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Target | | | EV / PoS Adjusted CY+3 Revenue | | |||
Amylyx Pharmaceuticals, Inc. | | | | | 1.7x | | |
Apellis Pharmaceuticals, Inc. | | | | | 5.6x | | |
Axsome Therapeutics, Inc. | | | | | 3.5x | | |
Intra-Cellular Therapies, Inc. | | | | | 4.4x | | |
Karuna Therapeutics, Inc. | | | | | 10.8x | | |
Reata Pharmaceuticals, Inc. | | | | | 5.0x | | |
Sage Therapeutics, Inc. | | | | | 4.4x | | |
Median | | | | | 4.4x | | |
| Implied Equity Value Reference Range Per Share | | | Per Share Merger Consideration | | | Unaffected Share Price | | | April 27, 2023 Closing Price Per Share | | |||||||||
| $25.20 – $40.70 | | | | $ | 40.00 | | | | | $ | 24.33 | | | | | $ | 32.31 | | |
Date Announced | | | Target | | | Acquiror | | | EV / PoS Adjusted CY+3 Revenue | | |||
03/13/23 | | | Provention Bio, Inc. | | | Sanofi S.A. | | | | | 6.3x | | |
08/08/22 | | | Global Blood Therapeutics, Inc. | | | Pfizer Inc. | | | | | 7.2x | | |
08/04/22 | | | ChemoCentryx, Inc. | | | Amgen Inc. | | | | | 6.9x | | |
01/19/22 | | | Zogenix, Inc. | | | UCB Pharma | | | | | 3.2x | | |
09/08/21 | | | Kadmon Holdings, Inc. | | | Sanofi S.A. | | | | | 8.8x | | |
02/03/21 | | | GW Pharmaceuticals plc | | | Jazz Pharmaceuticals plc | | | | | 5.8x | | |
02/01/21 | | | Viela Bio, Inc. | | | Horizon Therapeutics plc | | | | | 12.0x | | |
05/05/20 | | | Portola Pharmaceuticals, Inc. | | | Alexion Pharmaceuticals, Inc. | | | | | 4.1x | | |
Median | | | | | | | | | | | 6.6x | | |
| Implied Equity Value Reference Range Per Share | | | Per Share Merger Consideration | | | Unaffected Share Price | | | April 27, 2023 Closing Price Per Share | | |||||||||
| $31.40 – $56.10 | | | | $ | 40.00 | | | | | $ | 24.33 | | | | | $ | 32.31 | | |
| Implied Equity Value Reference Range Per Share | | | Per Share Merger Consideration | | | Unaffected Share Price | | | April 27, 2023 Closing Price Per Share | | |||||||||
| $30.40 – $37.20 | | | | $ | 40.00 | | | | | $ | 24.33 | | | | | $ | 32.31 | | |
| | 3-Y Revenue Trading Multiple | | ||||
Amylyx Pharmaceuticals, Inc. | | | | | 1.7x | | |
Apellis Pharmaceuticals, Inc. | | | | | 5.6x | | |
Axsome Therapeutics, Inc. | | | | | 3.5x | | |
Intra-Cellular Therapies, Inc. | | | | | 4.4x | | |
Karuna Therapeutics, Inc. | | | | | 10.8x | | |
Reata Pharmaceuticals, Inc. | | | | | 5.0x | | |
Sage Therapeutics, Inc. | | | | | 4.4x | | |
Median: | | | | | 4.4x | | |
| | | Multiple | | |||||||||
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| | | | 4.4x | | | |||||||
Median: | | | | | | |
| | | 3-Y Revenue Trading Multiple | | |||
Amylyx Pharmaceuticals, Inc. | | | | | 1.7x | | |
Apellis Pharmaceuticals, Inc. | | | | | 5.6x | | |
Axsome Therapeutics, Inc. | | | | | 3.5x | | |
Intra-Cellular Therapies, Inc. | | | | | 4.4x | | |
Karuna Therapeutics, Inc. | | | | | 10.8x | | |
Reata Pharmaceuticals, Inc. | | | | | 5.0x | | |
