Document:

Registration Rights Agreement

 Exhibit 10.2 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (“Agreement”) is entered
into as of March 13, 2006, between Atlas Pipeline Partners, L.P., a Delaware limited partnership with offices at 311 Rouser Road, Moon Township, Pennsylvania 15108 (the “Company”) and the Purchaser set forth on the signature page
hereto (the “Purchaser”). 
 W I T N E S S E T H:

 WHEREAS, pursuant to the Securities Purchase Agreement, dated on or about the date hereof, by and between the Company and the
Purchaser (the “Purchase Agreement”), the Company has agreed to sell and issue to the Purchaser, and the Purchaser has agreed to purchase from the Company, 30,000 6.5% Convertible Preferred Units (the “Initial Preferred
Units”), subject to the terms and conditions set forth therein; and 
 WHEREAS, pursuant to the terms of the Purchase Agreement, the
Company has an option to sell an additional 10,000 6.5% Convertible Preferred Units (the “Option Preferred Units” and together with the Initial Preferred Units, the “Preferred Units”); and 
 WHEREAS, the terms of the Convertible Units provide that they will be convertible into common units representing limited partner interests (the
“Common Units”) of the Company; and 
 NOW, THEREFORE, in consideration of the mutual promises, representations, warranties,
covenants and conditions set forth in the Purchase Agreement and this Agreement, the Company and each Purchaser agree as follows: 
 1.
Certain Definitions. Capitalized terms used herein and not otherwise defined shall have the meaning ascribed thereto in the Purchase Agreements or the Certification of Designations of the Preferred Units. As used in this Agreement, the
following terms shall have the following respective meanings: 
 “Certificate of Designations” shall mean the Certificate of
Designations of the Preferred Units. 
 “Closing” and “Closing Date” shall mean the Initial Closing and
Initial Closing Date (each as defined in the Purchase Agreement) with respect to the purchase of the Initial Preferred Units. 
 “Commission” or “SEC” shall mean the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act. 
 “Holder” and “Holders” shall include the Purchaser and any transferee or transferees of Registrable Securities and/or
Preferred Units which have not been sold to the public to whom the registration rights conferred by this Agreement have been transferred in compliance with this Agreement and the Purchase Agreement. 
 “1934 Act” shall mean the Securities Exchange Act of 1934, as amended. 

			
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 The terms “register,” “registered” and “registration”
shall refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act and applicable rules and regulations thereunder, and the declaration or ordering of the effectiveness of such registration
statement. 
 “Registrable Securities” shall mean: (i) the Common Units (without regard to any limitations on
beneficial ownership contained in the Certificate of Designations) issued or issuable to each Holder (a) upon conversion of the Preferred Units, (b) upon any distribution with respect to, any exchange for or any replacement of such
Preferred Units, or (c) upon any conversion, exercise or exchange of any securities issued in connection with any such distribution, exchange or replacement; (ii) securities issued or issuable upon any split, dividend, recapitalization or
similar event with respect to the foregoing; and (iii) any other security issued as a dividend or other distribution with respect to, in exchange for or in replacement of the securities referred to in the preceding clauses, except that any such
Common Units or other securities shall cease to be Registrable Securities when (x) they have been sold to the public or (y) they may be sold by the Holder thereof under Rule 144(k). 
 “Registration Expenses” shall mean all expenses to be incurred by the Company in connection with each Holder’s registration rights
under this Agreement including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, and blue sky fees and expenses, reasonable fees and disbursements of counsel to Holders
(using a single counsel selected by a majority in interest of the Holders) for a review of the Registration Statement and related documents, and the expense of any special audits incident to or required by any such registration (but excluding the
compensation of regular employees of the Company, which shall be paid in any event by the Company). 
 “Registration
Statement” shall have the meaning set forth in Section 2(a) herein. 
 “Regulation D” shall mean Regulation D
as promulgated pursuant to the Securities Act, and as subsequently amended. 
 “Securities Act” or “Act”
shall mean the Securities Act of 1933, as amended. 
 “Selling Expenses” shall mean all underwriting discounts, selling
commissions and transfer taxes applicable to the sale of Registrable Securities and all fees and disbursements of counsel for Holders not included within “Registration Expenses.” 
 2. Registration Requirements. The Company shall use its best efforts to effect the registration of the resale of the Registrable Securities
(including, without limitation, the execution of an undertaking to file post-effective amendments, appropriate qualification under applicable blue sky or other state securities laws and appropriate compliance with applicable regulations issued under
the Securities Act) as would permit or facilitate the resale of all the Registrable Securities in the manner (including manner of sale) and in all states reasonably requested by the Holder. Such best efforts by the Company shall include, without
limitation, the following: 
 (a) The Company shall, as expeditiously as possible after the Closing Date: 

			
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 (i) But in any event within 120 days of the Closing, prepare and file a registration
statement with the Commission pursuant to Rule 415 under the Securities Act on Form S-3 under the Securities Act (or in the event that the Company is ineligible to use such form, such other form as the Company is eligible to use under the Securities
Act provided that such other form shall be converted into an S-3 as soon as Form S-3 becomes available to the Company) covering resales by the Holders as selling stockholders (not underwriters) of the Registrable Securities and, no other securities
(the “Registration Statement”), which Registration Statement, to the extent allowable under the Securities Act and the rules promulgated thereunder (including Rule 416), shall state that such Registration Statement also covers the resale
of such indeterminate number of additional Common Units as may be issued upon conversion of the Convertible Units. The number of Common Units initially included in such Registration Statement shall be no less than the sum of two times the number of
Common Units that are then issuable upon conversion of the Preferred Units (assuming full conversion, respectively, at the then applicable Conversion Price (as defined in the Certificate of Designations). Thereafter the Company shall use its best
efforts to cause such Registration Statement and other filings to be declared effective as soon as possible, and in any event prior to 180 days (or, if the SEC elects to review the Registration Statement, 270 days) following the Closing Date (the
“Effectiveness Deadline”). Without limiting the foregoing, the Company will promptly respond to all SEC comments, inquiries and requests, and shall request acceleration of effectiveness at the earliest possible date. 
 (ii) Prepare and file with the SEC such amendments and supplements to such Registration Statement and the prospectus used in connection
with such Registration Statement as may be necessary to comply with the provisions of the Act with respect to the disposition of all securities covered by such Registration Statement and notify the Holders of the filing and effectiveness of such
Registration Statement and any amendments or supplements. 
 (iii) Furnish to each Holder such numbers of copies of a current
prospectus conforming with the requirements of the Act, copies of the Registration Statement, any amendment or supplement thereto and any documents incorporated by reference therein and such other documents as such Holder may reasonably require in
order to facilitate the disposition of Registrable Securities owned by such Holder. 
 (iv) Register and qualify the
securities covered by such Registration Statement under the securities or “Blue Sky” laws of all domestic jurisdictions, to the extent required; provided that the Company shall not be required in connection therewith or as a condition
thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions. 
 (v) Notify each Holder immediately of the happening of any event (but not the substance or details of any such events unless specifically requested by a Holder) as a result of which the prospectus (including any 

