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SECURITIES AND EXCHANGE COMMISSION
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Washington, DC 20549
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SCHEDULE 13D
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Under the Securities Exchange Act
of 1934
(Amendment No. 1)*
(Name of Issuer)
Common
stock, par value $0.001 per share
(Title of Class of
Securities)
(CUSIP Number)
Kerry
Kenny
525
University Ave., Suite 520
Palo
Alto, CA 94301
650-475-0144
(Name, Address and
Telephone Number of Person
Authorized to Receive Notices and Communications)
(Date of Event Which
Requires Filing of this Statement)
If the filing person has
previously filed a statement on Schedule 13G to report the acquisition that is
the subject of this Schedule 13D, and is filing this schedule because of
§§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.
¨
Note
: Schedules filed in paper
format shall include a signed original and five copies of the schedule,
including all exhibits. See Rule 13d-7 for other parties to whom copies
are to be sent.
*
The remainder of this cover page shall be
filled out for a reporting persons initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment containing
information which would alter disclosures provided in a prior cover page.
The information required on
the remainder of this cover page shall not be deemed to be filed for the
purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or
otherwise subject to the liabilities of that section of the Act but shall be
subject to all other provisions of the Act (however, see the Notes).
CUSIP No.
560879108
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1.
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Name of Reporting Persons
Skyline Venture Partners V, L.P.
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2.
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Check the Appropriate Box
if a Member of a Group (See Instructions)
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(a)
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o
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(b)
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x
(1)
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3.
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SEC Use Only
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4.
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Source of Funds (See
Instructions)
WC
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5.
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Check if Disclosure of Legal Proceedings Is
Required Pursuant to Items 2(d) or 2(e)
o
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6.
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Citizenship or Place of Organization
Delaware, United States of America
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
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7.
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Sole Voting Power
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8.
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Shared Voting Power
3,825,856 (2)
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9.
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Sole Dispositive Power
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10.
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Shared Dispositive Power
3,825,856 (2)
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11.
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Aggregate Amount
Beneficially Owned by Each Reporting Person
3,825,856 (2)
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12.
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Check if the Aggregate
Amount in Row (11) Excludes Certain Shares (See Instructions)
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13.
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Percent of Class
Represented by Amount in Row 11
11.4% (3)
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14.
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Type of Reporting Person
(See Instructions)
PN
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(1) This
Schedule 13D is filed by Skyline Venture Partners V, L.P. (SVP V), Skyline
Venture Management V, LLC (SVM V) and John Freund (Freund, together with
SVP V and SVM V, the Reporting Persons).
The Reporting Persons expressly disclaim status as a group for
purposes of this Schedule 13D.
(2) Includes
(i) 3,195,249 shares held by SVP V; and (ii) a fully exercisable
warrant to purchase 487,450 shares held by SVP V. SVP V also holds a warrant to purchase
143,157 shares, fully exercisable upon the earlier of (A) the event of a
certain qualified financing transaction as set forth in the Securities Purchase
Agreement dated as of October 28, 2008, attached as Exhibit A or (B) December 31,
2009. SVM V serves as the sole general
partner of SVP V and owns no securities of the Issuer directly. Freund is a director and the sole managing
member of SVM V with voting and dispositive powers over the shares held by SVP
V; however, Freund disclaims beneficial ownership of the shares held by SVP V except
to the extent of his pecuniary interests therein.
(3) This percentage is calculated based
upon 33,632,696 shares of Common Stock outstanding (as of March 1, 2010)
as set forth in the Issuers most recent Quarterly Report on Form 10-K
filed with the Securities and Exchange Commission on March 10, 2010.
2
CUSIP No.
560879108
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1.
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Name of Reporting Persons
Skyline Venture Management V, LLC
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2.
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Check the Appropriate Box
if a Member of a Group (See Instructions)
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(a)
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o
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(b)
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x
(1)
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3.
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SEC Use Only
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4.
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Source of Funds (See
Instructions)
WC
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5.
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Check if Disclosure of Legal Proceedings Is
Required Pursuant to Items 2(d) or 2(e)
o
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6.
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Citizenship or Place of Organization
California, United States of America
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
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7.
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Sole Voting Power
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8.
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Shared Voting Power
3,825,856 (2)
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9.
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Sole Dispositive Power
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10.
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Shared Dispositive Power
3,825,856 (2)
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11.
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Aggregate Amount
Beneficially Owned by Each Reporting Person
3,825,856 (2)
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12.
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Check if the Aggregate
Amount in Row (11) Excludes Certain Shares (See Instructions)
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13.
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Percent of Class
Represented by Amount in Row 11
11.4% (3)
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14.
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Type of Reporting Person
(See Instructions)
OO
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(1) This
Schedule 13D is filed by Skyline Venture Partners V, L.P. (SVP V), Skyline
Venture Management V, LLC (SVM V) and John Freund (Freund, together with
SVP V and SVM V, the Reporting Persons).
The Reporting Persons expressly disclaim status as a group for
purposes of this Schedule 13D.
(2) Includes
(i) 3,195,249 shares held by SVP V; and (ii) a fully exercisable
warrant to purchase 487,450 shares held by SVP V. SVP V also holds a warrant to purchase
143,157 shares, fully exercisable upon the earlier of (A) the event of a
certain qualified financing transaction as set forth in the Securities Purchase
Agreement dated as of October 28, 2008, attached as Exhibit A or (B) December 31,
2009. SVM V serves as the sole general
partner of SVP V and owns no securities of the Issuer directly. Freund is a director and the sole managing
member of SVM V with voting and dispositive powers over the shares held by SVP
V; however, Freund disclaims beneficial ownership of the shares held by SVP V
except to the extent of his pecuniary interests therein.
(3) This percentage is calculated based
upon 33,632,696 shares of Common Stock outstanding (as of March 1, 2010)
as set forth in the Issuers most recent Quarterly Report on Form 10-K
filed with the Securities and Exchange Commission on March 10, 2010.
3
CUSIP No.
560879108
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1.
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Name of Reporting Persons
John Freund
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2.
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Check the Appropriate Box
if a Member of a Group (See Instructions)
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(a)
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o
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(b)
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x
(1)
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3.
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SEC Use Only
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4.
