Form SC 13D/A Builders FirstSource, Filed by: JLL Building Holdings, LLC
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 8)*
BUILDERS FIRSTSOURCE, INC.
(Name of Issuer)
Common stock, par value $0.01 per share
(Title of Class of Securities)
12008R-10-7
(CUSIP Number)
JLL Building Holdings, LLC
450 Lexington Avenue, 31st Floor
New York, New York 10017
(212) 286-8600
Attention: Paul S. Levy
With copies to:
Robert B. Pincus, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
One Rodney Square, P.O. Box 636
Wilmington, Delaware 19899-0636
(302) 651-3000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
July 29, 2015
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨
NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 240.13d-7 for other parties to whom copies are to be sent.
* | The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
SCHEDULE 13D
CUSIP No. 12008R-10-7 |
1 | NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JLL Building Holdings, LLC | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) ¨
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS
OO | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ¨
| |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
None | ||||
8 | SHARED VOTING POWER
24,344,584* | |||||
9 | SOLE DISPOSITIVE POWER
None | |||||
10 | SHARED DISPOSITIVE POWER
24,344,584* | |||||
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
24,344,584* | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) ¨
| |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.5% | |||||
14 | TYPE OF REPORTING PERSON
OO |
* | Represents the shares of Common Stock of the Company that may be deemed to be beneficially owned by JLL Building Holdings, LLC as of July 29, 2015. Together with the shares of Common Stock of the Company that may be deemed to be beneficially owned by the Warburg Pincus Reporting Persons as of such date, the group may be deemed to beneficially own 49,207,850 shares, representing 49.5% of all of the outstanding shares of Common Stock of the Company. |
2
SCHEDULE 13D
CUSIP No. 12008R-10-7 |
1 | NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JLL Partners Fund V, L.P. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) ¨
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS
OO | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ¨
| |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
None | ||||
8 | SHARED VOTING POWER
24,344,584* | |||||
9 | SOLE DISPOSITIVE POWER
None | |||||
10 | SHARED DISPOSITIVE POWER
24,344,584* | |||||
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
24,344,584* | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) ¨
| |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.5% | |||||
14 | TYPE OF REPORTING PERSON
PN |
* | Represents the shares of Common Stock of the Company that may be deemed to be beneficially owned by JLL Building Holdings, LLC as of July 29, 2015. Together with the shares of Common Stock of the Company that may be deemed to be beneficially owned by the Warburg Pincus Reporting Persons as of such date, the group may be deemed to beneficially own 49,207,850 shares, representing 49.5% of all of the outstanding shares of Common Stock of the Company. |
3
SCHEDULE 13D
CUSIP No. 12008R-10-7 |
1 | NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JLL Associates V, L.P. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) ¨
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS
OO | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ¨
| |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
None | ||||
8 | SHARED VOTING POWER
24,344,584* | |||||
9 | SOLE DISPOSITIVE POWER
None | |||||
10 | SHARED DISPOSITIVE POWER
24,344,584* | |||||
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
24,344,584* | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) ¨
| |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.5% | |||||
14 | TYPE OF REPORTING PERSON
PN |
* | Represents the shares of Common Stock of the Company that may be deemed to be beneficially owned by JLL Building Holdings, LLC as of July 29, 2015. Together with the shares of Common Stock of the Company that may be deemed to be beneficially owned by the Warburg Pincus Reporting Persons as of such date, the group may be deemed to beneficially own 49,207,850 shares, representing 49.5% of all of the outstanding shares of Common Stock of the Company. |
4
SCHEDULE 13D
CUSIP No. 12008R-10-7 |
1 | NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JLL Associates G.P. V, L.L.C. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) ¨
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS
OO | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ¨
| |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
None | ||||
8 | SHARED VOTING POWER
24,344,584* | |||||
9 | SOLE DISPOSITIVE POWER
None | |||||
10 | SHARED DISPOSITIVE POWER
24,344,584* | |||||
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
24,344,584* | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) ¨
| |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.5% | |||||
14 | TYPE OF REPORTING PERSON
OO |
* | Represents the shares of Common Stock of the Company that may be deemed to be beneficially owned by JLL Building Holdings, LLC as of July 29, 2015. Together with the shares of Common Stock of the Company that may be deemed to be beneficially owned by the Warburg Pincus Reporting Persons as of such date, the group may be deemed to beneficially own 49,207,850 shares, representing 49.5% of all of the outstanding shares of Common Stock of the Company. |
