EFTA01125271.pdf

Biosys Capital Partners, LP October_, 2014 Gates Ventures, LLC 2365 Carillon Point Kirkland, WA 98033 Re: Biosys Capital Partners, LP Ladies and Gentlemen: Reference is hereby made to the Agreement of Limited Partnership of Biosys Capital Partners, LP, a Delaware limited partnership (the "Partnership"), dated as of [date] (as amended from time to time, the "Partnership Agreement"), by and among Biosys Capital Management, LLC, a Delaware limited liability company, as the general partner (the "General Partner-) and the Limited Partners party thereto, including, without limitation, Gates Ventures, LLC (the "Investor"). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Partnership Agreement. In consideration of the investment by the Investor in the Partnership, the General Partner and the Investor agree, upon the admission of the Investor to the Partnership as a Limited Partner, to the provisions set forth herein: 1. $fosl Favored Nations. Neither the Partnership, any Parallel Fund,- or any Commented Nell): Move go ahead and odd F&F exception language but with a cap that (excluxive of GP into...oil no mote dun Feeder Fund-or-othec-retated-entity ((each, a "Parallel Vehicle") the General Partner nor 3%of committed carind will be in a reducedor Ttf0 fee clam. any of their respective Affiliates has entered into, or will enter into, any side letter or Hayes Nuss 2011.10.10 18:40:00 similar agreement (each, a "Side Letter") with any existing or future investor in connection with the admission of such investor to the Partnership as a Limited Partner or a Parallel Vehicle as a limited partner (or other comparable role) before, on or after the date hereof that has the effect of establishing rights or otherwise benefiting such investor in any manner more favorable in any material respect to such investor than the rights and benefits established in favor of the Investor by the Partnership Agreement or pursuant to this letter agreement unless, in any such case and except as provided below, within 30 days of entering into such Side Letter, the General Partner shall offer to the Investor in writing the opportunity to receive the same rights and benefits granted under such Side Letters. The Investor shall notify the Partnership in writing, within thirty (30) days after the date it has been offered the opportunity to receive such rights and benefits. of its election to receive any such rights or benefits so offered. Notwithstanding the foregoing, duplicative Side Letter provisions are not required to be re-circulated to the Investor pursuant to this Section I. The Investor acknowledges that it will not. solely by reason of this Section I, (i) receive any rights or benefits established in favor of another Limited Partner or any limited partner or other investor in a Parallel Vehicle (each a "Subject Party") by reason of the fact that such Subject Party is subject to any laws. rules or regulations to which the Investor is not also subject; (ii) receive any rights or benefits 46093276_2 EFTA01125271 which are personal to such Subject Party based solely on the place of organization or headquarters, organizational form of, or other particular restrictions applicable to, such Subject Party: (iii) receive any rights or benefits established in favor of a Subject Party with respect to such Subject Party's right to appoint one or more persons to the Advisory Committee (or similar body with regard to any Parallel Vehicle); or (iv) receive any rights or benefits granted to the General Partner, the Advisor, any general partner or similar functionary with regard to a Parallel Vehicle or their respective Affiliates partners, members, stockholders, owners or employees. 2. Use—of--NatnerNotwithstainfing—Seenon 13.15 of the. Partnership Agpeetnentr subjeet40-the-in'alitef-seither-the-nannarship.rthe-Genent4 or-arty-Affitiates-d-rzof shall-use-or-diselose-tite-lewestorls-narne-(or-the-tianie-of-any altiliate-of-loyestor)-without-the-prior-written-son.sent-of-the-Invostor,-Notwithstathling diselosuretgarding-the-InvestorsLtanieipanon-in-the-Partnership-ni-the-extent-required by-taw-or-legal-processrnor-restrict-the-Genoral-P-amner-frorn-making-anv-diselosure as-agreed-upon-by-the-trwester-and-the-Gettera4-Partner-and-set-forth-to-in-the-Priyate Plac-ernent-iylemosaclam, 3. Further Information. Notwithstanding anything to the contrary in the Partnership Agreement or the Investor's Ssubscription agreeinentAgreement, the General Partner agrees that the Investor will not be required to provide (i) any personal or financial information regarding its members, managers, seniors, trustees, agents, employees, other representatives or beneficial owners, or (ii) any of the information or documentation set forth in Section 6.2(b) of the Partnership Agreement, other than information that has previously been provided in the Investor's Ssubscription agreententAgreement. 