Document:

Amendment No. 2 to Second Amended and Restated Credit Agreement

  
 Exhibit 4.5

 EXECUTION COPY 
 AMENDMENT NO. 2 
 TO 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT 
 THIS AMENDMENT NO. 2 TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (the “Amendment”) is made as of July 12, 2010 by and among Actuant Corporation, a Wisconsin corporation (the
“Company”), Actuant Ltd., a company organized under the laws of England (“Actuant Ltd.”), Actuant Finance Ltd., a company organized under the laws of England (“Actuant Finance”), Applied Power
Europa B.V., a besloten vennootschap met beperkte aansprakelijkheid (the “Dutch Borrower” and, collectively with the Company, Actuant Ltd. and Actuant Finance, the “Borrowers”), the financial institutions
listed on the signature pages hereto and JPMorgan Chase Bank, N.A., as the administrative agent for the “Lenders” referred to below (in such capacity, the “Agent”). Capitalized terms used but not otherwise defined herein
shall have the respective meanings given to them in the “Credit Agreement” referred to below. 

W I T N E S S E T H: 

WHEREAS, the signatories hereto are parties to that certain Second Amended and Restated Credit Agreement, dated as of November 10,
2008, among the Borrowers, the financial institutions from time to time parties thereto (the “Lenders”) and the Agent (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Credit
Agreement”); and 
 WHEREAS, the parties hereto have agreed to amend the Credit Agreement on the terms and conditions
set forth herein. 
 NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained
herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto have agreed to the following amendment to the Credit Agreement. 

1. Amendments. Effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in
Section 2 below, the Credit Agreement is hereby amended as follows: 
 (a) The definition of “Asset Sale” set
forth in Section 1.1 of the Credit Agreement is hereby amended to insert at the end thereof the following phrase: “or Permitted Factoring Transaction”. 
 (b) The definition of “Permitted Acquisition” set forth in Section 1.1 of the Credit Agreement is hereby amended to (i) delete clause (e) of the proviso thereto and insert
therefor the following: “(e) the Company shall have furnished to the Agent a certificate demonstrating in reasonable detail (i) a pro forma Leverage Ratio of less than or equal to 3.50 to 1.0 (or, if such Acquisition is a Specified
Acquisition, 3.75 to 1.0) for the four fiscal quarter period most recently ended prior to the date of such Acquisition, and (ii) pro forma compliance with the financial covenant contained in Section 6.19.2 for such period, in each case,
calculated as if such Acquisition, including the consideration therefor, had been consummated on the first day of such period,” (ii) delete clause (f) of the proviso thereto and insert therefor the following: “(f)
[Intentionally Omitted]” and (iii) insert at the beginning of clause (g) of the proviso thereto the following phrase: “if such Acquisition is a Specified Acquisition,”. 

(c) The definition of “Qualified Receivables Transaction” set forth in Section 1.1 of the Credit Agreement is hereby
amended and restated in its entirety as follows: 
 “Qualified Receivables Transaction” means any
transaction or series of transactions entered into by the Company or any Subsidiary pursuant to which the Company or any Subsidiary may sell, convey or otherwise transfer to a newly-formed Subsidiary or other special-purpose entity, or any other
Person, any 

 
accounts or notes receivable and rights related thereto, provided that (i) all of the terms and conditions of such transaction or series of transactions, including without limitation the
amount and type of any recourse to the Company or any Subsidiary with respect to the assets transferred, are reasonably acceptable to the Agent and the Required Lenders and (ii) the Receivables Transaction Attributed Indebtedness incurred in
respect of all such transactions or series of transactions does not exceed $75,000,000. 
 (d) Article I of the
Credit Agreement is hereby amended to (i) delete in its entirety the definition of “Existing Receivables Agreements” and (ii) insert therein, in proper alphabetical order, the following definitions: 

“Permitted Factoring Transaction” means (a) a sale by the Company or any Subsidiary of accounts
receivable pursuant to an accelerated payment program established by a customer of the Company or such Subsidiary or (b) any other sale by any Foreign Subsidiary to any Person of accounts receivable or notes receivable; provided, that the
aggregate face amount of accounts receivable and notes receivable subject to all such sales does not exceed $20,000,000 during any fiscal year. 
 “Specified Acquisition” means an Acquisition with respect to which the aggregate consideration provided by the Company and its Subsidiaries is equal to or greater than $75,000,000.