Sage Therapeutics, Inc. | | | | | 4.4x | | |
Median: | | | | | 4.4x | | |
Date Announced | | | Target | | | Acquiror | | | EV / 3-Year Forward Revenue Multiple | | |||
03/13/23 | | | Provention Bio, Inc. | | | Sanofi S.A. | | | | | 6.4x | | |
08/08/22 | | | Global Blood Therapeutics, Inc. | | | Pfizer Inc. | | | | | 7.3x | | |
08/04/22 | | | ChemoCentryx, Inc. | | | Amgen Inc. | | | | | 6.4x | | |
01/19/22 | | | Zogenix, Inc. | | | UCB Pharma | | | | | 3.6x | | |
09/08/21 | | | Kadmon Holdings, Inc. | | | Sanofi S.A. | | | | | 8.3x | | |
02/03/21 | | | GW Pharmaceuticals plc | | | Jazz Pharmaceuticals plc | | | | | 6.0x | | |
02/01/21 | | | Viela Bio, Inc. | | | Horizon Therapeutics plc | | | | | 12.0x | | |
05/05/20 | | | Portola Pharmaceuticals, Inc. | | | Alexion Pharmaceuticals, Inc. | | | | | 4.4x | | |
Median: | | | | | | | | | | | 6.4x | | |
| | | Fiscal year ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||
| | | 2023 | | | 2024 | | | 2025 | | | 2026 | | | 2027 | | | 2028 | | | 2029 | | | 2030 | | ||||||||||||||||||||||||
Product Revenue | | | | $ | 33 | | | | | $ | 254 | | | | | $ | 478 | | | | | $ | 1,562 | | | | | $ | 2,683 | | | | | $ | 3,362 | | | | | $ | 3,662 | | | | | $ | 3,774 | | |
Partnership Economics (Ex-US) | | | | $ | 40 | | | | | $ | 125 | | | | | $ | 4 | | | | | $ | 13 | | | | | $ | 93 | | | | | $ | 53 | | | | | $ | 127 | | | | | $ | 79 | | |
Total Net Revenue | | | | $ | 73 | | | | | $ | 379 | | | | | $ | 481 | | | | | $ | 1,575(4) | | | | | $ | 2,776 | | | | | $ | 3,415 | | | | | $ | 3,789 | | | | | $ | 3,853 | | |
Gross Profit(1) | | | | $ | 73 | | | | | $ | 379 | | | | | $ | 481 | | | | | $ | 1,500 | | | | | $ | 2,631 | | | | | $ | 3,247 | | | | | $ | 3,606 | | | | | $ | 3,664 | | |
EBIT(2) | | | | $ | (355) | | | | | $ | (104) | | | | | $ | (2) | | | | | $ | 759 | | | | | $ | 1,487 | | | | | $ | 1,858 | | | | | $ | 2,117 | | | | | $ | 2,130 | | |
Net Income(3) | | | | $ | (362) | | | | | $ | (117) | | | | | $ | (15) | | | | | $ | 712 | | | | | $ | 1,260 | | | | | $ | 1,385 | | | | | $ | 1,582 | | | | | $ | 1,598 | | |
| | | Fiscal year ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||
| | | 2031 | | | 2032 | | | 2033 | | | 2034 | | | 2035 | | | 2036 | | | 2037 | | | 2038 | | ||||||||||||||||||||||||
Product Revenue | | | | $ | 3,874 | | | | | $ | 3,067 | | | | | $ | 1,252 | | | | | $ | 984 | | | | | $ | 810 | | | | | $ | 762 | | | | | $ | 753 | | | | | $ | 738 | | |
Partnership Economics (ex-US) | | | | $ | 87 | | | | | $ | 91 | | | | | $ | 69 | | | | | $ | 55 | | | | | $ | 33 | | | | | $ | 33 | | | | | $ | 34 | | | | | $ | 35 | | |
Total Net Revenue | | | | $ | 3,962 | | | | | $ | 3,158 | | | | | $ | 1,321 | | | | | $ | 1,038 | | | | | $ | 844 | | | | | $ | 795 | | | | | $ | 787 | | | | | $ | 773 | | |
Gross Profit | | | | $ | 3,768 | | | | | $ | 3,005 | | | | | $ | 1,259 | | | | | $ | 989 | | | | | $ | 803 | | | | | $ | 757 | | | | | $ | 749 | | | | | $ | 736 | | |
