Document:

Exhibit 10.1

      

       

      

      Form of Exchange Agreement

       

      February 10, 2020

       

      Rocket Pharmaceuticals, Inc.

      The Empire State Building

      350 Fifth Ave, Suite 7530

      New York, NY 10118

       

      
        
          	Re:	
                  Exchange of Rocket Pharmaceuticals, Inc. Convertible Senior Notes

                

        

      

       

      Ladies and Gentlemen:

       

      The undersigned (the “Undersigned”), for itself and on behalf of the beneficial owners listed on Annex A hereto (“Accounts”)

        for whom the Undersigned holds contractual and investment authority (each Account, as well as the Undersigned if it is exchanging Old Notes (as defined below) hereunder, an “Investor”) enters into this
        exchange agreement (the “Exchange Agreement”) with Rocket Pharmaceuticals, Inc., a Delaware corporation (the “Company”), whereby the Investor will exchange (the “Exchange”) the Company’s outstanding 5.75% Convertible Senior Notes due 2021 (CUSIP 45780VAB8 and ISIN US45780VAB80) (the “Old Notes”), issued pursuant to that certain
        Indenture, dated as of August 5, 2016 (the “Base Indenture”), between the Company and Wilmington Trust, National Association, as trustee (the “Old Notes Trustee”), as
        supplemented by the First Supplemental Indenture, dated as of August 5, 2016 (the “First Supplemental Indenture,” and, together with the Base Indenture, the “Old Notes
          Indenture”), for the Company’s newly issued 6.25% Convertible Senior Notes due 2022 (CUSIP 77313FAA4 and ISIN US77313FAA49) (the “New Notes”).

       

      The Undersigned understands that the Exchange is being made without registration under the Securities Act of 1933, as amended (the “Securities Act”), or any
        securities laws of any state of the United States or of any other jurisdiction, and that the Exchange is being made only to Investors who are both (i) an institutional “accredited investor” (as defined in Rule 501 of Regulation D under the
        Securities Act) and either (a) an institutional account (as defined in FINRA Rule 4512(c)) or (b) a qualified purchaser (as defined in Section 2(a)(51)(A) of the Investment Company Act, as amended) (each Investor meeting the requirements of this
        clause (i), an “IAI”) and (ii) a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) in reliance upon a private placement exemption from registration under the Securities Act.
        The New Notes (as defined herein) will be issued pursuant to the New Notes Indenture (as defined herein).

       

      The Undersigned understands that, in connection with the consummation of the Exchange, the Company may purchase shares of the Company’s common stock, $0.01 par value per share (the “Common Stock”) from certain holders of the Old Notes participating in the Exchange in privately-negotiated, off-market transactions in connection with any such holder’s hedging activities in connection with the
        Exchange at a price per share of $23.89 (the “Repurchase Consideration”) (the “Privately-Negotiated Repurchase”).

       

      
        

        
          

        

      

      
      The Undersigned further understands that, in connection with the Exchange, the Company is soliciting consents from each Investor to amendments (the “Proposed
          Amendments”) to certain of the provisions in the Old Notes Indenture. As described in the form of consent attached as Annex E hereto (the “Consent”), the Proposed Amendments seek to, among
        other things, eliminate the debt covenant contained in the Old Notes Indenture to permit the Company to incur additional indebtedness. Subject to the Company receiving Consents from the holders of at least a majority of the aggregate principal
        amount of the Old Notes (the “Requisite Consents”) as of the date hereof, the Company is offering to pay on the Closing Date (as defined herein) a cash amount of $0.25 per each $1,000 principal amount of Old
        Notes (the “Consent Consideration”) for which Consents have been validly delivered prior to the date hereof (and not validly revoked) by such holders. No interest will be paid on the Consent Consideration.
        Promptly following receipt of the Requisite Consents, the Company intends to execute an amendment to the Old Notes Indenture (the “Old Notes Indenture Amendment”) containing the Proposed Amendments and, upon
        execution of the Old Notes Indenture Amendment by the Old Notes Trustee, the Old Notes Indenture Amendment will be effective. The Old Notes Indenture Amendment will become operative only at the Closing. Upon the Old Notes Indenture Amendment
        becoming effective, all holders of Old Notes will be bound by the terms of the Old Notes Indenture Amendment, and upon the Old Notes Indenture Amendment becoming operative, all holders of Old Notes will be bound by the Proposed Amendments, in each
        case even if they did not deliver Consents. The consummation of the Exchange and payment of the Consent Consideration is contingent upon the Company receiving the Requisite Consents and the Old Notes Indenture Amendment having been executed and
        becoming effective prior to the Closing.

       

      1.           Exchange; Privately-Negotiated Repurchase; Consents.

       

      (a)          The Exchange. Subject to the terms and conditions of this Exchange
          Agreement, the Undersigned hereby agrees to cause each Investor to exchange the aggregate principal amount (the “Exchanged Principal Amount”) of Old Notes set forth next to each such Investor’s name in Annex

            A.1 (such Old Notes, the “Exchanged Old Notes”) for New Notes having an aggregate principal amount equal to the product of the Exchange Ratio (as defined below) and the Exchanged Principal Amount
          (rounded down to the nearest integral multiple of $1,000 in principal amount, if applicable (the difference being referred to as the “Rounded Amount”)) (such aggregate principal amount of New Notes, as so
          rounded, if applicable, the “Exchanged New Notes”), and the Company hereby agrees to (x) issue such aggregate principal amount of Exchanged New Notes to such Investor and (y) transfer to each Investor an
          amount of cash set forth next to such Investor’s name in Annex A.1 equal to the sum of (i) the Rounded Amount and (ii) an amount equal to the accrued and unpaid interest, if any, on the Exchanged Old Notes from, and including, February 1,
          2020, to, but excluding, the Closing Date (the “Unpaid Interest” and, together with the Rounded Amount, the “Company Exchange Payment Amount”) in exchange for such
          Exchanged Old Notes (such Exchanged New Notes and Company Exchange Payment Amount, the “Exchange Consideration”). “Exchange Ratio” means a ratio equal to 1.00 New
          Notes per Exchanged Old Note.

       

      (b)          The Privately Negotiated Repurchase. Subject to the terms and
          conditions of this Exchange Agreement, the Undersigned hereby agrees to cause each Investor to sell, assign and transfer the number of shares, if any, of Common Stock set forth next to each such Investor’s name in Annex A.1 (such shares,
          the “Repurchased Shares”), and the Company hereby agrees to transfer to each such Investor an amount of cash set forth next to such Investor’s name in Annex A.1 equal to the product of (x) the
          Repurchase Consideration and (y) the Repurchased Shares (such amount, the “Company Repurchase Payment Amount”) in exchange for such Repurchased Shares.

       

      
        

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      (c)         The Consents. Subject to the terms and conditions of this Exchange
          Agreement, the Undersigned hereby agrees to cause each Investor to deliver a Consent for the total Exchanged Principal Amount of such Investor’s Exchanged Old Notes, and the Company hereby agrees to transfer an amount of cash set forth on Annex

            A.1 hereto equal to the product of (x) the Consent Consideration and (y) the Exchanged Principal Amount (such amount, the “Company Consent Payment Amount”) in exchange for such Consent.

       

      2.          The Closing. The closing of the Exchange (the “Closing”)
          shall take place remotely via the electronic exchange of documents and signatures on February 19, 2020 (the “Closing Date”), or at such other time and place as the Company may designate by notice to the
          Undersigned. The Closing Date will be the fifth business day following the date hereof (such settlement cycle being referred to as “T+5”). Under Rule 15c6-1 of the Exchange Act (as defined below), trades in
          the secondary market generally are required to settle in two business days unless the parties to a trade expressly agree otherwise. Accordingly, Investors who wish to trade New Notes on the date hereof or the next two succeeding business days
          will be required, by virtue of the fact that the New Notes initially will settle in T+5, to specify alternative settlement arrangements to prevent a failed settlement.

       

      3.          The Terms of the Exchange; Closing Mechanics. Subject to the terms and conditions of this Exchange
          Agreement, (i) prior to the Closing, each Investor shall have caused a Consent for the total Exchanged Principal Amount of such Investor’s Exchanged Old Notes to be delivered to the Company pursuant to the applicable procedures of DTC (as defined
          below), and (ii) at the Closing, (x) each Investor (A) shall deliver or cause to be delivered to the Company all right, title and interest in and to its Exchanged Old Notes and Repurchased Shares, if any, free and clear of any mortgage, lien,
          pledge, charge, security interest, encumbrance, title retention agreement, option, equity or other adverse claim thereto (collectively, “Liens”), together with any documents of conveyance or transfer
          required by the Company or, with respect to any Repurchased Shares, the Transfer Agent (as defined below) to transfer, and confirm all right, title and interest in, the Exchanged Old Notes and Repurchased Shares, if any, free and clear of any
          Liens, and (B) waives any and all other rights with respect to such Exchanged Old Notes and Repurchased Shares, and releases and discharges the Company from any and all claims such Investor may now have, or may have in the future, arising out of,
          or related to, such Exchanged Old Notes and Repurchased Shares, including, without limitation, any claims arising from any existing or past defaults, or any claims that such Investor is entitled to receive additional interest with respect to the
          Exchanged Old Notes and (y) the Company shall deliver to each Investor the applicable Exchange Consideration, Company Repurchase Payment Amount, if any, and Company Consent Payment Amount (collectively, the “Transaction

            Consideration”).

