Document:

Exhibit 10.1

Exhibit 10.2

Execution Copy

REGISTRATION RIGHTS AGREEMENT

REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of November 11, 2011, by and
between ATHERSYS, INC., a Delaware corporation (the “Company”), and ASPIRE CAPITAL FUND, LLC, an
Illinois limited liability company (together with it permitted assigns, the “Buyer”). Capitalized
terms used herein and not otherwise defined herein shall have the respective meanings set forth in
the Common Stock Purchase Agreement by and between the parties hereto, dated as of the date hereof
(as amended, restated, supplemented or otherwise modified from time to time, the “Purchase
Agreement”).

WHEREAS:

A. Upon the terms and subject to the conditions of the Purchase Agreement, (i) the Company has
agreed to issue to the Buyer and the Buyer has agreed to purchase up to Twenty Million Dollars
($20,000,000) of the Company’s common stock, par value $0.001 per share (the “Common Stock”),
pursuant to Section 1 of the Purchase Agreement (such shares, the “Purchase Shares”), and (ii) the
Company has agreed to issue to the Buyer such number of shares of Common Stock as is required
pursuant to Section 4(e) of the Purchase Agreement (the “Commitment Shares”); and

B. To induce the Buyer to enter into the Purchase Agreement, the Company has agreed to provide
certain registration rights under the Securities Act of 1933, as amended, and the rules and
regulations there under, or any similar successor statute (collectively, the “1933 Act”), and
applicable state securities laws.

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Buyer hereby agree as follows:

1. DEFINITIONS.

As used in this Agreement, the following terms shall have the following meanings:

a. “Person” means any person or entity including any corporation, a limited liability company,
an association, a partnership, an organization, a business, an individual, a governmental or
political subdivision thereof or a governmental agency.

b. “Register,” “registered,” and “registration” refer to a registration effected by preparing
and filing one or more registration statements of the Company in compliance with the 1933 Act and
pursuant to Rule 415 under the 1933 Act or any successor rule providing for offering securities on
a continuous basis (“Rule 415”), and the declaration or ordering of effectiveness of such
registration statement(s) by the U.S. Securities and Exchange Commission (the “SEC”).

c. “Registrable Securities” means (i) all of the Commitment Shares, (ii) all of the Initial
Purchase Shares, and (iii) such number of additional Purchase Shares as reasonably determined by
the Company, which may from time to time be issued or issuable to the Buyer upon purchases of the
Available Amount under the Purchase Agreement, and any shares of capital stock issued or
issuable with respect to the Purchase Shares or Commitment Shares or the Purchase Agreement as a
result of any stock split, stock dividend, recapitalization, exchange or similar event or
otherwise, without regard to any limitation on purchases under the Purchase Agreement.

 

 

 

d. “Registration Statement” means a registration statement of the Company covering only the
sale of the Registrable Securities.

2. REGISTRATION.

a. Mandatory Registration. The Company shall within twenty (20) Business Days from
the date hereof file with the SEC the Registration Statement. The Registration Statement shall
register only the Registrable Securities and no other securities of the Company. The Buyer and its
counsel shall have a reasonable opportunity to review and comment upon such Registration Statement
or any amendment to such Registration Statement and any related prospectus prior to its filing with
the SEC. Buyer shall furnish all information reasonably requested by the Company for inclusion
therein. The Company shall use its reasonable best efforts to have the Registration Statement or
any amendment declared effective by the SEC as soon as reasonably practicable. Subject to Section
3(e) hereto, the Company shall use reasonable best efforts to keep the Registration Statement
effective and available for continuous sales pursuant to Rule 415 promulgated under the 1933 Act
and available for sales of all of the Registrable Securities at all times until the earlier of (i)
the date as of which the Buyer may sell all of the Registrable Securities without restriction
pursuant to Rule 144 promulgated under the 1933 Act (or successor thereto), (ii) the date on which
(A) the Buyer shall have sold all the Registrable Securities and no Available Amount remains under
the Purchase Agreement, or (iii) the date on which the Purchase Agreement is terminated (the
“Registration Period”). The Registration Statement (including any amendments or supplements
thereto and prospectuses contained therein) shall not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein, or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading.

b. Rule 424 Prospectus. The Company shall, as required by applicable securities
regulations, from time to time file with the SEC, pursuant to Rule 424 promulgated under the 1933
Act, a prospectus and prospectus supplements, if any, to be used in connection with sales of the
Registrable Securities under the Registration Statement. The Buyer and its counsel shall have one
(1) Business Day to review and comment upon such prospectus prior to its filing with the SEC. The
Buyer shall use its reasonable best efforts to comment upon such prospectus within one (1) Business
Day from the date the Buyer receives the final version of such prospectus.

c. Sufficient Number of Shares Registered. In the event the number of shares
available under the Registration Statement is insufficient to cover the Registrable Securities, the
Company shall, to the extent necessary and permissible, amend the Registration Statement or file a
new registration statement (a “New Registration Statement”), so as to cover all of such Registrable
Securities as soon as practicable, but in any event not later than ten (10) Business Days after the
necessity therefor arises. The Company shall use its reasonable best efforts to have such
amendment and/or New Registration Statement become effective as soon as reasonably practicable
following the filing thereof.

 

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3. RELATED OBLIGATIONS.

With respect to the Registration Statement and whenever any Registrable Securities are to be
registered pursuant to Sections 2(a) and (c), including on any New Registration Statement, the
Company shall use its reasonable best efforts to effect the registration of the Registrable
Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the
Company shall have the following obligations:

a. The Company shall prepare and file with the SEC such amendments (including post-effective
amendments) and supplements to any Registration Statement and the prospectus used in connection
with such Registration Statement, as may be necessary to keep the Registration Statement or any New
Registration Statement effective at all times during the Registration Period, subject to Section
3(e) hereto, and, during such period, comply with the provisions of the 1933 Act with respect to
the disposition of all Registrable Securities of the Company covered by the Registration Statement
or any New Registration Statement until such time as all of such Registrable Securities shall have
been disposed of in accordance with the intended methods of disposition by the seller or sellers
thereof as set forth in such Registration Statement. Should the Company file a post-effective
amendment to the Registration Statement or a New Registration Statement, the Company will use its
reasonable best efforts to have such filing declared effective by the SEC within thirty (30)
consecutive Business Days as of the date of filing, which such period shall be extended for an
additional thirty (30) Business Days if the Company receives a comment letter from the SEC in
connection therewith.

