Document:

exv10w17

Exhibit 10.17

ADVISORY AGREEMENT

     This Advisory Agreement (this “Agreement”) is made and entered into as of May 7, 2010,
by and between Thayer | Hidden Creek Management, L.P., a Delaware limited partnership (the
“Advisor”), and Roadrunner Transportation Services Holdings, Inc., a Delaware corporation
(the “Company”).

     WHEREAS, the Company desires to retain the Advisor and the Advisor desires to perform for the
Company certain services following the consummation of the Company’s initial public offering of its
common stock pursuant to the Securities Act of 1933, as amended (the “IPO”).

     NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein,
the parties agree as follows:

     1. Term. This Agreement shall be in effect for an initial term commencing on the
consummation of the IPO and ending on the tenth anniversary thereof (the “Term”), and shall be
automatically extended thereafter on a year to year basis unless the Company or the Advisor
provides written notice of its desire to terminate this Agreement to the other 90 days prior to the
expiration of the Term or any extension thereof; provided that (i) either the Company or the
Advisor may terminate this Agreement in the event of the breach of any of the material terms or
provisions of this Agreement by the other, which breach is not cured within 10 business days after
notice of the same is given to the party alleged to be in breach, and (ii) the Term shall
automatically expire, and no further payment will be due hereunder, if Advisor and its affiliates,
on a combined basis, hold less than twenty percent (20%) of the Company’s outstanding voting
capital stock. If this Agreement is terminated by the Advisor because of the breach of any of the
material terms or provisions hereof by the Company, the Advisor shall be entitled to recover
damages from the Company and shall not be required to mitigate or reduce damages by seeking or
undertaking other management arrangements or business opportunities. No termination of this
Agreement, whether pursuant to this Section 1 or otherwise, shall affect the Company’s
obligation with respect to the fees, costs, and expenses incurred by the Advisor in rendering
services hereunder and not paid and reimbursed by the Company as of the effective date of such
termination.

     2. Services. The Advisor shall perform or cause to be performed the following
services for the Company and its subsidiaries, as well as related services as may be reasonably
requested by the Board of Directors of the Company (the “Board”):

          (a) identification, support, negotiation, and analysis of acquisitions and dispositions by the
Company and its subsidiaries; and

          (b) support, negotiation, and analysis of financing alternatives, including, without
limitation, in connection with acquisitions, capital expenditures, and refinancing of existing
indebtedness.

     3. Reimbursement of Expenses. The Company shall promptly pay (or reimburse) the
Advisor for the reasonable out-of-pocket expenses incurred by the Advisor and its officers,
employees, agents, and representatives in connection with the services rendered hereunder
(including, but not limited to, all costs and expenses incurred by the Advisor in connection with
attending Board meetings). All obligations or expenses reasonably incurred by the Advisor
(including, but not limited to, legal, accounting and other advisors’ fees and expenses) in the
performance of its duties under this Agreement shall be for the account of, on behalf of, and at
the expense of the Company. The Advisor shall not be obligated to make any advance to or for the
account of the Company or to pay any sums, except out of funds held in accounts maintained by the
Company, nor shall the Advisor be obligated to incur any liability or obligation for the account of
the Company without assurance that the necessary funds for the discharge of such liability or
obligation will be provided.

 

 

     4. Transaction Fees.

          (a) During the Term, the Company shall pay to the Advisor a transaction fee in connection with
the consummation of each acquisition or divestiture by the Company or its subsidiaries (excluding
purchases or sales of equipment or inventory in the ordinary course of business) that is introduced
or negotiated by the Advisor or any of its affiliates (the “M&A Compensation”) plus all reasonable
out-of-pocket expenses of the Advisor and/or its affiliates incurred in negotiating, analyzing, and
executing such acquisition or divestiture. The M&A Compensation and such out-of-pocket expenses
shall be paid at the closing of any such acquisition or divestiture. The M&A Compensation shall be
a cash sum equal to an amount to be determined through good faith negotiations between the Board
and the Advisor based on purchase price for the acquisition or disposition (which on acquisitions
or divestitures of assets shall also include the book value of the assumed liabilities, and on
acquisitions of stock shall also include liabilities of the acquired entity that are required to be
paid with funds provided by the purchaser in connection with such acquisition).

