Document:

Stipulation and Consent

 Exhibit 10.2 
 UNITED STATES OF AMERICA 
 Before The 
 OFFICE OF THRIFT SUPERVISION 
  

					
	 In The Matter of:
	 	)	  	
		 	)	  	
	 BankUnited, FSB
	 	)	  	OTS Order No.: SE-09-023
	 Coral Gables, Florida
	 	)	  	
		 	)	  	
	 OTS Docket No. 08045
	 	)	  	Dated: April 14, 2009
	 	 	)	  	

 STIPULATION AND CONSENT TO 
 PROMPT CORRECTIVE ACTION DIRECTIVE 
  

	1.	The Office of Thrift Supervision (OTS) has informed BankUnited, FSB, Coral Gables, Florida, OTS No. 08054 (Institution), based upon information reported to the OTS, that
grounds exist to issue a Prompt Corrective Action Directive (PCA Directive) pursuant to Section 38 of the Federal Deposit Insurance Act (FDIA), 12 U.S.C. § 1831o, and Section 565.7 of the OTS Regulations, 12 C.F.R. § 565.7,
against the Institution. The Institution, in the interest of cooperation and to avoid the time and expense of pursuing further OTS administrative procedures for the issuance of a PCA Directive, stipulates and consents to the terms set forth in this
Stipulation and Consent. 

  

	2.	The Institution stipulates it is a federal savings association subject to the supervision and regulation by the OTS. The Institution is a “savings association” as that
term is used in the Home Owners’ Loan Act (HOLA), 12 U.S.C. §§ 1461 et seq., and an “insured depository institution” as defined in 12 U.S.C. §§ 1813(b) and 1813(c)(2). The Institution stipulates, as such,
that it is subject to the OTS’s authority to issue a directive to take prompt corrective action pursuant to Section 38 of FDIA, 12 U.S.C. § 1831o, and Section 565.7 of the OTS Regulations, 12 C.F.R. § 565.7.

  

	3.	The Institution consents, by execution of this Stipulation and Consent, to the OTS’s issuance of the accompanying PCA Directive. The Institution further agrees to comply with
the terms of the PCA Directive. 

  

	4.	The Institution consents, by execution of this Stipulation and Consent, to the OTS’s appointment of a conservator or receiver or other legal custodian for the Institution at
any time that the Institution is “significantly undercapitalized” and until such time as the Institution becomes “adequately capitalized” as determined pursuant to Section 38 of FDIA, 12 U.S.C. § 1831o, and
Section 565.4 of the OTS Regulations, 12 C.F.R. § 565.4. The Institution hereby waives its rights to seek judicial review of such appointment. 

 Prompt Corrective Action Stipulation (04/14/2009) 
 BankUnited, FSB, Coral Gables, FL OTS No. 08045 
 Page 2 
  

	5.	The Institution, by execution of this Stipulation and Consent, authorizes the OTS to provide otherwise confidential information about the Institution to third parties to facilitate
the possible acquisition of the Institution by a qualified buyer, sale of the Institution’s assets or the purchase of the Institution’s branches, or the possible merger of the Institution with a qualified merger partner.

  

	6.	The Institution, by execution of this Stipulation and Consent, authorizes the Federal Deposit Insurance Corporation (FDIC) to provide otherwise confidential information to third
parties to facilitate the liquidation or other resolution of the Institution in anticipation of the possible appointment of the FDIC as conservator, receiver, or other legal custodian. The Institution hereby agrees that upon notification that it is
“critically undercapitalized” pursuant to Section 565.3 of the OTS Regulations, 12 C.F.R. § 565.3, the Institution will cooperate fully with the FDIC to avoid a loss or otherwise minimize exposure to the insurance fund. Such
cooperation includes, but is not limited to, responding to requests for information, providing full access to personnel, agents and service providers, and accommodating on-site visits. Nothing herein shall be interpreted to preclude such cooperation
with the FDIC at any time prior to such time as the Institution may be notified that it is “critically undercapitalized.” 

