Document:

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EXHIBIT 10.1

Consulting Agreement

This Consulting Agreement (the “Agreement”) between Molecular Diagnostics, Inc. dba CytoCore Inc
(the Sponsor) a Delaware corporation having its principal offices at 414 N. Orleans St., Suite 502,
Chicago, IL 60610 and GSG Enterprises LLC, having offices at __________________(the Consultant)
shall become effective as of March 1, 2006.

The Consultant’s senior management is a recognized expert in the field of obstetrics and gynecology
and has specific expertise that is of interest to CytoCore Inc. Such expertise may be of value to
CytoCore Inc in the development of its systems and products. Consultant and its senior management
have indicated that they are under no obligation to any third party which would prevent them from
acting as a consultant to CytoCore Inc. CytoCore Inc is engaged in the pursuit of technical and
commercial opportunities in the development of biological techniques and processes that relate to
the collection, screening, and analysis of cellular material, either in-vivo or in-vitro, for the
purpose of early detection of cancers (the “Field”).

In view of these premises and the mutual covenants contained herein, the consulting engagement
shall be conducted according to the following terms and conditions:

	1.	 	CytoCore Inc and Consultant are each independent contractors of one another, and this
Agreement shall not be construed to constitute a partnership or joint venture between any of
them or make any party the agent or employee of another. No party shall hold itself out
contrary to the terms of this provision and no party shall become liable for any
representation, act or omission of another party contrary to the terms hereof.

	2.	 	The parties hereto intend to conduct their relationship in compliance with all applicable
local, state and federal laws and regulations governing the performance of research and
clinical investigations including, but not limited to, the Federal Food, Drug(s) and Cosmetic
Act and regulations of the Food and Drug(s) Administration. CytoCore Inc shall comply with all
laws, rules, regulations and common law relating to patient privacy and the confidentiality of
medical information. Without limiting the foregoing, CytoCore Inc shall keep confidential and
shall not use or disclose any “protected health information” as defined in the Health
Insurance Portability and Accountability Act of 1996, 42 U.S.C. Section 1320d, et.
seq. and regulations thereunder (collectively, “HIPAA”), except in accordance
with authorization signed by the patient. CytoCore Inc shall not use any information obtained
in connection with this Agreement to contact patient(s) or for marketing purposes.

	3.	 	The parties hereto agree that all research involving Human Subjects must be approved by
Institution’s Institutional Review Board (“IRB”) before it becomes effective or commences.
Consultant shall obtain from each of the participants written informed consent in compliance
with 21 CFR 50.20 through 50.27.

	4.	 	Consultant will act as an independent consultant to CytoCore Inc in the Field and will
provide services, advice and counsel, assistance in identifying problems, recommendations as
to optimum solutions, and collaboration with and assistance to CytoCore Inc personnel or
others employed or retained by CytoCore Inc relating to the development and marketing of
products in the Field through its senior management.

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	5.	 	Consultant and its senior management will cause its senior management to act as advisor to
the Director of the Medical Advisor to CytoCore lnc, which shall include participation in
meetings of the Medical Advisory Board of CytoCore Inc, representation of CytoCore Inc on
issues of medical importance, representation of CytoCore Inc at meetings with healthcare
providers, including but not limited to government health entities, and attendance and
representation of CytoCore Inc at other medical technology related meetings as required.

	6.	 	Consultant and its senior management shall be indemnified in accordance with the terms and
conditions of Articles 20-23, which together with the Research Protocol (Appendix A) shall
become a part of this Agreement.

	7.	 	Consultant shall commit the necessary time to those activities.

	8.	 	Compensation for the services performed under this Agreement shall be paid by CytoCore Inc to
Consultant at an annual rate of US Two Hundred Thousand Dollars (US$200,000) as follows:

	 	i)	 	Forty-five US Thousand Dollars (US$45,000) paid every three months in advance,
as of March 1, 2006.

	 	ii)	 	Payments will be made by US check to GSG Enterprises LLC and sent on the
assigned date by Federal Express to GSG Enterprises LLC, 25154 Beachwood Ohio 44122
USA.

	 	iii)	 	US Five Thousand Dollars (US$5,000) provided as CytoCore Inc stock at a reduced
market value for the same day by 50-30%, three months in advance, as of March 1, 2006.

	 	iv)	 	Shares of Common Stocks will be issued to Consultant and sent on the assigned
date by Federal Express to the Consultant at 25154 Beachwood Ohio 44122 USA.

	 	v)	 	All payments are subject to an annual 4% increase during the life of the
contract.