          This Section 4(a) shall not apply to any transaction (a “Sale of the Company”)
which is (x) the sale of all, or substantially all, of the Company’s consolidated assets in any
single transaction or series of related transactions; (y) the sale or issuance, or series of
related sales or issuances, of equity securities of the Company in any single transaction or series
of related transactions which results in any person or group of affiliated persons (other than
affiliates of the Advisor) owning (on a fully-diluted basis) more than 50% of the Company’s
securities having ordinary voting power to elect directors outstanding at the time of such sale or
issuance or such series of sales and/or issuances; or (z) any merger or consolidation of the
Company with or into another corporation (regardless of which entity is the surviving corporation)
if, after giving effect to such merger or consolidation, the holders of the Company’s securities
having ordinary voting power to elect directors (on a fully-diluted basis) immediately prior to the
merger or consolidation own securities of the surviving or resulting corporation representing 50%
or less of the ordinary voting power to elect directors of the surviving or resulting corporation
(on a fully-diluted basis). The amount of any fee payable to the Advisor in connection with a Sale
of the Company shall be determined pursuant to the provisions of Section 4(d) below.

          (b) In the event of any public or private debt or equity financing by the Company or any of
its subsidiaries negotiated by the Advisor, the Company shall pay to the Advisor a transaction fee
to be determined through good faith negotiations between the Board and the Advisor plus all
reasonable out-of-pocket expenses of the Advisor and/or its affiliates incurred in negotiating,
analyzing, and executing such financing. Such fee and out-of-pocket expenses shall be paid at the
closing of any such financing. Notwithstanding the foregoing, no fee shall be payable pursuant to
this Section 4(b) if the financing is related to a transaction for which Advisor receives
M&A Compensation.

          (c) Notwithstanding anything herein to the contrary, the Advisor acknowledges and agrees that
the Company may from time to time engage the services of financial advisors in addition to the
Advisor in connection with certain acquisitions, dispositions, and financing transactions if, in
the judgment of the Board, such engagement is in the best interests of the Company and its
stockholders. In such event, the amount otherwise payable to the Advisor pursuant to Section
4(a) or 4(b) hereof may be reduced to an amount, to be determined through good faith
negotiations between the Board and the Advisor, that reflects the Advisor’s relative contribution
to the applicable transaction. If the Board and the Advisor are unable to agree upon the amount of
the reduced compensation, such compensation will be determined by arbitration in Minneapolis,
Minnesota in accordance with the rules of the American Arbitration Association. The Company and
the Advisor will share equally the cost of arbitration.

          (d) In the event of any other transaction not in the ordinary course of business or unusual
efforts extended or results obtained by the Advisor on behalf or for the benefit of the Company or
its subsidiaries, the Board and the Advisor shall in good faith determine a fair compensation
arrangement to compensate the Advisor for such matters. Such compensation arrangement shall be subject to
the

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approval of a majority of the disinterested members of the Board, which approval shall not be
unreasonably withheld.

          (e) If at any time when a payment of a fee is due under this Agreement the Company (i) does
not have sufficient available cash to make such payment, or (ii) is prohibited from making such
payment pursuant to the terms of the Company’s loan agreements or other financing arrangements,
part or all of such payment, as the case may be, shall be deferred. All deferred amounts shall be
immediately due and payable as soon as there is sufficient available cash or the payment is no
longer prohibited under the loan agreements, as the case may be.

     5. Other Activities of the Advisor. The Company acknowledges and agrees that neither
Advisor nor any of the Advisor’s employees, partners, affiliates, or agents shall be required to
devote full time and business efforts to the duties of the Advisor specified in this Agreement, but
instead the Advisor shall devote only so much of such time and efforts as the Advisor reasonably
deems necessary. The Company further acknowledges and agrees that the Advisor and its affiliates
are engaged in the business of investing in, acquiring and/or managing businesses for the Advisor’s
own account, for the account of the Advisor’s affiliates and associates and for the account of
unaffiliated parties, and understands that the Advisor plans to continue to be engaged in such
businesses (and other business or investment activities) during the Term. No aspect or element of
such activities shall be deemed to be engaged in for the benefit of the Company or any of its
subsidiaries nor to constitute a conflict of interest. Without limiting the generality of the
foregoing, the Advisor shall be required to bring only those investments and/or business
opportunities to the attention of the Company which the Advisor, in its sole discretion, believes
appropriate, and nothing herein shall restrict the Advisor from investing or directly or indirectly
engaging in competitive businesses.

