Document:

Exhibit

EXHIBIT 10.47

FIRST AMENDMENT 
TO CREDIT AND GUARANTY AGREEMENT 

FIRST AMENDMENT (this “Agreement”) dated as of June 12, 2018 among BlueLinx Holdings Inc. (the “Borrower”), the “Guarantors” referred to on the signature pages hereto, the Lenders executing this Agreement on the signature pages hereto and HPS INVESTMENT PARTNERS, LLC, in its capacity as Administrative Agent (the “Administrative Agent”) under that certain Credit and Guaranty Agreement, dated as of April 13, 2018 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the Guarantors party thereto, the Lenders party thereto and the Administrative Agent. 

The Credit Parties, the Lenders party hereto constituting the Requisite Lenders and the Administrative Agent desire to amend the Credit Agreement on the terms set forth herein, and accordingly, the parties hereto hereby agree as follows:

Section 1.  Definitions.  Except as otherwise defined in this Agreement, terms defined in the Credit Agreement, after giving effect to this Agreement, are used herein as defined therein.  This Agreement shall constitute a Credit Document for all purposes of the Credit Agreement and the other Credit Documents.

Section 2.  Amendments.  Subject to the satisfaction of the conditions precedent specified in Section 4 below, but effective as of the date hereof, Section 5.1(a) of the Credit Agreement is hereby amended and restated in its entirety as follows:  

“(a)    Monthly Reports. As soon as available, and in any event, within forty-five (45) days after the end of the first fiscal month ending after the Closing Date, and within thirty (30) days after the end of each fiscal month ending thereafter, the consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such month and the related consolidated statements of income, stockholders’ equity and cash flows of the Borrower and its Subsidiaries for such month and for the period from the beginning of the current Fiscal Year to the end of such month, all in reasonable detail;”

Section 3.  Representations and Warranties.  Each Credit Party represents and warrants to each Agent and the Lenders that (a) the representations and warranties set forth in Section 4 of the Credit Agreement, and in each of the other Credit Documents, are true and complete in all material respects on the date hereof as if made on and as of the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, such representation or warranty shall be true and correct as of such specific date), and as if each reference in said Section 4 to “this Agreement” included reference to this Agreement (it being agreed that it shall be deemed to be an Event of Default under the Credit Agreement if any of the foregoing representations and warranties shall prove to have been false in any material respect when made) and (b) no Default or Event of Default has occurred and is continuing as of the date hereof.

Section 4.  Conditions Precedent.  The amendments set forth in Section 2 hereof shall become effective, as of the date hereof, upon receipt by the Administrative Agent of counterparts of this 

Agreement executed by the Credit Parties and the Lenders party to the Credit Agreement constituting the Requisite Lenders.

Section 5.  No Novation or Mutual Departure.  The Borrower expressly acknowledges and agrees that there has not been, and this Agreement does not constitute or establish, a novation with respect to the Credit Agreement or any other Credit Document, or a mutual departure from the strict terms, provisions, and conditions thereof, other than with respect to the amendments contained in Section 2 hereof. 

Section 6.  Confirmation.  Each Credit Party (a) confirms its obligations under the Collateral Documents, (b) confirms that its Obligations under the Credit Agreement as modified hereby are entitled to the benefits of the pledges set forth in the Collateral Documents, (c) confirms that its Obligations under the Credit Agreement as modified hereby constitute “Secured Obligations” (as defined in the Collateral Documents) and (d) agrees that the Credit Agreement as modified hereby is the Credit Agreement under and for all purposes of the Collateral Documents.  Each party, by its execution of this Agreement, hereby confirms that the Secured Obligations shall remain in full force and effect, and such Secured Obligations shall continue to be entitled to the benefits of the grant set forth in the Collateral Documents. Each Guarantor (a) confirms its Guaranteed Obligations under the Credit Agreement, (b) confirms that the Guaranteed Obligations under the Credit Agreement as modified hereby are entitled to the benefits of the guarantee set forth in Section 7 of the Credit Agreement and (c) confirms that the Obligations under the Credit Agreement as modified hereby constitute “Guaranteed Obligations”.  Each party, by its execution of this Agreement, hereby confirms that the Guaranteed Obligations shall remain in full force and effect.  