  

	7.	The attached PCA Directive is effective upon issuance. The Institution acknowledges that the PCA Directive is enforceable pursuant to Section 5(d) of HOLA, 12 U.S.C. §
1464(d), and Section 8 of FDIA, 12 U.S.C. § 1818. 

  

	8.	The Institution hereby waives the following: 

 (a) its
rights to pursue the OTS’s administrative process for issuance of the accompanying PCA Directive pursuant to 12 C.F.R. § 565.7; 
 (b) any and all rights it might otherwise have pursuant to federal law or regulations (including, but not limited to, 12 U.S.C. § 1831o and 12 C.F.R. § 565.7) in connection with issuance of the PCA Directive; 
 (c) its right to seek judicial review of the PCA Directive, including, but not limited to, any such right provided by Section 8(h) of FDIA, 12 U.S.C.
§ 1818(h); and 
 (d) its right to challenge or contest in any manner the basis, issuance, validity or enforceability of the PCA
Directive or any provision thereof. 
  

	9.	The Cease and Desist Order dated September 19, 2008, remains in effect. 

  

	10.	(a) The laws of the United States of America shall govern the construction and validity of this Stipulation and Consent and the PCA Directive. 

 Prompt Corrective Action Stipulation (04/14/2009) 
 BankUnited, FSB, Coral Gables, FL OTS No. 08045 
 Page 3 
 (b) All references to the OTS in this Stipulation and Consent and the PCA Directive also shall mean any of the OTS’s predecessors, successors, and
assigns. 
 (c) To the extent this Stipulation and Consent and PCA Directive may be deemed an agreement, the written terms herein and in the
accompanying PCA Directive represent the final and sole binding written terms of such agreement with respect to the subject matters addressed therein. 
  

	11.	Each Director signing this Stipulation attests that s/he voted in favor of the resolution authorizing the execution of this Stipulation. 

 BankUnited, FSB 
 Coral Gables, Florida 
 OTS No. 08045 
  

									
					
	By:	 	/s/  Lawrence H. Blum	 		 	By:	 	/s/   Tod Aronovitz
		 	Lawrence H. Blum, Chairman	 		 		 	Tod Aronovitz, Director

  

									
					
	By:	 	/s/  Allen M. Bernkrant	 		 	By:	 	Hardy C. Katz
		 	Allen M. Bernkrant, Director	 		 		 	Hardy C. Katz, Director

  

									
					
	By:	 	/s/  Marc D. Jacobson	 		 	By:	 	Neil H. Messinger
		 	Marc D. Jacobson, Director	 		 		 	Neil H. Messinger, Director

  

									
					
	By:	 	/s/  Ramiro A. Ortiz	 		 	By:	 	/s/   Bradley S. Weiss
		 	Ramiro A. Ortiz, Director	 		 		 	Bradley S. Weiss, Director

 Accepted By: 
 Office of Thrift Supervision 
  

			
		
	By:	 	/s/  Arthur W. Goodhand
		 	 Arthur W. Goodhand
 Acting Southeast Regional Director