       

      
        

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      (a)          The Depository Trust Company (“DTC”) will act as securities
          depositary for the New Notes. Continental Stock Transfer & Trust Company (the “Transfer Agent”) is the transfer agent and registrar for the Common Stock. At or prior to the times set forth in the
          Exchange Procedures set forth in Annex B hereto (the “Exchange Procedures”), each Investor shall (i) cause the Exchanged Old Notes to be surrendered, by book entry transfer through the facilities of
          DTC as a one-sided DWAC withdrawal, for cancellation in accordance with a cancellation order delivered by the Company to the Old Notes Trustee; and (ii) with respect to the Repurchased Shares, if any, (A) deliver to the Transfer Agent, to the
          attention of Compliance Department, 1 State Street, 30th Floor, New York, New York 10004, with copies to the Company, (1) an original, duly executed irrevocable stock power (substantially in the form attached hereto as Annex D or other
          instrument of transfer satisfactory to the Transfer Agent to effect the transfer thereof) and (2) Deposit and Withdrawal at Custodian (“DWAC”) instructions for such Repurchased Shares on the letterhead of
          such Investor’s broker-dealer or DTC participant; and (B) cause such Repurchased Shares to be delivered, by book entry transfer through the facilities of DTC, to the Transfer Agent for the account/benefit of the Company as instructed in the
          Exchange Procedures, or comply with such other settlement procedures mutually agreed in writing by the relevant Investor, the Company and the Transfer Agent; and

       

      (b)         On the Closing Date, subject to satisfaction of the conditions precedent specified in Section 6
          hereof; the prior receipt by (1) the Company of the Requisite Consents, (2) the surrender of the Old Notes pursuant to a one-sided DWAC withdrawal and (3) the Transfer Agent of the Repurchased Shares, if any, in each case from the relevant
          Investor; and the Old Notes Indenture Amendment having been executed by the Company and the Old Notes Trustee and become effective, the Company shall (i) execute and deliver the Second Supplemental Indenture, dated as of the Closing Date (the “Second Supplemental Indenture,” and, together with the Base Indenture, the “New Notes Indenture”), between the Company and Wilmington Trust, National Association, in its
          capacity as trustee of the New Notes (the “New Notes Trustee”); (ii) execute, cause the New Notes Trustee to authenticate and cause to be delivered to the DTC account via DWAC deposits in the manner
          specified for the relevant Investor in Annex A.2, the Exchanged New Notes; and (iii) transfer an amount of cash equal to the sum of (1) the Company Consent Payment Amount, (2) the Company Exchange Payment Amount and (3) the Company
          Repurchase Payment Amount, if any, by wire transfer of immediately available funds to the account of the relevant Investor at the bank in the United States of America specified for the relevant Investor in Annex A.2.

       

      All questions as to the form of all documents and the validity and acceptance of the Consents, the Exchanged Old Notes, the Exchanged New Notes and the Repurchased Shares will
        be determined by the Company, in its reasonable discretion, which determination shall be final and binding.

       

      4.           Representations and Warranties of the Company. The Company represents and warrants to the
          Undersigned and each Investor that:

       

      (a)          Organization. The Company is duly incorporated and is validly
          existing under the laws of the State of Delaware.

       

      (b)         Due Authorization; No Violations or Consents. This Exchange
          Agreement has been duly authorized, executed and delivered by the Company. This Exchange Agreement and the consummation of the transactions contemplated in this Exchange Agreement will not (A) violate, conflict with or result in a breach of or
          default under (i) the Company’s organizational documents, (ii) any material agreement or instrument to which the Company is a party or by which the Company or any of its assets are bound or (iii) any laws, regulations or governmental or judicial
          decrees, injunctions or orders applicable to the Company, except, in the case of clause (ii) and (iii) above, for any such violation, conflict, breach or default that would not, individually or in the aggregate, have a material adverse effect on
          the Company or its ability to consummate the transactions contemplated in this Exchange Agreement, or (B) require any consent, approval, authorization or other order of, or qualification with, any court or any governmental or regulatory
          commission, board, body, authority or agency, or of or with any self-regulatory organization or other non-governmental regulatory authority), or approval of the stockholders or other securityholders of the Company, other than (i) the Requisite
          Consents, (ii) as may be required under the securities or blue sky laws of the various jurisdictions in which the New Notes are being offered, (iii) as may be required under the rules and regulations of The Nasdaq Stock Market LLC (“Nasdaq”) or (iv) has already been obtained.

       

      
        

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      (c)          Old Notes Indenture Amendment. The Old Notes Indenture Amendment
          has been duly authorized by the Company and, when executed and delivered by the Company and the Old Notes Trustee, will constitute a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except
          as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless of whether
          such enforceability is considered in a proceeding in equity or at law).

       

      (d)         New Notes Indenture. The Second Supplemental Indenture has been
          duly authorized by the Company and, when executed and delivered by the Company and the New Notes Trustee, will constitute a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as such
          enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless of whether such
          enforceability is considered in a proceeding in equity or at law).

       

      (e)         New Notes. The New Notes have been duly authorized by the Company
          and, when executed and delivered by the Company, duly authenticated in accordance with the terms of the New Notes Indenture and delivered to and paid for by the Investor as provided in this Exchange Agreement, will be validly issued and delivered
          and will constitute valid and binding obligations of the Company entitled to the benefits of the New Notes Indenture, enforceable against the Company in accordance with their terms, except as such enforceability may be limited by bankruptcy,
          fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a proceeding in
          equity or at law).

       

      (f)          Conversion Shares. The Company has reserved by all necessary
          corporate action a sufficient number of shares of Common Stock for issuance upon conversion of the Exchanged New Notes (the “Conversion Shares”), and the Conversion Shares, when and if issued upon
          conversion in accordance with the terms of the New Notes Indenture, will be validly issued, fully paid and non-assessable. The issuance of the Conversion Shares upon conversion will not be subject to the preemptive or other similar rights of any
          securityholder of the Company.

       

      (g)         Exemption from Registration. Assuming the accuracy of the
          representations and warranties of the Undersigned and each other Investor executing an Exchange Agreement, (1) the issuance of the Exchanged New Notes in connection with the Exchange pursuant to this Exchange Agreement is exempt from the
          registration requirements of the Securities Act and (2) the New Notes Indenture is not required to be qualified under the Trust Indenture Act of 1939, as amended.

       

      
        

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      (h)          New Class. The New Notes, when issued, will not be of the same
          class as securities listed on a national securities exchange registered under Section 6 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or quoted in a U.S. automated inter-dealer
          quotation system, within the meaning of Rule 144A(d)(3)(i) under the Securities Act.

       

      5.           Representations, Warranties and Covenants of the Investors. Each Investor (and, where specified
          below, the Undersigned) hereby represents and warrants to and covenants with the Company that:

       

      (a)          The Investor is a corporation, limited partnership, limited liability company or other entity, as the case
          may be, duly formed, validly existing and in good standing under the laws of the jurisdiction of its formation.

       

      (b)         The Investor has full power and authority to (i) subscribe for and purchase from the Company the Exchanged
          New Notes, (ii) exchange, sell, assign and transfer the Exchanged Old Notes exchanged hereby, (iii) sell, assign and transfer the Repurchased Shares, if any, (iv) enter into the Consent and (v) enter into this Exchange Agreement and perform all
          obligations required to be performed by the Investor hereunder. If the Undersigned is executing this Exchange Agreement on behalf of Accounts, (x) the Undersigned has all requisite discretionary and contractual authority to enter into this
          Exchange Agreement and the Consent on behalf of, and bind, each Account, and (y) Annex A.1 hereto is a true, correct and complete list of (I) the name of each Account, (II) the principal amount of such Account’s Exchanged Old Notes, (III)
          the Exchanged New Notes to be delivered to such Account in respect of its Exchanged Old Notes and (IV) the number of such Account’s Repurchased Shares, if any.

       

      (c)         The Investor is the current sole legal and beneficial owner of the Exchanged Old Notes set forth in Annex

            A.1 (or, if there are no Accounts, the Undersigned is the sole legal and beneficial owner of all of the Exchanged Old Notes set forth therein) and has held such Exchanged Old Notes continuously since at least February 1, 2020. When the
          Exchanged Old Notes are exchanged and the Repurchased Shares, if any, transferred as provided herein, the Company will acquire good, marketable and unencumbered title thereto, free and clear of all liens, restrictions, charges, encumbrances,
          adverse claims, rights or proxies. The Investor has not, in whole or in part, other than pledges or security interests that the Investor may have created in favor of a prime broker under and in accordance with its prime brokerage agreement with
          such broker, (a) assigned, transferred, hypothecated, pledged, exchanged or otherwise disposed of any of its Exchanged Old Notes or Repurchased Shares or its rights in its Exchanged Old Notes or Repurchased Shares (other than to the Company
          pursuant hereto), or (b) given any person or entity any transfer order, power of attorney or other authority of any nature whatsoever with respect to its Exchanged Old Notes or Repurchased Shares.  The Repurchased Shares, if any:  (i) are not,
          and will not be, purchased by or on behalf of the Investor in the open market and (ii) are, and will be, borrowed by or on behalf of the Investor from third-party stock lenders in connection with commercially reasonable hedging transactions in
          connection with the Exchange.

       

      
        

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      (d)         This Exchange Agreement and the consummation of the transactions contemplated in this Exchange Agreement
          will not violate, conflict with or result in a breach of or default under (i) the Undersigned or the Investor’s organizational documents (if the Undersigned or the Investor is a corporation or other business entity), (ii) any agreement or
          instrument to which the Undersigned or Investor is a party or by which the Undersigned or Investor or any of its assets are bound or (iii) any laws, regulations or governmental or judicial decrees, injunctions or orders, or any investment
          guideline or restriction, applicable to the Undersigned or the Investor.

       

      (e)          The Undersigned is a resident of the United States and is not acquiring the Exchanged New Notes as a
          nominee or agent or otherwise for any other person (other than the Investors, as applicable).

       

      (f)          The Investor will comply with all applicable laws and regulations in effect in any jurisdiction in which
          the Investor purchases, otherwise acquires or sells New Notes and will obtain any consent, approval or permission required for such purchases, acquisitions or sales under the laws and regulations of any jurisdiction to which the Investor is
          subject or in which the Investor makes such purchases, acquisitions or sales, and the Company shall have no responsibility therefor.

       

      (g)         The Investor has received a copy of the New Notes Indenture. The Investor acknowledges that no person has
          been authorized to give any information or to make any representation concerning the Exchange or the Company and its subsidiaries and the information given by the Company’s duly authorized officers and employees in connection with the Investor’s
          examination of the Company and its subsidiaries and the terms of the Exchange and the Company and its subsidiaries do not take any responsibility for, and neither the Company nor its subsidiaries can provide any assurance as to the reliability
          of, any other information that may have been provided to the Investor. The Investor hereby acknowledges that J.P. Morgan Securities LLC (the “Placement Agent”) does not take any responsibility for, and can
          provide no assurance as to the reliability of, the information set forth in the Indenture or any such other information.