Section 7.  Miscellaneous.  
(a)    This Agreement shall be limited as written and nothing herein shall be deemed to constitute an amendment or waiver of any other term, provision or condition of any of the Credit Documents in any other instance than as expressly set forth herein or prejudice any right or remedy that any Lender or any Agent may now have or may in the future have under any of the Credit Documents.  Except as herein provided, the Credit Agreement shall remain unchanged and in full force and effect.  This Agreement, the Credit Agreement and the other Credit Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof.  This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same amendatory instrument and any of the parties hereto may execute this Agreement by signing any such counterpart.  Delivery of a counterpart by electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

(b)    THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING, WITHOUT LIMITATION, ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.

(c)    Each of the undersigned Lenders, by its execution hereof, authorizes and directs the Administrative Agent to execute and deliver this Agreement upon the satisfaction of the conditions precedent described above (which shall be conclusively evidenced by such Lender’s execution hereof).

[Signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.

BORROWER

BLUELINX HOLDINGS INC. 

By:    /s/ Susan C. O’Farrell    
Name:  Susan C. O’Farrell
Title:    SVP, CFO & Treasurer

GUARANTORS

CEDAR CREEK HOLDINGS, INC. 

By:    /s/ Susan C. O’Farrell    
Name:  Susan C. O’Farrell
Title:    CFO & Treasurer

BLUELINX CORPORATION

By:    /s/ Susan C. O’Farrell    
Name:  Susan C. O’Farrell
Title:    SVP, CFO & Treasurer

BLUELINX FLORIDA HOLDINGS NO.1 INC.
BLUELINX FLORIDA HOLDINGS NO.2 INC. 
CEDAR CREEK LLC
CEDAR CREEK CORP.
ASTRO BUILDINGS INC. 
LAKE STATES LUMBER, INC. 
VENTURE DEVELOPMENT & CONSTRUCTION, LLC

By:    /s/ Susan C. O’Farrell    
Name:  Susan C. O’Farrell
Title:    Treasurer

BLUELINX FLORIDA LP
By: BlueLinx Florida Holdings No. 2 Inc., its General Partner

By:    /s/ Susan C. O’Farrell    
Name:  Susan C. O’Farrell
Title:    Treasurer

ABP AL (MIDFIELD) LLC
ABP CO II (DENVER) LLC
ABP FL (LAKE CITY) LLC
ABP FL (PENSACOLA) LLC
ABP FL (YULEE) LLC
ABP IA (DES MOINES) LLC
ABP IL (UNIVERSITY PARK) LLC
ABP IN (ELKHART) LLC
ABP KY (INDEPENDENCE) LLC
ABP LA (NEW ORLEANS) LLC
ABP ME (PORTLAND) LLC
ABP MI (GRAND RAPIDS) LLC
ABP MN (MAPLE GROVE) LLC
ABP MO (KANSAS CITY) LLC
ABP MO (SPRINGFIELD) LLC
ABP MO (BRIDGETON) LLC
ABP MO (KANSAS CITY) LLC
ABP NC (CHARLOTTE) LLC
ABP NJ (DENVILLE) LLC
ABP NY (YAPHANK) LLC
ABP OH (TALMADGE) LLC
ABP OK (TULSA) LLC
ABP PA (STANTON) LLC
ABP SC (CHARLESTON) LLC
ABP TN (ERWIN) LLC
ABP TN (MEMPHIS) LLC
ABP TN (MADISON) LLC
ABP TX (EL PASO) LLC
ABP TX (HOUSTON) LLC
ABP TX (LUBBOCK) LLC
ABP TX (SAN ANTONIO) LLC
ABP VA (RICHMOND) LLC
ABP VT (SHELBURNE) LLC
By: BlueLinx Holdings Inc., as Sole Member

By:    /s/ Susan C. O’Farrell    
Name:  Susan C. O’Farrell
Title:    Treasurer

ADMINISTRATIVE AGENT

HPS INVESTMENT PARTNERS, LLC,
  as Administrative Agent

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Director

REQUISITE LENDERS

SPECIALTY LOAN FUND 2016, L.P., as Lender
By: HPS Investment Partners, LLC, its Investment Manager

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Director

SPECIALTY LOAN ONTARIO FUND 2016, L.P., as Lender
By: HPS Investment Partners, LLC, its Investment Manager

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Director

SPECIALTY LOAN FUND 2016-L, L.P., as Lender
By: HPS Investment Partners, LLC, its Investment Manager

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Director

SLF 2016 INSTITUTIONAL HOLDINGS, L.P., as Lender
By: HPS Investment Partners, LLC, its Service Provider