b. The Company shall submit to the Buyer for review and comment any disclosure in the
Registration Statement or any New Registration Statement and all amendments and supplements thereto
(other than prospectus supplements that consist only of a copy of a filed Form 10-Q or a Current
Report on Form 8-K) containing information provided by the Buyer for inclusion in such document and
any descriptions or disclosure regarding the Buyer, the Purchase Agreement, including the
transaction contemplated thereby, or this Agreement at least one (1) Business Day prior to their
filing with the SEC, and not file any document in a form to which Buyer reasonably objects. Upon
request of the Buyer, the Company shall provide to the Buyer all disclosure in the Registration
Statement or any New Registration Statement and all amendments and supplements thereto (other than
prospectus supplements that consist only of a copy of a filed Form 10-Q or a Current Report on Form
8-K) at least one (1) Business Day prior to their filing with the SEC, and not file any document in
a form to which Buyer reasonably and timely objects. The Buyer shall use its reasonable best
efforts to comment upon the Registration Statement or any New Registration Statement and any
amendments or supplements thereto within one (1) Business Day from the date the Buyer receives the
final version thereof. The Company shall furnish to the Buyer, without charge, any correspondence
from the SEC or the staff of the SEC to the Company or its representatives relating to the
Registration Statement or any New Registration Statement.

c. Upon request of the Buyer, the Company shall furnish to the Buyer, (i) promptly after the
same is prepared and filed with the SEC, at least one copy of the Registration Statement and any
amendment(s) thereto, including financial statements and schedules, all documents incorporated
therein by reference and all exhibits, (ii) upon the effectiveness of any Registration Statement, a
copy of the prospectus included in such Registration Statement and all amendments and supplements
thereto (or such other number of copies as the Buyer may reasonably request) and (iii) such other
documents,
including copies of any preliminary or final prospectus, as the Buyer may reasonably request
from time to time in order to facilitate the disposition of the Registrable Securities owned by the
Buyer.

 

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d. The Company shall use reasonable best efforts to (i) register and qualify, unless an
exemption from registration and qualification is available, the Registrable Securities covered by a
Registration Statement under such other securities or “blue sky” laws of such jurisdictions in the
United States as the Buyer reasonably requests, (ii) prepare and file in those jurisdictions, such
amendments (including post-effective amendments) and supplements to such registrations and
qualifications as may be necessary to maintain the effectiveness thereof during the Registration
Period, (iii) take such other actions as may be necessary to maintain such registrations and
qualifications in effect at all times during the Registration Period, and (iv) take all other
actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such
jurisdictions; provided, however, that the Company shall not be required in connection therewith or
as a condition thereto to (x) qualify to do business in any jurisdiction where it would not
otherwise be required to qualify but for this Section 3(d), (y) subject itself to general taxation
in any such jurisdiction, or (z) file a general consent to service of process in any such
jurisdiction. The Company shall promptly notify the Buyer who holds Registrable Securities of the
receipt by the Company of any notification with respect to the suspension of the registration or
qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws
of any jurisdiction in the United States or its receipt of actual notice of the initiation or
threatening of any proceeding for such purpose.

e. As promptly as reasonably practicable after becoming aware of such event or facts, the
Company shall notify the Buyer in writing if the Company has determined that the prospectus
included in any Registration Statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading,
and promptly prepare a prospectus supplement or amendment to such Registration Statement to correct
such untrue statement or omission, and, upon the Buyer’s request, deliver a copy of such prospectus
supplement or amendment to the Buyer. In providing this notice to the Buyer, the Company shall not
include any other information about the facts underlying the Company’s determination and shall not
in any way communicate any material nonpublic information about the Company or the Common Stock to
the Buyer. The Company shall also promptly notify the Buyer in writing (i) when a prospectus or
any prospectus supplement or post-effective amendment has been filed, and when a Registration
Statement or any post-effective amendment has become effective (notification of such effectiveness
shall be delivered to the Buyer by facsimile or e-mail on the same day of such effectiveness), (ii)
of any request by the SEC for amendments or supplements to any Registration Statement or related
prospectus or related information, and (iii) of the Company’s reasonable determination that a
post-effective amendment to a Registration Statement would be appropriate.

f. The Company shall use its reasonable best efforts to prevent the issuance of any stop order
or other suspension of effectiveness of any Registration Statement, or the suspension of the
qualification of any Registrable Securities for sale in any jurisdiction and, if such an order or
suspension is issued, to obtain the withdrawal of such order or suspension at the earliest
practical time and to notify the Buyer of the issuance of such order and the resolution thereof or
its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

g. The Company shall (i) cause all the Registrable Securities to be listed on each securities
exchange on which securities of the same class or series issued by the Company are then listed, if
any, if the listing of such Registrable Securities is then permitted under the rules of such
exchange, or (ii) secure designation and quotation of all the Registrable Securities if the
Principal Market (as such term is defined in the Purchase Agreement) is an automated quotation
system. The Company shall pay all fees and expenses in connection with satisfying its obligation
under this Section 3(g).

 

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h. The Company shall cooperate with the Buyer to facilitate the timely preparation and
delivery of certificates (not bearing any restrictive legend) representing the Registrable
Securities to be offered pursuant to any Registration Statement and enable such certificates to be
in such denominations or amounts as the Buyer may reasonably request and registered in such names
as the Buyer may request.

i. The Company shall at all times provide a transfer agent and registrar with respect to its
Common Stock.

j. If reasonably requested by the Buyer, the Company shall (i) promptly incorporate in a
prospectus supplement or post-effective amendment to the Registration Statement such information as
the Buyer believes should be included therein relating to the sale and distribution of Registrable
Securities, including, without limitation, information with respect to the number of Registrable
Securities being sold, the purchase price being paid therefor and any other terms of the offering
of the Registrable Securities; and (ii) make all required filings of such prospectus supplement or
post-effective amendment promptly after being notified of the matters to be incorporated in such
prospectus supplement or post-effective amendment.

k. The Company shall use its reasonable best efforts to cause the Registrable Securities
covered by any Registration Statement to be registered with or approved by such other governmental
agencies or authorities in the United States as may be necessary to consummate the disposition of
such Registrable Securities.

l. Within one (1) Business Day after any Registration Statement is ordered effective by the
SEC, the Company shall deliver to the Transfer Agent for such Registrable Securities (with copies
to the Buyer) confirmation that such Registration Statement has been declared effective by the SEC
in the form attached hereto as Exhibit A. Thereafter, if reasonably requested by the Buyer
at any time, the Company shall deliver to the Buyer a written confirmation of whether or not the
effectiveness of such Registration Statement has lapsed at any time for any reason (including,
without limitation, the issuance of a stop order) and whether or not the Registration Statement is
currently effective and available to the Buyer for sale of all of the Registrable Securities.

m. The Company agrees to cooperate with the Buyer as reasonably requested by the Buyer to
expedite and facilitate disposition by the Buyer of Registrable Securities pursuant to any
Registration Statement.