	9.	 	All travel expense will be reimbursed within thirty (30) days after receipt of a written,
itemized statement for any such expenses incurred in providing the above described consulting
services. It is understood that airfare for domestic travel shall be at coach class rates,
with reimbursement for upgrades provided as available, and all airfare for international
travel shall be at business class rates.

	10.	 	No other expenses will be incurred on behalf of CytoCore Inc. under this Agreement without
the advanced consent of CytoCore Inc.

	11.	 	Consultant’s role under this Agreement is as an independent consultant and it is understood
that Consultant will not hold itself out as an agent of CytoCore Inc or any subsidiary or
affiliate of CytoCore Inc without CytoCore Inc’s prior written consent.

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	12.	 	Prior to release, CytoCore Inc will provide Consultant with a review copy of all press
releases, manuscripts, and other documents, which in any way use its or its senior
management’s name or affiliation with CytoCore Inc. Consultant shall be afforded a reasonable
period of time to comment on or request changes to such documents. Subsequent to the
termination of this Agreement, CytoCore lnc will immediately cease to use the name of
Consultant and any of its senior management in any form and Consultant will immediately cease
any representations of its affiliation with CytoCore Inc.
	 
	13.	 	Except for obligations of confidentiality, the term of this Agreement shall commence on March
1, 2006 and run for ten (10) consecutive years. This Agreement may be terminated earlier by
either party by providing thirty (30) days written notice to the other party and may be
extended for additional periods by mutual agreement in writing. This Agreement shall be
considered as automatically terminated in the event of the death or disability of senior
management. Disability shall mean consulting services death or at any time that they have
been incapacitated to the extent that senior management is incapable of rendering consulting
services for a period of six (6) consecutive months.
	 
	14.	 	The Confidential Disclosure Agreement signed by CytoCore inc on January 27, 2006 is attached
as Appendix B and is hereby made a part of this Agreement.
	 
	15.	 	The ownership of any inventions, whether or not patentable, relating to the Field, which are
made in the performance of Consultant’s consulting services under this Agreement will be
governed by the License Agreements between CytoCore Inc and University Hospitals of Cleveland
signed on January 27 2006 and the existing License Agreement between Ampersand aka Molecular
Diagnostics dba CytoCore Inc from February 24 1999 (updated January, 27 2006).
	 
	16.	 	Nothing in this Agreement nullifies any currently outstanding agreements between any member
of Consultant’s senior management and CytoCore Inc regarding patents and inventions and
related royalties agreements.
	 
	17.	 	Consultant shall not assign its rights to remuneration or delegate his obligations under this
Agreement to a third party. CytoCore Inc shall not assign its rights or delegate its
obligations under this Agreement without advanced written consent.
	 
	18.	 	This Agreement does not prevent Consultant from doing teaching, research, consulting,
investigation and any other work for any other individual, institution, company, or
corporation so long as it is not in the Field and does not conflict with his services under
this Agreement or directly compete with products currently being developed by CytoCore Inc.
	 
	19.	 	Consultant and senior management of Consultant shall have the right, in their discretion, to
publish freely, in scientific journals, the clinical data generated from the research.
Consultant shall furnish CytoCore Inc with a copy of any proposed publication of material at
least thirty (30) days in advance of the proposed publication date for the purpose of
reviewing the proposed publication and agrees to consider, in good faith, any requested
revisions to such publication. CytoCore Inc will provide comments in writing within thirty
(30) days. CytoCore

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	 	 	will be given the option of receiving acknowledgement in such publications for its
sponsorship.
	 
