Exhibit 99.2
BridgeBio Pharma LLC Lock-Up Agreement February 25, 2019
J.P.Morgan SecuritiesLLCGoldman Sachs&Co. LLC
Astwoof therepresentativesof theseveral Underwriters namedinScheduleIof the Underwriting Agreement
c/o J.P. Morgan Securities LLC 383 Madison Avenue
New York, New York 10179
c/o Goldman Sachs & Co. LLC 200 West Street,
New York, New York 10282
Re:BridgeBio Pharma LLC - Lock-Up Agreement
Ladies and Gentlemen:
Theundersigned, currentlyanownerofmembership interestsinBridgeBio Pharma LLC,aDelaware limited liability company(the“LLC”), who will becomean ownerof equity interestsinBridgeBio Pharma, Inc.assuccessorto the LLC (the“Company”), understandsthatyou, J.P. Morgan SecuritiesLLC(“J.P. Morgan”)andGoldman Sachs&Co.LLC(“Goldman Sachs”,andtogether with J.P. Morgan,the“Releasing Underwriters”), proposetoenter intoanUnderwriting Agreementonbehalf oftheseveral Underwriters namedinScheduleI tosuch agreement (collectively,the“Underwriters”), withtheCompany, providingfor apublic offering(the“Public Offering”) oftheshares (the “Shares”) ofthecommon stock oftheCompany,parvalue $0.01pershare(the“Common Stock”), pursuantto aRegistration StatementonFormS-1 to befiled withtheSecuritiesand ExchangeCommission(the“SEC”).
Inconsiderationof theagreementby theUnderwriterstoofferandselltheShares,and forothergood andvaluable considerationthereceiptandsufficiency ofwhich is herebyacknowledged,theundersignedagreesthat, duringtheperiod beginningfrom the dateof this Lock-Up Agreementandcontinuingto andincludingthe date 180daysafter the date set forth on the finalprospectus usedto sell theShares(the “Lock-UpPeriod”),theundersigned willnot offer,sell, contracttosell, pledge,grant anyoptiontopurchase,make anyshort saleorotherwise disposeof any units oftheLLC orsharesofCommon Stock oftheCompany,or anyoptionsorwarrantstopurchaseanysharesofCommon Stock oftheCompany,or anysecurities convertible into, exchangeablefororthatrepresenttherighttoreceive sharesofCommon Stock oftheCompany, whethernowownedorhereinafter acquired, owned directlyby theundersigned (including holdingas acustodian)orwith respecttowhichtheundersignedhasbeneficial ownership withinthe rules andregulationsof theSEC (collectivelythe"Undersigned'sShares"),orpublicly disclosetheintentionto make anysuch offer, sale, pledgeordisposition.Theforegoing restrictionisexpresslyagreed toprecludetheundersignedfromengagingin any hedging orother
transaction whichisdesignedto orwhichreasonablycouldbeexpectedtoleadto orresultin asaleordispositionofthe Undersigned’s Shares evenifsuch Undersigned’s Shares wouldbedisposedof bysomeone otherthan theundersigned. Such prohibited hedgingorother transactions wouldincludewithout limitationany shortsaleor anypurchase, saleor grantofany right(including without limitationany put or calloption) with respectto any of theUndersigned’s Sharesorwith respectto anysecurity convertible intoorexchangeableforshares ofCommonStock.Inaddition,theundersigned willnot make anydemandfor theregistration oftheUndersigned Shares duringtheLock-Up Period.If theundersignedis anofficerordirector oftheissuer,theundersigned further agreesthat theforegoing provisions shallbeequally applicableto anyissuer-directed Sharestheundersignedmaypurchasein thePublic Offering.
