Document:

AMENDED AND RESTATED
PROMISSORY NOTE

    

    
      	
              Original
      Amount: [INSERT AMOUNT]

            	
              Original
      Date: March 13, 2008

            
	
              Amount:
      [INSERT AMOUNT]

            	
              Amended
      Date: March 12, 2010

            

    

    
 

    

    FOR VALUE
RECEIVED, and intending to be legally bound, Lynx Acquisition, Inc. (the
“Maker”), hereby unconditionally and irrevocably promises to pay to the order of
[NOTEHOLDER NAME] (the
“Payee”), in lawful money of the United States of America, the sum of [PRINCIPAL AMOUNT] on or
before the earlier of (i) December 31, 2010 or (ii) the date that the Maker (or
a wholly owned subsidiary of the Maker) consummates a merger or similar
transaction with an operating business (the “Maturity Date”).

    

    Interest
shall accrue on the outstanding principal balance of this Promissory Note on the
basis of a 360-day year from the date the Maker receives the funds from the
Payee until paid in full at the rate of twelve percent (12%) per annum, and
shall be due and payable at the Maturity Date, or the prepayment date, if any,
whichever is earlier. This Promissory Note may
be prepaid in whole or in part at any time or from time to time prior to the
Maturity Date.

    

    For
purposes of this Promissory Note, an "Event of Default" shall occur if the Maker
shall: (i) fail to pay the entire principal amount of this Promissory Note when
due and payable, (ii) admit in writing its inability to pay any of its monetary
obligations under this Promissory Note, (iii) make a general assignment of its
assets for the benefit of creditors, or (iv) allow any proceeding to be
instituted by or against it seeking relief from or by creditors, including,
without limitation, any bankruptcy proceedings.

    

    In the
event that an Event of Default has occurred, the Payee or any other holder of
this Promissory Note may, by notice to the Maker, declare this entire Promissory
Note to be forthwith immediately due and payable, without presentment, demand,
protest or further notice of any kind, all of which are hereby expressly waived
by the Maker.  In the event that an Event of Default consisting of a
voluntary or involuntary bankruptcy filing has occurred, then this entire
Promissory Note shall automatically become due and payable without any notice or
other action by Payee.  Commencing five days after the occurrence of
any Event of Default, the interest rate on this Note shall accrue at the rate of
18% per annum.

    

    The
nonexercise or delay by the Payee or any other holder of this Promissory Note of
any of its rights hereunder in any particular instance shall not constitute a
waiver thereof in that or any subsequent instance.  No waiver of any
right shall be effective unless in writing signed by the Payee, and no waiver on
one or more occasions shall be conclusive as a bar to or waiver of any right on
any other occasion.

    

    Should
any part of the indebtedness evidenced hereby be collected by law or through an
attorney-at-law, the Payee or any other holder of this Promissory Note shall, if
permitted by applicable law, be entitled to collect from the Maker all
reasonable costs of collection, including, without limitation, attorneys’
fees.

    

    All
notices and other communications must be in writing to the address of the party
set forth in the first paragraph hereof and shall be deemed to have been
received when delivered personally (which shall include via an overnight courier
service) or, if mailed, three (3) business days after having been mailed by
registered or certified mail, return receipt requested, postage prepaid. The
parties may designate by notice to each other any new address for the purpose of
this Promissory Note.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    Maker
hereby forever waives presentment, demand, presentment for payment, protest,
notice of protest, and notice of dishonor of this Promissory Note and all other
demands and notices in connection with the delivery, acceptance, performance and
enforcement of this Promissory Note.

    

    This
Promissory Note shall be binding upon the successors and assigns of the Maker,
and shall be binding upon, and inure to the benefit of, the successors and
assigns of the Payee.

    

    This
Promissory Note shall be governed by and construed in accordance with the
internal laws of the State of New York.  All disputes between the
Maker and the Payee relating in any way to this Promissory Note shall be
resolved only by state and federal courts located in New York County, New York,
and the courts to which an appeal therefrom may be taken.

    

    IN
WITNESS WHEREOF, the undersigned Maker has executed this Promissory Note as of
March 12, 2010.

    
 

    
      	 
      	
              MAKER:

            	 
	 
      	 
      	 
      	 
	 
      	
              LYNX
      ACQUISITION, INC.

