Document:

EX-4.5

 Exhibit 4.5 
 I.D. Control # 11000468 
 License # 04/04-0183 

DEBENTURE 

***************** 
 $
5,000,000.00 (the “Original Principal Amount”) 
 09/01/2021 (the “Maturity Date”) 

Western Financial Capital Corporation (the “Company”) 
  

									
	17950 Preston Road Suite 600 Dallas, TX.	 	75252	  	
	(Street)	  	(City)	  	(State)	 	(Zip)	  	

 PART I – PERIOD SPECIFIC TERMS 
 A. Applicable for the Scheduled Interim Period (and New Interim Periods, as applicable) 

Interest rate per annum for the Scheduled Interest Period: 0.501%. 
 Annual Charge applicable to the Scheduled Interim Period: .515% per annum 
 Date of Issuance:
9-6-11 
 Scheduled Pooling Date: 9-21-11 
 Scheduled Interim Period: from and including the Date of Issuance 

                         
                  to but excluding the Scheduled Pooling Date 
 The following italicized terms will apply if the Interim Period is extended by SBA: 
  

											
	 New interest rate(s) per annum
	  	(a) _____%	  	 	(b) ______%	  	  	 	(c) ______%	  
	 New Annual Charge per annum
	  	(a) _____%	  	 	(b) ______%	  	  	 	(c) ______%	  
	 New Pooling Date(s):
	  	(a) _______	  	 	(b) ________	  	  	 	(c) ________	  
	 New Interim Period(s): from and including:
	  	(a) _______	  	 	(b) ________	  	  	 	(c) ________	  
	
                        
              to but excluding:
	  	(a) _______	  	 	(b) ________	  	  	 	(c) ________ 	  

 The Company, for value received, promises to pay to JPMorgan Chase Bank N.A., as Custodian (the “Custodian”)
for the U.S. Small Business Administration (“SBA”) and SBIC Funding Corporation (the “Funding Corporation”), pursuant to the Custody and Administration Agreement (the “Custody Agreement”) dated as of April 27, 1998
among SBA, the Funding Corporation, the Federal Home Loan Bank of Chicago, as Interim Funding Provider (the “Interim Funding Provider”), and the Custodian, as amended,: (i) interest on the Original Principal Amount listed above at the
applicable rate per annum listed above, and (ii) an Annual Charge on the Original Principal Amount listed above at the applicable rate per annum listed above, each at such location as SBA, as guarantor of this Debenture, may direct and each at
the related rate per annum identified for the Scheduled Interim Period (and each New Interim Period, if any). 

 This Debenture will bear interest for, and the Annual Charge will apply to, the Scheduled Interim Period
(and for each New Interim period, if any) at the rate(s) and for the applicable period(s) indicated above, to be paid in arrears by 1:00 p.m. (New York City time) on the Business Day prior to the Scheduled Pooling Date (and each New Pooling Date, if
any) listed above. As used throughout this Debenture, “Business Day” means any day other than: (i) a Saturday or Sunday; (ii) a legal holiday in Washington, D.C.; and (iii) a day on which banking institutions in New York
City are authorized or obligated by law or executive order to be closed. Interest on this Debenture and the Annual Charge for the Scheduled Interim Interest (and each New Interim Period, if any) will each be computed on the basis of the actual
number of days in the applicable Interest Period divided by 360. The Company may not prepay this Debenture, in whole or in part, during the Scheduled Interim Period or any New Interim Period. 

 

	 	B.	This Section B. is effective only after (i) the Scheduled Interim Period and any New Interim Period(s) expire and (ii) the Custodian receives this
Debenture for pooling. 