4. Advisory Committee Materials: Observer Rights. The General Partner shall, as soon as reasonably practicable, forward to the Investor all materials provided to the members of the Advisory Committee if also offered to all limited nal mers. .1.:—:ate—l+westor—shatI—upon—request,haJoe—the—sighi—to—Elesitotate—a remesemetive-to-mtetid-atith,b.,,t,e ...,11-meeting-efilte-Advisory-GoThitnittee-protitled tlim-stiek-represetitativz shall-not-partic-ipaie-in-any-vote-of-theadvisoi-y-Committer-or aii5“commimee-theraef, 5. Alternative Investment Vehicles: Parallel Vehicles. The General Partner agrees that the Investor shall not be required to participate in any investment through any Aaltematiye investment-Investment vehicle-Vehiclefeash—an or Parallel Vehicle without the Investor's prior written consent (such consent not to be unreasonably withheld). If the General Partner intends to form an AIV-Alternative Investment Vehicle in which the General Partner will request that the Investor participate, the General Partner will provide the Investor with drafts of the governing documents of such Alternative 46093276_2 2 EFTA01125272 Investment VehicleAIM as soon as reasonably practicable and in advance of the date that the Investor would become a participant in such Alternative Investment VehicleA14. 6. Application to Alternative Investment VehicleAlVs and Parallel Vehicles. Notwithstanding anything to the contrary in the Partnership Agreement, the General Partner hereby agrees that the provisions of this letter agreement shall apply, to the extent relevant, to any investment holding company, Parallel Vehicle and/or Alternative Investment VehicleAPA used by the General Partner or the Partnership in relation to the Pactnership-andiec-ally-ilnvestments in-sonaesiien-thecew.ithmade by the Partnership. 7. Opinion of the Investor's In-House Counsel. The General Partner agrees that, in connection with any opinion of the Investor's counsel, in-house counsel shall be deemed by the General Partner to be reasonably acceptable counsel for the Investor. 8. Transfers. Notwithstanding anything in the Partnership Agreement to the contrary, the General Partner hereby agrees that it shall 1494-v.444thekl-asrequest consent to the transfer of all or any portion of Investor's interest in the Partnership to any charitable organization designated by Investor; provided that such Transfer otherwise complies with the requirements of the Partnership Agreement and applicable law. Consent will not he unreasonably withheld. 9rIkeoree.etuationscWacranties—and—Covenams,--The—Ctetieral—Paarterr Commented [14N2): Can we find a my to bid these to ihe LPA? I created another Article XIV fee raw and xarnailei in the nioche4 LPA. the date hereof und-at-the-tiffle-tIte-Perinershipttkes-attriewestfuent-thatt Hap% Nun 2014.10.11 1 ett) 14tere-is-tto-litigatienrkwestigetiett-er-etherifeeeetliftg-pettcling egeinst-the-Pertriershipr die-Cienerel-Perhier-or-eny-of-their-Alnlietes-whiehr if advepse.ly-cletecmine€1,441114-Raatecial*ailverseInffeet-the-Imisiness-efaafiGial perfortn-its-respeetive-obligittioris-wider-the-Perinershirtstreement-or-this-letter agr-eemsand4ke-Cienecal-Pactfier-is-H94-avkir-e-ef-any-basierfer-sueh4itigatien; (b) Assuming-the-lavesterls-.due-cuterizetiehrexeeutien-and-delivery ef-the-Sekterietietl-agreemeat-(14-the-interest-te-be-aequired-brthe-kwestef cepfesents-a-fluIran4-4444413riseued-interest-in-the-Pactoepthip-and-(44-the imited-Ilefitier-undet-the-Partnership-Agreement-and-the-laws-of the-State-ef-Delawarei (4)--TheFe-aw-ae-Fia141ities-ef-t4e-Psecs.hie-Other-than-a8-desecibed-as Path 1StS-of44amtgetnent-Fees-iti-the-Parmaship (d) The execution ielivery-and-perfermanee-ef-the-Partnership brcaeh of anY applicable-te-the-General-Partnerae-Partnership: 46093276_2 3 EFTA01125273  40 C-empliaace-with-Lawsalleirespecal-Panner-so.44I-use-ceasepable-effects-te Commented [FIN3J: Added to LPA secnon 13.17 Hayes Ness eause-the-Rartpecthin-ke-Gempbfria-all-material-reaneeterwith-all-laws-applinable-te-the 2014.10.11 11:50:00 eendttet-ef-the-business-ef-the-Partnership, 9. Representations. Warranties and Covenants. jal The General Partner, on behalf of itself and the Partnership represents. warrants and covenants to the Investor on the date hereof and at the time the Investor makes a Capital Contribution to the Partnership that: there is no litigation, investigation