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Source of Funds (See
Instructions)
WC
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5.
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Check if Disclosure of Legal Proceedings Is
Required Pursuant to Items 2(d) or 2(e)
o
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6.
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Citizenship or Place of Organization
United States
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
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7.
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Sole Voting Power
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8.
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Shared Voting Power
3,825,856 (2)
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9.
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Sole Dispositive Power
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10.
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Shared Dispositive Power
3,825,856 (2)
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11.
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Aggregate Amount
Beneficially Owned by Each Reporting Person
3,825,856 (2)
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12.
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Check if the Aggregate
Amount in Row (11) Excludes Certain Shares (See Instructions)
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13.
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Percent of Class
Represented by Amount in Row 11
11.4% (3)
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14.
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Type of Reporting Person
(See Instructions)
IN
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(1) This
Schedule 13D is filed by Skyline Venture Partners V, L.P. (SVP V), Skyline
Venture Management V, LLC (SVM V) and John Freund (Freund, together with
SVP V and SVM V, the Reporting Persons).
The Reporting Persons expressly disclaim status as a group for
purposes of this Schedule 13D.
(2) Includes
(i) 3,195,249 shares held by SVP V; and (ii) a fully exercisable
warrant to purchase 487,450 shares held by SVP V. SVP V also holds a warrant to purchase
143,157 shares, fully exercisable upon the earlier of (A) the event of a
certain qualified financing transaction as set forth in the Securities Purchase
Agreement dated as of October 28, 2008, attached as Exhibit A or (B) December 31,
2009. SVM V serves as the sole general
partner of SVP V and owns no securities of the Issuer directly. Freund is a director and the sole managing
member of SVM V with voting and dispositive powers over the shares held by SVP
V; however, Freund disclaims beneficial ownership of the shares held by SVP V
except to the extent of his pecuniary interests therein.
(3) This percentage is calculated based
upon 33,632,696 shares of Common Stock outstanding (as of March 1, 2010)
as set forth in the Issuers most recent Quarterly Report on Form 10-K
filed with the Securities and Exchange Commission on March 10, 2010.
4
Item 1.
Security
and Issuer.
(a)
This Statement on Schedule 13D is filed on behalf of
the Reporting Persons, in respect of shares of Common Stock, par value $0.001 per
share (Common Stock), of MAKO Surgical Corp. (the Issuer).
(b)
The principal executive office of the Issuer is
located at 2555 Davie Road, Fort Lauderdale, Florida 33317.
Item 2.
Identity
and Background.
(a)
This Amendment to the
Schedule 13D is filed by Skyline Venture Partners V, L.P. (SVP V), Skyline
Venture Management V, LLC (SVM V), John G. Freund (Freund, together with
SVP V, SVM V and Freund, the Reporting Persons). The Reporting Persons expressly disclaim
status as a group for purposes of this Schedule 13D.
(b)
The address of the principal
place of business of the Reporting Persons is 525 University Avenue, Suite 520,
Palo Alto, California 94301.
(c)
The principal business of
the Reporting Persons is venture capital investment.
(d)
During the last five years,
none of the Listed Persons (as defined below), to the knowledge of the
Reporting Persons, has been convicted in any criminal proceeding (excluding
traffic violations or similar misdemeanors).
(e)
During the last five years,
none of the Listed Persons (as defined below), to the knowledge of the
Reporting Persons, has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree, or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect to such
laws.
(f)
SVP V is a Delaware limited
partnership. SVM V is a California
limited liability company. Freund is a
citizen of the United States of America.
In
accordance with the provisions of General Instruction C to Schedule 13D,
information concerning the managers and each other person controlling SVM V,
the general partner of SVP V (the Listed Persons), required by Item 2 of
Schedule 13D is listed on Schedule I hereto and is incorporated by reference
herein.
Item 3. Source and Amount of Funds or Other Consideration.
On
October 28, 2008, 2,437,249 shares of Common Stock were purchased by SVP V
for an aggregate consideration of $15,110,943.80 of its working capital. A fully exercisable warrant to purchase
487,450 shares of Common Stock was purchased by SVP V for an aggregate
consideration of $60,931.23 of its working capital. A warrant to purchase 143,157 shares held by
SVP V exercisable after the earlier of (i) the event of a certain
qualified financing transaction as set forth in the Securities Purchase
Agreement dated as of October 28, 2008, attached as Exhibit A or (ii) December 31,
2009 were purchased by SVP V for an aggregate consideration of $17,894.63 of
its working capital.
On
August 14, 2009, 758,000 shares of Common Stock were purchased by SVP V
for an aggregate consideration of $5,495,500 of its working capital.
SVP
V received the funds for both purchases through contributions of capital from
its respective partners (general and limited).
No part of any purchase by the aforementioned entities was financed with
borrowed funds.
Item 4.
Purpose
of Transaction.
SVP
V agreed to purchase the securities for investment purposes with the aim of
increasing the value of its investments in the Issuer.
Freund
is a member of the Board of Directors of the Issuer and also serves as the sole
Managing Member of SVM V, which serves as the sole General Partner of SVP V.
5
On
October 28, 2008, SVP V entered into that certain Securities Purchase
Agreement (the Offering) to purchase 2,437,249 shares of Common Stock of the
Issuer, at a price of $6.20 per share (the Common Shares). In connection therewith, SVP V received a
warrant to purchase an aggregate of 487,450 shares of Common Stock of the
Issuer (the First Closing Warrant) and a warrant to purchase an aggregate of
143,157 shares of Common Stock (the Call Warrant). The First Closing Warrant has a term of seven
years, expiring October 28, 2015.
The exercise price under the First Closing Warrant is $7.44 per
share. The First Closing Warrant may be
exercised any day on or after one hundred and eighty days (180) from October 28,
2008 and prior to the expiration of its term by payment of the per share
exercise price either in cash or by cashless or net exercise of the First
Closing Warrant. The applicable per share
purchase price and the number of shares issuable upon exercise of the First
Closing Warrant is subject to adjustment for the occurrence of certain events,
including stock dividends and split-ups, combinations, reorganizations and
reclassifications. The Call Warrant has
a term of seven years from the date the Call Warrant becomes exercisable. The exercise price under the Call Warrant is
$6.20 per share. The Call Warrant may be
exercised after the earlier of (i) the event of a certain qualified
financing transaction as set forth in the Securities Purchase Agreement dated
as of October 28, 2008, attached as Exhibit A or (ii) December 31,
2009 and prior to the expiration of its term by payment of the per share
exercise price either in cash or by cashless or net exercise of the Call
Warrant.