 

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4. OBLIGATIONS OF THE BUYER.

a. The Buyer has furnished to the Company in Exhibit B hereto such information
regarding itself, the Registrable Securities held by it and the intended method of disposition of
the Registrable Securities held by it as required to effect the registration of such Registrable
Securities and shall execute such documents in connection with such registration as the Company may
reasonably request. The Company shall notify the Buyer in writing of any other information the
Company reasonably requires from the Buyer in connection with any Registration Statement hereunder.
The Buyer will promptly notify the Company of any material change in the information set forth in
Exhibit B, other than changes in its ownership of the Common Stock.

b. The Buyer agrees to cooperate with the Company as reasonably requested by the Company in
connection with the preparation and filing of any Registration Statement hereunder.

c. The Buyer agrees that, upon receipt of any notice from the Company of the happening of any
event or existence of facts of the kind described in Section 3(f) or any notice of the kind
described in the first sentence of 3(e), the Buyer will immediately discontinue disposition of
Registrable Securities pursuant to any registration statement(s) covering such Registrable
Securities until the Buyer’s receipt (which may be accomplished through electronic delivery) of the
copies of the filed supplemented or amended prospectus contemplated by Section 3(f) or the first
sentence of 3(e). In addition, upon receipt of any notice from the Company of the kind described in
the first sentence of Section 3(e), the Buyer will immediately discontinue purchases or sales of
any securities of the Company. Notwithstanding anything to the contrary, the Company shall cause
its Transfer Agent to promptly deliver shares of Common Stock without any restrictive legend in
accordance with the terms of the Purchase Agreement in connection with any sale of Registrable
Securities with respect to which the Buyer has received a Purchase Notice or VWAP Purchase Notice
prior to the Buyer’s receipt of a notice from the Company of the happening of any event of the kind
described in Section 3(f) or the first sentence of 3(e) and for which the Buyer has not yet
settled.

5. EXPENSES OF REGISTRATION.

All reasonable expenses, other than sales or brokerage commissions and fees and disbursements
of counsel for the Buyer, incurred in connection with registrations, filings or qualifications
pursuant to Sections 2 and 3, including, without limitation, all registration, listing and
qualifications fees, printers and accounting fees, and fees and disbursements of counsel for the
Company, shall be paid by the Company.

6. INDEMNIFICATION.

a. To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold
harmless and defend the Buyer, each Person, if any, who controls the Buyer, the members, the
directors, officers, partners, employees, agents, representatives of the Buyer and each Person, if
any, who controls the Buyer within the meaning of the 1933 Act or the Securities Exchange Act of
1934, as amended (the “1934 Act”) (each, an “Indemnified Person”), against any losses, claims,
damages, liabilities, judgments, fines, penalties, charges, costs, attorneys’ fees, amounts paid in
settlement or expenses, joint or several, (collectively, “Claims”) reasonably incurred in
investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation
or appeal taken from
the foregoing by or before any

 

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court or governmental, administrative or other regulatory
agency or body or the SEC, whether pending or threatened, whether or not an indemnified party is or
may be a party thereto (“Indemnified Damages”), to which any of them may become subject insofar as
such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise
out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact
in the Registration Statement, any New Registration Statement or any post-effective amendment
thereto or in any filing made in connection with the qualification of the offering under the
securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered
(“Blue Sky Filing”), or the omission or alleged omission to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, (ii) any untrue
statement or alleged untrue statement of a material fact contained in the final prospectus (as
amended or supplemented, if the Company files any amendment thereof or supplement thereto with the
SEC) or the omission or alleged omission to state therein any material fact necessary to make the
statements made therein, in light of the circumstances under which the statements therein were
made, not misleading, or (iii) any violation or alleged violation by the Company of the 1933 Act,
the 1934 Act, any other law, including, without limitation, any state securities law, or any rule
or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to
the Registration Statement or any New Registration Statement (the matters in the foregoing clauses
(i) through (iv) being, collectively, “Violations”). The Company shall reimburse each Indemnified
Person promptly as such expenses are incurred and are due and payable, for any reasonable legal
fees or other reasonable expenses incurred by them in connection with investigating or defending
any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification
agreement contained in this Section 6(a): (A) shall not apply to a Claim by an Indemnified Person
arising out of or based upon a Violation which occurs in reliance upon and in conformity with
information furnished in writing to the Company by or on behalf of the Buyer expressly for use in
connection with the preparation of the Registration Statement, any New Registration Statement or
any such amendment thereof or supplement thereto, if such prospectus was timely made available by
the Company; (B) with respect to any superceded prospectus, shall not inure to the benefit of any
person from whom the person asserting any such Claim purchased the Registrable Securities that are
the subject thereof (or to the benefit of any other Indemnified Person) if the untrue statement or
omission of material fact contained in the superceded prospectus was corrected in the revised
prospectus, as then amended or supplemented, if such revised prospectus was timely made available
by the Company, and the Buyer was advised in writing not to use the incorrect prospectus prior to
the use giving rise to a violation; (C) shall not be available to the extent such Claim is based on
a failure of the Buyer to deliver or to cause to be delivered the prospectus made available by the
Company, if such prospectus was theretofore made available by the Company; and (D) shall not apply
to amounts paid in settlement of any Claim if such settlement is effected without the prior written
consent of the Company, which consent shall not be unreasonably withheld. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of the
Indemnified Person and shall survive the transfer of the Registrable Securities by the Buyer
pursuant to Section 9.

b. In connection with the Registration Statement or any New Registration Statement, the Buyer
agrees to indemnify, hold harmless and defend, to the same extent and in the same manner as is set
forth in Section 6(a), the Company, each of its directors, each of its officers who signs the
Registration Statement or any New Registration Statement, each Person, if any, who controls the
Company within the meaning of the 1933 Act or the 1934 Act (collectively and together with an
Indemnified Person, an “Indemnified Party”), against any Claim or Indemnified Damages to which any
of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or
Indemnified Damages arise out of or are based upon any Violation, in each case to the extent,
and only to the extent, that such Violation occurs in reliance upon and in conformity with written
information about the Buyer

 

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 set forth on Exhibit B attached hereto or updated from time to
time in writing by the Buyer and furnished to the Company by the Buyer expressly for use in
connection with such registration statement; and, subject to Section 6(d), the Buyer will reimburse
any legal or other expenses reasonably incurred by them in connection with investigating or
defending any such Claim; provided, however, that the indemnity agreement contained in this Section
6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to
amounts paid in settlement of any Claim if such settlement is effected without the prior written
consent of the Buyer, which consent shall not be unreasonably withheld; provided, further, however,
that the Buyer shall be liable under this Section 6(b) for only that amount of a Claim or
Indemnified Damages as does not exceed the net proceeds to the Buyer as a result of the sale of
Registrable Securities pursuant to such registration statement. Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of such Indemnified
Party and shall survive the transfer of the Registrable Securities by the Buyer pursuant to Section
9.

c. Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6
of notice of the commencement of any action or proceeding (including any governmental action or
proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in
respect thereof is to be made against any indemnifying party under this Section 6, deliver to the
indemnifying party a written notice of the commencement thereof, and the indemnifying party shall
have the right to participate in, and, to the extent the indemnifying party so desires, jointly
with any other indemnifying party similarly noticed, to assume control of the defense thereof with
counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the
Indemnified Party, as the case may be, and upon such notice the indemnifying party shall not be
liable to the Indemnified Person or Indemnified Party for any legal or other expenses subsequently
incurred by the Indemnified Person or Indemnified Party in connection with the defense thereof;
provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain
its own counsel with the fees and expenses to be paid by the indemnifying party, if, in the
reasonable opinion of counsel retained by the indemnifying party, the representation by such
counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be
inappropriate due to actual or potential differing interests between such Indemnified Person or
Indemnified Party and any other party represented by such counsel in such proceeding. The
Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in
connection with any negotiation or defense of any such action or claim by the indemnifying party
and shall furnish to the indemnifying party all information reasonably available to the Indemnified
Party or Indemnified Person which relates to such action or claim. The indemnifying party shall
keep the Indemnified Party or Indemnified Person fully apprised as to the status of the defense or
any settlement negotiations with respect thereto. No indemnifying party shall be liable for any
settlement of any action, claim or proceeding effected without its written consent, provided,
however, that the indemnifying party shall not unreasonably withhold, delay or condition its
consent. No indemnifying party shall, without the consent of the Indemnified Party or Indemnified
Person, consent to entry of any judgment or enter into any settlement or other compromise which
does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party or Indemnified Person of a release from all liability in respect to such claim or
litigation. Following indemnification as provided for hereunder, the indemnifying party shall be
subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third
parties, firms or corporations relating to the matter for which indemnification has been made. The
failure to deliver written notice to the indemnifying party within a reasonable time of the
commencement of any such action shall not
relieve such indemnifying party of any liability to the Indemnified Person or Indemnified
Party under this Section 6, except to the extent that the indemnifying party is prejudiced in its
ability to defend such action.

 

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d. The indemnification required by this Section 6 shall be made by periodic payments of the
amount thereof during the course of the investigation or defense, as and when bills are received or
Indemnified Damages are incurred. Any person receiving a payment pursuant to this Section 6 which
person is later determined to not be entitled to such payment shall return such payment to the
person making it.

e. The indemnity agreements contained herein shall be in addition to (i) any cause of action
or similar right of the Indemnified Party or Indemnified Person against the indemnifying party or
others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

7. CONTRIBUTION.

To the extent any indemnification by an indemnifying party is prohibited or limited by law,
the indemnifying party agrees to make the maximum contribution with respect to any amounts for
which it would otherwise be liable under Section 6 to the fullest extent permitted by law;
provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to
contribution from any seller of Registrable Securities who was not guilty of fraudulent
misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited
in amount to the net amount of proceeds received by such seller from the sale of such Registrable
Securities.

8. REPORTS AND DISCLOSURE UNDER THE SECURITIES ACTS.

With a view to making available to the Buyer the benefits of Rule 144 promulgated under the
1933 Act or any other similar rule or regulation of the SEC that may at any time permit the Buyer
to sell securities of the Company to the public without registration (“Rule 144”), the Company
agrees, at the Company’s sole expense, to:

a. make and keep public information available, as those terms are understood and defined in
Rule 144;

b. file with the SEC in a timely manner all reports and other documents required of the
Company under the 1933 Act and the 1934 Act so long as the Company remains subject to such
requirements and the filing of such reports and other documents is required to satisfy the current
public information requirements of Rule 144; and

c. furnish to the Buyer so long as the Buyer owns Registrable Securities, promptly upon
request, (i) a written statement by the Company that it has complied with the requirements of Rule
144(c)(1)(i), and (ii) such other information, if any, as may be reasonably requested to permit the
Buyer to sell such securities pursuant to Rule 144 without registration.

d. take such additional action as is requested by the Buyer to enable the Buyer to sell the
Registrable Securities pursuant to Rule 144, including, without limitation, delivering all such
consents, certificates, resolutions and instructions to the Company’s Transfer Agent as may be
reasonably requested from time to time by the Buyer and otherwise fully cooperate with Buyer and
Buyer’s broker to effect such sale of securities pursuant to Rule 144.

 

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The Company agrees that damages may be an inadequate remedy for any breach of the terms and
provisions of this Section 8 and that Buyer shall, whether or not it is pursuing any remedies at
law, be entitled to equitable relief in the form of a preliminary or permanent injunctions, without
having to post any bond or other security, upon any breach or threatened breach of any such terms
or provisions.

9. ASSIGNMENT OF REGISTRATION RIGHTS.

The Company shall not assign this Agreement or any rights or obligations hereunder without the
prior written consent of the Buyer. The Buyer may not assign its rights under this Agreement
without the written consent of the Company.

10. AMENDMENT OF REGISTRATION RIGHTS.

Provisions of this Agreement may be amended and the observance thereof may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the
written consent of the Company and the Buyer.

11. MISCELLANEOUS.

a. Any notices, consents, waivers or other communications required or permitted to be given
under the terms of this Agreement must be in writing and will be deemed to have been delivered:
(i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided
confirmation of transmission is mechanically or electronically generated and kept on file by the
sending party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight
delivery service, in each case properly addressed to the party to receive the same. The addresses
and facsimile numbers for such communications shall be:

If to the Company:

Athersys, Inc.

3201 Carnegie Avenue

Cleveland, Ohio 44115-2634

Telephone: 216-431-9900

Facsimile: 216-432-2461

Attention: Laura K. Campbell

                Vice President of Finance

With a copy to:

Jones Day

901 Lakeside Avenue

Cleveland, Ohio 44114

Telephone: 216-586-7103

Facsimile: 216-579-0212

Attention: Michael J. Solecki

If to the Buyer:

Aspire Capital Fund, LLC

155 North Wacker Drive, Suite 1600

Chicago, IL 60606

Telephone: 312-658-0400

Facsimile: 312-658-4005

Attention: Steven G. Martin

With a copy to:

O’Melveny & Myers LLP

1625 Eye Street, NW

Washington, DC 20006

Telephone: 202-383-5418

Facsimile: 202-383-5414

Attention: Martin P. Dunn, Esq.

