Document:

Exhibit 10.1

 

BINDING
SETTLEMENT TERM SHEET

 

This BINDING TERM SHEET (the
 “Term Sheet”), is entered into as of June 20, 2022 (“Effective Date”) by and between Shareholder
Representatives Services LLC (“SRS”), solely in its capacity as the Stockholders representative under the Merger Agreement
(defined below), and Celldex Therapeutics, Inc. (“Celldex”).

 

WHEREAS, on November
1, 2016, the parties entered into that certain Agreement and Plan of Merger by and among Kolltan Pharmaceuticals, Inc., Celldex Therapeutics,
Inc., Connemara Merger Sub 1 Inc., Connemara Merger Sub 2 LLC, and SRS, solely in its capacity as the stockholders representative (the
 “Merger Agreement”);

 

WHEREAS, pursuant to
the terms of the Merger Agreement, Celldex agreed that upon certain enumerated milestones being met, payments would be made to an exchange
agent for distribution to the stockholders of Kolltan Pharmaceuticals, Inc. at the time of the merger (the “Stockholders”);

 

WHEREAS, pursuant to
the terms of the Merger Agreement, SRS was irrevocably authorized and appointed by each of the Stockholders to act on behalf of each of
the Stockholders, with respect to, among other things, negotiating, litigating, settling and compromising, on behalf of each such Stockholder,
any dispute under the Merger Agreement;

 

WHEREAS, in connection
with a dispute under the Merger Agreement, Celldex filed a complaint in the Delaware Court of Chancery styled Celldex Therapeutics,
Inc. v. Shareholder Representative Services, LLC, C.A. No. 2020-0682-MTZ, and SRS filed counterclaims (the “Litigation”);

 

WHEREAS, Celldex denies
each and every claim and contention asserted against it in the Lawsuit and denies all allegations of breach, wrongdoing, fault, liability,
or damage against it arising out of any of the conduct, statements, acts or omissions alleged, or that could have been alleged, in the
Lawsuit;

 

WHEREAS, SRS denies
each and every claim and contention asserted against it in the Lawsuit and denies all allegations of breach, wrongdoing, fault, liability,
or damage against it arising out of any of the conduct, statements, acts or omissions alleged, or that could have been alleged, in the
Lawsuit; and

 

WHEREAS, a 5-day trial
in the Litigation is set to begin on June 21, 2022.

 

NOW THEREFORE, in consideration
of the mutual promises and covenants set forth in this Term Sheet, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:

 

1.             Binding. This
Term Sheet is binding upon
the parties pending the execution of a formal settlement agreement on or before July 15, 2022. The parties, through their counsel,
shall draft such other documents as are consistent with this Term Sheet. Celldex will provide a first draft of the
final and binding settlement agreement (the “Settlement Agreement”), which shall be consistent with the terms of
this Term Sheet, on or before July 1, 2022.

 

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2.             Governing Law and Dispute Resolution. This Term Sheet shall be interpreted and enforced in accordance with the laws of the
State of Delaware. Any dispute arising out of or relating to this Term Sheet shall be brought in accordance with Section 12.15 of the
Merger Agreement.

 

3.             Payment.
The Milestone provisions of the Merger Agreement are replaced in their entirety with the following Milestone payments, each of which
is payable only once. Celldex shall make payments to the Exchange Agent (as defined in the Merger Agreement) for further
distribution to the Stockholders as follows:

 

(a)            Celldex
shall pay $15,000,000 upon execution of the Settlement Agreement (the “Initial Payment”);

 

(b)           Celldex
shall pay $15,000,000 upon the Successful Completion (as defined below) of a Phase II Clinical Trial (as defined in the Merger Agreement)
of CDX-0159, subject to the $2,500,000 million contractual credit as set forth in the Merger Agreement; and 

        

(c)            Celldex
shall pay $52,500,000 on the first United States Food and Drug Administration, or any successor organization,
or European Medicines Agency, or any successor organization, regulatory approval of a Surviving Company Product (as defined below).

 

The Initial Payment shall be in cash and shall
be paid within three (3) business days of execution of the Settlement Agreement. Any remaining payments shall be payable, at Celldex’s
sole election, in either cash or Milestone Consideration Shares (as defined in the Merger Agreement) based on the Parent Stock Value (as
defined in the Merger Agreement) and subject to the registration provisions (including, without limitation, the timeline in Section 5.06(b))
of the Merger Agreement, or a combination of the two.

 

4.             Definitions.Notwithstanding
anything to the contrary in the Merger Agreement, the following terms as used in this Agreement shall have the meanings set forth below:

 

(a)              
“CDX-0159” means the antibody now under development by Celldex under IND 140159, also known as barzolvolimab, or any
monoclonal antibody variant, derivative, predecessor, or modified version thereof that includes the same variable domains as CDX-0159.

 

(b)              
“Successful Completion” shall mean achievement of the primary or secondary study endpoints of a Phase II Clinical Trial,
or other relevant results, as determined on the date that is the earlier of (A) three (3) months following the database lock for such
clinical trial or (B) public disclosure of any results of such clinical trial, such that continued development of CDX-0159 is warranted
on the basis of the use of Commercially Reasonable Efforts (as defined in the Merger Agreement).

 

(c)              
 “Surviving Company Product” shall have the same meaning as in the Merger Agreement except it shall include CDX-0159.