EBIT | | | | $ | 2,193 | | | | | $ | 1,729 | | | | | $ | 547 | | | | | $ | 500 | | | | | $ | 442 | | | | | $ | 412 | | | | | $ | 407 | | | | | $ | 398 | | |
Net Income | | | | $ | 1,652 | | | | | $ | 1,315 | | | | | $ | 445 | | | | | $ | 412 | | | | | $ | 371 | | | | | $ | 350 | | | | | $ | 347 | | | | | $ | 342 | | |
| | | (Amounts in Millions) Fiscal year ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||
| | | 2023 | | | 2024 | | | 2025 | | | 2026 | | | 2027 | | | 2028 | | | 2029 | | | 2030 | | ||||||||||||||||||||||||
EBIT | | | | $ | (355) | | | | | $ | (104) | | | | | $ | (2) | | | | | $ | 759 | | | | | $ | 1,487 | | | | | $ | 1,858 | | | | | $ | 2,117 | | | | | $ | 2,130 | | |
Unlevered Free Cash Flow | | | | $ | (377)(1) | | | | | $ | (127) | | | | | $ | (25) | | | | | $ | 454 | | | | | $ | 988 | | | | | $ | 1,307 | | | | | $ | 1,537 | | | | | $ | 1,565 | | |
| | | Fiscal year ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||
| | | 2031 | | | 2032 | | | 2033 | | | 2034 | | | 2035 | | | 2036 | | | 2037 | | | 2038 | | ||||||||||||||||||||||||
EBIT | | | | $ | 2,193 | | | | | $ | 1,729 | | | | | $ | 547 | | | | | $ | 500 | | | | | $ | 442 | | | | | $ | 412 | | | | | $ | 407 | | | | | $ | 398 | | |
Unlevered Free Cash Flow | | | | $ | 1,613 | | | | | $ | 1,360 | | | | | $ | 586 | | | | | $ | 397 | | | | | $ | 345 | | | | | $ | 310 | | | | | $ | 302 | | | | | $ | 296 | | |
| | | (Amounts in Millions) Fiscal year ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||
| | | 2023 | | | 2024 | | | 2025 | | | 2026 | | | 2027 | | | 2028 | | | 2029 | | | 2030 | | ||||||||||||||||||||||||
EBIT | | | | $ | (355) | | | | | $ | (104) | | | | | $ | (2) | | | | | $ | 759 | | | | | $ | 1,487 | | | | | $ | 1,858 | | | | | $ | 2,117 | | | | | $ | 2,130 | | |
Unlevered Free Cash Flow | | | | $ | (377) (1) | | | | | $ | (127) | | | | | $ | (25) | | | | | $ | 454 | | | | | $ | 988 | | | | | $ | 1,307 | | | | | $ | 1,537 | | | | | $ | 1,565 | | |
| | | Fiscal year ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||
| | | 2031 | | | 2032 | | | 2033 | | | 2034 | | | 2035 | | | 2036 | | | 2037 | | | 2038 | | ||||||||||||||||||||||||
EBIT | | | | $ | 2,193 | | | | | $ | 1,729 | | | | | $ | 547 | | | | | $ | 500 | | | | | $ | 442 | | | | | $ | 412 | | | | | $ | 407 | | | | | $ | 398 | | |
Unlevered Free Cash Flow | | | | $ | 1,613 | | | | | $ | 1,360 | | | | | $ | 586 | | | | | $ | 397 | | | | | $ | 345 | | | | | $ | 310 | | | | | $ | 302 | | | | | $ | 296 | | |
| | | Fiscal year ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | 2023 | | | 2024 | | | 2025 | | | 2026 | | | 2027 | | | 2028 | | | 2029 | | | 2030 | | |||||||||||||||||||||||||||
Total Net Revenue | | | | $ | 0 | | | | | $ | 127 | | | | | $ | 282 | | | | | $ | 872 | | | | | $ | 1,200 | | | | | $ | 1,800 | | | | | $ | 2,000 | | | | | $ | 2,100 | | | | | $ | 2,300 | | |
