Document:

EX-10.30

 

EXHIBIT 10.30

Execution Copy

AMENDMENT AND TEMPORARY WAIVER AGREEMENT

     THIS AMENDMENT AND TEMPORARY WAIVER AGREEMENT (this “Amendment”), is made and entered
into as of November 14, 2007 among AMERICAN COLOR GRAPHICS, INC., a New York corporation (together
with any permitted successors and assigns, “ACG”), AMERICAN COLOR GRAPHICS FINANCE, LLC, a
Delaware limited liability company (together with any permitted successors and assigns, “ACG
Finance” and, together with ACG, the “ACG Parties”), the financial institutions
identified on the signature pages hereof as Lenders (collectively, the “Lenders”), and BANK
OF AMERICA, N.A., as Administrative Agent (in such capacity, “Administrative Agent”) and
collateral agent (in such capacity, “Collateral Agent”).

RECITALS

     1. ACG Finance, the Administrative Agent, the Collateral Agent and the Lenders are parties to
that certain Credit Agreement, dated as of September 26, 2006, as amended by that certain Omnibus
Amendment of Loan Documents, dated as of June 13, 2007 (the “Omnibus Amendment”) (as
amended prior to the date hereof, the “Existing Credit Agreement”); ACG Finance, ACG, in
its capacity as servicer (in such capacity, the “Servicer”) and the Administrative Agent
are parties to that certain Servicing Agreement, dated as of September 26, 2006, as amended by that
certain First Amendment to Servicing Agreement, dated as of March 30, 2007, as further amended by
the Omnibus Amendment, and as further amended by that certain letter amendment dated July 3, 2007
(as amended prior to the date hereof, the “Existing Servicing Agreement”); and ACG Finance
and ACG are parties to that certain Contribution and Sale Agreement, dated as of September 26, 2006
(the “Existing Contribution Agreement”).

     2. The ACG Parties have advised the Administrative Agent and the Lenders that they will be
unable to satisfy the requirements of (i) Section 5.01(a) of the Existing Credit Agreement, Section
3.2(a) of the Existing Servicing Agreement and Section 5.1(j)(i) of the Existing Contribution
Agreement, with respect to delivery of an opinion by its certified public accountants not subject
to a going concern qualification, for the fiscal year ending March 31, 2007, and (ii) Section 5.3
of the Existing Servicing Agreement, with respect to the fiscal quarters ending September 30, 2007
and December 31, 2007.

     3. ACG has further advised the Administrative Agent and the Lenders that it has reached an
agreement with certain holders of the Second Lien Notes (as hereinafter defined) pursuant to which
ACG will solicit the consent of the holders of at least 90% of the outstanding principal amount of
the Second Lien Notes (such holders being referred to herein as the “Consenting
Noteholders”) by which such Consenting Noteholders would (i) accept promissory notes (the
“Second Lien Supplemental Notes”), due March 15, 2008, in lieu of cash payment of scheduled
interest due on December 15, 2007 under the Second Lien Notes, (ii) prospectively waive any default
or event of default as a result of ACG’s failure to pay in cash the interest due to the Consenting
Noteholders on December 15, 2007 under the Second Lien Notes, and (iii)
cause the Second Lien Indenture to be amended to allow the incurrence by ACG of an additional $5
million of secured indebtedness.

 

 

     4. ACG Finance and ACG have requested that the Lenders (i) provide a limited waiver of the
Pending Defaults (as hereinafter defined), and (ii) continue to make available to ACG Finance the
Loans.

     5. The Lenders and the Administrative Agent are willing to provide a limited waiver of the
Pending Defaults and continue to make available the Loans to ACG Finance, based upon and subject to
the terms and conditions specified in this Amendment.

     NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereby agree as follows:

ARTICLE I

Definitions

     Section 1.1 Certain Definitions. Unless otherwise defined herein or the context
otherwise requires, the following terms used in this Amendment have the following meanings:

     “Amended and Restated Indenture” means that certain Amended and Restated
Indenture, dated as of November 14, 2007, among ACG, ACG Holdings, Inc. and The Bank of New
York Trust Company, N.A., as trustee, issued in connection with the Second Lien Supplemental
Notes and amending the Second Lien Indenture.

     “Amended Contribution Agreement” means the Existing Contribution Agreement as
amended hereby.

     “Amended Credit Agreement” means the Existing Credit Agreement as amended
hereby.

     “Amended Servicing Agreement” means the Existing Servicing Agreement as amended
hereby.

     “Amendment Effective Date” shall mean, in accordance with Article V of this
Amendment, the date upon which ACG and ACG Finance have satisfied in the determination of
the Administrative Agent and the Lenders (or satisfaction thereof has been waived by the
Administrative Agent and the Lenders) each of the conditions set forth in Article V of this
Amendment.

     “Consenting Noteholders” shall have the meaning ascribed to it in the Recitals
hereto.

     “Pending Defaults” means (A) ACG Finance’s and ACG’s failure to satisfy the
requirements of (i) Section 5.01(a) of the Existing Credit Agreement, Section 3.2(a) of the
Existing Servicing Agreement and Section 5.1(j)(i) of the Existing Contribution Agreement,
with respect to delivery of an opinion by its certified public accountants not
subject to a going concern qualification, for the fiscal year ending March 31, 2007,
and (ii) Section 5.3 of the Existing Servicing Agreement, with respect to the fiscal
quarters ending September 30, 2007 and December 31, 2007, and (B) any Default existing as a

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result of ACG Finance’s and ACG’s acknowledgements set forth in Section 2.1(c) of the
Amendment.

     “Second Lien Indenture” means that certain Indenture, dated as of July 3, 2003,
among ACG, ACG Holdings, Inc. and The Bank of New York, as trustee, as amended by the
Amended and Restated Indenture.