			
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 supplements thereto or thereof) included in such Registration Statement, as then in effect, includes an
untrue statement of material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, and use its best efforts to promptly update
and/or correct such prospectus. 
 (vi) Notify each Holder immediately of the issuance by the Commission or any state
securities commission or agency of any stop order suspending the effectiveness of the Registration Statement or the threat or initiation of any proceedings for that purpose. The Company shall use its best efforts to prevent the issuance of any stop
order and, if any stop order is issued, to obtain the lifting thereof at the earliest possible time. 
 (vii) Permit counsel
to the Holders to review the Registration Statement and all amendments and supplements thereto within a reasonable period of time (but not less than two (2) full Trading Days (as defined in the Certificate of Designations)) prior to each filing
and will not request acceleration of the Registration Statement without prior notice to such counsel. 
 (viii) List the
Registrable Securities covered by such Registration Statement with all securities exchange(s) and/or markets on which the Common Units are then listed and prepare and file any required filings with the Principal Market. 
 (b) Set forth below in this Section 2(b) are (I) events that may arise that the Purchaser considers will interfere with the full enjoyment of
their rights under this Agreement, the Purchase Agreement, the Certificate of Designations (the “Interfering Events”), and (II) certain remedies applicable in each of these events. 
 (i) Delay in Effectiveness of Registration Statement. 
 In the event that such Registration Statement has not been declared effective by the Effectiveness Deadline or the Company at any time fails to issue
unlegended Registrable Securities to the extent required by Article V of the Purchase Agreement, then the Company shall pay each Holder (other than (i) in the case of a Registration Statement not declared effective, a Holder of Registrable
Securities that the Company could exclude from registration in accordance with Section 9 and (ii) in the case of a failure to issue unlegended certificates in accordance with the Purchase Agreement, a Holder that is not a party to,
including as a permitted assignee bound to, the Purchase Agreement) a Monthly Delay Payment (as defined below) with respect to each successive 30-day period (or portion thereof appropriately prorated) thereafter that effectiveness of the
Registration Statement is delayed or failure to issue such unlegended Registrable Securities persists. 

			
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 (B) Subject to subsection (C)(II) below, as used in this Agreement, a “Monthly
Delay Payment” shall be a cash payment equal to 0.25% of the amount (the “Delay Amount”) equal to (x) the Conversion Price as of the end of the applicable 30-day period multiplied by (y) the sum of the number of Common
Units that are Registrable Securities and held by the applicable Holder as of the end of the applicable 30-day period plus the number of Common Units issuable upon conversion of Preferred Units held by such Holder; provided, however, that in no
event shall the Company be required to pay the Holder an amount that exceeds, in the aggregate, 2.5% of the Delay Amount. Payment of the Monthly Delay Payments shall be due and payable from the Company to such Holder on the later of (I) the end
of the applicable 30-day period or portion thereof and (II) 5 business days after demand therefor. At the option of the Holder, Monthly Delay Payments may be added to the outstanding Liquidation Value of the Preferred Units held by it. 

(C) Notwithstanding the foregoing, there shall be excluded from the calculation of the number of days that the Registration Statement
has not been declared effective the delays which are solely attributable to delays in the Holder providing information required for the Registration Statement. 
 (ii) Blackout Periods. In the event the Registration Statement has become effective and, afterwards, any Holder’s ability to
sell Registrable Securities under the Registration Statement is suspended for more than (i) 30 days in any 90- day period or (ii) 60 days in any calendar year (“Suspension Grace Period”), including without limitation by
reason of any suspension or stop order with respect to the Registration Statement or the fact that an event has occurred as a result of which the prospectus (including any supplements thereto) included in such Registration Statement then in effect
includes an untrue statement of material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing (a “Blackout”),
then the Company shall provide to each Holder a Monthly Delay Payment for each 30-day period or portion thereof (appropriately prorated) from and after the expiration of the Suspension Grace Period, on the terms set forth in Section 2(b)(i)(B)
above until the end of the suspension period. 
 (iii) Cumulative Remedies. The Monthly Delay Payments provided for
above are in addition to and not in lieu or limitation of any other rights the Holders may have at law, in equity or under the terms of the Certificate of Designations, the Purchase Agreement and this Agreement, including without limitation, the
right to monetary contract damages and specific performance; provided that no Holder may collect more than one Monthly Delay Payment with respect to the same 30-day period or portion thereof. Each Holder shall be entitled to specific performance of
any and all obligations of the Company in connection with the registration rights of the Holders hereunder. 

			
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 (c) If the Holder(s) intend to distribute the Registrable Securities by means of an underwriting, the
Holder(s) shall so advise the Company. Any such underwriting may only be administered by nationally or regionally recognized investment bankers reasonably satisfactory to the Company. 
 (d) The Company shall enter into such customary agreements for secondary offerings (including a customary underwriting agreement with the underwriter or
underwriters, if any) and take all such other reasonable actions reasonably requested by the Holders in connection with any underwritten offering or when the SEC has required that the Holders be identified as underwriters in the Registration
Statement in order to expedite or facilitate the disposition of such Registrable Securities and in such connection: 
 (i)
make such representations and warranties to the Holders and the underwriter or underwriters, if any, in form, substance and scope as are customarily made by issuers to underwriters in secondary offerings; 
 (ii) cause to be delivered to the sellers of Registrable Securities and the underwriter or underwriters, if any, opinions of independent
counsel to the Company, on and dated as of the effective day (or in the case of an underwritten offering, dated the date of delivery of any Registrable Securities sold pursuant thereto) of the Registration Statement, and, if any Holder is identified
as an underwriter therein and if such Holder represents to such counsel that is performing due diligence review customary in underwritten offerings, within ninety (90) days following the end of each fiscal year thereafter, which counsel and
opinions (in form, scope and substance) shall be reasonably satisfactory to the Holders and the underwriter(s), if any, and their counsel and covering such matters that are customarily given to underwriters in underwritten offerings, addressed to
the Holders and each underwriter, if any; 
 (iii) cause to be delivered, immediately prior to the effectiveness of the
Registration Statement (and, in the case of an underwritten offering, at the time of delivery of any Registrable Securities sold pursuant thereto), and, if any Holder is identified as an underwriter therein and if such Holder represents to such
accountants that is performing due diligence review customary in underwritten offerings at the beginning of each fiscal year following a year during which the Company’s independent certified public accountants shall have reviewed any of the
Company’s books or records, a “comfort” letter from the Company’s independent certified public accountants addressed to each underwriter (including the Holders, if the SEC has required them to be identified as underwriters in the
Registration Statement), if any, to the extent requested by such underwriters, stating that such accountants are independent public accountants within the meaning of the Securities Act and the applicable published rules and regulations thereunder,
and otherwise in form mutually agreed upon and covering such financial and accounting matters as are customarily covered by letters of the independent certified public accountants delivered in connection with secondary offerings; and, if customary
with respect to shelf underwriting, such accountants shall have undertaken in each such letter to update the same 

			
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 during each such fiscal year in which such books or records are being reviewed so that each such letter
shall remain current, correct and complete throughout such fiscal year; and each such letter and update thereof, if any, shall be reasonably satisfactory to such underwriters or Holders; provided that such recipient shall have represented to such
accountants that is required to be identified as an underwriter and that is performing due diligence reviews customary to underwritten offerings; 
 (iv) if an underwriting agreement is entered into, the same shall include customary indemnification and contribution provisions to and from the underwriters and procedures for secondary underwritten offerings; and

 (v) deliver such documents and certificates as may be reasonably requested by the Holders of the Registrable Securities
being sold or the managing underwriter or underwriters, if any, to evidence compliance with clause (i) above and with any customary conditions contained in the underwriting agreement, if any. 
 (e) The Company shall make available for inspection by the Holders, representative(s) of all the Holders together, any underwriter participating in any
disposition pursuant to a Registration Statement, and any attorney or accountant retained by any Holder or underwriter, all financial and other records customary for purposes of the Holders’ due diligence examination of the Company and review
of any Registration Statement, all SEC Documents (as defined in the Purchase Agreement) filed subsequent to the Closing, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors and employees to
supply all information reasonably requested by any such representative, underwriter, attorney or accountant in connection with such Registration Statement, provided that such parties agree to keep such information confidential. Notwithstanding the
foregoing, the foregoing right shall not extend to any Holder (i) who is not a financial investor or entity or (ii) who, itself or through any affiliate, has any strategic business interest that would reasonably be expected to be in
conflict with any business of the Company or its subsidiaries. 
 (f) Subject to Section 2(b) above and to clause (i) below, the
Company may suspend the use of any prospectus used in connection with the Registration Statement only in the event, and for such period of time as, (i) such a suspension is required by the rules and regulations of the Commission or (ii) it
is determined in good faith by the General Partner of the Company that because of valid business reasons (not including the avoidance of the Company’s obligations hereunder), it is in the best interests of the Company to suspend such use, and
prior to suspending such use in accordance with this clause (ii) the Company provides the Holders with written notice of such suspension, which notice need not specify the nature of the event giving rise to such suspension. The Company will use
reasonable best efforts to cause such suspension to terminate at the earliest possible date. This provision shall not affect the right of Holders to receive Monthly Delay Payments pursuant to Section 2(b) above. 
 (g) If the Holders become entitled, pursuant to an event described in clause (ii) and (iii) of the definition of Registrable Securities, to
receive any securities in respect of Registrable Securities that were already included in a Registration Statement, subsequent to 