	20.	 	CytoCore Inc agrees to indemnify, defend and hold harmless Consultant and its senior
management from and against any claims, causes of action, investigations, suits, liability,
damage, and costs (including attorney fees and court costs) that are based on or related in
any way to (i) assertions of personal injury, death, and property damage sustained in
connection with the Research Protocol, Equipment, Screening / Diagnostic Devices, Drug
Delivery System, Research Drug(s), Research Materials or Protocol, (ii) assertions of product
or other liability (strict or otherwise) related to the Research, Equipment, the Research
Screening / Diagnostic Devices, Drug Delivery System, Research Drug(s) or Research Materials,
(iii) assertions of intellectual property infringement arising out of or related to the
Research, Equipment, the Research Screening / Diagnostic Devices, Drug Delivery System,
Research Drug(s), Research Materials or Protocol, or (iv) any breach of this Agreement or
violation of law by CytoCore Inc. CytoCore Inc will pay any such damages and costs of the
Indemnitees, including all of their expenses and reasonable attorney’s fees incurred in
connection with all such claims without regard to whether such claims, causes of actions,
investigations or suits are rightfully or wrongfully brought and without, regard to any
determination of liability. CytoCore will not indemnify Consultant or its senior management
from claims or damages resulting from criminal or fraudulent acts.
	 
	21.	 	CytoCore Inc’s obligation to indemnify under Article 20 shall not extend to: (i) a failure by
Consultant to substantially adhere to the terms of the Research Protocol, including amendments
thereto, but excluding deviations from the terms of the Research Protocol that arise out of
necessity; (ii) a failure by Consultant and its senior management to comply with applicable
FDA or other governmental requirements; or (iii) a failure by Consultant and senior
management to use universally-accepted medical standards to administer the Research Drug(s)
according to the Protocol.
	 
	22.	 	Consultant will provide CytoCore Inc prompt notice of any claim for which indemnification
will be sought, will cooperate in the investigation and defense of such claim, will permit
CytoCore Inc to direct the defense of such claim, including the selection of counsel, and will
not settle or compromise any such claim without CytoCore Inc’s prior written approval.
CytoCore Inc shall reasonably consult with Consultant prior to settling claims. CytoCore Inc
shall not, except with the consent of Consultant, consent to entry of any judgment or enter
into any settlement that does not include an unconditional release, without fault, of the
lndemnitees from all liability in respect of such claim or litigation.
	 
	23.	 	CytoCore Inc agrees to carry sufficient liability insurance during, and for a period of two
(2) years after expiration of this Agreement to cover its indemnification and other
obligations. Evidence of all required insurances shall be delivered to Consultant with a
signed copy of this Agreement. CytoCore Inc certifies that it will not terminate or
materially reduce such insurance coverage without 45 days advance written notice to
Consultant.

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	24.	 	This Agreement incorporates the complete and entire understanding between Consultant and
CytoCore Inc with respect to its services to CytoCore Inc during the term of this Agreement.
This Agreement is independent of and does not supplant other License and Clinical Research
Agreements between CytoCore Inc and University Hospitals of Cleveland, and between CytoCore
and Consultant. This Agreement may not be amended, altered or modified in any way except in
writing.

Attachments: Appendix A; Appendix B

Signatures

	 	 	 	 	 	 	 
	Robert McCullough	 	 	 	 
	CFO, CytoCore Inc	 	     GSG ENTERPRISES LLC
	 
	Date:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 
	 

	 	 	 	Date:	 	 
	 

	 	 	 	 	 	 

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Exhibit 10.2

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR ANY STATE SECURITIES
LAWS, AND ARE “RESTRICTED SECURITIES” AS THAT TERM IS DEFINED IN RULE 144 UNDER THE ACT. THE
SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED
UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR UPON RECEIPT BY THE COMPANY OF AN
OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

Warrant No. 092806-A

WARRANT TO PURCHASE SHARES OF COMMON STOCK

ISSUE DATE:          September 28, 2006

      This certifies that David J. Weissberg, M.D., an individual resident of New York State (or any
valid transferee thereof, the “Holder”), for value received, is entitled to purchase from CytoCore,
Inc., a Delaware corporation with its principal business office located at 414 North Orleans
Street, Suite 502, Chicago, Illinois 60610 (together with its successors and assigns, the
“Company”), subject to the terms and conditions set forth below, at any time or from time to time
on and after the Issue Date as set forth above and before 3:00 p.m. (Eastern Daylight Time) on
September 28, 2011 (the “Expiration Date”), Four Million (4,000,000) shares of common stock,
$0.001 par value per share, of the Company (“Common Stock), at a price of Twenty Cents ($0.20) per
share. The shares purchasable upon exercise of this Warrant, and the purchase price per share, each
as adjusted from time to time pursuant to the provisions of this Warrant, are hereinafter referred
to as the “Warrant Shares” and the “Purchase Price,” respectively.