In
connection with the Offering, SVP V has provided the Issuer with a call right
whereby the issuer may, subject to the satisfaction of certain conditions (the
Call Right), require SVP V to purchase, prior to December 31, 2009, (i) $8,875,739.65
worth of Common Stock with a purchase price of the lower of (A) $6.20 per
share or (B) the five day volume weighted average price of the Issuers
Common Stock on the primary exchange or quotation system on which the Common
Stock is then listed or quoted for the period ending on the date immediately
prior to the closing date of the transaction associated with the exercise of
the Issuers call right; and (ii) an additional warrant to purchase shares
of Common Stock of either 15% or 40% of the sum of the Common Stock shares
purchased in the Offering and those purchased in connection with the Call Right
depending on whether the Issuer meets certain conditions set forth in the
Offering.
In
connection with the Offering, the Issuer increased the number of members of the
Board of Directors of the Company (the Board) to ten (10). Additionally, so long as SVP V or its
affiliated entities hold at least 25% of the 2,437,450 Common Shares it purchased
in the Offering, it shall be entitled to appoint one (1) representative to
the Board. John Freund has been
initially appointed by SVP V to this Board position.
The
foregoing description of the Purchase Agreement is qualified in its entirety by
reference to the form of the Purchase Agreement which is filed as an exhibit to
this Schedule 13D and is incorporated herein by reference.
On
August 10, 2009, each of SVP V and Fruend entered into a Lock-Up Agreement
with the Issuer whereby they agreed not to make certain dispositions (as set
forth in the Lock-Up Agreement) of shares of their Common Stock (as defined in
the Lock-up Agreement) for a period of 90 days (Lock-Up Period) without the
prior written consent of the Issuer.
Prior to engaging in any transaction or taking any other action that is
subject to the terms of the Lock-up Agreement during the period from the date
of the Lock-up Agreement to and including the 34
th
day following
the expiration of the initial Lock-Up Period, SVP V and Fruend, as applicable,
will give notice thereof to the Issuer and will not consummate such transaction
or take any such action unless it has received written confirmation from the
Issuer that the Lock-Up Period has expired. The foregoing description of the
Lock-up Agreement is qualified in its entirety by reference to the Lock-up
Agreement which is filed as an exhibit to this Schedule 13D and is incorporated
herein by reference.
On
August 14, 2009, SVP V entered into that certain Purchase Agreement (the
Purchase Agreement) to purchase 758,000 Common Shares of the Issuer, at a
price of $7.25 per share.
On
August 10, 2009, SVP V entered into that certain Lock-Up Agreement.
Subject
to applicable legal requirements, the Reporting Persons may purchase additional
securities of the Issuer from time to time in open market or private
transactions, depending on its evaluation of the Issuers business, prospects
and financial condition, the market for the Issuers securities, other
developments concerning the Issuer, other opportunities available to the
Reporting Persons, and general economic, money market and stock market
conditions. In addition, depending upon
the factors referred to above, the Reporting Persons may dispose of all or a
portion of their securities of the Issuer at any time. The Reporting Persons reserve the right to
increase or decrease its holdings on such terms and at such times as each may
decide.
6
Other
than as described above in this Item 4, none of the Reporting Persons have any
plan or proposal relating to or that would result in: (a) the acquisition
by any person of additional securities of the Issuer or the disposition of
securities of the Issuer; (b) an extraordinary corporate transaction, such
as a merger, reorganization or liquidation, involving the Issuer or any of its
subsidiaries; (c) a sale or transfer of a material amount of assets of the
Issuer or any of its subsidiaries; (d) any change in the Board of
Directors or management of the Issuer, including any plans or proposals to
change the number or terms of directors or to fill any existing vacancies on
the Board of Directors of the Issuer; (e) any material change in the
present capitalization or dividend policy of the Issuer; (f) any other
material change in the Issuers business or corporate structure; (g) any
changes in the Issuers charter, by-laws or instruments corresponding thereto
or other actions which may impede the acquisition of control of the Issuer by
any person; (h) a class of securities of the Issuer being delisted from a national
securities exchange or ceasing to be authorized to be quoted in an inter-dealer
quotation system of a registered national securities association; (i) a
class of equity securities of the Issuer becoming eligible for termination of
registration pursuant to Section 12(g)(4) of the Exchange Act; or (j) any
action similar to those enumerated above.
Item 5.
Interest
in Securities of the Issuer.
The
following information with respect to the ownership of the Common Stock of the
Issuer by the persons filing this statement on this Schedule 13D is provided as
of August 14, 2009:
Reporting
Persons
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Shares
Held
Directly
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First
Closing
Warrants
Held
Directly
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Call
Warrants
Held
Directly
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Sole
Voting
Power
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Shared
Voting
Power
(1)
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Sole
Dispositive
Power
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Shared
Dispositive
Power (1)
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Beneficial
Ownership
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Percentage
of Class
(2)
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SVP
V
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3,195,249
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487,450
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143,157
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0
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3,825,856
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0
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3,825,856
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3,825,856
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11.4
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%
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SVM
V
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0
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0
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0
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3,825,856
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0
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3,825,856
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3,825,856
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11.4
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%
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Freund
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0
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0
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0
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3,825,856
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0
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3,825,856
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3,825,856
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11.4
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%
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(1) SVM
V serves as the sole general partner of SVP V.
SVM V owns no securities of the Issuer directly and shares power to vote
and dispose of the shares held by SVP V.
Freund serves as a managing director of SVM V and may be deemed to share
power to vote and dispose of the shares held by SVP V; however, Freund
disclaims beneficial ownership of the shares held by SVP V, except to the
extent of his pecuniary interests therein.
(2) This
percentage is calculated based upon 33,632,696 shares of Common Stock
outstanding (as of March 1, 2010) as set forth in the Issuers most recent
Quarterly Report on Form 10-K filed with the Securities and Exchange
Commission on March 10, 2010.