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Director

MORENO STREET DIRECT LENDING FUND, L.P., as Lender
By: HPS Investment Partners, LLC, its Investment Manager

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Director

SPECIALTY LOAN VG FUND, L.P., as Lender
By: HPS Investment Partners, LLC, its Investment Manager

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Director

NDT SENIOR LOAN FUND, L.P., as Lender
By: HPS Investment Partners, LLC, its Investment Manager

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Director

AIGUILLES ROUGES SECTOR B INVESTMENT FUND, L.P., as Lender
By: HPS Investment Partners, LLC, its Investment Manager

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Director

FALCON CREDIT FUND, L.P., as Lender
By: HPS Investment Partners, LLC, its Investment Manager

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Director

RELIANCE STANDARD LIFE INSURANCE COMPANY, as Lender
By: HPS Investment Partners, LLC, its Investment Manager

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Director

TMD-DL HOLDING, LLC, as Lender
By: HPS Investment Partners, LLC, its Investment Manager

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Director

TOKIO MILLENNIUM RE AG, L.P., as Lender
By: HPS Investment Partners, LLC, its Investment Manager

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Director

SPECIALTY LOAN FUND – CX – 2, L.P., as Lender
By: HPS Investment Partners, LLC, its Investment Manager

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Director

CACTUS DIRECT LENDING FUND, L.P., as Lender
By: HPS Investment Partners, LLC, its Investment Manager

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Director

PRIVATE LOAN OPPORTUNITIES FUND, L.P., as Lender
By: HPS Investment Partners, LLC, its Investment Manager

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Director

RED CEDAR FUND 2016, L.P., as Lender
By: HPS Investment Partners, LLC, its Investment Manager

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Director

PACIFIC INDEMNITY COMPANY, as Lender
By: HPS Investment Partners, LLC, its Investment Manager

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Director

AXA EQUITABLE LIFE INSURANCE COMPANY, as Lender
By: HPS Investment Partners, LLC, its Investment Manager

By:    /s/ Vikas Keswani            
Name:  Vikas Keswani
Title:    Managing Directorvcnx-ex1024_1215.htm

Exhibit 10.24

VX3 EXCHANGE AGREEMENT

 

THIS VX3 EXCHANGE AGREEMENT (this “Agreement”) is entered into as of August 13, 2018, by and among:

	
(1)
	
VX 3 INC., an Ontario corporation (“VX GP”);

	
(2)
	
VX3 (DE) LP, a Delaware limited partnership (“LP”); 

	
(3)
	
VACCINEX, INC., a Delaware corporation (“Vaccinex”);

	
(4)
	
FCMI PARENT CO., a Nova Scotia Unlimited Liability Company (“FCMI”); and

	
(5)
	
Certain investors listed on Schedule A attached hereto to whom LP issued units of limited partnership interest (the “Units”) (the “Investors”)

 

Each of the above are referred to herein individually, as a “Party,” and collectively, as the “Parties.”

WHEREAS, VX GP is the general partner of LP;

AND WHEREAS, LP issued Units to the Investors;

AND WHEREAS, as of the date hereof, the Investors set forth on Schedule A are all the limited partners of LP (the “Limited Partners”);

AND WHEREAS, the number of Units held by the Limited Partners and the aggregate number of Units issued and outstanding, in each case, as of the date hereof, are set forth on Schedule A;

AND WHEREAS, VX GP is entering into this agreement on behalf of the Limited Partners.

NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the Parties hereby agree as follows:

	
1
	
As used herein, the following terms have the following meanings:

“Exchange” means the transfer by an Investor to Vaccinex of the number of Units in exchange for a number of Vaccinex Shares calculated pursuant to the Exchange Ratio.  As of the date hereof, the Investors hold an aggregate of 24,000,000 Units which are exchangeable hereunder for an aggregate of up to 1,318,797 Vaccinex Shares.

“Exchange Notice” means a notice, in substantially the form of Schedule B attached hereto, provided by or on behalf of an Investor to exercise such Investor’s Exchange Right.

“Exchange Ratio” means 0.05495 Vaccinex Shares for every 1 Unit transferred pursuant to an Exchange (subject to appropriate adjustment in the event of any splits, dividends, combinations, subdivisions, recapitalizations or the like, affecting the Units or Vaccinex Shares, in each case, following the date hereof, provided, however, that no such adjustment shall be made to effect any such event affecting the Vaccinex Shares to the extent that a corresponding adjustment is made to all issued and outstanding Units prior to such Exchange under the terms of the LPA).