            	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	 
      	
              By:

            	
               
      

            	 
	 
      	 
      	
              Scott
      Baily

            	 
	 
      	 
      	
              President

            	 

    

    

    

     

    
      
         

      

      
        2Unassociated Document

    THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER
APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER
SECURITIES LAWS.  NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED, OR
OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

     

    Warrant
No. A-1

    Original
Warrant Date:  April 9, 2009

    Amended
and Restated Warrant Date:    March ___, 2010

    

     AMENDED
AND RESTATED WARRANT TO PURCHASE SHARES OF COMMON STOCK

     

    OF

     

    NEOSTEM,
INC.

     

    This
Warrant No. A-1 amends and restates Warrant No. ___ issued to RimAsia Capital
Partners, L.P. on April 9, 2009 in connection with a private placement by
NEOSTEM, INC., a Delaware corporation (the “Corporation”), and is
issued in replacement and substitution for Warrant No. ___.

     

    For value
received, RimAsia Capital Partners, L.P. is entitled to purchase from the
Corporation, subject to the terms and conditions hereof, Four Million
(4,000,000) shares (the “Warrant Shares”) of
common stock, par value $0.001 per share (the “Common
Stock”).  This amended and restated warrant is referred to
herein as the “Warrant” and the
holder of this Warrant is referred to as the “Holder”.  The
number of Warrant Shares is subject to adjustment as hereinafter
provided.  Notwithstanding anything to the contrary contained herein,
this Warrant shall expire at 5:00 p.m. (Eastern Time) on April 8, 2017 (the
“Termination
Date”).

     

    1.           Exercise of
Warrants.  The Holder may, at any time prior to the Termination
Date, exercise this Warrant in whole or in part at an exercise price per share
equal to $2.50, subject to adjustment as provided herein (the “Exercise Price”), by
the surrender of this Warrant (properly endorsed) at the principal office of the
Corporation, or at such other agency or office of the Corporation in the United
States of America as the Corporation may designate by notice in writing to the
Holder at the address of such Holder appearing on the books of the Corporation,
and by payment to the Corporation of the Exercise Price in lawful money of the
United States by check or wire transfer for each share of Common Stock being
purchased.  Upon any partial exercise of this Warrant, there shall be
executed and issued to the Holder a new Warrant in respect of the shares of
Common Stock as to which this Warrant shall not have been
exercised.  In the event of the exercise of the rights represented by
this Warrant, a certificate or certificates for the Warrant Shares so purchased,
as applicable, registered in the name of the Holder, shall be delivered to the
Holder hereof as soon as practicable after the rights represented by this
Warrant shall have been so exercised.

     

    2.           Reservation of Warrant
Shares.  The Corporation agrees that, prior to the expiration
of this Warrant, it will at all times have authorized and in reserve, and will
keep available, solely for issuance or delivery upon the exercise of this
Warrant, the number of Warrant Shares as from time to time shall be issuable by
the Corporation upon the exercise of this Warrant.

     

    3.           No Stockholder Rights; No
Rights to Net Cash Settle.  This Warrant shall not entitle the
holder hereof to any voting rights or other rights as a stockholder of the
Corporation.  In no event may this Warrant be net cash
settled.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.           Transferability of
Warrant.  Prior to the Termination Date and subject to
compliance with applicable Federal and State securities and other laws, this
Warrant and all rights hereunder are transferable, in whole or in part, at the
office or agency of the Company by the Holder in person or by duly authorized
attorney, upon surrender of this Warrant together with the Assignment Form
annexed hereto properly endorsed for transfer.  Any registration
rights to which this Warrant may then be subject shall be transferred together
with the Warrant to the subsequent Investor.

     

    5.           Certain
Adjustments.  With respect to any rights that Holder has to
exercise this Warrant for shares of Common Stock, Holder shall be entitled to
the following adjustments:

     

    (a)           Merger or
Consolidation.  If at any time there shall
be a merger or a consolidation of the Corporation with or into another entity
when the Corporation is not the surviving corporation, then, as part of such
merger or consolidation, lawful provision shall be made so that the
Holder shall thereafter be
entitled to receive upon exercise of this Warrant, during the period specified
herein and upon payment of the aggregate Exercise Price then in effect, the
number of shares of stock or other securities or property (including cash) of
the successor corporation resulting from such merger or consolidation, to which
the Holder as the holder of the stock deliverable
upon exercise of this Warrant would have been entitled in such merger or
consolidation if this Warrant had been exercised immediately before such
transaction.  In any such case, appropriate adjustment shall be made
in the application of the provisions of this Warrant with respect to
the rights and interests of
the Holder after the merger
or consolidation.

