Document:

EX-10.47

 Exhibit 10.47 
 FIRST AMENDMENT TO 
 COMMON STOCK PURCHASE AGREEMENT 

THIS FIRST AMENDMENT TO COMMON STOCK PURCHASE AGREEMENT (the “Amendment”), dated as of November 17, 2011, by
and between ATHERSYS, INC., a Delaware corporation (the “Company”), and ASPIRE CAPITAL FUND, LLC, an Illinois limited liability company (the “Buyer”). Capitalized terms used herein and not otherwise
defined herein shall have the meanings given to them in the Common Stock Purchase Agreement. 
 WHEREAS, the parties
hereto are parties to a Common Stock Purchase Agreement dated as of November 11, 2011 (the “Purchase Agreement”) pursuant to which the Buyer has agreed to purchase, and the Company has agreed to sell up to Twenty Million
Dollars ($20,000,000) of the Company’s common stock, par value $0.001 (the “Common Stock”); 

WHEREAS, the parties desire to amend the Purchase Agreement so that, subject to the terms and conditions set forth in the Purchase
Agreement as amended, the Floor Price is raised to a price per share of $1.45, as required by the Principal Market for compliance with its rules; 
 NOW, THEREFORE, in consideration of the agreements, covenants and considerations contained herein, the parties hereto agree as follows: 

(1)   Amendments. 
 The second sentence of Section 1(h) of the Purchase Agreement is hereby amended and restated in its entirety as follows: 
 1. PURCHASE OF COMMON STOCK. 
 * * * 

(h) The Company’s Right to Require Purchases. . . . The “Floor Price” is a price per share of
$1.45, equal to (x) the Signing Market Price plus (y) $0.08, which shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction. . . .

 (2)   Miscellaneous. The provisions of Section 11 of the Purchase Agreement are hereby expressly
incorporated herein and shall govern this Amendment in all respects. 
 * * * * * 

 IN WITNESS WHEREOF, the Buyer and the Company have caused this First Amendment to
Common Stock Purchase Agreement to be duly executed as of the date first written above. 
  

			
	 THE COMPANY:
  

ATHERSYS, INC.

		
	By:	 	/s/ Gil Van Bokkelen        
	Name:	 	Dr. Gil Van Bokkelen
	 Title:
	 	Chairman and Chief Executive Officer
		 	

  

			
	BUYER:
	  
 ASPIRE
CAPITAL FUND, LLC

	 BY: ASPIRE CAPITAL PARTNERS, LLC

	 BY: SGM HOLDINGS CORP.

		
	By:	 	/s/ Steven G. Martin        
	Name:	 	Steven G. Martin
	 Title:
	 	 President

  
  
  

 
  
  

 
  
  

 
  

[SIGNATURE PAGE TO FIRST AMENDMENT TO COMMON STOCK PURCHASE AGREEMENT]Form of Notice to Executive Officers

 Exhibit 10.1 
 Analogic Corporation 
 Annual Incentive Plan for Fiscal Year 2012

  
  

 

					
	Employee:	  		  	Supervisor:
	Title:	  		  	Target Level (% of salary):
	Plan Year:	  	8/1/11 - 7/31/12	  	

  
  

Congratulations! Analogic Corporation (the “Company”) has selected you to participate in its Annual Incentive Plan (the “Plan”) for
Fiscal Year 2012. A summary of the terms of the Plan, as it applies to you, is shown below*: 
  

	1.	Eligibility to Earn an Award 

 You will be eligible to earn an award under the Plan if all of the following conditions apply: 
  

	 	(a)	Analogic achieves at least 80.7% of its Non-GAAP Earnings per Share (EPS) budget for fiscal year 2012; 

 

	 	(b)	you are an employee of the Company on the date of the payment of the award,** or your employment is terminated involuntarily on or after February 1, 2012
and you are eligible for Severance Benefits. 

  

	2.	Performance Factors (see attachment) 

 The Target Level for your award is listed above. Your actual award may be greater or less than the Target Level, depending on the Company’s performance for the Plan year. If you are eligible to
receive an award, your final award amount will be determined based upon the following performance factors: 
  

	 	(a)	Analogic Non-GAAP EPS - 60% of your award shall be determined by Analogic’s year-end results for Non-GAAP EPS relative to budget for fiscal year 2012.

  

	 	(b)	Analogic Revenue - 30% of your award shall be determined by Analogic’s year-end results for Revenue relative to budget for fiscal year 2012.