 

10

 

or at such other address and/or facsimile number and/or to the attention of such other person as
the recipient party has specified by written notice given to each other party three (3) Business
Days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the
recipient of such notice, consent, waiver or other communication, (B) mechanically or
electronically generated by the sender’s facsimile machine containing the time, date, recipient
facsimile number and an image of the first page of such transmission or (C) provided by a
nationally recognized overnight delivery service, shall be rebuttable evidence of personal service,
receipt by facsimile or receipt from a nationally recognized overnight delivery service in
accordance with clause (i), (ii) or (iii) above, respectively. Any party to this Agreement may
give any notice or other communication hereunder using any other means (including messenger
service, ordinary mail or electronic mail), but no such notice or other communication shall be
deemed to have been duly given unless it actually is received by the party for whom it is intended.

b. No failure or delay in the exercise of any power, right or privilege hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or
privilege preclude other or further exercise thereof or of any other right, power or privilege.

c. The corporate laws of the State of Delaware shall govern all issues concerning the relative
rights of the Company and its stockholders. All other questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by the internal laws
of the State of Illinois, without giving effect to any choice of law or conflict of law provision
or rule (whether of the State of Illinois or any other jurisdictions) that would cause the
application of the laws of any jurisdictions other than the State of Illinois. Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting the City
of Chicago, for the adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not
to assert in any suit, action or proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient
forum or that the venue of such suit, action or proceeding is improper. Each party hereby
irrevocably waives personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof to such party at the address for such notices
to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law. If any
provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity
or unenforceability shall not affect the validity or enforceability of the remainder of this
Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement
in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES
NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

11

 

d. This Agreement, the Purchase Agreement and the other Transaction Documents constitute the
entire understanding among the parties hereto with respect to the subject matter hereof and
thereof. There are no restrictions, promises, warranties or undertakings, other than those set
forth or referred to herein and therein. This Agreement, the Purchase Agreement and the other
Transaction Documents supersede all other prior oral and written agreements between the Buyer, the
Company, their affiliates and persons acting on their behalf with respect to the subject matter
hereof and thereof.

e. Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and
be binding upon the permitted successors and assigns of each of the parties hereto.

f. The headings in this Agreement are for convenience of reference and shall not form part of
or affect the interpretation of this Agreement.

g. This Agreement may be executed in two or more identical counterparts, all of which shall be
considered one and the same agreement and shall become effective when counterparts have been signed
by each party and delivered to the other party; provided that a facsimile or pdf (or other
electronic reproduction) signature shall be considered due execution and shall be binding upon the
signatory thereto with the same force and effect as if the signature were an original, not a
facsimile or pdf (or other electronic reproduction) signature.

h. Each party shall do and perform, or cause to be done and performed, all such further acts
and things, and shall execute and deliver all such other agreements, certificates, instruments and
documents, as the other party may reasonably request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

i. The language used in this Agreement will be deemed to be the language chosen by the parties
to express their mutual intent and no rules of strict construction will be applied against any
party.

j. This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be
enforced by, any other Person.

* * * * * *

 

12

 

IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be duly
executed as of day and year first above written.

	 	 	 	 	 
	 	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 	 
	 

 

13

 

EXHIBIT A

TO REGISTRATION RIGHTS AGREEMENT

FORM OF NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT

[Date]

Computershare Investor Services

250 Royall Street

Canton, MA 02021

Attention: Kim Crimi

Re: ATHERSYS, INC.

Ladies and Gentlemen:

We refer to that certain Common Stock Purchase Agreement, dated as of November 11, 2011 (the
“Purchase Agreement”), entered into by and between ATHERSYS, INC., a Delaware corporation (the
“Company”), and ASPIRE CAPITAL FUND, LLC (the “Buyer”) pursuant to which the Company has agreed to
issue to the Buyer shares of the Company’s Common Stock, par value $0.001 (the “Common Stock”), in
an amount up to Twenty Million Dollars ($20,000,000), in accordance with the terms of the Purchase
Agreement. Pursuant to the Purchase Agreement, the Company has registered with the U.S. Securities
and Exchange Commission (the “SEC”) the sale by the Buyer of the following shares of Common Stock:

	 	(1)	 	up to 7,066,666 shares of Common Stock with an aggregate value of up to
$19,000,000 to be issued upon purchase from the Company by the Buyer from time to time
(the “Purchase Shares”).

	 	(2)	 	666,667 shares of Common Stock with an aggregate value of $1,000,000 sold and
issued to the Buyer upon signing of the Purchase Agreement.

	 	(3)	 	266,667 shares of Common Stock which have been issued to the Buyer as a
commitment fee (the “Commitment Shares”).

In connection with the transactions contemplated by the Purchase Agreement, the Company has
filed a registration statement on Form S-1, File No. 333-                     (the “Registration Statement”),
with the SEC to register for sale under the Securities Act of 1933, as amended (the “1933 Act”),
the Purchase Shares and Commitment Shares by the Buyer.

Accordingly, the Company advises you that (i) the SEC has entered an order declaring the
Registration Statement effective under the 1933 Act at            P.M. on                     , (ii) the
Company has no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop
order suspending its effectiveness has been issued or that any proceedings for that purpose are
pending before, or threatened by, the SEC, and (iii) the Purchase Shares and Commitment Shares are
available
for sale under the 1933 Act pursuant to the Registration Statement and may be issued without any
restrictive legend.

	 	 	 	 	 
	 

	 	Very truly yours,	 	 
	 
	 	 	 	 
	 

	 	 

	 	 

cc: Aspire Capital Fund, LLC

 

 

 

EXHIBIT B

TO REGISTRATION RIGHTS AGREEMENT

Information About The Buyer Furnished To The Company By The Buyer

Expressly For Use In Connection With The Registration Statement

As of the date of the Purchase Agreement, Aspire Capital beneficially owned 432,900 shares of
common stock of the Company. Steven G. Martin, Erik J. Brown and Christos Komissopoulos, the
principals of Aspire Capital, are deemed to be beneficial owners of all of the shares of common
stock owned by Aspire Capital. Messrs. Martin, Brown and Komissopoulos have shared voting and
investment power over the shares being offered under the prospectus filed with the SEC in
connection with the transactions contemplated under the Purchase Agreement. Aspire Capital is not
a licensed broker dealer or an affiliate of a licensed broker dealer.

PLAN OF DISTRIBUTION

The common stock may be sold or distributed from time to time by the selling stockholder
directly to one or more purchasers or through brokers, dealers, or underwriters who may act solely
as agents at market prices prevailing at the time of sale, at prices related to the prevailing
market prices, at negotiated prices, or at fixed prices, which may be changed. The sale of the
common stock offered by this prospectus may be effected in one or more of the following methods:

	 	•	 	ordinary brokers’ transactions;

	 	•	 	transactions involving cross or block trades;

	 	•	 	through brokers, dealers, or underwriters who may act solely as agents;

	 	•	 	“at the market” into an existing market for the common stock;

	 	•	 	in other ways not involving market makers or established business markets, including
direct sales to purchasers or sales effected through agents;

	 	•	 	in privately negotiated transactions; or

	 	•	 	any combination of the foregoing.

In order to comply with the securities laws of certain states, if applicable, the shares may
be sold only through registered or licensed brokers or dealers. In addition, in certain states, the
shares may not be sold unless they have been registered or qualified for sale in the state or an
exemption from the registration or qualification requirement is available and complied with.

The selling stockholder may also sell shares of common stock under Rule 144 promulgated under
the Securities Act, if available, rather than under this prospectus. In addition, the selling
stockholder may transfer the shares of common stock by other means not described in this
prospectus.