7
Item 6.
Contracts,
Arrangements, Understandings or Relationships with Respect to Securities of the
Issuer.
The
information provided and incorporated by reference in Items 3, 4 and 5 is
hereby incorporated by reference.
Other
than as described in this Schedule 13D, to the best of the Reporting Persons
knowledge, there are no other contracts, arrangements, understandings or
relationships (legal or otherwise) among the persons named in Item 2 and between
such persons and any person with respect to any securities of the Issuer.
Item 7.
Material
to Be Filed as Exhibits.
Exhibit A:
Securities Purchase Agreement dated October 28, 2008, by and among
the Issuer, Montreux Equity Partners IV, L.P., Montreux IV Associates, LLC,
Skyline Venture Partners V, L.P., and Alta Partners VIII L.P. (Incorporated by reference to Exhibit 4.1
to the Issuers Form 8-K filed on October 29, 2008 (SEC File No. 001-33966)).
Exhibit B:
Form of Warrant issued to SVP V in connection with the Offering
(Incorporated by reference to Exhibit 4.2 to the Issuers Form 8-K
filed on October 29, 2008 (SEC File No. 001-33966)).
Exhibit C:
Form of Call Warrant issued to SVP V in connection with the
Offering (Incorporated by reference to Exhibit 4.3 to the Issuers Form 8-K
filed on October 29, 2008 (SEC File No. 001-33966)).
Exhibit D:
Form of Second Closing Warrant to be issued to SVP V in connection
with the Call Right (Incorporated by reference to Exhibit 4.4 to the
Issuers Form 8-K filed on October 29, 2008 (SEC File No. 001-33966)).
Exhibit E:
Form of Call Exercise Warrant to be issued to SVP V in connection
with the Call Right (Incorporated by reference to Exhibit 4.5 to the
Issuers Form 8-K filed on October 29, 2008 (SEC File No. 001-33966)).
Exhibit F:
Purchase Agreement dated August 14, 2009 (Incorporated by reference
to Exhibit 1.1 to the Issuers Form 8-K filed on August 17, 2009
(SEC File No. 001-33966)).
Exhibit G:
Lock-Up Agreement dated August 10, 2009.
Exhibit H:
Agreement regarding filing of joint Schedule 13D.
8
SIGNATURES
After reasonable inquiry and
to the best of my knowledge and belief, I certify that the information set
forth in this statement is true, complete and correct.
Dated: March 16, 2010
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SKYLINE VENTURE PARTNERS V, L.P.
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By:
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Skyline Venture Management
V, LLC
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Its:
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General Partner
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By:
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/s/ John Freund
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Name:
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John Freund
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Manager
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SKYLINE VENTURE MANAGEMENT V, LLC
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By:
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/s/ John Freund
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Name:
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John Freund
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Manager
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/s/ John Freund
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John Freund
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The original statement shall be signed by
each person on whose behalf the statement is filed or his authorized
representative. If the statement is signed on behalf of a person by his
authorized representative (other than an executive officer or general partner
of the filing person), evidence of the representatives authority to sign on
behalf of such person shall be filed with the statement: provided, however, that a power of attorney
for this purpose which is already on file with the Commission may be
incorporated by reference. The name and any title of each person who signs the
statement shall be typed or printed beneath his signature.
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ATTENTION:
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Intentional misstatements or
omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001)
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9
SCHEDULE I
John G. Freund
c/o Skyline Ventures
525 University Avenue, Suite 520
Palo Alto, California 94301
Principal Occupation: Principal of venture capital investment
partnerships
Citizenship:
United States of America
10
EXHIBIT INDEX
Exhibit A:
Securities Purchase Agreement dated October 28, 2008, by and among
the Issuer, Montreux Equity Partners IV, L.P., Montreux IV Associates, LLC,
Skyline Venture Partners V, L.P., and Alta Partners VIII L.P. (Incorporated by reference to Exhibit 4.1
to the Issuers Form 8-K filed on October 29, 2008 (SEC File No. 001-33966)).
Exhibit B:
Form of Warrant issued to SVP V in connection with the Offering
(Incorporated by reference to Exhibit 4.2 to the Issuers Form 8-K
filed on October 29, 2008 (SEC File No. 001-33966)).
Exhibit C:
Form of Call Warrant issued to SVP V in connection with the
Offering (Incorporated by reference to Exhibit 4.3 to the Issuers Form 8-K
filed on October 29, 2008 (SEC File No. 001-33966)).
Exhibit D:
Form of Second Closing Warrant to be issued to SVP V in connection
with the Call Right (Incorporated by reference to Exhibit 4.4 to the
Issuers Form 8-K filed on October 29, 2008 (SEC File No. 001-33966)).
Exhibit E:
Form of Call Exercise Warrant to be issued to SVP V in connection
with the Call Right (Incorporated by reference to Exhibit 4.5 to the
Issuers Form 8-K filed on October 29, 2008 (SEC File No. 001-33966)).
Exhibit F:
Purchase Agreement dated August 14, 2009 (Incorporated by reference
to Exhibit 1.1 to the Issuers Form 8-K filed on August 17, 2009
(SEC File No. 001-33966)).
Exhibit G:
Lock-Up Agreement dated August 10, 2009.
Exhibit H:
Agreement regarding filing of joint Schedule 13D.
11
Exhibit
G
LOCK-UP AGREEMENT
,
2009
Piper
Jaffray &
Co.
800
Nicollet Mall, Suite 800
Minneapolis,
MN 55402
Re:
Proposed Public Offering of MAKO Surgical Corp.
Ladies
and Gentlemen:
The
undersigned understands that Piper Jaffray & Co.
(
Piper
Jaffray
)
will act as representative for a group of
underwriters (the
Underwriters
)
that proposes to enter into
a Purchase Agreement (the
Purchase Agreement
)
with MAKO
Surgical Corp. (the
Company
),
providing for the public
offering (the
Offering
)
by the Underwriters of
common stock of the Company (the
Common Stock
)
pursuant to
the Companys registration statement (Reg. No. 333-159302) filed with the
U.S. Securities and Exchange Commission on June 5, 2009.