      1. Exercise of the Warrant

          (a) Exercise. The Holder may, at the Holder’s option, elect to exercise this Warrant, in whole
or in part, at any time or from time to time on or after the Issue Date and Vesting Date but prior
to 3:00 p.m. (Eastern Daylight Time) on the Expiration Date, by surrendering this Warrant, with the
purchase form appended hereto as Exhibit I duly executed by or on behalf of the Holder, at the
principal office of the Company, or at such other office or agency as the Company may designate,
accompanied by payment in full, in lawful money of the United States, of the Purchase Price payable
in respect of the number of Warrant Shares purchased upon such exercise. In no event shall any such
exercise be for fewer than 10,000 Warrant Shares unless fewer than an aggregate of 10,000 Warrant
Shares are then purchasable under all outstanding Warrants held by the Holder. Payment of the
aggregate Purchase Price may be made in cash, certified or bank check, or wire transfer of
immediately available funds.

          (b) Exercise Date and Status as Holder of Shares. Each exercise of this
Warrant shall be deemed to have been effected immediately prior to the close of business
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day on which this Warrant shall have been surrendered to the Company as provided in Subsection l(a)
above (the “Exercise Date”). At such time, the person or persons in whose name or names any
certificates for Warrant Shares shall be issuable upon such exercise as provided in Subsection l(c)
below shall be deemed to have become the holder or holders of record of the Warrant Shares
represented by such certificates.

          (c) Issuance of Certificates. As soon as practicable after the exercise of this Warrant in
whole or in part, and in any event within 10 business days thereafter, the Company, at its
expense, will cause to be issued in the name of, and delivered to, the Holder, or as the Holder
(upon payment by the Holder of any applicable transfer taxes) may direct:

               (i) a certificate or certificates for the number of full Warrant Shares to
which the Holder shall be entitled upon such exercise plus, in lieu of any fractional share to
which the Holder would otherwise be entitled, cash in an amount determined pursuant to Section 3
hereof; and

               (ii) in case such exercise is in part only, a new warrant or warrants (dated the date
hereof) of like tenor, calling in the aggregate on the face or faces thereof for the number of
Warrant Shares equal (without giving effect to any adjustment therein) to the number of such shares called for on the face of this Warrant minus the number of Warrant Shares for which this
Warrant was so exercised.

          (d) Warrant Shares. The Warrant Shares issued upon any such exercise of
this Warrant shall be validly issued, fully paid and non-assessable.

          (e) Vesting Date. The Warrants Shares shall fully and irrevocably vest on January
1,2007. The Warrant Shares are not exercisable before the Vesting Date.

      2. Adjustments.

          (a) Adjustment for Stock Splits and Combinations. If the Company shall at any time or from
time to time after the Issue Date (or, if this Warrant was issued upon partial exercise of, or in
replacement of, another warrant of like tenor, then the date on which such original warrant was
first issued) (either such date being referred to as the “Original Issue Date”) effect a
subdivision of the outstanding Common Stock, the Purchase Price then in effect immediately before
that subdivision shall be proportionately decreased. If the Company shall at any time or from time
to time after the Original Issue Date combine the outstanding shares of Common Stock, the Purchase
Price then in effect immediately before the combination shall be proportionately increased. Any
adjustment under this Subsection 2(a) shall become effective at the close of business on the date
the subdivision or combination becomes effective.