       

      (h)         The Investor understands and accepts that acquiring the Exchanged New Notes in the Exchange involves risks
          including, but not limited to, those that are customary in convertible notes and equity offerings, and risks described in the Company’s reports filed with the Securities and Exchange Commission (the “SEC”).
          The Investor has such knowledge, skill and experience in business, financial and investment matters that the Investor is capable of evaluating the merits and risks of (i) the Exchange and an investment in the New Notes and (ii) the
          Privately-Negotiated Repurchase and, if applicable, the sale of the Repurchased Shares. With the assistance of the Investor’s own professional advisors, to the extent that the Investor has deemed appropriate, the Investor has made its own legal,
          tax, accounting and financial evaluation of the merits and risks of (i) an investment in the New Notes, (ii) if applicable, the sale of the Repurchased Shares and (iii) the consequences of the Exchange, the Privately-Negotiated Repurchase and
          this Exchange Agreement. The Investor has considered the suitability of the New Notes as an investment in light of its own circumstances and financial condition, and the Investor is able to bear the risks associated with an investment in the New
          Notes.

       

      
        

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      (i)          The Investor confirms that it is not relying on any communication (written or oral) of the Company, the
          Placement Agent or any of their respective agents or affiliates as investment advice or as a recommendation to participate in the Exchange or the Privately-Negotiated Repurchase and receive the applicable Transaction Consideration pursuant to the
          terms hereof. It is understood that information provided in the New Notes Indenture, or by the Company, the Placement Agent or any of their respective agents or affiliates, shall not be considered investment advice or a recommendation with
          respect to the Exchange or the Privately-Negotiated Repurchase, and that none of the Company, the Placement Agent or any of their respective agents or affiliates is acting or has acted as an advisor to the Investor in deciding whether to
          participate in the Exchange or the Privately-Negotiated Repurchase. The Investor is not relying, and has not relied, upon any statement, advice (whether accounting, tax, financial, legal or other), representation or warranty made by the Company
          or any of its affiliates or representatives including, without limitation, the Placement Agent, except for the representations and warranties made by the Company in this Exchange Agreement.

       

      (j)          The Investor confirms that neither the Company nor the Placement Agent has (1) given any guarantee or
          representation as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the New Notes; or (2) made any representation to the Investor regarding the legality of
          an investment in the New Notes under applicable investment guidelines, laws or regulations. In deciding to participate in the Exchange, the Investor is not relying on the advice or recommendations of the Company or the Placement Agent, and the
          Investor has made its own independent decision that the investment in the New Notes is suitable and appropriate for the Investor.

       

      (k)         The Investor is a sophisticated participant in the transactions contemplated in this Exchange Agreement and
          has such knowledge, skill and experience in financial, business and investment matters as to be capable of evaluating the merits and risks of an investment in the New Notes, is experienced in investing in capital markets and is able to bear the
          economic risk of an investment in the New Notes, including sustaining any loss resulting therefrom without material injury. The Investor is familiar with the business and financial condition and operations of the Company, has conducted its own
          investigation of the Company and the New Notes and has consulted with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby. The
          Investor has had access to (and has carefully reviewed) all materials it deems necessary to enable it to make an informed investment decision concerning the Exchange, and has had the opportunity to review (i) the Company’s filings and submissions
          with the SEC, including, without limitation, all information filed or furnished pursuant to the Exchange Act (the “Public Filings”) and (ii) this Exchange Agreement (including any exhibits or annexes
          thereto) (the “Materials”). The Investor acknowledges and agrees that no statement or written material contrary to this Exchange Agreement has been made or given to the Investor by or on behalf of the
          Company. The Investor has had a full opportunity to ask questions of the Company and its representatives concerning the Company, its business, operations, financial performance, financial condition and prospects, and the terms and conditions of
          the Exchange, and to obtain from the Company any information that it considers necessary in making an informed investment decision and to verify the accuracy of the information set forth in the Public Filings and the Materials, and has received
          answers thereto as the Investor deems necessary to enable it to make an informed investment decision concerning the Exchange and the New Notes.

       

      
        

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      (l)          The Investor understands that no federal, state, local or foreign agency has passed upon the merits or
          risks of an investment in the New Notes or the Common Stock, including the Common Stock issuable upon conversion of the New Notes, if any, or made any finding or determination concerning the fairness or advisability of such investment.

       

      (m)        The Investor is an IAI and a “qualified institutional buyer” as defined in Rule 144A under the Securities
          Act. The Investor agrees to furnish any additional information reasonably requested by the Company or any of its affiliates to assure compliance with applicable U.S. federal and state securities laws in connection with the Exchange.

       

      (n)         The Investor is not directly, or indirectly through one or more intermediaries, controlling or controlled
          by, or under direct or indirect common control with, the Company and is not, and has not been for the immediately preceding three months, an “affiliate” (within the meaning of Rule 144 under the Securities Act) (an “Affiliate”) of the Company. To its knowledge, the Investor did not acquire any of the Exchanged Old Notes, directly or indirectly, from an Affiliate of the Company. The Investor and its Affiliates collectively beneficially own and
          will beneficially own as of the Closing Date (but without giving effect to the Exchange or the Privately-Negotiated Repurchase) (i) less than 5% of the outstanding Common Stock of the Company and (ii) less than 5% of the aggregate number of votes
          that may be cast by holders of those outstanding securities of the Company that entitle the holders thereof to vote generally on all matters submitted to the Company’s stockholders for a vote (the “Voting Power”).

          Immediately after the receipt by the Investor of Exchanged New Notes in the Exchange, and the transfer of any Repurchased Shares, the aggregate number of shares of Common Stock owned by the Investor and its Affiliates, together with the aggregate
          number of shares equal to the notional value of any “long” derivative transaction relating to such Common Stock to which the Investor or its Affiliate is a party (excluding derivative transactions relating to broad-based indices and any interest
          in the Old Notes), will not exceed 4.9% of the outstanding Common Stock. The Investor is not and will not be as of the Closing Date, a subsidiary, Affiliate or, to its knowledge, otherwise closely related to any director or officer of the Company
          or beneficial owner of 5% or more of the outstanding Common Stock or Voting Power (each such director, officer or beneficial owner, a “Related Party”) and, to the Holder’s knowledge, no Related Party
          beneficially owns or as of the Closing Date shall beneficially own 5% or more of the outstanding voting equity, or votes entitled to be cast by the outstanding voting equity, of the Investor.

       

      (o)         The Investor is acquiring the Exchanged New Notes solely for the Investor’s own beneficial account, or for
          an account with respect to which the Investor exercises sole investment discretion, for investment purposes, and not with a view to, or for resale in connection with, any distribution of the New Notes. The Investor understands that the offer of
          the New Notes has not been registered under the Securities Act or any state securities laws by reason of specific exemptions under the provisions thereof that depend in part upon the investment intent of the Investor and the accuracy of the other
          representations made by the Investor in this Exchange Agreement.

       

      
        

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      (p)        The Investor understands that the Company is relying upon the representations and agreements contained in
          this Exchange Agreement (and any supplemental information) for the purpose of determining whether the Investor’s participation in the Exchange meets the requirements for the exemptions referenced in clause (o) above. In addition, the
          Investor acknowledges and agrees that it has not transacted, and will not transact, in any securities of the Company, including, but not limited to, any hedging transactions, from the time the Undersigned was first contacted by the Company or the
          Placement Agent with respect to the Exchange until after the confidential information (as described in the confirmatory email received by the Undersigned from the Placement Agent (the “Wall Cross Email”))
          is made public or the Undersigned’s confidentiality obligations described in the Wall Cross Email have expired.

       

      (q)         The Investor acknowledges that the Exchanged New Notes have not been registered under the Securities Act.
          As a result, the Exchanged New Notes and the shares of Common Stock, if any, issuable upon conversion thereof may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an
          exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the Investor hereby agrees that it will not sell the Exchanged New Notes other than in compliance with such transfer restrictions as
          applicable.

       

      (r)          The Investor acknowledges and agrees that no public market exists for the New Notes and that there is no
          assurance that a public market will ever develop for the New Notes.

       

      (s)          Each of the Undersigned and the Investor specifically acknowledges that the Company would not enter into
          this Exchange Agreement or any related documents in the absence of the Undersigned’s and such Investor’s representations and acknowledgments set out in this Exchange Agreement, and that this Exchange Agreement, including such representations and
          acknowledgments, are a fundamental inducement to the Company, and a substantial portion of the consideration provided by the Undersigned and such Investor, in this transaction, and that the Company would not enter into this transaction but for
          this inducement.

       

      (t)          The Investor acknowledges the Company intends to pay a fee to the Placement Agent in respect of the
          Exchange.

       

      (u)         The Undersigned will, simultaneously with the execution and delivery of this Exchange Agreement, execute
          and deliver to the Placement Agent, a non-reliance letter in the form attached as Annex C hereto.

       

      (v)         The Undersigned will (and will cause each Investor to, as applicable), upon request, execute and deliver
          any additional documents, information or certifications reasonably requested by the Company, the Old Notes Trustee, the New Notes Trustee and/or the Transfer Agent to complete the Exchange, the assignment and transfer of the Exchanged Old Notes
          exchanged hereby and the assignment and transfer of the Repurchased Shares, if any, transferred hereby.

       

      (w)         The Undersigned understands that, unless the Undersigned notifies the Company in writing to the contrary
          before the Closing, each of the Undersigned and each Investor’s representations and warranties contained in this Exchange Agreement will be deemed to have been reaffirmed and confirmed as of the Closing Date, taking into account all information
          received by the Undersigned.

       

      (x)          The Investor’s participation in the Exchange was not conditioned by the Company on the Investor’s exchange
          of a minimum principal amount of Old Notes.

       

      
        

        10

        
          

        

      

      (y)         The Investor acknowledges that the terms of the Exchange have been mutually negotiated between the Investor
          and the Company. The Investor was given a meaningful opportunity to negotiate the terms of the Exchange. The Investor had a sufficient amount of time to consider whether to participate in the Exchange and neither the Company nor Placement Agent
          put any pressure on the Investor to respond to the opportunity to participate in the Exchange. The Investor did not become aware of the Exchange through any form of general solicitation or advertising within the meaning of Rule 502 under the
          Securities Act.