			
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 the date such Registration Statement is declared effective, and the Company is unable under the securities laws to add
such securities to the then effective Registration Statement, the Company shall promptly file, in accordance with the procedures set forth herein, an additional Registration Statement with respect to such newly issued Registrable Securities. The
Company shall use its best efforts to (i) cause any such additional Registration Statement, when filed, to become effective under the Securities Act, and (ii) keep such additional Registration Statement effective during the period
described in Section 5 below and cause such Registration Statement to become effective within 90 days of that date that the need to file the Registration Statement arose. All of the registration rights and remedies under this Agreement shall
apply to the registration of the resale of such new Registrable Securities, including without limitation the provisions providing for default payments contained herein. 
 (h) The Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a Registration Statement and the prospectus used in connection with such Registration
Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep such Registration Statement effective at all times during the Registration Period (as defined below), and, during such
period, comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities of the Company covered by such Registration Statement. In the case of amendments and supplements to a Registration Statement which
are required to be filed pursuant to this Agreement (including pursuant to this Section 3(b)) by reason of the Company filing a report on Form 10-K, Form 10-Q or Form 8-K or any analogous report under the 1934 Act, the Company shall have
incorporated such report by reference into such Registration Statement, if applicable, or shall file such amendments or supplements with the SEC on the same day on which the 1934 Act report is filed which created the requirement for the Company to
amend or supplement such Registration Statement. 
 (i) Each Holder agrees by its acquisition of the Registrable Securities that, upon
receipt of a notice from the Company of the occurrence of any event of the kind described in Sections 2(a)(v) 2(a)(vi) or 2(f), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until
such Holder’s receipt of the copies of the supplemented Prospectus and/or amended Registration Statement contemplated by Section 3(l), or until it is advised in writing (the “Advice”) by the Company that the use of the
applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. The Company may
provide appropriate stop orders to enforce the provisions of this paragraph. 
 (j) If requested by a Holder, the Company shall (i) as
soon as practicable incorporate in a prospectus supplement or post-effective amendment such information as a Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including, without
limitation, information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) as
soon as practicable make all required filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) as soon as
practicable, supplement or make amendments to any Registration Statement if reasonably requested by a Holder holding any Registrable Securities. 

			
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 3. Expenses of Registration. All Registration Expenses in connection with any registration,
qualification or compliance with registration pursuant to this Agreement shall be borne by the Company, and all Selling Expenses of a Holder shall be borne by such Holder. 
 4. Registration on Form S-3. The Company shall use its best efforts to remain qualified for registration on Form S-3 or any comparable or
successor form or forms, or in the event that the Company is ineligible to use such form, such form as the Company is eligible to use under the Securities Act, provided that if such other form is used, the Company shall convert such other form to a
Form S-3 as soon as the Company becomes so eligible, provided that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement or Form S-3 covering the Registrable Securities
has been declared effective by the SEC. 
 5. Registration Period. In the case of the registration effected by the Company pursuant to
this Agreement, the Company shall keep such registration effective until the earlier of (a) the date on which all the Holders have completed the sales or distribution described in the Registration Statement relating thereto, (b) until such
Registrable Securities shall have been sold under Rule 144 or (c) until such Registrable Securities may be sold by the Holders under Rule 144(k) (provided that the Company’s transfer agent has accepted an instruction from the Company to
such effect) (the “Registration Period”). Subject to Section 8 below, this Agreement shall be terminated automatically without further action by any party hereto upon the expiration of the Registration Period. 
 6. Indemnification. 
 (a) Company
Indemnity. The Company will indemnify and hold harmless each Holder, each of its officers, directors, agents and partners, and each person controlling each of the foregoing, within the meaning of Section 15 of the Securities Act and the
rules and regulations thereunder with respect to which registration, qualification or compliance has been effected pursuant to this Agreement, and each underwriter, if any, and each person who controls, within the meaning of Section 15 of the
Securities Act and the rules and regulations thereunder, any underwriter, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material
fact contained in any prospectus, offering circular or other document (including any related registration statement, notification or the like) incident to any such registration, qualification or compliance, or based on any omission (or alleged
omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made, or any violation by the Company of the Securities Act or
any state securities law or in either case, any rule or regulation thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification or compliance, and will
reimburse each Holder, each of its officers, directors, agents and partners, and each person controlling each of the foregoing, each such underwriter and each person who controls any such underwriter, for any legal and any other expenses reasonably
incurred in connection with investigating and defending 

			
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 any such claim, loss, damage, liability or action, provided that the Company will not be liable in any such case to a
Holder to the extent that any such claim, loss, damage, liability or expense arises out of or is based (i) on any untrue statement or omission based upon written information furnished to the Company by such Holder or the underwriter (if any)
therefor and stated to be specifically for use therein or (ii) the failure of a Holder to deliver at or prior to the written confirmation of sale, the most recent prospectus, as amended or supplemented. The indemnity agreement contained in this
Section 6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent will not be unreasonably withheld). 
 (b) Holder Indemnity. Each Holder will, severally and not jointly, if Registrable Securities held by it are included in the securities as to
which such registration, qualification or compliance is being effected, indemnify and hold harmless the Company, each of its directors, officers, agents and partners, and each underwriter, if any, of the Company’s securities covered by such a
registration statement, each person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act and the rules and regulations thereunder, each other Holder (if any), and each of their officers, directors
and partners, and each person controlling such other Holder(s) against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact
contained in any such registration statement, prospectus, offering circular or other document, or any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statement therein not
misleading in light of the circumstances under which they were made, and will reimburse the Company and such other Holder(s) and their directors, officers and partners, underwriters or control persons for any legal or any other expenses reasonably
incurred in connection with investigating and defending any such claim, loss, damage, liability or action, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission)
is made in such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written information furnished to the Company by such Holder and stated to be specifically for use therein, and provided
that the maximum amount for which such Holder shall be liable under this indemnity shall not exceed the net proceeds received by such Holder from the sale of the Registrable Securities pursuant to the registration statement in question. The
indemnity agreement contained in this Section 6(b) shall not apply to amounts paid in settlement of any such claims, losses, damages or liabilities if such settlement is effected without the consent of such Holder (which consent shall not be
unreasonably withheld). 
 (c) Procedure. Each party entitled to indemnification under this Section 6 (the “Indemnified
Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim in any litigation resulting therefrom, provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or any litigation resulting therefrom, shall
be approved by the Indemnified Party (whose approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at its own expense, and provided further that the failure of any Indemnified Party to give notice as
provided herein shall not relieve the Indemnifying Party of its obligations under this Section 6 except to 

			
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 the extent that the Indemnifying Party is materially and adversely affected by such failure to provide notice. No
Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish such non-privileged information regarding itself or the claim in question as
an Indemnifying Party may reasonably request in writing and as shall be reasonably required in connection with the defense of such claim and litigation resulting therefrom. 
 7. Contribution. If the indemnification provided for in Section 6 herein is unavailable to the Indemnified Parties in respect of any losses,
claims, damages or liabilities referred to herein (other than by reason of the exceptions provided therein), then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such losses, claims, damages or liabilities as between the Company on the one hand and any Holder on the other, in such proportion as is appropriate to reflect the relative fault of the Company and of such Holder in
connection with the statements or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of any Holder on the other shall
be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or by such Holder.