     “Second Lien Notes” shall means ACG’s 10% Senior Second Secured Notes due 2010
issued pursuant to the Second Lien Indenture.

     “Second Lien Supplemental Notes” shall have the meaning ascribed to it in the
Recitals hereto.

     Section 1.2. Other Definitions. Unless otherwise defined herein or the context
otherwise requires, terms used in this Amendment have the meanings provided in the Amended Credit
Agreement.

ARTICLE II

Limited Waiver and Reaffirmation

     Section 2.1 Limited Waiver. (a) The ACG Parties acknowledge that the Pending Defaults
will result from ACG Finance’s and ACG’s failure to be able to comply with (i) the financial
covenant contained in Section 5.3 of the Existing Servicing Agreement for the fiscal quarters
ending nearest September 30, 2007 and December 31, 2007, respectively, and (ii) the requirement in
Section 5.01(a) of the Existing Credit Agreement, Section 3.2(a) of the Existing Servicing
Agreement and Section 5.1(j)(i) of the Existing Contribution Agreement that ACG’s annual financial
statements be accompanied by the opinion of its certified public accountants not subject to a going
concern qualification, for the fiscal year ending March 31, 2007. Effective on (and subject to the
occurrence of) the Amendment Effective Date, the Lenders hereby waive the Pending Defaults for the
period from September 30, 2007 through and including February 15, 2008 (the “Waiver
Period”) for all purposes of the Existing Credit Agreement (including, without limitation,
Section 4.03(b) thereof), the Existing Servicing Agreement and the other Loan Documents. This
limited waiver shall not modify or affect (i) ACG’s obligation to comply with the terms of Section
5.3 of the Amended Servicing Agreement as measured for the fiscal quarters ending nearest September
30, 2007 and December 31, 2007, respectively, (ii) ACG’s obligation to comply with the terms of
Section 5.3 of the Amended Servicing Agreement as measured at the end of any fiscal quarter other
than the ones ending nearest September 30, 2007 and December 31, 2007, (iii) the ACG Parties’
obligation to comply with the terms of Section 5.01(a) of the Existing Credit Agreement, Section
3.2(a) of the Existing Servicing Agreement and Section 5.1(j)(i) of the Existing Contribution
Agreement for the fiscal year ending nearest March 31, 2007, (iv) the ACG Parties’ obligation to
comply with the terms of Section 5.01(a) of the Existing Credit Agreement, Section 3.2(a) of the
Existing Servicing Agreement and Section 5.1(j)(i) of the Existing Contribution Agreement for any
fiscal year other than the one ending
nearest March 31, 2007, or (iv) the ACG Parties’ obligation to comply fully with any other duty,
term, condition, obligation or covenant contained in the Amended Credit Agreement, the Amended
Servicing Agreement or the other Loan Documents.

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     (b) Except for the limited waiver set forth above, nothing contained herein shall be deemed to
constitute or imply a waiver of any rights or remedies which the Administrative Agent or any Lender
may have under the Amended Credit Agreement, the Amended Servicing Agreement, any other Loan
Document, or under applicable law; it being understood that the Administrative Agent and the
Lenders may not exercise their rights and remedies with respect to the Pending Defaults during the
Waiver Period as long as no other Servicer Default, Default or Event of Default occurs or exists.
The limited waiver set forth herein shall be effective only in this specific instance for the
duration of the Waiver Period and shall not obligate the Lenders or the Administrative Agent to
waive any other Servicer Default, Default or Event of Default, now existing or hereafter arising.
This is a one-time waiver, and the Administrative Agent and the Lenders shall have no obligation to
extend the waiver or otherwise amend the Amended Credit Agreement or the Amended Servicing
Agreement at the end of the Waiver Period. This limited waiver shall not establish a custom or
course of dealing or conduct between the Administrative Agent, any Lender, ACG Finance, ACG or any
other ACG Party.

     (c) The ACG Parties acknowledge and agree that unless the Required Lenders further amend the
Amended Credit Agreement, the Amended Servicing Agreement and the Amended Contribution Agreement or
otherwise agree in writing to continue this waiver beyond February 15, 2008, an Event of Default
and a Servicer Default will exist under the Amended Credit Agreement and the Amended Servicing
Agreement as of February 15, 2008, for which no grace period or cure period shall apply, and the
Administrative Agent and the Lenders may pursue all rights and remedies available to them under the
Amended Credit Agreement, the Amended Servicing Agreement, the other Loan Documents and applicable
law. The ACG Parties further acknowledge and agree that, to the extent any Servicer Defaults,
Defaults or Events of Default (other than the Pending Defaults) now exist or hereafter arise during
the Waiver Period, the Administrative Agent and the Lenders may immediately pursue all rights and
remedies available to them in respect thereof under the Amended Credit Agreement, the Amended
Servicing Agreement, the other Loan Documents, and applicable law. The Administrative Agent hereby
acknowledges that, to the best of its knowledge as of the date hereof, before giving effect to the
foregoing limited waiver, there are no Servicer Defaults, Defaults or Events of Default under the
Existing Credit Agreement or the Existing Servicing Agreement other than the Pending Defaults.

     Section 2.2 Reaffirmation of ACG Party Obligations. Each ACG Party hereby ratifies
the Amended Credit Agreement and the Amended Servicing Agreement and acknowledges and reaffirms (i)
that it is bound by all terms of the Amended Credit Agreement and the Amended Servicing Agreement
and (ii) that it is responsible for the observance and full performance of the Obligations,
including without limitation the repayment of the Loans, in accordance with the terms of the
Amended Credit Agreement. Each ACG Party further represents and warrants to the Administrative
Agent and the Lenders that none of the ACG Parties has any claims, counterclaims, offsets, credits
or defenses to the Loan Documents or the performance of their respective obligations thereunder, or
if any ACG Party has any such claims, counterclaims, offsets, creditors or defenses to the Loan
Documents or any transaction related to the Loan Documents, the same are hereby fully and
irrevocably waived, relinquished and released in
consideration of the execution and delivery of this Amendment by the Administrative Agent and the
Lenders.