“Exchange Right” means the right of the Investors, FCMI and Vaccinex hereunder to initiate an Exchange.

  

 

 

“LPA” means the Agreement of Limited Partnership of LP, dated October 27, 2017, by and among VX GP, the Investors, and any other persons who shall in the future execute and deliver the LPA as additional Limited Partners.

“Vaccinex Shares” means shares of authorized common stock, par value $0.0001 per share, of Vaccinex.

	
2
	
In the event of a request of an Investor made to Vaccinex to exercise such Investor’s Exchange Right in respect of all but not less than all of that Investor’s Units (“Exchange Units”):

	
 
	
(a)
	
Such Investor will transfer to Vaccinex the Exchange Units, or such transfer may be effected by VX GP, pursuant to the power of attorney granted by such Investor to VX GP as general partner of LP under the LPA;

	
 
	
(b)
	
Vaccinex will issue to such Investor the number of Vaccinex Shares as determined by the Exchange Ratio (and as listed in Schedule A) in exchange for such Exchange Units.

The right of Investors to exercise an Exchange Right is expressly limited to those Units held by the Investors as of the date hereof (subject to appropriate adjustment in the event of any splits, dividends, combinations, subdivisions, recapitalizations or the like, affecting the Units following the date hereof), which Units are set forth on Schedule A to the LPA as of the date hereof. 

	
3
	
Without limiting Section 2, in the event of a request of FCMI made to Vaccinex to exercise FCMI’s Exchange Right in respect of all but not less than all of FCMI’s Units:

	
 
	
(a)
	
Each Investor, including FCMI, will transfer to Vaccinex all but not less than all of that Investor’s Units, or such transfer may be effected by VX GP, pursuant to the power of attorney granted by such Investor to VX GP as general partner of LP under the LPA;

	
 
	
(b)
	
Vaccinex will issue to each Investor, including FCMI, the number of Vaccinex Shares as determined by the Exchange Ratio in exchange for such Investor’s Units.

	
4
	
Vaccinex may exercise the Exchange Right at its option, at any time, so as to result in the transfer of all but not less than all of the then-outstanding Units to Vaccinex in any of the following circumstances:

	
 
	
(a)
	
Vaccinex has entered into (including by entering into definitive documents related thereto) a transaction such as a sale, merger or consolidation such that Vaccinex Shares are or will be sold or, exchanged for cash and/or marketable securities;

	
 
	
(b)
	
At any time on or after the fifth anniversary of the date hereof; and

	
 
	
(c)
	
Vaccinex or LP has entered into (including by entering into definitive documents related thereto) a licensing, partnering or similar transaction, including a product sale or option to enter into the foregoing, with respect to one or more of the products and indications licensed to LP by Vaccinex, and all amounts then due and owing to LP in connection with such transaction have been paid to LP; provided, that Vaccinex will use its commercially reasonable efforts to structure the transaction, or enter into such related transactions, such that the Investors are either able to defer tax liabilities, to the extent permitted by law, or to monetize a portion of their Units or Vaccinex Shares so as to defray any taxes arising as a result of the transaction, in each case, in accordance with applicable law.

2

 

For the avoidance of doubt, (i) following the consummation of an Exchange in accordance with this Agreement with respect to all Units, other than as a holder of Vaccinex Shares, if applicable, neither LP nor the Investors shall have a right to receive proceeds of such transaction paid to Vaccinex or LP following the consummation of such Exchange, and (ii) the Parties agree and acknowledge that nothing contained in this Agreement shall require Vaccinex or LP to obtain the consent of any Party hereto in order to enter into or consummate any such transaction.

	
5
	
In the event either an Investor, FCMI or Vaccinex exercise their Exchange Right hereunder, each Investor, FCMI and Vaccinex shall take all steps necessary to effect the applicable Exchange on the terms and conditions contained herein, including by taking any action reasonably requested by Vaccinex with respect to the transfer of Units.

	
6
	
Vaccinex Shares issued in connection with an Exchange shall be issued in accordance with the registration instructions set forth in the Exchange Notice, in the absence of which they shall be issued in the name of the applicable Investor.

	
7
	
Notwithstanding anything herein to the contrary, if applicable, no fractional Vaccinex Shares shall be issuable upon exercise of the Exchange Right or in connection with an Exchange.  If applicable, the number of Vaccinex Shares to be issued shall be rounded down to the nearest whole number of Vaccinex Shares.  