If theundersignedis anofficerordirector oftheCompany,(i)theReleasing Underwritersagreethat,atleastthreebusiness daysbeforethe effectivedate of anyreleaseorwaiverof theforegoing restrictionsinconnection withatransfer of shares of Common Stock,theReleasing Underwriters willnotifythe Companyof theimpendingreleaseorwaiver,and(ii)theCompanyhas agreed in theUnderwriting Agreementtoannouncetheimpending releaseorwaiverbypress releasethrough amajor news serviceatleasttwobusiness daysbeforethe effectivedate of thereleaseorwaiver. Any releaseorwaivergranted by theReleasing Underwriters hereunderto anysuch officerordirectorshallonly beeffectivetwobusiness daysafter thepublicationdate ofsuch press release.Theprovisionsofthis paragraph willnotapplyif (a)the releaseorwaiveriseffected solelytopermitatransfernot forconsiderationand (b) thetransfereehasagreedinwritingto beboundbythesameterms describedinthis letterto theextentand for thedurationthatsuch terms remainineffectat the timeofthetransfer.
Notwithstanding the foregoing, the undersigned may transfer or otherwise dispose of the Undersigned’s Shares:
| i. | acquiredin thePublic Offeringif theundersignedis not an officer ordirectorof theCompanyor intransactions relatingto theSharesorother securities acquiredinopenmarkettransactions afterthe dateofthe finalprospectus; |
| ii. | as abona fidegift orgifts, providedthat thedoneeordonees thereof agreeto beboundinwritingby therestrictionsset forthherein; |
| iii. | to any trust for thedirectorindirect benefitof the undersigned or theimmediate familyof theundersigned, providedthat thetrustee ofthetrust agreesto bebound in writingby therestrictionsset forthherein,andprovided further thatanysuch transfer shallnotinvolveadispositionforvalue; |
| iv. | bywillorintestacy, providedthat thelegatee, heir or other transferee,as thecasemay be, agrees to bebound inwritingby therestrictions set forthherein; |
| v. | to anyimmediate family member, providedthatsuch family memberagrees to beboundby therestrictionsset forthherein; |
| vi. | bysurrenderorforfeitureofSharesorother securitiesof theCompanyto theCompanytosatisfytaxwithholding obligations upon exerciseorvestingor theexercisepriceuponacashlessnetexercise,ineach case, of share options, equity awards, warrantsorotherright toacquire Shares expiring duringtheLock-Up Period pursuantto theCompany’s equity incentive plans describedin theRegistration Statement, providedthat anyfilingmadepursuanttoSection 16(a) oftheSecurities Exchange Act of 1934, as amended (the |
“Exchange Act”) shall includeafootnote notingthecircumstances describedinthis clauseand noother public announcement shallberequiredorvoluntarilymade inconnection with such transfer;
| vii. | if theundersignedis acorporation, partnership, limited liability company,trust orother business entity, pursuantto adistributiontoitspartners, membersorstockholders, subsidiariesoraffiliates (as definedinRule405promulgated undertheSecurities Actof1933,asamended) oftheundersignedor to anyinvestmentfund orother entitythatcontrolsormanagestheundersigned(or isunder common controlormanagement withtheundersigned) providedthatsuch transferee agreesto beboundby therestrictionsset forthherein; |
| viii. | byoperationoflaworpursuantto acourt orderorsettlement agreement relatedto thedistributionofassetsinconnection withthedissolutionof amarriageorcivil union; |
| ix. | pursuant to a bona fide third party tender offer, merger, consolidation or other similar transaction made to all holders of shares of Common Stock involving a change of control of the Company that, in each case, has been approved by the Company’s board of directors, provided that all of the Undersigned’s Shares subject to the restrictions in this agreement that are not so transferred, sold, tendered or otherwise disposed of remain subject to this agreement, and,providedthat in the event that the tender offer, merger, consolidation or other such transaction is not completed, the Shares owned by the undersigned shall remain subject to the restrictions contained in this agreement; |
| x. | in connection with the issuance of shares of the Company’s Common Stock upon the conversion of the LLC into the Company, as described in the Registration Statement for the Public Offering; or |
| xi. | withtheprior written consent oftheReleasing Underwritersonbehalf oftheUnderwriters. |