 In no event shall the obligation of any Indemnifying Party to contribute under this Section 7 exceed the amount that such
Indemnifying Party would have been obligated to pay by way of indemnification if the indemnification provided for under Section 6(a) or 6(b) hereof had been available under the circumstances. 
 The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro
rata allocation (even if the Holders or the underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding
paragraphs. The amount paid or payable by an Indemnified Party as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraphs shall be deemed to include, subject to the limitations set forth above, any
legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this section, no Holder or underwriter shall be required to contribute
any amount in excess of the amount by which (i) in the case of any Holder, the net proceeds received by such Holder from the sale of Registrable Securities pursuant to the registration statement in question or (ii) in the case of an
underwriter, the total price at which the Registrable Securities purchased by it and distributed to the public were offered to the public exceeds, in any such case, the amount of any damages that such Holder or underwriter has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. 

			
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 8. Survival. The indemnity and contribution agreements contained in Sections 6 and 7 and the
representations and warranties of the Company referred to in Section 2(d)(i) shall remain operative and in full force and effect regardless of (i) any termination of this Agreement or the Purchase Agreement or any underwriting agreement,
(ii) any investigation made by or on behalf of any Indemnified Party or by or on behalf of the Company, and (iii) the consummation of the sale or successive resales of the Registrable Securities. 
 9. Information by Holders. Each Holder shall promptly furnish to the Company such information regarding such Holder and the distribution and/or
sale proposed by such Holder as the Company may from time to time reasonably request in writing in connection with any registration, qualification or compliance referred to in this Agreement, and the Company may exclude from such registration the
Registrable Securities of any Holder who unreasonably fails to furnish such information within a reasonable time after receiving such request. Each Holder agrees that, other than ordinary course brokerage arrangements, in the event it enters into
any arrangement with a broker dealer for the sale of any Registrable Securities through a block trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer, such Holder shall promptly deliver to the
Company in writing all applicable information required in order for the Company to be able to timely file a supplement to the prospectus pursuant to Rule 424(b) under the Securities Act, to the extent that such supplement is legally required. Such
information shall include a description of (i) the name of such Holder and of the participating broker dealer(s), (ii) the number of Registrable Securities involved, (iii) the price at which such Registrable Securities were or are to
be sold, and (iv) the commissions paid or to be paid or discounts or concessions allowed or to be allowed to such broker dealer(s), where applicable. 
 10. Replacement Certificates. The certificate(s) representing the Registrable Securities held by any Purchaser (or then Holder) may be exchanged by such Purchaser (or such Holder) at any time and from time to
time for certificates with different denominations representing an equal aggregate number of Registerable Securities, as reasonably requested by such Purchaser (or such Holder) upon surrendering the same. No service charge will be made for such
registration or exchange. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of any certificates representing a Registrable Security and, in the case of loss, theft or destruction, of
indemnity reasonably satisfactory to it, or upon surrender and cancellation of such certificate if mutilated, the Company will make and deliver a new certificate of like tenor and dated as of such cancellation at no charge to the holder. 

11. Transfer or Assignment. Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the parties
and their successors and permitted assigns. The rights granted to the Purchaser by the Company under this Agreement to cause the Company to register Registrable Securities may be transferred or assigned (in whole or in part) to a permitted
transferee or assignee of Preferred Units or Registrable Securities, and all other rights granted to the Purchaser by the Company hereunder may be transferred or assigned to any permitted transferee or assignee of any Preferred Units or Registrable
Securities; provided in each case that the Company must be given written notice by the Purchaser at the time of or within a reasonable time after said transfer or assignment, stating the name and address of said transferee or assignee and
identifying the securities with respect to which such registration rights are being transferred or assigned; and provided further that the transferee or assignee of such rights agrees in writing to be bound by the registration provisions of this
Agreement. 

			
	Atlas Pipeline Partners, L.P.	  	Page 13

  

 12. Reports Under The 1934 Act. 
 With a view to making available to the Holders the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of
the SEC that may at any time permit the Holders to sell securities of the Company to the public without registration (“Rule 144”), the Company agrees to: 
 (a) make and keep public information available, as those terms are understood and defined in Rule 144; 
 (b) file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the 1934 Act so long as the Company remains subject to such requirements and the filing of such reports and other
documents is required for the applicable provisions of Rule 144; and 
 (c) furnish to each Holder so long as such Holder owns Registrable
Securities, promptly upon request, (i) a written statement by the Company, if true, that it has complied with the reporting requirements of Rule 144, the Securities Act and the 1934 Act, (ii) a copy of the most recent annual or quarterly
report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Holders to sell such securities pursuant to Rule 144 without registration.

 13. Miscellaneous. 
 (a) Remedies. The Company and the Purchaser acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were
otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof, this being
in addition to any other remedy to which any of them may be entitled by law or equity. 
 (b) Jurisdiction. Each of the Company and
the Purchaser (i) hereby irrevocably submits to the non-exclusive jurisdiction of the United States District Court, the New York State courts and other courts of the United States sitting in the Borough of Manhattan, New York County, New York
State for the purposes of any suit, action or proceeding arising out of or relating to this Agreement and (ii) hereby waives, and agrees not to assert in any such suit action or proceeding, any claim that it is not personally subject to the
jurisdiction of such court, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper. The Company and the Purchaser consent to process being served in any such suit,
action or proceeding by mailing a copy thereof to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing in this
paragraph shall affect or limit any right to serve process in any other manner permitted by law. 

			
	Atlas Pipeline Partners, L.P.	  	Page 14

  

 (c) Notices. Any notice or other communication required or permitted to be given hereunder shall
be in writing by facsimile, mail or personal delivery and shall be effective upon actual receipt of such notice. The addresses for such communications shall be: 
 to the Company: 
  

			
	Atlas Pipeline Partners, L.P.
	311 Rouser Road
	Moon Township, Pennsylvania 15108
	Telephone:	  	  (412) 262-2830
	Facsimile:	  	  (412) 262-2820
	Attention:	  	  Lisa Washington

			
	Atlas Pipeline Partners, L.P.	  	Page 15

  

 with a copy to: 
  

			
	Ledgewood
	1900 Market Street
	Suite 750
	Philadelphia, PA 19103
	Telephone:	  	  (215) 731-9450
	Facsimile:	  	  (215) 735-2513
	Attention:	  	  Lisa A. Ernst

 to the Purchaser: 
  

	
	 As set forth on Schedule I hereto

 with a copy to: 
  

			
	Kleinberg, Kaplan, Wolff & Cohen, P.C.
	551 Fifth Avenue
	New York, New York 10176
	Attn: Lawrence D. Hui, Esq.
	Tel:	  	  (212) 986-6000
	Fax:	  	  (212) 986-8866

 Any party hereto may from time to time change its address for notices by giving at least five (5) days’
written notice of such changed address to the other parties hereto. 
 (d) Waivers. No waiver by any party of any default with
respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to
exercise any right hereunder in any manner impair the exercise of any such right accruing to it thereafter. 
 (e) Execution in
Counterpart. This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement, it being understood that all parties need not sign the same counterpart. 
 (f) Signatures. Facsimile signatures shall be valid and binding on each party submitting the same. 
 (g) Entire Agreement; Amendment. This Agreement, together with the Purchase Agreement, the Certificate of Designations and the agreements and
documents contemplated hereby and thereby, contains the entire understanding and agreement of the parties. 
 (h) Governing Law. This
Agreement and the validity and performance of the terms hereof shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts executed and to be performed entirely within such state. 