 

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5.             Stay.Upon
execution of this Term Sheet, the parties shall together inform the Court in the Litigation that the parties have reached a resolution
that will result in a settlement of all claims before the Court and that the trial scheduled to begin June 21 may be vacated.

 

6.             Dismissal of the Lawsuit. Within three (3) business days of the Exchange Agent (as defined in the Merger Agreement) receiving
the fifteen million dollar ($15,000,000) payment pursuant to paragraph 3(a), SRS and Celldex shall jointly dismiss all claims and counterclaims
in the Litigation with prejudice.

 

7.             Release.
The parties shall provide broad mutual releases of all claims relating to or arising out of the Merger Agreement, including without
limitation, all claims brought in the Litigation or that could have been brought in the Litigation. This Agreement relieves Celldex of
all obligations, including but not limited to other Milestone obligations, under the Merger Agreement.

 

8.             Entire
Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior written agreements, arrangements,
communications and understandings and all prior and contemporaneous oral agreements, arrangements, communications and understandings
between the parties with respect to the subject matter of this Agreement.

 

9.             No
Other Representations and Non-Reliance. Neither party nor any of their agents, employees or representatives have made any representation
or warranty, express or implied, regarding the terms of this Agreement that are not explicitly set forth herein. Any other representations
or warranties not contained in this Agreement are hereby expressly disclaimed by both parties. Further, both parties expressly acknowledge
and agree that neither party nor any of their agents, employees, or representatives is relying on any other representation or warranty
of any party or their agents, employees or representatives, including the accuracy or completeness of any other representations and warranties,
whether express or implied, except as expressly set forth in this Agreement.   

 

10.           Counterparts:
The Parties may execute this Term Sheet in one or more counterparts, all of which taken together will constitute one and the same
instrument.

 

11.           Costs
and Fees: Each Party shall bear its own costs and fees.

 

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	Celldex Therapeutics,
Inc.		Shareholder Representative Services LLC
solely in its capacity as the stockholders representative
	 	 	 
	 	/s/ Anthony Marucci	 	 	/s/ Casey McTigue
	By: 	Anthony Marucci	 	By: 	Casey McTigue
	Title: 	President and CEO	 	Title: 	Managing Director
	Date: 	June 20, 2022	 	Date: 	June 20, 2022

 

    4EX-4.3

 Exhibit 4.3 
  

					
		  	Delaware	  	Page 1
		  	The First State	  	

 I, JEFFREY W. BULLOCK, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A
TRUE AND CORRECT COPY OF THE CERTIFICATE OF DOMESTICATION OF “VIRGIN GROUP ACQUISITION CORP. II”, FILED IN THIS OFFICE THE FIFTEENTH DAY OF JUNE, A.D. 2022, AT 6:16 O’ CLOCK P.M. 

 

					
		  	

	  	 /s/ Jeffrey W. Bullock
                        

Jeffrey W. Bullock, Secretary of State

		  	
		  	
		  	
	6860351    8100D	  	
	SR# 20222739355	  	Authentication: 203691488
	You may verify this certificate online at corp.delaware.gov/authver.shtml	  	 Date:
06-15-22

 CERTIFICATE OF DOMESTICATION OF 

VIRGIN GROUP ACQUISITION CORP. II AS A PUBLIC BENEFIT CORPORATION 

Pursuant to Section 388 of the General Corporation Law of the State of Delaware 

Virgin Group Acquisition Corp. II, a Cayman Islands exempted company limited by its shares (the “Corporation”), which intends to
domesticate as a Delaware public benefit corporation pursuant to this Certificate of Domestication, does hereby certify to the following facts relating to the domestication of the Corporation in the State of Delaware: 

1. The Corporation was originally incorporated on the 13th day of January, 2021 under the
laws of the Cayman Islands. 
 2. The name of the Corporation immediately prior to the filing of this Certificate of Domestication is Virgin
Group Acquisition Corp. II. 
 3. The name of the Corporation as set forth in the Certificate of Incorporation is Grove Collaborative
Holdings, Inc. 
 4. The jurisdiction that constituted the seat, siege social or principal place of business or central administration of the
Corporation immediately prior to the filing of this Certificate of Domestication is the Cayman Islands. 
 5. The domestication has been
approved in the manner provided for by the document, instrument, agreement or other writing, as the case may be, governing the internal affairs of the Corporation and the conduct of its business or by applicable
non-Delaware law, as appropriate. 
 6. The specific public benefit purpose of the Corporation is to
promote development, promotion and distribution of consumer products as a positive force for human and environmental health globally. 

[Signature Page Follows] 
  

			
	State of Delaware	 	
	Secretary of State	 	
	Division of Corporations	 	
	Delivered 06:16 PM 06/15/2022	 	
	FILED 06:16 PM 06/15/2022	 	
	SR 20222739355 - File Number 6860351	 	

 IN WITNESS WHEREOF, the Corporation has caused this Certificate of Domestication to
be executed in its name this 15th day of June, 2022. 
  

			
	VIRGIN GROUP ACQUISITION CORP. II,
	a Cayman Islands company
		
	By:	 	 /s/ Evan Lovell

	Name:	 	Evan Lovell
	Title:	 	Chief Financial Officer

 [Signature Page to Certificate of Corporate Domestication]

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