode of Payment; 8.17, No Set Off; and 8.20, Sublicensees; shall apply to such royalties, mutatis mutandis.

	
5
	
LICENSES

	
5.1
	
Xenon’s License

	
 
	
(a)
	
Section 6(a) of Letter Amendment #4 is hereby amended and restated as follows: 

“(a)License to Xenon.

Genentech hereby grants to Xenon under the Know-How forming a part of the Genentech Collaboration IP, a non-exclusive, irrevocable, perpetual, world-wide, sublicensable license under such Know-How that is necessary or useful to make, use, sell, offer for sale, and import NaV1.6 Compounds above the NaV1.7 Threshold (except for Excluded Collaboration Compounds) and products containing NaV1.6 Compounds above the NaV1.7 Threshold (except for Excluded Collaboration Compounds).

Xenon may grant sublicenses to Third Parties of its licensed rights under Section 6(a) of Letter Amendment #4 without the prior consent of Genentech, such sublicense rights to be subject to the terms and conditions, mutatis mutandis, as are set forth in Section 9.3 of the Agreement.”

	
 
	
(b)
	
NaV1.6 Compound(s) above the NaV1.7 Threshold (whether or not Collaboration Compounds) and products containing NaV1.6 Compounds above the NaV1.7 Threshold (except for Excluded Collaboration Compounds) are not subject to the restrictions in Section 3.8 of the Agreement.

	
 
	
(c)
	
Section 6(b) and Section 7 of Letter Amendment #4 are hereby deleted.

[†] DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

- 4 -

	
5.2
	
Genentech’s Licenses in NaV1.6 IP and [†] Model

	
 
	
(a)
	
The licenses under Section 6(c)(i), (ii) and (iii) of Letter Amendment #4 are hereby amended and restated as follows:

“(c)License to Genentech.

Xenon hereby grants to Genentech:

	
 
	
5.2.a.1
	
under NaV1.6 IP, a royalty-free, non-exclusive, world-wide license to make, use, sell, offer for sale and import Compounds at or under the NaV1.7 Threshold and products containing Compounds at or under the NaV1.7 Threshold, for all uses and indications except epilepsy; and

	
 
	
5.2.a.2
	
the right to grant sublicenses to Third Parties of its licensed rights under subparagraph 6(c)(i) above without the prior consent of Xenon, such sublicense rights to be subject to the same terms and conditions, mutatis mutandis, as are set forth in Sections 9.3 and 9.4 of the Agreement.”

	
 
	
(b)
	
Xenon hereby grants Genentech the irrevocable, non-exclusive license to use the NaV1.6 IP and the [†] Model for any internal research purposes.

	
6
	
Certain Prohibitions

	
6.1
	
Although Xenon Controls NaV1.6 IP (except as licensed to Genentech pursuant to Section 5.2 above), Xenon agrees that it shall, and shall cause its NaV1.6 Licensees to not, directly or indirectly, develop, seek approval for, market or promote:

	
 
	
(a)
	
NaV1.6 Compounds at or under the NaV1.7 Threshold for epilepsy;

	
 
	
(b)
	
NaV1.6 Compound(s) for the Pain Field; and

	
 
	
(c)
	
Excluded Collaboration Compounds in any field.

	
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OWNERSHIP OF INTELLECTUAL PROPERTY

All NaV1.6 IP is owned solely by Xenon. For the purposes of the Agreement, NaV1.6 IP is not Post-Research Term IP. Xenon owes no duty of confidence to Genentech respecting the NaV1.6 IP.

	
8
	
GENERAL

	
8.1
	
As of the Amendment Date, except as set out above, Letter Amendment #6 is terminated and Xenon shall return all Collaboration Compounds in Xenon’s possession (if any) to Genentech within [†] ([†]) days.

[†] DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

- 5 -

	
8.2
	
In the event of a conflict between the terms of this Letter Amendment #7 and the terms of the Agreement, the terms of this Letter Amendment #7 shall prevail.

	
8.3
	
Except as specifically provided above in this Letter Amendment #7, the Agreement remains in full force and effect, unamended.

	
8.4
	
Any rights and obligations of the Parties set out in this Letter Amendment #7 which, from the context hereof, are intended to survive any termination or expiration of the Agreement, including those rights and obligations set out in Sections 4, 5, 7 and 8 above, shall survive any such termination or expiration. Sections 5.2(a) and 6 shall terminate on termination or expiry of the Agreement.