In
consideration of the Underwriters agreement to purchase and make the Offering,
and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the undersigned hereby agrees that without the
prior written consent of Piper Jaffray, on behalf of the Underwriters (which
consent may be withheld in Piper Jaffrays sole discretion), the undersigned
will not, during the period commencing on the date hereof and ending 90 days
after the date of the Purchase Agreement (the
Lock-Up Period
),
directly or
indirectly: (1) offer, sell, contract to sell, pledge, sell any option or
contract to purchase, purchase any option or contract to sell, grant any
option, right or warrant to purchase, lend, or otherwise transfer or dispose of
any shares of the Common Stock, or any securities convertible into or
exercisable or exchangeable for the Common Stock; (2) enter into any swap
or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of the Common Stock, or any securities
convertible into or exchangeable for the Common Stock, regardless of whether
any such transaction described herein is to be settled by delivery of the
Common Stock or such other securities, or by delivery of cash or otherwise; (3) make
any demand for, or exercise any right with respect to, the registration of any
shares of the Common Stock or any security convertible into or exercisable of
exchangeable for the Common Stock; or (4) publicly announce any intention
to do any of the foregoing.
Notwithstanding
the foregoing sentence, the transfer restrictions referenced above shall not
apply to (i) a bona fide gift or gifts, (ii) the transfer by will or
intestate succession to the legal representatives or a member of the immediate
family of the undersigned, (iii) dispositions to any trust for the direct
or indirect benefit of the undersigned or the immediate family of the
undersigned, (iv) the surrender or forfeiture of shares of Common Stock to
the Company to satisfy tax withholding obligations upon exercise or vesting of
stock options or equity awards
12
and
(v) if the undersigned is a partnership or corporation or similar entity,
a distribution to the limited partners or stockholders of the undersigned;
provided, that (y) in the case of any gift, disposition or transfer
pursuant to clause (i), (ii), (iii) or (v), each donee or transferee
agrees in writing with Piper Jaffray to be bound by the terms of this Lock-Up
Agreement, and (z) in the case of any gift, disposition or transfer
pursuant to clause (i), (ii), (iii), (iv) or (v), no filing by any party
under Section 16(a) of the Securities Exchange Act of 1934, as
amended or other public announcement shall be required or shall be made voluntarily
in connection with such gift, disposition or transfer. For purposes of this
Agreement, immediate family shall mean any relationship by blood, marriage or
adoption, nor more remote than first cousin.
Anything
herein to the contrary notwithstanding, if
(1)
during the last
17 days of the Lock-Up Period, the Company issues an earnings release or
material news or a material event relating to the Company occurs; or
(2)
prior to the
expiration of the Lock-Up Period, the Company announces that it will release
earnings results during the 16-day period beginning on the last day of the
Lock-Up Period,
then
the Lock-Up Period shall be extended and the restrictions imposed by this
letter shall continue to apply until the expiration of the 18-day period beginning
on the date of issuance of the earnings release or the occurrence of the
material news or material event.
The
undersigned hereby acknowledges and agrees that written notice of any extension
of the Lock-Up Period pursuant to the previous paragraph will be delivered by
Piper Jaffray to the Company (in accordance with the notice provision in the
Underwriting Agreement) and that any such notice properly delivered will be
deemed to have been given to, and received by, the undersigned.
The
undersigned hereby further agrees that, prior to engaging in any transaction or
taking any other action that is subject to the terms of this Lock-Up Agreement
during the period from the date of this Lock-Up Agreement to and including the
34th day following the expiration of the initial Lock-Up Period, it will give
notice thereof to the Company and will not consummate such transaction or take
any such action unless it has received written confirmation from the Company
that the Lock-Up Period (as such may have been extended pursuant to the
previous paragraph) has expired.
Notwithstanding
the foregoing, if the Company is eligible to file an S-3 or F-3 registration
statement, has actively traded securities within the meaning of Rule 139
of the Securities Act of 1933, or otherwise satisfies the requirements set
forth in Rule 139 that would permit Piper Jaffray or any underwriter to
publish issuer-specific research reports pursuant to Rule 139, the Lock-Up
Period shall not be extended upon the occurrence of (1) or (2) above.
The
undersigned hereby agrees and consents to the entry of stop transfer
instructions with the Companys transfer agent against the transfer of
securities of the Company held by the undersigned, except in compliance with
this Lock-Up Agreement.
13
The
undersigned recognizes that the Offering will benefit the undersigned and the
Company. The undersigned acknowledges that the Underwriters are relying on the
representations and agreements of the undersigned contained in this Lock-Up
Agreement in carrying out the Offering and in entering into the Purchase
Agreement.
The
undersigned hereby represents and warrants that the undersigned has full power
and authority to enter into this Lock-Up Agreement. This Lock-Up Agreement is
irrevocable and 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.
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Very truly yours,
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Printed Name:
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Skyline
Venture Partners V, L.P.
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By:
Skyline Venture Management V, LLC
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Its:
General Partner
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By:
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/s/
John G. Freund
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John
G. Freund, Managing Director
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Address:
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525
University Ave., Suite 520
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Palo
Alto, CA 94301
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Accepted
as of the date
first
set forth above:
PIPER JAFFRAY & CO.
14
The
undersigned recognizes that the Offering will benefit the undersigned and the
Company. The undersigned acknowledges that the Underwriters are relying on the
representations and agreements of the undersigned contained in this Lock-Up
Agreement in carrying out the Offering and in entering into the Purchase
Agreement.
The
undersigned hereby represents and warrants that the undersigned has full power
and authority to enter into this Lock-Up Agreement. This Lock-Up Agreement is
irrevocable and 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.
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Very truly yours,
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Printed Name:
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/s/
John G. Freund
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John G. Freund
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Capacity:
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Director
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(Indicate
capacity of person signing if signing as custodian or trustee or on behalf of
an entity)
Accepted
as of the date
first set forth above:
PIPER JAFFRAY & CO.
15
Questions
Provide
your full name and, if applicable, the full name of the corporation,
partnership, trust or other entity on whose behalf you are completing this
Questionnaire and in whose name the securities of the Company are registered.
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Skyline Venture Partners V, L.P.
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1.