or other proceeding pending against the Partnership. the General Partner or any of their Affiliates which, if adversely determined, would materially adversely affect the business or financial condition of the Partnership or the General Partner or the ability of either to perform its respective obligations under the Partnership Agreement or this letter agreement, and—the—Gener.al Parnier—is—not-awaie-of—any—besis—for-sueh-lifigatiotirinyestigation-or tweseedingi-and (ill The execution, delivery and performance of the Partnership Agreement by the General Partner does not violate or constitute a default or breach of any contract, indenture, agreement. commitment or mortgage applicable to the General Partner or the Partnership. (b) The General Partner, on behalf of itself and the Partnership represents, warrants and covenants to the Investor on the date hereof and on the date that the Investor makes its first Capital Contribution to the Partnership that: f Assuming the Investor's due authorization, execution and delivery of the Subscription Agreement (A the interest to be acquired by the Investor represents a duly and validly issued interest in the Partnership and the Investor is a Limited Partner under the Partnership Agreement and the laws of the State of Delaware: and (ii) There are no debts of the Partnership other than with regard to expenses described as Partnership Expenses. Organizational Expenses or Management Fees in the Partnership Agreement. 4-I—Nett-t4TSFax‘etion.---The-Partftership-sItti14-not-tnake-tin Commented [11P14): The is already in Section 8.Si Oaf 1.PA. Now 8.6.111). itwestment-in-a-nertfolle-comnany-otganized-under-the-lay.,s-efrer ha*ing-its-pr-ipeipal-plase-ef-bpsip atofrj+14SdiC44014-44her.4kan Rodi it fine so not use- Local' Hayes Nuts 20144013 14:44:00 aelyiee-of-nanntable-lesal-tax-adyisers4hat-siteh-invesunent-will-ne; cauco the investor. colely as a r2cu1t of being a 1imit1d partner in the-Peettentiprte-be-rettired-either±)-te-file-tffly-tterrettint-er renert-in-such-jurisdie-tiewer-0040-nay-tax-in-siteh-jurisdietionr in 46093276_2 4 EFTA01125274  eaoh-easer widi-respeot-te-144C-041e-404-der-ived4404414140-Partoopship: lf-raotwidamaadiorthe-foregeiogr the-Cioaecal-PartooF-becomes awate-that-the-Invemor-is-rectuired-to-parsueli-tax-or-to-ftle-suelra tax ratuni or report, (ho Cenaral Partner shall promptly notif tb lovestor-thereog 12 -Tax-Stfuotuciag rthe-Cteoecal-Por-toor.-shall-tise-reasoftable commies [HMS]: Added to LPA Section82 Hayes Noss 2014.10.15 1134:00 amieipated-willikokting-and-other-taxes-imposed-direedy-or indifecity-oa411e-loves;or.-5.vith-cespeci40-inceme-or-distfibotioos 13 Wiehlkoldiag-Taxes= lf-dke-Geoecal-Pactaer-becomes-aware Commented [HIM): Added to the end of 43(ht Ilnye; Nuss of-any-withholdintor-othertes-imposechlifeeily-or-aldireetly-on 2014.10.15 II:59:00 he- Investor-Wit Paaneithier it-shall-pfemptly-141244-the-loyestoc-thecoog 14 C-eairene.d4oceiga-C-oFpecatia ~Prio.t to lke-Pariser-ship Commented [FIN7]: Added to LPA in Section 8.I0 Hayes Nun 201410.151221:00 taxable-es-a-eorporation-feethSrfedefolimeome-amt-purposes-orj dke-Gefteral-Pactoef-Geltt a the ef-te-hold-an-iotecem-io-a Panner-shall-use-reasonable-besfeffetas-to-detennifte-svliether-sueli eatity-(cw-API-er.-Para4lel-Mehisle)-is-or-is-reasoaahly-kkelHo CaflMikae-a=sentretled-feceign-secpecatien=within-the-meaning-ef Section-95-7-ef ds Code (a "CFC") of-which-the-hwegot4s-a utleited-States-shai:eholder v.ithio-dte-oleaniati-ef-Seciiea45-1.(4).) General-Partner-subsequently-detertnows4hat-any-sueh-entity-(or notify-ille-Investot-thereof:-, (4)-Wie-eotontertially-reasoftable-effefis Ift-R4i144142€4AfOille.-Of-stish-GFC-that-is-sobjest-te-ifte4usien-in ineeme-of--14,Snshato4olders-of-sosh-C-FC--puccmaa4-to-Seetioa-44 of-die-Codeand-H-oseleationabk-best-efforis-to-timely-provide-to the-lovester-a44-ifileFffiaill14-HefeSfiac e-lovestor-to-file-ao Passivo—Fecoiga—loyestaiem—C-effipaoies—The—Geoeral commented [HMS]: Added to LPA in Section 8.I I Hayes Noss 201440.15 l22I:00 preetieable-fellowing-the-ead-okaeh-ftseal-year ofte Panne, ship. aorPacallel-slehis4e-or-aoya.vlik,A-dio-lassosioc-Ita-. an ....1 180 du,,s of the of yearrwhedier-(3)-any-non-IrSrentity-heldr direetty-or-indireetlyr by coactiwted (- "PFIC") within ih,. meaning-of-Section 1297-of-the-Code-for-soeh-ftseal-yeetth(h) 46093276_2 5 EFTA01125275  premps15.-no4ify-ille-liwester4f-any-suoh-emity-(er-APY-is eletecmined40-hea-H-sommeneing-with-the-CWSi-f+seal year-for-which-tifirsuelt-ensity-(ot.