[signature page follows]

[†] DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

- 6 -

By the signatures below, the Parties have caused this Letter Amendment #7 to be executed by their respective duly authorized officers to be effective as of the Amendment Date.

Sincerely,

XENON PHARMACEUTICALS INC.

 

					
	
By:
	
/s/ Simon Pimstone
	
 
	
By:
	
/s/ Dr. Robin Sherrington

	
Name:
	
Simon Pimstone 
	
 
	
Name:
	
Robin Sherrington, PhD

	
Title:
	
CEO
	
 
	
Title:
	
EVP, Business & Corporate Development

 

 

GENENTECH, INC.

 

		
	
By:
	
/s/ Patrick Bigot

	
Name:
	
Patrick Bigot

	
Title:
	
VP, Alliance Management

 

F. HOFFMANN-LA ROCHE LTD

 

					
	
By:
	
/s/ Stefan Arnold 
	
 
	
By:
	
/s/ Barbara Schroeder

	
Name:
	
Stefan Arnold
	
 
	
Name:
	
Barbara Schroeder

	
Title:
	
Head Legal Pharma
	
 
	
Title:
	
Authorized Signatory

 

 

 

[†] DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

- 7 -

Exhibit A
[†] Patent Applications

 

[†]

[†]

[†]

[†]

[†]

[†]

[†]

[†]

[†] DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSION

- 8 -

Exhibit B
Description of the [†] Assay

[†]

[†].

[†].

[†]. 

[†]

[†].

[†]

[†].

 

[†] DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE COMMISSIONEX-10.1

Exhibit 10.1 

 

					
		  		  	

September 14, 2018 

Direct Vet Marketing, Inc. 

(d/b/a Vets First Choice) 

7 Custom House Street, Suite 2 

Portland, ME 04101 

	Attn:	
General Counsel (voyagerlegal@vetsfirstchoice.com) 

With copy to: 

Morgan, Lewis & Bockius LLP 

One Federal Street 

Boston, MA 02110-1726 

	Attn:	
Mark Stein (mark.stein@morganlewis.com) 

 

	 	Re:	
Amendment No. 1 to Contribution and Distribution Agreement and Amendment No. 1 to Merger Agreement

Dear Sir and/or Madame: 

Reference is made to (i) that certain Agreement and Plan of Merger, dated as of April 20, 2018 (the “Merger Agreement”), by and among Henry Schein, Inc. (“Henry Schein”), HS Spinco, Inc. (“Spinco”), HS Merger Sub, Inc., Direct Vet Marketing, Inc. (“Voyager”), and Shareholder Representative Services, LLC, solely in its capacity as the Voyager Stockholders’ Representative (the “Voyager Stockholders’ Representative”), and (ii) that certain Contribution and Distribution Agreement, dated as of April 20, 2018 (the “CDA”), by and among Henry Schein, Spinco, Voyager and, solely for purposes of certain articles thereto, the Voyager Stockholders’ Representative. For purposes of this letter agreement (this “Letter”), capitalized terms used but not otherwise defined in this Letter shall have the meaning ascribed to them in the Merger Agreement or in the CDA, as applicable. 

This Letter shall amend each of the Merger Agreement and the Contribution and Distribution Agreement in the manner and to the extent set forth below, and shall constitute Amendment No. 1 to the Merger Agreement and Amendment No. 1 to the CDA for such purposes. 

In consideration of the premises and mutual agreements and covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the parties to this Letter agree as follows: 

 

	1.	
To amend the CDA as follows: 

 

	 	a.	
The definition of “Spinco Target Working Capital” in Article I (Definitions) Section 1.1 (General) is amended and restated to read as follows: 

 

	 	i.	
“Spinco Target Working Capital” means the sum of (1) $598,000,000 plus (2) the amount payable to Henry Schein pursuant to Section 2.13(a) hereof. 