     6. Liability. Neither the Advisor nor any of the Advisor’s affiliates, partners,
employees, or agents shall be liable to the Company or its subsidiaries or affiliates for any loss,
liability, damage, or expense arising out of or in connection with the Advisor’s performance of
services contemplated by this Agreement, unless such loss, liability, damage, or expense shall be
finally judicially determined to result directly from gross negligence, willful misconduct, or bad
faith on the part of the Advisor, its affiliates, partners, employees, or agents acting within the
scope of their employment or authority. The Company recognizes and confirms that the Advisor will,
from time to time in acting pursuant to this engagement, be using information in reports and other
information provided by others, including, without limitation, information provided by or on behalf
of the Company and its subsidiaries, and that the Advisor does not assume responsibility for and
may rely, without independent verification, on the accuracy and completeness of any such reports
and information. The Company hereby warrants that any information relating to the Company and its
subsidiaries that is furnished to the Advisor by or on behalf of the Company will be fair,
accurate, and complete and will not contain any material omissions or misstatements of fact. The
Company agrees that any information or advice rendered by the Advisor or its representatives in
connection with this engagement is for the confidential use of the Board only, and, except as
otherwise required by law, the Company will not and will not permit any third party to disclose or
otherwise refer to such advice or information in any manner without the Advisor’s prior written
consent.

     7. Indemnification of the Advisor. The Company hereby agrees to indemnify and hold
harmless the Advisor and its present and future officers, directors, affiliates, employees, and
agents (“Indemnified Parties”) from and against any and all claims, liabilities, losses, and
damages (or actions in respect thereof), in any way related to or arising out of the performance by
such Indemnified Party of services under this Agreement, and to advance and reimburse each
Indemnified Party on a monthly basis for reasonable legal and other expenses incurred by it in
connection with or relating to investigating, preparing to defend, or defending any actions,
claims, or other proceeding (including any investigation or inquiry) arising in any manner out of
or in connection with such Indemnified Party’s performance or non-performance under this Agreement
(whether or not such Indemnified Party is a named party in such proceedings); provided, however,
that the Company shall not be responsible under this paragraph for any
claims, liabilities, losses, damages, or expenses to the extent that they are finally
judicially determined to

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result from actions taken by such Indemnified Person that constitute gross
negligence or willful misconduct. The provisions of Sections 6 and 7 shall survive
any termination of this Agreement.

     8. Independent Contractor. The Advisor shall be an independent contractor, and
nothing contained in this Agreement shall be deemed or construed (i) to create a partnership or
joint venture between the Company and the Advisor, (ii) to cause the Advisor to be responsible in
any way for the debts, liabilities or obligations of the Company or any other party, or (iii) to
constitute the Advisor or any employees of the Advisor or any of its affiliates as employees,
officers or agents of the Company.

     9. Notices. All notices, demands and other communications to be given or delivered
under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to
have been given when personally delivered, sent by telecopy (with receipt confirmed) on a business
day during regular business hours of the recipient (or, if not, on the next succeeding business
day) or one business day after being sent by reputable overnight courier service (charges prepaid).

	 	If to the Company:	 	 Roadrunner Transportation Systems, Inc.

4900 S. Pennsylvania Ave.

Cudahy, WI 53110

Attention: Mark A. DiBlasi
	 
	 	If to the Advisor: 	 	Thayer | Hidden Creek Management, L.P.

c/o Thayer | Hidden Creek Partners

1455 Pennsylvania Avenue, N.W. #350

Washington, D.C. 20004

Attention: Scott D. Rued

     10. Assignment. Without the consent of the Advisor, the Company shall not assign,
transfer or convey any of its rights, duties or interest under this Agreement, nor shall it
delegate any of the obligations or duties required to be kept or performed by it hereunder.
Without the prior written consent of the Company, the Advisor shall not assign, transfer or convey
any of its rights, duties, or interests under this Agreement, nor shall it delegate any of the
obligations or duties required to be kept or performed by it under this Agreement; provided that
the Advisor may, without the consent of the Company, assign any and all of its rights and
obligations hereunder to any of its affiliates.