 (e) Section 2.7(b)(iii) of the Credit Agreement is hereby amended to delete the first sentence thereof and insert
therefor the following sentence: 
 Not later than the third Business Day following receipt of any Net Cash Proceeds of any
Asset Sale, the Borrowers shall prepay outstanding Loans in an amount equal to 100% of the Net Cash Proceeds received with respect thereto (subject to the provisions regarding application of prepayments set forth below); provided that no such
prepayment shall be required hereunder unless, and only to that extent that, the aggregate Net Cash Proceeds of Asset Sales during any four fiscal quarter period exceed $50,000,000; provided, further, that no mandatory prepayment or reduction in
Aggregate Revolving Loan Commitment shall be required pursuant to this Section 2.7(b)(iii) on account of such Net Cash Proceeds if, and to the extent that, the Company notifies the Agent in writing within three Business Days following receipt
of such Net Cash Proceeds of its or its Subsidiary’s good faith intention to apply such Net Cash Proceeds to the acquisition of other assets or Property to be used in its business within 120 days following the receipt of such Net Cash Proceeds,
with the amount of such Net Cash Proceeds unused after such 120-day period to be treated as Net Cash Proceeds in accordance with this Section 2.7(b)(iii). 
 (f) Section 2.7(b)(iii) of the Credit Agreement is hereby further amended to delete the proviso to clause (A) of the fourth sentence thereof. 

(g) Section 2.7(b)(iv) of the Credit Agreement is hereby deleted in its entirety. 

(h) Clause (ii) of Section 6.13 of the Credit Agreement is hereby amended to insert at the end thereof the following phrase:
“or Permitted Factoring Transaction”. 
 (i) Clause (xi) of Section 6.13 of the Credit Agreement is
hereby amended to (i) delete the figure “5%” set forth in clause (A) of the proviso thereto and insert therefor the following figure: “10%” and (ii) delete the figure “10%” set forth in clause
(B) of the proviso thereto and insert therefor the following figure: “15%”. 
 (j) Clause (vii) of
Section 6.15 of the Credit Agreement is hereby amended to insert at the end thereof the following phrase: “or Permitted Factoring Transaction”. 
 (k) Section 6.18 of the Credit Agreement is hereby amended to (i) delete the word “and” set forth immediately prior to clause (vi) thereof and (ii) delete clause
(vi) thereof and insert therefor the following: 
 (vi) guaranties by the Company of obligations of Foreign Subsidiaries
under customer contracts not exceeding $10,000,000 in the aggregate outstanding at any one time, (vii) guaranties by the Company of 
  

 2 

 
obligations of Foreign Subsidiaries under Operating Leases permitted hereunder and (viii) other Contingent Obligations not otherwise permitted by clauses (i) through (vii) above
not exceeding $20,000,000 in the aggregate outstanding at any one time 
 (l) Section 6.19.1 of the Credit Agreement is
hereby amended and restated in its entirety as follows: 
 6.19.1 Leverage Ratio. The Company will not permit
the Leverage Ratio, determined as of the end of each of its fiscal quarters, to exceed the following ratios for the following periods: 
  

			
	Fiscal Quarter	  	Maximum Leverage
Ratio
	 Fiscal quarters ending November 30, 2008, February 28, 2009 and May 31, 2009
	  	3.50 to 1.00
	 Fiscal quarter ending August 31, 2009
	  	4.00 to 1.00
	 Fiscal quarters ending November 30, 2009 and February 28, 2010
	  	4.50 to 1.00
	 Fiscal quarter ending May 31, 2010 and each fiscal quarter thereafter
	  	3.50 to 1.00

 Notwithstanding the foregoing, commencing with the fiscal quarter ending August 31, 2010, the Leverage Ratio may be up to 4.00 to 1.0 for any fiscal quarter during which the Company or any of its
Subsidiaries has entered into a Specified Acquisition (the “Trigger Quarter”) and up to 3.75 to 1.0 for the next succeeding fiscal quarter (or, if such Specified Acquisition occurred after the forty-fifth (45th) day of such Trigger Quarter, the Leverage Ratio may be up to
4.00 to 1.0 for such Trigger Quarter and the next succeeding fiscal quarter and up to 3.75 to 1.0 for the second fiscal quarter after such Trigger Quarter); provided, that the Leverage Ratio shall return to 3.50 to 1.0 (or lower) no later than the
second fiscal quarter after such Trigger Quarter (or, if such Specified Acquisition occurred after the forty-fifth
(45th) day of such Trigger Quarter, no later than the
third fiscal quarter after such Trigger Quarter); provided, further, that following the occurrence of a Trigger Quarter, no subsequent Trigger Quarter shall be permitted to occur for purposes of this Section 6.19.1 unless and until the Leverage
Ratio is less than or equal to 3.50 to 1.00 as of the end of at least one fiscal quarter following the applicable Specified Acquisition. 
 (m) Section 6.21(f)(i) of the Credit Agreement is hereby amended to insert therein immediately following the phrase “Qualified Receivables Transaction” the following phrase: “or
Permitted Factoring Transaction”. 
 2. Conditions of Effectiveness. This Amendment shall become
effective as of the date hereof if, and only if, the Agent shall have received: 
 (a) executed copies of this
Amendment from the Borrowers, the Agent and the Required Lenders; 
 (b) executed copies of the Reaffirmation
attached hereto in the form of Exhibit A from each existing Guarantor and Pledgor; 
 (c) confirmation that all
fees and expenses of counsel to the Agent required to be paid in connection with the Loan Documents (including this Amendment) pursuant to Section 9.6 of the Credit Agreement have been paid, in each case to the extent that invoices for the same
have been submitted at least one Business Day prior to the date hereof; 
 (d) all other fees (if any) agreed to
be paid by the Borrower in connection with this Amendment; and 
 (e) such other instruments and documents as the
Agent shall have reasonably requested in connection with this Amendment. 
  