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ARTICLE III

Amendments to Loan Documents

Part 1: Amendment to Existing Servicing Agreement

     Effective on (and subject to the occurrence of) the Amendment Effective Date, the Existing
Servicing Agreement is hereby amended in accordance with this Article III. Except as so amended,
the Existing Servicing Agreement shall continue in full force and effect.

     Section 3.1 Deletion of Definition of “Total Liquidity Measurement Dates”. Section
1.1 of the Existing Servicing Agreement is amended by deleting the definition of “Total Liquidity
Measurement Dates”.

     Section 3.2 Amendment of Definition of “Total Liquidity”. The definition of “Total
Liquidity” in Section 1.1 of the Existing Servicing Agreement is hereby amended in its entirety to
read as follows:

     “Total Liquidity” means the sum of (i) the aggregate amount of all
cash and Cash Equivalents (as defined in the ACG Senior Facility) of the Loan
Parties (as defined in the ACG Senior Facility) under the ACG Senior Facility and
all cash and Cash Equivalents of ACG Finance which are available for distribution
to the Parent, (ii) the Aggregate Revolving Commitments (as defined in the ACG
Senior Facility) minus the Total Revolving Outstandings (as defined in the ACG
Senior Facility), (iii) the amount of ACG Finance’s Availability, and (iv) the
amount of additional Availability that would be created under the Credit
Agreement (as amended from time to time), as of any date of determination, if the
Seller were to transfer all additional qualifying receivables to ACG Finance
pursuant to the terms and conditions of the Contribution Agreement (as amended
from time to time). For purposes of this definition, cash and Cash Equivalents
of the Loan Parties (as defined in the ACG Senior Facility) and ACG Finance shall
include (without duplication) all deposits which have been made into lockboxes of
the Loan Parties (as defined in the ACG Senior Facility) and Borrower in the
ordinary course of business but which have not cleared or been released.

     Section 3.3 Amendment of Section 3.3(f) of the Servicing Agreement. Section 3.3(f) of
the Existing Servicing Agreement is hereby amended in its entirety to read as follows:

     (f) Within two (2) Business Days after the Friday of each week, deliver to
the Administrative Agent a certificate, in form, detail, and substance reasonably
satisfactory to the Administrative Agent, signed by the chief financial officer
or the vice president and assistant treasurer of the Servicer, calculating the
Total Liquidity as of such preceding Friday.

     Section 3.4 Amendment to Section 5.4 of the Servicing Agreement. Section 5.4 of the
Existing Servicing Agreement is hereby amended in its entirety to read as follows:

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     5.4 Minimum Total Liquidity. Permit the Total Liquidity as of the
close of business on Friday of each week (or if any Friday is not a Business Day,
on the immediately preceding Thursday) to be less than $4,000,000.

Part 2: Amendment to Existing Credit Agreement

     Effective on (and subject to the occurrence of) the Amendment Effective Date, the Existing
Credit Agreement is hereby amended in accordance with this Article III. Except as so amended, the
Existing Credit Agreement shall continue in full force and effect.

     Section 3.5. Amendment to Section 2.16 of the Credit Agreement. Section 2.16 of the
Existing Credit Agreement is hereby amended in its entirety to read as follows:

     Section 2.16 Termination or Reduction of Commitments; Commitment Reduction
Compensation.

     (a) Upon at least three (3) Business Days’ prior written notice to the
Administrative Agent, the Borrower may, at any time, subject to Section 2.16(b), in
whole permanently terminate, or from time to time in part permanently reduce (but in
no event may the Commitments be reduced to below $20,000,000 without being in whole
permanently terminated), the Commitments. Each such partial reduction shall be in
the principal amount of $1,000,000 or any integral multiple of $500,000 in excess
thereof. Each such reduction or termination shall (i) be applied ratably to the
Commitments of each Lender and (ii) be irrevocable when given. At the effective
time of each such reduction or termination, the Borrower shall pay to the
Administrative Agent for application as provided herein (i) the Unused Fee accrued
on the amount of the Commitments so terminated or reduced through the date thereof;
(ii) any amount by which the sum of the Revolving Loans on such date exceed the
amount to which the Commitments are to be reduced effective on such date, in each
case pro rata based on the amount prepaid; and (iii) the amount of any Commitment
Reduction Compensation due under Section 2.16(b).

     (b) As a result of the impracticability and difficulty of ascertaining and
quantifying actual damages to the Lenders caused by early reductions or termination
of the Commitments, and by mutual agreement of the Administrative Agent, the Lenders
and the Loan Parties as to a reasonable approximation of the damages to the Lenders
as a result of any such early reduction or termination, all reductions or early
termination of the Commitments that are made pursuant to Section 2.16(a) prior to or
on June 30, 2008 shall be accompanied by compensation (the “Commitment Reduction
Compensation”) equal in amount to (i) the amount of reduction in the Commitment
effected thereby (ii) multiplied by 1%. Any reduction or termination of the
Commitments occurring on or after July 1, 2008 shall not be subject or give rise to any Commitment Reduction
Compensation.

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     Notwithstanding the foregoing, if the Commitments shall be terminated and the
unpaid principal amount of the Revolving Loans and all interest and other amounts in
respect thereof shall become due and payable prior to the scheduled maturity of such
amounts for any reason under Section 7.01, then the Lenders shall be entitled to the
Commitment Reduction Compensation as of the date that such amounts become due and
payable under Section 7.01. Any Commitment Reduction Compensation payable pursuant
to this Section 2.16 shall be presumed to be the amount of damages suffered by the
Lenders as a result of the early reduction or termination of the Commitments and the
Borrower agrees that it is reasonable under the existing circumstances.