 

	 	b.	
The definition of “Spinco Closing Date Net Debt” in Article I (Definitions) Section 1.1 (General) is amended and restated to read as follows: 

 

			
		  	

 

“Spinco Closing Date Net Debt” means an amount (which may be negative), in each case, determined as of the Calculation Time and without giving effect to the consummation of the Transactions, equal to (i) the Indebtedness of the Spinco Group, less (ii) an amount equal to the Cash and Cash Equivalents of the Spinco Group; provided, that, as used within the definition of “Spinco Closing Date Net Debt,” (x) Indebtedness shall (1) include all Indebtedness represented by the Spinco Financing and (2) exclude all Indebtedness owed from a member of the Spinco Group to a member of the Harbor Group (any such Indebtedness, “Harbor-Spinco Indebtedness”), to the extent such Harbor-Spinco Indebtedness has been repaid or equitized or the receivable in respect thereof has been transferred to a member of the Spinco Group, in each case prior to the Distribution, and (y) Cash and Cash Equivalents shall (1) include all Cash and Cash Equivalents of the Harbor Group or the Spinco Group used to fund payments of Shared Expenses (as such term is defined in the Merger Agreement) by, or on behalf of, Spinco on or prior to the Calculation Time, and (2) exclude all Cash and Cash Equivalents of the Spinco Group used to pay the Special Dividend, the Additional Special Dividend (if applicable) and the Intercompany Debt Repayment. 

 

	 	c.	
The definition of “Spinco Current Liabilities” in Article I (Definitions) Section 1.1 (General) is amended to read as follows: 

“Spinco Current Liabilities” means, without duplication, all current Liabilities (excluding Excluded Liabilities, Income Tax Liabilities and deferred Tax Liabilities, but including current Non-Income Tax Liabilities), deferred rent and any Indebtedness to the extent exclusively relating to or exclusively arising from the conduct of the Spinco Business, determined as of the Calculation Time in accordance with the Applicable Accounting Principles. For the avoidance of doubt, (1) any Indebtedness taken into account for purposes of the calculation of the Spinco Closing Date Net Debt will not be deemed a Spinco Current Liability and (2) any Shared Expenses borne by Spinco shall not be deemed a Spinco Current Liability. 

 

	 	d.	
The definition of “Spinco 2017 Balance Sheet” in Article I (Definitions) Section 1.1 (General) is amended to read as follows: 

“Spinco 2017 Balance Sheet” is the unaudited, combined balance sheet of the Spinco Business as of December 30, 2017 included in the Spinco Annual Financial Statements for the fiscal year ended December 30, 2017.” 

 

	 	e.	
Henry Schein’s obligation pursuant to Section 2.10 (Minority Interests) of the CDA to use reasonable best efforts, prior to the Harbor Contribution, to acquire, or cause the applicable member of the Harbor Group, as the case may be, to acquire, the outstanding Spinco Minority Interest Shares owned by the JV Minority Shareholders is hereby waived by Voyager and Spinco solely with respect to those entities identified by Voyager in writing to Henry Schein prior to the Closing. Except as set forth in the preceding sentence, the treatment of the Spinco Minority Interest Shares, and all other obligations of the Harbor Group and Spinco with respect thereto, shall remain in full force and effect. 

 

	 	f.	
Article II of the CDA is amended by adding at the end thereof a new Section 2.13, which shall read in its entirety as follows: 

 

2 

 

“Section 2.13. Additional Payments. 

“(a) At the Closing, Spinco shall pay to Henry Schein $1,312,500 minus the ATP Amount, where the ATP Amount is equal to the product of (a) $1,602 and (b) the number of days from (i) the date the Distribution Agreement by and between Elanco Animal Health (“Elanco”) and Provet NZ Pty Ltd. granting distribution rights for Elanco products in New Zealand and (ii) the Closing Date. 

“(b) At the Closing, Spinco shall pay to Henry Schein an amount equal to $2,175,719 with respect to the restructuring activities described on Schedule A, which as of the date hereof have already occurred and the amount of which has actually been incurred. 

“(c) At the Closing, Spinco shall pay to Henry Schein an amount equal to the Other Restructuring Costs actually incurred by Henry Schein. “Other Restructuring Costs” shall mean the amount set forth by Henry Schein on a schedule to be delivered to Voyager no later than December 1, 2018, which amount shall not exceed $3,500,000. 

“(d) Spinco shall make any and all payments to Henry Schein as required pursuant to Subsections (a) through (c) at the Closing by wire transfer of immediately available funds to an account of Henry Schein designated in writing by Henry Schein.” 