          (b) Adjustment for Certain Dividends and Distributions. In the event the Company at any time
or from time to time after the Original Issue Date shall make or issue, or fix a record date for
the determination of holders of Common Stock entitled to receive, a dividend or other distribution
payable in shares of Common Stock, then and in each such event the Purchase Price then in effect
immediately before such event shall be decreased as of the time of such issuance or, in the event
such a record date shall have been fixed, as of the close of business on such record date, by
multiplying the Purchase Price then in effect by a fraction:

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                    (1) the numerator of which shall be the total number of shares of Common Stock issued and
outstanding immediately prior to the time of such issuance or the close of business on such record
date, and

                    (2) the denominator of which shall be the total number of shares of Common Stock
issued and outstanding immediately prior to the time of such issuance or the close of business on
such record date plus the number of shares of Common Stock issuable in payment of such dividend or
distribution;

provided, however, that if such record date shall have been fixed and such dividend is not fully
paid or if such distribution is not fully made on the date fixed therefor, the Purchase Price shall
be recomputed accordingly as of the close of business on such record date and thereafter the
Purchase Price shall be adjusted pursuant to this Subsection 2(b) as of the time of actual payment
of such dividends or distributions.

          (c) Adjustment in Number of Warrant Shares. When any adjustment is required to be made to the
Purchase Price pursuant to Subsections 2(a) or 2(b), the number of Warrant Shares purchasable upon
the exercise of this Warrant shall be changed to the number determined by dividing (i) an amount
equal to the number of shares issuable upon the exercise of this Warrant immediately prior to such
adjustment, multiplied by the Purchase Price in effect immediately prior to such adjustment, by
(ii) the Purchase Price in effect immediately after such adjustment.

          (d) Adjustment for Reorganization. If there shall occur any reorganization, recapitalization,
reclassification, consolidation or merger involving the Company in which the Common Stock is
converted into or exchanged for securities, cash or other property (other than a transaction
covered by Subsections 2(a) or 2(b)) (collectively, a “Reorganization”), then, following such
Reorganization, the Holder shall receive upon exercise hereof the kind and amount of securities,
cash or other property which the Holder would have been entitled to receive pursuant to such
Reorganization if such exercise had taken place immediately prior to such Reorganization. In any
such case, appropriate adjustment (as determined in good faith by the Board) shall be made in the
application of the provisions set forth herein with respect to the rights and interests thereafter
of the Holder, to the end that the provisions set forth in this Section 2 (including provisions
with respect to changes in and other adjustments of the Purchase
Price) shall thereafter be applicable, as nearly as reasonably may be, in relation to any
securities, cash or other property thereafter deliverable upon the exercise of this Warrant.

          (e) No Adjustments in Certain Cases. No adjustment in the number of Warrant Shares purchasable
pursuant to this Warrant shall be required unless the adjustment would require an increase or
decrease of at least one percent (1.0%) in the number of Warrant Shares then purchasable upon the
exercise of this Warrant. Except as provided in this Section 2, no other adjustments in
the number, kind or price of shares constituting Warrant Shares shall be made during the term, or
upon the exercise, of this Warrant. Further, no adjustments shall be made pursuant to this Section
2 hereof in connection with the grant or exercise of presently authorized or outstanding options to
purchase, or the issuance of shares of Common Stock under, the Company’s director or employee
benefit, option and incentive plans.

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          (f) Treasury Stock. For purposes of this Section 2, shares of Common Stock owned
or held at any relevant time by, or for the account of, the Company, in its treasury or otherwise,
shall not be deemed to be outstanding for purposes of the calculations and adjustments herein
described.

      3. Fractional Shares. The Company shall not be required upon the exercise of this
Warrant to issue any fractional shares, but shall pay in cash to the Holder an amount equal to such
fraction multiplied by the fair market value per share of Common Stock, as determined by the Board
of Directors in good faith.

      4. Investment Representations. The initial Holder represents and warrants to the Company as
follows:

          (a) Investment. The Holder is acquiring this Warrant, and (if and when such Holder exercises
this Warrant) will acquire the Warrant Shares, for such Holder’s own account for investment and not
with a view to, or for sale in connection with, any distribution thereof, nor with any present
intention of distributing or selling the same; and the Holder has no present or contemplated
agreement, undertaking, arrangement, obligation, indebtedness or commitment providing for the
disposition thereof.

          (b) Accredited Investor. The Holder is an “accredited investor” as defined in Rule 501(a)
under the Act.