     (c) The Administrative Agent will promptly notify the Lenders of any notice of
termination or reduction of the Commitments. Any reduction of the Commitments shall
be applied to the Commitment of each Lender according to its Commitment Percentage.
All commitment and other fees accrued until the effective date of any termination of
the Commitments shall be paid on the effective date of such termination.

ARTICLE IV

Representations and Warranties

     The ACG Parties represent and warrant to the Administrative Agent, the Collateral Agent, the
Lenders and each other that, on and as of the Amendment Effective Date, and after giving effect to
this Amendment:

     Section 4.1 Authority. Each of the ACG Parties has all the necessary corporate or
limited liability company power to make, execute, deliver, and perform this Amendment, has taken
all necessary corporate or limited liability company action to authorize the execution, delivery
and performance of this Amendment and has duly executed and delivered this Amendment. This
Amendment and the Loan Documents constitute the legal, valid and binding obligations of each of the
ACG Parties that is a party thereto, enforceable against each of them in accordance with their
terms except as such enforceability may be subject to (a) the Debtor Relief Laws and (b) general
principles of equity.

     Section 4.2 No Legal Obstacle to Agreement. Neither the execution of this Amendment,
nor the performance of the Amended Servicing Agreement or the Amended Credit Agreement has
constituted or resulted in or will constitute or result in a breach of the provisions of any
contract to which an ACG Party is a party, or the violation of any law, judgment, decree or
governmental order, rule or regulation applicable to an ACG Party, or result in the creation under
any agreement or instrument of any security interest, lien, charge, or encumbrance upon any of the
assets of an ACG Party. No approval or authorization of any governmental authority is required to
permit the execution, delivery or performance by an ACG Party of this
Amendment, the Amended Servicing Agreement, the Amended Credit Agreement or the transactions
contemplated hereby or thereby.

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     Section 4.3 Incorporation of Certain Representations. The representations and
warranties set forth in Article IV of the Amended Servicing Agreement and in Article III of the
Amended Credit Agreement are true and correct in all material respects on and as of the Amendment
Effective Date as though made on and as of the date hereof except for any representations and
warranties that expressly relate solely to an earlier date, which representations and warranties
were true and accurate in all material respects on and as of such earlier date.

     Section 4.4 Default. No Servicer Default, Default or Event of Default has occurred
and is continuing under the Amended Credit Agreement or the Amended Servicing Agreement (other than
the Pending Defaults).

ARTICLE V

Conditions to Effectiveness

     This Amendment shall be and become effective as of the Amendment Effective Date provided that
each of the conditions set forth in this Article V shall have been satisfied in the determination
of the Administrative Agent and the Lenders (or satisfaction thereof has been waived by the
Administrative Agent and the Lenders) on or before November 14, 2007. If ACG Finance and ACG fail
to satisfy each of the conditions set forth in this Article V prior to 5:00 p.m. (Eastern time) on
November 14, 2007, then, at the option of the Administrative Agent and the Required Lenders, upon
notice to ACG Finance and ACG, this Amendment shall be null and void.

     Section 5.1 Counterparts of Amendment. The Administrative Agent shall have received
counterparts (or other evidence of execution, including telephonic message, satisfactory to the
Administrative Agent) of this Amendment, which collectively shall have been duly executed on behalf
of each of ACG Finance, ACG, the Lenders and the Administrative Agent.

     Section 5.2 Corporate Action. The ACG Parties shall have delivered to the
Administrative Agent certified copies of all necessary corporate action taken by each ACG Party
approving this Amendment, and each of the documents executed and delivered in connection herewith
or therewith (including, without limitation, a certificate setting forth the resolutions of the
board of directors of each ACG Party authorizing the amendments to the Existing Credit Agreement
and the Existing Servicing Agreement herein provided for and the execution, delivery and
performance of this Amendment). The Agent shall have received a certificate, signed by the
Secretary or an Assistant Secretary of each ACG Party, dated as of the date hereof, as to the
incumbency of the person or persons authorized to execute and deliver this Amendment and any
instrument or agreement required hereunder on behalf of each ACG Party, as applicable.

     Section 5.3 Out-of-Pocket Costs. ACG Finance shall have paid any and all reasonable
out-of-pocket costs (to the extent invoiced) incurred by the Administrative Agent (including the
reasonable fees and expenses of the Administrative Agent’s legal counsel), and all other fees
and amounts payable to the Administrative Agent in connection with this Amendment.

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     Section 5.4 Legal Opinion. The Administrative Agent shall have received a favorable
legal opinion, addressed to the Administrative Agent, from ACG Finance’s and ACG’s legal counsel,
reasonably acceptable to the Administrative Agent in form and substance, opining, among other
matters, that (i) the ACG Parties’ entry into and performance of this Amendment does not contravene
the obligations, covenants, or restrictions applicable to the ACG Parties under the Second Lien
Indenture or any other material agreement of the ACG Parties, and (ii) the ACG Parties’ execution
and delivery of this Amendment has been duly authorized by all necessary corporate action.

     Section 5.5 Effectiveness of Fifth Amendment. Each of the conditions set forth in
Part 5 of that certain Fifth Amendment to Amended and Restated Credit Agreement and Temporary
Waiver Agreement, dated as of even date herewith, among ACG, ACG Holdings, Inc., Bank of America,
N.A. as administrative agent (“Agent”), and the lenders named therein (the “ACG
Lenders”) shall have been satisfied in the determination of the Agent and the ACG Lenders (or
satisfaction thereof has been waived by the Agent and the ACG Lenders) in accordance with the terms
thereof.