 

	2.	
To amend the Merger Agreement as follows: 

 

	 	a.	
Section 1.1 of the Merger Agreement is hereby amended by amending and restating the defined term “Indebtedness” as follows: 

“Indebtedness” shall mean, with respect to any Person at any date, without duplication: (i) all indebtedness of such Person for borrowed money or Liabilities issued in substitution for or exchange or replacement of indebtedness for borrowed money, including in respect of loans or advances, whether current, short-term or long-term, secured or unsecured, (ii) all Liabilities of such Person evidenced by bonds, debentures, mortgages, notes or other similar instruments or debt securities (including any seller notes, earnout obligations, compensation arrangements, unpaid principal, related expenses, commitment and other fees, reimbursements, indemnities and all other amounts payable in connection therewith), (iii) any commitment by which a Person assures a creditor against loss (including contingent reimbursement obligations with respect to letters of credit and bankers’ acceptances), (iv) all Liabilities under leases or other similar Contracts for real or personal property which have been or must be, in accordance with GAAP, recorded as capital leases, (v) all Liabilities under any sale-leaseback arrangement in accordance with ASC 840-40: Sale-Leaseback Transactions, (vi) all indebtedness (including earnout obligations) related to conditional sales, title retention or similar arrangements, or with respect to any deferred purchase price of equity, assets or services with respect to which a Person is liable, contingently or otherwise, as obligor, guarantor, surety or otherwise, (vii) all deferred compensation obligations that are owed or that are not cancelable by 

 

3 

 

unilateral action by such Person and will be owed by the Surviving Corporation or any of its Subsidiaries under agreements or arrangements existing as of the Effective Time, (viii) any Liabilities with respect to any interest rate cap, hedging or swap agreements, foreign currency exchange agreements or similar arrangements (valued at the termination value thereof), (ix) any Liabilities with respect to unfunded pension obligations that are or would become obligations of the Surviving Corporation or any of its Subsidiaries, in each case, other than, with respect to Voyager, those Liabilities specifically related to the Voyager Pension Plans and, with respect to Spinco, the Spinco Group Employees under any Multiemployer Plans, (x) all guarantees, direct or indirect, of such Person in connection with any of the foregoing and any other indebtedness guaranteed in any manner by a Person (including guarantees in the form of an agreement to repurchase or reimburse), but not any items to the extent for which Spinco is entitled to be indemnified pursuant to Section 6.3(b) of the Distribution Agreement and (xi) all accrued and unpaid interest, prepayment premiums or penalties, or breakage fees related to any of the foregoing. Notwithstanding the foregoing, Indebtedness shall not include any (i) Indebtedness or other intercompany obligations between or among (x) the Spinco Entities or (y) the Voyager Entities and (ii) items included in the calculation of (x) Voyager Current Liabilities or (y) for purposes of calculating Spinco Working Capital in the Distribution Agreement, the Spinco Current Liabilities (as defined therein) or (iii) Shared Expenses. 

 

	 	b.	
Section 1.1 of the Merger Agreement is hereby amended by amending and restating the defined term “Voyager Closing Date Net Debt” as follows: 

“Voyager Closing Date Net Debt” shall mean an amount (which may be positive or negative), in each case, determined as of the Calculation Time and without giving effect to the consummation of the Transactions, equal to (i) the Indebtedness of Voyager and its Subsidiaries, less the sum of (a) an amount equal to the Cash and Cash Equivalents of Voyager and its Subsidiaries, and (b) all Cash and Cash Equivalents of Voyager and its Subsidiaries used by Voyager to pay Voyager Transaction Expenses or Shared Expenses prior to the Calculation Time. 

 

	 	c.	
Section 1.1 of the Merger Agreement is hereby amended by amending and restating the defined term “Voyager Transaction Expenses Amount” as follows: 

“Voyager Transaction Expenses Amount” means the amount of Transaction Expenses allocated to or to be borne by Voyager or any of its Subsidiaries pursuant to this Agreement or any of the Transaction Agreements in excess of twenty-five million dollars ($25,000,000), including in such amount the Voyager Stockholders’ Representative Expense Fund Amount. 