| | | Fiscal year ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2031 | | | 2032 | | | 2033 | | | 2034 | | | 2035 | | | 2036 | | | 2037 | | | 2038 | | | 2039 | | | 2040 | | ||||||||||||||||||||||||||||||
Total Net Revenue | | | | $ | 2,500 | | | | | $ | 2,700 | | | | | $ | 2,900 | | | | | $ | 2,900 | | | | | $ | 2,000 | | | | | $ | 1,500 | | | | | $ | 1,100 | | | | | $ | 913 | | | | | $ | 752 | | | | | $ | 560 | | |
| | | Fiscal year ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | 2023 | | | 2024 | | | 2025 | | | 2026 | | | 2027 | | | 2028 | | | 2029 | | | 2030 | | |||||||||||||||||||||||||||
Total Net Revenue | | | | $ | 0 | | | | | $ | 7 | | | | | $ | 178 | | | | | $ | 709 | | | | | $ | 1,200 | | | | | $ | 1,600 | | | | | $ | 1,800 | | | | | $ | 1,900 | | | | | $ | 2,000 | | |
| | | Fiscal year ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2031 | | | 2032 | | | 2033 | | | 2034 | | | 2035 | | | 2036 | | | 2037 | | | 2038 | | | 2039 | | | 2040 | | ||||||||||||||||||||||||||||||
Total Net Revenue | | | | $ | 2,100 | | | | | $ | 2,200 | | | | | $ | 2,400 | | | | | $ | 2,300 | | | | | $ | 1,600 | | | | | $ | 1,200 | | | | | $ | 806 | | | | | $ | 564 | | | | | $ | 395 | | | | | $ | 276 | | |
| | | Fiscal year ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | 2023 | | | 2024 | | | 2025 | | | 2026 | | | 2027 | | | 2028 | | | 2029 | | | 2030 | | |||||||||||||||||||||||||||
Total Net Revenue | | | | $ | 0 | | | | | $ | 8 | | | | | $ | 195 | | | | | $ | 730 | | | | | $ | 1,270 | | | | | $ | 1,962 | | | | | $ | 2,489 | | | | | $ | 3,004 | | | | | $ | 3,401 | | |
| | | Fiscal year ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | 2023 | | | 2024 | | | 2025 | | | 2026 | | | 2027 | | | 2028 | | | 2029 | | | 2030 | | |||||||||||||||||||||||||||
Total Net Revenue | | | | $ | 0 | | | | | $ | 8 | | | | | $ | 195 | | | | | $ | 730 | | | | | $ | 1,270 | | | | | $ | 1,962 | | | | | $ | 2,489 | | | | | $ | 3,004 | | | | | $ | 3,401 | | |
| | | Fiscal year ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2031 | | | 2032 | | | 2033 | | | 2034 | | | 2035 | | | 2036 | | | 2037 | | | 2038 | | | 2039 | | | 2040 | | ||||||||||||||||||||||||||||||
Total Net Revenue | | | | $ | 3,775 | | | | | $ | 2,716 | | | | | $ | 2,183 | | | | | $ | 1,762 | | | | | $ | 1,046 | | | | | $ | 759 | | | | | $ | 675 | | | | | $ | 669 | | | | | $ | 680 | | | | | $ | 488 | | |
Name | | | Shares Held (#) | | | Shares Held ($) | | | Outstanding Restricted Stock Units (#)(1) | | | Outstanding Restricted Stock Units ($) | | | Company Options Held (vested and unvested) (#)(2) | | | Aggregate Spread in Outstanding Company Options ($)(2) | | ||||||||||||||||||
Glenn P. Sblendorio | | | | | 228,191 | | | | | | 9,127,640 | | | | | | 341,565 | | | | | | 13,662,600 | | | | | | 1,786,683 | | | | | | 54,511,736 | | |
