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Exhibit 10.14
FIRST AMENDMENT OF
NON-CONVERTIBLE PREFERRED STOCK AND WARRANT
PURCHASE AGREEMENT
This First Amendment of Non-Convertible Preferred Stock and Warrant
Purchase Agreement (the "Amendment") dated as of May , 1997 amends the
NonConvertible Preferred Stock and Warrant Purchase Agreement dated as of March
3, 1997 (the "March Agreement") by and among Transcend Therapeutics, Inc., a
Delaware corporation ("Transcend"), and the Purchasers. Capitalized terms used
herein but not defined herein shall have the meanings ascribed to them in the
March Agreement.
In consideration of the mutual promises and covenants contained in this
Amendment, and intending to be legally bound by the terms and conditions hereof,
the parties hereto hereby agree as follows:
1. EXCHANGE OF NON-CONVERTIBLE PREFERRED STOCK. Upon the closing of an
initial public offering (the "IPO Closing Date") of the Common Stock, $.01 par
value per share (the "Common Stock"), of Transcend pursuant to a registration
statement filed under the Securities Act of 1933, as amended (the "Act"),
covering the offer and sale of Common Stock to the public in a firm commitment
underwriting (the "IPO") on or before the six-month anniversary of the date of
execution of the March Agreement, each of the Purchasers agrees to surrender for
cancellation all shares of Non-Convertible Preferred Stock held by such
Purchaser, and Transcend agrees to issue, promptly following receipt thereof in
exchange therefor, such number of shares of Transcend's Common Stock (the
"Exchange Shares") as shall equal the number of shares of Non-Convertible
Preferred Stock held by such Purchaser divided by the initial public offering
price (the "IPO Price") of the Common Stock in the IPO, less any resulting
fractional share, plus a check in the amount of such resulting fractional share,
if any, times the IPO Price. From and after the IPO Closing Date, without
further action on the part of Transcend or any Purchaser, all outstanding shares
of Non-Convertible Preferred Stock shall no longer be deemed to be outstanding
and all rights with respect to such shares, including without limitation
redemption rights with respect to such shares, shall immediately cease and
terminate, except the right of the holders thereof, upon surrender of such
shares to the Company, to receive the Exchange Shares as provided hereunder.
2. EXCHANGE OF THE WARRANTS. Upon the surrender for cancellation by
each of the Purchasers of the warrant issued to such Purchaser pursuant to and
upon the closing of the March Agreement (the "March Warrant"), Transcend agrees
to issue to each such Purchaser, in exchange therefor, a new warrant,
substantially in the form of the March Warrant (each, an "Exchange Warrant"), to
purchase such number of shares of Common Stock as shall equal the amount set
forth opposite such Purchaser's name in EXHIBIT A hereto divided by the exercise
price provided for in the March Warrant.
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IN WITNESS WHEREOF, Transcend and the Purchasers have executed and
delivered this Amendment as of the date first above written.
TRANSCEND THERAPEUTICS, INC.
By: /s/ Xxxxxx X. Xxxxx
-------------------------------------------------
Name: Xxxxxx X. Xxxxx, M.D., Ph.D.
Title: President
ADVENT INTERNATIONAL INVESTORS II
LIMITED PARTNERSHIP
By: Advent International Corporation,
General Partner
By: /s/ Xxxxxx X. Moufflet
----------------------------------------
Name: Xxxxxx X. Moufflet
Title: Senior Vice President
ADVENT PERFORMANCE MATERIALS LIMITED
PARTNERSHIP
By: Advent International Limited
Partnership, General Partner
By: Advent International Corporation,
General Partner
By: /s/ Xxxxxx X. Moufflet
----------------------------------------
Name: Xxxxxx X. Moufflet
Title: Senior Vice President
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GLOBAL PRIVATE EQUITY II LIMITED
PARTNERSHIP
By: Advent International Limited
Partnership, General Partner
By: Advent International Corporation,
General Partner
By: /s/ Xxxxxx X. Moufflet
----------------------------------------
Name: Xxxxxx X. Moufflet
Title: Senior Vice President
ROVENT II LIMITED PARTNERSHIP
By: Advent International Limited
Partnership, General Partner
By: Advent International Corporation,
General Partner
By: /s/ Xxxxxx X. Moufflet
----------------------------------------
Name: Xxxxxx X. Moufflet
Title: Senior Vice President
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XXXX X. XXXXXXX
By: /s/ Xxxxxx X. Moufflet
----------------------------------------
Xxxxxx X. Moufflet as attorney-
in-fact for XXXX X. XXXXXXX
XXXXXXX XXX
By: /s/ Xxxxxx X. Moufflet
----------------------------------------
Xxxxxx X. Moufflet as attorney-
in-fact for XXXXXXX XXX
XXXXXX HEALTHCARE CORPORATION
By: /s/ Xxxx Xxxxxxx
----------------------------------------
Name: Xxxx Xxxxxxx
Title:
THE VENTURE CAPITAL FUND OF NEW
ENGLAND III, L.P.