     11. Third Party Beneficiaries.

          (a) Except for the parties to this Agreement and their respective successors and assigns,
nothing expressed or implied in this Agreement is intended, or will be construed, to confer upon or
give any person other than the parties hereto and their respective successors and assigns any
rights or remedies under or by reason of this Agreement; provided that the agent for the
Company’s lenders named in the Company’s senior credit facility (the “Credit Facility”)
shall be deemed to be a third party beneficiary for purposes of Section 4(e) above.

          (b) The Advisor hereby agrees that the payment obligations of the Company under this
Agreement, and the right of the Advisor to receive payments under this Agreement are subordinated
to payment of all amounts owing or that become owing under the Credit Facility and that payments
under this Agreement may be made only as permitted in the Credit Facility. Subordination of
amounts payable under this Agreement on the terms set forth herein shall be effective (i) in any
voluntary or involuntary insolvency, bankruptcy, receivership, custodianship, liquidation,
dissolution, reorganization, assignment for the benefit of creditors, appointment of a custodian,
receiver, trustee or other officer with similar powers or any other proceeding for the liquidation,
dissolution, or other winding up of any of the Company or any of its successors, assigns, or
transferees and (ii) against any transferee or assignee of the Advisor. The Advisor also agrees
that if it receives any payment under this Agreement that is not permitted by the

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Credit Facility it will promptly turn over such payment to the administrative agent named
therein, if amounts are outstanding under the Credit Facility.

     12. Severability. If any term or provision of this Agreement or the application
thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the
remainder of this Agreement, or the application of such term or provision to person or
circumstances other than those as to which it is held invalid or enforceable, shall not be affected
thereby, and each term and provision of this Agreement shall be valid and be enforced to the
fullest extent permitted by law.

     13. Entire Agreement. This Agreement contains the entire agreement between the
parties hereto with respect to the matters herein contained and any agreement hereafter made shall
be ineffective to effect any change or modification, in whole or in part, unless such agreement is
in writing and signed by the party against whom enforcement of this change or modification is
sought.

     14. Governing Laws. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without reference to the laws of any other state.

     15. Amendments and Waivers. No provision of this Agreement may be amended or waived
without the prior written consent or each party hereto.

     16. Successors. This Agreement and all the obligations and benefits hereunder shall
inure to the successors and assigns of the parties.

     17. Counterparts. This Agreement may be executed and delivered by each party hereto
in separate counterparts, each of which when so executed and delivered shall be deemed an original
and all of which taken together shall constitute but one and the same agreement.

SIGNATURES APPEAR ON FOLLOWING PAGE

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     IN WITNESS WHEREOF, the parties have executed this Advisory Agreement as of the date first
written above.

	 	 	 	 	 
	 	THAYER | HIDDEN CREEK MANAGEMENT,
L.P.

 	 
	 	By:	 Thayer |  Hidden Creek Management Partners,
	 	 	 	L.L.C., its General Partner	 

	 	 	 	 	 
	 	By:  	                           /s/ Scott D. Rued
 	 
	 	 	Scott D. Rued, 	 
	 	 	Member 	 
	 
	 	ROADRUNNER TRANSPORTATION SYSTEMS, INC.

 	 
	 	By:  	/s/ Mark A. DiBlasi
 	 
	 	 	Mark A. DiBlasi, 	 
	 	 	President and Chief Executive Officer 	 
	 

6exv4w1

Exhibit 4.10

THIS STOCK PURCHASE WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS. IT MAY NOT BE OFFERED, SOLD OR TRANSFERRED IN THE ABSENCE
OF REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES
LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.
THIS WARRANT IS ALSO SUBJECT TO THE RESTRICTIONS ON TRANSFER SET FORTH IN SECTION 5 HEREOF.

WARRANT TO PURCHASE SHARES

OF COMMON STOCK, NO PAR VALUE, OF

ROCKWELL MEDICAL TECHNOLOGIES, INC.