5
SCHEDULE 13D
CUSIP No. 12008R-10-7 |
1 | NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Paul S. Levy | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) x (b) ¨
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS
OO | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ¨
| |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
None | ||||
8 | SHARED VOTING POWER
24,344,584* | |||||
9 | SOLE DISPOSITIVE POWER
None | |||||
10 | SHARED DISPOSITIVE POWER
24,344,584* | |||||
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
24,344,584* | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) ¨
| |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
24.5% | |||||
14 | TYPE OF REPORTING PERSON
IN |
* | Represents the shares of Common Stock of the Company that may be deemed to be beneficially owned by JLL Building Holdings, LLC as of July 29, 2015. Together with the shares of Common Stock of the Company that may be deemed to be beneficially owned by the Warburg Pincus Reporting Persons as of such date, the group may be deemed to beneficially own 49,207,850 shares, representing 49.5% of all of the outstanding shares of Common Stock of the Company. |
6
Pursuant to Rule 13d-2 promulgated under the Securities Exchange Act of 1934, as amended, this Amendment No. 8 to Schedule 13D (this Amendment No. 8) amends the Schedule 13D originally filed with the United States Securities and Exchange Commission (the SEC) on March 2, 2006 (the Original Schedule 13D), as amended by Amendment No. 1 thereto filed with the SEC on December 8, 2006 (Amendment No. 1), Amendment No. 2 thereto filed with the SEC on March 14, 2008 (Amendment No. 2), Amendment No. 3 thereto filed with the SEC on September 1, 2009 (Amendment No. 3), Amendment No. 4 thereto filed with the SEC on October 23, 2009 (Amendment No. 4), Amendment No. 5 thereto filed with the SEC on January 22, 2010 (Amendment No. 5), Amendment No. 6 thereto filed with the SEC on June 24, 2010 (Amendment No. 6), and Amendment No. 7 thereto filed with the SEC on April 15, 2015 (Amendment No. 7) (the Original Schedule 13D, as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7, and this Amendment No. 8, are collectively referred to herein as the Schedule 13D).
Item 2. Identity and Background
Item 2(a) is hereby amended and supplemented by adding the following at the end thereof:
This Amendment No. 8 is filed by JLL Building Holdings, LLC, a Delaware limited liability company (JLL Holdings); JLL Partners Fund V, L.P., a Delaware limited partnership (JLL Fund V) and the sole member of JLL Holdings; JLL Associates V, L.P., a Delaware limited partnership (JLL Associates V) and the general partner of JLL Fund V; JLL Associates G.P. V, L.L.C., a Delaware limited liability company (JLL Associates G.P. ) and the general partner of JLL Associates V; and Mr. Paul S. Levy, the sole member of JLL Associates G.P. (JLL Holdings, JLL Fund V, JLL Associates V, JLL Associates G.P., and Mr. Levy collectively being the JLL Reporting Persons). Except as specifically amended by this Amendment No. 8, items in the Schedule 13D are unchanged.
The agreement among the JLL Reporting Persons to file this Schedule 13D jointly in accordance with rule 13d-1(k)(1) of the Securities Exchange Act of 1934, as amended, is attached hereto as Exhibit A.
Information in this Amendment No. 8 with respect to each of the JLL Reporting Persons is given solely by that particular JLL Reporting Person, and none of the Warburg Pincus Reporting Persons has any responsibility for the accuracy or completeness of information with respect to the JLL Reporting Persons. Capitalized terms used herein that are not defined herein have the meanings ascribed to them in the Schedule 13D.
Item 4. Purpose of Transaction
Item 4 is hereby amended and supplemented by adding the following at the end thereof:
On July 29, 2015, an affiliate of JLL Holdings entered into a letter agreement (the Lock-Up Agreement) with the underwriters of the previously announced public offering by the Company of 8,000,000 shares of Common Stock of the Company and
7
secondary offering by Warburg Pincus Fund IX of 4,000,000 shares of Common Stock of the Company. In connection with the offering, the underwriters have also exercised an option granted pursuant to the Underwriting Agreement to purchase an additional 1,200,000 and 600,000 shares, respectively. The offering is expected to close on or about July 31, 2015, subject to customary closing conditions.
Pursuant to the Lock-Up Agreement, subject to certain exceptions, JLL Holdings and its affiliates will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any Common Stock of the Company without, in each case, the prior written consent of Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, and Deutsche Bank Securities Inc. for a period beginning on the date of such Lock-Up Agreement and continuing for sixty (60) days after the date of the final prospectus used to sell shares of Common Stock of the Company pursuant to the underwriting agreement relating to the offering described above.
The foregoing description of the Lock-Up Agreement is qualified in its entirety by reference to the full text of the Lock-Up Agreement, a copy of which is attached hereto as Exhibit B and incorporated by reference herein.
As of the date of this Amendment No. 8, except as set forth in this Schedule 13D, there are no current plans or proposals of the JLL Reporting Persons that relate to or would result in any of the actions identified in Item 4(a) through Item 4(j).