       

      (z)         The operations of the Investor have been conducted in material compliance with the rules and regulations
          administered or conducted by the U.S. Department of Treasury Office of Foreign Assets Control (“OFAC”) applicable to the Investor. The Investor has performed due diligence necessary to reasonably determine
          that its beneficial owners are not named on the lists of denied parties or blocked persons administered by OFAC, resident in or organized under the laws of a country that is the subject of comprehensive economic sanctions and embargoes
          administered or conducted by OFAC (“Sanctions”), or otherwise the subject of Sanctions.

       

      (aa)        The Undersigned shall, no later than one (1) business day after the date hereof, deliver to the Company
          settlement instructions with respect to the applicable Transaction Consideration for each Investor substantially in the form of Annex A.2 hereto.

       

      6.          Conditions to Obligations of the Investor and the Company. The obligations (i) of the Investor to
          deliver the Consent, Exchanged Old Notes and Repurchased Shares, if any, and (ii) of the Company to deliver the applicable Transaction Consideration are subject to the satisfaction at or prior to the Closing of the conditions precedent that (a)
          the representations and warranties of the Company, the Undersigned and the Investor contained in Section 4 and Section 5 herein, as applicable, shall be true and correct as of the Closing in all material respects with the same
          effect as though such representations and warranties had been made as of the Closing, and (b) the Undersigned has delivered the settlement instructions required under Section 5(aa) above.

       

      
        7.          Covenant and Acknowledgment of the Company. At or prior to 9:30 a.m., New York City time, on the
            first business day after the date hereof, the Company shall issue a press release announcing the Exchange, which press release the Company acknowledges and agrees will disclose all confidential information (as described in the Wall Cross Email)
            to the extent the Company believes such confidential information constitutes material non-public information, if any, with respect to the Exchange.

          

        

      

      8.           Waiver, Amendment. Neither this Exchange Agreement nor any provisions hereof shall be modified,
          changed, discharged or terminated except by an instrument in writing, signed by the party against whom any waiver, change, discharge or termination is sought.

       

      9.           Assignability. Neither this Exchange Agreement nor any right, remedy, obligation or liability
          arising hereunder or by reason hereof shall be assignable by the Company, the Undersigned or any Investor without the prior written consent of the other party.

       

      
        

        11

        
          

        

      

      10.        Taxation. The Investor acknowledges that, if the Investor is a United States person for U.S. federal
          income tax purposes, either (1) the Company must be provided with a correct taxpayer identification number (“TIN”), generally a person’s social security or federal employer identification number, and
          certain other information on Internal Revenue Service (“IRS”) Form W-9, which is provided as an attachment hereto, and a certification, under penalty of perjury, that such TIN is correct, that the Investor
          is not subject to backup withholding (at a rate of 24%) and that the Investor is a United States person, or (2) another basis for exemption from backup withholding must be established. The Investor further acknowledges that, if the Investor is
          not a United States person for U.S. federal income tax purposes, the Company must be provided the appropriate IRS Form W-8 signed under penalties of perjury, attesting to that non-U.S. Investor’s foreign status. The investor further acknowledges
          that the Investor may be subject to 30% U.S. federal withholding or 24% U.S. federal backup withholding tax on certain payments made to such Investor unless such Investor properly establishes an exemption from, or a reduced rate of, withholding
          or backup withholding.

       

      11.         Governing Law. THIS EXCHANGE AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR
          RELATED TO THIS EXCHANGE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

       

      12.      Waiver of Jury Trial. EACH OF THE COMPANY, THE UNDERSIGNED AND EACH INVESTOR IRREVOCABLY WAIVES ANY AND
          ALL RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS EXCHANGE AGREEMENT.

       

      13.        Submission to Jurisdiction. Each of the Company, the Undersigned and each Investor (a) agrees that
          any legal suit, action or proceeding arising out of or relating to this Exchange Agreement or the transactions contemplated hereby shall be subject to the non-exclusive jurisdiction of the courts of the State of New York located in the City and
          County of New York or in the United States District Court for the Southern District of New York; (b) waives any objection that it may now or hereafter have to the venue of any such suit, action or proceeding; and (c) irrevocably consents to the
          jurisdiction of the aforesaid courts in any such suit, action or proceeding. Each of the Company, the Undersigned and each Investor agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
          jurisdictions by suit on the judgment or in any other manner provided by law.

       

      14.         Venue. Each of the Company, the Undersigned and each Investor irrevocably and unconditionally
          waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Exchange Agreement in any court
          referred to in Section 13. Each of the Company, the Undersigned and each Investor irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
          court.

       

      15.         Construction. The section and other headings contained in this Exchange Agreement are for reference
          purposes only and shall not affect the meaning or interpretation of this Exchange Agreement. References in the singular herein shall include the plural, and vice versa, unless the context otherwise requires. References in the masculine herein
          shall include the feminine and neuter, and vice versa, unless the context otherwise requires. Neither party, nor its respective counsel, shall be deemed the drafter of this Exchange Agreement for purposes of construing the provisions of this
          Exchange Agreement, and all language in all parts of this Exchange Agreement shall be construed in accordance with its fair meaning, and not strictly for or against either party.

       

      
        

        12

        
          

        

      

      16.        Counterparts. This Exchange Agreement may be executed by one or more of the parties hereto in any
          number of separate counterparts (including by facsimile or other electronic means, including telecopy, email or otherwise), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an
          executed signature page of this Exchange Agreement by facsimile or other transmission (e.g., “pdf” or “tif” format) shall be effective as delivery of a manually executed counterpart hereof.

       

      17.        Notices. All notices and other communications to the Company provided for herein shall be in writing
          and shall be deemed to have been duly given if delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid to the following addresses, or, in the case of the Undersigned, the address provided in Annex

            A.2 (or such other address as either party shall have specified by notice in writing to the other):

       

      If to the Company:

      

      

      Rocket Pharmaceuticals, Inc.

      The Empire State Building

      350 Fifth Ave, Suite 7530

      New York, NY 10118

      Fax: (646) 224-9585

      Attention: Corporate Secretary

      

      

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

      

      

      Orrick, Herrington & Sutcliffe LLP

      51 West 52nd Street

      New York, NY 10019

      Fax: (212) 506-5151

      Attention: Stephen Ashley, Esq.

      

      

      18.         Binding Effect. The provisions of this Exchange Agreement shall be binding upon and accrue to the
          benefit of the parties hereto and their respective heirs, legal representatives, successors and permitted assigns.

       

      19.        Notification of Changes. The Undersigned hereby covenants and agrees to notify the Company upon the
          occurrence of any event prior to the Closing that would cause any representation, warranty, or covenant of the Undersigned or any Investor contained in this Exchange Agreement to be false or incorrect in any material respect.

       

      20.        Reliance by Placement Agent. The Placement Agent may rely on each representation and warranty of the
          Company, the Undersigned and each Investor made herein or pursuant to the terms hereof (including, without limitation, in any officer’s certificate delivered pursuant to the terms hereof) with the same force and effect as if such representation
          or warranty were made directly to the Placement Agent. The Placement Agent shall be a third party beneficiary to this Exchange Agreement to the extent provided in this Section 20.

       

      
        

        13

        
          

        

      

      21.        Severability. If any term or provision (in whole or in part) of this Exchange Agreement is invalid,
          illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Exchange Agreement or invalidate or render unenforceable such term or provision in any other
          jurisdiction.

       

      22.        Termination. The Company may terminate this Exchange Agreement if there has occurred any breach or
          withdrawal by the Undersigned or any Investor of any covenant, representation or warranty set forth in Section 5. The Undersigned may terminate this Exchange Agreement if there has occurred any breach or withdrawal by the Company of any
          covenant, representation or warranty set forth in Section 4.

       

       [SIGNATURE PAGES FOLLOW]

       

      

      
        

        14

        
          

        

      

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

       

      	 	
              Undersigned:

            
	 	
              (in its capacities described in the first paragraph hereof)

            
	 	 	 
	 	By: 

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	

            
	 	
              Legal Name of Undersigned:

            
	 	 

      
         

        

        [Signature Page to Exchange Agreement]

         

        

      

      
        

        
          

        

      

      This Exchange Agreement is confirmed and accepted by the Company as of the date first written above.

       

      	 	
              ROCKET PHARMACEUTICALS, INC.

            
	 	 
	 	By: 

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            

      
         

        

        [Signature Page to Exchange Agreement]

         

        

      

      
        
          

        

      

      
        ANNEX A

         

        Instructions for Receipt of Transaction Consideration

         

        
          
            	

                  	1.	
                    Exchange of Old Notes for New Notes; Privately-Negotiated Repurchase; Consents

                  

          

        

         

        	 	
                Exchange

              	
                Privately-Negotiated

                Repurchase

              	
                Consents

              
	
                Name of

                Beneficial Owner

              	
                Aggregate

                Principal

                Amount of

                Exchanged

                Old Notes

              	
                Aggregate

                Principal

                Amount of

                Exchanged

                New Notes

              	
                Company

                Exchange

                Payment

                Amount

              	
                Number of

                Repurchased

                Shares

              	
                Company

                Repurchase

                Payment

                Amount

              	
                Company

                Consent

                Payment

                Amount

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

        

        

        [Remainder of Page Intentionally Left Blank]

         

        
          
            

        

        
          
            	

                  	2.	
                    Settlement Instructions

                  

          

        

         

        	
                Investor Name:

              	 

        

        

        	
                Exchanged Old Notes

              	 

        

        

        	
                DTC Participant Number:

              	 

        

        

        	
                DTC Participant Name:

              	 

        

        

        	
                DTC Participant Phone Number:

              	 

        

        

        	
                DTC Participant Contact Email:

              	 

        

        

        	
                FFC Account #:

              	 

        

        

        	
                Account # at Bank/Broker:

              	 

        

        

        	
                Exchanged New Notes (if different from Exchanged Old Notes)

              

        

        

        	
                DTC Participant Number:

              	 

        

        

        	
                DTC Participant Name:

              	 

        

        