	
8
	
Prior to the consummation of an applicable Exchange in accordance with this Agreement, no Investor shall have any rights of a holder of Vaccinex Shares, or otherwise as a stockholder of Vaccinex, including, without limitation, the right to vote on any matter presented to the stockholders of Vaccinex or receive any dividends or distributions on Vaccinex Shares or other shares of Vaccinex stock.  Following the consummation of an applicable Exchange in accordance with this Agreement, the Investors shall not have any rights as a holder of Units, including, without limitation, with respect to the management of LP, any distribution made to the holders of Units or any other interest in LP.

	
9
	
Vaccinex shall reserve and keep available during the term of this Agreement, out of its authorized and unissued shares of common stock, that number of Vaccinex Shares that will from time to time be sufficient to permit the exercise in full of the Exchange Right.  If in connection with the exercise of an Exchange Right, Vaccinex does not have sufficient authorized and unissued Vaccinex Shares to permit the exercise in full of the Exchange Right, Vaccinex will promptly take such actions as are reasonably necessary to authorize additional Vaccinex Shares to permit the exercise in full of the Exchange Right, subject to applicable laws and the rights of Vaccinex stockholders.

	
10
	
The Parties hereby represent and warrant to each other as follows:

	
 
	
(a)
	
Such Party has the full corporate or limited partnership power and authority, as applicable, to execute and deliver this Agreement and to carry out the transactions contemplated hereby;

	
 
	
(b)
	
The execution and delivery of, and performance by such Party under, this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate or limited partnership action, as applicable, on the part of such Party and LP; 

	
 
	
(c)
	
Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby will (i) violate any provision of the organizational documents of such Party, (ii) violate any provision of applicable law binding on such Party, or (iii) conflict with, result in a breach of, or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under any material contract binding on such Party.

3

 

	
11
	
LP and VX GP hereby represent and warrant to Vaccinex as follows:

	
 
	
(a)
	
Schedule A to the LPA sets forth the true, correct and complete capitalization of LP, including all issued and outstanding Units and the holders thereof, and there are no holders of equity interests in or other securities of LP except for the Investors (all of whom are set forth on such Schedule A) and the general partnership interest of VX GP; and

	
 
	
(b)
	
Except for the Units set forth on Schedule A to the LPA, there are no outstanding units or other partnership interests in LP, or options, warrants, rights (including conversion or preemptive rights and rights of first refusal or similar rights) or agreements, orally or in writing, to purchase or acquire from LP any units or partnership interests, or any securities convertible into or exchangeable for units or partnership interests of LP.

	
12
	
Vaccinex hereby represents and warrants to LP and VX GP as follows:  all Vaccinex Shares which may be issued upon an Exchange hereunder shall, upon issuance in accordance with this Agreement, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except as may be provided herein, restrictions under applicable federal and state securities laws, the certificate of incorporation of Vaccinex, as then in effect, or the Stockholders Agreements (as defined below) if then in effect, and for such liens and encumbrances as may be created by an Investor.

	
13
	
VX GP and LP hereby covenant and agree that following the date hereof, without the prior written consent of Vaccinex, LP will not (a) issue any Units or any other units or other partnership or equity interests, including any securities convertible for exchangeable for units or other partnership or equity interests of LP, (b) declare or consummate any split, dividend, combination, subdivision, recapitalization or the like, affecting the Units or any other unit or partnership or equity interest in LP, or (c) cause or permit the transfer of any Units to any person or entity not listed on Schedule A attached hereto; provided, however, that (1) Vaccinex may not unreasonably withhold its consent from any proposed transfer of Units to any person or entity which is not an Investor as of the date hereof (as reflected on Schedule A to the LPA as of the date hereof), and (2) any holder of Units may, without the prior written consent of Vaccinex, transfer Units for bona fide estate planning purposes, either during or after such holder’s lifetime or upon death by will or intestacy, to his or her spouse, child (natural or adopted), or any other direct lineal descendant of such holder (or of his or her spouse) (all of the foregoing collectively referred to as “Family Members”), or any custodian or trustee of any trust, partnership or limited liability company for the benefit of, or the ownership interests of which are owned wholly by, such holder or any such family members; provided, that (i) such holder shall deliver prior written notice to Vaccinex of such transfer, (ii) such Units and such transferee(s) shall remain subject to the terms of this Agreement; and (iii) such transfer shall be permitted by applicable law.