March 8, 2010

     THIS STOCK PURCHASE WARRANT (“Warrant”) CERTIFIES THAT, for value received, subject to the
provisions hereinafter set forth, RJ AUBREY IR SERVICES LLC (the “Holder”) is entitled to purchase
from Rockwell Medical Technologies, Inc., a Michigan corporation, and its successors and assigns
(the “Company”) up to 20,000 shares (the “Warrant Shares”) of common stock of the Company, no par
value (the “Common Stock”). This Warrant is subject to the provisions and adjustments, and
exercise hereof is subject to and will be made on the terms and conditions, hereinafter set forth.

     The following is a statement of the rights of the Holder of this Warrant and the terms and
conditions to which this Warrant is subject, to which terms the Holder hereof, by acceptance of
this Warrant, assents.

1. EXERCISE OF WARRANT

     (a) This Warrant shall become earned as follows:

	 	(i)	 	5,000 Warrant Shares upon execution hereof;
	 
	 	(ii)	 	5,000 Warrant Shares on April 1, 2010;
	 
	 	(ii)	 	5,000 Warrant Shares on July 1, 2010; and
	 
	 	(ii)	 	the remaining 5,000 Warrant Shares on October 1, 2010;

provided, that if the agreement, dated March 8, 2010, between the Company and Holder (the “Advisory
Agreement”) is terminated (A) by the Company due to a “material breach” of the Advisory Agreement
by Holder (as defined in the Advisory Agreement) or

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(B) by Holder, any unearned portion of the Warrant at the time of such termination will expire and
not become exercisable.

The exercise price for the Warrant Shares is $6.14 per share, the closing bid price on March 8,
2010 (the “Exercise Price”). Subject to the conditions set forth herein, this Warrant, to the
extent earned as provided above, may be exercised at and after March 8, 2011 in whole at any time
or in part from time to time until the close of business on March 8, 2013 (the “Expiration Date”)
by the Holder by the surrender of this Warrant at the principal office of the Company, accompanied
by a signed notice of exercise in the form attached hereto and payment to the Company of the
Exercise Price for each of the Warrant Shares intended to be purchased. Such payment shall be made
by Holder to the Company in the form of cash, a certified or cashier’s check or by means of the
cashless method described in Section 1(b) of this Warrant. Notwithstanding any other provision in
this Warrant to the contrary, this Warrant shall not be deemed exercised until payment in full of
the applicable Exercise Price for the Warrant Shares to be purchased has been received by the
Company as specified in this Section 1.

     (b) The Holder may exercise the Warrant by the surrender of this Warrant at the principal
office of the Company on or before the Expiration Date together with a written notice of cashless
exercise, in which event the Company shall issue to the Holder the number of shares of Common Stock
determined as follows:

X = (Y x (A-B))/A

where:

	X =	 	the number of shares of Common Stock to be issued to the Holder;

	Y =	 	the number of Warrant Shares with respect to which this Warrant is being exercised;

	A =	 	the average of the high and low trading prices per share of the Common Stock on the Nasdaq
Stock Market for the five trading days immediately preceding (but not including) the date of
exercise; and

	B =	 	the Exercise Price (as adjusted to the date of such calculation).

2. ADJUSTMENTS

     (a) In the event the Company shall (i) pay a dividend to the holders of Common Stock in shares
of Common Stock, (ii) subdivide its outstanding shares of Common Stock into a greater number of
shares, or (iii) combine its outstanding shares of Common Stock into a smaller number of shares,
then (A) the number of Warrant Shares that, at such time, remain available for purchase pursuant to
this Warrant (“Available Warrant Shares”) shall be adjusted so that such amount is equal to the
number of shares of Common Stock which Holder would have owned immediately after such event had the
number of Available Warrant Shares immediately prior to the occurrence of such event been owned on
the record date for such event and (B) the Exercise Price shall be adjusted by multiplying the
Exercise Price in effect immediately prior to such event by a fraction

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(x) the numerator of which is the total number of outstanding shares of Common Stock
immediately prior to such event, and (y) the denominator of which shall be the total number of
outstanding shares of Common Stock immediately after such event. Such adjustment shall become
effective immediately after the opening of business on the day following such record date or the
day upon which such dividend, subdivision or combination becomes effective.