ARTICLE VI

Miscellaneous

     Section 6.1 Reaffirmation of ACG Party Obligations. Each ACG Party hereby ratifies
each of the Loan Documents (as amended pursuant to this Amendment) to which it is a party and
acknowledges and reaffirms that it is bound by all terms of the Loan Documents to which it is a
party. ACG Finance acknowledges and reaffirms that it is responsible for the observance and full
performance of the Obligations. Each ACG Party further represents and warrants to the
Administrative Agent and the Lenders that none of the ACG Parties has any claims, counterclaims,
offsets, credits or defenses to the Loan Documents or the performance of their respective
obligations thereunder, or if any ACG Party has any such claims, counterclaims, offsets, creditors
or defenses to the Loan Documents or any transaction related to the Loan Documents, the same are
hereby waived, relinquished and released in consideration of the execution and delivery of this
Amendment by the Administrative Agent and the Lenders.

     Section 6.2 Instrument Pursuant to Existing Credit Agreement. This Amendment is a
Loan Document executed pursuant to the Existing Credit Agreement and shall (unless otherwise
expressly indicated therein) be construed, administered and applied in accordance with the terms
and provisions of the Existing Credit Agreement.

     Section 6.3 Effect. Except as expressly herein amended, the terms and conditions of
the Existing Credit Agreement, the Existing Servicing Agreement and the other Loan Documents shall
remain in full force and effect without amendment or modification, express or implied. The entering
into this Amendment by the Lenders shall not be construed or interpreted as an agreement by the
Lenders to enter into any future amendment or modification of the Amended Credit Agreement, the
Amended Servicing Agreement or any of the other Loan Documents.

     Section 6.4 References in Other Loan Documents. At such time as this Amendment shall
become effective pursuant to the terms of Article V hereof, all references in the Loan

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Documents to the “Servicing Agreement” shall be deemed to refer to the Existing Servicing Agreement as amended
by this Amendment, and all references in the Loan Documents to the “Credit Agreement” shall be
deemed to refer to the Existing Credit Agreement as amended by this Amendment.

     Section 6.5 Counterparts. This Amendment may be executed by the parties hereto in
several counterparts, each of which shall be deemed to be an original and all of which shall
constitute together but one and the same agreement, and all of such counterparts taken together
shall be deemed to constitute one and the same instrument. Any signature delivered or transmitted
by a party by facsimile transmission shall be deemed to be an original signature hereto.

     Section 6.6 Integration. This Amendment, together with the Loan Documents, contains
the entire and exclusive agreement of the parties hereto with reference to the matters discussed
herein and therein. This Amendment supersedes all prior drafts and communications with respect
thereto. This Amendment may not be amended except in writing.

     Section 6.7 Further Assurances. ACG Finance and ACG agree to take such further
actions as the Agent shall reasonably request from time to time in connection herewith to evidence
or give effect to the amendments set forth herein or any of the transactions contemplated hereby.

     Section 6.8 Governing Law. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER
AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO CONFLICTS OF LAWS
PRINCIPLES.

     Section 6.9 Successors and Assigns. This Amendment shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns.

     Section 6.10 Costs, Expenses. ACG agrees to pay on demand any and all reasonable
costs and expenses of the Administrative Agent and the Collateral Agent and all other fees and
other amounts payable to the Administrative Agent and the Collateral Agent, in each case incurred
in connection with the preparation, execution, delivery and administration of this Amendment
(including, without limitation, the reasonable fees and expenses of counsel to the Administrative
Agent) in accordance with the terms of Section 9.03 of the Existing Credit Agreement.

[Remainder of this page intentionally left blank.]

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Execution Copy

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered as of the date first written above.

	 	 	 	 	 
	 	AMERICAN COLOR GRAPHICS, INC.

 	 
	 	By:  	/s/ Patrick W. Kellick
 	 
	 	 	Name:  	Patrick W. Kellick 	 
	 	 	Title:  	Senior Vice President /CFO 	 
	 
	 	AMERICAN COLOR GRAPHICS FINANCE, LLC

 	 
	 	By:  	/s/ Patrick W. Kellick
 	 
	 	 	Name:  	Patrick W. Kellick 	 
	 	 	Title:  	President 	 
	 

ACG Amendment and Temporary Waiver Agreement

 

 

Execution Copy

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.,

as Administrative Agent and as Collateral

Agent

 	 
	 	By:  	/s/  Peter Sherman
 	 
	 	 	Name:  	Peter Sherman 	 
	 	 	Title:  	Managing Director 	 
	 

ACG Amendment and Temporary Waiver AgreementEX-10.33 Form of Common Stock Purchase Warrant

 

EXHIBIT 10.33

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY OTHER SECURITIES LAWS AND MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (1) AN EFFECTIVE
REGISTRATION STATEMENT COVERING SUCH SECURITIES UNDER THE SECURITIES ACT AND ANY OTHER APPLICABLE
SECURITIES LAWS, OR (2) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.

EXCEPT FOR TRANSFERS MADE IN ACCORDANCE WITH FINRA RULE 2710(G)(2), THIS WARRANT AND THE SECURITIES
ISSUABLE UPON EXERCISE HEREOF MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED, OR
BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT
IN THE EFFECTIVE ECONOMIC DISPOSITION OF SUCH SECURITIES BY ANY PERSON FOR A PERIOD OF THREE
HUNDRED AND SIXTY-SIX DAYS IMMEDIATELY FOLLOWING THE CLOSING OF THE PUBLIC OFFERING OF THE
COMPANY’S SECURITIES PURSUANT TO REGISTRATION STATEMENT NO. 333-140672 AS FILED WITH THE SECURITIES
AND EXCHANGE COMMISSION.

BIOHEART, INC.