Forpurposes of this Lock-Up Agreement,(A)“immediate family” shallmean anyrelationshipbyblood,marriageor adoption,notmore remotethanfirst cousinand(B)“changeof control” shallmean theconsummationof anybonafidethirdpartytenderoffer,merger, purchase, consolidationorother similar transactiontheresult ofwhichis that any“person”(asdefined in Section 13(d)(3) oftheExchange Act),or groupof persons, becomes the beneficial owner(asdefinedinRules13d-3 and 13d-5oftheExchange Act) ofatleast50%of total voting powerof thevoting stock oftheCompany. Inaddition, notwithstandingthe foregoing,iftheundersignedis acorporation,thecorporationmaytransferthecapital stock oftheCompanyto anywholly-owned subsidiaryofsuch corporation;provided,however,that in anysuch case, otherthan in thecaseofclauses(i),(vi)and(ix) (exceptasotherwise specifiedinsuch clauses),itshallbe aconditionto thetransferthat thetransferee executeanagreement statingthat thetransfereeisreceivingandholdingsuchcapital stock subjectto theprovisions of this Agreementandthere shallbe nofurther transfer of such capital stock exceptinaccordance with this Agreement, and providedfurther that anysuch transfer shallnotinvolveadispositionforvalue. Notwithstanding anythingto thecontrary,in thecase of clauses (ii)through(v), (vii)and(viii) above,nofilingundertheExchange Actor anyother public filingordisclosureofsuch transferby or onbehalfof theundersigned shallberequiredorvoluntarilymadeduringtheLock-up Period (otherthan afilingon a Form 5 andotherthan arequired filingonSchedule13G,Schedule13G/A or Form13F).Inaddition, nothinginthis Lock-Up Agreement shall prohibittheexerciseof anyoption, warrantorotherrights toacquire theCompany’s Shares orother securities, thesettlement of anyrestricted shares orthe conversion of any convertible security into Shares, in each case described in the Registration Statement, provided that the Shares or other securities remain subject to this Lock-Up Agreement.
Inaddition,theundersignedmayenter intoany plandesignedtosatisfy the requirementsofRule 10b5-1(a“10b5-1 Plan”) underthe ExchangeAct (otherthan the entryinto sucha plan insuchamanneras toallowthe sale ofShares,ineach case, withinthe Lock-UpPeriod); provided however,nosaleofSharesmay be madeunder such10b5-1Plan during theLock-UpPeriodand nopublic announcementorfiling undertheExchange Act regardingtheestablishmentofsuch 10b5-1 Planshall berequiredor madeduringthe Lock-UpPeriod.
In theeventthat(i)theReleasing Underwriters release,in full or in part, anyofficer, directororother stockholderof theCompany who beneficially owns(as such term isdefinedinRule13d-3underthe ExchangeAct)atleastonepercent(1%)oftheoutstanding sharesof theCommon Stock(a“Triggering Stockholder”)fromthe restrictionsof any lock-upagreement similartothis agreement signedbysuchTriggeringStockholderfor thebenefitof anyUnderwriterinconnection withthePublic Offeringand(ii) such releaseorseriesofreleasescumulativelyrelatesto more than100,000 shares of Common Stock (as adjustedfor anystock dividend, stock split, combinationofshares, reclassification, recapitalizationorother similar event) heldby theTriggering Stockholder ((i)and(ii) together,a“Triggering Release”),thenthe undersigned shallbeautomatically releasedfromthis agreementto the sameextent, with respectto the samepercentage of Company securitiesof theundersignedas thepercentageofCompany securities being releasedin theTriggering Release represent with respectto theCompany securitiesheld by theTriggering Stockholder (calculatedas apercentage ofthe totaloutstanding sharesofCommon Stock heldby theTriggering Stockholder)at the timeoftherequest oftheTriggering Release.In theeventof aTriggering Release,theCompanyshall useitsreasonable bestefforts tonotifytheundersigned withintwo (2)business daysof theoccurrenceofsuch Triggering Release. Notwithstandingtheforegoing,theprovisionsofthis paragraph willnotapply(i)(a)ifthereleaseorwaiveriseffected solelytopermitatransfernotinvolvingadispositionforvalueand (b) if thetransferee agreesinwritingto bebound bythe sameterms describedinthisLock-UpAgreementto theextentand for theduration that suchtermsremainineffectat the timeof transfer, (ii)if thereleaseorwaiver is inconnection withany primaryand/or secondary underwritten public offering of Common Stock(an“Underwritten Sale”), providedthatsuchwaiverorreleaseshall only applywith respectto theundersigned’s participationinsuch Underwritten Saleor(ii)if theTriggering Stockholderis anatural person,if thereleaseorwaiveris granted due tocircumstances ofanemergencyorhardshipas determined by theReleasing Underwritersintheir sole judgment.
