Document:

ex10-70

CONFIDENTIAL TREATMENT REQUESTED UNDER 17 C.F.R. SECTIONS
200.800(b)(4), 200.83 and 240.24b-2

EXHIBIT 10.70

STOCK REPURCHASE AGREEMENT

     This Stock Repurchase Agreement is effective as of April 30, 2001 by and
between Neuralstem, Inc., a Delaware corporation (the “Company”) and Gene
Logic, Inc., a Delaware corporation (the “Seller”).

Recitals

     Whereas,
Seller purchased [***] shares of the Company’s Series A
Preferred Stock pursuant to that certain Series A Stock Purchase Agreement by
and among the Company and Seller dated April 20, 2000 (the “Purchase
Agreement”);

     Whereas, Seller now desires to sell and the Company desires to repurchase
[***] shares of the Company’s Series A Preferred Stock (the “Shares”); and

     Now, Therefore, in consideration of the mutual promises and covenants
contained herein and other good and valuable consideration the parties hereby
agree as follows:

Agreement

1.     Sale and Purchase of Shares. The Seller hereby conveys, assigns, sells,
transfers and delivers to the Company all of Seller’s right, title and interest
in the Shares in exchange for the payment by the Company of $2,653,701 (the
"Purchase Price”) in the form of a promissory note issued of even date herewith
(the “Note”).

2.     Representations and Warranties of Seller. Seller hereby represents and
warrants to the Company that:

     (a)  All action on the part of the Seller necessary for the execution and
delivery of this Agreement and the performance of all obligations of the Seller
hereunder, including the transfer of the Shares being sold by the Seller
hereunder, has been taken, and this Agreement constitutes a valid and legally
binding obligation of the Seller enforceable in accordance with its terms.

     (b)  The Seller owns the Shares which such Seller is conveying pursuant to
this Agreement free and clear of any liens, claims or other encumbrances. The
Seller has the right to sell and transfer the Shares and has not made any prior
sale or transfer of such Shares.

     (c)  The Seller has had adequate opportunity to discuss the Company’s
business, management and financial affairs with the Company’s management and to
obtain information it considers necessary or appropriate to evaluate the merits
and risks of engaging in the transaction contemplated hereby.

     (d) The Company has not made representations regarding the value of the
Shares or the future success of the Company, and the Seller acknowledges that
it has not relied upon any statements or actions of the Company in deciding
whether to sell the Shares to the Company.

1.

*Confidential Treatment Requested

3.     Representations and Warranties of the Company. The Company hereby
represents and warrants to the Seller that:

     (a)  The Company has full power and authority to repurchase the Shares
under the terms of this Agreement; and

     (b)  All action on the part of the Company necessary for the authorization,
execution, delivery and performance of this Agreement and the Note, the receipt
and payment for the Shares purchased hereunder and the performance of other
obligations hereunder and the Note has been taken as of the Closing;

     (c)  The Company shall at all times indemnify and hold harmless the Seller,
its directors, officers, employees or agents and any person acting on behalf of
or at the request of the Seller, together with any successors and assigns of
any of the foregoing, from and against all claims, actions and suits, whether
groundless or otherwise, and from and against any and all losses, damages,
judgments, costs, counsel fees, expenses and liabilities whatsoever, which any
of such indemnitees at any time shall or may sustain or incur by reason of
transfer, exchange or delivery of the Shares;

     (d)  This Agreement and the Note are valid and binding agreements of the
Company which have been duly executed and which are enforceable in accordance
with their terms;

     (e)  The execution and delivery of, and compliance with the terms of, this
Agreement and the Note will not, with or without the passage of time, or giving
of notice, result in a violation, or be in conflict with or constitute a
default or require the prior written consent of any third party under any term
or provision of any mortgage, indenture, contract, agreement or instrument or
of the charter or bylaws of the Company as of the date hereof; and

     (f)  The Company’s capitalization table, attached hereto as Exhibit A,
shows the ownership percentage interest in the Company immediately prior to the
repurchase of the Shares and after the repurchase of the Shares.

