Document:

pstv-ex41_6.htm

 

Exhibit 4.1 

FORM OF WARRANT AMENDMENT AGREEMENT 

 

THIS WARRANT AMENDMENT AGREEMENT (this “Agreement”) is made as of April __, 2020, by and among Plus Therapeutics, Inc., a Delaware corporation (the “Company”) and _____________ (“[●]” and, collectively with its permitted assigns, the “Holder”). Capitalized terms used herein without definition shall have the meaning ascribed to such terms in the Existing Warrants (as defined below).

RECITALS

WHEREAS, the Holder is the registered and beneficial owner of certain Series U warrants that were issued to the Holder on September 24, 2019 and pursuant to which the Holder may purchase _______ shares of the Company’s common stock at an exercise price of $5.00 per share (the “Existing Warrant”); and

WHEREAS, the Company and the Holder desire to amend the Existing Warrant to, among other things, modify (i) the circumstances under which the Holder may receive a cash payment in the event of the occurrence of a Fundamental Transaction and (ii) the price at which the Existing Warrants can be exercised; and 

WHEREAS, pursuant to Section 5(l) of each of the Existing Warrants, the Existing Warrants may be amended with the written consent of the Company and the Holder.

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises, representations, warranties and covenants hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

	
 
	
1.
	
Amendment to Existing Warrants. 

	
 
	
a.
	
Section 2(b) of each of the Existing Warrants is hereby deleted and replaced in its entirety with the following:

“(b)Exercise Price.  The exercise price per share of Common Stock under this Warrant shall be $2.25, subject to adjustment hereunder (the “Exercise Price”).”

	
 
	
b.
	
Section 3(e) of each of the Existing Warrants is hereby deleted and replaced in its entirety with the following: 

“(e)Fundamental Transaction.  If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, 

 

 

directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger, or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. 

Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction; provided, however, that, if the 

			
	
 
	
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Fundamental Transaction is not within the Company's control, including not approved by the Company's Board of Directors, Holder shall only be entitled to receive from the Company or any Successor Entity, as of the date of consummation of such Fundamental Transaction, the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction.  “Black Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the Remaining Day volatility, wherein “Remaining Day” shall be equal to the number of days remaining on the term of this Warrant on the date of the public announcement of the applicable Fundamental Transaction, obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the last VWAP as of the date of the public announcement of such Fundamental Transaction and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to 

			
	
 
	
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the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.”

	
 
	
c.
	
Section 5(a) of each of the Existing Warrants is hereby deleted and replaced in its entirety with the following: 

“(a)No Rights as Stockholder Until Exercise; No Settlement in Cash.  This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.  Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event, including if the Company is for any reason unable to issue and deliver Warrant Shares upon exercise of this Warrant as required pursuant to the terms hereof, shall the Company be required to net cash settle an exercise of this Warrant.”

	
 
	
d.
	
The last sentence of Section 2(c) of each of the Existing Warrants is hereby deleted and replaced in its entirety with the following: 

“Notwithstanding anything herein to the contrary, on the Termination Date, unless the Holder notifies the Company otherwise, if there is no effective registration statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder and the Exercise Price is greater than the VWAP on the Trading Day immediately preceding the date on which the Warrant would otherwise expire, then this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).”

2. Effectiveness  This Agreement and the amendment to each of the Existing Warrants described in Section 1 hereof shall be effective as of the date first above written. 

3. Waivers and Amendments. The terms of this Agreement may be waived or amended with the written consent of the Company and the Holder.

4. Governing Law. This Agreement shall be governed in all respects by and construed in accordance with the laws the State of New York, without any regard to conflicts of laws principles.

5.  Successors and Assigns. The provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties to this Agreement.

6.  Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument.

			
	
 
	
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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by their respective duly authorized officers as of the date first above written.

 

PLUS THERAPEUTICS, INC.