			
	Atlas Pipeline Partners, L.P.	  	Page 16

  

 (i) Jury Trial. EACH PARTY HERETO WAIVES THE RIGHT TO A TRIAL BY JURY. 
 (j) Titles. The titles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this
Agreement. 
 (k) No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties
to express their mutual intent, and no rule of strict construction will be applied against any party. 
 [Signature Page Follows]

			
	Atlas Pipeline Partners, L.P.	  	Page 17

  

 In Witness Whereof, the parties hereto have caused this Agreement to be duly executed as of the
date first above written. 
  

			
	ATLAS PIPELINE PARTNERS, L.P.
	By:	 	Atlas Pipeline Partners GP, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	SUNLIGHT CAPITAL PARTNERS, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

 Schedule I 
  

							
	 Name of Purchaser
	 	 	  	 Contact Information

	Sunlight Capital Partners, LLC.	 		  	 712 Fifth Avenue
 36th Floor
 New York, New York
10019
 Attn: Sundar Srinivasan

		 		  	Tel:	  	(212) 506-2999
		 		  	Fax:	  	(212) 586-9467

 Copy to: See Section 13(c)Form of Warrant issued to employees and consultants of Innercool Therapies, Inc.

 Exhibit 4.1 
 Neither this warrant nor the shares of common stock issuable upon exercise of this warrant have been registered or qualified under the Securities Act of 1933, as amended (“Securities Act”) or any state securities laws. Neither
this warrant nor the shares of common stock issuable upon exercise of this warrant may be offered, sold, pledged, assigned or otherwise transferred without the consent of Cardium Therapeutics, Inc. and unless registered or qualified under the
Securities Act and applicable state securities laws or pursuant to an exemption therefrom and Cardium Therapeutics, Inc. receives an opinion of counsel satisfactory to Cardium Therapeutics, Inc. and its legal counsel that such sale, pledge,
assignment or transfer is exempt from the registration requirements of the Securities Act. 
  

			
	 Date of Issuance: March 8, 2006
	  	Warrant to Purchase ______
		  	Shares of Common Stock

 CARDIUM THERAPEUTICS, INC. 
 COMMON STOCK PURCHASE WARRANT 
 Not Transferable or Exercisable

 Except Upon Conditions Herein Specified 
 SECTION 1. WARRANT. 
 For value received, on the terms and conditions set forth herein, Holder is entitled to purchase from
the Company, at the Exercise Price, the number of Shares set forth above. This Warrant is being issued pursuant to an employment or consulting agreement or other form of employment or service arrangement by and between the Company and Holder.

 SECTION 2. DEFINITIONS. 
 Whenever used
herein, the following terms shall have their respective meanings set forth below: 
 (a) “Applicable Laws” means any and all
laws, rules and regulations of whatever jurisdiction applicable to the issuance and transfer of this Warrant and Shares, including, without limitation, applicable provisions of the Code, federal and state securities laws, and state corporate law.

 (b) “Board” means the Board of Directors of the Company, as constituted from time to time. 
 (c) “Change in Control” means (i) the consummation of a merger or consolidation of the Company with or into another entity or any
other corporate reorganization, if more than 50% of the combined voting power of the continuing or surviving entity’s securities outstanding immediately after such merger, consolidation or other reorganization is owned by persons who were not
stockholders of the Company immediately before such merger, consolidation or other reorganization; or (ii) the sale, transfer or other disposition of all or substantially all of the Company’s assets. A transaction shall not constitute a
Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by persons who held the Company’s securities immediately
before such transaction. 
  

 1 

 (d) “Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific
section of the Code shall also include any successor provision, and any regulations promulgated under such section or successor provision. 
 (e) “Company” means Cardium Therapeutics, Inc., a Delaware corporation, and any Parent or Subsidiary, or any successors thereto. 
 (f) “Consultant” means any person, other than an Employee or Director, engaged by the Company to render bona fide consulting or advisory services to the Company; provided such services are not in
connection with the offer or sale of the Company’s securities in a capital-raising transaction or directly or indirectly with the promotion or maintenance of a market for the Company’s securities. 
 (g) “Continuous Service” means that the provision of services to the Company in any capacity of Employee, Director or Consultant is not
interrupted or terminated. Continuous Service shall not be considered interrupted in the case of (i) any approved leave of absence; (ii) transfers within the Company or among the Company and its Parent or Subsidiaries, in any capacity of
Employee, Director or Consultant; or (iii) any change in status as long as the individual remains in the service of the Company in any capacity of Employee, Director or Consultant (except as otherwise may be provided herein). An approved leave
of absence shall include sick leave, military leave, or any other authorized personal leave. 
 (h) “Date of Issuance” means
March 8, 2006. 
 (i) “Director” means any individual who is a member of the Board. 
 (j) “Disability” means that Holder is unable to carry out the responsibilities and functions of the position held by the Holder by
reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. Holder shall not be considered to have incurred a Disability unless he or she furnishes proof of such impairment
sufficient to satisfy the Board in its discretion. 
 (k) “Employee” means any person, including an Officer or Director, who
is in the employ of the Company, subject to the control and direction of the Company as to both the work to be performed and the manner and method of performance. 
 (l) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 (m) “Exercise Price” means the amount for which one (1) Share may be purchased upon exercise of this Warrant, which shall initially
be the Fair Market Value of a Share on the Date of Issuance, and as may be adjusted from time to time as provided for herein. 
 (n)
“Expiration Date” means 5:00 p.m., Pacific Time, on March 7, 2016. 
 (o) “Fair Market Value” means
with respect to each Share the last reported sale price of the Company’s Shares as reported on the Nasdaq system, or, if there have been no sales on such day, the average of the highest bid and lowest ask price on such day as reported by the
Nasdaq system, or 

  

 2 

 
any similar organization if the Nasdaq is no longer reporting such information, either (i) on the Date of Issuance for purposes of determining the
initial Exercise Price; or (ii) for all other purposes herein, (A) on the date which the notice of exercise is deemed to have been sent to the Company (the “Notice Date”) or (B) over a period of five (5) trading days
preceding the Notice Date, whichever of (A) or (B) is greater. If on the date for which the current fair market value is to be determined, the Shares are not listed on any securities exchange or quoted on the Nasdaq system or the
over-the-counter market, the current fair market value of the Shares shall be as determined by the Board in good faith or as required to be determined by Applicable Laws. The Board’s determination of Fair Market Value shall be conclusive and
binding on all persons. 
 (p) “Holder” means the individual named on the signature page hereto. 
 (q) “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules
and regulations promulgated thereunder. 
 (r) “Parent” means a “parent corporation,” whether now or hereafter
existing, as defined in Section 424(e) of the Code, and, in addition, a limited liability company, partnership or other entity which controls fifty percent (50%) or more of the voting power of the Company. 
 (s) “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 
 (t) “Share” means one (1) share of the Company’s common stock, with a par value of $0.0001 per Share. 
 (u) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the
Code, and, in addition, a limited liability company, partnership or other entity in which the Company controls fifty percent (50%) or more of the voting power or equity interests. 
 (v) “Termination Date” means (except as otherwise set forth herein), the first to occur of: (i) the Expiration Date;
(ii) three (3) months following termination of the Holder’s Continuous Service, other than for cause or from death or disability; (iii) the date of termination of Holder’s Continuous Service for cause; (iv) twelve
(12) months following the death of the Holder, or termination of the Holder’s Continuous Service as a result of the Holder’s disability; or (v) a sale, merger, reorganization, dissolution or liquidation to the extent provided
herein. 
 (w) “Vested Shares” means, on any relevant date, provided the Holder’s Continuous Service has not
terminated, and Holder is not then in default of any condition of his or her employment, and has not on any relevant date or at any time since the Date of Issuance had his or her authority or responsibilities suspended by either the Board or the
President or Chief Executive Officer of the Company, the number of Shares that have become fully vested and capable of being purchased following exercise of this Warrant in accordance with the following vesting schedule: (i) prior to
March 8, 2007, none of the Shares underlying this Warrant shall be vested and capable of being purchased following exercise of this Warrant; (ii) on March 8, 2007, 34% of the Shares underlying this Warrant shall become fully vested
and capable of being purchased following exercise 

