Document:

DC7100.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

	
THE BANCORP, INC.

409 Silverside Road

Wilmington, DE 19809

	
, 2009

	
To the investors in The Bancorp,

Inc.’s 1999 private placement

RE: Investor Rights Agreement dated as of October 13, 1999

	
Dear Bancorp, Inc. stockholder:

     You are receiving this letter because you hold shares of common stock of The Bancorp, Inc. (the “Company”) that you purchased in the Company’s 1999 private placement. In connection with
your purchase, you became a party to the Investor Rights Agreement dated as of October 13, 1999 (the “Agreement”). At the time the Agreement was entered into, the Company was not publicly traded on a securities exchange, it did not file
documents with the Securities and Exchange Commission, and the shares you purchased were restricted and thus very difficult to sell or transfer. The Agreement was established in order to provide you with liquidity for your investment.

     The Company has now been traded on the NASDAQ Global Select Market (formerly the NASDAQ National Market) for almost 5 years and it has filed reports with the Securities and Exchange Commission that
entire time. Because shares of the Company’s common stock are now actively traded, and you have held them for almost a decade, the shares may be freely traded and you don’t require the rights and protections afforded to you by the
Agreement.

     Accordingly, we respectfully request your consent to the following amendment that will set a termination date for the Agreement. Upon obtaining the required approval, Article 8 of the Agreement will
be amended by adding the following Section 8.9:

	
8.9      		
Termination. This Agreement and all rights hereunder shall terminate and no longer be of any force or effect at 5:00 p.m. on July 15, 2009.	
	 

     The Agreement provides that it may be amended by obtaining consents in writing from investors holding a majority of the “Investor Shares” then outstanding. Any shares purchased in the 1999
offering that have been sold, had the restrictive legend removed or

have otherwise changed record ownership, are no longer deemed to be “Investor Shares.” Accordingly, in order for this amendment and termination to be approved, the Company must obtain consents in writing from the small
number of stockholders that still hold “Investor Shares,” of which you are one.

     On behalf of The Bancorp, Inc., I thank you for your past and continued support of our company. 

	
Very truly yours,

	
Betsy Z. Cohen, Vice Chairman and Chief

Executive Officer of The Bancorp, Inc.

	
AGREED to and ACCEPTED this

___ day of , 2009

	
By:

Name:

Title:DC7101.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

	
THE BANCORP, INC.

409 Silverside Road

Wilmington, DE 19809

	
, 2009

	
VIA EMAIL AND CERTIFIED MAIL

RE: Investor Rights Agreement dated as of June 12, 2002

	
Dear Bancorp, Inc. stockholder:

     You are receiving this letter because you hold shares of Series A preferred stock of The Bancorp, Inc. (the “Company”) that you purchased in the Company’s 2002 private placement. In
connection with your purchase, you became a party to the Investor Rights Agreement dated as of June 12, 2002 (the “Agreement”). At the time the Agreement was entered into, the Company was not publicly traded on a securities exchange, it
did not file documents with the Securities and Exchange Commission, and the shares you purchased were restricted and thus very difficult to sell or transfer. The Agreement was established in order to provide you with liquidity for your
investment.

     The Company’s common stock has now been traded on the NASDAQ Global Select Market (formerly the NASDAQ National Market) for almost 5 years and it has filed reports with the Securities and
Exchange Commission that entire time. Because (i) shares of the Company’s common stock are now actively traded, (ii) you have held the Series A preferred stock for a sufficient length of time and (iii) the Series A preferred stock is
convertible into shares of common stock without paying any consideration, then the shares of common stock that your Series A preferred stock is convertible into may be freely traded and you don’t require the rights and protections afforded to
you by the Agreement.

     Accordingly, we respectfully request your consent to the following amendment that will set a termination date for the Agreement. With your consent, Article VII of the Agreement will be amended by
adding the following Section 7.5:

	
7.5      		
Termination. This Agreement and all rights hereunder shall terminate and no longer be of any force or effect at 5:00 p.m. on July 15, 2009.	
	 

     The Agreement provides that it may be amended only upon the prior written consent of the Company and you.

     On behalf of The Bancorp, Inc., I thank you for your past and continued support of our company. 

	
Very truly yours,

	
Betsy Z. Cohen, Vice Chairman and Chief

Executive Officer of The Bancorp, Inc.