 Date: See Effective Date on Page 1Exchange Agreement, dated April 7, 2009

 Exhibit 10.1 
 EXCHANGE AGREEMENT 
 This EXCHANGE AGREEMENT
(this “Agreement”) is dated as of April 7, 2009 between CELL THERAPEUTICS, INC., a Washington corporation (the “Company”), and
MILFAM I L.P. (the “Holder”). 
 WHEREAS, the Holder holds
100 shares of the Company’s Series A 3% Convertible Preferred Stock (“Preferred Stock”) and associated warrants (the “Associated Warrants”) to purchase shares of the Company’s common stock,
no par value (“Common Stock”); 
 WHEREAS, the Company wishes to issue 288,517
shares of newly-issued shares of Common Stock to the Holder in exchange for such 100 shares of Preferred Stock and such Associated Warrants; and 
 WHEREAS, the Holder wishes to surrender such 100 shares of Preferred Stock and such Associated Warrants to the Company in exchange for such 288,517 shares of newly-issued Common Stock. 
 NOW, THEREFORE, the Company and the Holder agree as follows: 
 1. EXCHANGE. Simultaneously with the execution of this Agreement, the Company shall and hereby does issue to the Holder
288,517 unlegended and freely tradable shares of newly-issued Common Stock (such 288,517 shares of Common Stock are referred to herein as the “Shares”) in exchange for the Holder’s 100 shares of Preferred Stock and such
Associated Warrants, and the Holder shall and hereby does surrender such 100 shares of Preferred Stock and such Associated Warrants to the Company in exchange for such Shares. It is expressly understood and agreed that such exchange is made under
Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”). The Company shall not issue any stop-transfer order, instruction or other restriction with respect to any of the Shares. 
 (a) Delivery of Preferred Stock. The Holder agrees to, within three business days after the date of this Agreement, deliver
to the Company the share certificate representing all 100 shares of the Holder’s Preferred Stock and the warrant instrument representing the Associated Warrants. 
 (b) Delivery of Shares. The Company agrees to credit the number of Shares to the balance account with The Depository Trust
Company specified by the Holder through its Deposit Withdrawal Agent Commission system, to the Holder within two business days after the date of this Agreement. 
 2. REPRESENTATIONS AND WARRANTIES. The Company represents and warrants to the Holder (on the date hereof and on the date of the delivery of the Shares) that:

 (a) The offer and issuance of the Shares is and will be exempt from registration under the Securities Act, pursuant
to the exemption provided by Section 3(a)(9) thereof. As a result of the foregoing, the Shares shall be freely tradable by the Holder. 
  

 1. 

 (b) The Company has the requisite power and authority to enter into and perform
its obligations under this Agreement and to issue the Shares in accordance with the terms hereof and thereof. The execution and delivery of this Agreement by the Company, and the consummation by the Company of the transactions contemplated hereby,
including, without limitation, the issuance of the Shares, have been duly authorized by the Company’s board of directors, and (other than any filings as may be required by any federal and state securities agencies) no further filing, consent or
authorization is required by the Company, its board of directors or its shareholders. This Agreement has been duly executed and delivered by the Company, and constitutes the legal, valid and binding obligations of the Company, enforceable against
the Company in accordance with its terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally,
the enforcement of applicable creditors’ rights and remedies. The execution, delivery and performance by the Company of this Agreement and the offer and issuance of the Shares requires no consent of, action by or in respect of, or filing with,
any person or entity, governmental body, agency, or official. 
 (c) The Shares, when issued pursuant to the terms
hereof, will be validly issued, fully paid and nonassessable and free from all taxes, liens, charges and other encumbrances with respect to the issue thereof. 
 (d) The execution and delivery by the Company of this Agreement and the performance by the Company of its obligations hereunder,
and the issuance and delivery of the Shares, will not (i) violate any provision of law, any order of any court or other agency of government, (ii) violate the articles of incorporation or the bylaws of the Company, each as amended,
(iii) violate any provision of any indenture, agreement or other instrument to which the Company or any of its properties or assets is bound, or (iv) conflict with, result in a breach of or constitute (with due notice or lapse of time or
both) a default under any such indenture, agreement or other instrument. 
 (e) The authorized capital stock of the
Company which is common stock consists of 800,000,000 shares of Common Stock, no par value per share. As of the date of this Agreement, 379,440,863 shares of Common Stock were validly issued and outstanding, fully paid and nonassessable. All
outstanding securities of the Company are validly issued, fully paid and nonassessable. No stockholder of the Company is entitled to any preemptive rights with respect to the purchase of or sale of any securities of the Company. 
 (f) The Company has not, nor has any subsidiary of the Company, nor has any person acting on its or their behalf, directly or
indirectly made any offers or sales of any security or solicited any offers to buy any security under circumstances that would cause the exchange and issuance of the Shares pursuant to this Agreement or any related agreements to be integrated with
prior offerings by the Company or any subsidiary of the Company for purposes of the Securities Act which would prevent the Company from delivering the Shares to the Holder pursuant to Section 3(a)(9) of the Securities Act, nor will the Company,
nor any subsidiary of the Company take any action or steps that would cause the exchange, issuance and delivery of the Shares to be integrated with other offerings to the effect that the delivery of the Shares to the Holder would be seen not to be
exempt pursuant to Section 3(a)(9) of the Securities Act. 
  