Please indicate
below whether you have any information pertaining to underwriting compensation and
arrangements entered into or items of value received during the 180-day period
immediately preceding the Due Date or to be received by any underwriter or
related person or any dealings between any underwriter or related person or any
member or person associated with a member on the one hand, and the Issuer, on
the other hand, other than information relating to the proposed Offering of the
Companys Securities. (Certain words or phrases used in this question are
defined on pages 2-3 of this Questionnaire).
Yes
o
No
x
If Yes, please
explain.
Explanation:
2.
Are you:
Yes
No
x
o
(a) an
officer or member of the board of directors of the Company;
x
o
(b) a
beneficial owner of five percent (5%) or more of any class of the Companys
securities; or
**As
a Managing Director of the General Partner of Skyline Venture Partners V,
L.P. I may be deemed a beneficial owner, although I hereby disclaim any
beneficial interest except as to any pecuniary interest therein.
o
x
(c) a purchaser of the
Companys unregistered equity securities that were
acquired during the 180-day
period immediately preceding the Due Date (except for securities acquired
through any stock bonus, pension or profit-sharing plan that qualifies under Section 401
of the Internal Revenue Code)?
3.
Are you:
(a)
A member of FINRA;
(b)
an affiliate of a FINRA
member;
(c)
a person associated with a FINRA
member; or
(d)
an underwriter or related
person with respect to the proposed Offering? (Certain words or phrases used in
this question are defined on pages 2-3 of this Questionnaire).
Yes
o
No
x
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If
Yes, please identify such member(s) of FINRA that you are affiliated with
or associated with, and provide the name, address and telephone number of the
FINRA member or members and a detailed description of your association or
affiliation.
Description:
4.
If you answered
Yes to Question Number 3, please state whether such FINRA member is
participating in any capacity in the Companys Offering and the capacity in
which the FINRA member is participating.
5.
Ownership of
the Companys Securities Please answer Question 5 only if you answered Yes
to any one or more of Questions 2 or 3.
Identify
the number of equity securities that you currently hold or the face value of
any debt securities currently owned, the date such securities were acquired,
and the price paid for such securities.
Class of
Securities
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Number
of Shares
Held
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Price or Other
Consideration Paid for
the Securities
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Date of Purchase
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Common Stock
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2,437,249
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$15,110,943.80
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10/31/2008
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Warrants for Common Stock
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487,450
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$60,9321.23
for consideration, not exercise
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Not
exercised
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6.
Underwriter
Affiliation
Have
you ever been an employee or member of the immediate family of an employee of
any investment banking or brokerage firm which will be or has been an
underwriter for securities of the Company (including, but not limited to, the
Securities now being registered) or, if the respondent to this questionnaire is
an entity, does any member, affiliate of a member or person associated with a
member own any of the entitys outstanding common equity, preferred equity,
17
debt securities or general, limited or special partnership interests?
Yes
o
No
x
If Yes, please
explain.
Explanation:
7.
Purchases and
Sales of the Companys Securities Please answer Question 7 only if you
answered Yes
to any one or more of Questions 2 or 3.
A.
Purchases
and Acquisitions
Please list below all purchases and acquisitions (including contracts
for purchase or acquisition) of securities of the Company by you during the
180-day period immediately preceding the Due Date. Also include all proposed
purchases and acquisitions which are to be consummated by you in whole or in
part within the next 12 months. If more space is required, please attach
additional sheets to this Questionnaire as necessary containing such
information.
Seller or
Prospective
Seller
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Class of
Securities
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Amount and
Price or Other
Consideration Paid for
the Securities
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Date of
Purchase
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Description of
Relationship
with Seller
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B.
Sales
and Dispositions
Please list below all sales and dispositions (including contracts to
sell or to dispose) of securities of the Company by you during the 180-day
period immediately preceding the Due Date. Also include all proposed sales and
dispositions which are to be consummated by you in whole or in part within the
next 12 months.
Buyer or
Prospective
Buyer
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Class of
Securities
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Amount and
Price or Other
Consideration Paid for
Securities
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Date of
Sale
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Description of
Relationship
with Seller
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18
8.
Have you ever
had a material relationship, other than a brokerage account, with Piper Jaffray &
Co. or any
other underwriter, investment firm or underwriting organization which might
participate in the underwriting of the Securities being registered?
Yes
o
No
x
If
so, please describe such relationship and identify the party or parties
involved.
9.
Are you now or
have you ever held an interest in or been affiliated with the firms of Ernst &
Young LLP, Foley & Lardner LLP or Latham & Watkins LLP?
Yes
o
No
x
If
so, please identify the party or parties involved and describe such interest or
affiliation.
Explanation:
Not
other than using Latham & Watkins as Investors Counsel on various
deals and with Ernst & Young as an audit and/or tax advisor to several
portfolio companies.
10.
Certain relationships and
related transactions
During
the Companys last three fiscal years (including the period since the end of
the last fiscal year) have you, or any member of your immediate family, engaged
in, or do you, or any member of your immediate family, propose to engage in any
transaction, or series of similar transactions, to which the Company or any of
its subsidiaries was or is to be a party and in which you, or any member of
your immediate family, have had or will have any direct or indirect material
interest?
Yes
o
No
x
If
Yes, please explain, including identifying the nature of your, or your
immediate family members, interest in the transaction(s), the amount of such
transaction(s) and the amount of your, or your immediate family members,
interest in the transaction(s).
Explanation:
If
any such transaction involved or is to involve the purchase or sale of assets
by or to the Company or any of its subsidiaries, other than in the ordinary
course of business, please list the cost of the assets to the purchaser, and
the cost thereof to the seller if the assets were acquired by the seller within
the two years immediately prior to the transaction.
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Note:
Examples of possible transactions which must
be disclosed are where you:
(a)
have been, or are now, or propose to be an officer,
director or employee of a major creditor, customer or supplier of the Company,
or any of its subsidiaries, or where you have an interest in any such creditor,
customer or supplier;
(b)
are a seller, buyer, lessee or lessor of property to
or from the Company or any of its subsidiaries;
(c)
are the lender or guarantor of a loan made to, or a
borrower from, the Company or any of its subsidiaries;
(d)
are the debtor under an obligation which the Company
or any of its subsidiaries guarantees; or
(e)
are a buyer of securities or evidences of
indebtedness from the Company or any of its subsidiaries.
11.