4.     Further Action. The parties hereto agree to execute such further
instruments and to take such further action as may reasonably be necessary to
carry out the intent of this Agreement.

5.     Miscellaneous.

     (a)  This Agreement shall be governed by and construed under the laws of
the State of Delaware as applied to agreements between Delaware residents
entered into and to be performed entirely within Delaware.

     (b)  This Agreement shall be binding upon the respective successors of the
parties.

     (c) This Agreement, along with the Note, constitute the full, complete and
final agreement of the parties and supersede all prior agreements, written or
oral, with respect to the subject matter herein.

2.

     (d)  This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original but all of which together shall constitute
one and the same instrument.

[Signature Page Follows]

3.

     In Witness Whereof, the undersigned have executed this Stock Repurchase
Agreement as of the date first above written.

	 	 	 
	COMPANY:	 	
SELLER:
	 
	Neuralstem, Inc.	 	
Gene Logic, Inc.
	 
	 
	 
	By:  /s/ I. Richard Garr	 	
By: /s/ Philip L. Rohrer, Jr.
	       I. Richard Garr	 	
       Philip L. Rohrer, Jr.
	       Chief Executive Officer	 	
       Chief Financial Officer

 
 
 
 
 
 
[Stock Repurchase Agreement Signature Page]ex10-71

CONFIDENTIAL TREATMENT REQUESTED UNDER 17 C.F.R. SECTIONS
200.800(b)(4), 200.83 and 240.24b-2

EXHIBIT 10.71

PUT OPTION AGREEMENT

     This Put Option Agreement is effective as of April 30, 2001 (the
"Agreement”), by and between Gene Logic, Inc., a Delaware corporation (“Gene
Logic”) and Neuralstem, Inc., a Delaware corporation (“Neuralstem” and
"Optionholder”).

Recitals

     A.     Gene Logic and Neuralstem have entered into a Stock Repurchase
Agreement of even date herewith, whereby Neuralstem repurchased [***] shares
of Neuralstem’s Series A Preferred Stock from Gene Logic in exchange for a
promissory note in the principal sum of Two Million Six Hundred Fifty-three
Thousand Seven Hundred One ($2,653,701) (the “Promissory Note”).

     B.     In order to induce Neuralstem to enter into the Stock Repurchase
Agreement, Neuralstem and Gene Logic are entering into this Agreement giving
Neuralstem the option to require Gene Logic to purchase back (pursuant to the
terms and conditions contained herein) up to a certain number of shares of
Neuralstem’s Series A Preferred Stock.

Agreement

     Now, Therefore, in consideration of the foregoing premises and the mutual
representations, warranties, covenants and agreements contained herein, the
parties to this Agreement hereby, intending to be legally bound, agree as
follows:

     1.     Put Option. Gene Logic hereby grants to Optionholder an irrevocable
right and option to require Gene Logic to purchase all or any portion of up to
[***] shares of Neuralstem’s Series A Preferred Stock (the “Option Shares”)
pursuant to the terms and conditions contained in this Agreement (the “Put
Option”); provided, however, that Optionholder may not exercise the Put Option
right more than one time. The Put Option is only exercisable if after such
exercise, Gene Logic’s voting stock interest in Neuralstem is less than fifteen
percent (15%) of the outstanding voting securities of Neuralstem on an as
converted basis. The Put Option, if exercisable under this Section, is
exercisable commencing as of the date hereof and the exercise period shall
terminate at 5:00 p.m. (Eastern Standard Time) on April 30, 2002 (the “Put
Option Expiration”); and this Agreement shall terminate the earlier to occur of
(i) the Put Option Expiration or (ii) the closing of the purchase of the Option
Shares pursuant to Optionholder’s one time exercise of the Put Option under
this Section 1.