Brokers, dealers, underwriters, or agents participating in the distribution of the shares as
agents may receive compensation in the form of commissions, discounts, or concessions from the
selling stockholder and/or purchasers of the common stock for whom the broker-dealers may act as
agent. Aspire Capital has informed us that each such broker-dealer will receive commissions from
Aspire Capital which will not exceed customary brokerage commissions.

The selling stockholder and its affiliates have agreed not to engage in any direct or indirect
short selling or hedging of our common stock during the term of the Purchase Agreement.exv10w1

Exhibit 10.1

AGREEMENT AND AMENDMENT NO. 4

     This AGREEMENT AND AMENDMENT NO. 4 (“Agreement”) dated as of November 7, 2011
(“Effective Date”) is among Alta Mesa Holdings, LP, a Texas limited partnership
(“Borrower”), the affiliates of the Borrower party hereto (the “Guarantors”), the
Lenders (as defined below), and Wells Fargo Bank, N.A. as administrative agent for such Lenders (in
such capacity, the “Administrative Agent”) and as issuing lender (in such capacity, the
“Issuing Lender”).

RECITALS

     A. The Borrower is party to that certain Sixth Amended and Restated Credit Agreement dated as
of May 13, 2010 among the Borrower, the lenders party thereto from time to time (the
“Lenders”), the Administrative Agent, and the Issuing Lender, as amended by that certain
Amendment No. 1 dated as of September 2, 2010, that certain Agreement and Amendment No. 2 dated as
of December 6, 2010, and that certain Agreement and Amendment No. 3 dated as of May 23, 2011, each
among the Borrower, the Guarantors, the Lenders, the Administrative Agent and the Issuing Lender
(as so amended, the “Credit Agreement”).

     B. The parties hereto wish to, subject to the terms and conditions of this Agreement, (i)
redetermine and increase the Borrowing Base (as defined in the Credit Agreement) and (ii) make
certain other amendments to the Credit Agreement as provided herein.

     NOW THEREFORE, in consideration of the benefits to be derived by the parties hereto and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

     Section 1. Defined Terms; Other Provisions. As used in this Agreement, each
of the terms defined in the opening paragraph and the Recitals above shall have the meanings
assigned to such terms therein. Each term defined in the Credit Agreement and used herein without
definition shall have the meaning assigned to such term in the Credit Agreement, unless expressly
provided to the contrary. Article, Section, Schedule, and Exhibit references are to Articles and
Sections of and Schedules and Exhibits to this Agreement, unless otherwise specified. The words
“hereof”, “herein”, and “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement. The term
“including” means “including, without limitation,”. Paragraph headings have been inserted in this
Agreement as a matter of convenience for reference only and it is agreed that such paragraph
headings are not a part of this Agreement and shall not be used in the interpretation of any
provision of this Agreement.

     Section 2. Agreement — Borrowing Base. Subject to the terms of this
Agreement, as of the Effective Date, the Borrowing Base shall be increased by $65,000,000 (the
“Increase Amount”) resulting in a new Borrowing Base equal to $325,000,000. Such Borrowing
Base shall remain in effect at such level until the Borrowing Base is redetermined in accordance
with Section 2.02 of the Credit Agreement, as amended hereby. The Borrower and the Lenders hereby
acknowledge and agree that the redetermination of the Borrowing Base set forth in this Section 2 is
the scheduled semi-annual redetermination of the Borrowing Base scheduled for Fall, 2011 under
Section 2.02 of the Credit Agreement. Each Lender’s Pro Rata Share of the redetemined Borrowing
Base, after giving effect to the increase in the Borrowing Base set forth in this Section 2, is set
forth in Annex I attached hereto.

 

 

     Section 3. Amendments to Credit Agreement.

          (a) Section 6.02 (Debts, Guaranties, and Other Obligations) of the Credit Agreement
is hereby amended by (i) replacing the amount “$8,000,000” found in clause (f) therein with the
amount “$12,000,000”, and (ii) replacing the amount “$8,000,000” found in clause (n) therein with
the amount “$12,000,000".

          (b) Clause (c) of Section 6.14 (Limitation on Hedging) of the Credit Agreement is
hereby amended by deleting clause (c)(i) in its entirety and replacing it with the following:

"(i) subject to the terms in the immediately following clause (ii) and clause (iii),
before and after giving effect to such Hydrocarbon Hedge Contract, no more than 85%
of the Anticipated Production of gas volumes and no more than 85% of the Anticipated
Production of oil volumes may be covered by Hydrocarbon Hedge Contracts;
provided that, as of any date of determination, (A) no more than 25% of the
oil volumes of Anticipated Production for the calendar year in which the fourth
anniversary of such determination date occurs and no more than 25% of the gas
volumes of Anticipated Production for the calendar year in which the fourth
anniversary of such determination date occurs may be attributable to PDNP Reserves
and PUD Reserves; (B) no more than 15% of the oil volumes of Anticipated Production
for the calendar year in which the fifth anniversary of such determination date
occurs and no more than 15% of the gas volumes of Anticipated Production for the
calendar year in which the fifth anniversary of such determination date occurs may
be attributable to PDNP Reserves and PUD Reserves; and (C) no amount of oil volumes
and no amount of gas volumes of Anticipated Production for any calendar year
occurring after the fifth anniversary of such determination date may be attributable
to PDNP Reserves and PUD Reserves;”

          (c) Clause (c) of Section 6.14 (Limitation on Hedging) of the Credit Agreement is
hereby amended by deleting clause (c)(iii) in its entirety and replacing it with the following:

"(iii) with respect to anticipated production of Hydrocarbons which are the subject
of an Acquisition under which the Borrower or any Restricted Subsidiary is the
purchaser, the Borrower and its Restricted Subsidiaries may enter into Hydrocarbon
Hedge Contracts covering such anticipated production prior to effecting such
Acquisition (regardless of the fact that such production is not yet owned by the
Borrower or such Restricted Subsidiary) so long as (A) a binding purchase agreement
has been executed by the Borrower or a Restricted Subsidiary and the counterparties
to such Acquisition, (B) at the time such Hydrocarbon Hedge Contracts are entered
into, the aggregate Unused Commitment Amount is greater than or equal to 10% of the
lesser of the Borrowing Base and the aggregate Commitments then in effect, (C) the
Borrower shall, and shall cause its Restricted Subsidiaries to terminate, unwind or
otherwise liquidate all such Hydrocarbon Hedge Contracts upon the earliest of (1)
the 90th day following the full execution of the purchase agreement
related to such Acquisition if the Acquisition has not been fully consummated by
such date, (2) within 3 Business Days after the date upon on which such purchase
agreement is terminated by any party thereto, and (3) the date upon which the
Borrower or any Restricted Subsidiary believes, with reasonable certainty, that such
Acquisition will not be consummated, and (D) after giving pro forma effect to such
Acquisition (i.e. assuming that such Acquisition had gone into effect prior to or as
of the date such Hydrocarbon Hedge Contracts are entered into), the Borrower and its
Restricted Subsidiaries would be in compliance with the volume limitations in clause
(i) above;”