        	
                DTC Participant Phone Number:

              	 

        

        

        	
                DTC Participant Contact Email:

              	 

        

        

        	
                FFC Account #:

              	 

        

        

        	
                Account # at Bank/Broker:

              	 

        

        

        	
                Repurchased Shares (if different from Exchanged Old Notes)

              

        

        

        	
                DTC Participant Number:

              	 

        

        

        	
                DTC Participant Name:

              	 

        

        

        	
                DTC Participant Phone Number:

              	 

        

        

        	
                DTC Participant Contact Email:

              	 

        

        

        	
                FFC Account #:

              	 

        

        

        	
                Account # at Bank/Broker:

              	 

        

        

        	
                Wire Instructions (for a bank in the United States of America)

              

        

        

        	
                Bank Name and Address:

              	 

        

        

        	
                Bank Contact Name and Phone Number:

              	 

        

        

        	
                ABA #:

              	 

        

        

        	
                For Credit To:

              	 

        

        

        	
                Account #:

              	 

        

        

        	
                For Further Credit To:

              	 

        

        

        	
                Account #:

              	 

         

        

        
          
            

        

        	
                Investor Address

              

        	 	 
	 	 
	 	 

        

        

        	
                Telephone:

              	 	 

        

        

        	
                Country of Residence:

              	 
	 	 
	 	 
	
                Taxpayer Identification Number:

              	 
	 	 

                  

        

        
          
            

        

        ANNEX B

         

        Exchange Procedures

         

        NOTICE OF INVESTOR EXCHANGE PROCEDURES

         

        Attached are Investor Exchange Procedures for the settlement of the exchange of 5.75% Convertible Senior Notes due 2021 (CUSIP 45780VAB8 and ISIN US45780VAB80) (the “Old Notes”) of Rocket Pharmaceuticals, Inc. (the “Company”) for newly issued 6.25% Convertible Senior Notes due 2022 (CUSIP 77313FAA4 and ISIN US77313FAA49) (the “New Notes”) pursuant to the Exchange Agreement, dated as of February 10, 2020, between you and the Company, which settlement is expected to occur on or about February 19, 2020. To ensure timely settlement, please follow the
          instructions for (i) exchanging your Old Notes for New Notes and (ii) transferring your Repurchased Shares as set forth on the following page.

         

        These instructions supersede any prior instructions you received. Your failure to comply with the attached instructions may delay your receipt of New Notes for your Old Notes
          or payment for your Repurchased Shares.

         

        If you have any questions, please contact Kelly Mink at kmink@orrick.com or 212-506-3772.

         

        Thank you.

         

        
          
            

        

        
          	 	
                  
                    EXCHANGING OLD NOTES FOR EXCHANGE CONSIDERATION

                     

                    Delivery of Old Notes

                     

                    You must direct the eligible DTC participant through which you hold a beneficial interest in the Old Notes to post on February 19, 2020, no later than 9:00 a.m., New
                        York City time, a one-sided withdrawal instruction through DTC via DWAC, for the aggregate principal amount of Old Notes (CUSIP 45780VAB8 and ISIN US45780VAB80) to be exchanged as set forth in Annex A of the Exchange
                      Agreement. It is important that this instruction be submitted and the DWAC posted on February 19, 2020, no later than 9:00 a.m., New York City time.

                     

                    To receive the New Notes

                     

                    You must BOTH direct your eligible DTC participant through which you wish to hold a beneficial interest in the New Notes to post and accept on February 19, 2020, no later than 9:00 a.m., New York City time, a one-sided deposit instruction through DTC via DWAC, for the aggregate principal amount of New Notes (CUSIP 77313FAA4 and ISIN
                      US77313FAA49) set forth in Annex A of the Exchange Agreement. It is important that this instruction be submitted and the DWAC posted on February 19, 2020, no later than 9:00 a.m., New York
                        City time.

                     

                    You must complete both steps described above in order to complete the exchange of Old Notes for New Notes.

                     

                    Delivery of Repurchased Shares

                     

                    You must direct the eligible DTC participant through which you hold a beneficial interest in the Repurchased Shares to post on February 19, 2020, no later than 9:00
                        a.m., New York City time, a one-sided withdrawal instruction through DTC via DWAC for transfer to Continental Stock Transfer & Trust Company (DTC Participant No. 50226) for the aggregate number of Repurchased Shares
                      (CUSIP 77313F106), if any, to be transferred as set forth in Annex A of the Exchange Agreement. It is important that this instruction be submitted and the DWAC posted on February 19, 2020, no
                        later than 9:00 a.m., New York City time.

                     

                    Company Payment Amounts

                     

                    Subject to the terms of your Exchange Agreement, the Company will pay the Company Exchange Payment Amount, Company Repurchase Payment Amount, if any, and Company Consent Payment Amount to you by wire
                      transfer of immediately available funds to the account at the bank in the United States of America specified in Annex A of the Exchange Agreement.

                     

                    SETTLEMENT

                     

                    On February 19, 2020, after the Company receives your Old Notes, your delivery instructions for the New Notes, and your Repurchased Shares, if any, as set forth above, and subject to the satisfaction of
                      the conditions to closing as set forth in your Exchange Agreement, the Company will deliver your Transaction Consideration in accordance with the delivery instructions set forth above.

                  

                	 

        

        

        
          
            

        

        ANNEX C

         

        NON-RELIANCE LETTER

         

        J.P. Morgan Securities LLC

        383 Madison Avenue

        New York, New York 10179

         

        
          
            	Re:	
                    Exchange of 5.75% Convertible Senior Notes due 2021 (the “Old Notes”) for 6.25% Convertible Senior Notes due 2022 (the “New Notes”) (the Old Notes and New Notes, the “Securities”) issued by Rocket Pharmaceuticals, Inc. (the “Company,” and such exchange of the Old Notes for the New Notes, the “Exchange”)

                  

          

        

         

        Ladies and Gentlemen:

         

        In connection with the Exchange, the Consent, and the Privately-Negotiated Repurchase (if any), we represent, warrant, agree and acknowledge as follows, for ourselves and on behalf of each of the other beneficial
          owners listed on Annex A to that certain Exchange Agreement, dated as of the date hereof between ourselves and the Company, for whom we hold contractual and investment authority, if any:

         

        1.           No disclosure or offering document has been prepared in connection with the Exchange by J.P. Morgan Securities LLC or any of its affiliates (“J.P. Morgan”).

         

        2.          (a) We have conducted our own investigation of the Company and the Securities and we have not relied on any statements or other information provided by J.P. Morgan concerning the Company, the New Notes,
          the Consent, the Privately-Negotiated Repurchase (if any) or the Exchange, (b) we have had access to, and an adequate opportunity to review, financial and other information as we deem necessary to make our decision to subscribe to the Exchange,
          (c) we have been offered the opportunity to ask questions of the Company and received answers thereto, as we deemed necessary in connection with our decision to subscribe to the Exchange; and (d) we have made our own assessment and have satisfied
          ourselves concerning the relevant tax and other economic considerations relevant to our investment in the New Notes.

         

        3.         J.P. Morgan and its directors, officers, employees, representatives and controlling persons have made no independent investigation with respect to the Company, the Consent, the Privately-Negotiated
          Repurchase or the Securities or the accuracy, completeness or adequacy of any information supplied to us by the Company.

         

        4.           In connection with the Exchange, J.P. Morgan has not acted as our financial advisor or fiduciary.

         

        5.          We are (x) a qualified institutional buyer (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”)) and (y) an accredited investor (as defined in Rule 501 of
          Regulation D under the Securities Act) and, in the case of (y), either (i) an institutional account as defined in FINRA Rule 4512(c) or (ii) a qualified purchaser, as defined in Section 2(a)(51)(A) of the Investment Company Act, as amended.
          Accordingly, we understand that the Exchange meets the exemptions from filing under FINRA Rules 5123(b)(1)(A), (B), (C) or (J). We are aware that the issuance and delivery to us of the New Notes are being made in reliance on a private placement
          exemption from registration under the Securities Act and are acquiring the New Notes for our own account or for an account over which we exercise sole discretion for another qualified institutional buyer or accredited investor.

         

        
          
            

        

        6.          We are able to fend for ourselves in the transactions contemplated herein; have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our
          prospective investment in the New Notes; and have the ability to bear the economic risks of our prospective investment and can afford the complete loss of such investment.

         

        7.          The New Notes have not been registered under the Securities Act or any other applicable securities laws, are being offered for exchange in transactions not requiring registration under the Securities
          Act, and unless so registered, may not be offered, sold or otherwise transferred except in compliance with the registration requirements of the Securities Act or any other applicable securities laws, pursuant to any exemption therefrom or in a
          transaction not subject thereto.

         

        8.          The terms of the Exchange, including the Consent and the Privately-Negotiated Repurchase (if any), have been
          mutually negotiated between ourselves and the Company. We were given a meaningful opportunity to negotiate the terms of the Exchange.

         

        Very truly yours,

         

        [NAME OF INVESTOR]

         

        	
                By:

              	 	 
	 	
                Name:

              	 
	 	
                Title:

              	 

         

        Date:    [___], [___]

        

        

        
          
            

        

        ANNEX D

         

        IRREVOCABLE STOCK POWER

         

        [See following page]

         

        
          
            

        

        Irrevocable Stock Power

        

        

        FOR VALUE RECEIVED, the undersigned stockholder hereby assigns and transfers unto Rocket Pharmaceuticals, Inc. (the “Company”) ______________________ (                          ) shares of the Common Stock of the Company.

        

        

        The undersigned does hereby irrevocably constitute and appoint Continental Stock Transfer & Trust Company as attorney to transfer said stock on the books of the Company with full power of substitution in the
          premises.

        

        

         

        

        Dated: _________________________

        

        

        

        

        	 	
                

                

              
	 	
                Name of Stockholder

              
	 	 
	 	
                

                

              
	 	
                Signature of Current Holder or Legal Representatives

              

        

        

         

        

        DTC Participant No._______________ 

        

        

        

        
          
            

        

        ANNEX E

         

        CONSENT TO PROPOSED AMENDMENTS

         

        The following are instructions for an Investor to consent to the Proposed Amendments. Because the Old Notes were issued in the form of global securities and registered in the name of Cede &
          Co. as the nominee of DTC, a DTC Participant must submit the consent request on the Investor’s behalf through the applicable procedures of DTC.