     2.     Exercise Price. Optionholder shall have the option under the Put
Option to require Gene Logic to repurchase all or any portion of the Option
Shares for a purchase price per share equal to the original face amount of the
Promissory Note (i.e. $2,653,701) plus all accrued and unpaid interest thereon
as of the date of exercise, divided by [***] (“Put Option Exercise Price,”
the aggregate purchase price referred to herein as the “Put Option Purchase
Price”). The Put Option Purchase Price shall be paid in accordance with
Section 3, and Gene Logic shall be entitled to pay for any or all of the Put
Option Purchase Price, at Gene Logic’s option, in cash

 

*Confidential Treatment Requested

or by offset against any indebtedness owing to Gene Logic by Optionholder,
or by a combination of both.

     3.     Manner Of Exercise. To exercise the Put Option, Optionholder shall
give written notice to Gene Logic, which notice shall state that the Put Option
is being exercised (subject to Section 1) and shall set forth: (a) the number
of Option Shares to be sold and (b) the date of Optionholder’s written notice
of the exercise of the Put Option (the “Exercise Date”). The Put Option shall
be deemed to be exercised on the Exercise Date, at which time the decision to
exercise the Put Option shall be deemed irrevocable. Gene Logic shall have the
right to designate the date on which shares of the Option Shares are purchased
(the “Put Option Closing Date”). At the Put Option Closing Date, Optionholder
shall deliver to Gene Logic stock certificates for the number of Option Shares
being purchased against delivery of the Put Option Purchase Price.

     4.     Transfer Of Title. Transfer of title to the Option Shares is subject
to exercise of the Put Option and shall be deemed to occur automatically on the
Put Option Closing Date, notwithstanding the failure of Optionholder to tender
a certificate(s) representing the Option Shares. Upon payment of the Put
Option Purchase Price, Optionholder agrees that the Option Shares shall be
transferred free and clear of any and all encumbrances of any kind whatsoever.

     5.     Representations and Warranties of Neuralstem. Neuralstem hereby
represents and warrants to Gene Logic that:

          (a)  Neuralstem has full power and authority to sell the Option Shares
under the terms of this Agreement; and

          (b)  All action on the part of Neuralstem necessary for the authorization,
execution, delivery and performance of this Agreement, the issuance of the
Option Shares and the performance of other obligations hereunder has been
taken;

          (c)  This Agreement is a valid and binding agreement of Neuralstem which
has been duly executed and which is enforceable in accordance with its terms;
and

          (d)  The execution and delivery of, and compliance with the terms of, this
Agreement will not, with or without the passage of time, or giving of notice,
result in a violation, or be in conflict with or constitute a default or
require the prior written consent of any third party under any term or
provision of any mortgage, indenture, contract, agreement or instrument or of
the charter or bylaws of Neuralstem as of the date hereof.

     6.     Assignment. The terms and conditions of this Agreement shall inure to
the benefit of and be binding upon the respective successors and assigns of the
parties. Notwithstanding the foregoing, Gene Logic may not assign, pledge, or
otherwise transfer this Agreement without the prior written consent of the
Optionholder, except (a) for transfers to its affiliates or (b) upon (i) a
sale, lease or other disposition of all or substantially all of the assets of
Gene Logic, (ii) a merger or consolidation in which Gene Logic is not the
surviving corporation; (iii) a consolidation, merger, reorganization of Gene
Logic in which the stockholders of Gene Logic immediately prior to such
transaction own less than 50% of Gene Logic’s voting power immediately after
such transaction, or any transaction or series of related transactions in which
in

2.

excess of 50% of Gene Logic’s voting power is transferred, or (iv) a
reverse merger in which Gene Logic is the surviving corporation but the shares
of common stock outstanding immediately preceding the merger are converted by
virtue of the merger into other property, whether in the form of securities,
cash or otherwise. The Optionholder may not assign, pledge or otherwise
transfer this Agreement without the prior written consent of Gene Logic.