REPRESENTATIVE’S WARRANT

[          ] shares of Common Stock

November [          ], 2007

This REPRESENTATIVE’S WARRANT (this “Warrant”) of Bioheart, Inc., a Florida corporation (the
“Company”), is being issued pursuant to that certain Underwriting Agreement, dated as of November
[          ], 2007 (the “Underwriting Agreement”), by and between the Company and Merriman Curhan Ford &
Co. and Dawson James Securities, Inc., as representatives of the underwriters named in Schedule
I thereto (the “Representatives”), relating to the initial public offering (the “Offering”) of
[          _] shares of common stock, $0.001 par value per share, of the Company (the “Common Stock”)
underwritten by the Representatives and the underwriters named in the Underwriting Agreement.

FOR VALUE RECEIVED, the Company hereby grants to [          ] and its permitted successors and assigns
(collectively, the “Holder”) the right to purchase from the Company up to [          ] shares [7% of the
shares sold in the offering by the Holder] of the Common Stock (such shares underlying this
Warrant, the “Warrant Shares”), at a per share purchase price equal to $[          ] [125% of the per
share public offering price] (the “Exercise Price”), subject to the terms, conditions and
adjustments set forth below in this Warrant.

1. Date of Warrant Exercise. This Warrant shall become exercisable on the date that is
three hundred and sixty-six (366) days following the Base Date (the “Initial Exercise Date”). As
used in this Warrant, the term “Base Date” shall mean November [          ], 2007. Except as otherwise
provided for herein or as permitted by applicable rules of the Financial Industry Regulatory
Authority (“FINRA”), this Warrant shall not be sold, transferred, assigned, pledged or hypothecated
prior to the Initial Exercise Date.

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2. Expiration of Warrant. This Warrant shall expire at 5:00 PM, prevailing Eastern time,
on the day immediately preceding the fifth (5th) year anniversary of the Base Date (the “Expiration
Date”).

3. Exercise of Warrant. This Warrant shall be exercisable pursuant to the terms of this
Section 3.

     3.1 Manner of Exercise.

          (a) This Warrant may only be exercised by the Holder hereof on or after the Initial Exercise
Date and on or prior to the Expiration Date, in accordance with the terms and conditions hereof, in
whole or in part (but not as to fractional shares), during the Company’s normal business hours on
any day other than a Saturday or a Sunday or a day on which commercial banking institutions in New
York, New York are authorized by law to be closed (a “Business Day”), by surrender of this Warrant
to the Company at its office maintained pursuant to Section 10.2(a) hereof, accompanied by a
written exercise notice in the form attached as Exhibit A hereto (or a reasonable facsimile
thereof) duly executed by the Holder, together with the payment of the aggregate Exercise Price for
the number of Warrant Shares purchased upon exercise of this Warrant. Upon surrender of this
Warrant, the Company shall cancel this Warrant document and shall, in the event of partial
exercise, replace it with a new Warrant document in accordance with Section 3.3. Notwithstanding
the foregoing, the Company shall not be required to issue a Warrant covering less than 1,000 shares
of Common Stock.

          (b) Except as provided for in Section 3.1(c) below, each exercise of this Warrant must be
accompanied by payment in full of the aggregate Exercise Price in cash, by cashier’s check or wire
transfer of immediately available funds for the number of Warrant Shares being purchased by the
Holder upon such exercise.

          (c) The aggregate Exercise Price for the number of Warrant Shares being purchased may also, in
the sole discretion of the Holder, be paid in full or in part on a “cashless basis” at the election
of the Holder:

               (i) in the form of Common Stock owned by the Holder (based on the Fair Market Value (as
defined below) of such Common Stock on the date of exercise);

               (ii) in the form of Warrant Shares withheld by the Company from the Warrant Shares otherwise
to be received upon exercise of this Warrant having an aggregate Fair Market Value on the date of
exercise equal to the aggregate Exercise Price of the Warrant Shares being purchased by the Holder;
or

               (iii) by a combination of the foregoing, provided that the combined value of all cash and the
Fair Market Value of any shares surrendered to the Company is at least equal to the aggregate
Exercise Price for the number of Warrant Shares being purchased by the Holder.

For purposes of this Warrant, the term “Fair Market Value” means with respect to a particular date,
the volume weighted average trading price of the Common Stock on and as reported by the principal
securities exchange on which the Common Stock is then listed or admitted to trading for the ten
(10) trading days immediately preceding such date, or, if the Common Stock is not listed or
admitted to trading on any securities exchange, as determined in good faith by resolution of the
Board of Directors of the Company, based on the best information available to it.

For purposes of illustration of a cashless exercise of this Warrant under Section 3.1(c)(ii) (or
for a portion thereof for which cashless exercise treatment is requested as contemplated by Section
3.1(c)(iii) hereof),

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the calculation of such exercise shall be as follows:

X = Y (A-B)/A

          where:

          X = the number of Warrant Shares to be issued to the Holder (rounded to the nearest whole
share).

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

          A = the Fair Market Value of the Common Stock.

          B = the Exercise Price.

          (d) For purposes of Rule 144 and sub-section (d)(3)(ii) thereof, it is intended, understood,
and acknowledged that such amount of Common Stock that is issued in exchange for non-cash
consideration upon exercise of this Warrant and in accordance with Section 3.1(c) above shall be
deemed to have been acquired at the time this Warrant was issued.

     3.2 When Exercise Effective. Each exercise of this Warrant shall be deemed to have
been effected immediately prior to the close of business on the Business Day on which this Warrant
shall have been duly surrendered to the Company as provided in Sections 3.1 and 12 hereof, and, at
such time, the Holder in whose name any certificate or certificates for Warrant Shares shall be
issuable upon exercise as provided in Section 3.3 hereof shall be deemed to have become the holder
or holders of record thereof of the number of Warrant Shares purchased upon exercise of this
Warrant.