     (b) In the event the Company shall (i) issue by reclassification of its Common Stock any
shares of the Company of any class or series, (ii) merge or consolidate with or into another entity
(other than a merger in which the Company is the surviving entity and which does not result in any
reclassification of the outstanding shares of Common Stock), (iii) sell or otherwise convey to
another entity all or substantially all of the assets of the Company followed by the distribution
of the proceeds thereof to the shareholders of the Company, or (iv) engage in a share exchange
involving all or substantially all of the stock of the Company, then the Holder shall thereafter be
entitled to receive upon the exercise of this Warrant, instead of the Available Warrant Shares, the
consideration which the Holder would have owned immediately after such event had the Available
Warrant Shares been owned immediately prior to the occurrence of such event.

     (c) No adjustment shall be required unless such adjustment would require an increase or
decrease of at least one-tenth of a share in the number of Warrant Shares, or at least one-tenth of
a cent in the Exercise Price; provided, however, that any adjustment which by reason hereof is not
required to be made shall be carried forward and taken into account in any subsequent adjustment.

     (d) No fractional shares of Common Stock shall be issued upon exercise of this Warrant. The
number of shares issued shall instead be rounded down to the nearest whole share and any fractional
share disregarded.

     (e) The Company shall not, by amendment of its Articles of Incorporation or through any
reorganization, recapitalization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms to be observed or performed hereunder by the Company, but will at
all times in good faith assist in the carrying out of all of the provisions of this Section 2.

3. FULLY PAID STOCK

     The Company agrees that the Warrant Shares delivered upon exercise of this Warrant as herein
provided shall, at the time of such delivery, be fully paid and non-assessable, and free from all
liens and charges with respect to the purchase thereof. During the period within which this
Warrant may be exercised for Common Stock, the Company will at all times have authorized, and hold
in reserve for issuance upon exercise of this Warrant, a sufficient number of shares of Common
Stock to provide for the exercise of this Warrant.

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4. LOST OR STOLEN WARRANTS

     In case this Warrant shall be mutilated, lost, stolen or destroyed, the Company shall issue a
new Warrant of like date, tenor, and denomination and deliver the same in exchange and substitution
for and upon surrender and cancellation of any mutilated Warrant, or in lieu of the lost, stolen or
destroyed Warrant, upon receipt of an indemnity agreement or bond from Holder reasonably
satisfactory to the Company.

5. ASSIGNMENT

     This Warrant is not assignable or transferable and any such attempted assignment or transfer
shall be null and void unless the Holder has received the prior written consent of the Company to
any such assignment or transfer; provided however that this Warrant may be transferred to an
“affiliate” (as defined in Rule 405 under the Securities Act of 1933, as amended) of the Holder if
such affiliate is an “accredited investor” (as defined in Rule 501 under the Securities Act of
1933) and agrees to be bound by the terms and provisions of the Advisory Agreement and this Warrant
as if, and to the fullest extent as, RJ Aubrey IR Services LLC. The Company may deem and treat the
Holder as the absolute owner of this Warrant (notwithstanding any notations of ownership or writing
hereon made by anyone other than the Company) for all purposes and shall not be affected by any
notice to the contrary.

6. SECURITIES MATTERS

     (a) Neither this Warrant nor the Warrant Shares have been registered under the Securities Act
of 1933, as amended (the “Act”), or any applicable “Blue Sky” laws. By acceptance of this Warrant,
the Holder represents and warrants to the Company that Holder (i) is receiving this Warrant and,
upon exercise, is acquiring the Warrant Shares for Holder’s own account and not on behalf of
others, and is not taking this Warrant or any of the Warrant Shares with a view to the
“distribution” thereof (as that term is defined in the Act and the rules and regulations of the
Securities and Exchange Commission thereunder); (ii) will not offer, distribute, sell, transfer or
otherwise dispose of this Warrant or the Warrant Shares except pursuant to (A) an effective
registration statement under the Act and any applicable Blue Sky laws with respect thereto, or (B)
an opinion addressed to the Company, which opinion and the counsel rendering it reasonably are
deemed satisfactory to the Company, that such offering, distribution, sale, transfer or disposition
is exempt from registration under the Act and any applicable Blue Sky laws; (iii) represents at the
date of this Warrant that (A) Holder is an “accredited investor” as defined in Rule 501 of
Regulation D promulgated under the Act, (B) Holder’s financial condition is such that Holder is
able to bear the risk of holding the Warrant and the Warrant Shares for an indefinite period of
time, and (C) Holder has such knowledge and experience in financial and business matters that
Holder is capable of evaluating the risks and merits of acquiring and exercising the Warrant; and
(iv) acknowledges that, at the time of exercise of the Warrant, (A) Holder will have access to all
of the Company’s reports filed electronically with the Securities and Exchange Commission, (B)
Holder has had the opportunity to ask questions and receive answers concerning the terms of the
Warrant, and (C) Holder will have such knowledge and experience in financial and business matters
that Holder is capable at such time of evaluating the risks and merits of exercising the Warrant.
Except to the extent that the

