Document:

Exhibit 10.24

 

THIS
WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).  THEY MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
AS TO SUCH SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

RELIANT TECHNOLOGIES

WARRANT TO PURCHASE
SERIES B PREFERRED STOCK

	
  No.
  PBBW-    

  	
   

  	
                            ,
  200  

  

Void
After                                    ,
200 

THIS
CERTIFIES THAT,
for value received,                                                
, or his assigns (the “Holder”), is entitled to subscribe for and
purchase at the Exercise Price (defined below) from Reliant Technologies, Inc.,  a Delaware corporation (the “Company”), up to                         shares of the Series B Preferred
Stock of the Company (the “Series
B Preferred Stock”).

This Warrant is being
issued pursuant to the terms of the Series B Preferred Stock Purchase and
Warrant Agreement, dated May 1, 2003 by and among the Company and the
Purchasers therewith (the “Purchase
Agreement”).

1.             DEFINITIONS.  As used herein, the following terms shall have the
following respective meanings:

(a)           “Exercise Period” shall mean the period commencing with the
date hereof and ending five years later, unless sooner terminated as provided
below.

(b)           “Exercise Price” shall mean $2.00 per share, subject to
adjustment pursuant to Section 5 below.

(c)           “Exercise Shares” shall mean the shares of the Company’s
Series B Preferred Stock issuable upon exercise of this Warrant, subject to
adjustment pursuant to the terms herein, including but not limited to
adjustment pursuant to Section 5 below.

2.             EXERCISE
OF WARRANT.  The rights represented by this Warrant
may be exercised in whole or in part at any time during the Exercise Period, by
delivery of the following to the Company at its address set forth above (or at
such other address as it may designate by notice in writing to the Holder):

(a)           An executed Notice of Exercise in the form attached
hereto;

(b)           Payment of the Exercise Price in cash or by check; and

(c)           This Warrant.

 

1

 

Upon the exercise of the
rights represented by this Warrant, a certificate or certificates for the
Exercise Shares so purchased, registered in the name of the Holder or persons
affiliated with the Holder, if the Holder so designates, shall be issued and
delivered to the Holder within a reasonable time after the rights represented
by this Warrant shall have been so exercised.

The person in whose name
any certificate or certificates for Exercise Shares are to be issued upon
exercise of this Warrant shall be deemed to have become the holder of record of
such shares on the date on which this Warrant was surrendered and payment of
the Exercise Price was made, irrespective of the date of delivery of such
certificate or certificates, except that, if the date of such surrender and
payment is a date when the stock transfer books of the Company are closed, such
person shall be deemed to have become the holder of such shares at the close of
business on the next succeeding date on which the stock transfer books are
open.

2.1          Net Exercise. 
Notwithstanding any provisions herein to the contrary, if the fair
market value of one share of the Company’s Series B Preferred Stock is greater
than the Exercise Price (at the date of calculation as set forth below), in
lieu of exercising this Warrant by payment of cash, the Holder may elect to
receive shares equal to the value (as determined below) of this Warrant (or the
portion thereof being canceled) by surrender of this Warrant at the principal
office of the Company together with the properly endorsed Notice of Exercise in
which event the Company shall issue to the Holder a number of shares of Series
B Preferred Stock computed using the following formula:

	
  X = 

  	
  Y (A-B)

  
	
   

  	
  A

  

 

	
  Where X =

  	
   

  	
  the number of
  shares of Series B Preferred Stock to be issued to the Holder

  
	
   

  	
   

  	
   

  
	
  Y =

  	
   

  	
  the
  number of shares of Series B Preferred Stock purchasable under the Warrant
  or, if only a portion of the Warrant is being exercised, the portion of the
  Warrant being canceled (at the date of such calculation)

  
	
   

  	
   

  	
   

  
	
  A =

  	
   

  	
  the
  fair market value of one share of the Company’s Series B Preferred Stock (at
  the date of such calculation)

  
	
   

  	
   

  	
   

  
	
  B =

  	
   

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

  

 

For purposes of the above
calculation, the fair market value of one share of Series B Preferred Stock
shall be determined by the Company’s Board of Directors in good faith; provided, however, that in the event that
this Warrant is exercised pursuant to this Section 2.1 in connection with
the Company’s initial public offering of its Common Stock, the fair market
value per share shall be the product of (i) the per share offering price to the
public of the Company’s initial public offering, and (ii) the number of shares
of Common Stock into which each share of Series B Preferred Stock is
convertible at the time of such exercise.