 The Company, for value received, promises to pay to the order of JPMorgan Chase
Bank N.A., acting as Trustee (the “Trustee”) under that certain Amended and Restated Trust Agreement dated as of February 1, 1997, as the same may be amended from time to time, by and among the Trustee, the SBA and SBIC Funding
Corporation, as the Holder hereof, interest semiannually on March 1st and September 1st (the “Payment Dates”) of each year, at such location as SBA, as guarantor of this Debenture, may direct a the rate of 2.877% per annum (the “Stated Interest Rate”), and to
pay a .515% per annum fee (the “Annual Charge”) to SBA on each Payment Date, each calculated on the basis of a year of 365 day, for the actual number of days elapsed (including the first day but excluding the last day), on the
Original Principal Amount from the last day of the Interim Period until payment of such Original Principal Amount has been made or duly provided for. The Company shall deposit all payments with respect to this Debenture not later than 12:00 noon
(New York City time) on the applicable Payment Date or the next Business Day if the Payment Date if not a Business Day, all as directed by SBA. 

The Company may elect to prepay this Debenture, in whole and not in part, on any Payment Date, in the manner and at the price as next described. The
prepayment price (the “Prepayment Price”) must be an amount equal to the Original Principal Amount, plus interest accrued and unpaid thereon to the Payment Date selected for prepayment together with the accrued and unpaid Annual Charge
thereon to the Payment Date selected for prepayment. 
 The amount of the Prepayment Price must be sent to SBA or such agent as SBA may direct,
by wire payment in immediately available funds, not less than three Business Days prior to the regular Payment Date. Until the Company is notified otherwise in writing by SBA, any Prepayment Price must be paid to the account maintained by the
Trustee, entitled by the SBA Prepayment Subaccount and must include an identification of the Company by name and SBA-assigned license number, the loan number appearing on the face of this Debenture, and such other information as SBA or its agent may
specify. 

  
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 II. — GENERAL TERMS 
 For value received, the Company promises to pay to the order of the Trustee the Original Principal Amount on the Maturity Date at such location as SBA, as guarantor of this Debenture, may direct.

 This Debenture is issued by the Company and guaranteed by SBA, pursuant and subject to Section 303 of the Small Business Investment Act
of 1958, as amended (the “Act”) (15 U.S.C. Section 683). This Debenture is subject to all of the regulations promulgated under the Act, as amended from time to time, provided, however, that 13 C.F.R. Sections 107.1810 and 107.1830
through 107.1850 as in effect on the date of this Debenture are incorporated in this Debenture as if fully set forth. If this Debenture is accelerated, then the Company promises to pay an amount equal to the Original Principal Amount of this
Debenture, plus interest and Annual Charge accrued and unpaid thereon to but excluding the next Payment Date following such acceleration. 

This Debenture is deemed issued in the District of Columbia as of the day, month, and year first stated above. The terms and conditions of this Debenture
must be construed in accordance with, and its validity and enforcement governed by, federal law. 
 The warranties, representations, or
certification made to SBA on any SBA Form 1022 or any application letter of the Company for an SBA commitment related to this Debenture, and any documents submitted in connection with the issuance of this Debenture, are incorporated in this
Debenture as if fully set forth. 
 Should any provision of this Debenture or any of the documents incorporated by reference in this Debenture
be declared illegal or unenforceable by a court of competent jurisdiction, the remaining provisions will remain in full force and effect and this Debenture must be construed as if such provisions were not contained in this Debenture. 

All notices to the Company which are required or may be given under this Debenture shall be sufficient in all respects if sent to the above-noted address
of the Company. For the purposes of this Debenture, the Company may change this address only upon approval of SBA. 