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sale of the Warrant Shares by the Company upon exercise of the Warrant has been registered
under the Act, each and every certificate representing Warrant Shares delivered upon exercise of
this Warrant shall bear the following legend:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE
OFFERED, SOLD OR TRANSFERRED IN THE ABSENCE OF REGISTRATION UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

     (b) Anything to the contrary herein notwithstanding, the Company’s obligation to sell and
deliver Common Stock pursuant to the exercise of this Warrant is subject to its receipt of
satisfactory assurance that the issuance of such shares shall not violate any of the provisions of
the Act or the rules and regulations of the Securities and Exchange Commission promulgated
thereunder. No Warrant Shares shall be issued until counsel for the Company has determined that
the Company has complied with all requirements under applicable securities laws.

7. NO RIGHTS AS SHAREHOLDER

     Nothing contained in this Warrant shall be construed as conferring upon the Holder any rights
as a shareholder of the Company.

8. MISCELLANEOUS

     (a) All covenants and agreements of the Company in this Warrant shall be binding upon the
Company’s successors and assigns.

     (b) This Warrant shall be construed and enforced in accordance with the laws of the State of
Michigan without regard to choice of law principles that would compel the application of the law of
any other jurisdiction.

     (c) Except as provided in Section 2, this Warrant may be amended only with the written consent
of the Company and the Holder.

     (d) Any notices or other communications required or permitted hereunder shall be sufficiently
given if in writing and delivered in person or sent by United States mail, by registered mail,
postage prepaid, or by courier or express delivery service (including, without limitation, Federal
Express and UPS), and if to the Holder, addressed to the Holder at 321 Grandview, Glen Ellyn, IL
60137, and if to the Company, addressed to it at 30142 Wixom Road, Wixom, Michigan 48393,
Attention: Chief Financial Officer, or to such other address or attention as shall be furnished in
writing by the Company or the Holder. Any such notice or other communication shall be deemed to
have been given as of the date received.

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     (e) In the event of any conflict between this Warrant and the Advisory Agreement, the terms of
this Warrant shall control.

     IN WITNESS WHEREOF, the undersigned has caused this Warrant to be signed by a duly authorized
officer and this Warrant to be dated as of the date set forth above.

	 	 	 	 	 
	ROCKWELL MEDICAL
TECHNOLOGIES, INC.

	 
	By:  	 /s/ Thomas E.
Klema	 	 
		Its: Chief Financial Officer
	 	 

6

 

NOTICE OF EXERCISE

Rockwell Medical Technologies, Inc.

30142 Wixom Road

Wixom, Michigan 48393

Attention: Chief Financial Officer

          A Warrant was issued to the undersigned as of March 8, 2010 to purchase up to 20,000 shares of
Rockwell Medical Technologies, Inc. common stock at the exercise price set forth in the Warrant.
The undersigned hereby elects to exercise the Warrant with respect to                       
           shares. Payment
of the exercise price is being made by (check one):

	 	o	 	cash;
	 
	 	o	 	certified or cashier’s check delivered with this notice;
	 
	 	o	 	cashless exercise method described in Section 1(b) of the Warrant.

          The stock certificate for the shares acquired upon exercise should be issued to:

	 	 	 	 	 	 	 

	 

	 	(name)
	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 

	 	(address)	 	 	 	 
	 
	 

	 	 	 	 	 	 

	 	 	 	 	 
	 	(Social Security No. or EIN)
 	 	 
	 	 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 
	 	RJ AUBREY IR SERVICES LLC

 	 
	 	By:  	 	 
	 	 	RONALD J. AUBREY 	 
	 	 	Its:
	 	 
	 	 	
Dated: 	 	 
	 

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