SCHEDULE 13D
CUSIP No. 505743104 | Page 1 of 15 Pages |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 4)
Ladder Capital Corp
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
505743 104
(CUSIP Number)
David A. Smolen
GI GP III LLC
188 The Embarcadero, Suite 700
San Francisco, CA 94105
(415) 688-4800
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
March 13, 2017
(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 Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. ☐
Note: Schedules filed in paper format shall include a signed original and five copies of this schedule, including all exhibits. See Rule 13d-7 for other copies 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. 505743104 | Page 2 of 14 Pages |
1. | Name of reporting persons I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GI Partners Fund III L.P. | |||||
2. | Check the appropriate box if a member of a group (See Instructions) (a) ☒ (b) ☐
| |||||
3. | SEC use only
| |||||
4. | Source of funds (See Instructions)
OO | |||||
5. | Check if disclosure of legal proceedings is required pursuant to Items 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
0 | ||||
8. | Shared voting power
11,842,190* | |||||
9. | Sole dispositive power
0 | |||||
10. | Shared dispositive power
11,842,190* | |||||
11. |
Aggregate amount beneficially owned by each reporting person
11,842,190* | |||||
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
10.7%* | |||||
14. | Type of reporting person (See Instructions)
PN |
* | See Item 5. |
SCHEDULE 13D
CUSIP No. 505743104 | Page 3 of 14 Pages |
1. | Name of reporting persons I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GI Ladder Holdco, LLC | |||||
2. | Check the appropriate box if a member of a group (See Instructions) (a) ☒ (b) ☐
| |||||
3. | SEC use only
| |||||
4. | Source of funds (See Instructions)
OO | |||||
5. | Check if disclosure of legal proceedings is required pursuant to Items 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
0 | ||||
8. | Shared voting power
11,842,190* | |||||
9. | Sole dispositive power
0 | |||||
10. | Shared dispositive power
11,842,190* | |||||
11. |
Aggregate amount beneficially owned by each reporting person
11,842,190* | |||||
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
10.7%* | |||||
14. | Type of reporting person (See Instructions)
OO (limited liability company) |
* | See Item 5. |
SCHEDULE 13D
CUSIP No. 505743104 | Page 4 of 14 Pages |
1. | Name of reporting persons I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GI Partners Fund III-A L.P. | |||||
2. | Check the appropriate box if a member of a group (See Instructions) (a) ☒ (b) ☐
| |||||
3. | SEC use only
| |||||
4. | Source of funds (See Instructions)
OO | |||||
5. | Check if disclosure of legal proceedings is required pursuant to Items 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
0 | ||||
8. | Shared voting power
11,842,190* | |||||
9. | Sole dispositive power
0 | |||||
10. | Shared dispositive power
11,842,190* | |||||
11. |
Aggregate amount beneficially owned by each reporting person
11,842,190* | |||||
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
10.7%* | |||||
14. | Type of reporting person (See Instructions)
PN |
* | See Item 5. |
SCHEDULE 13D
CUSIP No. 505743104 | Page 5 of 14 Pages |
1. | Name of reporting persons I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GI Partners Fund III-B L.P. | |||||
2. | Check the appropriate box if a member of a group (See Instructions) (a) ☒ (b) ☐
| |||||
3. | SEC use only
| |||||
4. | Source of funds (See Instructions)
OO | |||||
5. | Check if disclosure of legal proceedings is required pursuant to Items 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
0 | ||||
8. | Shared voting power
11,842,190* | |||||
9. | Sole dispositive power
0 | |||||
10. | Shared dispositive power
11,842,190* | |||||
11. |
Aggregate amount beneficially owned by each reporting person
11,842,190* | |||||
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
10.7%* | |||||
14. | Type of reporting person (See Instructions)
PN |
* | See Item 5. |
SCHEDULE 13D
CUSIP No. 505743104 | Page 6 of 14 Pages |
1. | Name of reporting persons I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GI GP III L.P. | |||||
2. | Check the appropriate box if a member of a group (See Instructions) (a) ☒ (b) ☐
| |||||
3. | SEC use only
| |||||
4. | Source of funds (See Instructions)
OO | |||||
5. | Check if disclosure of legal proceedings is required pursuant to Items 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
0 | ||||
8. | Shared voting power