 

	 	d.	
Section 1.1 of the Merger Agreement is hereby amended by adding the following defined term, which shall be set forth in its proper alphabetic location: 

 

4 

 

“’Voyager Written Consent’ shall mean the written consent, prepared and delivered in accordance with the requirements of Voyager’s Certificate of Incorporation and bylaws, of each of (i) the holders of at least a majority of the outstanding shares of Voyager Common Stock (calculated on an as-converted basis), and (ii) the holders of at least sixty percent (60%) of the issued and outstanding shares of Voyager Preferred Stock.” 

 

	 	e.	
Section 5.2 of the Merger Agreement is hereby amended and restated in its entirety as follows: 

“Section 5.2. Authorization and Validity of Agreement. Voyager has all necessary corporate power and authority to execute and deliver this Agreement and each Transaction Agreement to which it is a party, to perform its obligations hereunder and thereunder and, subject to the receipt of the Voyager Stockholder Approval, to consummate the Transactions. The execution, delivery and performance of this Agreement and the Transaction Agreements by Voyager and the consummation by Voyager of the Transactions, have been duly and validly authorized and unanimously approved by the Voyager Board of Directors, and no other corporate or other action on the part of Voyager is necessary to authorize the execution, delivery and performance of this Agreement and the Transaction Agreements or the consummation of the Transactions (other than the Voyager Stockholder Approval). The Voyager Board of Directors has unanimously (i) determined that this Agreement, the Transaction Agreements and the Transactions (including the Merger), taken together, are advisable, fair and in the best interest of Voyager and its stockholders and (ii) approved this Agreement, the Transaction Agreements and the Transactions (including the Merger). In addition, the Voyager Board of Directors has recommended the affirmative vote of the Voyager Stockholders at the Voyager Stockholders Meeting with respect to the Voyager Stockholder Approval. The only approval or consent of the holders of any class or series of capital stock of Voyager or its Subsidiaries necessary to approve and adopt this Agreement and the Transaction Agreements and to approve and adopt the Merger and the Transactions under applicable Law, the Voyager Certificate of Incorporation and the bylaws of Voyager is (a) the affirmative vote of each of (i) the holders of at least a majority of the outstanding shares of Voyager Common Stock (calculated on an as-converted basis), and (ii) the holders of at least sixty percent (60%) of the issued and outstanding shares of Voyager Preferred Stock, at the Voyager Stockholders Meeting or (b) the Voyager Written Consent (the “Voyager Stockholder Approval”). This Agreement and the Transaction Agreements have been or shall be duly and validly executed and delivered by Voyager and, to the extent it is a party thereto, assuming due and valid authorization, execution and delivery hereof and thereof by each of Harbor, Spinco and Merger Sub, as applicable, each is a valid and binding obligation of Voyager and enforceable against Voyager in accordance with their terms, except to the extent that its enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws, now or hereinafter in effect, affecting the enforcement of creditors’ rights generally and by general equitable principles.” 

 

5 

 

 

	 	f.	
Section 6.4(b) of the Merger Agreement is hereby amended by adding the following text immediately after “Voyager Stockholders Meeting” therein: 

“or the effective date of the Voyager Written Consent”. 

 

	 	g.	
Section 6.9(b) of the Merger Agreement is hereby amended by adding the following text immediately after “Voyager Stockholders Meeting” therein: 

“or the effective date of the Voyager Written Consent”. 

 

	 	h.	
Section 6.9(c) of the Merger Agreement is hereby amended and restated in its entirety as follows: 

“(c) (i)As promptly as practicable following the date on which the SEC shall clear (whether orally or in writing) the Prospectus and, if required by the SEC as a condition to the mailing of the Prospectus, the Registration Statement shall have been declared effective and no later than five (5) Business Days after such date, Voyager shall duly take all lawful action to (A) duly call, give notice of, convene and hold a meeting of its stockholders (the “Voyager Stockholders Meeting”) to be held as promptly as practicable for the purpose of voting (the “Voyager Stockholder Vote”) upon the Voyager Stockholder Approval or (B) solicit the Voyager Written Consent. 