 

2

 

3.             COVENANTS OF THE COMPANY.

3.1          Covenants as to Exercise Shares. 
The Company covenants and agrees that all Exercise Shares that may be
issued upon the exercise of the rights represented by this Warrant will, upon
issuance, be validly issued and outstanding, fully paid and nonassessable, and
free from all taxes, liens and charges with respect to the issuance
thereof.  The Company further covenants
and agrees that the Company will at all times during the Exercise Period, have
authorized and reserved, free from preemptive rights, a sufficient number of
shares of its Series B Preferred Stock to provide for the exercise of the
rights represented by this Warrant.  If
at any time during the Exercise Period the number of authorized but unissued
shares of Series B Preferred Stock shall not be sufficient to permit exercise
of this Warrant, the Company will take such corporate action as may, in the
opinion of its counsel, be necessary to increase its authorized but unissued
shares of Series B Preferred Stock to such number of shares as shall be
sufficient for such purposes.

3.2          No
Impairment.  Except and to the extent as waived or
consented to by the Holder, the Company will not, by amendment of its Second
Amended and Restated Certificate of Incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue
or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed
hereunder by the Company, but will at all times in good faith assist in the
carrying out of all the provisions of this Warrant and in the taking of all
such action as may be necessary or appropriate in order to protect the exercise
rights of the Holder against impairment.

3.3          Notices
of Record Date.  In the event of any taking by the Company of
a record of the holders of any class of securities for the purpose of
determining the holders thereof who are entitled to receive any dividend (other
than a cash dividend which is the same as cash dividends paid in previous
quarters) or other distribution, the Company shall mail to the Holder, at least
10 days prior to the date specified herein, a notice specifying the date on which
any such record is to be taken for the purpose of such dividend or
distribution.

4.             REPRESENTATIONS
OF HOLDER.

4.1          Acquisition
of Warrant for Personal Account.  The Holder
represents and warrants that it is acquiring the Warrant and the Exercise
Shares solely for its account for investment and not with a view to or for sale
or distribution of said Warrant or Exercise Shares or any part thereof.  The Holder also represents that the entire
legal and beneficial interests of the Warrant and Exercise Shares the Holder is
acquiring is being acquired for, and will be held for, its account only.

4.2          Securities
Are Not Registered.

(a)           The Holder understands that the Warrant and the
Exercise Shares have not been registered under the Securities Act of 1933, as
amended (the “Act”)
on the basis that no distribution or public offering of the stock of the
Company is to be effected.  The Holder
realizes that the basis for the exemption may not be present if,
notwithstanding its representations, the Holder has a present intention of
acquiring the securities for a fixed or 

 

3

 

determinable period in
the future, selling (in connection with a distribution or otherwise), granting
any participation in, or otherwise distributing the securities.  The Holder has no such present intention.

(b)           The Holder recognizes that the Warrant and the
Exercise Shares must be held indefinitely unless they are subsequently
registered under the Act or an exemption from such registration is available.  The Holder recognizes that the Company has no
obligation to register the Warrant or the Exercise Shares of the Company, or to
comply with any exemption from such registration.

(c)           The Holder is aware that neither the Warrant nor the
Exercise Shares may be sold pursuant to Rule 144 adopted under the Act unless
certain conditions are met, including, among other things, the existence of a
public market for the shares, the availability of certain current public
information about the Company, the resale following the required holding period
under Rule 144 and the number of shares being sold during any three month
period not exceeding specified limitations. 
Holder is aware that the conditions for resale set forth in Rule 144
have not been satisfied and that the Company presently has no plans to satisfy
these conditions in the foreseeable future.