	
AGREED to and ACCEPTED this

___ day of , 2009

	
By:

Name:

Title:Form of Amendment to Promissory Notes

 Exhibit 4.1 
 AMENDMENT TO PROMISSORY NOTES 
 This Amendment to Promissory Notes (this
“Amendment”) is made as of this 10th day of July, 2009 by and among
Cardium Therapeutics, Inc., a Delaware corporation (the “Company”), and the Holders (as defined below) of the senior subordinated secured promissory notes issued pursuant to the terms of that certain Note and Warrant Purchase
Agreement dated February 27, 2009 (“Purchase Agreement”). Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Notes. 
 W I T N E S SE T H 
 WHEREAS, the Holders purchased an aggregate principal amount
of $3,500,000 of senior subordinated secured promissory notes pursuant to the Purchase Agreement, of which an aggregate principal amount of $2,550,000 of Notes are dated February 27, 2009 and an aggregate principal amount of $950,000 of Notes
are dated March 5, 2009, and each of which were amended by that certain Amendment to Promissory Notes dated as of June 23, 2009 by and among the Company and the Holders (such senior subordinated secured promissory notes as amended are
referred to herein as the “Notes”); 
 WHEREAS, Section 10 of the Notes provides that the terms of all of the Notes may be
amended with the written consent of the Company and the Requisite Holders; and 
 WHEREAS, Company and the Holders executing a signature page hereto,
who collectively qualify as the Requisite Holders under the Notes (the “Consenting Holders”), desire to amend the terms of all of the Notes as set forth herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Amendments. The Company and the Consenting Holders agree that, effective as of the date first above written, Section 5(a)(i) of the Notes is hereby
amended to delete the words “fourteen (14) days” and in place thereof insert the words “twenty-three (23) days” so that Section 5(a)(i) of the Note shall read in its entirety as follows: 
 (i) any indebtedness under this Note is not paid when and as the same shall become due and payable, whether at maturity, by acceleration,
thirty-five (35) days following notice of prepayment or otherwise, and any such amount shall remain unpaid for a period of twenty-three (23) days after the due date thereof; 
 2. Execution in Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and such counterparts together shall
constitute one instrument. Delivery by facsimile or other electronic means of an executed counterpart hereof shall have the same force and effect as delivery of an originally executed counterpart hereof. 
 [Signatures on next page] 
  

 1 

 IN WITNESS WHEREOF, the undersigned, by their duly authorized representatives, have executed this Amendment as of the
date first above written. 
  

			
	Company:
	
	CARDIUM THERAPEUTICS, INC.
		
	By:	 	  

		 	 Tyler Dylan, Chief Business Officer,
 General Counsel,
Executive Vice President
 and Secretary

  

			
	Note Holder:
	
	  

	 (Print Name of Individual or Entity)

		
	 By:
	 	  

		 	            (Signature)
	 Name:
	 	  

	 Title:
	 	  

	
	 Principal Amount of Note: $         

  

 2Form of Amendment to Promissory Notes

 Exhibit 4.2 
 AMENDMENT TO PROMISSORY NOTES 
 This Amendment to Promissory Notes (this
“Amendment”) is made as of this 10th day of July, 2009 by and among
Cardium Therapeutics, Inc., a Delaware corporation (the “Company”), and the Holders (as defined below) of the senior subordinated secured promissory notes (the “Notes”) issued pursuant to the terms of that certain
Note and Warrant Purchase Agreement dated June 11, 2009. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Notes. 
 W I T N E S SE T H 
 WHEREAS, the Holders purchased an aggregate principal amount of $750,000 of Notes,
of which an aggregate principal amount of $600,000 of Notes are dated June 11, 2009 and an aggregate principal amount of $150,000 of Notes are dated June 23, 2009; 
 WHEREAS, Section 8 of the Notes provides that the terms of all of the Notes may be amended with the written consent of the Company and the Requisite Holders; and 
 WHEREAS, Company and the Holders executing a signature page hereto, who collectively qualify as the Requisite Holders under the Notes (the “Consenting
Holders”), desire to amend the terms of all of the Notes as set forth herein. 
 NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Amendments. The Company and the Consenting
Holders agree that, effective as of the date first above written, Section 5(a)(i) of the Notes is hereby amended to delete the words “14 days” and in place thereof insert the words “twenty-three (23) days” so that
Section 5(a)(i) of the Note shall read in its entirety as follows: 
 (i) any indebtedness under this Note is not paid
when and as the same shall become due and payable, whether at maturity, by acceleration, thirty-five (35) days following notice of prepayment or otherwise, and any such amount shall remain unpaid for a period of twenty-three (23) days
after the due date thereof; 
 2. Execution in Counterparts. This Amendment may be executed in any number of counterparts, each of which when so
executed and delivered shall be deemed an original, and such counterparts together shall constitute one instrument. Delivery by facsimile or other electronic means of an executed counterpart hereof shall have the same force and effect as delivery of
an originally executed counterpart hereof. 
 [Signatures on next page] 
  

 1 

 IN WITNESS WHEREOF, the undersigned, by their duly authorized representatives, have executed this Amendment as of the
date first above written. 
  

			
	Company:
	
	CARDIUM THERAPEUTICS, INC.
		
	By:	 	  

		 	 Tyler Dylan, Chief Business Officer,
 General Counsel,
Executive Vice President
 and Secretary

  

			
	Note Holder:
	
	  

	(Print Name of Individual or Entity)
		
	By:	 	  

		 	(Signature)
	Name:	 	  

	Title:	 	  

	
	 Principal Amount of Note: $         

  

 2

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