-A-R9-is-deterntined-to-be-a 1244C-ruse-seasonaMe-bost-efforts-te-PMely-prawkle40-thea4Of all-infeapation-ROPOSSefef-the-lewsstor-to-make-and-miniain-a Nualifted-eleeting-fitt eleetion-with-respeet-to-aueh-PEIC pursuant-to,Seetion-1496-of.the-Ce4p. 46r—histedgransaetions he-Coneral-Partner-shall-use-reasonable-best-efforts to-eause-the-Pastnership-not-to-enter-into-a-P44SPOPOPr diceetly-or-iadirpetP,r tlkat-is-a "Lst.AI tntaaet:en" Alcat-the ntea...nb of Tf,Pilify It:gelation g 1.6011 4(b)0. Commented [1049]: 71.e is addresad in Section 8.500 Her% Nun 2011.10.1111:14:00 47 -Tax-lefor-masion ifr-the-General-Pastaer-has-not-fumislied-an-IRS Commented [14N10]: We can provide estimated1:1s in ninety Sehetlu4e-K-1-(er-if-t4te-Partttership-is-not-reqtnted-to-tile-a-UArfedera4-ineeme-tax-retern; days. This was added to LPA in 7.240100 the-equWatent-therwal)-within-94-da”-atler-the-end-of-a-fiscalteapof-the-Partnecshipr the Nays Num 2011.10.1115:04:00 Getteral-Pastner-shal4-wititin-nueh-00- perio44-pro*ide-te-the-144*0640f-a-good-faith . • t for • fweal-yearr vehish-shall-inolude-an-estimate-of-eae-b-majoeomponent-of-sueb-taxable .141C-041.1erinduiling-er.dinapy-ineemer loos-tecal-sapitaliaifis-affii-l emi-sapital anJ etaaltf..1 and ,I,d.etiunc.. The Cena.l Pa.titer preyid, to-the-hwestoppromptty-upowrequeat-sueil-mhor-ittformatien-reasonahly-requenied-hy-the Investor in order to Ala tax returns and repertn or to obtain any available axemption rt.daetion .a, or refund of width...L(4Mb or odes taxea, e. to ela.a. a.., respect-thereto. 4g. FATCA. It a ntaterial-ainoont-ofwithltording-uptes-is-reasottably-expeeted Commented (14N11): FATCA ismntie.edin 5.11% fee A1V invcsunint, so-be-withheld-pursuant-te-SePP0446-1247.-1-to-14.7.4-4-the-Code-(44-T ayments reveiPed-lay-the-Pastaesal lel-Mehie4er any-non-kkgrentity-eoptrol4ed-by-the Conte take the tae use out of 5.1060 and do a single section? I think we eat do • aoselidated section in 8.12 Parincrahip or any-Parallel Vchicic or any-non-U.S. MV in-whieh-the-lnvcator holds-an Hays Nuts .1414ereMT-440-reselle.Fai-Papifter-shall-use-reasegable-be.s4-efforts40-e-ause-the-Partilership, 201410.131523:00 enter -intoond-eomply-with-an-agreement-deteribed-in-seetiott-447 I (1904-of-the-Code,,-(A) comply-with applicable foreign law enactad in connection with an intergovernmental agreement-implementing-gsg-C-A-or-(e)-0thefb4se-take-suoh-other-aesione-a.shall-he neeesaary-to-avoid-soelt-withholding-taxes, Percentage Ownership Interest. roks of the date of this letter agreement, the Commented [14N12]: We (eel we can safely make this tepresenution Investor has made a Capital Commitment to the Partnership in the sum of 520.000.000. Hayes Nuts lie thz 441't th.2 1.1"2."ter'." ^groote C^pital C-rnentnenultz General Partner 2011.10.13 15:23:00 any-Pitratkl-Whiele-and-or-eny-Attemative-hwestment-VeltteleA4V-fetteh lehiele:-1 ; contramtion-40-apy-sueb-Vehiele-then-the-hwestm-mav-eleet-by-detivery-of-written-nottee 25% of tl— lotui S.Ch tlt. e tle.t Investor-makes-such-election. thenand shalt to no event at any titne-exeeed-25 (it) 46003276_2 6 EFTA01125276 the-lavemorAs-sorninitment-to-the-Pactner-s -any-Pare44.14414ole-or-anyalV-shal4-no; Velnele-and-(e)-the-liwestorla-Capitat-cominitment-to-the-Pertfiership-represems 25°4 or lose of aggrzgate Capital Commitin,mts to thr Partner-hip and shall in no avent at —ty timr axe rd 25 °C. Promptly following written requzst of the Invafter thz Cznzral Partner shall provide-the-investor with a written-tertificate executed by the General Partner imrsuan; 40-4414011-ii-tilinit-C.ealf44-11V-aeereealtl-C4411#1n4Incli4IS-then made-to-any Velne-le-to-whie-li-the-LaVe440f-lia,:-Makie-a-C-04411144111WIIH.BiGS Gade-N,41.1-need-40 aitalyze-its-reettlateryietreregetiott-emteerns-and-how-to-eomplete-the-threshords-in-this paragrapit-wh iave-Hifife-ilifefiliaiitl-about-what-Gaseade4-pereemage-ownership of-the-Pannership-will-be-and-we-will-suggesi-persentages-to-inolude-in4Itis-paragraph-ar that-timei Material Regulatory Burden: Excuse. commiatted [IMOD Tha one they setaxd set on bai tat sure how ii can be relevant for their investment in Biosys. Hayes Nuss (a) The Investor shall not be required to participate in any investment 2011.10.13 15:22:00 by the Partnership that would result in a Material Regulatory Burden for the Investor or any of its trustees, members, managers, agents, officers or affiliates (the "Investor Principals"). (b) For purposes of this provision, the term "Material Regulatory Burden" means, for any of the Investor Principals, the occurrence of any of the following with respect to receipt of securities to be distributed from the Partnership or participation in any investment, any of which would not otherwise