 3 

 3. Representations and Warranties of the Borrowers. Each Borrower hereby
represents and warrants as follows: 
 (a) Such Borrower has the power and authority and legal right to execute
and deliver this Amendment and to perform its obligations hereunder and under the Credit Agreement (as modified hereby). The execution and delivery by such Borrower of this Amendment and the performance of its obligations hereunder and under the
Credit Agreement (as modified hereby) have been duly authorized by proper corporate proceedings, and this Amendment and the Credit Agreement (as modified hereby) constitute legal, valid and binding obligations of such Borrower enforceable against
such Borrower in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally. 

(b) Neither the execution and delivery by such Borrower of this Amendment, nor the consummation of the transactions
contemplated herein or in the Credit Agreement (as modified hereby), nor compliance with the provisions hereof or thereof will violate (i) any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on such Borrower,
(ii) the articles or incorporation or by-laws or other organizational documents of such Borrower or (iii) the provisions of any indenture, instrument or agreement to which such Borrower is a party or is subject, or by which it, or its
Property, is bound, or conflict with or constitute a default thereunder, or result in, or require, the creation or imposition of any Lien in, of or on the Property of such Borrower pursuant to the terms of any such indenture, instrument or
agreement. 
 (c) No order, consent, adjudication, approval, license, authorization, or validation of, or filing,
recording or registration with, or exemption by, or other action in respect of any governmental or public body or authority, or any subdivision thereof, which has not been obtained by such Borrower, is required to be obtained by such Borrower in
connection with the execution and delivery of this Amendment or the legality, validity, binding effect or enforceability of the Credit Agreement (as modified hereby). 

(d) As of the date hereof and giving effect to the terms of this Amendment, (i) there exists no Default or Unmatured
Default and (ii) the representations and warranties contained in Article V of the Credit Agreement (as modified hereby) are true and correct except to the extent any such representation or warranty is stated to relate solely to an earlier date,
in which case such representation or warranty shall have been true and correct on and as of such earlier date. 
 4.
Reference to and Effect on the Credit Agreement and Loan Documents. 
 (a) Upon the effectiveness of
Section 1 hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as modified hereby. This Amendment is a Loan Document pursuant to the Credit
Agreement and shall (unless expressly indicated otherwise herein or therein) be construed, administered, and applied, in accordance with all of the terms and provisions of the Credit Agreement. 

(b) Each Borrower (i) agrees that this Amendment and the transactions contemplated hereby shall not limit or diminish
the obligations of such Borrower arising under or pursuant to the Credit Agreement and the other Loan Documents to which it is a party, (ii) reaffirms its obligations under the Credit Agreement and each and every other Loan Document to which it
is a party (including, without limitation, each applicable Collateral Document), (iii) reaffirms all Liens on any collateral (including the Collateral) which have been granted by it in favor of the Agent pursuant to any of the Loan Documents,
and (iv) acknowledges and agrees that except as specifically modified above, the Credit Agreement and all other Loan Documents executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and
confirmed. 
 (c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of the Agent or the Lenders, nor constitute a waiver of or consent to any provision of the Credit Agreement or any other Loan Documents executed and/or delivered in connection
therewith. 
  

 4 

 5. Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS
(INCLUDING, WITHOUT LIMITATION, 735 ILCS SECTION 105/5-1 ET SEQ., BUT OTHERWISE WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS) OF THE STATE OF ILLINOIS, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 

6. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not
constitute a part of this Amendment for any other purpose. 
 7. Counterparts. This Amendment may be executed by
one or more of the parties hereto on any number of separate counterparts (including by means of facsimile or electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

 

 5 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above
written. 
  

					
	 ACTUANT CORPORATION,

as a Borrower

		
	By:	 	/s/ Terry M. Braatz
	Name:	 	Terry M. Braatz
	Title:	 	Treasurer
	
	 ACTUANT LTD.,
 as a
Borrower

		
	By:	 	/s/ Brian Kobylinski
	Name:	 	Brian Kobylinski
	Title:	 	Director
	
	 ACTUANT FINANCE LTD.,
 as a Borrower

		
	By:	 	/s/ Brian Kobylinski
	Name:	 	Brian Kobylinski
	Title:	 	Director
	
	 APPLIED POWER EUROPA B.V.,
 as a Borrower

		
	By:	 	/s/ Terry M. Braatz
	Name:	 	Terry M. Braatz
	Title:	 	Authorized Person

  

Signature Page to Amendment No. 2 to 
 Second Amended and Restated Credit Agreement 

					
	 JPMORGAN CHASE BANK, N.A.,
 as a Lender and as Agent

		
	By:	 	/s/ Brian L. Grossman
	Name:	 	Brian L. Grossman
	Title:	 	Senior Vice President

  