Item 5. Interest in Securities of the Issuer1
Item 5(a) is hereby amended by changing the reference to the percentage of the outstanding shares of the Companys Common Stock from 24.8% to 24.5%.
Item 5(c) is hereby amended by replacing it in its entirety with the following:
No transactions in the Companys Common Stock were effected by any of the JLL Reporting Persons during the sixty days preceding the date of this Amendment No. 8.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
Item 6 is hereby amended and supplemented by adding the following at the end thereof:
The information provided in Item 4 of this Amendment No. 4 is incorporated by reference to this Item 6.
1 | Calculation of beneficial ownership is based on 99,326,375 shares of the Companys Common Stock outstanding as of July 20, 2015, as disclosed in a prospectus supplement filed with the SEC on July 27, 2015, by the Company pursuant to Rule 424(b)(3) under the Securities Act. |
8
Item 7. Material to be Filed as Exhibits
Exhibit A | Joint Filing Agreement, dated as of July 30, 2015. | |
Exhibit B | Lock-Up Agreement, dated July 29, 2015. |
9
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: July 30, 2015
JLL BUILDING HOLDINGS, LLC |
By JLL Partners Fund V, L.P. |
By its General Partner, JLL Associates V, L.P. |
By its General Partner, JLL Associates G.P. V, L.L.C. |
/s/ Paul S. Levy |
Paul S. Levy, as Managing Member of JLL Associates G.P. V, L.L.C. |
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: July 30, 2015
JLL PARTNERS FUND V, L.P. |
By its General Partner, JLL Associates V, L.P. |
By its General Partner, JLL Associates G.P. V, L.L.C. |
/s/ Paul S. Levy |
Paul S. Levy, as Managing Member of JLL Associates G.P. V, L.L.C. |
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: July 30, 2015
JLL ASSOCIATES V, L.P. |
By its General Partner, JLL Associates G.P. V, L.L.C. |
/s/ Paul S. Levy |
Paul S. Levy, as Managing Member of JLL Associates G.P. V, L.L.C. |
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: July 30, 2015
JLL ASSOCIATES G.P. V, L.L.C. |
/s/ Paul S. Levy |
Paul S. Levy, as Managing Member |
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: July 30, 2015
/s/ Paul S. Levy |
Paul S. Levy |
Exhibit A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) of the Securities Exchange Act of 1934, as amended, each of the undersigned hereby agrees to the joint filing of the Schedule 13D to which this agreement is attached and to the joint filing of all amendments thereto.
This agreement may be executed in one or more counterparts, each of which shall be considered an original counterpart, and shall become a binding agreement when each of the parties designated as signatories has executed one counterpart.
Dated: July 30, 2015
JLL BUILDING HOLDINGS, LLC |
By JLL Partners Fund V, L.P. |
By its General Partner, JLL Associates V, L.P. |
By its General Partner, JLL Associates G.P. V, L.L.C. |
/s/ Paul S. Levy |
Paul S. Levy, as Managing Member of JLL Associates G.P. V, L.L.C. |
JLL PARTNERS FUND V, L.P. |
By its General Partner, JLL Associates V, L.P. |
By its General Partner, JLL Associates G.P. V, L.L.C. |
/s/ Paul S. Levy |
Paul S. Levy, as Managing Member of JLL Associates G.P. V, L.L.C. |
JLL ASSOCIATES V, L.P. |
By its General Partner, JLL Associates G.P. V, L.L.C. |
/s/ Paul S. Levy |
Paul S. Levy, as Managing Member of JLL Associates G.P. V, L.L.C. |
JLL ASSOCIATES G.P. V, L.L.C. |
/s/ Paul S. Levy |
Paul S. Levy, as Managing Member |
/s/ Paul S. Levy |
Paul S. Levy |
Exhibit B
EXECUTION VERSION
July 29, 2015
Builders FirstSource, Inc.
2001 Bryan Street, Suite 1600
Dallas, Texas 75201
and
Credit Suisse Securities (USA) LLC
Eleven Madison Avenue
New York, New York 10010
Deutsche Bank Securities Inc.
60 Wall Street
New York, New York 10005
and
Citigroup Global Markets Inc.