     3.3 Delivery of Common Stock Certificates and New Warrant. As soon as reasonably
practicable after each exercise of this Warrant, in whole or in part, and in any event within ten
(10) Business Days thereafter, the Company, at its expense (including the payment by it of any
applicable issue taxes), will cause to be issued in the name of and delivered to the Holder hereof
or, subject to Sections 9 and 10 hereof, as the Holder (upon payment by the Holder of any
applicable transfer taxes) may direct:

          (a) a certificate or certificates (with appropriate restrictive legends, as applicable) for
the number of duly authorized, validly issued, fully paid and nonassessable Warrant Shares to which
the Holder shall be entitled upon exercise; and

          (b) in case exercise is in part only, a new Warrant document of like tenor, dated the date
hereof, for the remaining number of Warrant Shares issuable upon exercise of this Warrant after
giving effect to the partial exercise of this Warrant (including the delivery of any Warrant Shares
as payment of the Exercise Price for such partial exercise of this Warrant).

4. Certain Adjustments. For so long as this Warrant is outstanding:

     4.1 Mergers or Consolidations. If at any time after the Base Date, there shall be a
capital reorganization (other than a combination or subdivision of Common Stock otherwise provided
for herein) resulting in a reclassification to or change in the terms of securities issuable upon
exercise of this Warrant (a “Reorganization”), or a merger or consolidation of the Company with
another corporation, association, partnership, organization, business, individual, government or
political subdivision thereof or

3

 

a governmental agency (a “Person” or the “Persons”) (other than a merger with another Person in
which the Company is a continuing corporation and which does not result in any reclassification or
change in the terms of securities issuable upon exercise of this Warrant or a merger effected
exclusively for the purpose of changing the domicile of the Company) (a “Merger”), then, as a part
of such Reorganization or Merger, lawful provision and adjustment shall be made so that the Holder
shall thereafter be entitled to receive, upon exercise of this Warrant, the number of shares of
stock or any other equity or debt securities or property receivable upon such Reorganization or
Merger by a holder of the number of shares of Common Stock which might have been purchased upon
exercise of this Warrant immediately prior to such Reorganization or Merger. In any such case,
appropriate adjustment shall be made in the application of the provisions of this Warrant with
respect to the rights and interests of the Holder after the Reorganization or Merger to the end
that the provisions of this Warrant (including adjustment of the Exercise Price then in effect and
the number of Warrant Shares) shall be applicable after that event, as near as reasonably may be,
in relation to any shares of stock, securities, property or other assets thereafter deliverable
upon exercise of this Warrant. The provisions of this Section 4.1 shall similarly apply to
successive Reorganizations and/or Mergers.

     4.2 Splits and Subdivisions; Dividends. In the event the Company should at any time or
from time to time effectuate a split or subdivision of the outstanding shares of Common Stock or
pay a dividend in or make a distribution payable in additional shares of Common Stock or other
securities that are convertible or exchangeable or exercisable into shares of Common Stock (“Common
Stock Equivalents”) without payment of any consideration by such holder for the additional shares
of Common Stock or Common Stock Equivalents (including the additional shares of Common Stock
issuable upon conversion or exercise thereof), then, as of the applicable record date (or the date
of such distribution, split or subdivision if no record date is fixed), the per share Exercise
Price shall be appropriately decreased and the number of Warrant Shares shall be appropriately
increased in proportion to such increase (or potential increase) of outstanding shares; provided,
however, that no adjustment shall be made in the event the split, subdivision, dividend or
distribution is not effectuated.

     4.3 Combination of Shares. If the number of shares of Common Stock outstanding at any
time after the date hereof is decreased by a combination of the outstanding shares of Common Stock,
the per share Exercise Price shall be appropriately increased and the number of shares of Warrant
Shares shall be appropriately decreased in proportion to such decrease in outstanding shares.

     4.4 Adjustments for Other Distributions. In the event the Company shall declare a
distribution payable in securities of other Persons, evidences of indebtedness issued by the
Company or other Persons, assets (excluding cash dividends or distributions to the holders of
Common Stock paid out of current or retained earnings and declared by the Company’s board of
directors) or options or rights not referred to in Sections 4.2, 4.3 or 4.4, then, in each such
case for the purpose of this Section 4.5, upon exercise of this Warrant, the Holder shall be
entitled to a proportionate share of any such distribution as though the Holder was the actual
record holder of the number of Warrant Shares as of the record date fixed for the determination of
the holders of Common Stock of the Company entitled to receive such distribution.

     4.5 Notices of Record Date, Etc. In case:

          (a) the Company shall take a record of the holders of its Common Stock (or other securities at
the time receivable upon the exercise of the Warrant) for the purpose of entitling them to receive
any dividend or other distribution, or any right to subscribe for, purchase or otherwise acquire
any shares of stock of any class or any other securities, or to receive any other right; or

          (b) of any Reorganization of the Company, any Merger of the Company with or into

4

 

another corporation, or any conveyance of all or substantially all of the assets of the
Company to another corporation; or

(c) of any voluntary or involuntary dissolution, liquidation or winding up of the Company,

then, and in each such case, the Company shall mail or cause to be mailed to the Holder specifying,
as the case may be, (i) the date on which a record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount and character of such dividend, distribution or
right, or (ii) the date on which such Reorganization, Merger, conveyance, dissolution, liquidation
or winding up is to take place, and the time, if any, which is to be fixed, as to which the holders
of record of Common Stock (or such other securities at the time receivable upon the exercise of the
Warrant) shall be entitled to exchange their shares of Common Stock (or such other securities) for
securities or other property deliverable upon such Reorganization, Merger, conveyance, dissolution,
liquidation or winding up. Such notice shall be mailed at least ten (10) days prior to the date
therein specified and the Warrant may be exercised prior to said date during the term of the
Warrant.