  

 3 

 
of this Warrant; and (iii) on the eighth day of each month thereafter, an additional 2.75% of the Shares underlying this Warrant shall become fully
vested and capable of being purchased following exercise of this Warrant. 
 SECTION 3. RIGHT TO EXERCISE. 
 (a) Exercisability. Subject to the conditions set forth herein, all or part of this Warrant may be exercised from time to time before the
Termination Date in an amount not to exceed the number of Vested Shares on such date of exercise less the number of Shares previously acquired upon a previous exercise of this Warrant, if any. 
 (b) Stockholder Approval. Notwithstanding any other provision of this Warrant, Holder shall have no right, under any circumstances, to exercise
this Warrant, or any portion thereof, before the valid authorization of all of the Shares subject to issuance pursuant to this Warrant and, if determined necessary in the discretion of the Board, the approval of this Warrant by the Company’s
stockholders. 
 SECTION 4. EXERCISE PROCEDURES. 
 (a) Notice of Exercise. This Warrant is exercisable by delivery of a notice of exercise in the form attached hereto as Exhibit A (“Notice of Exercise”). The Notice of Exercise shall specify the election to exercise this
Warrant, the number of Shares for which it is being exercised, and such other representations and agreements as may be required by the Company pursuant to the provisions of this Warrant or otherwise. The Notice of Exercise shall be completed and
signed by the person exercising the Warrant and delivered to the Company with payment in a form permissible under this Warrant for the full amount of the Exercise Price for the Shares with respect to which the Warrant is exercised. If this Warrant
is being exercised by the representative of the Holder, the notice shall be accompanied by proof (satisfactory to the Company) of the representative’s right to exercise this Warrant. This Warrant, or any part thereof, shall be deemed to be
exercised for such number of Shares specified upon receipt by the Company of such fully executed Notice of Exercise. 
 (b) Payment of
Exercise Price. The Exercise Price for the Shares to be issued upon exercise of all or a portion of this Warrant shall be paid upon exercise and shall consist entirely of cash or its equivalent, including check or wire transfer, in United States
dollars, or such other consideration or method of payment to the extent consistent with Applicable Laws and approved in writing by the Board. 
 (c) Withholding Taxes. If the Company or any Parent or Subsidiary determines that it is required to withhold any tax as a result of the exercise of all or a portion of this Warrant, the Holder, as a condition to the exercise of this
Warrant, hereby authorizes withholding from payroll and any other amounts payable to the Holder, and otherwise agrees to make arrangements satisfactory to the Company to enable it to satisfy all federal, state, local and foreign tax withholding
requirements. The Holder also authorizes withholding from payroll and any other amounts payable to the Holder, and otherwise agrees to also make arrangements satisfactory to the Company to enable it to satisfy any withholding requirements that may
arise in connection with the transfer or other disposition of any Shares purchased by exercising this Warrant. The Holder is cautioned that this Warrant is not 

  

 4 

 
exercisable unless the tax withholding obligations of the Company are satisfied. Accordingly, the Holder may not be able to exercise this Warrant when
desired, even though the Warrant is vested, and the Company shall have no obligation to issue a certificate for such Shares or release such Shares to the Holder. At the discretion of the Company, Holder may satisfy withholding obligations, in whole
or in part, by (i) electing to have the Company withhold from the Shares to be issued upon award, vesting or exercise of the Warrant, that number of Shares having a Fair Market Value equal to the amount required to be withheld, or
(ii) delivering to the Company already-owned Shares having a Fair Market Value equal to the amount required to be withheld. 
 (d)
Issuance of Shares. After receiving a proper Notice of Exercise and payment of the Exercise Price, the Company shall cause to be issued a certificate or certificates for the Shares as to which this Warrant has been exercised, registered in
the name of the person exercising this option (or in the names of such person and his or her spouse as community property or as joint tenants with right of survivorship). The Company shall cause such certificate or certificates to be delivered to or
upon the order of the person exercising the Warrant. No Shares shall be issued pursuant to the exercise of this Warrant unless such issuance and exercise complies with Applicable Laws and the terms and conditions of this Warrant. 
 (e) Restrictions on Issuance of Shares. The issuance of Shares upon exercise of this Warrant shall be subject to compliance with all Applicable
Laws. This Warrant may not be exercised if the issuance of Shares upon exercise would constitute a violation of any Applicable Laws or the requirements of any stock exchange or market system upon which the Shares may then be listed. The Holder is
cautioned that this Warrant may not be exercised unless the foregoing conditions are satisfied. Accordingly, the Holder may not be able to exercise this Warrant when desired even though the Shares underlying the Warrant are vested. The inability
of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance and sale of any Shares subject to this Warrant shall relieve the Company
of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. As a condition to the exercise of this Warrant, the Company may require the Holder to satisfy any
qualifications that may be necessary or appropriate, to evidence compliance with any Applicable Laws and to make any representation or warranty with respect thereto as may be requested by the Company. 
 (f) Fractional Shares. The Company shall not be required to issue a fraction of a Share upon the exercise of this Warrant. In lieu of the issuance
of a fraction of a Share, the Shares issuable pursuant to an exercise shall be rounded to the next lower whole Share. 
 SECTION 5. NONTRANSFERABILITY.

 Except as otherwise provided herein or as approved by the Board, this Warrant may not be sold, assigned, transferred, pledged or
otherwise alienated or hypothecated in any manner except by will or by the laws of descent and distribution. Following the death of the Holder, this Warrant, to the extent provided herein, may be so exercised by the Holder’s legal
representative or by any person empowered to do so under the deceased Holder’s will or under the then applicable laws of descent and distribution. 
  

 5 

 SECTION 6. TERM AND EXPIRATION. 
 (a) Basic Term. This Warrant shall terminate and may no longer be exercised (except as otherwise set forth herein) on the Expiration Date. 
 (b) Termination of Continuous Service (except by death or disability). If Holder’s Continuous Service terminates for any reason other than
death or disability, then this Warrant shall expire on the earliest to occur of the following: 
 (i) The Expiration Date;

 (ii) The date three (3) months from the date of such termination for any reason other than cause, death or disability;
or 
 (iii) The date of the termination of the Holder’s Continuous Service for cause. 
 In the event there is a separate employment and/or consulting agreement (a “Service Agreement”) in effect between Holder and the Company or any
Subsidiary on the date of the termination of the Holder’s Continuous Service, then “cause” as used herein shall be determined in accordance with the definition of “cause” as set forth in such Service Agreement. If
Holder’s Continuous Service terminates for any reason other than cause, death or disability, the Holder may exercise this Warrant during the applicable periods set forth above, but only as to the Vested Shares as of the date of such
termination, and only to the extent that the Holder was otherwise entitled to exercise this Warrant at the date of such termination. To the extent that Holder was not entitled to exercise the Warrant at the date of such termination, and to the
extent that the Holder does not exercise this Warrant (to the extent otherwise so entitled) within the time specified herein, this Warrant shall terminate. When Holder’s Continuous Service terminates, this Warrant shall expire immediately with
respect to the number of Shares that are not Vested Shares on the date of such termination. 
 (c) Death of Holder. If Holder’s
Continuous Service terminates as a result of Holder’s death, or if Holder dies during the exercise periods set forth in Section 6(b) above, the Holder’s estate or a person who acquired the right to exercise this Warrant by bequest or
inheritance may exercise this Warrant, but only as to the Vested Shares at the date of such termination and only within twelve (12) months following the date of death (but in no event later than the Expiration Date), and only to the extent that
the Holder was entitled to exercise it at the date of death. To the extent that Holder was not entitled to exercise this Warrant at the date of death, and to the extent that the Holder’s estate or a person who acquired the right to exercise
this Warrant does not exercise this Warrant (to the extent otherwise so entitled) within the time specified herein, this Warrant shall terminate. This Warrant shall expire immediately with respect to the number of Shares that are not Vested Shares
on the date of such termination. 
 (d) Disability of Holder. If Holder’s Continuous Service terminates as a result of the
Holder’s Disability, the Holder may exercise this Warrant, but only as to the Vested Shares at the date of such termination and only within twelve (12) months from the date of such termination (but in no event later than the Expiration
Date), and only to the extent that the Holder was entitled to 