By: FH & Co. III, L.P.
General Partner
By: /s/ Xxxxxxx X. Xxxxx III
----------------------------------------
Name: Xxxxxxx X. Xxxxx III
Title: General Partner
SPROUT CAPITAL VI, L.P.
By: /s/ Xxxxxxxx Xxxxxxx
----------------------------------------
Name: Xx. Xxxxxxxx Xxxxxxx
Title: Attorney-in-fact
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DLJ CAPITAL CORPORATION
By: /s/ Xxxxxxxx Xxxxxxx
----------------------------------------
Name: Xx. Xxxxxxxx Xxxxxxx
Title: Attorney-in-fact
/s/ Xxxxxx X. Xxxxx
-----------------------------------------------------
Xxxxxx X. Xxxxx, M.D.
/s/ Xxxx X. Xxxxxx
-----------------------------------------------------
Xxxx X. Xxxxxx, M.D.
/s/ Xxxxx X. Xxxxxxx
-----------------------------------------------------
Xxxxx X. Xxxxxxx
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Exhibit A
---------
Aggregate
Exercise Price
of Exchange
Exchange Warrantholder Name Warrant
------------------------------------------------------ ---------------
Advent International Investors II Limited $ 621.00
Partnership
c/o Advent International Corporation
000 Xxxxxxx Xxxxxx
Xxxxxx, XX 00000
Advent Performance Materials Limited Partnership $ 59,726.50
c/o Advent International
Corporation
000 Xxxxxxx Xxxxxx
Xxxxxx, XX 00000
Global Private Equity II Limited $111,511.50
Partnership
c/o Advent International
Corporation
000 Xxxxxxx Xxxxxx
Xxxxxx, XX 00000
Rovent II Limited Partnership $ 44,989.50
c/o Advent International Corporation
000 Xxxxxxx Xxxxxx
Xxxxxx, XX 00000
Xxxx X. Xxxxxxx $ 154.50
c/o Advent International Corporation
000 Xxxxxxx Xxxxxx
Xxxxxx, XX 00000
Xxxxxxx Xxx $ 186.00
x/x Xxxxxx Xxxxxxxxxxxxx
Xxxxxxxxxxx
000 Xxxxxxx Xxxxxx
Xxxxxx, XX 00000
X-0
0
Xxxxxxxxx
Xxxxxxxx Price
of Exchange
Exchange Warrantholder Name Warrant
------------------------------------------------------ ---------------
Xxxxxx Healthcare Corporation $159,534.00
Xxx Xxxxxx Xxxxxxx
Xxxxxxxxx, XX 00000
The Venture Capital Fund $ 50,277.00
of New England III, L.P.
000 Xxxxx Xxxxxx, 00xx Xxxxx
Xxxxxx, XX 00000
Sprout Capital VI, L.P. $ 36,690.00
000 Xxxxxxxx
Xxx Xxxx, XX 00000-0000
DLJ Capital Corporation $ 5,810.00
000 Xxxxxxxx
Xxx Xxxx, XX 00000-0000
Xxxxxx X. Xxxxx, M.D. $ 19,000.00
c/o Transcend Therapeutics, Inc.
000 Xxxxxxxx Xxxxx
Xxxxxxxxx, XX 00000
Xxxx X. Xxxxxx, M.D. $ 6,000.00
c/o Transcend Therapeutics, Inc.
000 Xxxxxxxx Xxxxx
Xxxxxxxxx, XX 00000
Xxxxx X. Xxxxxxx $ 25,000.00
0000 Xxxx Xxxxx Xxxxxxx Xxxx
Xxxxxx, XX 00000
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Total: $519,500.00
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