4.3          Disposition
of Warrant and Exercise Shares.

(a)           The Holder further agrees not to make any disposition
of all or any part of the Warrant or Exercise Shares in any event unless and
until:

(i)            The Company shall have received a letter
secured by the Holder from the Securities and Exchange Commission stating that
no action will be recommended to the Commission with respect to the proposed
disposition;

(ii)           There is then in effect a registration
statement under the Act covering such proposed disposition and such disposition
is made in accordance with said registration statement; or

(iii)         The Holder shall have notified the
Company of the proposed disposition and shall have furnished the Company with a
detailed statement of the circumstances surrounding the proposed disposition,
and if reasonably requested by the Company, the Holder shall have furnished the
Company with an opinion of counsel, reasonably satisfactory to the Company, for
the Holder to the effect that such disposition will not require registration of
such Warrant or Exercise Shares under the Act or any applicable state
securities laws.

(b)           The Holder understands and agrees that all
certificates evidencing the shares to be issued to the Holder may bear the
following legend:

“THESE SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).  THEY MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
AS TO THE SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL 

 

4

 

 

SATISFACTORY TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

                                                THE SALE, PLEDGE, HYPOTHECATION OR
TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE
TERMS AND CONDITIONS OF A CERTAIN INVESTOR RIGHTS AGREEMENT BY AND BETWEEN THE
STOCKHOLDER AND THE COMPANY.  COPIES OF
SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE
COMPANY.

 

                                                THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO A RIGHT OF FIRST REFUSAL OPTION IN FAVOR OF THE
CORPORATION AND/OR ITS ASSIGNEE(S), AS PROVIDED IN THE BYLAWS OF THE
CORPORATION.”

 

5.             ADJUSTMENT
OF EXERCISE PRICE.  In the event of changes in the
outstanding Series B Preferred Stock of the Company by reason of stock
dividends, split-ups, recapitalizations, reclassifications, combinations or
exchanges of shares, separations, reorganizations, liquidations, or the like,
the number and class of shares available under the Warrant in the aggregate and
the Exercise Price shall be correspondingly adjusted to give the Holder of the
Warrant, on exercise for the same aggregate Exercise Price, the total number,
class, and kind of shares as the Holder would have owned had the Warrant been
exercised prior to the event and had the Holder continued to hold such shares
until after the event requiring adjustment; provided,
however, that such adjustment shall not be made with respect to, and
this Warrant shall terminate if not exercised prior to, the events set forth in
Section 7 below.  The form of this
Warrant need not be changed because of any adjustment in the number of Exercise
Shares subject to this Warrant.

6.             FRACTIONAL
SHARES.  No fractional shares shall be issued upon
the exercise of this Warrant as a consequence of any adjustment pursuant
hereto.  All Exercise Shares (including
fractions) issuable upon exercise of this Warrant may be aggregated for
purposes of determining whether the exercise would result in the issuance of
any fractional share.  If, after
aggregation, the exercise would result in the issuance of a fractional share,
the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise
entitled to such fraction a sum in cash equal to the product resulting from
multiplying the then current fair market value of an Exercise Share by such
fraction.

7.             EARLY
TERMINATION.  In the event of, at any time during the
Exercise Period, an initial public offering of securities of the Company
registered under the Act, or any capital reorganization, or any
reclassification of the capital stock of the Company (other than a change in
par value or from par value to no par value or no par value to par value or as
a result of a stock dividend or subdivision, split-up or combination of
shares), or the consolidation or merger of the Company with or into another
corporation (other than a merger solely to effect a reincorporation of the
Company into another state), or the sale or other disposition of all or
substantially all the properties and assets of the Company in its entirety to
any other person, the Company shall provide to the Holder twenty (20) days
advance written notice of such public offering, reorganization,
reclassification, consolidation, merger or sale or other disposition of the 

 

5

 

Company’s assets, and
this Warrant shall terminate unless exercised prior to the date such public
offering is closed or the occurrence of such reorganization, reclassification,
consolidation, merger or sale or other disposition of the Company’s assets.