11,842,190* | |||||
9. | Sole dispositive power
0 | |||||
10. | Shared dispositive power
11,842,190* | |||||
11. |
Aggregate amount beneficially owned by each reporting person
11,842,190* | |||||
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
10.7%* | |||||
14. | Type of reporting person (See Instructions)
PN |
* | See Item 5. |
SCHEDULE 13D
CUSIP No. 505743104 | Page 7 of 14 Pages |
1. | Name of reporting persons I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GI Holdings III L.P. | |||||
2. | Check the appropriate box if a member of a group (See Instructions) (a) ☒ (b) ☐
| |||||
3. | SEC use only
| |||||
4. | Source of funds (See Instructions)
OO | |||||
5. | Check if disclosure of legal proceedings is required pursuant to Items 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
0 | ||||
8. | Shared voting power
11,842,190* | |||||
9. | Sole dispositive power
0 | |||||
10. | Shared dispositive power
11,842,190* | |||||
11. |
Aggregate amount beneficially owned by each reporting person
11,842,190* | |||||
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
10.7%* | |||||
14. | Type of reporting person (See Instructions)
PN |
* | See Item 5. |
SCHEDULE 13D
CUSIP No. 505743104 | Page 8 of 14 Pages |
1. | Name of reporting persons I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GI GP III LLC | |||||
2. | Check the appropriate box if a member of a group (See Instructions) (a) ☒ (b) ☐
| |||||
3. | SEC use only
| |||||
4. | Source of funds (See Instructions)
OO | |||||
5. | Check if disclosure of legal proceedings is required pursuant to Items 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
0 | ||||
8. | Shared voting power
11,842,190* | |||||
9. | Sole dispositive power
0 | |||||
10. | Shared dispositive power
11,842,190* | |||||
11. |
Aggregate amount beneficially owned by each reporting person
11,842,190* | |||||
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
10.7%* | |||||
14. | Type of reporting person (See Instructions)
OO (limited liability company) |
* | See Item 5. |
SCHEDULE 13D
CUSIP No. 505743104 | Page 9 of 14 Pages |
This Amendment No. 4 (Amendment No. 4) amends and supplements the statements on Schedule 13D filed with the SEC on February 21, 2014 (as amended by Amendment No. 1 thereto filed with the SEC on February 5, 2016, Amendment No. 2 thereto filed with the SEC on December 21, 2016 and Amendment No. 3 thereto filed with the SEC on March 3, 2017, the Original Schedule 13D), relating to the Class A Common Stock, par value $0.001 per share (Class A Common Stock), of Ladder Capital Corp (the Company). The Original Schedule 13D is hereby amended as follows:
ITEM 3. | SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION |
Item 3 of the Original Schedule 13D is hereby amended, with effect from the date of the event giving rise to this Amendment No. 4, by adding the following at the end thereof:
On March 7, 2017, Ladder Capital Corp (Ladder or the Company), certain pre-IPO stockholders of Ladder, including Ladder HoldCo, GI III-A and GI III-B, and UBS Securities LLC (the Underwriter) entered into an Underwriting Agreement, pursuant to which the Underwriter agreed to purchase (the March 2017 Offering) three million shares of Ladders Class A common stock (the Shares) from the pre-IPO stockholders, including Ladder HoldCo, GI III-A and GI III-B. The March 2017 Offering closed on March 13, 2017.
In connection with the March 2017 Offering, on March 9, 2017, Ladder Holdco exchanged an aggregate of 922,168 shares of Class B Common Stock and Units into 922,168 shares of Class A Common Stock. No cash or other consideration was exchanged in connection with the foregoing exchange.
ITEM 4. | PURPOSE OF TRANSACTION |
Item 4 of the Original Schedule 13D is hereby amended, with effect from the date of the event giving rise to this Amendment No. 4, by adding the following at the end thereof:
In connection with the March 2017 Offering, on March 13, 2017, GI III-A, GI III-B and Ladder HoldCo completed a sale of an aggregate 1,113,057 shares of Class A Common Stock to the Underwriter at a price of $14.05 per share.
In connection with the March 2017 Offering, GI III-A, GI III-B and Ladder HoldCo agreed, subject to specified exceptions, not to offer, pledge or sell, or enter into any agreement to sell or otherwise dispose of or transfer, any shares of Class A Common Stock, or securities convertible into or exchangeable or exercisable for shares of Class A Common Stock, for a period of 45 days after March 7, 2017, except with the prior written consent of the Underwriter (the March 2017 Lock-Up Agreement).