     

    (b)           Reclassification,
Recapitalization, etc.  If the Corporation at any
time shall, by subdivision, combination or reclassification of securities,
recapitalization, automatic conversion, or other similar event affecting the
number or character of outstanding shares of Common Stock, or otherwise, change
any of the securities as to which purchase rights under this Warrant exist into
the same or a different number of securities of any other class or classes, this
Warrant shall thereafter represent the right to acquire such number and kind of
securities as would have been issuable as the result of such change with respect
to the securities that were subject to the purchase rights under this Warrant
immediately prior to such subdivision, combination, reclassification or other
change.

     

    (c)           Split or Combination of
Common Stock and Stock Dividend.  In case the Corporation shall
at any time subdivide, redivide, recapitalize, split (forward or reverse) or
change its outstanding shares of Common Stock into a greater number of shares or
declare a dividend upon its Common Stock payable solely in shares of Common
Stock, the Exercise Price
shall be proportionately reduced and the number of Warrant Shares
proportionately increased.  Conversely, in case the outstanding shares
of Common Stock of the Corporation shall be combined into a smaller number of
shares, the Exercise Price
shall be proportionately increased and the number of Warrant Shares
proportionately reduced.

     

    6.           Legend and Stop Transfer
Orders.  Upon exercise of any part of the Warrant, the
Corporation shall instruct its transfer agent to enter stop transfer orders with
respect to such Warrant Shares, and all certificates or instruments representing
the Warrant Shares shall bear on the face thereof substantially the following
legend:

     

    THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER
APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER
SECURITIES LAWS.  NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED, OR
OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

     

    7.           Redemption of
Warrant.  This Warrant is subject to redemption by the Company
as provided in this Section
7.

     

    (a)           This
Warrant may be redeemed, at the option of the Company, in whole and not in part,
at a redemption price of $0.0001 per Warrant (the “Redemption Price”),
provided (i) the average closing price of the Common Stock as quoted by
Bloomberg, LP., or the Principal Trading Market (as defined below) on which the
Common Stock is included for quotation or trading, shall equal or exceed $5.00
per share (taking into account all adjustments) for twenty (20) out of thirty
(30) consecutive trading days.

     

    (b)           If
the conditions set forth in Section 7(a) are met,
and the Company desires to exercise its right to redeem this Warrant, it shall
mail a notice (the “Redemption Notice”)
to the registered holder of this Warrant by first class mail, postage prepaid,
at least ten (10) business days prior to the date fixed by the Company for
redemption of the Warrants (the “Redemption
Date”).

     

    (c
)           The
Redemption Notice shall specify (i) the Redemption Price, (ii) the Redemption
Date, (iii) the place where the Warrant certificates shall be delivered and the
redemption price paid, and (iv) that the right to exercise this Warrant shall
terminate at 5:00 p.m. (New York time) on the business day immediately
preceding the Redemption Date.  No failure to mail such notice nor any
defect therein or in the mailing thereof shall affect the validity of the
proceedings for such redemption except as to a holder (a) to whom notice was not
mailed, or (b) whose notice was defective.  An affidavit of the
Secretary or an Assistant Secretary of the Company that the Redemption Notice
has been mailed shall, in the absence of fraud, be prima facie evidence of the
facts stated therein.

     

    (d)           Any
right to exercise a Warrant shall terminate at 5:00 p.m. (New York time) on
the business day immediately preceding the Redemption Date.  On and
after the Redemption Date, the Holder shall have no further rights except to
receive, upon surrender of this Warrant, the Redemption Price.

     

    (e)           From
and after the Redemption Date, the Company shall, at the place specified in the
Redemption Notice, upon presentation and surrender to the Company by or on
behalf of the holder thereof the warrant certificates evidencing this Warrant
being redeemed, deliver, or cause to be delivered to or upon the written order
of such holder, a sum in cash equal to the Redemption Price of this
Warrant.  From and after the Redemption Date, this Warrant shall
expire and become void and all rights hereunder and under the warrant
certificates, except the right to receive payment of the Redemption Price, shall
cease.