         

        Attached are forms of (a) a Consent of Participant and (b) a Consent of Noteholder.

         

        
          
            	

                  	(a)	
                    Consent of Participant: The Consent of Participant is to be executed and delivered by the DTC Participant for an Investor’s Exchanged Old Notes. The Investor must request that the DTC Participant for such Investor’s
                      Exchanged Old Notes submit on such Investor’s behalf to DTC, a duly executed Consent of Participant, medallion guaranteed, on the letterhead of such DTC Participant, together with a copy of
                      the completed Consent of Noteholder, including Annex A thereto.

                  

          

        

         

        
          
            	

                  	(b)	
                    Consent of Noteholder: The Consent of Noteholder will be executed and delivered by DTC upon the receipt of a Consent of Participant. Upon submission of the Consent of Participant to DTC, Cede & Co. will execute the
                      Consent of Noteholder and deliver a copy to the contact person identified in the Consent of Participant. Receipt of such executed Consent of Noteholder will be deemed the valid delivery of such Investor’s Consent pursuant to the terms
                      of the Exchange Agreement.

                  

          

        

         

        To ensure timely delivery of the Consent, please complete the Investor (“Customer”) information and total principal amount of Exchanged Old Notes in the attached forms where indicated and request
          that the DTC Participant process the consent request pursuant to the applicable procedures of DTC as soon as practicable.

         

        If you have any questions, please contact Kelly Mink at kmink@orrick.com or 212-506-3772.

         

        Thank you.

         

        
          
            

        

        [Participant Letterhead]

        

        

        CONSENT OF PARTICIPANT

        

        

        [__________], 2020

        

        

        The Depository Trust Company

        55 Water Street – 25th Floor

        New York, NY 10041

        Attn:  Proxy Department

        

        

        
          	 	
                  RE:

                	
                  5.75% Convertible Senior Notes due 2021

                  
                    CUSIP No. 45780VAB8 

                    DTC Participant Account Number: [____]

                  

                

        

        

        Dear Partner:

        

        

        Please have your nominee, Cede & Co., sign the attached Consent of Noteholder (the “Consent”) in order to enable our customer to exercise the right to consent with
          respect to $[__________] in aggregate principal amount of notes (the “Notes”) of the above-referenced securities credited to our DTC Participant account on the date hereof.

        

        

        In addition to acknowledging that this request is subject to the indemnification provided for in DTC Rule 6, the undersigned certifies to DTC and Cede & Co. that the information and facts set forth in the
          attached Consent are true and correct, including the aggregate principal amount of Notes credited to our DTC Participant account that are beneficially owned by our customer, [__________] (the “Customer”).
          The Customer has consented to the Proposed Amendments identified in the attached Consent.

        

        

        Please email a PDF copy of the Consent to Kenneth Marx (email: kmarx@orrick.com; telephone: 1-212-506-3711) of Orrick, Herrington & Sutcliffe LLP, outside counsel to the issuer of the Notes, as soon as
          possible.

         

        	 	
                Very truly yours,

              
	 	  
	 	
                [Insert Name of Participant]

              
	 	 	 
	 	
                By: 

                

              	 
	 	 	
                Name:

              
	 	 	
                Title:

              

        

        

        	

              	 
	
                Medallion Stamp

              	 

         

        

         

        

        
          Please submit forms to demandanddissent@dtcc.com

           

         

        

        
          
            

        

        Cede & Co.

        c/o The Depository Trust Company

        55 Water Street

        New York, NY 10041

        

        

        CONSENT OF NOTEHOLDER

        

        

        [__________], 2020

         

        

        Rocket Pharmaceuticals, Inc.

        350 Fifth Ave, Suite 7530

        New York, NY 10118

        Attention: Corporate Secretary

        Email: st@rocketpharma.com

        

        

        Dear Ms. Turken:

        

        

        As of the date hereof, Cede & Co., the nominee of The Depository Trust Company (“DTC”), is a holder of record of 5.75% Convertible Senior Notes due 2021 issued by Rocket
          Pharmaceuticals, Inc. (f/k/a Inotek Pharmaceuticals Corporation), a Delaware corporation (the “Company”). DTC is informed by its Participant, [__________] (the “Participant”),

          that as of the date hereof, $[__________] in aggregate principal amount of such notes (the “Notes”) credited to Participant’s DTC account are beneficially owned by [__________] (the “Customer”), a customer of Participant, under CUSIP No. 45780VAB8.

        

        

        At the request of Participant, on behalf of the Customer, Cede & Co., as a holder of record of the Notes, hereby consents, pursuant to Section 10.03 of the Indenture, dated as of August 5, 2016 (the “Base Indenture”), as supplemented by the First Supplemental Indenture dated as of August 5, 2016 (the “First Supplemental Indenture,” and, together with the Base
          Indenture, the “Indenture”), between the Company and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”), to the amendment of certain
          terms of the First Supplemental Indenture as set forth in Annex A attached hereto (the “Proposed Amendments”), which Proposed Amendments will be effected by the entry into an Amendment to First
          Supplemental Indenture, to be dated as soon as practicable after the date hereof, between the Company and the Trustee. The Trustee is hereby requested to and directed to execute and deliver the Amendment to First Supplemental Indenture upon the
          consent of the holders of a majority of the aggregate principal amount of the Notes outstanding.

        

        

        [Remainder of Page Intentionally Left Blank]

         

        

        
          
            

        

        While Cede & Co. is furnishing this consent as the noteholder of record of the Notes, it does so at the request of Participant and only as a nominal party for the true party in interest, the Customer. Cede
          & Co. has no interest in this matter other than to take those steps which are necessary to ensure that the Customer is not denied his rights as the beneficial owner of the Notes, and Cede & Co. assumes no further responsibility in this
          matter.

        

        

        	 	
                Very truly yours,

              
	 	  
	 	
                CEDE & CO.

              
	 	 	 
	 	
                By:

              	
                

                

              
	 	 	
                Name:

              
	 	 	
                Title:

              

         

        

        
          
            

        

        ANNEX A

        

        

        PROPOSED AMENDMENTS

        

        

        
          
            	1.	
                    Amendments to Section 1.01(e). Section 1.01(e) of the First Supplemental Indenture is hereby amended by:

                  

          

        

        

        

        
          
            	

                  	(a)	
                    Inserting the following definition of “Company Order” immediately after the definition of “Company”:

                  

          

        

        

        

        “Company Order” means a written order of the Company, signed by the Company’s Chief Executive Officer, Principal Financial Officer, Principal Accounting
          Officer, President, Executive or Senior Vice President, any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice President”), Treasurer or
          Assistant Treasurer or Corporate Secretary, and delivered to the Trustee.

        

        

        
          
            	

                  	(b)	
                    Inserting the following definition of “Officer” immediately preceding the definition of “Officer’s Certificate”:

                  

          

        

        

        

        “Officer” means, with respect to the Company, the chairman of the Board of Directors, a chief executive officer, a president, a principal financial
          officer, a principal accounting officer, a chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer or any assistant treasurer, the controller or any assistant controller or the corporate
          secretary.

        

        

        
          
            	2.	
                    Amendment to Section 4.09. Section 4.09 (Limitation on Incurrence of Additional Indebtedness) of the First Supplemental Indenture is hereby deleted in its entirety and replaced with
                      the following: “Section 4.09. [Reserved]”.EX-4.1

 Exhibit 4.1 

DESCRIPTION OF REGISTRANT’S SECURITIES 

REGISTERED PURSUANT TO SECTION 12 OF 

THE SECURITIES EXCHANGE ACT OF 1934 

The following is a brief description of the securities of Blackstone Mortgage Trust, Inc. (the “company” “we,”
“us,” “our” and “Blackstone Mortgage Trust”), registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, or the “Exchange Act”. This description of the terms of our stock does
not purport to be complete and is subject to and qualified in its entirety by reference to the applicable provisions of Maryland General Corporation Law, and the full text of our charter and bylaws.     

General 
 Our charter provides that we may
issue up to 300,000,000 shares of stock comprised of the following: 
  

	 	•	 	 200,000,000 shares of class A common stock, $0.01 par value per share; and 

 

	 	•	 	 100,000,000 shares of preferred stock, $0.01 par value per share. 

Under Maryland law, our stockholders generally are not liable for our debts or obligations. The class A common stock is listed on the NYSE
under the symbol “BXMT”. 
 Our charter authorizes our board of directors, without stockholder approval, to: 

 

	 	•	 	 classify and reclassify any unissued shares of our class A common stock and preferred stock into other classes or
series of stock; and 

  

	 	•	 	 amend our charter to increase or decrease the aggregate number of shares of stock of any class or series that may
be issued. 

 We believe that the power to (i) issue additional shares of our class A common stock or preferred
stock, (ii) increase the aggregate number of shares of stock of any class or series that we have the authority to issue and (iii) classify or reclassify unissued shares of our class A common or preferred stock and thereafter to issue the
classified or reclassified shares of stock, provides us with increased flexibility in structuring possible future financings and acquisitions and in meeting other needs which might arise. In addition, under Maryland law, our board of directors may
authorize the amendment of our charter to effect a reverse stock split that results in a combination of shares of stock at a ratio of not more than ten shares of stock into one share of stock in any 12-month
period. These actions may be taken without stockholder approval, unless stockholder approval is required by applicable law or the rules of any stock exchange or automated quotation system on which our securities may be listed or traded. 

 Prior to the issuance of shares of each class or series, our board of directors is required
by Maryland law and by our charter to set, subject to our charter restrictions on ownership and transfers of our stock, the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other
distributions, qualifications and terms or conditions of redemption for each class or series. Thus, our board of directors could authorize the issuance of shares of common stock or preferred stock with terms and conditions which could have the
effect of delaying, deferring or preventing a transaction or a change in control of Blackstone Mortgage Trust that might involve a premium price for holders of our class A common stock or otherwise be in their best interests. 