References to and descriptions of the March 2017 Lock-Up Agreement set forth above in this Item 4 do not purport to be complete and are qualified in their entirely by reference to the full text of the March 2017 Lock-Up Agreement, a form of which has been filed as an exhibit hereto and incorporated herein by reference.
SCHEDULE 13D
CUSIP No. 505743104 | Page 10 of 14 Pages |
ITEM 5. | INTEREST IN SECURITIES OF THE ISSUER |
Item 5 of the Original Schedule 13D is hereby amended and restated, with effect from the date of the event giving rise to this Amendment No. 4:
(a) and (b)
Reporting Persons |
Number of Shares With Sole Voting and Dispositive Power |
Number of Shares With Shared Voting and Dispositive Power |
Aggregate Number of Shares Beneficially Owned |
Percentage of Class Beneficially Owned |
||||||||
GI III |
0 | 11,842,190 (as converted) |
11,842,190 (as converted) |
10.7 | %* | |||||||
Ladder HoldCo |
0 | 11,842,190 (as converted) |
11,842,190 (as converted) |
10.7 | %* | |||||||
GI III-A |
0 | 11,842,190 (as converted) |
11,842,190 (as converted) |
10.7 | %* | |||||||
GI III-B |
0 | 11,842,190 (as converted) |
11,842,190 (as converted) |
10.7 | %* | |||||||
GI GP LP |
0 | 11,842,190 (as converted) |
11,842,190 (as converted) |
10.7 | %* | |||||||
GI Holdings |
0 | 11,842,190 (as converted) |
11,842,190 (as converted) |
10.7 | %* | |||||||
GI GP LLC |
0 | 11,842,190 (as converted) |
11,842,190 (as converted) |
10.7 | %* |
* | The ownership percentages are based on 76,755,123 shares of Class A Common Stock and 33,976,198 Units and Class B Common Stock, as set forth in the Companys prospectus supplement filed with the SEC on March 7, 2017. |
(c) | To the best knowledge of the Reporting Persons, except as described in Items 3 and 4, none of the Reporting Persons has effected a transaction in Units, shares of Class B Common Stock or shares of Class A Common Stock during the past 60 days (other than transactions that may have been effected in the ordinary course of business in an agency or a fiduciary capacity). |
(d) | Other than the Reporting Persons, no other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Reporting Persons securities. |
(e) | Not applicable. |
SCHEDULE 13D
CUSIP No. 505743104 | Page 11 of 14 Pages |
ITEM 7. | MATERIAL TO BE FILED AS EXHIBITS |
Exhibit 1 | Third Amended and Restated Limited Liability Limited Partnership Agreement of Ladder Capital Finance Holdings LLLP, incorporated by reference to Exhibit 10.3 to the Form 8-K for Ladder Capital Corp, filed on January 5, 2015. | |
Exhibit 2 | Amendment to Third Amended and Restated Limited Liability Limited Partnership Agreement of Ladder Capital Finance Holdings LLLP, incorporated by reference to Exhibit 10.2 to the Form 10-K for Ladder Capital Corp, filed on March 7, 2016. | |
Exhibit 3 | Second Amended and Restated Registration Rights Agreement, dated as of March 3, 2017, by and among Ladder Capital Corp, Ladder Capital Finance Holdings LLLP and each of the Ladder Investors (as defined therein), incorporated by reference to Exhibit 99.2 to the Form 8-K for Ladder Capital Corp, filed on March 3, 2017. | |
Exhibit 4 | Joint Filing Agreement, dated as of February 21, 2014, among the Reporting Persons.* | |
Exhibit 5 | Identification of Members of the Group, dated as of February 21, 2014.* | |
Exhibit 6 | Power of Attorney, February 21, 2014.* | |
Exhibit 7 | Form of Lock-Up Agreement, dated as of March 7, 2017. |
* | Previously Filed. |
SCHEDULE 13D
CUSIP No. 505743104 | Page 12 of 14 Pages |
SIGNATURE
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 as of March 13, 2017. | ||
GI Partners Fund III L.P. | ||
By: By: |
GI GP III L.P., its general partner GI GP III LLC, its general partner | |
By: | /s/ David A. Smolen | |
David A. Smolen | ||
General Counsel | ||
GI Ladder Holdco, LLC | ||
By: | GI Partners Fund III L.P., its sole member | |
By: By: |
GI GP III L.P., its general partner GI GP III LLC, its general partner | |
By: | /s/ David A. Smolen | |
David A. Smolen | ||
General Counsel | ||
GI Partners Fund III-A L.P. | ||
By: | GI GP III L.P., its general partner | |
By: | GI GP III LLC, its general partner | |
By: | /s/ David A. Smolen | |
David A. Smolen | ||
General Counsel | ||
GI Partners Fund III-B L.P. | ||
By: | GI GP III L.P., its general partner | |
By: | GI GP III LLC, its general partner | |
By: | /s/ David A. Smolen | |