          (c) Experience. The Holder has made such inquiry concerning the Company and its business and
personnel as the Holder has deemed appropriate; and the Holder has sufficient knowledge and
experience in finance and business that the Holder is capable of evaluating the risks and merits of
an investment in the Company.

      5. Transfers, etc.

          (a) This Warrant and the Warrant Shares shall not be offered, sold or transferred unless
either (i) they first shall have been registered under the Act and any
applicable state securities laws, or (ii) the Company first shall have been furnished with an
opinion of legal counsel, satisfactory to the Company, to the effect that such offer, sale or
transfer is exempt from the registration requirements of the Act and any applicable state
securities laws.

          (b) Each Warrant and certificate representing Warrant Shares shall bear a legend substantially
in the following form:

“The securities represented by this certificate have not been
registered under the Securities Act of 1933, as amended, or any state
securities laws, and may not be offered, sold or otherwise transferred,
pledged or hypothecated unless and until such securities are registered
under such act and applicable state securities laws or an opinion of
counsel reasonably satisfactory to the Company is obtained to the effect
that such registration is not required.”

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      The foregoing legend shall be removed from the certificates representing any Warrant Shares,
at the request of the holder thereof, at such time as they become eligible for resale pursuant to
Rule 144 under the Act.

          (c) The Company will maintain a register containing the name and address of the Holder of this
Warrant. The Holder may change the Holder’s address as shown on the warrant register by written
notice to the Company requesting such change.

          (d) Subject to the provisions of clauses (a) and (b) of this Section 5, this
Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this
Warrant with a properly executed assignment (in the form of Exhibit II hereto) at the principal
office of the Company (or, if another office or agency has been designated by the Company for such
purpose, then at such other office or agency). Upon the presentation and surrender of such items to
the Company, the Company shall execute and deliver to the transferee or transferees of this
Warrant a new Warrant or Warrants, in the name of the transferee or transferees named in the
assignment, and this Warrant shall at that time be canceled to the extent transferred.

      6. No Impairment; Adjustment of Par Value

          (a) The Company will not, by amendment of its charter or through any reorganization, transfer
of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such terms and in the taking
of all such action as may be necessary or appropriate in order to protect the rights of the Holder
against impairment.

          (b) Before taking any action that would cause an adjustment reducing the Purchase
Price per share below the then par value of the shares of Warrant Shares
issuable upon exercise of the Warrant, the Company will take any corporate action that may be
necessary in order that the Company may validly and legally issue fully paid and non-assessable
shares of such Warrant Shares at such adjusted price.

      7. Record Date, etc. In the event:

          (a) the Company shall take a record of the holders of its Common Stock (or other stock or
securities at the time deliverable upon the exercise of this Warrant) for the purpose of entitling
or enabling them to receive any dividend or other distribution, or to receive any right to
subscribe for or purchase any shares of stock of any class or any other securities, or to receive
any other right; or

          (b) of any capital reorganization of the Company, any reclassification of the Common Stock of
the Company, any consolidation or merger of the Company with or into another corporation (other
than a consolidation or merger in which the Company is the surviving entity and its Common Stock is
not converted into or exchanged for any other securities or property), or any transfer of all or
substantially all of the assets of the Company; or

          (c) of the voluntary or involuntary dissolution, liquidation or winding-up of the Company,

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then, and in each such case, the Company will send or cause to be sent to the Holder a
notice specifying, as the case may be, (i) the record date for such dividend, distribution or
right, and the amount and character of such dividend, distribution or right, or (ii) the
effective date on which such reorganization, reclassification, consolidation, merger, transfer,
dissolution, liquidation or winding-up is to take place, and the time, if any is to be fixed,
as of which the holders of record of Common Stock (or such other stock or securities at the
time deliverable upon the exercise of this Warrant) shall be entitled to exchange their shares
of Common Stock (or such other stock or securities) for securities or other property
deliverable upon such reorganization, reclassification, consolidation, merger, transfer,
dissolution, liquidation or winding-up. Such notice shall be sent at least 10 days prior to the
record date or effective date, for the event specified in such notice.