Theundersignednow has,and, exceptascontemplatedbyclause(i)through(xi) above,for theduration of thisLock-UpAgreement will have,good andmarketable titleto theUndersigned’s Shares,free andclearofall liens, encumbrances,and claimswhatsoever.Theundersigned alsoagrees andconsentsto the entry of stoptransfer instructions withtheCompany’s transfer agentandregistrar againstthetransfer oftheUndersigned’s Shares exceptincompliance withtheforegoing restrictions.
In theeventthateither oftheReleasing Underwriters withdrawsfrom ordeclinestoparticipatein thePublic Offering, all referencesto theReleasing Underwriters containedin thisLock-Up Agreement shallbedeemedtorefertothe sole Releasing Underwriterthatcontinuestoparticipatein thePublic Offering(the“Remaining Releasing Underwriter”), and,insuchevent, anywritten consent,waiverornotice givenordeliveredinconnection with thisLock-UpAgreementby theRemaining Releasing Underwriter shallbedeemedto besufficientandeffectiveforall purposes under this Lock-Up Agreement.
Theundersigned understandsthat theCompanyand theUnderwritersarerelying upon this Lock-Up Agreementinproceeding toward consummation ofthePublicOffering. Theundersigned further understandsthatthisLock-UpAgreementisirrevocableandshallbe bindingupontheundersigned’s heirs, legal representatives, successors,andassigns.This Lock-Up Agreement may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000,e.g., www.docusign.com or www.echosign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
ThisLock-Up Agreement(and for theavoidanceofdoubt,the Lock-UpPeriod described herein)andrelated restrictions shall automatically terminate upontheearliesttooccur, if any, of (i)theCompany advisingtheReleasing Underwritersinwriting priortothe executionofthe Underwriting Agreementthat it hasdeterminednot toproceed withthePublic Offering, (ii)thetermination oftheUnderwriting Agreement beforethesale ofanySharesto theUnderwriters, (iii)theregistration statement filedor the draftregistration statement confidentially submitted withtheSEC with respectto thePublic Offering contemplatedby theUnderwriting Agreementiswithdrawnor(iv) September30,2019,in theeventtheclosing ofthePublic Offering shallnothave occurredon orbefore such date.
[Signature page follows]
Very truly yours,
Viking Global Opportunities Illiquid Investments Sub-Master LP
Name of Security Holder(Print exact name)
By:Viking Global Opportunities Portfolio GP LLC,itsgeneral partner
By:Viking Global Opportunities Portfolio GP LLC,itsge
/s/ Matthew Bloom Signature
If not signing in an individual capacity:
Matthew Bloom Name of Authorized Signatory(Print)
Authorized Signatory Title of Authorized Signatory(Print)
(indicate capacity of person signing if signing as custodian, trustee, or on behalf of an entity))
[Signature page to BridgeBio Pharma LLC Lock-up Agreement] |