By:  __________________________________

Name:

Title:

 

 

[WARRANT HOLDER]

By:  _________________________________

Name:

Title:Exhibit 10.10

 

Date: April 1, 2020

 

ADVISORY SERVICES AGREEMENT

 

This Advisory Services Agreement (the “Agreement”)
is entered into between Fidelis LLC (“Advisor”) to provide expert consulting services in the area of Broker-Dealer
compliance and operations effective as of April 1, 2020 (the “Effective Date”). As of the Effective Date, Advisor
will provide consulting services personally rendered by Mr. Matt Rozzi to INX Services, Inc. (“INX US”), a company
incorporated under the laws of Delaware, USA and a wholly owned subsidiary of INX Limited (“INX Gib”) (“INX
Gib” and “INX US”, are jointly, the “Group”).

 

		1.	Services. Mr. Rozzi will provide the following services (“Services”):

 

		1.1.	Assist, guide, and contribute from his expertise in steering INX US operations;

 

		1.2.	Participate in various meetings of the management of the Group;

 

		1.3.	Coordination and guidance on the preparation and filing of applications to the Financial Industry
Regulatory Authority and the Commodity Futures Trading Commission for BD, ATF, SEF, DCM and other similar licenses and approvals,
as shall be instructed by the Group.

 

		2.	Payment and Expenses.

 

		2.1.	Payment. As compensation for the Services to be provided by Advisor pursuant to the terms
of this Agreement, INX US shall pay to the Advisor an hourly rate of $200 per hour (the “Fee”). Advisor shall
invoice INX US on a monthly basis for the services provided. Payment will be within 20 business days following receipt of an invoice
by INX US.

 

		2.2.	Options to Purchase Tokens and Shares.

 

		2.2.1.	Upon and subject to: lapse of a 6-month period after declaration by the SEC of the effectiveness
of public offering of the tokens (the “Qualifying Event” and the “Tokens”) generated by INX
Gib, provided that the Advisor continues to provide Services to the Group at such time under this Agreement, Mr. Rozzi will be
entitled to purchase 350,000 Tokens in consideration for an aggregate amount of US$ 3,500, subject to the terms of a Token vesting
plan and lock up provisions which will be adopted by the Group.

 

		2.2.2.	Upon and subject to the adoption of a Share Ownership and Option Plan by INX Gib (as amended, the
“Plan” and the “Grant Date”) and provided that the Advisor continues to provide Services
to the Group under this Agreement at such time and at the time of the Qualifying Event, INX Gib will grant to Mr. Rozzi equity
compensation awards of Ordinary Shares of INX Gib under the Plan as follows:

 

		I.	An option to purchase 48,122 Option Shares at a price per share equal to the fair market value
of the option shares as of the Grant Date (the “Option”).

 

     

     

    

 

		II.	The Option will vest and become exercisable as follows: 1/4 of the Option shall vest upon each
anniversary of the Qualifying Event, provided that the Advisor continues to provide Services to the Group at such time under this
Agreement, such that, subject to the Advisor’s continuous engagement with the Group at such time, the entire Option shall
be vested and exercisable upon the 4th anniversary of the Qualifying Event.

 

		III.	The Option shall be subject to the terms and conditions of the Plan.

 

		2.3.	Bonus. Upon and subject to the approval of the first US Broker Dealer license or Alternative
Trading System license by FINRA or the SEC to any of the Group companies, provided that the Advisor continues to provide Services
to the Group at such time under this Agreement Advisor will be entitled to a one-time bonus payment in the amount of US$ 60,000.

 

		2.4.	Expenses. INX US shall reimburse expenses incurred by Advisor in the performance of Services
to the extent such expenses have been approved in advance and in writing by the Supervising Officer.

 

For clarity,
the compensation set forth in this Section 2 shall be deemed the sole compensation to which the Advisor or Mr. Rozzi shall be entitled
in consideration for their services to the Group. Any commitment for compensation to which the Advisor or Mr. Rozzi are entitled
pursuant to the Previous Agreement (as defined below) shall be deemed void commencing as of the Effective Date hereof and Advisor
or Mr. Rozzi shall have no claim or demand in this respect.