  

	 	(c)	Analogic Non-GAAP Return on Invested Capital (ROIC) - 10% of your award shall be determined by Analogic’s year-end results for Non-GAAP ROIC relative to
budget for fiscal year 2012. 

  

	3.	Determining Your Award 

  

	 	(a)	Your award will be equal to your Target Level multiplied by your Eligible Base Earnings, adjusted for the actual performance measures relative to budget attained for
2012. “Eligible Base Earnings” means total base salary payments (including vacation, sick, and holiday pay) made through Company payroll for the Plan year. Payments made to employees during approved medical leaves of absence are excluded.

  

	 	(b)	Actual awards will range from 0 to two (2) times the Target Level for the performance factors. For General Managers and Corporate VP’s and higher, amounts in
excess of the Target Level will be paid 50% in cash and 50% in stock. 

  

	 	(c)	If you are not eligible for an award for the entire 2012 fiscal year or if your Target Level changes during the Plan year, your award will be prorated based on the
number of months that you were eligible to receive the award. 

 This document is not an employment agreement, and terms of
employment are unaffected because of this document. The Company reserves the right to adjust awards up or down in its discretion based on exceptional circumstances. If Analogic Non-GAAP EPS is less than 80.7% of budget, no awards will be earned
under this Plan. 

	*	For more information concerning the Plan, please contact the Human Resources Department. 

	**	Because payment of an award under the Plan is determined in part upon the Company’s performance during the 2012 Fiscal Year, the payment date of any award will be
after the completion of fiscal year 2012, as determined in the sole discretion of the Company’s Compensation Committee. 

 Analogic Corporation 

Annual Incentive Plan for Fiscal Year 2012 
  

					
	Target Level (% of Salary):	  		  	Annual Salary as of 11/21/2012:
			
		  		  	Target Bonus as of 11/21/2012:
			
	Performance Factors	  		  	
			
	Analogic Non-GAAP EPS:	  	60% of award	  	Target Amount as of 11/21/2012:
			
	Analogic Revenue:	  	30% of award	  	Target Amount as of 11/21/2012:
			
	Analogic Non-GAAP ROIC:	  	10% of award	  	Target Amount as of 11/21/2012:

 If you are eligible to receive an award under the Plan, the following charts describe how the amount of your award will
be determined based upon the Company’s financial performance. 
  

	a.	Analogic Non-GAAP Earnings per Share vs. Fiscal Year 2012 Budget 

  

																	
	 % of Budget
	  	< 80.7%
of
Budget	 	 	80.7%
of
Budget	 	 	100%
of
Budget	 	 	3 124.1%
of
Budget	 
					
	 % of Target
	  	 	0	% 	 	 	25	% 	 	 	100	% 	 	 	200	% 
					
	 Award Amount
	  				 				 				 			

 Revenue vs. Fiscal Year 2012 Budget 

 

																	
	 % of Budget
	  	< 95%
of
Budget	 	 	95%
of
Budget	 	 	100%
of
Budget	 	 	3 108%
of
Budget	 
					
	 % of Target
	  	 	0	% 	 	 	25	% 	 	 	100	% 	 	 	200	% 
					
	 Award Amount
	  				 				 				 			

 Non-GAAP ROIC vs. Fiscal Year 2012 Budget 

 

																	
	 % of Budget
	  	< 83.3%
of
Budget	 	 	83.3%
of
Budget	 	 	100%
of
Budget	 	 	3 116.7%
of
Budget	 
					
	 % of Target
	  	 	0	% 	 	 	25	% 	 	 	100	% 	 	 	200	% 
					
	 Award Amount
	  				 				 				 			

  

	•	 	 Amounts earned in excess of the year-end Target Bonus will be paid 50% in cash and 50% in stock. 

 

	•	 	 Intermediate results on above financial measures will be interpolated. 

 

	•	 	 Your target bonus, and all variations thereof, are based on a full fiscal year in your current position and will be prorated to reflect the actual
amount of time you are in your current role during fiscal 2012. See Section 3(c) of this document. 

  

	•	 	 If Analogic Non-GAAP EPS is <80.7% of budget, no awards will be earned under the planForm of Nonstatutory Stock Option Agreement for 2009 Stock Incentive Plan

 Exhibit 10.2 
 ANALOGIC CORPORATION 
 Nonstatutory Stock Option Agreement

 2009 Stock Incentive Plan 
 This Nonstatutory Stock Option Agreement is made as of the Agreement Date between Analogic Corporation (the “Company”), a Massachusetts corporation, and the Participant. 