-2-

 

     Section 4. Representations and Warranties. Each of the Guarantors and the
Borrower hereby represents and warrants that: (a) after giving effect to this Agreement, the
representations and warranties contained in the Credit Agreement, as amended hereby, and the
representations and warranties contained in the other Loan Documents are true and correct in all
material respects (except that such materiality qualifier shall not be applicable to any
representation or warranty that already is qualified or modified by materiality in the text
thereof) on and as of the Effective Date as if made on and as of such date except to the extent
that any such representation or warranty expressly relates solely to an earlier date, in which case
such representation or warranty is true and correct in all material respects (except that such
materiality qualifier shall not be applicable to any representation or warranty that already is
qualified or modified by materiality in the text thereof) as of such earlier date; (b) no Default
has occurred which is continuing; (c) the execution, delivery and performance of this Agreement are
within the corporate, limited liability company, or partnership power and authority of such Person
and have been duly authorized by appropriate corporate and governing action and proceedings; (d)
this Agreement constitutes the legal, valid, and binding obligation of such Person enforceable in
accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, or similar laws affecting the rights of creditors generally and general principles of
equity; (e) there are no governmental or other third party consents, licenses and approvals
required in connection with the execution, delivery, performance, validity and enforceability of
this Agreement; and (f) the Liens under the Security Instruments are valid and subsisting and
secure Borrower’s and the Guarantors’ obligations under the Loan Documents.

     Section 5. Conditions to Effectiveness. This Agreement shall become
effective on the Effective Date and enforceable against the parties hereto upon the occurrence of
the following conditions precedent:

          (a) The Administrative Agent shall have received multiple original counterparts, as
requested by the Administrative Agent, of this Agreement duly and validly executed and delivered by
duly authorized officers of the Borrower, the Guarantors and all the Lenders.

          (b) The representations and warranties in this Agreement made by the Guarantors and
the Borrower shall be true and correct in all material respects.

          (c) The Borrower shall have paid, and hereby agrees to pay (i) all reasonable fees
and expenses of the Administrative Agent’s outside legal counsel and other consultants pursuant to
all invoices presented for payment on or prior to the Effective Date, and (ii) for the account of
each Lender, an amendment and borrowing base increase fee equal to 0.45% of the Increase Amount
that is allocated to such Lender.

     Section 6. Acknowledgments and Agreements.

          (a) The Borrower and each Guarantor acknowledges that on the date hereof all
outstanding Obligations are payable in accordance with their terms and the Borrower and each
Guarantor hereby waives any defense, offset, counterclaim or recoupment with respect thereto.

          (b) The Administrative Agent and the Lenders hereby expressly reserve all of their
rights, remedies, and claims under the Loan Documents. Nothing in this Agreement shall constitute
a waiver or relinquishment of (i) any Default or Event of Default under any of the Loan Documents,
(ii) any of the agreements, terms or conditions contained in any of the Loan Documents, (iii) any
rights or remedies of the Administrative Agent or any Lender with respect to the Loan Documents, or
(iv) the rights of the Administrative Agent or any Lender to collect the full amounts owing to them
under the Loan Documents.

-3-

 

          (c) Each of the parties hereto hereby adopt, ratify, and confirm the Credit
Agreement, as amended hereby, and acknowledges and agrees that the Credit Agreement, as amended
hereby, is and remains in full force and effect, and the Borrower and the Guarantors acknowledge
and agree that their respective liabilities and obligations under the Credit Agreement, as amended
hereby, and the Guaranties, are not impaired in any respect by this Agreement.

          (d) From and after the Effective Date, all references to the Credit Agreement and
the Loan Documents shall mean such Credit Agreement and such Loan Documents as amended by this
Agreement.

          (e) This Agreement is a Loan Document for the purposes of the provisions of the
other Loan Documents. Without limiting the foregoing, any breach of representations, warranties,
and covenants under this Agreement shall be a Default or Event of Default, as applicable, under the
Credit Agreement.

     Section 7. Reaffirmation of the Guaranty. Each Guarantor hereby ratifies,
confirms, acknowledges and agrees that its obligations under its respective Guaranty are in full
force and effect and that such Guarantor continues to unconditionally and irrevocably guarantee the
full and punctual payment, when due, whether at stated maturity or earlier by acceleration or
otherwise, of all of the Guaranteed Obligations (as defined in the Guaranties), as such Guaranteed
Obligations may have been amended by this Agreement, and its execution and delivery of this
Agreement does not indicate or establish an approval or consent requirement by such Guarantor under
its respective Guaranty in connection with the execution and delivery of amendments, consents or
waivers to the Credit Agreement, the Notes or any of the other Loan Documents.

     Section 8. Counterparts. This Agreement may be signed in any number of
counterparts, each of which shall be an original and all of which, taken together, constitute a
single instrument. This Agreement may be executed by facsimile signature or other similar
electronic means and all such signatures shall be effective as originals.

     Section 9. Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns permitted
pursuant to the Credit Agreement.

     Section 10. Invalidity. In the event that any one or more of the provisions
contained in this Agreement shall for any reason be held invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other provision of
this Agreement.

     Section 11. Governing Law. This Agreement shall be deemed to be a contract
made under and shall be governed by and construed in accordance with the laws of the State of
Texas.

     Section 12. Entire Agreement. THIS AGREEMENT, THE CREDIT AGREEMENT AS
AMENDED BY THIS AGREEMENT, THE NOTES, AND THE OTHER LOAN DOCUMENTS CONSTITUTE THE ENTIRE
UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY
PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO.

THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

[SIGNATURES BEGIN ON NEXT PAGE]

-4-

 

     EXECUTED effective as of the date first above written.

	 	 	 	 	 	 	 	 	 

	BORROWER:	 	ALTA MESA HOLDINGS, LP	 	 
	 	 	By:	 	Alta Mesa Holdings GP, LLC	 	 
	 	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:

Name:
	 	/s/ Michael McCabe
 

Michael McCabe
	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 

	 	 	 	 	 	 	 

	GUARANTORS:	 	ALTA MESA FINANCE SERVICES CORP.	 	 
	 	 	ALTA MESA GP, LLC	 	 
	 	 	ARI DEVELOPMENT, LLC	 	 
	 	 	ALTA MESA ACQUISITION SUB, LLC	 	 
	 	 	BRAYTON MANAGEMENT GP II, LLC	 	 
	 	 	CAIRN ENERGY USA, LLC	 	 
	 	 	LOUISIANA ONSHORE PROPERTIES LLC	 	 
	 	 	THE MERIDIAN PRODUCTION, LLC	 	 
	 	 	THE MERIDIAN RESOURCE, LLC	 	 
	 	 	THE MERIDIAN RESOURCE & EXPLORATION LLC	 	 
	 	 	TMR DRILLING, LLC	 	 
	 	 	VIRGINIA OIL AND GAS, LLC	 	 
	 	 	ALTA MESA HOLDINGS GP, LLC	 	 
	 	 	ALTA MESA ENERGY LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	Each by:
	 	/s/ Michael McCabe
 