Pravin U. Dugel | | | | | 203,035 | | | | | | 8,121,400 | | | | | | 193,625 | | | | | | 7,745,000 | | | | | | 685,000 | | | | | | 20,733,250 | | |
Anthony S. Gibney | | | | | 42,791 | | | | | | 1,711,640 | | | | | | 156,250 | | | | | | 6,250,000 | | | | | | 250,000 | | | | | | 5,839,500 | | |
David F. Carroll | | | | | 68,472 | | | | | | 2,738,880 | | | | | | 102,500 | | | | | | 4,100,000 | | | | | | 523,000 | | | | | | 16,323,150 | | |
Keith Westby | | | | | 39,652 | | | | | | 1,586,080 | | | | | | 98,750 | | | | | | 3,950,000 | | | | | | 496,036 | | | | | | 13,570,575 | | |
Christopher P. Simms | | | | | 32,429 | | | | | | 1,297,160 | | | | | | 112,500 | | | | | | 4,500,000 | | | | | | 285,000 | | | | | | 7,583,350 | | |
Mark S. Blumenkranz, M.D. | | | | | 32,088 | | | | | | 1,283,520 | | | | | | 12,500 | | | | | | 500,000 | | | | | | 69,686 | | | | | | 2,312,381 | | |
Axel Bolte | | | | | 22,088 | | | | | | 883,520 | | | | | | 7,500 | | | | | | 300,000 | | | | | | 102,686 | | | | | | 3,599,021 | | |
Adrienne L. Graves, Ph.D. | | | | | 22,088 | | | | | | 883,520 | | | | | | 7,500 | | | | | | 300,000 | | | | | | 102,686 | | | | | | 3,636,381 | | |
Jane P. Henderson | | | | | 22,088 | | | | | | 883,520 | | | | | | 7,500 | | | | | | 300,000 | | | | | | 118,686 | | | | | | 4,187,181 | | |
Christine A. Miller | | | | | 13,075 | | | | | | 523,000 | | | | | | 17,500 | | | | | | 700,000 | | | | | | 43,835 | | | | | | 1,182,210 | | |
Calvin W. Roberts, M.D. | | | | | 47,088 | | | | | | 1,883,520 | | | | | | 7,500 | | | | | | 300,000 | | | | | | 102,686 | | | | | | 3,644,381 | | |
Name(1) | | | Cash ($)(2) | | | Equity ($)(3) | | | Perquisites/ Benefits ($)(4) | | | Total ($) | | ||||||||||||
Glenn P. Sblendorio | | | | | 1,961,000 | | | | | | 27,722,967 | | | | | | 122,570 | | | | | | 29,806,537 | | |
Pravin U. Dugel | | | | | 863,970 | | | | | | 16,333,142 | | | | | | 56,000 | | | | | | 17,253,112 | | |
David F. Carroll | | | | | 658,184 | | | | | | 8,404,978 | | | | | | 56,000 | | | | | | 9,119,162 | | |
Keith Westby | | | | | 636,231 | | | | | | 8,062,008 | | | | | | 56,000 | | | | | | 8,754,239 | | |
Christopher P. Simms | | | | | 670,147 | | | | | | 9,442,431 | | | | | | 47,000 | | | | | | 10,159,578 | | |
Named Executive Officer | | | Annual Salary ($) | | | Annual Bonus Opportunity ($) | | | Total Cash Severance ($) | | |||||||||
Glenn Sblendorio | | | | | 1,480,000 | | | | | | 481,000 | | | | | | 1,961,000 | | |
Pravin U. Dugel | | | | | 575,980 | | | | | | 287,990 | | | | | | 863,970 | | |
David F. Carroll | | | | | 453,920 | | | | | | 204,264 | | | | | | 658,184 | | |
Keith Westby | | | | | 438,780 | | | | | | 197,451 | | | | | | 636,231 | | |
Christopher P. Simms | | | | | 462,170 | | | | | | 207,977 | | | | | | 670,147 | | |