 

	I.	Agreement Date 

			
	    Date:	 	

  

	II.	Participant Information 

			
	    Participant:	 	
	    Participant Address:	 	

  

	III.	Option Information 

			
	    Grant Date:	  	
	    Number of Shares:	  	
	    Exercise Price1:	  	$

  

	IV.	Vesting Table 

			
	    Vesting Date	  	Percentage of Option Shares that Vests
		  	
		  	
		  	

 This Agreement includes this cover page and the following Exhibit, which is expressly incorporated by reference in its
entirety herein: 
 Exhibit A – General Terms and Conditions 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Agreement Date. 
  

					
	ANALOGIC CORPORATION	 		 	PARTICIPANT
			
	  
	 		 	  

	Name:	 		 	Name:
	Title:	 		 	

  
  

  
 Page 1 of 5

 ANALOGIC CORPORATION 

Nonstatutory Stock Option Agreement 
 Exhibit A – General Terms and Conditions 
 For valuable consideration,
receipt of which is acknowledged, the parties hereto agree as follows: 
 1. Grant of Option. 

(a) In consideration of services rendered to the Company by the Participant, the Company has granted to the Participant as of the Grant
Date set forth on the cover page of this Agreement, subject to the terms and conditions set forth in this Agreement and in the Company’s 2009 Stock Incentive Plan (the “Plan”), an option to purchase up to the number of shares
set forth on the cover page of this Agreement (the “Shares”) of common stock, $.05 par value per share, of the Company (the “Common Stock”), at the exercise price per Share set forth on the cover page of this
Agreement. Unless earlier terminated, this option shall expire at 5:00 p.m., Eastern time, on the seventh anniversary of the Grant Date (the “Final Exercise Date”). 

(b) It is intended that the option evidenced by this agreement shall not be an incentive stock option as defined in Section 422 of
the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the term “Participant”, as used in this Agreement, shall be
deemed to include any person who acquires the right to exercise this option validly under its terms. 
 2. Vesting
Schedule. 
 (a) This option will become exercisable (“vest”) in accordance with the Vesting Table set forth
on the cover page of this Agreement, except to the extent provided otherwise in Section 3. 
 (b) The right of exercise
shall be cumulative so that to the extent the option is not exercised in any period to the maximum extent permissible it shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of
the Final Exercise Date or the termination of this option under Section 3 or under the Plan. 
 3. Exercise,
Acceleration and Termination of Option. 
 (a) Form of Exercise. To exercise this option, the Participant shall
deliver to the Company a notice of exercise in a form (which may be in electronic form) approved by the Company, along with payment in full of the exercise price in the manner provided in the Plan, including without limitation “net
exercise” as provided in Section 5(g)(4) of the Plan. The Participant may purchase less than the number of shares covered hereby, provided that no partial exercise of this option may be for any fractional share. 

  
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 (b) Continuous Relationship with the Company Required. Except as otherwise provided
in this Section 3, this option may not be exercised unless the Participant, at the time he or she exercises this option, is, and has been at all times since the Grant Date, an employee of the Company. For purposes of this Agreement, employment
with the Company shall include employment with a parent or subsidiary of the Company, or any successor to the Company. 
 (c)
Effect of Termination of Employment with the Company. 
 (1) If the Participant ceases to be employed by the Company for
any reason other than death, Disability (as defined below), termination for Cause (as defined below), Retirement (as defined below) or voluntary resignation, then the portion of this option that is vested as of the date of such termination of
employment shall be exercisable by the Participant until the end of the 90-day period following the date of such termination of employment (or, if earlier, until the Final Exercise Date) and shall terminate at the end of such period. 

(2) If the Participant ceases to be employed by the Company as a result of his or her death, then the portion of this option that is
vested as of the date of such termination of employment, plus a portion covering the Additional Pro Rata Shares (as defined below), shall be exercisable by the Designated Beneficiary (as defined in the Plan) of the Participant until the end of the
one-year period following the date of death (or, if earlier, until the Final Exercise Date) and shall terminate at the end of such period. Any unvested portion of this option (after giving effect to the vesting of the Additional Pro Rata Shares)
shall terminate as of his or her death. The “Additional Pro Rata Shares” shall mean (i) the number of Shares that would have vested on the next vesting date (as set forth on the cover page of this Agreement) multiplied by (ii) a
fraction, the numerator of which is the number of full months elapsed since the most recent Vesting Date (or the Grant Date, if termination occurs prior to the first Vesting Date) and the denominator of which is the number of months between the most
recent Vesting Date and the next Vesting Date. Any unvested portion of this option (after giving effect to the vesting of the Additional Pro Rata Shares) shall terminate as of the date of such termination of employment. 