 
 Signature Page to Amendment No. 2 to 

Second Amended and Restated Credit Agreement 

					
	 Bank of America, NA

as a Lender

		
	By:	 	/s/ Scott Hitchens
	Name:	 	Scott Hitchens
	Title:	 	Vice President

  

 
 Signature Page to Amendment No. 2 to 

Second Amended and Restated Credit Agreement 

					
	 BMO Capital Markets Financing Inc.
 as a Lender

		
	By:	 	/s/ Pamela E. Schwartz
	Name:	 	Pamela E. Schwartz
	Title:	 	Director

  

 
 Signature Page to Amendment No. 2 to 

Second Amended and Restated Credit Agreement 

					
	 KEYBANK NATIONAL ASSOCIATION
 as a Lender

		
	By:	 	/s/ Brian P. Fox
	Name:	 	Brian P. Fox
	Title:	 	Vice President

  

 
 Signature Page to Amendment No. 2 to 

Second Amended and Restated Credit Agreement 

					
	 M&I Marshall & Ilsley Bank
 as a Lender

		
	By:	 	/s/ Ronald J. Carey
	Name:	 	Ronald J. Carey
	Title:	 	Vice President
		
	By:	 	/s/ James R. Miller
	Name:	 	James R. Miller
	Title:	 	Senior Vice President

  

 
 Signature Page to Amendment No. 2 to 

Second Amended and Restated Credit Agreement 

					
	 The Northern Trust Company
 as a Lender

		
	By:	 	/s/ Patrick Cowan
	Name:	 	Patrick Cowan
	Title:	 	Vice President

  

 
 Signature Page to Amendment No. 2 to 

Second Amended and Restated Credit Agreement 

					
	 THE PRIVATEBANK AND TRUST COMPANY
 as a Lender

		
	By:	 	/s/ James A. Meyer
	Name:	 	James A. Meyer
	Title:	 	Managing Director

  

 
 Signature Page to Amendment No. 2 to 

Second Amended and Restated Credit Agreement 

					
	 PNC BANK, NATIONAL ASSOCIATION
 as a Lender

		
	By:	 	/s/ Michael Cortese
	Name:	 	Michael Corteese
	Title:	 	Officer

  

 
 Signature Page to Amendment No. 2 to 

Second Amended and Restated Credit Agreement 

					
	 ROYAL BANK OF CANADA

as a Lender

		
	By:	 	/s/ James F. Disher
	Name:	 	James F. Disher
	Title:	 	Authorized Signatory

  

 
 Signature Page to Amendment No. 2 to 

Second Amended and Restated Credit Agreement 

					
	 UBS AG, Stamford Branch
 as a Lender

		
	By:	 	/s/ Mary E. Evans
	Name:	 	Mary E. Evans
	Title:	 	Associate Director
		
	By:	 	/s/ April Varner-Nanton
	Name:	 	April Varner-Nanton
	Title:	 	Director

  

 
 Signature Page to Amendment No. 2 to 

Second Amended and Restated Credit Agreement 

					
	 U.S. Bank, N.A.
 as
a Lender

		
	By:	 	/s/ Caroline V. Krider
	Name:	 	Caroline V. Krider
	Title:	 	Senior Vice President

  

 
 Signature Page to Amendment No. 2 to 

Second Amended and Restated Credit Agreement 

					
	 Wells Fargo Bank, N.A.
 as a Lender

		
	By:	 	/s/ Tom Trail
	Name:	 	Tom Trail
	Title:	 	Director

  

 
 Signature Page to Amendment No. 2 to 

Second Amended and Restated Credit Agreement 

					
	 Associated Bank, N.A.
 as a Lender

		
	By:	 	/s/ Daniel Holzhauer
	Name:	 	Daniel Holzhauer
	Title:	 	Vice President – Senior Lender

  

 
 Signature Page to Amendment No. 2 to 

Second Amended and Restated Credit Agreement 

 EXECUTION COPY 
 EXHIBIT A 
 Reaffirmation 

Each of the undersigned hereby acknowledges receipt of a copy of Amendment No. 2 dated as of July 12, 2010 (the
“Amendment”) to the Second Amended and Restated Credit Agreement, dated as of November 10, 2008, by and among Actuant Corporation, a Wisconsin corporation (the “Company”), Actuant Ltd., a company organized
under the laws of England (“Actuant Ltd.”), Actuant Finance Ltd., a company organized under the laws of England (“Actuant Finance”), Applied Power Europa B.V., a besloten vennootschap met beperkte
aansprakelijkheid (the “Dutch Borrower” and, collectively with the Company, Actuant Ltd. and Actuant Finance, the “Borrowers”), the financial institutions from time to time parties thereto (the
“Lenders”) and JPMorgan Chase Bank, National Association, as the administrative agent for the Lenders (the “Agent”) (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”). Capitalized terms used in this Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement. 
 Each of the undersigned, by its signature below, hereby (a) acknowledges and consents to the execution and delivery of the Amendment by the parties thereto, (b) agrees that the Amendment and the
transactions contemplated thereby shall not limit or diminish the obligations of such Person arising under or pursuant to the Collateral Documents and the other Loan Documents to which it is a party (including, in the case of each Guarantor, without
limitation, the Domestic Subsidiary Guaranty and the Security Agreement and, in the case of each Pledgor, without limitation, each applicable Foreign Law Pledge Agreement), (c) reaffirms all of its obligations under the Loan Documents to which
it is a party, (d) reaffirms all Liens on any collateral (including the Collateral) which have been granted by it in favor of the Agent pursuant to any of the Loan Documents, and (e) acknowledges and agrees that each Loan Document executed
by it remains in full force and effect and is hereby reaffirmed, ratified and confirmed. All references to the Credit Agreement contained in any Loan Document shall be a reference to the Credit Agreement as so modified by the Amendment and as the
same has previously been, or may from time to time hereafter be, amended, restated, supplemented or otherwise modified. The Amendment is a Loan Document pursuant to the Credit Agreement and shall (unless expressly indicated therein) be construed,
administered, and applied, in accordance with all of the terms and provisions of the Credit Agreement. 
  