have occurred: (1) any requirement to make regulatory filings (or obtain regulatory approval), (ii) any violation of applicable law or regulation (including without limitation any violation of by-laws, rules or published policies of any securities regulator, stock exchange or professional standards body having jurisdiction), (iii) any tax penalty, or (iv) any requirement by a securities regulator, stock exchange, professional standards body, governmental regulatory agency or other authority, including without limitation pursuant to the rules and regulations thereof to (A) provide confidential personal data (including without limitation driver's license numbers, social security numbers and fingerprints, but excluding the Investor's EIN), (B) personally appear before such securities regulator, stock exchange, professional standards body, governmental regulatory agency or other authority, (C) consent to any background check or material inquiry by such securities regulator, stock exchange, professional standards body, governmental regulatory agency or other authority or (D) be personally named on any license, permit or application (other than any disclosure of the name of the Investor itself) or to personally execute any application, questionnaire, consent or other similar documenter-Istas-ptevided-in-Paregraph-24-hereof. (c) Upon the reauest of the Investor. t:Fhe General Partner agrees to use commercially reasonable efforts to determine, and promptly inform the Investor of such determination, if any prospective investment by the Fund has 46093276_2 7 EFTA01125277  any material connection with any private foundation designated by the Investor in writing-. 2-1.—FIart-Seott-hediacti—The-GeneraHlartner-aelotowledges-that-the-Investotils Commented [tittle): The won't bemammy if they ore !au than 25% direet-or-indireet=eentrel=(as-that-terre-is-defined-ia-dte-Hart-Seett-Rodiae-Aatittaar Hayes Nuts haprovements-Aet-of--19-76,as-amended-(the=k1SR-Raler e-Partaerehip-er-aay 2010.10.15 I5,39:00 Parallel-Vehieleror-of-any-MV4a-whieh-ille-ItlYeStOr-partielpateareottld-erettte-a-Meterial Regulatory Burden for the lnvxtor. The Ceneral Partner agr:e that, unlece the Invector 0411613#466-agrees-in-wciting,(4)-in-H0-61.430i-Wili-the-Pactoorshifrer-any-Paraltel-shehiele at-any MV through wltieh-*h: lnveatot'parüeipotea in any-tnveatm:nta of the Pazlnerlti be-E,truetured-arra-eoreoratiore-(14)-the-layester:s-laterest-ia-the-Partaership-or-asyg-Parallel 3.teluele-shall-in-140-eVent-eonimy4e-lavester-the-right-toaar-more-4-the-prormaraf-the right-to 5094-ot then: of the ascieta ; t tl z ...am of of the-Part ize. 14 or . ,it Parallel Vehicle; and (c) the lnvxtor'c interect in any AIX' in which the Investor particirmiec-shall-ia-ae-ewat-c-eavey-te-hwester-the-Fight-te464-0f-mare-of.the-pcoggs,Of the righHo-M)%-ot-tnore of the oa3et5 in the event of diasolution. ef-the-AIV. 12. CFTC Regulations: Commodity Interests. The General Partner Commented (HMS): We will delete the language what they are mote duo 15%. acknowledges that the Investor may invest in derivatives subject to regulation under the Hayes Ntna U.S. Commodity Exchange Act ("CEA"), including futures, options on futures and swaps 2014.10.13 IS:20:CO (including commodity options) (collectively, "Commodity Interests"). The General Partner further acknowledges that (a) the Investor is subject to large trader reporting, position limits and position aggregation requirements with respect to certain Commodity Interests, and may be with respect to other Commodity Interests in the future, under the CEA and under the rules of the Commodity Futures Trading Commission ("CFTC") thereunder and the rules of the futures exchanges or other markets, as the foregoing may be amended from time to time (collectively, "position Limit Requirements") and (b) positions in Commodity Interests attributed to the Partnership, to an Alternative Investment VehicleAlV, to any Parallel Vehicle, or to any entity in which the Partnership or an Alternative Investment VehicleAW or any Parallel Vehicle directly or indirectly invests (for purposes of this letter, a "Portfolio Company") could, depending upon the circumstances, be attributed to the Investor for purposes of the Investor's compliance with Position Limit Requirements. In light of the foregoing, and in furtherance of the Investor's objective that, for purposes of complying with the Position Limit Requirements, no positions in Commodity Interests which are subject to position limits be attributed to the Investor as a result of its investment in the Partnership, the General Partner agrees as follows; 22. thic • • the-bwestor's aggregate Capital Commitment to the Partnership or to-such--AW ,,• Parallel-Vehicle. 