	
14
	
The obligations of Vaccinex to issue Vaccinex Shares and the rights of any holder of Units to receive Vaccinex Shares hereunder in connection with an Exchange are expressly subject to the execution and delivery by any recipient of Vaccinex Shares (including Investors, as applicable) of joinders or counter-part signature pages to all stockholders agreements binding on holders of Vaccinex Shares and such other documents or instruments as may be reasonably requested by Vaccinex, which may include transfer instruments with respect to the Units, transfer restrictions applicable to other holders of Vaccinex Shares, representations and warranties of such recipient regarding their ownership of the Units and/or the Vaccinex Shares or as may be necessary or advisable under United States federal and state securities laws (the “Stockholders Agreements”).

	
15
	
This Agreement shall be effective as of the date first written above upon the execution and delivery hereof by each Party hereto.

	
16
	
This Agreement may be amended by mutual written agreement of Vaccinex and FCMI. 

4

 

	
17
	
This Agreement may be terminated by mutual written agreement of Vaccinex and FCMI, and shall automatically terminate upon (a) the consummation of the Exchange with respect to all Units or (b) upon FCMI’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed), a merger or consolidation of LP with or into Vaccinex or any of its direct or indirect subsidiaries or controlled affiliates.

	
18
	
Any notice, consent, waiver or other communication given under this Agreement must be in writing and may be given by delivering it or sending it by confirmed email addressed: 

	
 
	
(a)
	
to Vaccinex:

Attention:  Maurice Zauderer
Email:  

with a copy (which shall not constitute notice) to:

Attention: Asher M. Rubin
Email:  

	
 
	
(b)
	
to LP:

Attention:  Richard Sutin
Email:  

with a copy (which shall not constitute notice) to:

Attention: Asher M. Rubin
Email:  

	
 
	
(c)
	
to FCMI:

Attention:  Dan Scheiner
Email:  

Any such communication is deemed to have been delivered on the date of confirmed transmission, unless that day is not a business day in Canada or in the United States or if such confirmed transmission is not received during normal business hours of the recipient, in which event it will be deemed delivered on the next following business day.  Any Party may change its email address for service by notice given in accordance with the foregoing and any subsequent notice must be sent to such Party at its changed email address.

	
19
	
None of the Parties shall sell, transfer or assign (including by operation of law) its interest in this Agreement without (a) providing reasonable prior written notice to the other Parties, and (b) subject to Section 13, obtaining the prior written consent of Vaccinex.  Any transfer or assignment not permitted under this section shall be null and void and of no effect whatsoever.

	
20
	
The provisions hereof shall inure to the benefit of the Parties and their respective successors and permitted assigns.

	
21
	
Nothing in this Agreement, express or implied, is intended to confer upon any person other than the Parties hereto or their respective successors and permitted assigns and the Investors any rights, remedies, obligations, or liabilities under or by reason of this Agreement.

5

 

	
22
	
Without limiting anything else contained herein, the Parties shall do or cause to be done all such reasonable acts and things as may be necessary, proper, or advisable, consistent with all applicable laws, to consummate and make effective the transactions contemplated hereby on the terms and subject to the conditions contained herein.  Without limiting the foregoing, each Party shall use its commercially reasonable efforts, and the other Parties shall cooperate with such efforts, to (a) execute and deliver, or cause to be executed and delivered, such further documents and instruments, including tax certifications and documents, in each case as may be necessary or proper in the reasonable judgment of Vaccinex, to carry out the provisions and purposes of this Agreement and to comply with applicable legal requirements and (b) obtain any consents, approvals or authorization, or effect the notification of or filing with, each person, whether private or governmental, whose consent or approval is required in order to permit the consummation of the transactions contemplated hereby on the terms and subject to the conditions contained herein.

	
23
	
The construction and performance of this Agreement shall be governed by the laws of the State of Delaware.  

	
24
	
This Agreement may be executed in one or more counterparts, each of which will be deemed an original and all of which together will constitute one and the same instrument.  This Agreement may be executed through delivery of duly executed signature pages by facsimile or electronic mail.

[signature pages follow]

 

6

 

IN WITNESS WHEREOF the Parties have executed this VX3 Exchange Agreement as of the date first above written.

 

			
	
VX 3 Inc.

	
 
	
 
	
 

	
 
	
 
	
 

	
By:  
	
 
	
/s/ Richard Sutin

	
 
	
 
	
 

	
Name:  
	
 
	
Richard Sutin

	
 
	
 
	
 

	
Title:  
	
 
	
President

 

[Signature Page to VX3 Exchange Agreement]

 

IN WITNESS WHEREOF the Parties have executed this VX3 Exchange Agreement as of the date first above written.