 A-1 

					
	 ACME ELECTRIC, LLC

ACTUANT INTERNATIONAL HOLDINGS, INC.
 APPLIED
POWER INVESTMENTS II, INC.
 B.W. ELLIOTT MANUFACTURING CO., LLC
 CORTLAND CABLE COMPANY, INC.
 CORTLAND HOLDING COMPANY

D.L. RICCI CORP.
 GB TOOLS & SUPPLIES,
LLC
 HYDRATIGHT OPERATIONS, INC.
 KEY
COMPONENTS, INC.
 MAXIMA HOLDING COMPANY, INC.
 MAXIMA HOLDINGS-EUROPE, INC.
 MAXIMA TECHNOLOGIES & SYSTEMS, LLC

PRECISION SURE-LOCK, INC.
 PSL HOLDINGS,
INC.
 SANLO, INC.
 SUPERIOR PLANT
SERVICES, LLC
 TEMPLETON, KENLY & CO., INC.
 THE CORTLAND COMPANIES, INC.
 VERSA TECHNOLOGIES, INC.

		
	By:	 	/s/ Terry M. Braatz
	Name:	 	Terry M. Braatz
	Title:	 	Treasurer
	
	ENGINEERED SOLUTIONS, L.P.
		
	By:	 	 Versa Technologies, Inc.,
 its general partner

		
	By:	 	/s/ Terry M. Braatz
	Name:	 	Terry M. Braatz
	Title:	 	Treasurer
	
	ACTUANT INTERNATIONAL LTD.
		
	By:	 	/s/ Brian Kobylinski
	Name:	 	Brian Kobylinski
	Title:	 	Director

 Signature Page to

 Reaffirmation (Amendment No. 2)Form of 2007 Equity Incentive Plan Restricted Stock Award Agreement - Directors

 Exhibit 10.6 
 [Director Form] 
 CELL THERAPEUTICS, INC.

 2007 EQUITY INCENTIVE PLAN 
 RESTRICTED STOCK AWARD AGREEMENT 
 THIS RESTRICTED STOCK AWARD
AGREEMENT (this “Award Agreement”) is dated as of July 12, 2010 (the “Award Date”) by and between Cell Therapeutics, Inc., a Washington corporation (the “Company”), and
[                    ] (the “Director”). 

W I T N E S S E T H 
 WHEREAS, the Company has previously granted to the Director a stock bonus opportunity (the “Bonus Opportunity”) under the Cell Therapeutics, Inc. 2007 Equity Incentive Plan (the
“Plan”), such grant evidenced by an award agreement between the Company and the Director dated December 15, 2009 (the “Bonus Opportunity Award Agreement”); 

WHEREAS, the Company and the Director desire to modify the terms of the Bonus Opportunity Award Agreement as set forth below and
enter into a new agreement to evidence the grant by the Company to the Director of a restricted stock award (the “Award”) upon the terms and conditions set forth herein and in the Plan. 

NOW THEREFORE, in consideration of services rendered and to be rendered by the Director, and the mutual promises made herein and
the mutual benefits to be derived therefrom, the parties agree as follows: 
 1. Defined Terms. Capitalized terms
used herein and not otherwise defined herein shall have the meaning assigned to such terms in the Plan. 
 2.
Grant. Subject to the terms of this Award Agreement, the Company hereby grants to the Director an Award with respect to an aggregate of [    ] restricted shares of common stock of the Company (the
“Restricted Shares”). 
 3. Vesting; Change in Control; Forfeiture. 

(a) Performance-Based Vesting of Award. Upon the occurrence of a Performance Vesting Date with respect to a
Performance Goal identified in the table below, the Award shall vest with respect to the corresponding number of Shares set forth in the table below. (For purposes of this Award Agreement, the terms “Performance Vesting Date” and
“Performance Goal,” as well as each of the individual Performance Goals identified in the column headings of the table below, shall have the meanings ascribed to such terms in the Bonus Opportunity Award Agreement as modified, in the case
of the “4th Quarter Break Even” goal, by the
Company in June 2010.) 
  