Arrangements
Except
as to any arrangement between the Company, Piper Jaffray & Co.,
Leerink Swann LLC, or any other underwriter, investment firm or underwriting
organization which might participate in the underwriting of the Securities
being registered, do you know of any arrangement made or to be made by any
person, or of any transaction already effected:
(a)
to limit or restrict the sale of the Companys
Common Stock during the period of the proposed Offering of the Common Stock to
be registered;
(b)
to stabilize the market for the Companys Common
Stock;
(c)
to withhold commissions or otherwise to hold each
underwriter or dealer responsible for the distribution of his or her
participation in the Offering;
(d)
to grant any discounts or the payment of any
commission to any underwriter or the payment of any finders fee or similar
payment; or
(e)
to allocate any of the Companys Common Stock which
is to be registered to you or any of your associates or to any officer or
director of the Company?
Yes
o
No
x
If Yes, please
explain.
Explanation:
The
information provided above is supplied by the undersigned in response to the
request of the Company in connection with the Registration Statement to be
filed with the Commission pursuant to the Act and relating to the proposed Offering,
and certain related filings with FINRA. The undersigned acknowledges and
understands that the Company, the underwriters involved in the Offering and
their counsel will rely on such answers.
If
at any time prior to the commencement of the Offering any of the information
set forth in my responses to this Questionnaire has changed due to passage of
time, or any development occurs which
20
If
at any time prior to the commencement of the Offering any of the information
set forth in my responses to this Questionnaire has changed due to passage of
time, or any development occurs which requires a change in my answers, or has
for any other reason become incorrect, I hereby acknowledge and agree that I will
promptly furnish any necessary or appropriate correcting information to Daniel
Rees (telephone number (714) 755-2244) of Latham & Watkins LLP.
Otherwise,
the Company, the underwriters involved in the Offering and their counsel are to
understand that the information provided in this Questionnaire continues to be,
to the best of the undersigneds knowledge, information, and belief, complete
and correct.
Dated:
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8/10/09
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/s/
John G. Freund
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Signature
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Skyline
Venture Partners V, L.P.
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By:
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Skyline
Venture Management V, LLC
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John
Freund
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Its:
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General
Partner
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Print
Name
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By:
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John
G. Freund
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525
University Ave, Ste 520, Palo Alto, CA 94301
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Its:
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Managing
Director
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Address
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650-462-5800
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Phone
number
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650-329-1090
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Fax
number
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E-mail
address
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21
Questions
Provide
your full name and, if applicable, the full name of the corporation,
partnership, trust or other entity on whose behalf you are completing this
Questionnaire and in whose name the securities of the Company are registered.
1.
Please indicate
below whether you have any information pertaining to underwriting compensation
and arrangements entered into or items of value received during the 180-day
period immediately preceding the Due Date or to be received by any underwriter
or related person or any dealings between any underwriter or related person or
any member or person associated with a member on the one hand, and the Issuer,
on the other hand, other than information relating to the proposed Offering of
the Companys Securities. (Certain words or phrases used in this question are
defined on pages 2-3 of this Questionnaire).
Yes
o
No
x
If Yes, please
explain.
Explanation:
2.
Are you:
Yes
No
x
o
(a) an
officer or member of the board of directors of the Company;
x
o
(b) a
beneficial owner of five percent (5%) or more of any class of the Companys
securities; or
**As a Managing Director of
the General Partner of Skyline Venture Partners V, L.P. I may be deemed a
beneficial owner, although I hereby disclaim any beneficial interest except as
to any pecuniary interest therein.
o
x
(c) a
purchaser of the Companys unregistered equity securities that were acquired
during the 180-day period immediately preceding the Due Date (except for
securities acquired through any stock bonus, pension or profit-sharing plan
that qualifies under Section 401 of the Internal Revenue Code)?
3.
Are you:
(a)
A member of FINRA;
(b)
an affiliate of a FINRA member;
(c)
a person associated with a
FINRA member; or
(d)
an underwriter or related
person with respect to the proposed Offering? (Certain words or phrases used in
this question are defined on pages 2-3 of this Questionnaire).
Yes
o
No
x
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If
Yes, please identify such member(s) of FINRA that you are affiliated with
or associated with, and provide the name, address and telephone number of the
FINRA member or members and a detailed description of your association or
affiliation.
Description:
4.
If you answered
Yes to Question Number 3, please state whether such FINRA member is
participating in any capacity in the Companys Offering and the capacity in
which the FINRA member is participating.
5.
Ownership of
the Companys Securities Please answer Question 5 only if you answered Yes
to any one or more of Questions 2 or 3.
Identify
the number of equity securities that you currently hold or the face value of
any debt securities currently owned, the date such securities were acquired,
and the price paid for such securities.
Class of
Securities
|
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Number
of Shares
Held
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Price or Other
Consideration Paid for
the Securities
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Date of Purchase
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Common Stock
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2,437,249
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$15,110,943.80
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10/31/2008
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Warrants for Common Stock
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487,450
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$60,9321.23 for consideration, not exercise
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Not
exercised
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6.
Underwriter
Affiliation
Have
you ever been an employee or member of the immediate family of an employee of
any investment banking or brokerage firm which will be or has been an
underwriter for securities of the Company (including, but not limited to, the
Securities now being registered) or, if the respondent to this questionnaire is
an entity, does any member, affiliate of a member or person associated with a
member own any of the entitys outstanding common equity, preferred equity,
23
debt
securities or general, limited or special partnership interests?
Yes
o
No
x
If Yes, please
explain.
Explanation:
7.
Purchases and
Sales of the Companys Securities Please answer Question 7 only if you
answered Yes
to any one or more of Questions 2 or 3.
A.
Purchases
and Acquisitions
Please list below all purchases and acquisitions (including contracts
for purchase or acquisition) of securities of the Company by you during the
180-day period immediately preceding the Due Date. Also include all proposed
purchases and acquisitions which are to be consummated by you in whole or in
part within the next 12 months. If more space is required, please attach
additional sheets to this Questionnaire as necessary containing such
information.
Seller
or
Prospective
Seller
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Class of
Securities
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Amount and
Price or Other
Consideration Paid for
the Securities
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Date of
Purchase
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Description of
Relationship
with Seller
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B.