David A. Smolen | ||
General Counsel | ||
GI GP III L.P. | ||
By: | GI GP III LLC, its general partner | |
By: | /s/ David A. Smolen | |
David A. Smolen | ||
General Counsel |
[Signatures continue on the next page]
SCHEDULE 13D
CUSIP No. 505743104 | Page 13 of 14 Pages |
[Signatures continued from the previous page]
GI Holdings III L.P. | ||
By: | GI GP III LLC, its general partner | |
By: | /s/ David A. Smolen | |
David A. Smolen | ||
General Counsel | ||
GI GP III LLC | ||
By: | /s/ David A. Smolen | |
David A. Smolen | ||
General Counsel |
SCHEDULE 13D
CUSIP No. 505743104 | Page 14 of 14 Pages |
EXHIBIT INDEX
EXHIBIT NO. |
DESCRIPTION | |
Exhibit 1 | Third Amended and Restated Limited Liability Limited Partnership Agreement of Ladder Capital Finance Holdings LLLP, incorporated by reference to Exhibit 10.3 to the Form 8-K for Ladder Capital Corp, filed on January 5, 2015. | |
Exhibit 2 | Amendment to Third Amended and Restated Limited Liability Limited Partnership Agreement of Ladder Capital Finance Holdings LLLP, incorporated by reference to Exhibit 10.2 to the Form 10-K for Ladder Capital Corp, filed on March 7, 2016. | |
Exhibit 3 | Second Amended and Restated Registration Rights Agreement, dated as of March 3, 2017, by and among Ladder Capital Corp, Ladder Capital Finance Holdings LLLP and each of the Ladder Investors (as defined therein), incorporated by reference to Exhibit 99.2 to the Form 8-K for Ladder Capital Corp, filed on March 3, 2017. | |
Exhibit 4 | Joint Filing Agreement, dated as of February 21, 2014, among the Reporting Persons.* | |
Exhibit 5 | Identification of Members of the Group, dated as of February 21, 2014.* | |
Exhibit 6 | Power of Attorney, February 21, 2014.* | |
Exhibit 7 | Form of Lock-Up Agreement, dated as of March 7, 2017. |
* | Previously Filed. |
Exhibit 7
FORM OF LOCK-UP AGREEMENT
March , 2017
UBS Securities LLC
1285 Avenue of the Americas
New York, NY 10019
Re: Ladder Capital Corp Public Offering
Ladies and Gentlemen:
The undersigned understands that you (the Underwriter) propose to enter into an Underwriting Agreement (the Underwriting Agreement) with Ladder Capital Corp, a Delaware corporation (the Company), and the selling stockholders party thereto, providing for the public offering by you of Class A common stock, par value $0.001 (the Class A Common Stock), of the Company (the Public Offering).
To induce you to continue your efforts in connection with the Public Offering, the undersigned agrees that, without the prior written consent of the Underwriter, the undersigned will not, directly or indirectly, offer, sell, pledge, contract to sell (including any short sale), grant any option to purchase or otherwise dispose of any shares of Class A Common Stock (the Lock-Up Securities) (including, without limitation, shares of Class A Common Stock of the Company which may be deemed to be beneficially owned by the undersigned currently or hereafter in accordance with the rules and regulations of the Securities and Exchange Commission (the Commission), shares of Class A Common Stock which may be issued upon exercise of a stock option or warrant and any other security convertible into or exchangeable for shares of Class A Common Stock, including shares of the Companys Class B common stock, $0.001 par value, units that represent a limited liability company interest in LC TRS I LLC (TRS I Units) and units that represent a limited partnership interest in the Ladder Capital Finance Holdings LLLP (the OP Units)), or enter into any Hedging Transaction (as defined below) relating to the Lock-Up Securities (each of the foregoing referred to as a Disposition) during the Lock-Up Period (as defined in the following paragraph). The foregoing restriction is expressly intended to preclude the undersigned from engaging in any Hedging Transaction or other transaction which is designed to or reasonably expected to lead to or result in a Disposition during the Lock-Up Period even if the securities would be disposed of by someone other than the undersigned. Hedging Transaction means any short sale (whether or not against the box) or any purchase, sale or grant of any right (including, without limitation, any put or call option) with respect to any security (other than a broad-based market basket or index) that includes, relates to or derives any significant part of its value from the Lock-Up Securities.