																	
	 Performance
Goal:
	 	 Opaxio

MAA
Approval
	 	 Opaxio

NDA

Approval
	 	 $50M

Sales

Goal
	 	 $100M

Sales

Goal
	 	 Pix NDA
Approval
	 	 4th

Quarter

Break

Even
	 	 EPS

Goal
	 	 Share
Appreciation
Goal

	Number of Shares:	 	[        ]	 	[        ]	 	[        ]	 	[        ]	 	[        ]	 	[        ]	 	[        ]	 	N/A

  
 1 

  
 (b) Reduction in
Vested Shares Under Bonus Opportunity; Possible Forfeiture of Shares. Notwithstanding any other provision herein or in the Bonus Opportunity Award Agreement, the Director hereby acknowledges and agrees that upon the achievement of any particular
Performance Goal, the number of Shares otherwise deliverable to the Director under the terms of the Bonus Opportunity Award Agreement (subject to the terms and conditions thereof) will equal (i) the number of Shares determined by multiplying
the Award Percentage for that Performance Goal under the Bonus Opportunity Award Agreement by the total number of the Company’s outstanding Shares, determined on a non-fully diluted basis, as of the applicable Performance Vesting Date,
less (ii) the number of any Shares that vest under the Award pursuant to Section 3(a) in connection with the achievement of that particular Performance Goal. In the event that the number of Shares determined under the preceding
clause (i) is less than the number of Shares determined under the preceding clause (ii), a number of Restricted Shares hereunder equal to such difference (and any related Restricted Property as defined in Section 9 hereof) shall be
forfeited to the Company as provided in Section 3(e) upon the applicable Performance Vesting Date. 
 (c) Change in
Control. Notwithstanding Section 3(a), in the event a Change in Control (as defined in the Bonus Opportunity Award Agreement) occurs, and if the Director is still providing services to the Company or one of its Subsidiaries on the Change in
Control date, the Award will vest on that date with respect to any Performance Goal as to which the related Performance Vesting Date did not occur prior to the date of the Change in Control (and such Performance Vesting Date shall be deemed to be
the date of the Change in Control). The Director acknowledges and agrees that in such event, the number of Shares deliverable under the Bonus Opportunity Award Agreement as to each such Performance Goal shall be subject to reduction as provided in
Section 3(b), and that any Restricted Shares that vest hereunder as to each such Performance Goal shall be subject to forfeiture as provided in Section 3(b), with respect to the Performance Vesting Dates that are so deemed to occur on the
date of the Change in Control. 
 (d) Termination Date. Notwithstanding any other provision herein, upon the first to
occur of (i) the date on which the Director ceases to provide services to the Company or a Subsidiary (regardless of the reason for such termination of service, whether with or without cause, voluntarily or involuntarily, or due to death or
disability) or (ii) December 31, 2011 (the first to occur of such dates, the “Termination Date”), the Director’s Restricted Shares (and related Restricted Property as defined in Section 9 hereof), to the extent
such shares have not become vested pursuant to Section 3(a) or 3(c) hereof as of the Termination Date, shall be forfeited to the Company as provided in Section 3(e) upon the Termination Date. 

(e) Forfeiture Procedures. Upon the occurrence of any forfeiture of Restricted Shares pursuant to any provision of this
Section 3, such unvested, forfeited shares and related Restricted Property shall be automatically transferred to the Company as of the applicable forfeiture date without any other action by the Director (or the Director’s beneficiary or
personal representative in the event of the Director’s death or disability, as applicable). No consideration shall be paid by the Company with respect to such transfer. The Company may exercise its powers under Section 7(d) hereof and take
any other action necessary or advisable to evidence such transfer. The Director (or the Director’s beneficiary or personal representative in the event of the Director’s death or disability, as applicable) shall deliver any additional
documents of 

  
 2 

 
transfer that the Company may request to confirm the transfer of such unvested, forfeited shares and related Restricted Property to the Company. 

4. Continuance of Service. The vesting schedule requires continued service through each applicable vesting date as a
condition to the vesting of the applicable installment of the Award and the rights and benefits under this Award Agreement. Service for only a portion of the vesting period, even if a substantial portion, will not entitle the Director to any
proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of services as provided in Section 3 above. Nothing contained in this Award Agreement or the Plan constitutes a continued service
commitment by the Company or interferes with the right of the Company or any Subsidiary to increase or decrease the compensation of the Director from the rate in existence at any time. 