8.             MARKET
STAND-OFF AGREEMENT.  Holder shall not sell, dispose of,
transfer, make any short sale of, grant any option for the purchase of, or
enter into any hedging or similar transaction with the same economic effect as
a sale, any Common Stock (or other securities) of the Company held by Holder,
for a period of time specified by the managing underwriter(s) (not to exceed
one hundred eighty (180) days) following the effective date of a registration
statement of the Company filed under the Act. 
Holder agrees to execute and deliver such other agreements as may be
reasonably requested by the Company and/or the managing underwriter(s) which
are consistent with the foregoing or which are necessary to give further effect
thereto.  In order to enforce the
foregoing covenant, the Company may impose stop-transfer instructions with
respect to such Common Stock (or other securities) until the end of such
period.  The underwriters of the Company’s
stock are intended third party beneficiaries of this Section 8 and shall have
the right, power and authority to enforce the provisions hereof as though they
were a party hereto.

9.             NO
STOCKHOLDER RIGHTS.  This Warrant in and of itself shall not
entitle the Holder to any voting rights or other rights as a stockholder of the
Company.

10.          TRANSFER
OF WARRANT.  Subject to applicable laws and the
restriction on transfer set forth on the first page of this Warrant, this
Warrant and all rights hereunder are transferable, by the Holder in person or
by duly authorized attorney, upon delivery of this Warrant and the form of
assignment attached hereto to any transferee designated by Holder.  The transferee shall sign an investment
letter in form and substance satisfactory to the Company.

11.          LOST,
STOLEN, MUTILATED OR DESTROYED WARRANT.  If this Warrant is lost, stolen,
mutilated or destroyed, the Company may, on such terms as to indemnity or
otherwise as it may reasonably impose (which shall, in the case of a mutilated
Warrant, include the surrender thereof), issue a new Warrant of like
denomination and tenor as the Warrant so lost, stolen, mutilated or
destroyed.  Any such new Warrant shall
constitute an original contractual obligation of the Company, whether or not
the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time
enforceable by anyone.

12.          NOTICES,
ETC.  All notices required or permitted
hereunder shall be in writing and shall be deemed effectively given: (a) upon
personal delivery to the party to be notified, (b) when sent by confirmed
telex or facsimile if sent during normal business hours of the recipient, if
not, then on the next business day, (c) five (5) days after having been
sent by registered or certified mail, return receipt requested, postage
prepaid, or (d) one (1) day after deposit with a nationally recognized
overnight courier, specifying next day delivery, with written verification of
receipt.  All communications shall be
sent to the Company at the address listed on the signature page and to Holder
at the address listed on the signature page of the Purchase Agreement or at
such other address as the Company or Holder may designate by ten (10) days
advance written notice to the other parties hereto.

13.          ACCEPTANCE.  Receipt of this Warrant by the Holder shall constitute
acceptance of and agreement to all of the terms and conditions contained
herein.

 

6

 

14.          GOVERNING
LAW.  This Warrant and all rights, obligations
and liabilities hereunder shall be governed by the laws of the State of
California.

 

7

 

IN
WITNESS WHEREOF,
the Company has caused this Warrant to be executed by its duly authorized
officer as of                   ,
200  .

 

	
   

  	
  RELIANT TECHNOLOGIES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  

 

8

NOTICE OF EXERCISE

TO:  Reliant Technologies, Inc.

(1)           o            The undersigned hereby elects to
purchase                 
shares of the Series B Preferred Stock of Reliant Technologies, Inc. (the “Company”) pursuant to
the terms of the attached Warrant, and tenders herewith payment of the exercise
price in full, together with all applicable transfer taxes, if any.

                o            The undersigned hereby elects to
purchase                 
shares of the Series B Preferred Stock of Reliant Technologies, Inc. (the “Company”) pursuant to
the terms of the net exercise provisions set forth in Section 2.1 of the
attached Warrant, and shall tender payment of all applicable transfer taxes, if
any.