  
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 COMPANY ORGANIZED AS CORPORATION 
 IN WITNESS WHEREOF, the Company has caused this debenture to be signed by its duly authorized officer and its corporate seal to be hereunto affixed and attested by its Secretary or Assistant Secretary as
of the date of issuance stated above. 
 CORPORATE SEAL 

 

			
	 Western Financial Capital Corporation
               (Name of Licensee)

		
	By:	 	/s/ Lance B. Rosemore
		 	 Lance B. Rosemore, President
     (Typed Name and Title)

 ATTEST: 

/s/ Jan F. Salit 

    XXXXXX Assistant 

        Secretary (Strike One) 
             Jan F. Salit 

  
 4StemCells, Inc. Director's Fee Plan

 Exhibit 10.31 
 STEMCELLS, INC. 
 DIRECTORS’ FEE PLAN 

1. Purpose. The following equity compensation plan, entitled the “Directors’ Fee Plan” (hereinafter, the
“Plan”), was adopted by the Board of Directors of StemCells, Inc. (the “Company”), effective as of March 16, 2011, to provide a method for paying equity compensation to one or more of the Company’s
directors in lieu of cash compensation otherwise owed to them for Board service, such as quarterly retainers and meeting attendance fees. Participation in the Plan is entirely discretionary and open to each of the currently serving non-employee
directors of the Company (each a “Director”). The Plan allows such Directors to elect to receive certain fees for services to the Company in the form of cash and/or Company common stock. 

2. Establishment. The Plan has been established by the Board under the Company’s existing Amended and Restated 2006 Equity
Incentive Plan (the “2006 Incentive Plan”), as permitted by section 3 of the 2006 Incentive Plan. All capitalized terms used herein, but not otherwise defined, shall have the meanings ascribed to them in the 2006 Incentive Plan, which is
incorporated herein by this reference. The Company has reserved 1,000,000 shares of Company common stock under the 2006 Incentive Plan for issuance under this Plan. 
 3. Election of Form of Payment. 
 (a) Any Director may, at any time, make
an election in the form attached hereto as Exhibit A to receive a specified percentage of fees for services to be performed by the Director as a member of the Board, including fees for service on Board committees (any such compensation
hereinafter, the Director’s “Fees”), in the form of cash and/or an Award of Company common stock. Any election received by the Company’s CEO will become effective on the first day of the calendar quarter immediately after
the calendar quarter in which the election was received by the Company. Each Director’s election will continue in force and effect until the earlier of: (i) the end of the Director’s service on the Board, (ii) the consummation of
a Covered Transaction, (iii) termination or expiration of the Plan or the 2006 Incentive Plan, (iv) the date on which the Company’s common stock is no longer publicly traded, and (v) delivery by the Director of a superseding
election, which will become effective on the first day of the immediately following calendar quarter, as provided above. 
 (b)
An individual who first becomes a Director after the beginning of a calendar quarter will be paid all Fees in cash for the remainder of that calendar quarter, but may make an election described in Section 3(a) for any future calendar quarter,
provided such election is made in accordance with Section 3(a). 
 (c) A Director’s Fees will be paid 100% in cash
unless and until he or she makes an election to the contrary. 

 4. Payment. 
 (a) The Company will make a cash payment and/or issue shares of common stock to each Director participating in the Plan for Fees owed, within five (5) business days of the first business day of each
calendar quarter, in each case in accordance with such Director’s then-current election and the provisions of the Plan. If a Director has elected, pursuant Section 3, above, to receive any portion of his or her Fees in the form of an Award
of common stock issued under the 2006 Incentive Plan, the number of shares issuable will be calculated by multiplying the Fees owed by the percentage to be paid in stock, as provided in the Director’s current election, and then dividing the
product by the closing price of the Company’s common stock, as reported on the applicable U.S. stock exchange, on the first trading day of the calendar quarter in which payment is made; provided, however, that the Company will round shares paid
down to the nearest whole share. No partial shares will be issued. 
 (b) Any stock Award received pursuant to this Plan will be
granted under and pursuant to the 2006 Incentive Plan and will be subject to all of the terms and conditions therein. 
 (c)
Stock Awards under this Plan will be fully vested. However, the resale or other transfer of shares issued under the Plan to Directors may be restricted by U.S. securities law as well as by the Company’s Insider Trading Policies, as may then be
in effect. 
 (d) Stock Awards may be either certificated or uncertificated, at the Administrator’s election. Directors
must have an active brokerage account in order to participate in the Plan. 
 5. Restriction on Alienation. No person
shall have any right to sell, assign, transfer or otherwise convey any rights or obligations hereunder, in whole or in part, whether voluntarily or involuntarily, which rights and obligations are expressly declared to be non-assignable and
non-transferable. 
 6. Section 409A of the Code. Each election hereunder is intended to be exempt from, or comply
with, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and regulations issued thereunder and shall be construed accordingly. Notwithstanding anything to the contrary in this Plan,
neither the Company nor any person acting on behalf of the Company shall be liable to any Director or to his or her estate or beneficiary by reason of any acceleration of income, or any additional tax, asserted by reason of the failure of this Plan
to be exempt from or to satisfy the requirements of Section 409A of the Code or by reason of Section 4999 of the Code. 
 7 Successors. The Plan shall be binding upon and shall inure to the benefit of the Company, its successors and assigns and each participating Director, his or her personal representatives,
designated beneficiary and next-of-kin. 
 8. Administration. The Administrator shall have full discretionary power to
administer the Plan, including, but not limited to, the power to interpret the Plan and make and enforce such rules as it deems necessary or proper for the efficient administration of the Plan. Interpretations and determinations under the Plan by
the Administrator are binding and conclusive. 