5. Dividend and Voting Rights. After the Award Date, the Director shall be entitled to cash dividends and voting rights
with respect to the Restricted Shares subject to the Award even though such shares are not vested; provided, however, that such rights shall terminate immediately as to any Restricted Shares that are forfeited pursuant to Section 3 above; and
provided, further, that the Director agrees that promptly following any such forfeiture of Restricted Shares, the Director will make a cash payment to the Company equal to the amount of any cash dividends received by the Director in respect of any
such unvested, forfeited shares. To the extent the shares are forfeited after the record date and before the payment date for a particular dividend, the Director shall, promptly after the dividend is paid, make a cash payment to the Company equal to
the amount of any such cash dividend received by the Director in respect of such forfeited shares. 
 6. Restrictions on
Transfer. Prior to the time that they have become vested pursuant to Section 3 hereof, neither the Restricted Shares, nor any interest therein, amount payable in respect thereof, or Restricted Property (as defined in Section 9
hereof) may be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered, either voluntarily or involuntarily. The transfer restrictions in the preceding sentence shall not apply to (a) transfers to the Company, or
(b) transfers by will or the laws of descent and distribution. 
 7. Stock Certificates. 

(a) Book Entry Form. The Company shall issue the Restricted Shares subject to the Award either: (a) in certificate form as
provided in Section 7(b) below; or (b) in book entry form, registered in the name of the Director with notations regarding the applicable restrictions on transfer imposed under this Award Agreement. 

(b) Certificates to be Held by Company; Legend. Any certificates representing the Restricted Shares that may be delivered to the
Director by the Company prior to vesting shall be redelivered to the Company to be held by the Company until the restrictions on such shares shall have lapsed and the shares shall thereby have become vested or the shares represented thereby have
been forfeited hereunder. Such certificates shall bear the following legend and any other legends the Company may determine to be necessary or advisable to comply with all applicable laws, rules, and regulations: 

  
 3 

  
 “The ownership
of this certificate and the shares of stock evidenced hereby and any interest therein are subject to substantial restrictions on transfer under an Agreement entered into between the registered owner and Cell Therapeutics, Inc.. A copy of such
Agreement is on file in the office of the Secretary of Cell Therapeutics, Inc.” 
 (c) Delivery of Certificates Upon
Vesting. Promptly after the vesting of any shares of Restricted Stock pursuant to Section 3 hereof and the satisfaction of any and all related tax withholding obligations pursuant to Section 10, the Company shall, as applicable, either
remove the notations on any Restricted Shares issued in book entry form which have vested or deliver to the Director a certificate or certificates evidencing the number of Restricted Shares which have vested (or, in either case, such lesser number
of shares as may result after giving effect to Section 10). The Director (or the beneficiary or personal representative of the Director in the event of the Director’s death or disability, as the case may be) shall deliver to the Company
any representations or other documents or assurances as the Company or its counsel may determine to be necessary or advisable in order to ensure compliance with all applicable laws, rules, and regulations with respect to the grant of the Award and
the delivery of Shares in respect thereof. The Shares so delivered shall no longer be Restricted Shares hereunder. 
 (d)
Stock Power; Power of Attorney. Concurrently with the execution and delivery of this Award Agreement, the Director shall deliver to the Company an executed stock power in the form attached hereto as Exhibit A, in blank, with respect to
the Restricted Shares. The Company shall not deliver any share certificates in accordance with this Award Agreement unless and until the Company shall have received such stock power executed by the Director. The Director, by acceptance of the Award,
shall be deemed to appoint, and does so appoint by execution of this Award Agreement, the Company and each of its authorized representatives as the Director’s attorney(s)-in-fact to effect any transfer of unvested forfeited shares (or shares
otherwise reacquired by the Company hereunder) to the Company as may be required pursuant to the Plan or this Award Agreement and to execute such documents as the Company or such representatives deem necessary or advisable in connection with any
such transfer. 
 8. Section 280G. In the event that any compensation and other benefits provided for in this
Award Agreement or amounts otherwise payable to the Director by the Company constitute “parachute payments” within the meaning of Section 280G of the Code and will be subject to the excise tax imposed by Section 4999 of the Code,
the provisions of the paragraph titled “Gross-Up Payment” under the Bonus Opportunity Award Agreement shall apply, and the Director shall be entitled to the payments by the Company provided under such paragraph in respect of such parachute
payments. 
 9. Adjustments upon Specified Events. Upon the occurrence of certain events relating to the
Company’s stock contemplated by Section 4.3 of the Plan, the Committee shall make adjustments in accordance with such section in the number and kind of securities that may become vested under the Award. If any adjustment is made under
Section 4.3 of the Plan and the Restricted Shares are not fully vested upon such event or prior thereto, the restrictions applicable to such Restricted Shares shall continue in effect with respect to any consideration, property or other
securities (the “Restricted Property” and, for the purposes of this Award Agreement, “Restricted Shares” shall include “Restricted Property”, unless the context otherwise requires)