Sales
and Dispositions
Please list below all sales and dispositions
(including contracts to sell or to dispose) of securities of the Company by you
during the 180-day period immediately preceding the Due Date. Also include all
proposed sales and dispositions which are to be consummated by you in whole or
in part within the next 12 months.
Buyer or
Prospective
Buyer
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Class of
Securities
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Amount and
Price or Other
Consideration Paid for
Securities
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Date of
Sale
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Description of
Relationship
with Seller
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8.
Have you ever
had a material relationship, other than a brokerage account, with Piper Jaffray &
Co. or any other underwriter, investment firm or underwriting organization
which might participate in the underwriting of the Securities being registered?
Yes
o
No
x
If
so, please describe such relationship and identify the party or parties
involved.
9.
Are you now or
have you ever held an interest in or been affiliated with the firms of Ernst &
Young LLP, Foley & Lardner LLP or Latham & Watkins LLP?
Yes
o
No
x
If
so, please identify the party or parties involved and describe such interest or
affiliation.
Explanation:
Not
other than using Latham & Watkins as Investors Counsel on various
deals and with Ernst & Young as an audit and/or tax advisor to several
portfolio companies.
10.
Certain
relationships and related transactions
During
the Companys last three fiscal years (including the period since the end of
the last fiscal year) have you, or any member of your immediate family, engaged
in, or do you, or any member of your immediate family, propose to engage in any
transaction, or series of similar transactions, to which the Company or any of
its subsidiaries was or is to be a party and in which you, or any member of
your immediate family, have had or will have any direct or indirect material
interest?
Yes
o
No
x
If
Yes, please explain, including identifying the nature of your, or your
immediate family members, interest in the transaction(s), the amount of such
transaction(s) and the amount of your, or your immediate family members,
interest in the transaction(s).
Explanation:
If
any such transaction involved or is to involve the purchase or sale of assets
by or to the Company or any of its subsidiaries, other than in the ordinary
course of business, please list the cost of the assets to the purchaser, and
the cost thereof to the seller if the assets were acquired by the seller within
the two years immediately prior to the transaction.
25
Note:
Examples of possible transactions which must
be disclosed are where you:
(a)
have been, or are now, or propose to be an officer,
director or employee of a major creditor, customer or supplier of the Company,
or any of its subsidiaries, or where you have an interest in any such creditor,
customer or supplier;
(b)
are a seller, buyer, lessee or lessor of property to
or from the Company or any of its subsidiaries;
(c)
are the lender or guarantor of a loan made to, or a
borrower from, the Company or any of its subsidiaries;
(d)
are the debtor under an obligation which the Company
or any of its subsidiaries guarantees; or
(e)
are a buyer of securities
or
evidences of
indebtedness from the Company or any of its subsidiaries.
11.
Arrangements
Except
as to any arrangement between the Company, Piper Jaffray & Co.,
Leerink Swann LLC, or any other underwriter, investment firm or underwriting
organization which might participate in the underwriting of the Securities
being registered, do you know of any arrangement made or to be made by any
person, or of any transaction already effected:
(a)
to limit or restrict the sale of the Companys
Common Stock during the period of the proposed Offering of the Common Stock to
be registered;
(b)
to stabilize the market for the Companys Common
Stock;
(c)
to withhold commissions or otherwise to hold each
underwriter or dealer responsible for the distribution of his or her
participation in the Offering;
(d)
to grant any discounts or the payment of any
commission to any underwriter or the payment of any finders fee or similar
payment; or
(e)
to allocate any of the Companys Common Stock which
is to be registered to you or any of your associates or to any officer or
director of the Company?
Yes
o
No
x
If Yes, please
explain.
Explanation:
The
information provided above is supplied by the undersigned in response to the
request of the Company in connection with the Registration Statement to be
filed with the Commission pursuant to the Act and relating to the proposed
Offering, and certain related filings with FINRA. The undersigned acknowledges
and understands that the Company, the underwriters involved in the Offering and
their counsel will rely on such answers.
If
at any time prior to the commencement of the Offering any of the information
set forth in my responses to this Questionnaire has changed due to passage of
time, or any development occurs which
26
If
at any time prior to the commencement of the Offering any of the information
set forth in my responses to this Questionnaire has changed due to passage of
time, or any development occurs which requires a change in my answers, or has
for any other reason become incorrect, I hereby acknowledge and agree that I
will promptly furnish any necessary or appropriate correcting information to
Daniel Rees (telephone number (714) 755-2244) of Latham & Watkins LLP.
Otherwise,
the Company, the underwriters involved in the Offering and their counsel are to
understand that the information provided in this Questionnaire continues to be,
to the best of the undersigneds knowledge, information, and belief, complete
and correct.
Dated:
|
8/10/09
|
|
/s/
John G. Freund
|
|
|
Signature
|
|
|
|
|
|
J
ohn
F
reund, Director
|
|
|
Print
Name
|
|
|
|
|
|
525
University Ave, Ste 520, Palo Alto, CA 94301
|
|
|
Address
|
|
|
|
|
|
650-462-5800
|
|
|
Phone
number
|
|
|
|
|
|
650-329-1090
|
|
|
Fax
number
|
|
|
|
|
|
|
|
|
E-mail
address
|
27
Exhibit H
JOINT FILING STATEMENT
I,
the undersigned, hereby express my agreement that the attached Schedule 13D
(and any amendments thereto) relating to the common stock of MAKO Surgical
Corporation is filed on behalf of each of the undersigned.
Dated: March 16, 2010
|
|
|
|
SKYLINE VENTURE PARTNERS V, L.P.
|
|
|
|
|
By:
|
Skyline Venture Management
V, LLC
|
|
Its:
|
General Partner
|
|
|
|
|
By:
|
/s/ John Freund
|
|
|
|
|
Name:
|
John Freund
|
|
|
Manager
|
|
|
|
|
SKYLINE VENTURE MANAGEMENT V, LLC
|
|
|
|
|
By:
|
/s/ John Freund
|
|
|
|
|
Name:
|
John Freund
|
|
|
Manager
|
|
|
|
|
|
/s/ John Freund
|
|
John Freund
|
|
|
ATTENTION:
|
|
Intentional misstatements or
omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001)
|
28
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