Name | | | Company RSUs Vesting Upon Closing (#) | | | Value of Company RSUs Vesting Upon Closing ($) | | | Company Options Vesting Upon Closing (#) | | | Spread Value of Company Options Vesting Upon Closing ($) | | | Total Value of Company RSUs and Company Options Vesting ($) | | |||||||||||||||
Glenn P. Sblendorio | | | | | 341,565 | | | | | | 13,662,600 | | | | | | 606,498 | | | | | | 14,060,367 | | | | | | 27,722,967 | | |
Pravin U. Dugel | | | | | 193,625 | | | | | | 7,745,000 | | | | | | 334,375 | | | | | | 8,588,142 | | | | | | 16,333,142 | | |
David F. Carroll | | | | | 102,500 | | | | | | 4,100,000 | | | | | | 176,666 | | | | | | 4,304,978 | | | | | | 8,404,978 | | |
Keith Westby | | | | | 98,750 | | | | | | 3,950,000 | | | | | | 170,729 | | | | | | 4,112,008 | | | | | | 8,062,008 | | |
Christopher P. Simms | | | | | 112,500 | | | | | | 4,500,000 | | | | | | 197,292 | | | | | | 4,942,431 | | | | | | 9,442,431 | | |
| | Common Stock Prices | | | Common Stock Prices | | ||||||||||||||||||||
| | High ($) | | Low ($) | | | High ($) | | Low ($) | | ||||||||||||||||
Fiscal Year 2023 – Quarter Ended | | | | | | | | | | | | | | | | | | | | | | | ||||
June 30 (through [•]) | | | | [•] | | | | | [•] | | | |||||||||||||||
June 30 (through June 2) | | | | 38.25 | | | | | 25.46 | | | |||||||||||||||
March 31 | | | | 26.35 | | | | | 18.25 | | | | | | 26.35 | | | | | 18.25 | | | ||||
Fiscal Year 2022 – Quarter Ended | | | | | | | | | | | | | | | | | | | | | | | ||||
December 31 | | | | 24.33 | | | | | 16.67 | | | | | | 24.33 | | | | | 16.67 | | | ||||
September 30 | | | | 20.99 | | | | | 8.95 | | | | | | 20.99 | | | | | 8.95 | | | ||||
June 30 | | | | 19.34 | | | | | 8.85 | | | | | | 19.34 | | | | | 8.85 | | | ||||
March 31 | | | | 17.37 | | | | | 11.61 | | | | | | 17.37 | | | | | 11.61 | | | ||||
Fiscal Year 2021 – Quarter Ended | | | | | | | | | | | | | | | | | | | | | | | ||||
December 31 | | | | 19.32 | | | | | 13.33 | | | | | | 19.32 | | | | | 13.33 | | | ||||
September 30 | | | | 18.01 | | | | | 6.30 | | | | | | 18.01 | | | | | 6.30 | | | ||||
June 30 | | | | 7.40 | | | | | 5.62 | | | | | | 7.40 | | | | | 5.62 | | | ||||
March 31 | | | | 7.01 | | | | | 4.96 | | | | | | 7.01 | | | | | 4.96 | | |
Name of Beneficial Owner | | | Number of Shares Beneficially Owned | | | Percentage of Shares Beneficially Owned | | ||||||
Named Executive Officers and Directors | | | | | | | | | | | | | |
Glenn P. Sblendorio(1) | | | | | 1,596,008 | | | | | | 1.2% | | |
Pravin U. Dugel(2) | | | | | 576,368 | | | | | | * | | |
David F. Carroll(3) | | | | | 480,639 | | | | | | * | | |
Keith Westby(4) | | | | | 392,417 | | | | | | * | | |
Christopher P. Simms(5) | | | | | 128,888 | | | | | | * | | |
Mark S. Blumenkranz, M.D.(6) | | | | | 106,774 | | | | | | * | | |
Axel Bolte(7) | | | | | 124,774 | | | | | | * | | |
Adrienne L. Graves, Ph.D.(8) | | | | | 124,774 | | | | | | * | | |
Jane P. Henderson(9) | | | | | 140,774 | | | | | | * | | |
Calvin W. Roberts, M.D.(10) | | | | | 149,774 | | | | | | * | | |