46093276_2 8 EFTA01125278  (4)—The General Partner agrees that it shall take such action as is necessary, in a manner consistent with applicable law, to ensure that no Commodity Interest positions established, held or controlled by the Partnership, any Alternative Investment VehicleA4V, any Parallel Vehicle or any Portfolio Company will be attributed to the Investor under the Position Limit Requirements (as in effect from time to time) for purposes of the Investor's compliance with position limits. nd: j/ 1146-49' ih494-NIFF446F-avest-te-take-sac-14-0413&-9664146-an-may-he eeminereiatly—reasonahle—te—Lansure—eomptiartee with—the—Position Limit Requirementsr ineludingr withent-limitationrthi liffil-Of-filing-el-doetimente er—ser4ifiemienr—(Metuiling—with—applieahle—r-egutater"—asther-itiee)—and—the previsien-of-infermatim., that may be 19 LW Gnu ksi.Lib fi the event that th rc are changcc to any applicable law, rule or regulation fefiewing-the-clate-Iteree4—le-additienr upen-the-leve.ster4-requestr the-Genecal „ill-use-its-reaseftable-best-efferts-to-prentptly-previde-information40-the Investor with-ctpeet--to-aay-Pecilblio Company that cntarc into any positionc in Cemmenlity-leterestF.-regarding-04-the.4ype-ef.suelt-GemmediPfrleterems,(4)-the sire-ef-the-pesitien-iii-suelt Ceftintudit, applicable (C4-what! iced-Ibr-hedging-er fm-investment-antl-(D4-a44y-relateel-infermatien4easenably-requestm4-by-lavesten The General Partner agrees to take such other actions as may be commercially reasonable to ensure compliance with the Position Limit Requirements, including, without limitation, the execution or filing of documents or certifications (including with applicable regulatory authorities) and the provision of information. in each case that may be required by law (including in the event that there are changes to any applicable law, rule or regulation following the date hereof). In addition, upon the Investor's request. the General Partner will use its reasonable best efforts to promptly provide information to the Investor with respect to any Portfolio Company that enters into any ositions in Commodity Interests regarding (A) the type of such Commodity Interests. (B) the size of the position in such Commodity Interest, including by expiration month if applicable, (C) whether such Commodity Interests were acquired for hedging or for investment and (D) any related information reasonably requested by Investor. (b) he-terins-of-this-peregreph-22(b)shall-apply-with-nespeet-to-the • • • Parellei-Vehiele-represents-twerity-five-pereent-(-2-544)-er-mere-ef-the-tetel (i) -General-Penner-shall-eause-the-Partnership. MV or P-aralle4-s.Lehieler as-apMieahlerne4-40-direethfrestahliehrhelelr OW14-Of aft, C6.h.116.1if, Interest.. pi that th, 46093276_2 9 EFTA01125279  Partnetshipn a.W-er-Parallel-Vehiele-ntay-cliterrtly-eatablithr heldr ewn-Of 90441444-pesitiens-in-Cammeility4mecestsaieh-are-ne;-the-embjeet-ef-any position-limits-wider-Position-Linnt Requiretneetarinehttling-hased-on eutrent-hWer-e44ffeney-awaps-and-eumatey-fecwatis-(as-dectled-hy-the ( 'FLI:(4)-er-ether-eatteasy-based-svapa-snah-as-nea-deliketahle-fefwarits that are executed-on a bi latcml basis (Lc., not on or :iubjeet-te-*he-rules-M a-multiatefal-tradiag-platfetni-such-as-at-enehange-or-swat-ewstnion fasikw)A-Ite-Gettetal-Patater-will-pcevide-the-1443.‘emet,upon-requestrwith suelt-information-aa-the-hwtter-may-treed-te-eomply-with-any-appliettbie large-tratlet-repetting-ehligatiets-applieehle-te-ii, (ii)—The-kietteral-Panner-ahall-eause-the-Partnershi s.1-V-or Paraltel-Vehic-leras-applicahler-to-liant-hs-asstegate-clitest-and4er-ittlices; Cettpanyls-aectuni(0-for-tratling-ef-Conntodity-htterem0-to-les-then MV er Parallel V-Cele, as apnea ahL • ..ot tl., tr.J..t, of ornnio4ity-4n+erests-by-oay-Por; oQeastyrw Iwr-by-powec-o- attorney or otherwise, providad. howovar, that the foregoing restrictions sh.11 na aryl, ...di .esr ect to a I ....rtfohe C..n..p.n, tl,..t J-- tt-t into-any Cenittedity4nteresat (c) The General Partner ropr'sents that the Partnership, any Al?, any I rell.1 V.Atiele a..el an, P.nfol:e Cat:newt, li.rtnefah:r, er an MV er—Parallel—Vehiele—direetly inveat will—eemply—with Requifements-with-Fespeet-te-their-tradiagr ifanyr ia-Gemmedity-Intereste, (d) In the-event ofonyebange-te-thePosi;ion-Limit-Requiretnemathat would-reatlt-in-attributien-ef-pesitiens-in-reenmeditsfrlettetems-ef-the-Partnetakip, netwithstanding-eomplianee-with-the-vestristons-tleseribed-in-this-Parearaph 22, ..e.4,t.ble to 1....eat-v ....d th. Cene..1 (0—It -the avont of-any-eltettge-te-Position-trinvit-Requirements-that may-pre*Ide-gr-0.1413f-fienibility-te-the-reietecal-PactnerreeWaStiMg-Wifh-the (meter'., eb,zai.ce that ..e pe-A:ett., .11.:L.t.d invester-es-a-resuh-ef-its-investment-ia-the-Partrtershipr itteletling-inereasing-the level of the Partnership's direct or indirect equity investment in any entity. the b b benect-frotn-strelfehettge, (t—It-the-emeat-ef-ansfradeptiet-ef-,-er-S4bSetI0M-ehange-ter pesitien limit-ttles-with-respeet-te-seGurity-based-swaps-(as-that-teret-is-deftned-in-the L6Srl'edevel-seenfities-lew0-thet-wettld-reselt-in-ativibution-ef-pesitions-ef seetFity-basethswaps-of-the-Pectnefshipr ansluall r any-Parallel-Vehiele-er-any Pertfelie-C-empany-40-tke-kWagef-fer-putpeses-ef-the-kwester:s-cempliatee-with 46093276_2 10 EFTA01125280  stieh-mles,the-pariies-herete-agree-tO-Warh-togemer-inimid-faith-te-resolve-the isstte-in-a-manoer-mmually-aesemab4e4o4he-kweaior-aad4he-General-Parmer, 23 a.4e‘lia-Compam&IIPMF4Mell4S, Commented [14N16): 1.Ve will put in feilfieliOrd to LPA for Ale& and L'tility companift. I psi this in Section I. Hap% Nuss (a) ler s., Lob as. add Ohl) pefi„d.z. fr„m fan, to C.,fle W-1, 201440.13 IS:IB:0O the-Partnembirshall-etiremly-or-indireetly-hold-Or-othervoise-be-attribated-with) an ownership or other intarest in a Media Company, no provicion of this letur I • direetercolTieerz-parmerr nienegerr memberrenmloyeer er-five-pereent-(-544)-or preater-r.harehokler-or-other-owner-of.the-liweatorr te-&-any-of-the-following# (:) a,t trii lefe, of the :f h:s I-. fonetionsrilireetty-er-iinhivedyr relete-te-any-Media-Company-fit-being media-enter-priseaer4han-threughas-interems-in-any-MeMa-Companyh (ii) serve, in any-material-eapaeityr as-an-imlependent cootractor-or-ageot-with-respec4-m-the-metlia-enierprises-of-anrMmlia Compan3A (iii) comniunicute-en-e1a1ter2 pertaining to the day to day media activities-ofany-Media-Company-wi or, partner, managerr memberr agentr representative-ar-employee-of-aush-Malia Gompanyrer-(8)-theeeneral-Parinert 0;4—perform-any cervices for-the-Partnership-materially-relating te-the-merlia-ast.iv.ities-of-anrMerlia-Gempanyr exeept-that-the-hwemer may-rnake-leans4erer-riet-as-a-smotrforrOte-Paetnership-ofrafty-Meclie Company; 0.4—become-amivel3friamolved-in-the-ioanagemem-ar-operation 4...f the .i.cet.a .. of an IMAM Campo.), (vi) vote to—approve—the—withdrawal—of-the-(morel-Partner; uoless-the-General-Parmer-M-(014-sabieet-M-bankrumey-pmeeediiigar as S„C-1.. 17 402(a)(4) or (5) of the Ii.las‘a,c R‘vise..1 Unifortn-Liinited-Parmership-Ae14/ -(8)-adjudietned-ineompetent-by-a-eourt of-compmeni-jacisilieMan-4pres.461e44hat-this-ataker,e-044,4441-apply-ookfrto . b,......n, i . i • independent-third-party-for-2eauseeas-thm-terin-hes-been-nsed-by-the-FCC in4he-comem-of-the-removal-autherity-of--limited-partnemrfor-purpeses-of the :fts..1-Con of lati:t,d p.rt—e :,.t,..,c,t., f...,n, ate.b.C.„.. ..,f M-14 Companies;or 46093276_2 I1 EFTA01125281  (34)—vme—te—admit—any—additienal—geneml—pactnef—te—the P-artnecship-naless-emoh-admiosion-is-emb ie-imto-ofdw-Genmal Palmer: (4)--The-General-lzactnec-shathoau4e-the-Parotemlnp-tomot-aequire-an ewnership-m-other-inteceM-in-any44edia-Company-mmi-tht-cieneral-Paaner-has ddiveted to-the-levemor-an-opienon-of-emmsel to the effect that-the-itnerem-efihe Pastnepship-immwh-Media-CompanaMMI-not-give-the-Imemor-amAmibutahle Mtenamjm-sush-Media-Company, (c} The Ceneral Partner ltoll give ten (10) business days' written notiee40-the-Inventm-prim40-the-distribution in kind of remnainc otany-Ma,4;-• Cempany lalpon-reeeip4-44-anah-notieer andr amwithmanding-anything-te-tlw eenetryeentained-heteinr-the-hwtitermay-eleorby-ftenee-in-oriting4e-the General Partner, to-deetine-the-reeeipt of distributions-in kind of cecurities ofany Media-Companrin-vaktch-event-the-Conmal-Pamfm-ohall-eause-the-pmpecty A and-the proceeds of-sueh--disposition to be distributed to-the Investor, or make othm-arrangements-fm-the-disposition-of-sneh-pcopecty-appcowd-by-the-Invemor, (d) Thy, 1...cesi„r nte7, open f..e (5) bnc,,,ac., duya' prier ..ritten nef.e.„ to-the-Cenecal-Partnerr eleet-te-be-eneluded-frem-the4hnications-sm-forth-in-this Partner deems necessary ond-ceasonaNy-requestc-kc-the-purpose-o-detetminin (e) TLz f.