Michael A. McCabe
	 	 
	 

	 	 	 	Chief Financial Officer	 	 

	 	 	 	 	 	 	 	 	 

	 	 	ALTA MESA SERVICES, LP	 	 
	 	 	ARANSAS RESOURCES, LP	 	 
	 	 	BUCKEYE PRODUCTION COMPANY, LP	 	 
	 	 	LOUISIANA EXPLORATION & ACQUISITIONS, LP	 	 
	 	 	NAVASOTA RESOURCES, LTD., LLP	 	 
	 	 	NUECES RESOURCES, LP	 	 
	 	 	OKLAHOMA ENERGY ACQUISITIONS, LP	 	 
	 	 	TEXAS ENERGY ACQUISITIONS, LP	 	 
	 	 	GALVESTON BAY RESOURCES, LP	 	 
	 	 	PETRO ACQUISITIONS, LP	 	 
	 	 	PETRO OPERATING COMPANY, LP	 	 
	 	 	ORION OPERATING COMPANY, LP	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Each by:	 	Alta Mesa GP, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Michael McCabe
 

Michael A. McCabe
	 	 
	 

	 	 	 	 	 	Chief Financial Officer	 	 

Signature Page to Agreement and Amendment No. 4

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	 	 	BRAYTON RESOURCES, LP,	 	 
	 	 	By: Brayton Management GP, LLC, its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael McCabe
 

Michael A. McCabe
	 	 
	 

	 	 	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	BRAYTON RESOURCES II, L.P.,	 	 
	 	 	By: Brayton Management GP II, LLC, its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael McCabe
 

Michael A. McCabe
	 	 
	 

	 	 	 	Chief Financial Officer	 	 

	 	 	 	 	 	 	 	 	 

	 	 	ALTA MESA RESOURCES, LP,	 	 
	 	 	By:	 	Alta Mesa Resources GP, LLC,	 	 
	 	 	 	 	its sole general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Michael McCabe
 

Michael A. McCabe,
	 	 
	 

	 	 	 	 	 	Chief Financial Officer	 	 

	 	 	 	 	 	 	 	 	 

	 	 	PETRO ACQUISITIONS HOLDINGS, LP,	 	 
	 	 	By:	 	Petro Acquisitions Holdings GP, LLC,	 	 
	 	 	 	 	its sole general partner	 	 
	 
	 	 
	 

	 	 	 	By:
	 	/s/ Michael McCabe
 

Michael A. McCabe,
	 	 
	 

	 	 	 	 	 	Chief Financial Officer	 	 

	 	 	 	 	 	 	 

	 	 	PETRO OPERATING COMPANY HOLDINGS, INC.,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael McCabe
 

Michael A. McCabe
	 	 
	 

	 	 	 	Chief Financial Officer	 	 

	 	 	 	 	 	 	 	 	 

	 	 	GALVESTON BAY RESOURCES HOLDINGS, LP,	 	 
	 	 	By:	 	Galveston Bay Resources Holdings GP, LLC	 	 
	 	 	 	 	its sole general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Michael McCabe
 

Michael A. McCabe,
	 	 
	 

	 	 	 	 	 	Chief Financial Officer	 	 

Signature Page to Agreement and Amendment No. 4

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	ADMINISTRATIVE AGENT/
	 	 	 	 	 	 
	ISSUING LENDER/
	 	 	 	 	 	 
	LENDER:	 	WELLS FARGO BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Shiloh Davila
 

Shiloh Davila
	 	 
	 

	 	 	 	Vice President	 	 

Signature Page to Agreement and Amendment No. 4

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	LENDER:	 	UNION BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Paul E. Cornell
 

Paul E. Cornell
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 

Signature Page to Agreement and Amendment No. 4

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	LENDER:	 	TORONTO DOMINION (NEW YORK) LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Bebi Yasin
 

Bebi Yasin
	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 

Signature Page to Agreement and Amendment No. 4

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	LENDER:	 	ING CAPITAL LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Juli Bieser
 

Juli Bieser
	 	 
	 

	 	Title:
	 	Director	 	 

Signature Page to Agreement and Amendment No. 4

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	LENDER:	 	CITIBANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Thomas Benavides
 

Thomas Benavides
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 

Signature Page to Agreement and Amendment No. 4

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	LENDER:	 	CAPITAL ONE, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Nancy M. Mak
 

Nancy M. Mak
	 	 
	 

	 	Title:
	 	Vice President	 	 

Signature Page to Agreement and Amendment No. 4

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	LENDER:	 	BOKF, NA d/b/a Bank of Texas	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Martin W. Wilson
 

Martin W. Wilson
	 	 
	 

	 	Title:
	 	SVP	 	 

Signature Page to Agreement and Amendment No. 4

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	LENDER:	 	AMEGY BANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Mark Serice
 

Mark Serice
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 

Signature Page to Agreement and Amendment No. 4

(Alta Mesa Holdings, LP)

 

 

	 	 	 	 	 	 	 

	LENDER:	 	TEXAS CAPITAL BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Moni Collins
 

Moni Collins
	 	 
	 

	 	Title:
	 	Vice President	 	 

Signature Page to Agreement and Amendment No. 4

(Alta Mesa Holdings, LP)

 

 

ANNEX I

BORROWING BASE AS OF NOVEMBER 7, 2011*

	 	 	 	 	 	 	 	 	 
	 	 	PRO RATA SHARE OF THE	 	PERCENTAGE OF
	LENDERS	 	BORROWING BASE*	 	TOTAL
	Wells Fargo Bank, N.A.
	 	$	79,824,561.40	 	 	 	24.561403509	%
	Union Bank, N.A.
	 	$	51,315,789.47	 	 	 	15.789473684	%
	Toronto Dominion (New York) LLC
	 	$	38,771,929.83	 	 	 	11.929824561	%
	ING Capital LLC
	 	$	31,929,824.56	 	 	 	9.824561404	%
	Citibank, N.A.
	 	$	31,929,824.56	 	 	 	9.824561404	%
	Capital One, National Association
	 	$	28,508,771.93	 	 	 	8.771929824	%
	BOKF, NA d/b/a Bank of Texas
	 	$	28,508,771.93	 	 	 	8.771929824	%
	Amegy Bank National Association
	 	$	17,105,263.16	 	 	 	5.263157895	%
	Texas Capital Bank, N.A.
	 	$	17,105,263.16	 	 	 	5.263157895	%
	TOTAL
	 	$	325,000,000.00	 	 	 	100	%

 

			
	*	 	Borrowing Base is subject to redetermination pursuant to the terms of the Credit Agreement, as
amended.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}]]