Christine A. Miller(11) | | | | | 41,410 | | | | | | * | | |
All Current Executive Officers and Directors as a Group (12 persons)(12) | | | | | 3,973,474 | | | | | | 2.8% | | |
5% Stockholders | | | | | | | | | | | | | |
Entities Affiliated with BlackRock, Inc.(13) | | | | | 9,751,155 | | | | | | 7.1% | | |
Entities Affiliated with Deep Track Capital, LP(14) | | | | | 7,878,119 | | | | | | 5.7% | | |
Entities Affiliated with Vanguard Group, Inc.(15) | | | | | 10,152,003 | | | | | | 7.4% | | |
| SECTION 1 MERGER TRANSACTION | | ||||||
| | | | | A-1 | | | |
| | | | | A-1 | | | |
| | | | | A-1 | | | |
| | | | | A-2 | | | |
| | | | | A-2 | | | |
| | | | | A-3 | | | |
| | | | | A-5 | | | |
| | | | | A-5 | | | |
| | | | | A-6 | | | |
| SECTION 2 REPRESENTATIONS AND WARRANTIES OF THE COMPANY | | ||||||
| | | | | A-7 | | | |
| | | | | A-7 | | | |
| | | | | A-7 | | | |
| | | | | A-9 | | | |
| | | | | A-10 | | | |
| | | | | A-10 | | | |
| | | | | A-11 | | | |
| | | | | A-11 | | | |
| | | | | A-13 | | | |
| | | | | A-14 | | | |
| | | | | A-15 | | | |
| | | | | A-15 | | | |
| | | | | A-16 | | | |
| | | | | A-17 | | | |
| | | | | A-17 | | | |
| | | | | A-19 | | | |
| | | | | A-20 | | | |
| | | | | A-22 | | | |
| | | | | A-22 | | | |
| | | | | A-22 | | | |
| | | | | A-23 | | | |
| | | | | A-23 | | | |
| | | | | A-23 | | | |
| | | | | A-24 | | | |
| | | | | A-24 | | | |
| | | | | A-24 | | |
| SECTION 3 REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB | | ||||||
| | | | | A-24 | | | |
| | | | | A-24 | | | |
| | | | | A-25 | | | |
| | | | | A-25 | | | |
| | | | | A-25 | | | |
| | | | | A-25 | | | |
| | | | | A-26 | | | |
| | | | | A-26 | | | |
| | | | | A-26 | | | |
| | | | | A-26 | | | |
| SECTION 4 CERTAIN COVENANTS OF THE COMPANY | | ||||||
| | | | | A-27 | | | |
| | | | | A-28 | | | |
| | | | | A-31 | | | |
| | | | | A-33 | | | |
| SECTION 5 ADDITIONAL COVENANTS OF THE PARTIES | | ||||||
| | | | | A-35 | | | |
| | | | | A-36 | | | |
| | | | | A-39 | | | |
| | | | | A-40 | | | |
| | | | | A-41 | | | |
| | | | | A-42 | | | |
| | | | | A-42 | | | |
| | | | | A-43 | | | |
| | | | | A-43 | | | |
| | | | | A-43 | | | |
| | | | | A-43 | | | |
| | | | | A-44 | | | |
| SECTION 6 CONDITIONS PRECEDENT TO THE MERGER | | ||||||
| | | | | A-44 | | | |
| | | | | A-45 | | | |
| | | | | A-45 | | |
| SECTION 7 TERMINATION | | ||||||
| | | | | A-46 | | | |
| | | | | A-47 | | | |
| | | | | A-48 | | | |
| SECTION 8 MISCELLANEOUS PROVISIONS | | ||||||
| | | | | A-49 | | | |
| | | | | A-49 | | | |
| | | | | A-49 | | | |
| | | | | A-49 | | | |
| | | | | A-49 | | | |
| | | | | A-50 | | | |
| | | | | A-50 | | | |
| | | | | A-51 | | | |
| | | | | A-51 | | | |
| | | | | A-52 | | | |
| | | | | A-53 | | |
| Bank of America Corporation | | | Page 1 of 3 | |
| Bank of America Corporation | | | Page 2 of 3 | |
| Bank of America Corporation | | | Page 3 of 3 | |