 

			
	
VX3 (DE) LP

	
 
	
 
	
 

	
By: VX 3 Inc., its general partner

	
 

	
 
	
 
	
 

	
By:  
	
 
	
/s/ Richard Sutin

	
 
	
 
	
 

	
Name:  
	
 
	
Richard Sutin

	
 
	
 
	
 

	
Title:  
	
 
	
President

 

[Signature Page to VX3 Exchange Agreement]

 

IN WITNESS WHEREOF the Parties have executed this VX3 Exchange Agreement as of the date first above written.

 

			
	
VACCINEX, INC.

	
 

	
 
	
 
	
 

	
By:  
	
 
	
/s/ Scott E. Royer

	
 
	
 
	
 

	
Name:  
	
 
	
Scott E. Royer

	
 
	
 
	
 

	
Title:  
	
 
	
Chief Financial Officer

 

[Signature Page to VX3 Exchange Agreement]

 

IN WITNESS WHEREOF the Parties have executed this VX3 Exchange Agreement as of the date first above written.

 

			
	
FCMI PARENT CO.

	
 

	
 
	
 
	
 

	
By:  
	
 
	
/s/ Dan Scheiner

	
 
	
 
	
 

	
Name:  
	
 
	
Dan Scheiner

	
 
	
 
	
 

	
Title:  
	
 
	
Vice President

 

[Signature Page to VX3 Exchange Agreement]

 

IN WITNESS WHEREOF the Parties have executed this VX3 Exchange Agreement as of the date first above written.

 

			
	
 

	
 

	
 

	
 
	
 
	
 

	
By:  
	
 
	
/s/ Benjamin Zarnett

	
 
	
 
	
 

	
Name:  
	
 
	
Benjamin Zarnett

	
 
	
 
	
 

	
Title:  
	
 
	
 

 

[Signature Page to VX3 Exchange Agreement]

 

IN WITNESS WHEREOF the Parties have executed this VX3 Exchange Agreement as of the date first above written.

 

			
	
Gee Eff Services Limited

	
 

	
 

	
 
	
 
	
 

	
By:  
	
 
	
/s/ Jack Frieberg

	
 
	
 
	
 

	
Name:  
	
 
	
Jack Frieberg

	
 
	
 
	
 

	
Title:  
	
 
	
 

 

[Signature Page to VX3 Exchange Agreement]

 

IN WITNESS WHEREOF the Parties have executed this VX3 Exchange Agreement as of the date first above written.

 

			
	
 

	
 

	
 

	
 
	
 
	
 

	
By:  
	
 
	
/s/ Joseph Rutman

	
 
	
 
	
 

	
Name:  
	
 
	
Joseph Rutman

	
 
	
 
	
 

	
Title:  
	
 
	
 

 

[Signature Page to VX3 Exchange Agreement]

 

IN WITNESS WHEREOF the Parties have executed this VX3 Exchange Agreement as of the date first above written.

 

			
	
Joseph Rutman, as bare trustee for:

Jonathan Rutman

Shawna Rutman Iankelevic

Gerald Rutman

Joseph Rutman

Laila Rutman Alter

Reena Rutman Lauterpacht

	
 

	
 

	
 
	
 
	
 

	
By:  
	
 
	
/s/ Joseph Rutman

	
 
	
 
	
 

	
Name:  
	
 
	
Joseph Rutman

	
 
	
 
	
 

	
Title:  
	
 
	
Trustee

 

[Signature Page to VX3 Exchange Agreement]

 

IN WITNESS WHEREOF the Parties have executed this VX3 Exchange Agreement as of the date first above written.

 

			
	
 

	
 

	
 
	
 
	
 

	
By:  
	
 
	
/s/ Lawrence Chernin

	
 
	
 
	
 

	
Name:  
	
 
	
Lawrence Chernin

	
 
	
 
	
 

	
Title:  
	
 
	
 

 

[Signature Page to VX3 Exchange Agreement]

 

IN WITNESS WHEREOF the Parties have executed this VX3 Exchange Agreement as of the date first above written.

 

			
	
 

	
 

	
 

	
 
	
 
	
 

	
By:  
	
 
	
/s/ Stephen Halperin

	
 
	
 
	
 

	
Name:  
	
 
	
Stephen Halperin

	
 
	
 
	
 

	
Title:  
	
 
	
 

 

[Signature Page to VX3 Exchange Agreement]

 

IN WITNESS WHEREOF the Parties have executed this VX3 Exchange Agreement as of the date first above written.