 

		3.	Independent Contractor. It is understood and agreed that Advisor shall perform the Services
as an independent contractor of INX US. Advisor shall not be deemed to be an employee of INX US. INX US shall have no right to
control or direct the detail, manner or means by which Advisor accomplishes the results of the consulting Services. Advisor shall
not be entitled to any benefits provided by INX US to its employees under any employment policy or any employment benefit plan.
Advisor agrees that Advisor/Mr. Rozzi, as applicable, shall be solely responsible for any and all taxes, levies, social benefits,
insurance payments and other payments due on payments and/or other benefits received by Advisor from INX US hereunder (including,
inter alia, in connection with the Fee, the Tokens or otherwise in connection with its/his engagement with the Group) and
shall pay all such taxes associated with payments received from INX US in a timely manner and as prescribed by law. INX US shall
be entitled to withhold, deduct or set-off any amounts due to it from Advisor or as may be required by, and subject to, applicable
law, from payments due to Advisor hereunder or in connection with this Agreement.

 

		4.	Other Work By Advisor. INX US agrees that the Advisor will be entitled to continue current
business engagements with entities other than the Group entities, outside the scope of Services hereunder. Provided however, that
such activities shall not compete or otherwise be in conflict to the business of the Group.

 

		5.	Term and Termination. The term of this Agreement shall commence on the Effective Date and
continue until terminated as follows. Either Party may terminate this Agreement, with or without cause, upon 30 days’ written
notice to the other Party. INX US shall be entitled to terminate this Agreement by a written notice with an immediate effect upon
a material breach of this Agreement by the Advisor.

 

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		6.	Confidential Information. The Group’s technology, trade secrets, business plans, financial
information and any other information, including technical, business and financial information provided or disclosed to the Advisor
by the Group (“Confidential Information”) shall be kept in strict confidence and the Advisor shall be subject
to the following obligations:

 

		§	The Advisor shall use the Confidential
Information received solely in furtherance of the business of the Group; 

 

		§	The Advisor shall further refrain from
copying or disclosing to any third party, the Confidential Information received, except with the Group’s prior written consent;
and 

 

		§	Upon the written request of the Group,
the Advisor will promptly destroy or return any and all copies on any media containing such Confidential Information, except that
the Advisor may keep one (1) copy thereof for the purpose of complying with the terms hereto.

 

		§	This confidentiality undertaking shall
be perpetual, until such time as the Confidential Information shall have become public domain through no fault by Advisor. 

 

		§	All intellectual property rights made
by the Advisor in and during or in connection with the performance of the Services or as a result from the Confidential Information
shall be sole property of the Group. 

 

		7.	Entire Agreement. This Agreement contains the entire agreement between the parties with
respect to the subject matter herein. This Agreement supersedes and replaces any existing agreement entered into by Advisor and
INX US relating generally to the same subject matter, including the Amended and Restated Executive Services Agreement dated June
25, 2018 between the parties (the “Previous Agreement”, except for the IP and confidentiality undertakings of
the Advisor under the Previous Agreement which shall continue to be in force and effect) which shall terminate on the Effective
Date hereof and shall have no force and effect. This Agreement may be amended or modified only in a writing signed by the parties.

 

This Agreement
shall be exclusively governed by and construed in accordance with the State of New Jersey. Any dispute arising out of or relating
to this Agreement its interpretation or performance hereunder shall be resolved exclusively in the competent court in New Jersey.

 

[SIGNATURE
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[SIGNATURE
PAGE]

 

	 	/s/ Alan Silbert	 	/s/ Alan Silbert
	 	INX Limited	 	INX Services, Inc.
	 	 	 	 
	 	By:	Alan Silbert	 	By:	Alan Silbert
	 	 	 	 
	 	Its:	Director	 	Its:	Director
	 	 	 	 
	 	/s/ Matt Rozzi	 	 
	 	Fidelis LLC	 	 
	 	 	 	 
	 	By:	Matt Rozzi	 	 
	 	 	 	 
	 	Its:	Managing Member	 	 

 

	Agreed and Accepted:	 
	 	 
	/s/ Matt Rozzi	 
	Matt Rozzi	 

 

 

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