     

    8.           Miscellaneous.  This
Warrant shall be governed by and construed in accordance with the laws of the
State of New York.  All the covenants and provisions of this Warrant
by or for the benefit of the Corporation shall bind and inure to the benefit of
its successors and assigns hereunder.  Nothing in this Warrant shall
be construed to give to any person or corporation other than the Corporation and
the holder of this Warrant any legal or equitable right, remedy, or claim under
this Warrant.  This Warrant shall be for the sole and exclusive
benefit of the Corporation and the Holder.  The section headings
herein are for convenience only and are not part of this Warrant and shall not
affect the interpretation hereof.  Upon receipt of evidence
satisfactory to the Corporation of the loss, theft, destruction, or mutilation
of this Warrant, and of indemnity reasonably satisfactory to the Corporation, if
lost, stolen, or destroyed, and upon surrender and cancellation of this Warrant,
if mutilated, the Corporation shall execute and deliver to the Holder a new
Warrant of like date, tenor, and denomination.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the Corporation has caused this amended and restated Warrant to
be executed by its duly authorized officers under its seal, this ___ day
of  March, 2010.

     

    
      
        	 	NEOSTEM,
      INC.	 
	 	 	 	 
	
                 

              	 	 
	 	Robin
      L. Smith, Chairman & Chief ExecutiveOfficer	 

      

    

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    WARRANT
EXERCISE FORM

     

    To
Be Executed by the Holder in Order to Exercise Warrant

     

    
      
        	

                To: 

              	NeoStem,  Inc.      	Dated:  ________________ __, 20__ 
	 	

                420
      Lexington Avenue

                Suite
      450

                New
      York, New York  10170

                Attn:  Chairman
      and CEO

              	 

      

       

    

    
    

    
      	
               
      

            	
              The
      undersigned, pursuant to the provisions set forth in the attached Warrant
      No. A-1, hereby irrevocably elects to purchase ____________ shares of
      the Common Stock of NeoStem, Inc. covered by such
  Warrant.

            

    

     

    
      	
               
       ̈

            	
              The
      undersigned herewith makes payment of the full purchase price for such
      shares at the price per share provided for in such
      Warrant.  Such payment takes the form of $__________ in lawful
      money of the United States.

            

    

     

    The
undersigned hereby requests that certificates for the Warrant Shares purchased
hereby be issued in the name of:

     

     

      
        

      

    

     

    
      
 (please
print or type name and address)

     

    

      

    

    (please
insert social security or other identifying number)

     

    and be
delivered as follows:

    

    
      
 

      

    

    (please
print or type name and address)

    

    
      
 (please insert social security or other identifying number)

     

    and if
such number of shares of Common Stock shall not be all the shares evidenced by
this Warrant, that a new Warrant for the balance of such shares be registered in
the name of, and delivered to, the Holder.

     

    
      
        	 	 	 
	 	Signature
      of Holder	 
	 	 	 	 
	
                 

              	SIGNATURE GUARANTEE	 
	 	 	 	 
	 	 	 	 
	 	 	 

      

    

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT
FORM

    

    (To
assign the foregoing warrant, execute

    this
form.  Do not use this form to exercise the warrant.)

    

    

    FOR VALUE
RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby
assigned to

     

    

    
      	
               

            	
              whose address is

            

    

     

     

      
        

      

    

     

    
      
        
 
 

    

    

      
        	 
      	 
      	Dated:  ________ __,
20___

      

    

     

     

    
      
        	 
      	Holder’s Signature: 	 
	 	Holder’s Address:   	 
	 	 	 

      

    

     

    

    
      
        	Signature Guaranteed:	 
      	 
      

      

                                               

    

    NOTE:  The
signature to this Assignment Form must correspond with the name as it appears on
the face of the Warrant, without alteration or enlargement or any change
whatsoever, and must be guaranteed by a bank or trust
Corporation.  Officers of corporations and those acting in a fiduciary
or other representative capacity should file proper evidence of authority to
assign the foregoing Warrant.

     

    
      
        
        

      

      
        -6-

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