  

 6 

 
exercise it at the date of such termination. To the extent that Holder was not entitled to exercise this Warrant at the date of such termination, and to the
extent that the Holder does not exercise this Warrant (to the extent otherwise so entitled) within the time specified herein, this Warrant shall terminate. 
 SECTION 7. ADJUSTMENTS. 
 (a) Adjustments. Subject to any required action by stockholders of the Company, the number
of Shares issuable upon exercise of this Warrant and the Exercise Price, as well as any other terms that the Board determines require adjustment, shall be proportionately adjusted for (i) any increase or decrease in the number of issued Shares
resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of Shares, or similar transaction affecting the Shares; (ii) any other increase or decrease in the number of issued Shares effected without
receipt of consideration by the Company; or (iii) as the Board may determine in its discretion, any other transaction with respect to Shares including a corporate merger, consolidation, acquisition of property or stock, separation (including a
spin-off or other distribution of stock or property), reorganization, liquidation (whether partial or complete) or any similar transaction; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have
been “effected without receipt of consideration.” Such adjustment shall be made by the Board and its determination shall be final, binding and conclusive. Except as the Board determines, no issuance by the Company of shares of stock of any
class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares issuable upon exercise of this Warrant or the Exercise Price. Notwithstanding
the foregoing, the number of Shares subject to any Award shall always be a whole number. Except as provided herein, Holder shall have no rights by reason of any issue by the Company of stock of any class or securities convertible into stock of any
class, any subdivision or consolidation of shares of stock of any class, the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class. 
 (b) Dissolution or Liquidation. To the extent not previously exercised or settled, this Warrant shall terminate immediately before the dissolution
or liquidation of the Company unless otherwise provided by the Board. 
 (c) Reorganizations. In the event of any merger,
consolidation or reorganization of the Company with or into another corporation (other than a Change in Control) that results in the outstanding Shares being converted into or exchanged for different securities, cash or other property, or any
combination thereof, there shall be substituted, on an equitable basis as determined by the Board in its discretion, for each Share then issuable pursuant to this Warrant, the number and kind of shares of stock, other securities, cash or other
property to which holders of the Company’s common stock will be entitled pursuant to the transaction. 
 (d) Change in Control.
In the event of a Change in Control, this Warrant may be assumed or an equivalent warrantor right substituted by the successor corporation or a parent or subsidiary of such successor corporation. In the event that the successor corporation does not
assume or substitute for this Warrant, then this Warrant shall become fully exercisable. If this Warrant becomes fully vested and exercisable in lieu of assumption or substitution in the event of a Change in 

  

 7 

 
Control, the Company shall notify the Holder that the Warrant shall be fully vested and exercisable (subject to the consummation of the Change in Control)
for a period of fifteen (15) days from the date of such notice, and the Warrant shall terminate upon the expiration of such period. For the purpose of this Section 7(d), the Warrant shall be considered assumed if, following the Change in
Control, the Warrant confers the right to purchase or receive, for each Share subject to the Warrant immediately before the Change in Control, the consideration (whether stock, cash, or other securities or property) received in the Change in Control
by holders of Shares for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however,
that if such consideration received in the Change in Control is not solely common stock of the successor corporation or its parent, the Board may, with the consent of the successor corporation, provide for the consideration to be received upon the
exercise of the Warrant, for each Share subject to the Warrant, to be solely common stock of the successor corporation or its parent equal in fair market value to the per share consideration received by holders of Shares in the Change in Control, as
determined on the date of the Change in Control. With respect to Warrants that are assumed or substituted for, if within eighteen (18) months following the Change in Control the Holder is involuntarily terminated by the successor corporation or
one of its affiliates for a reason other than cause, then the Warrant held by such Holder shall become fully exercisable unless otherwise specified herein or the Holder’s employment agreement, if any. 
 SECTION 8. RESTRICTIONS ON TRANSFER AND SALE. 
 (a)
Notice of Sales. The Holder shall dispose of any Shares acquired pursuant to this Warrant only in accordance with the provisions of this Warrant. In addition, the Holder shall promptly notify the Chief Financial Officer of the Company if the
Holder disposes of any of the Shares acquired pursuant to this Warrant within one (1) year after the date the Holder exercises all or part of the Warrant or within two (2) years after the Date of Issuance. Until such time as the Holder
disposes of such Shares in a manner consistent with the provisions of this Warrant, unless otherwise expressly authorized by the Company, the Holder shall hold all Shares acquired pursuant to this Warrant in the Holder’s name (and not in the
name of any nominee) for the one-year period immediately after the exercise of the Warrant and the two-year period immediately after the Date of Issuance. At any time during the one-year or two-year periods set forth above, the Company may place a
legend on any certificate representing Shares acquired pursuant to this Warrant requesting the transfer agent for the Company’s stock, if any, to notify the Company of any such transfer. The obligation of the Holder to notify the Company of
transactions described in this section shall continue notwithstanding that a legend has been placed on the certificate pursuant to the preceding sentence. 
 (b) Legends. The Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions on all certificates representing Shares subject to the provisions of this
Warrant. The Holder shall, at the request of the Company, promptly present to the Company any and all certificates representing Shares acquired pursuant to this Warrant in the possession of the Holder in order to carry out the provisions of this
section. Unless otherwise specified by the Company, legends placed on such certificates may include, but shall not be limited to, the following: 
  

 8 

 (i) “The securities evidenced by this certificate have not been registered or
qualified under the Securities Act of 1933, as amended (“Securities Act”) or any state securities laws. The securities may not be offered, sold, pledged, assigned or otherwise transferred without the consent of the Company. and unless
registered or qualified under the Securities Act and applicable state securities laws or pursuant to an exemption therefrom and the Company receives an opinion of counsel satisfactory to the Company and its legal counsel that such sale, pledge,
assignment or transfer is exempt from the registration requirements of the Securities Act.” 
 (ii) Any legend
required to be placed thereon under Applicable Laws. 
 (c) Public Offering. The Holder hereby agrees that in the event of any
underwritten public offering of stock made by the Company pursuant to an effective registration statement filed under the Securities Act the Holder shall not directly or indirectly offer, sell, contract to sell, loan, pledge, hypothecate, grant or
sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, make any short sale of, or otherwise dispose of or transfer, or agree to engage in any of the foregoing transactions with respect to, any
Shares of the Company or any rights to acquire stock of the Company without the prior written consent of the Company or its underwriters. Such restriction shall be in effect for such period of time from and after the effective date of such
registration statement as may be established by the underwriter for such public offering; provided, however, that such period of time shall not exceed eighteen (18) months from the effective date of the registration statement to be filed in
connection with such public offering. The foregoing limitation shall not apply to Shares registered in the public offering under the Securities Act. The Holder shall be subject to this section provided, and only if, the Officers and Directors of the
Company are also subject to similar arrangements. 
 (d) No Registration Rights. The Company may, but shall not be obligated to,
register or qualify the sale of Shares under the Securities Act or any other Applicable Laws. The Company shall not be obligated to take any affirmative action to cause the sale of Shares under this Warrant to comply with any law. 
 SECTION 9. MISCELLANEOUS PROVISIONS. 
 (a)
Governing Law. This Warrant shall be governed by, and construed in accordance with, the substantive laws, but not the choice of law rules, of the State of Delaware. 
 (b) Severability. If any provision of this Warrant shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect
the remaining parts of this Warrant, and the Warrant shall be construed and enforced as if the illegal or invalid provision had not been included. 
 (c) Rights as a Stockholder. Neither the Holder nor any beneficiary shall have any rights or privileges as a stockholder with respect to any Shares subject to this Warrant, including voting and dividend rights, unless and until
certificates representing such Shares shall have been issued, recorded on the books of the Company or of a duly authorized transfer agent of the Company, and delivered to the Holder (or beneficiary). No adjustment shall be made for dividends,

  

 9 

 
distributions or other rights for which the record date is before the date such certificate is issued, except as otherwise may be provided herein.