(2)           Please
issue a certificate or certificates representing said shares of Series B
Preferred Stock in the name of the undersigned or in such other name as is
specified below:

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Name)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Address)

  	
   

  

 

(3)           The
undersigned represents that (i) the aforesaid shares of Series B Preferred
Stock are being acquired for the account of the undersigned for investment and
not with a view to, or for resale in connection with, the distribution thereof
and that the undersigned has no present intention of distributing or reselling
such shares; (ii) the undersigned is aware of the Company’s business affairs
and financial condition and has acquired sufficient information about the
Company to reach an informed and knowledgeable decision regarding its
investment in the Company; (iii) the undersigned is experienced in making
investments of this type and has such knowledge and background in financial and
business matters that the undersigned is capable of evaluating the merits and
risks of this investment and protecting the undersigned’s own interests; (iv)
the undersigned understands that the shares of Series B Preferred Stock
issuable upon exercise of this Warrant have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”), by reason of a specific
exemption from the registration provisions of the Securities Act, which
exemption depends upon, among other things, the bona fide nature of the
investment intent as expressed herein, and, because such securities have not
been registered under the Securities Act, they must be held indefinitely unless
subsequently registered under the Securities Act or an exemption from such
registration is available; (v) the undersigned is aware that the aforesaid
shares of Series B Preferred Stock may not be sold pursuant to Rule 144 adopted
under the Securities Act unless certain conditions are met and until the
undersigned has held the shares for the number of years prescribed by Rule 144,
that among the conditions for use of Rule 144 is the availability of current
information to the public about the Company and the Company has not made such
information available and has no present plans to do so; and (vi) the
undersigned agrees not to make any disposition of all or any part of the
aforesaid shares of Series B Preferred Stock unless and until there is then in
effect a registration statement under the Securities Act covering such proposed
disposition and such disposition is made in accordance 

 

with said registration statement, or the undersigned
has provided the Company with an opinion of counsel satisfactory to the
Company, stating that such registration is not required.

	
   

  	
   

  
	
  (Date)

  	
  (Signature)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   (Print name)

  

 

 

 

ASSIGNMENT FORM

(To assign the
foregoing Warrant, execute this form and supply required information.  Do not use this form to purchase shares.)

FOR VALUE
RECEIVED, the
foregoing Warrant and all rights evidenced thereby are hereby assigned to

	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  (Please Print)

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
  (Please Print)

  

 

Dated:                           , 20 

	
  Holder’s

  	
   

  	
   

  
	
  Signature:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Holder’s

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  

 

 

NOTE: 
The signature to this Assignment Form must correspond with the name as
it appears on the face of the Warrant, without alteration or enlargement or any
change whatever.  Officers of
corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.www.EXFILE.com  888.775-4789  MATRITECH, INC.   FORM 8-K

    

    EXHIBIT
      4.1

     

     

     

    
 

    SHORT
      TERM DEFERRAL

    

    

    

    CONSENT
      OF HOLDER OF 15% SECURED CONVERTIBLE PROMISSORY NOTES DATED JANUARY 13, 2006
      AND/OR DATED JANUARY 22, 2007 TO DEFER PAYMENTS UNTIL AUGUST 28,
      2007

    

    

    

    The
      undersigned Holder hereby consents to have Matritech, Inc. defer to
August 28, 2007 all payments due to the Holder on August 13,
      2007 with respect to the 15% Secured Convertible Promissory Notes dated January
      13, 2006 and the Series B 15% Secured Convertible Promissory Notes dated January
      22, 2007.

    

    

    Holder:
      ______________________

    

    

    By:_________________________

    Name:_______________________

    Title:________________________

    Date:________________________

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