„11„w;na, dcf.n;t:en., LINA, Le vat-az...Jr th:0 Aamributable-imerem eans-a-dimet-oeindimet-equity-or-vmitt-intems* inr eentrol-tWefr er-neaus-to-a4ledia-Company-thatr undef-the-FCC-Ruks, s-fr-;ent t„ apply th.. Rules to 1101(1...b or-vefing-imereet-inr eetwol-ovefr or-eemmettial-netus-te-the-Medie Company, =FGG-Rtds=meana-the-Commeniomiens-Am-a-14-34,-Title-47-4-the Code-of-Federal-Regaletienarand any othrtegbl..i:ons-t. wanen-poheies of-4he-FCCr as-amended-m-supplementamn-timema-nme, 4.. Leshall-mean-atarentitrin-whieh-the-Paptnemhip-has vesenent-that-is-subjeet-terowitershipiestrietiont ineluding—hat—ran—limited—m—mukiple—ownershiprMOM-ownerehip, horizontal ownership and foreign ownership restrictions, under the FCC ;Wen: 46093276_2 12 EFTA01125282  4Se.s=oteans-the-F.GC-Rotes-goveraiug-ratatipte-ownerakip, eress-owaefshipr Itoci,z efshipr and-foceiga-owaership-of-Media Compeales, aekaw..Aedges-the-ht3.4 .4atus-as-a-utitivfrhaldiag-c-otapaay-pur-suant-te-the-Publio C ny Act of 2005 (42 U.S.C. § 1(151, a acq.), as or liate4e-6144e4424414C.C)r iaoludiag-for-putroses-of-any-itwestraents-by-the-PafifiGEShip-in utilities-and-other-entities-subjeot-ke-regulatioa-uader-the-gedecal-PoS 794;-et-seqr)the-14;1240ras-tuttended-frotu-titne10-timeresitval t „ebrts'; hey laws-Of-regulations-Solleeen-funheranee-a-the foregoing the General Pinner, on behalf of itcelf and the Panership. (o)--The-General-llertatt-shall-eattse-the-Partftership-to-make-all required-fidiags-and-obtain-all-required-approvals-prier-to-aequiring-any-intecest holdiag-sompaay-or.-04140f-iAtify-Of-amet-sithjec4-to-gaemw 1.14;I:ey Rage:ft...heats, .440teat htt.itation thasettarsaant to Smoot) 203 otaand-otherwise-will-take-all-aetion-neeerary-for-the-12artaeo.bip-to oomply-with-gaergy-Utility-Requirements, (b) 11, General Parts-r ..H.11 -as rh,. t..„ - praetisable-and-la-any-eveat-no-tater-than-tea-(40)-businewrdays-before-tIte-date of--the-applioahte-eapital-eall-aotiaeraeti lke-l+Wes.tefr in-..wiiagr of-aay (i) ,.CI:[, at. atIty that-would-result-ta-the-Partnership-beeotniag-a-taility-holding-eommay-or otheRvise-would-result-in-the-Parkier411 -iadiceody-owning, ...b ...b ran, „ t'n't yotittg-seeurities-ofr or-otherwise-holding-indicia-of-eoatrol-inra-uldity-or-uldity hokhatoompany-or.-(4)-aay-othe et-or-entity-that-would-require-the-kweaf b t f eoraply-with-eay-tinergyadity-Requirentents. L.,..... .—saa-bl„ffeeta eaaperat, nad -eafthttate tk, Investor with-respeet-to-any-filings-and-apot•ovats-requiled-ia-respea-of-the lakester.-ander-guetty-1401412frR8.414.344iefltf. 44)—Syhjest-to-apatieahle-lay afid-ar applic-ahte-ooaCtdentiality restrietiottsrthe-Getteral-Prtnaer-shall-eause-the-Panaership-io-infortn-the-hwestor ahout-the-eeateut-of-aay-coonuttaicatioa-itt-respeet-e441e-lavestec-.....ith-F.FACOf any Stata Commirsion about tha Pannership's ownership of or investmnt in tailitiesr utility-holding-eotepaniesr or-other-sitnilariy-regulated-etuities-ofrassets and-witl-pfoN4de-the-ltweater-oopies-of-aay ell-writiett-comaatnicatioas-Of Aunts, 46093276_2 13 EFTA01125283  25 C-ectifteatiew-IWithin-40-1-2.0-days-4-the-Paculassiti&-fisca4-year-eadrthe COMMented [14N173: We could Aso pin this in the LP*. If we are doing g for one it as jun as easy to do it fee all unless you feel the CieHecal-Pastaer4-shiefaaaeial-cateaufraral .tatl-pkwide4140-1+140€40f default tisk is too high. with-a-eertifteatiou-thatrto-his-or-Iter-know4edge,-k+)-Are-amtnal-andited-firtaiteial Hayes Ness 201440.13 1S:30:00 6464411:10.1 pfeseat-in-all-material-respec4s-the-tinaa€41-condition-ef-ttle-Paafter4kip (e)-41-distributions-m -the-Investor have been made in accordance-with-the-Partnership AVet40€44: 26r-Ouartedv Renortinec.—{BiesysOAte-have-requested-a-copy-of-the-Fund's continents [FINIS): We will mid minimum gramme requirements so the IPA. So This can be deleted. standard-repening-package-and-sehedaltIrOnee-we-are-ahltl-te-peuiealar we-can-then Hayes Ness tka..... : . —1...11.-. .• tc, ak, additional ap-c:f.c revertiag Caseade's 2014.10.13 B:19:00 aide-6.`q 2-7. !At il-Wi41411-90-days-ef-the-Parnefshipls-fissal-year-endr a Commented [FIN19): This is the same as ^Tat leformation" Section. Hayes Ness suelt-90-day-petiodcprovide-a-good-faith-estimate-of-the-hivestoes-total-federel-untrtble 2014.10.13 1S:20:00 i449044.1041:0441-the-Par4neFship-for-sueh-riseal-year-Ofie4u4ing-a-bfeakdown-ef-OfalatiPi Lab ...I/A.1 be;..s a..d t,..a —,,:tal “ad divideridsrand-portfolio-deduertioit* Closing Documents. 'Promptly{ following the Investor's admission to the Commented [FIN20): We am provide copies of their documents. Contact infmmation Mau other LP.? Partnership and at each subsequent closing, the General Partner shall provide the Investor Hayes Nun with copies of all closing documents, including (a) an executed copy of the Partnership 2014.10.13 15:2S:00 Agreement with schedules and exhibits, (b) an executed copy of the Investor's Ssubscription agreemontAgreement, it4—sopies—of—any—side—lel447-S—calating—to—the Par