 (d) No Retention Rights. If the Holder is an Employee, the Holder understands and acknowledges that, except as otherwise provided
in a separate, written employment agreement, if any, between the Company and the Holder, the Holder’s employment is “at will” and is for no specified term. Nothing in this Warrant shall be construed to confer upon the Holder any right
with respect to Holder’s continuous employment or service to the Company, nor shall it interfere in any way with any right of the Company or Holder to terminate the Holder’s employment or service at any time, with or without cause, and
with or without notice. 
 (e) Binding Effect. Subject to the restrictions on transfer set forth herein, this Warrant shall inure to
the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns. 
 (f)
Confidentiality. Holder undertakes and agrees, as a condition precedent to exercising any part of this Warrant, and as a condition subsequent, following any such exercise, to keep and maintain the terms of this Warrant confidential and not to
discuss any aspect or term of this Warrant with any other Employee or other party, including without limitation, the existence of this Warrant, the number of Shares underlying this Warrant, or any other term of this Warrant. 
 (g) Modification or Amendment. This Warrant may be modified or amended only in writing signed by the parties hereto. 
 (h) Entire Agreement. This Warrant constitutes the entire understanding and agreement of the Holder and the Company with respect to the subject
matter hereof, and there are no agreements, understandings, restrictions, representations or warranties among the Holder and the Company with respect to such subject matter other than those set forth or provided for herein. To the extent
contemplated herein, the provisions of this Warrant shall survive any exercise of the Warrant and shall remain in full force and effect. 
 (i) Construction. Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of this Warrant. Except when otherwise indicated by the context, the singular shall
include the plural, and the plural shall include the singular. Use of the term “or” is intended to include the conjunctive as well as the disjunctive. 
 [Signatures on following page.] 
  

 10 

									
	 HOLDER
	 		 	 CARDIUM THERAPEUTICS, INC.

					
	By: 	 	  	 		 	 By: 
	 	  
		 	(Signature)	 		 		 	 Tyler Dylan, Chief Business Officer

									
					
	 Printed Name: 
	 	  	 		 	 Date: 
	 	  

									
					
	 State of Residence: 
	 	  	 		 		 	

									
					
	 Date: 
	 	  	 		 		 	

  

 11 

 CONSENT OF SPOUSE 
 The undersigned spouse of Holder has read and hereby approves the terms and conditions of the Warrant. In consideration of the Company granting his or her spouse the right to buy Shares as set forth in the Warrant,
the undersigned hereby agrees to be irrevocably bound by the terms and conditions of the Warrant and further agrees that any community property interest shall be similarly bound. The undersigned hereby appoints the undersigned’s spouse as
attorney-in-fact for the undersigned with respect to any amendment or exercise of rights under the Warrant. 
  

	
	
	   
	 Spouse of Holder

 Consent of Spouse 

 EXHIBIT A 
 CARDIUM THERAPEUTICS, INC. 
 NOTICE OF EXERCISE 
 Cardium Therapeutics, Inc. (“Company”) 
 3611 Valley Centre Drive, Suite 525 
 San Diego, CA 92130 
 Attention: Chief Financial Officer 
 To exercise all or a portion of your Warrant, you must complete this form in its entirety, sign where indicated, and return it with full payment of the
exercise price for the shares you wish to acquire to the Company’s Chief Financial Officer at the address indicated above. 
 1. Holder
Information. 
 Name:
                                        
                        
(“Purchaser”)                 Social Security Number:
                             
 Address:
                                        
                                        
                                        
                                        
          
 ____________________________________________________________________________________________

 2. Warrant Information. 
  

	Date	of Issuance:
                            
                            Total Number of Shares Underlying Warrant:
                          

 Exercise Price per Share:                      
 3. Exercise Information. 
 Number of shares of common stock of the Company for which the Warrant is being exercised
now:                      (These shares are referred to below as the “Purchased Shares.”) 
 Form of payment: 
  

	 ̈	Check for $                     made payable to Cardium Therapeutics, Inc.

  

	 ̈	Other:
                                        
                                        
                                        
                                        
      

 Names in which the Purchased Shares should be registered (you must check one): 
  

	 ̈	In my name only 

  

	 ̈	In the names of my spouse and myself as community property 

  

	 ̈	In the names of my spouse and myself as joint tenants with right of survivorship 

  

 1 

 The certificate for the Purchased Shares should be sent to the following address: 
 __________________________________________________________________________________________________________ 
 __________________________________________________________________________________________________________ 
 __________________________________________________________________________________________________________ 
 4. Representations and
Acknowledgements of Purchaser. 
 (a) Purchaser hereby confirms, represents and warrants to the Company that, in the event a registration
statement filed with the Securities and Exchange Commission and in appropriate states is not currently effective, the Purchased Shares are being acquired for investment only, and not with a view to, or for resale in connection with, any distribution
thereof. 
 (b) Purchaser represents that Purchaser has such knowledge and experience in financial and business matters that Purchaser is
capable of evaluating the merits and risks of the acquisition of the Purchased Shares, and by reason of Purchaser’s financial and business experience, either alone or together with any purchaser representative, Purchaser has the capacity to
protect Purchaser’s interest in connection with the acquisition of the Purchased Shares. 
 (c) Purchaser will not sell or dispose of
the Purchased Shares in the absence of a registration statement in effect or an opinion of counsel satisfactory to the Company and its counsel that such registration is not required. Purchaser further understands that the Purchased Shares may need
to be held indefinitely and that the certificate representing the Purchased Shares may bear a restrictive legend in accordance with the Securities Act of 1933, as amended, and as required by such other state or federal law or regulations applicable
to the delivery of the Purchased Shares. 
 (d) Purchaser acknowledges that Purchaser has received and had access to such information as
Purchaser considers necessary or appropriate for deciding whether to invest in the Purchased Shares and that Purchaser had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the issuance of the
Purchased Shares. 
 (e) Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or
disposition of the Purchased Shares. Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Purchased Shares and that Purchaser is not relying on the
Company for any tax advice. 
 (f) Purchaser is aware that Purchaser’s investment in the Company is speculative and is subject to risk
of complete loss. Purchaser represents and warrants to the Company that Purchaser is able, without impairing Purchaser’s financial condition, to hold the Purchased Shares for an indefinite period and to suffer a complete loss of
Purchaser’s investment in the Purchased Shares. 
 (g) Purchaser acknowledges that Purchaser is acquiring the Purchased Shares subject
to all other terms and conditions of the Warrant being exercised. 
  

 2 

 5. Entire Agreement; Governing Law. The Warrant is incorporated herein by reference. This Notice of Exercise and
the Warrant constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Purchaser with respect to the subject matter hereof, and
may not be modified adversely to the Purchaser’s interest except by means of a writing signed by the Company and Purchaser. This Notice of Exercise is governed by the internal substantive laws, but not the choice of law rules, of the State of
Delaware. 
 By my signature below, I hereby elect to purchase the number of shares of the Company’s common stock set forth in
Section 3 above, under and pursuant to this Notice of Exercise and the Warrant. 
  

			
	 PURCHASER:

	
	   
	 Signature

		
	Date: 	 	  

  

			
	 ACCEPTED BY:

	
	 CARDIUM THERAPEUTICS, INC.

		
	 By:
	 	  

			
		
	 Printed Name: 
	 	  

			
		
	 Title:
	 	  

			
		
	 Date Received: 
	 	  

  

 3

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