Class A Common Stock 
 Holders of our
class A common stock are entitled to receive dividends when, as and if authorized by our board of directors and declared by us out of assets legally available for the payment of dividends. They are also entitled to share ratably in our assets
legally available for distribution to our stockholders in the event of our liquidation, dissolution or winding up, after payment of, or adequate provision for, all of our known debts and liabilities. These rights are subject to the preferential
rights of any other class or series of our stock. All shares of class A common stock have equal dividend and liquidation rights. 
 Subject
to law, the rights of any other class or series of our stock and our charter restrictions on ownership and transfer of our stock, each outstanding share of class A common stock is entitled to one vote on all matters submitted to a vote of the
stockholders. There is no cumulative voting in the election of our directors and our directors are elected by a plurality of the votes cast, so the holders of a simple majority of the outstanding class A common stock, voting at a stockholders
meeting at which a quorum is present, will have the power to elect all of the directors nominated for election at the meeting. Holders of our class A common stock generally have no exchange, sinking fund, redemption or appraisal rights, except the
right to receive fair value in connection with certain control share acquisitions, and have no preemptive rights to subscribe for any of our securities. Because holders of our class A common stock do not have preemptive rights, we may issue
additional shares of stock that may reduce each stockholder’s proportionate voting and financial interest in Blackstone Mortgage Trust. Rights to receive dividends on our class A common stock may be restricted by the terms of any future
classified and issued shares of our stock. 
 Under Maryland law, a Maryland corporation generally cannot dissolve, amend its charter,
convert to another form of entity, merge, sell all or substantially all of its assets, engage in a statutory share exchange or engage in similar transactions outside the ordinary course of business unless approved by the affirmative vote of
stockholders holding at least two-thirds of the shares entitled to vote on the matter. However, a Maryland corporation may provide in its charter for approval of these matters by a lesser percentage, but not
less than a majority of all of the votes entitled to be cast on the matter. Our charter provides for approval of these matters by a majority of all of the votes entitled to be cast on the matter. 

  
 2 

 Preferred Stock 

Our board of directors has the authority, without further action by the stockholders, to authorize us to issue shares of preferred stock in one
or more class or series and to fix the number of shares, dividend rights, conversion rights, voting rights, redemption rights, liquidation preferences, sinking funds, and any other rights, preferences, privileges and restrictions applicable to each
such series of preferred stock. The issuance of preferred stock could have the effect of making an attempt to gain control of us more difficult by means of a merger, tender offer, proxy contest or otherwise. The preferred stock, if issued, could
have a preference on dividend payments that could affect our ability to make dividend distributions to the common stockholders. 
 Transfer Agent and
Registrar 
 Our transfer agent and registrar is American Stock Transfer & Trust Company, LLC located in Brooklyn, New York.

 Certain Provisions of Our Charter and Bylaws and of Maryland Law 

REIT Qualification Restrictions on Ownership and Transfer 

Our charter contains restrictions on the number of shares of our stock that a person may own. No individual (including certain entities treated
as individuals for this purpose) may acquire or hold, directly or indirectly through application of constructive ownership rules, in excess of 9.9% in value or number, whichever is more restrictive, of our outstanding stock or our outstanding class
A common stock unless they receive an exemption from our board of directors. 
 Subject to certain limitations, our board of directors, in
its sole discretion, may exempt a person from, or modify, these limits, subject to such terms, conditions, representations and undertakings as it may determine. Our charter provides for, and our board of directors has granted, limited exemptions to
certain persons who directly or indirectly own our stock, including directors, officers and stockholders controlled by them or trusts for the benefit of their families. 

Our charter further prohibits any person from beneficially or constructively owning shares of our stock that would result in our being
“closely held” under Section 856(h) of the Internal Revenue Code (without regard to whether the ownership interest is held during the last half of the taxable year) or otherwise cause us to fail to qualify as a real estate investment
trust, or “REIT,” for United States federal income tax purposes and any person from transferring shares of our stock if the transfer would result in our stock being owned by fewer than 100 persons. Any person who acquires or attempts or
intends to acquire shares of our stock that may violate any of these restrictions, or who is the intended transferee of shares of our stock which are transferred to the trust, as described below, is required to give us immediate written notice, or
in the case of a proposed or attempted transaction, give at least 15 days prior written notice, and provide us, at our principal executive office, with such information as we may request in order to determine the effect, if any, of the transfer on
our status as a REIT. The above restrictions will not apply if our board of directors determines that it is no longer in our best interests to continue to qualify as a REIT or that compliance with such restrictions is no longer required for us to
qualify as a REIT. 

  
 3 

 Any attempted transfer of our stock which, if effective, would result in violation of the
above limitations, except for a transfer which results in shares being owned by fewer than 100 persons, in which case such transfer will be void and of no force and effect and the intended transferee shall acquire no rights in such shares, will
cause the number of shares causing the violation, rounded to the nearest whole share, to be automatically transferred to a trust for the exclusive benefit of one or more charitable beneficiaries designated by us and the proposed transferee will not
acquire any rights in the shares. The automatic transfer will be deemed to be effective as of the close of business on the business day, as defined in our charter, prior to the date of the transfer. Shares of our stock held in the trust will be
issued and outstanding shares. The proposed transferee will not benefit economically from ownership of any shares of stock held in the trust, will have no rights to dividends and no rights to vote or other rights attributable to the shares of stock
held in the trust. The trustee of the trust will have all voting rights and rights to dividends or other distributions with respect to shares held in the trust. These rights will be exercised for the exclusive benefit of the charitable
beneficiaries. Any dividend or other distribution paid prior to our discovery that shares of stock have been transferred to the trust will be paid by the recipient to the trustee upon demand. Any dividend or other distribution authorized but unpaid
will be paid when due to the trustee. Any dividend or distribution paid to the trustee will be held in trust for the charitable beneficiaries. Subject to Maryland law, effective as of the date that the shares have been transferred to the trustee,
the trustee will have the authority to rescind as void any vote cast by the proposed transferee prior to our discovery that the shares have been transferred to the trust and to recast the vote in accordance with the desires of the trustee acting for
the benefit of the charitable beneficiaries. However, if we have already taken irreversible corporate action, then the trustee will not have the authority to rescind and recast the vote. 

Within 20 days of receiving notice from us that shares of our stock have been transferred to the trust, the trustee will sell the shares to a
person designated by the trustee, whose ownership of the shares will not violate the above ownership limitations. Upon the sale, the interest of the charitable beneficiaries in the shares sold will terminate and the trustee will distribute the net
proceeds of the sale to the proposed transferee and to the charitable beneficiaries as follows. The proposed transferee will receive the lesser of (i) the price paid by the proposed transferee for the shares or, if the proposed transferee did
not give value for the shares in connection with the event causing the shares to be held in the trust, such as a gift, devise or other similar transaction, the market price, as defined in our charter, of the shares on the day of the event causing
the shares to be held in the trust and (ii) the price per share received by the trustee from the sale or other disposition of the shares. Any net sale proceeds in excess of the amount payable per share to the proposed transferee will be paid
immediately to the charitable beneficiaries. If, prior to our discovery that shares of our stock have been transferred to the trust, the shares are sold by the proposed transferee, then the shares shall be deemed to have been sold on behalf of the
trust and, to the extent that the proposed transferee received an amount for the shares that exceeds the amount he or she was entitled to receive pursuant to the above, the excess shall be paid to the trustee upon demand. 

  
 4 

 In addition, shares of our stock held in the trust will be deemed to have been offered for
sale to us, or our designee, at a price per share equal to the lesser of (i) the price per share in the transaction that resulted in the transfer to the trust, or, in the case of a devise or gift or similar transaction, the market price at the
time of the devise or gift or similar transaction and (ii) the market price on the date we, or our designee, accept the offer. We will have the right to accept the offer until the trustee has sold the shares. Upon a sale to us, the interest of
the charitable beneficiaries in the shares sold will terminate and the trustee will distribute the net proceeds of the sale to the proposed transferee. 

If the transfer to the trust as described above is not automatically effective for any reason to prevent violation of the above limitations or
our failing to qualify as a REIT, then the transfer of the number of shares that otherwise cause any person to violate the above limitations will be void and the intended transferee shall acquire no rights in such shares. 

All certificates, if any, representing shares of our stock issued in the future will bear a legend referring to the restrictions described
above. 
 Every owner of more than such percentage as may from time to time be established by our board of directors, or such lower
percentage as required by the Internal Revenue Code or the treasury regulations promulgated thereunder, of our outstanding stock, within 30 days after the end of each taxable year, is required to give us written notice, stating his or her name and
address, the number of shares of each class and series of our stock which he or she beneficially owns and a description of the manner in which the shares are held. Each such owner shall provide us with such additional information as we may request
in order to determine the effect, if any, of its beneficial ownership on our status as a REIT and to ensure compliance with the aggregate stock ownership limit. In addition, each stockholder shall, upon demand, be required to provide us with such
information as we may request in good faith in order to determine our status as a REIT and to comply with the requirements of any taxing authority or governmental authority or to determine such compliance. 

These restrictions on ownership and transfer could delay, defer or prevent a transaction or a change in control that might involve a receipt
of a premium price for the class A common stock or otherwise be in the best interest of the stockholders. 
 Business Combinations 

Under Maryland law, certain “business combinations” between a Maryland corporation and an interested stockholder or any affiliate of
an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder became an interested stockholder. These business combinations include a merger, consolidation, statutory share exchange, or, in
circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested stockholder is defined as: 
  

	 	•	 	 any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the
corporation’s outstanding voting stock; or 

  

	 	•	 	 an affiliate or associate of the corporation who, at any time within the
two-year period immediately prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then outstanding stock of the corporation. 

  
 5 

 A person is not an interested stockholder under the statute if the board of directors
approved in advance the transaction by which such person otherwise would have become an interested stockholder. However, in approving a transaction, the board of directors may provide that its approval is subject to compliance, at or after the time
of approval, with any terms and conditions determined by the board. 
 After the five-year prohibition, any business combination between the
Maryland corporation and an interested stockholder or any affiliate of an interested stockholder generally must be recommended by the board of directors of the corporation and approved by the affirmative vote of at least: 

 

	 	•	 	 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and

  

	 	•	 	 two-thirds of the votes entitled to be cast by holders of voting stock of
the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or the shares held by any affiliate or associate of the interested stockholder. 