     7.     Entire Agreement. This Agreement sets forth and constitutes the entire
agreement among the parties hereto with respect to the subject matter hereof,
and supersedes any and all prior and contemporaneous agreements,
understandings, promises and representations (oral and written) made by any
party to another concerning the subject matter hereof and the terms applicable
hereto.

     8.     Governing Law. The validity, interpretation, construction and
performance of this Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware, without regard to principles of
conflicts of law.

     9.     Construction; Headings. For purposes of this Agreement, whenever the
context requires: the singular number shall include the plural, and vice versa;
the masculine gender shall include the feminine and neuter genders; the
feminine gender shall include the masculine and neuter genders; and the neuter
gender shall include masculine and feminine genders. The parties agree that
any rule of construction to the effect that ambiguities are to be resolved
against the drafting party shall not be applied in the construction or
interpretation of this Agreement. As used in this Agreement, the words
“include” and “including,” and variations thereof, shall not be deemed to be
terms of limitation, but rather shall be deemed to be followed by the words
“without limitation.” Except as otherwise indicated, all references in this
Agreement to “Sections” and “subsection” are intended to refer to Sections and
subsections of this Agreement. The headings in this Agreement are included only
for convenience, do not in any manner modify or limit any of the provisions of
this Agreement, and may not be used in the interpretation of this Agreement.

     10.     Amendment and Termination. No amendment, modification, termination or
cancellation of this Agreement (except as otherwise provided herein) shall be
effective unless in writing signed by both parties hereto. The provisions of
this Agreement shall terminate in accordance with Section 1.

     11.     Notices. All notices, requests and other communications hereunder
shall be in writing (including telecopy or similar electronic transmissions),
shall refer specifically to this Agreement and shall be personally delivered or
sent by telecopy or other electronic facsimile transmission (confirmation
receipt received), by certified mail, return receipt requested, postage prepaid
or by a reliable overnight courier service, in each case to the respective
address specified below (or such other address as may be specified in writing
to the other party hereto):

3.

	 	If to Gene Logic:
	 
	 	Gene Logic, Inc.

708 Quince Orchard Road

Gaithersburg, Maryland 20878

Attention: Chief Executive Officer

Fax: (301) 987-1701

	 	with a copy to:

	 	Venable, Baetjer, Howard & Civiletti, LLP

1201 New York Avenue, NW, Suite 1000

Washington, DC 20005

Attention: Ariel Vannier, Esq.

Fax: (202) 962-8300

	 	If to Optionholder:

	 	Neuralstem, Inc.

387 Technology Drive, 3rd Floor

College Park, Maryland 20742

Attention: Chief Executive Officer

Fax: (301) 405-7393

	 	with a copy to:

	 	Cooley Godward llp

One Freedom Square

Reston Town Center

11951 Freedom Drive

Reston, Virginia 20190-5601

Attention: Christian Plaza, Esq.

Fax: (703) 456-8100

     Any notice or communication given in conformity with this Section 11 shall
be deemed to be effective when received by the addressee.

     12.     Counterparts. This Agreement may be executed in counterparts, each of
which shall be an original and all of which shall constitute one and the same
instrument.

[Signature Page Follows]

4.

     The parties hereto have caused this Put Option Agreement to be executed
and delivered as of the date first set forth above.

	 	 	 
	GENE LOGIC:	 	
Gene Logic, Inc.,
	 
	 
	 	 	
By:  /s/ Philip L. Rohrer, Jr.
	 	 	
      Philip L. Rohrer, Jr.
	 	 	
      Chief Financial Officer
	 
	 
	 
	OPTIONHOLDER:	 	
Neuralstem, Inc.
	 
	 
	 	 	
By:  /s/ I. Richard Garr
	 	 	
      I. Richard Garr
	 	 	
      Chief Executive Officer

 
 
 
 
 
[Put Option Signature Page]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00028-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00028-of-00352.parquet"}]]