  
 2 

 9. Recapitalizations. In the event of any change in the capitalization of the
Company, such as a stock split, reverse stock-split, corporate merger, or reorganization, the Administrator may make such substitution or adjustments in the aggregate number and kind of shares reserved for issuance under the Plan, and/or such other
equitable substitution or adjustments as it may determine to be appropriate in its sole discretion; provided, however, that the number of shares subject to any Award will always be a whole number. 

10. Amendment and Termination. The Board may at any time amend, alter, suspend, or terminate the Plan. No amendment, alteration,
suspension, or termination of the Plan will impair the vested rights of any Director, unless mutually agreed otherwise in writing by the Company and the Director. 
 11. Governing Law. The Plan will be governed by the laws of the State of California, without reference to principles of conflict of laws. 

 

			
	StemCells, Inc.
		
	By:	 	 /s/ Kenneth B. Stratton

	Name:	 	Kenneth B. Stratton,
		 	General Counsel and Company Secretary

  
 3 

 Exhibit A: Directors’ Fees Election Form 

I,
                                , hereby elect to have my Fees paid to me in the
following form (one form of payment should be marked with an “x”), pursuant to the Directors’ Fees Plan of StemCells, Inc. (“Company”): 
  

					
		 	        	  	100% cash;
		 	        	  	50% cash and 50% common stock Award under the 2006 Incentive Plan; or
		 	        	  	100% common stock Award under the 2006 Incentive Plan.

 Common stock should be deposited into the following brokerage account: 

 

			
	  
	  	
	  
	  	

 I understand that “Fees” will include payments owed to me for my service on the Company’s Board of
Directors, including its committees, such as the following retainer amounts and attendance fees, if applicable (as may be amended from time to time): 
  

							
	Retainer, members of the Board	  	$6,250 each quarter, payable on the last day of each quarter
	Retainer, Chairman of the Board	  	$12,500 each quarter, payable on the last day of each quarter
	Standing Committee Chairmanships	  	 Audit:

Compensation
 Nominating/Gov. Strategic
Trans
	 	 $2,500 quarterly

  1,250 quarterly
   1,250
quarterly
   1,250 quarterly

		  	all payable on the last day of each quarter
	Board Meetings, in person or by videoconference	  	$2,000
	Meetings of Standing Committees, in person or by videoconference	  	$1,000
	Board or Standing Committee Meetings by phone	  	$1,000 (Board mtg); $500 (committee mtg)

 I understand that an investment in the Company involves risks and uncertainties and that no assurance is given that I
will be able to sell any stock issued to me under the Plan, at any particular time or at any particular price. 
 Accepted and Agreed:

  

			
	  
	 	
	 Director
	 	
	 Date:
                    
	 	

  
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