      8. Reservation of Stock. The Company will at all times reserve and keep available, solely
for issuance and delivery upon the exercise of this Warrant, such number of Warrant Shares and
other securities, cash and/or property as from time to time shall be issuable upon the exercise
of this Warrant.

9. Exchange or Replacement of Warrants

          (a) Upon the surrender by the Holder of this Warrant, properly endorsed, to the Company at
the principal office of the Company, the Company will, subject to the provisions of Section 5
hereof, issue and deliver to or upon the order of the Holder, at the Company’s expense, a new
Warrant or Warrants of like tenor, in the
name of the Holder or as the Holder (upon payment by the Holder of any applicable transfer
taxes) may direct, calling in the aggregate on the face or faces thereof for the number of
shares of Common Stock (or other securities, cash and/or property) then issuable upon exercise
of this Warrant.

          (b) Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and (in the case of loss, theft or destruction) upon
delivery of an indemnity agreement (with surety if reasonably required) in an amount reasonably
satisfactory to the Company, or (in the case of mutilation) upon surrender and cancellation of
this Warrant, the Company will issue, in lieu thereof, a new Warrant of like tenor.

      10. Notices. All notices and other communications from the Company to the Holder in
connection herewith shall be mailed by certified or registered mail, postage prepaid, or sent
via a reputable nationwide overnight courier service guaranteeing next business day delivery,
to the address last furnished to the Company in writing by the Holder. All notices and other
communications from the Holder to the Company in connection herewith shall be mailed by
certified or registered mail, postage prepaid, or sent via a reputable nationwide overnight
courier service guaranteeing next business day delivery, to the Company at its principal office
set forth above. If the Company should at any time change the location of its principal office
to a place other than as set forth above, it shall give prompt written notice to the Holder and
thereafter all references in this Warrant to the location of its principal office at the
particular time shall be as so specified in such notice. All such notices and communications
shall be deemed delivered (a) three business days after being sent by certified or registered
mail, return receipt requested, postage prepaid, or (b) one business day after being sent via a
reputable nationwide overnight courier service guaranteeing next business day delivery.

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      11. No Rights as Stockholder; No Liability. No provision of this Warrant shall be
construed as conferring upon the Holder hereof the right to vote, consent, receive dividends or
receive notice as a stockholder in respect of meetings of stockholders for the election of
directors of the Company or any other matter whatsoever as a stockholder of the Company. In the
absence of affirmative action by the Holder hereof to purchase shares of Common Stock, no provision
hereof shall give rise to any liability of such Holder for the purchase price or as a stockholder
of the Company, whether such liability is asserted by the Company or by creditors of the Company.

      12. Payment of Taxes. The Company will pay all documentary stamp taxes, if any,
attributable to the initial issuance of this Warrant or the shares of Common Stock comprising the
Warrant Shares; provided, however, the Company shall not be required to pay any tax that may be
payable in respect of any transfer of this Warrant or Warrant Shares.

      13. Amendment or Waiver. Any term of this Warrant may be amended or waived only by
an instrument in writing signed by the party against which enforcement of the
change or waiver is sought. No waivers of any term, condition or provision of this Warrant, in
any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver
of any such term, condition or provision or any other term, condition or provision hereof.

      14. Section Headings. The section headings in this Warrant are for the convenience
of the parties only and in no way alter, modify, amend, limit or restrict the contractual
obligations of the parties.

      15. Severability. If any provision of this Warrant shall be held invalid, illegal
or unenforceable, such invalidity, illegality or unenforceability shall not affect any other
provision of this Warrant and, to this end, the provisions hereof are severable.

      16. Assignment. This Warrant shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, personal representatives, successors and permitted
assigns.

      17. Governing Law. This Warrant will be governed by and construed in accordance with the
internal laws of the State of Delaware (without reference to the conflicts of law provisions
thereof).

      18. Signatures. This Warrant may be executed in one or more counterparts by facsimile
signature.

(Signature appears on next page).

- 7 -

 

      EFFECTIVE as of the Issue Date indicated above.

	 	 	 	 	 
	 	 	CYTOCORE, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert F. McCullough, Jr.
	 

	 	 	 	 
	 	 	Robert F. McCullough, Jr.
	 	 	Title: Chief Financial Officer

- 8 -

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