390 Greenwich Street
New York, New York 10013
each as a Representative
Dear Sirs:
As an inducement to the Representatives to execute the Underwriting Agreement (the Underwriting Agreement), providing for a public offering of the common stock (the Securities) of Builders FirstSource, Inc., and any successor (by merger or otherwise) thereto, (the Company), the undersigned hereby agrees that during the period specified in the following paragraph (the Lock-Up Period), the undersigned will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any Securities or securities convertible into or exchangeable or exercisable for any Securities, enter into a transaction which would have the same effect, or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of the Securities, whether any such aforementioned transaction is to be settled by delivery of the Securities or such other securities, in cash or otherwise, or publicly disclose the intention to make any such offer, sale, pledge or disposition, or to enter into any such transaction, swap, hedge or other arrangement, without, in each case, the prior written consent of Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Citigroup Global Markets Inc., as representatives for the several underwriters named in Schedule A to the Underwriting Agreement (collectively, the Representatives), in each case other than (A) transfers of Securities as a bona fide gift or gifts, (B) distributions of Securities to limited partners, members or stockholders of the undersigned, (C) transfers of Securities by will or intestacy, (D) transfers of Securities to any trust, partnership, limited liability company or other entity for the direct or indirect benefit of the undersigned or the immediate family of the undersigned (for purposes of this Lock-Up Agreement, immediate family shall mean any relationship by blood, current or former marriage or adoption, not more remote than first cousin), (E) transfers of Securities to any immediate family member or other dependent, (F) transfers of Securities to the undersigneds affiliates or to any investment fund or other entity controlled or managed by the undersigned; provided that the undersigned notify the Representatives of such transfer, (G) transfers of Securities to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (A) through (F) above, (H) transfers of Securities pursuant to an order of a court or regulatory agency, (I) transfers of Securities from an executive officer to the Company upon death, disability or termination of employment, in each case, of such executive officer, (J) transfers of Securities acquired in open market or in an issuer directed share program, if any, and (K) the pledge, hypothecation or other granting of a security interest in Securities to one or more banks or financial institutions as collateral or security for any loan, advance or extension of credit and any transfer upon foreclosure upon such Securities, provided that the undersigned or the Company, as the case may be, shall provide the Representatives prior written notice informing them of any public filing, report or
announcement made by or on behalf of the Company or the undersigned with respect thereto; provided that (i) in the case of any transfer or distribution pursuant to clauses (A), (B), (D), (E), (F), (G), (I) and (K) above, each donee or distributee shall execute and deliver to the Representatives a lock-up letter in the form of this paragraph and (ii) in the case of any transfer or distribution pursuant to clauses (A) through (E), and (I) above, such transfer or distribution shall not be for value; and provided, further, that in the case of any transfer or distribution pursuant to clauses (A), (B), (D), (E), (F) and (G), during the period ending 60 days after the Public Offering Date (as defined below) no public reports or filings (including filings under Section 16(a) of the Securities Exchange Act of 1934, as amended (the Exchange Act)) reporting a reduction in beneficial ownership of Securities shall be required or voluntarily made . In addition, the undersigned agrees that, without the prior written consent of the Representatives, it will not, during the Lock-Up Period, make any demand for or exercise any right with respect to, the registration of any Securities or any security convertible into or exercisable or exchangeable for the Securities.
The initial Lock-Up Period will commence on the date of this Lock-Up Agreement and continue and include the date 60 days after the public offering date set forth on the final prospectus used to sell the Securities (the Public Offering Date) pursuant to the Underwriting Agreement, to which you are or expect to become parties; provided, however, that if (1) during the last 17 days of the initial Lock-Up Period, the Company releases earnings results or material news or a material event relating to the Company occurs or (2) prior to the expiration of the initial Lock-Up Period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of the initial 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 release of the earnings results or the occurrence of the material news or material event, as applicable, unless each Representative waives, in writing, such extension.
Any Securities received upon exercise of options granted to the undersigned will also be subject to this Lock-Up Agreement.
Notwithstanding anything herein to the contrary, the undersigned may enter into a written trading plan established pursuant to Rule 10b5-1 of the Exchange Act during the Lock-Up Period, and the Company may announce the establishment of such a plan, provided that no direct or indirect offers, pledges, sales, contracts to sell, sales of any option or contract to purchase, purchases of any option or contract to sell, grants of any option, right or warrant to purchase, loans, or other transfers or disposals of any Securities or any securities convertible into or exercisable or exchangeable for Securities may be effected pursuant to such plan during the Lock-Up Period.
In furtherance of the foregoing, the Company and its transfer agent and registrar are hereby authorized to decline to make any transfer of Securities if such transfer would constitute a violation or breach of this Lock-Up Agreement.
If the undersigned is an officer or director of the Company, the undersigned further agrees that the foregoing restrictions in this Lock-Up Agreement shall be equally applicable to any issuer-directed Securities the undersigned may purchase in the above-referenced offering.
This Lock-Up Agreement shall be binding on the undersigned and the successors, heirs, personal representatives and assigns of the undersigned. This Lock-Up Agreement shall lapse and become null and void if the Public Offering Date shall not have occurred on or before August 31, 2015. This agreement shall be governed by, and construed in accordance with, the laws of the State of New York.
Very truly yours, | ||
JLL PARTNERS, INC. | ||
By: | /s/ Dan Agroskin | |
Name: | Dan Agroskin |
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