  
 4 

 
received in respect of such Restricted Shares. Such Restricted Property shall vest at such times and in such proportion as the Restricted Shares to which the Restricted Property is attributable
vest, or would have vested pursuant to the terms hereof if such Restricted Shares had remained outstanding. To the extent that the Restricted Property includes any cash (other than regular cash dividends), such cash shall be invested, pursuant to
policies established by the Committee, in interest bearing, FDIC-insured (subject to applicable insurance limits) deposits of a depository institution selected by the Committee, the earnings on which shall be added to and become a part of the
Restricted Property. 
 10. Tax Withholding. Upon any vesting of the Restricted Shares, the Company shall
automatically withhold and reacquire the appropriate number of whole Restricted Shares, valued at their then Fair Market Value (as such term is defined in the Plan), to satisfy any withholding obligations of the Company or its Subsidiaries with
respect to such vesting at the minimum applicable withholding rates. In the event that the Company cannot legally satisfy such withholding obligations by withholding and reacquiring Restricted Shares, or in the event that the Director makes or has
made an election pursuant to Section 83(b) of the Code or the occurrence of any other withholding event with respect to the Award, the Company (or a Subsidiary) shall be entitled to require a cash payment by or on behalf of the Director and/or
to deduct from other compensation payable to the Director any sums required by federal, state or local tax law to be withheld with respect to such vesting of any Restricted Shares or such Section 83(b) election. 

11. Notices. Any notice to be given under the terms of this Award Agreement shall be in writing and addressed to the
Company at its principal office to the attention of the Secretary, and to the Director at the Director’s last address reflected on the Company’s payroll records. Any notice shall be delivered in person or shall be enclosed in a properly
sealed envelope, addressed as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or branch post office regularly maintained by the United States Government. Any such notice shall be
given only when received, but if the Director is no longer providing services to the Company or a Subsidiary, shall be deemed to have been duly given five business days after the date mailed in accordance with the foregoing provisions of this
Section 11. 
 12. Plan. The Award and all rights of the Director under this Award Agreement are subject to
the terms and conditions of the provisions of the Plan, incorporated herein by reference. The Director agrees to be bound by the terms of the Plan and this Award Agreement. The Director acknowledges having read and understanding the Plan, the
Prospectus for the Plan, and this Award Agreement. Unless otherwise expressly provided in other sections of this Award Agreement, provisions of the Plan that confer discretionary authority on the Board or the Committee do not (and shall not be
deemed to) create any rights in the Director unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Committee so conferred by appropriate action of the Board or the Committee under the Plan
after the date hereof. 
 13. Entire Agreement. This Award Agreement and the Plan, together with the
applicable provisions of the Bonus Opportunity Award Agreement referred to herein, constitute the entire agreement and supersede all prior understandings and agreements, written or oral, of 

  
 5 

 
the parties hereto with respect to the subject matter hereof. The Plan may be amended pursuant to Section 10.1 of the Plan. This Award Agreement may be amended by the Committee from time to
time. Any such amendment must be in writing and signed by the Company. Any such amendment that materially and adversely affects the Director’s rights under this Award Agreement requires the consent of the Director in order to be effective with
respect to the Award. The Company may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Director hereunder, but no such waiver shall operate as or be construed to be
a subsequent waiver of the same provision or a waiver of any other provision hereof. 
 14. Counterparts. This
Award Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 

15. Section Headings. The section headings of this Award Agreement are for convenience of reference only and shall not be
deemed to alter or affect any provision hereof. 
 16. Governing Law. This Award Agreement shall be governed by
and construed and enforced in accordance with the laws of the State of Washington without regard to conflict of law principles thereunder. 
 [Remainder of page intentionally left blank] 

  
 6 

  
 IN WITNESS
WHEREOF, the Company has caused this Award Agreement to be executed on its behalf by a duly authorized officer and the Director has hereunto set his or her hand as of
            , 2010. 
  

			
	CELL THERAPEUTICS, INC.,
	a Washington corporation

			
		
	By:	 	
 

			
		
	Print Name:	 	
 

			
		
	Its:	 	
 

			
	
	DIRECTOR
	
	  

Signature

	
	  
 Print
Name

  
 7 

  
 CONSENT OF SPOUSE

 In consideration of the execution of the foregoing Restricted Stock Award Agreement by Cell Therapeutics, Inc., I,
                            , the spouse of the Director therein named, do hereby join with my spouse
in executing the foregoing Restricted Stock Award Agreement and do hereby agree to be bound by all of the terms and provisions thereof and of the Plan. 
 Dated:             , 2010 
  

 

	
	  
 Signature of
Spouse
  

	  
 Print
Name

  
 8 

  
 EXHIBIT A

 STOCK POWER 
 FOR VALUE RECEIVED and pursuant to that certain Restricted Stock Award Agreement between Cell Therapeutics, Inc., a Washington corporation (the “Company”), and the individual named below (the
“Individual”) dated as of             , 2010, the Individual, hereby sells, assigns and transfers to the Company, an aggregate      shares of
Common Stock of the Company, standing in the Individual’s name on the books of the Company and represented by stock certificate number(s)
                     to which this instrument is attached, and hereby irrevocably constitutes and appoints
                     as his or her attorney in fact and agent to transfer such shares on the books of the Company, with full power of
substitution in the premises. 
 Dated             ,
         
  

	
	  

Signature

	
	  
 Print
Name

 (Instruction: Please do not fill in any blanks other than the signature line. The purpose of the
assignment is to enable the Company to exercise its sale/purchase option set forth in the Restricted Stock Award Agreement without requiring additional signatures on the part of the Individual.)

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