The lock-up period will commence on the date of this Lock-Up Agreement (the Lock-Up Commencement Date) and continue until, and include, the date that is 45 days after the date of the final prospectus relating to the Public Offering (the Lock-Up Period).
During the Lock-Up Period, the foregoing restrictions shall not apply to: (a) transfers of shares of Class A Common Stock or any security convertible into or exchangeable for Class A Common Stock (i) as a bona fide gift or charitable contribution, (ii) by will or testacy or (iii) to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned; (b) distributions or transfers of shares of Class A Common Stock or any security convertible into or exchangeable for Class A Common Stock to beneficiaries or affiliates of the undersigned, including (x) limited partners, general partners, members, affiliates or stockholders of the undersigned or (y) any corporation, partnership, limited liability company, investment fund or other entity which controls or manages or is controlled or managed by the undersigned or enters under common control or management with the undersigned; provided, that in the case of any transfer or distribution pursuant to clause (a) or (b), (i) each donee, distributee or transferee shall sign and deliver to the Underwriter a lock-up letter substantially in the form of this letter and (ii) no filing under the Securities Exchange Act of 1934 (the Exchange Act) reporting a reduction in beneficial ownership of shares of Class A Common Stock shall be required or shall be voluntarily made during the Lock-Up Period (other than on Form 5); (c) the shares of Class A Common Stock to be sold by the undersigned in the Public Offering; (d) the exercise of an option to purchase shares of Class A Common Stock granted under the Companys 2008 Incentive Equity Plan or 2014 Omnibus Incentive Plan, including on a net basis, provided, that in the event of an exercise on a net basis, the Company becomes the owner of the shares of Class A Common Stock surrendered in the net exercise; (e) transfers of OP Units, TRS I Units and Class B Common Stock to the Company in exchange for Class A Common Stock pursuant to the Third Amended and Restated Limited Liability Limited Partnership Agreement, as amended, of Ladder Capital Finance Holdings LLLP; provided, that in the case of any transfer or distribution pursuant to clause (d) or (e), (x) the underlying or received shares of Class A Common Stock shall continue to be subject to the restrictions on transfer set forth in this letter and (y) no filing under the Exchange Act shall be required or shall be voluntarily made during the Lock-Up Period (other than on Form 5); (f) transfers in connection with a liquidation, merger, stock exchange or similar transaction that results in all of the Companys stockholders having the right to exchange their shares of Class A Common Stock for cash, securities or other property; and (g) the sale of shares of Class A Common Stock purchased on the open market after the date of the Underwriting Agreement; provided, that this clause (g) shall not apply to (x) directors or officers of the Company required to file reports pursuant to Section 16 of the Exchange Act, and (y) no filing under the Exchange Act shall be required or shall be voluntarily made during the Lock-Up Period with respect to such sale (other than on Form 5).
The undersigned hereby agrees that, to the extent that the terms of this Lock-Up Agreement conflict with or are in any way inconsistent with any registration rights agreement to which the undersigned and the Company may be a party, this Lock-Up Agreement supersedes such registration rights agreement.
This agreement shall automatically terminate upon the earliest to occur of: (i) the Company advising the Underwriter in writing prior to the execution of the Underwriting Agreement that it does not intend to proceed with the Public Offering, (ii) the termination of the Underwriting Agreement following its execution and before the closing of the Public Offering and (iii) March 31, 2017, if the Underwriting Agreement has not been executed by that date.
The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement. All authority herein conferred or agreed to be conferred shall survive the death or incapacity of the undersigned and any obligations of the undersigned shall be binding upon the heirs, personal representatives, successors and assigns of the undersigned.
[Signature Page Follows]
Very truly yours, | ||||
The undersigneds name (if an individual): |
||||
(Print) | ||||
(Signature) | ||||
(Date) | ||||
The undersigneds name (if other than an individual) |
||||
(Print) | ||||
By: | ||||
(Signature of authorized representative) | ||||
Its: | ||||
(Name and title of authorized representative) | ||||
(Date) |