 

			
	
 

	
 

	
 

	
 
	
 
	
 

	
By:  
	
 
	
/s/ Richard Sutin

	
 
	
 
	
 

	
Name:  
	
 
	
Richard Sutin

	
 
	
 
	
 

	
Title:  
	
 
	
 

 

 

[Signature Page to VX3 Exchange Agreement]

 

SCHEDULE A

INVESTORS

	
Partner Name and Address
	
VX GP

Units
	
Units
	
Voting

Interest
	
Initial Capital

Contribution
	
Total Capital

Contributions
	
Vaccinex Shares

(Post-Exchange)

	
VX3 Inc.

Attn: Richard S. Sutin

Email:  
	
1
	
0
	
0%
	
$1
	
$1
	
0

	
SUBTOTAL
	
1
	
0
	
0%
	
$1
	
$1
	
0

	
FCMI Parent Co.

Attn: Dan Scheiner

Email:  
	
0
	
21,475,000
	
89.479%
	
$11,475,000
	
$21,475,0001
	
1,180,051

	
Richard Sutin

Norton Rose Fulbright Canada LLP

Email:  
	
0
	
75,000
	
0.313%
	
$75,000
	
$75,000
	
4,121

	
Benjamin Zarnett

Goodmans LLP

Email:  
	
0
	
25,000
	
0.104%
	
$25,000
	
$25,000
	
1,373

	
Joseph Rutman, as bare trustee for:

Jonathan Rutman

Shawna Rutman Iankelevic

Gerald Rutman

Joseph Rutman

Laila Rutman Alter

Reena Rutman Lauterpacht,

in equal shares

Email:
	
0
	
300,000
	
1.250%
	
$300,000
	
$300,000
	
16,485

	
Stephen Halperin

Goodmans LLP

Email:  
	
0
	
25,000
	
0.104%
	
$25,000
	
$25,000
	
1,373

	
Lawrence Chernin

Goodmans LLP

Email:  
	
0
	
25,000
	
0.104%
	
$25,000
	
$25,000
	
1,373

	
Gee Eff Services Limited

Email:
	
0
	
75,000
	
0.313%
	
$75,000
	
$75,000
	
4,121

	
	 

	
1 
	
 FCMI Parent Co. made Capital Contributions to the LP in the amounts of US$8,000,000 and US$2,000,000 on or about February 28, 2018 and May 15, 2018, respectively.

	
2 
	
 Joseph Rutman, Trustee, made a Capital Contribution to the LP in the amount of US$2,000,000 on or about June 12, 2018.

 

 

 

	
Partner Name and Address
	
VX GP

Units
	
Units
	
Voting

Interest
	
Initial Capital

Contribution
	
Total Capital

Contributions
	
Vaccinex Shares

(Post-Exchange)

	
Joseph Rutman, Trustee2

Email: 
	
0
	
2,000,000
	
8.333%
	
$0
	
$2,000,000
	
109,900

	
SUBTOTAL
	
0
	
24,000,000
	
100%
	
$12,000,000
	
$24,000,000
	
1,318,797

	
TOTAL
	
1
	
24,000,000
	
100%
	
$12,000,001
	
$24,000,001
	
1,318,797

 

 

 

 

 

 

SCHEDULE B

EXCHANGE NOTICE

Vaccinex, Inc.

1895 Mt. Hope Avenue

Rochester, NY 14620

 

1.The undersigned hereby irrevocably elects to exercise its Exchange Right in respect of all but not less than all of its Units.

2.Please issue a certificate or certificates representing the Vaccinex Shares issuable upon the exchange of such Units in the name of the undersigned or in such other name as is specified below:

	
	
 

	
 

	
 

 

(please print name and address above)

3.The undersigned represents it is acquiring the Vaccinex Shares solely for its own account and not as a nominee for any other party and not with a view toward the resale or distribution thereof except in compliance with applicable securities laws.

4.Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the VX3 Exchange Agreement, dated August 13, 2018, among VX 3 Inc., VX3 (DE) LP, Vaccinex, Inc., FCMI Parent Co. and certain investors listed on Schedule A attached thereto to whom VX3 (DE) LP issued units of limited partnership interest.

 

 

 

 

 

 

 

[INVESTOR’S NAME]

 

 

 

		
	
Date:

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