“(ii) In the event that Voyager elects to obtain the Voyager Stockholder Approval by holding the Voyager Stockholder Meeting, Voyager shall deliver, or cause to be delivered, to Voyager’s stockholders (A) a proxy statement with respect to the Voyager Stockholders Meeting that includes a copy of the notice required pursuant to Section 262 of the DGCL informing the Voyager Stockholders that appraisal rights are available for their shares of Voyager Capital Stock pursuant to Section 262 of the DGCL, along with such other information as required by Section 262 of the DGCL and applicable Law, and (B) the Prospectus in definitive form, in each case in connection with the Voyager Stockholders Meeting at the time and in a manner in accordance with applicable Laws, the Voyager Certificate of Incorporation and the bylaws of Voyager, and shall conduct the Voyager Stockholders Meeting and the solicitation of proxies in connection therewith in compliance with applicable Laws, the Voyager Certificate of Incorporation and the bylaws of Voyager. Such proxy statement, including any amendments or supplements thereto, shall be subject to reasonable review and approval by Harbor and Spinco, which approval shall not be unreasonably withheld, conditioned or delayed. 

“(iii) In the event that Voyager elects to obtain the Voyager Stockholder Approval by soliciting the Voyager Written Consent, Voyager shall deliver, or cause to be delivered, to Voyager’s Stockholders (A) a copy of the text of the Voyager Written Consent, together with the notice required pursuant to Section 262 of the DGCL informing the Voyager Stockholders that appraisal rights are available for their shares 

 

6 

 

of Voyager Capital Stock pursuant to Section 262 of the DGCL, along with such other information as required by Section 262 of the DGCL and applicable Law (which materials shall be subject to reasonable prior review and approval by Harbor and Spinco, such approval not to be unreasonably withheld, conditioned or delayed), and (B) the Prospectus in definitive form, in each case in the manner prescribed by applicable Laws, the Voyager Certificate of Incorporation and the bylaws of Voyager.” 

 

	 	i.	
Section 7.1(d) of the Merger Agreement is hereby amended and restated in its entirety as follows: 

“(d) The Voyager Stockholder Approval shall have been obtained in accordance with applicable Law, the Voyager Certificate of Incorporation, the bylaws of Voyager and Section 6.9(c) hereof;” 

 

	 	j.	
Section 7.2(c) of the Merger Agreement is hereby amended and restated in its entirety as follows: 

“(c) Voyager shall have delivered to Harbor evidence of the Voyager Stockholder Approval pursuant to the Voyager Stockholder Vote or the Voyager Written Consent.” 

Other than as expressly set forth herein, all obligations, representations and warranties, covenants, conditions and other provisions in the Merger Agreement and in the CDA remain unchanged and in full force and effect. 

This Letter may be executed in one or more counterparts each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Letter by facsimile or portable document format (PDF) shall be as effective as delivery of a manually executed counterpart of this Letter. 

This Letter and all issues and questions concerning the construction, validity, enforcement and interpretation of this Letter (and all Annexes hereto) shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware. In furtherance of the foregoing, the internal Laws of the State of Delaware shall control the interpretation and construction of this Letter (and all Annexes hereto), even though under that jurisdiction’s choice of law or conflict of law analysis, the substantive Law of some other jurisdiction would ordinarily apply. 

[Remainder of page intentionally left blank] 

 

7 

If you are in agreement with the foregoing, please sign and return one copy of this Letter, which thereupon will constitute a binding agreement between us with respect to the subject matter hereof as of the date first written above. 

 

			
	Very truly yours,
	
	HENRY SCHEIN, INC.
		
	By:	 	
/s/ Steven Paladino

	Name:	 	Steven Paladino
	Title:	 	Chief Financial Officer
	
	HS SPINCO, INC.
		
	By:	 	
/s/ Steven Paladino

	Name:	 	Steven Paladino
	Title:	 	Treasurer and Chief Financial Officer
	
	HS MERGER SUB, INC.
		
	By:	 	
/s/ Steven Paladino

	Name:	 	Steven Paladino
	Title:	 	Treasurer and Chief Financial Officer

[Signature Page to Project Voyager Side Letter] 

Confirmed and agreed to as of the date first above written: 

 

			
	DIRECT VET MARKETING, INC.
		
	By:	 	
/s/ Benjamin Shaw

	Name:	 	Benjamin Shaw
	Title:	 	Chief Executive Officer
	
	SHAREHOLDER REPRESENTATIVE SERVICES, LLC
	as Voyager Stockholders’ Representative
		
	By:	 	
/s/ Sam Riffe

	Name:	 	Sam Riffe
	Title:	 	Executive Director

[Signature Page to Project Voyager Side Letter]

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