LOCK-UP AGREEMENT
Exhibit 13
March 2, 2011
Xxxxxxxxx & Company, Inc.
X.X. Xxxxxx Securities LLC
As Representatives of the Several Underwriters
X.X. Xxxxxx Securities LLC
As Representatives of the Several Underwriters
c/x Xxxxxxxxx & Company, Inc.
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
c/o X.X. Xxxxxx Securities LLC
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
RE: | OPKO Health, Inc. (the “Company”) |
Ladies & Gentlemen:
The undersigned is an owner of record or beneficially of certain shares of common stock, par
value $0.01 per share, of the Company (“Shares”) or securities convertible into or exchangeable or
exercisable for Shares. The Company proposes to carry out a public offering of Shares (the
“Offering”) for which Xxxxxxxxx & Company, Inc. and X.X. Xxxxxx Securities LLC will act as the
representatives of the underwriters (the “Representatives”). The undersigned recognizes that the
Offering will be of benefit to the undersigned and will benefit the Company by, among other things,
raising additional capital for its operations. The undersigned acknowledges that you and the other
underwriters are relying on the representations and agreements of the undersigned contained in this
letter agreement in carrying out the Offering and in entering into underwriting arrangements with
the Company with respect to the Offering.
In consideration of the foregoing, the undersigned hereby agrees that the undersigned will
not, and will cause any spouse or immediate family member of the spouse or the undersigned living
in the undersigned’s household not to, without the prior written consent of each of the
Representatives (which consent may be withheld in their sole discretion), directly or indirectly,
sell, offer, contract or grant any option to sell (including without limitation any short sale),
pledge, transfer, establish an open “put equivalent position” within the meaning of Rule 16a-1(h)
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise dispose of
any Shares, options or warrants to acquire Shares, or securities exchangeable or exercisable for or
convertible into Shares currently or hereafter owned either of record or beneficially (as defined
in Rule 13d-3 under the Exchange Act) by the undersigned (or such spouse or family member), or
publicly announce an intention to do any of the foregoing, for a period commencing on the date
hereof and continuing through the close of trading on the date 90 days after the date of the
Prospectus (as defined in the Underwriting Agreement relating to the Offering to which the Company
is a party) (the “Lock-up Period”); provided, that if (i) during the last 17 days of the Lock-up
Period, the Company issues an earnings release or material news or a material event relating to the
Company occurs and is publicly disclosed or otherwise
becomes publicly known or (ii) prior to the
expiration of the Lock-up Period, the Company announces that it will release earnings results
during the 16-day period beginning on the last day of the Lock-up Period, then in each case the
Lock-up Period will be extended until the expiration of the 18-day period beginning on the date of
the issuance of the earnings release or the occurrence of the material news or material event, as
applicable,
unless each of the Representatives waives, in writing, such extension, except that such extension
will not apply if, within three business days prior to the 15th calendar day before the last day of
the Lock-up Period, the Company delivers a certificate, signed by the Chief Financial Officer or
Chief Executive Officer of the Company, certifying on behalf of the Company that (a) the Shares are
“actively traded securities” (as defined in Regulation M), (b) the Company meets the applicable
requirements of paragraph (a)(1) of Rule 139 under the Securities Act of 1933, as amended (the
“Securities Act”) in the manner contemplated by NASD Conduct Rule 2711(f)(4), and (c) the
provisions of NASD Conduct Rule 2711(f)(4) are not applicable to any research reports relating to
the Company published or distributed by any of the underwriters during the 15 days before or after
the last day of the Lock-up Period (before giving effect to such extension); provided, further,
that the foregoing restrictions shall not apply to the transfer of any or all of the Shares owned
by the undersigned, either during the undersigned’s lifetime or on death, by gift, will or
intestate succession to the immediate family of the undersigned or to a trust the beneficiaries of
which are exclusively the undersigned and/or a member or members of the undersigned’s immediate
family; provided, however, that in any such case, it shall be a condition to such transfer that the
transferee executes and delivers to the Representatives an agreement stating that the transferee is
receiving and holding the Shares subject to the provisions of this letter agreement, and there
shall be no further transfer of such Shares, except in accordance with this letter agreement. The
undersigned hereby acknowledges and agrees that written notice of any extension of the Lock-up
Period pursuant to the preceding sentence will be delivered by the Representatives to the Company
and that any such notice properly delivered will be deemed to have been given to, and received by,
the undersigned. For the purposes of this paragraph, “immediate family” shall mean the spouse,
domestic partner, lineal descendant (including adopted children), father, mother, brother or sister
of the transferor. The restrictions set forth in this letter agreement shall not apply to the
establishment of a trading plan that complies with Rule 10b5-1 under the Exchange Act; provided,
however, that no sales shall be made pursuant to such trading plan during the Lock-up Period and
there shall be no public disclosure or announcement made of such trading plan nor any filing made
under the Exchange Act with respect thereto during the Lock-up Period.
The undersigned also agrees and consents to the entry of stop transfer instructions with the
Company’s transfer agent and registrar against the transfer of Shares or securities convertible
into or exchangeable or exercisable for Shares held by the undersigned except in compliance with
the foregoing restrictions.
With respect to the Offering only, the undersigned waives any registration rights relating to
registration under the Securities Act of any Shares owned either of record or beneficially by the
undersigned, including any rights to receive notice of the Offering.
This agreement is irrevocable and will be binding on the undersigned and the respective
successors, heirs, personal representatives, and assigns of the undersigned. However, it is
understood that, if (i) the Company notifies the Representatives in writing that it does not intend
to proceed with the Offering, or (ii) if the Underwriting Agreement (other than the provisions
thereof which survive termination) shall terminate or be terminated for any reason prior to payment
for and delivery of the Shares to be sold thereunder, this letter agreement shall immediately be
terminated and the undersigned shall automatically be released from all of the obligations under
this letter agreement.
Frost Gamma Investments Trust | ||||
Printed Name of Holder |
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By: | /s/ Xxxxxxx Xxxxx, M.D. | |||
Signature | ||||
Xxxxxxx Xxxxx, M.D., Trustee | ||||
Printed Name of Person Signing (and indicate capacity of person signing if signing as custodian, trustee, or on behalf of an entity) |
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to proceed with the Offering, or (ii) if the Underwriting Agreement (other than the provisions
thereof which survive termination) shall terminate or be terminated for any reason prior to payment
for and delivery of the Shares to be sold thereunder, this letter agreement shall immediately be
terminated and the undersigned shall automatically be released from all of the obligations under
this letter agreement.
The Frost Group, LLC | ||||
Printed Name of Holder |
||||
By: | /s/ Xxxxxxx Xxxxx, M.D. | |||
Signature | ||||
Xxxxxxx Xxxxx, M.D. | ||||
Printed Name of Person Signing (and indicate capacity of person signing if signing as custodian, trustee, or on behalf of an entity) |
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to proceed with the Offering, or (ii) if the Underwriting Agreement (other than the provisions
thereof which survive termination) shall terminate or be terminated for any reason prior to payment
for and delivery of the Shares to be sold thereunder, this letter agreement shall immediately be
terminated and the undersigned shall automatically be released from all of the obligations under
this letter agreement.
Xxxxxxx Xxxxx, M.D. | ||||
Printed Name of Holder |
||||
By: | /s/ Xxxxxxx Xxxxx, M.D. | |||
Signature | ||||
Xxxxxxx Xxxxx, M.D., Chairman; | ||||
Chief Executive Officer Printed Name of Person Signing (and indicate capacity of person signing if signing as custodian, trustee, or on behalf of an entity) |
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