These super-majority vote requirements do not apply if the corporation’s common stockholders receive a minimum price, as defined under
Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares. 

The statute permits various exemptions from its provisions, including business combinations that are exempted by the board of directors prior
to the time that an interested stockholder becomes an interested stockholder. Our board of directors has exempted any business combination involving a limited liability company indirectly controlled by a trust for the benefit of Samuel Zell and his
family. Our board of directors also approved in advance the transaction by which W.R. Berkley Corporation would have otherwise become an interested stockholder. In addition, our board of directors has exempted any business combination involving
Huskies Acquisition LLC, or “Huskies Acquisition,” or its present affiliates or The Blackstone Group Inc., a Delaware corporation, and its subsidiaries, or “Blackstone,” and its present and future affiliates; provided, however,
that Huskies Acquisition or any of its present affiliates and Blackstone and any of its present or future affiliates, may not enter into any “business combination” with Blackstone Mortgage Trust without the prior approval of at least a
majority of the directors of our board of directors who are not affiliates or associates of Huskies Acquisition or Blackstone. As a result of the foregoing exemptions, these persons may enter into business combinations with us without compliance
with the five-year prohibition, the super-majority vote requirements or the other provisions of the statute. 

  
 6 

 Control Share Acquisitions 

Maryland law provides that a holder of “control shares” of a Maryland corporation acquired in a “control share acquisition”
has no voting rights with respect to such shares except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter. A control share acquisition means the acquisition of
control shares, subject to certain exceptions. Shares owned by the acquiror or by officers or directors of the corporation who are also employees are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock
which, if aggregated with all other shares of stock owned by the acquiror or in respect of which the acquiror is able to exercise or direct the exercise of voting power, except solely by virtue of a revocable proxy, would entitle the acquiror to
exercise voting power in electing directors within one of the following ranges of voting power: 
  

	 	•	 	 one-tenth or more but less than one-third; 

 

	 	•	 	 one-third or more but less than a majority; or 

 

	 	•	 	 a majority or more of all voting power. 

Control shares do not include shares the acquiror is then entitled to vote as a result of having previously obtained stockholder approval or
shares acquired directly from the corporation. 
 A person who has made or proposes to make a control share acquisition may compel the board
of directors of the corporation to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain
conditions, including an undertaking to pay the expenses of the meeting and delivering an “acquiring person statement” as described in the Maryland General Corporation Law. If no request for a meeting is made, the corporation may itself
present the question at any stockholders meeting. 
 If voting rights are not approved at the meeting or if the acquiring person does not
deliver an “acquiring person statement” as required by the statute, then the corporation may redeem for fair value any or all of the control shares, except those for which voting rights have previously been approved. The right of the
corporation to redeem control shares is subject to certain conditions and limitations. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the
acquiror or, if a meeting of stockholders at which the voting rights of the shares are considered and not approved, as of the date of the meeting. If voting rights for control shares are approved at a stockholders meeting and the acquiror becomes
entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights, unless the charter or bylaws provide otherwise. The fair value of the shares as determined for purposes of appraisal rights may not be
less than the highest price per share paid by the acquiror in the control share acquisition. 
 The control share acquisition statute does
not apply to shares acquired in a merger, consolidation or statutory share exchange if the corporation is a party to the transaction, or to acquisitions approved or exempted by the charter or bylaws of the corporation. Our bylaws contain a provision
exempting the following persons from this statute: (i) a limited liability company indirectly controlled by a trust for the benefit of Samuel Zell and his family; (ii) W.R. Berkley Corporation and any of its controlled affiliates; and
(iii) Huskies Acquisition, or any person or entity that was an affiliate of Huskies Acquisition as of September 27, 2012 or by Blackstone or any of its affiliates. 

  
 7 

 Maryland Unsolicited Takeovers Act 

The Maryland Unsolicited Takeovers Act applies to any Maryland corporation that has a class of equity securities registered under the Exchange
Act and at least three independent directors. Pursuant to such act, the board of directors of any Maryland corporation satisfying such requirements, without obtaining stockholder approval and notwithstanding a contrary provision in its charter or
bylaws, may elect to: 
  

	 	•	 	 classify the board; 

  

	 	•	 	 require a two-thirds vote for removing a director; 

 

	 	•	 	 require that a stockholder requested special meeting need be called only upon the written request of the
stockholders entitled to cast a majority of all the votes entitled to be cast at the meeting; 

  

	 	•	 	 require that the number of directors may be fixed only by a vote of the board of directors; and

  

	 	•	 	 require that each vacancy on the board of directors, including a vacancy resulting from the removal of a director
by the stockholders, may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum and any director elected to fill a vacancy will hold office for the full
remainder of the term. 

 The Maryland Unsolicited Takeovers Act does not limit the power of a corporation to confer on
the holders of any class or series of preferred stock the right to elect one or more directors. We currently have more than three independent directors and have a class of equity securities registered under the Exchange Act and therefore our board
of directors may elect to provide for any of the foregoing provisions. As of the date hereof, our board of directors has not made any such election. However, through provisions of our charter and bylaws unrelated to the Maryland Unsolicited
Takeovers Act, we (a) vest in our board the exclusive power to fix the number of directors and (b) require for a stockholder requested meeting, the written request of stockholders entitled to cast not less than a majority of all the votes
entitled to be cast. 
 Advance Notice of Director Nominations and New Business 

Our bylaws provide that with respect to an annual meeting of stockholders, nominations of individuals for election to the board of directors
and the proposal of business to be considered by stockholders may be made only: 
  

	 	•	 	 pursuant to our notice of the meeting; 

  
 8 

	 	•	 	 by or at the direction of the board of directors; or 

 

	 	•	 	 by a stockholder who was a stockholder of record at the record date set by our board of directors for purposes of
determining stockholders entitled to vote up to the meeting, at the time of giving of notice and at the time of the annual meeting, who is entitled to vote at the meeting in the election of each individual so nominated or on any such other business
and who has complied with the advance notice procedures of the bylaws. 

 With respect to special meetings of
stockholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of individuals for election to the board of directors at a special meeting may only be made: 

 

	 	•	 	 by or at the direction of the board of directors; 

 

	 	•	 	 by a stockholder that has requested that a special meeting be called for the purpose of electing directors in
compliance with our bylaws and that has supplied the information required by our bylaws about each individual whom the stockholder proposes to nominate for election as a director; or 

 

	 	•	 	 provided that the meeting has been called in accordance with our bylaws for the purpose of electing directors, by
a stockholder who is a stockholder of record at the record date set by our board of directors for purposes of determining stockholders entitled to vote up to the meeting, at the time of giving of notice and at the time of the special meeting and who
is entitled to vote at the meeting in the election of each individual so nominated and has complied with the advance notice provisions of the bylaws. 

Limitation of Liability and Indemnification of Directors and Officers 

Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the
corporation and its stockholders for money damages except for liability resulting from (i) actual receipt of an improper benefit or profit in money, property or services or (ii) active and deliberate dishonesty which is established by a
final judgment and which is material to the cause of action. Our charter contains such a provision which eliminates directors’ and officers’ liability to the maximum extent permitted by Maryland law. 

Our charter authorizes us, to the maximum extent permitted by Maryland law, to obligate us to indemnify any present or former director or
officer or any individual who, while a director or officer of our company and at our request, serves or has served another corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan
or other enterprise as a director, officer, partner or trustee, from and against any claim or liability to which that individual may become subject or which that individual may incur by reason of his or her service in such capacity and to pay or
reimburse his or her reasonable expenses in advance of final disposition of a proceeding. Our bylaws obligate us, to the maximum extent permitted by Maryland law, to indemnify any present or former director or officer or any individual who, while a
director or officer of our company and at our request, serves or has served another corporation, 

  
 9 

 real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit
plan or other enterprise as a director, officer, trustee, member, manager or partner and who is made or are threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity from and against any claim
or liability to which that individual may become subject or which that individual may incur by reason of his or her service in such capacity and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding. The
rights to indemnification and advancement of expenses provided by our charter and our bylaws shall vest immediately upon an individual’s election as a director or officer. Our charter and bylaws also permit us to indemnify and advance expenses
to any individual who served a predecessor of the company in any of the capacities described above and any employee or agent of the company or a predecessor of the company. 

Maryland law requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who
has been successful in the defense of any proceeding to which he or she is made or threatened to be made a party by reason of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former directors and
officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made or threatened to be made a party by reason of their service in
those or other capacities unless its established that (i) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (a) was committed in bad faith or (b) was the result of active and
deliberate dishonesty, (ii) the director or officer actually received an improper personal benefit in money, property or services or (iii) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that
the act or omission was unlawful. However, under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that personal benefit was
improperly received, unless in either case a court orders indemnification and then only for expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation’s receipt of
(i) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (ii) a written undertaking by him or her or on his or
her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met. 

We have entered into indemnification agreements, or the “Indemnification Agreements,” with each of our directors and officers, each,
an “Indemnitee.” The Indemnification Agreements provide that we will, subject to certain limitations and exceptions, indemnify, to the fullest extent permitted under Maryland law, and advance expenses to, each Indemnitee, in connection
with (among other things) the Indemnitee’s capacity as a director, officer, employee or agent of Blackstone Mortgage Trust. This obligation includes, subject to certain terms and conditions, indemnification for any expenses (including
reasonable attorneys’ fees), judgments, fines, penalties and settlement amounts actually and reasonably incurred by the Indemnitee in connection with any threatened or pending action, suit or proceeding. In certain instances, we may be required
to advance such expenses, in which case the Indemnitee will be obligated to reimburse us for the amounts advanced if it is later determined that the Indemnitee is not entitled to indemnification for such expenses. The indemnification provided under
the Indemnification Agreements is not exclusive of any other indemnity rights. 

  
 10 

 Corporate Opportunities 

Our charter includes a provision that, among other things, subject to certain exceptions, none of Blackstone or its affiliates, our directors
or any person that any of our directors control shall have any duty to refrain from engaging, directly or indirectly, in any business opportunities, including any business opportunities in the same or similar business activities or lines of business
in which we or any of our affiliates may from time to time be engaged or propose to engage, or from competing with us. 

  
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