 2. 

 (g) Upon the issuance and delivery of the Shares to the Holder by the Company,
such Shares shall be listed upon each such national securities exchange upon which the Common Stock is then listed and the Company shall maintain such listing of all of the Shares on such national securities exchange to the extent that the listing
of any other shares of Common Stock is so maintained there. 
 (h) The representations and warranties made by the
Company in this Agreement, taken as a whole, do not contain and will not contain, any misstatements of material fact or omit to state any material fact necessary in order to make the statements contained herein or therein, in the light of the
circumstances under which they were made, not misleading. 
 3. ENTIRE AGREEMENT.
This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior and/or contemporaneous agreements and understandings, oral or written, with respect to such matters. 
 4. COUNTERPARTS. This Agreement may be executed in counterparts, all of which when taken together shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered (by fax, email or otherwise) to the other party, it being understood that both parties need not sign the same
counterpart. 
 5. INDEMNIFICATION. The Company agrees to indemnify, hold harmless, reimburse and defend the
Holder, each of the Holder’s officers, directors, agents, affiliates, employees, control persons, partners and principal shareholders, against any claim, cost, expense, liability, obligation, loss or damage (including reasonable legal fees and
expenses) of any nature, incurred by or imposed upon the Holder which results, arises out of or is based upon: (i) any misrepresentation by the Company or breach of any warranty by the Company in this Agreement; or (ii) any breach or
default in performance by the Company of any covenant or undertaking to be performed by Company hereunder. 
 6.
AMENDMENTS AND WAIVERS. No amendment of any provision of this Agreement shall be effective unless it is in writing and signed by the parties hereto, and no waiver of any provision of this
Agreement, nor consent to any departure by either party from it, shall be effective unless it is in writing and signed by the affected party, and then such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given. No failure on the part of a party to exercise, and no delay in exercising, any right or remedy under this Agreement shall operate as a waiver by such party, nor shall any single or partial exercise of any right or remedy
under the Agreement preclude any other or further exercise thereof or the exercise of any other right or remedy. 
 7.
SURVIVAL OF AGREEMENT. All covenants, agreements, representations and warranties made in this Agreement will survive the execution and delivery of this Agreement and the issuance and delivery of
the Shares. 
 8. GOVERNING LAW. This Agreement will be governed by and construed in accordance
with the substantive laws of the State of New York without regard for conflicts of laws or choice of laws principles. 
  

 3. 

 9. FURTHER ASSURANCES. Each party hereto agrees to
(i) execute and deliver, or cause to be executed and delivered, all such other and further agreements, documents and instruments and (ii) take or cause to be taken all such other and further actions as the other party hereto may reasonably
request to effectuate the intent and purposes, and carry out the terms, of this Agreement. 
 [signature page follows] 
  

 4. 

 IN WITNESS WHEREOF, the parties hereto
have caused this Exchange Agreement to be duly executed by their respective authorized signatories as of the date first indicated above. 
  

									
	CELL THERAPEUTICS, INC.	 		 	MILFAM I L.P.
				
		 		 	By:	 	Milfam LLC
		 		 	Its:	 	General Partner
					
	By:	 	/s/ James A. Bianco, M.D.	 		 	By:	 	/s/ Lloyd I. Miller
		 	James A. Bianco, M.D.	 		 		 	Lloyd I. Miller, Manager
		 	CEO	 		 		 	

  

 5.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]