(3) If the Participant ceases to be employed by the Company as a result of his or her Disability, then the portion of this option that
is vested as of the date of such termination of employment, plus a portion covering the Additional Pro Rata Shares, shall be exercisable by the Participant (or his or her legal representatives) until the end of the one-year period following the date
of such employment termination (or, if earlier, until the Final Exercise Date) and shall terminate at the end of such period. Any unvested portion of this option (after giving effect to the vesting of the Additional Pro Rata Shares) shall terminate
as of such employment termination. 
 (4) If the Participant ceases to be employed by the Company as a result of the
termination of his or her employment by the Company for Cause, this option shall terminate upon the effective date of such termination of employment. If the Participant is given notice by the Company of the termination of his or her employment by
the Company for Cause, and the effective date of such employment termination is subsequent to the date of the delivery of such notice, the right to exercise this option shall be suspended from the time of the delivery of such notice until the
earlier of (i) such time as it is determined or otherwise agreed that the Participant’s employment shall not be terminated for Cause as provided in such notice or (ii) the effective date of such termination of employment (in which
case this option shall, pursuant to the preceding sentence, terminate immediately upon the effective date of such termination of employment). 

  
 Page 3 of 5

 (5) If the Participant ceases to be employed by the Company as a result of his or her
Retirement, then the portion of this option that is vested as of the date of such termination of employment, plus a portion covering the Additional Pro Rata Shares, shall be exercisable by the Participant until the end of the one-year period
following the date of such Retirement (or, if earlier, until the Final Exercise Date) and shall terminate at the end of such period. Any unvested portion of this option (after giving effect to the vesting of the Additional Pro Rata Shares) shall
terminate as of such Retirement. 
 (6) If the Participant ceases to be employed by the Company as a result of his or her
voluntary resignation (other than in the case of Retirement), this option shall terminate upon the effective date of such termination of employment. 
 (d) Change in Control Event. This option shall become fully vested effective immediately prior to a Change in Control Event (as defined in the Plan). 

(e) Definitions. 
 (1) For purposes of this Agreement, “Cause” shall mean any intentional dishonest, illegal, or insubordinate conduct which is materially injurious to the Company or a subsidiary, or a
breach of any provision of any employment, nondisclosure, non-competition or similar agreement between the Participant and the Company. 
 (2) For purposes of this Agreement, “Disability” shall mean a disability that entitles the Participant to receive benefits under a Company-sponsored disability program. If no program is
in effect for the Participant, Disability will apply if the Participant has become totally and permanently disabled within the meaning of Section 22(e)(3) of the Code. 
 (3) For purposes of this Agreement, “Retirement” shall mean the Participant voluntarily leaving the employment of the Company with a combination of years of age and years of service of at
least 75 and at least 10 years of service; provided that a Participant will not be deemed to have retired in any situation involving a termination for Cause, as determined by the Company. 

4. Withholding Taxes. No Shares will be issued pursuant to the exercise of this option unless and until the Participant pays to
the Company, or makes provision satisfactory to the Company, in the manner permitted in the Plan, for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option. 

5. Restrictions on Transfer. This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the
Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution. 
 6.
Provisions of the Plan. This Agreement is subject to the provisions of the Plan. The Participant acknowledges receipt of the Plan, along with the Prospectus relating to the Plan. 

  
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 7. Miscellaneous. 

(a) No Rights to Employment. The Participant acknowledges and agrees that the grant of this option and its vesting pursuant to
Section 2 do not constitute an express or implied promise of continued employment for the vesting period, or for any period. 
 (b) Entire Agreement. This Agreement and the Plan constitute the entire agreement between the parties, and supersede all prior agreements and understandings, relating to the subject matter of this
Agreement; provided that any separate employment or severance agreement between the Company and the Participant that includes terms relating to the acceleration of vesting of equity awards shall not be superseded by this Agreement. 

(c) Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with the internal laws of the
Commonwealth of Massachusetts, without regard to any applicable conflict of law principles. 
 (d) Interpretation. The
interpretation and construction of any terms or conditions of the Plan or this Agreement by the Compensation Committee shall be final and conclusive. 

  
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