5. No Impairment. The Company will not, by amendment of its Articles of Incorporation or
Bylaws or through any consolidation, merger, reorganization, transfer of assets, dissolution, issue
or sale of securities or any other voluntary action, seek to avoid the observance or performance of
any of the terms of this Warrant.

6. Chief Financial Officer’s Report as to Adjustments. With respect to each adjustment
pursuant to Section 4 of this Warrant, the Company, at its expense, will promptly compute the
adjustment or re-adjustment in accordance with the terms of this Warrant and cause its Chief
Financial Officer to certify the computation (other than any computation of the fair value of
property of the Company, as the case may be) and prepare a report setting forth, in reasonable
detail, the event requiring the adjustment or re-adjustment and the amount of such adjustment or
re-adjustment, the method of calculation thereof and the facts upon which the adjustment or
re-adjustment is based, and the Exercise Price and the number of Warrant Shares or other securities
purchasable hereunder after giving effect to such adjustment or re-adjustment, which report shall
be mailed by first class mail, postage prepaid to the Holder. The Company will also keep copies of
all reports at its office maintained pursuant to Section 10.2(a) hereof and will cause them to be
available for inspection at the office during normal business hours upon reasonable notice by the
Holder or any prospective purchaser of the Warrant designated by the Holder thereof.

7. Reservation of Shares. The Company shall, solely for the purpose of effecting the
exercise of this Warrant, at all times during the term of this Warrant, reserve and keep available
out of its authorized shares of Common Stock, such number of its shares of Common Stock as shall
from time to time be sufficient to effect in full the exercise of this Warrant. If at any time the
number of authorized but unissued shares of Common Stock shall not be sufficient to effect in full
the exercise of this Warrant, the Company will promptly take such corporate action as may be
necessary to increase the number of authorized but unissued shares of Common Stock to such number
of shares as shall be sufficient for such purposes, including without limitation, using its
reasonable best efforts to obtain the requisite shareholder approval necessary to increase the
number of authorized shares of Common Stock. The Company hereby represents and warrants that all
shares of Common Stock issuable upon exercise of this Warrant shall be duly authorized and, when
issued and paid for upon exercise in accordance with the terms of this Warrant, shall be validly
issued, fully paid and nonassessable.

8. Registration and Listing.

     8.1
Definitions. As used in this Section 8, the term “Registrable
Securities”

5

 

means any shares of Common Stock issuable upon the exercise of this Warrant, until the date (if
any) on which such shares may be sold immediately without registration pursuant to Rule 144
promulgated pursuant to the Securities Act. As used in this Section 8, the term “Best Efforts” means the efforts that a prudent person desirous
of achieving a result would use in similar circumstances to ensure that such result is achieved as
expeditiously as possible, but shall not be deemed to mean that the Company shall be required to
endanger its financial viability or take any act or omission which would be likely to result in a
material adverse effect on the Company’s financial condition.

     8.2 Registration.

          (a) The Company shall prepare and file with the United States Securities and Exchange
Commission (the “SEC”), on or before the fifteenth calendar day following the Initial Exercise Date
(the “Filing Due Date”), a Registration Statement for an offering to be made on a continuous shelf
basis following the date of effectiveness covering the resale of the Registrable Securities by the
Holder (the “Registration Statement”). The Registration Statement shall be on Form S-3 under the
Securities Act or another appropriate form selected by the Company permitting registration of the
resale of the Registrable Securities by the Holder from time to time.
The Company shall use its “Best Efforts” to cause the Registration Statement to become effective pursuant to the
Securities Act as soon as practicable. Notwithstanding the foregoing, if the Company shall furnish
to the Holder a certificate signed by the Chief Executive Officer or Chief Financial Officer of the
Company stating that, in the good faith judgment of the Company’s Board of Directors, it would be
seriously detrimental to the Company and its shareholders for such Registration Statement to be
filed and it is therefore essential to defer the filing of such Registration Statement, the Company
shall have the right to defer taking action with respect to such filing for a period of not more
than 90 days after the Filing Due Date.

          (b) The Registration Statement shall not be deemed to have become effective under the
Securities Act (i) unless it has been filed and has been declared effective under the Securities
Act by the SEC and remains effective pursuant to the Securities Act with respect to the disposition
of all Registrable Securities on a continuous shelf basis until all such Registrable Securities are
sold or cease to be Registrable Securities, or (ii) if the offering of the Registrable Securities
pursuant to such Registration Statement is interfered with by any stop order, cease trade order,
injunction or other order or requirement of the SEC or any other governmental agency, court or
stock exchange, other than by reason of some act or omission by the Holder.

     8.3 Registration Procedures. At its expense, the Company will use its “Best Efforts” to:

          (a) promptly notify the Holder of the effectiveness of the Registration Statement filed in
accordance with this Section 8 and prepare and file with the SEC such amendments and supplements to
such Registration Statement and the prospectus used in connection therewith as may be necessary to
(i) keep such registration statement effective and the prospectus included therein usable for a
period commencing on the date that such Registration Statement is initially declared effective by
the SEC and ending on the date when all Registrable Securities covered by such registration
statement have been sold pursuant to the registration statement or cease to be Registrable
Securities, and (ii) comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such registration statement during such period in
accordance with the intended methods of disposition by the sellers thereof set forth in such
registration statement;

          (b) furnish to the Holder such number of copies of the Registration Statement, each amendment
and supplement thereto, the prospectus included in such registration statement (including each
preliminary prospectus) and such other documents as such seller may reasonably request in order to
facilitate the disposition of the Registrable Securities owned by the Holder;

          (c) register or qualify such Registrable Securities under such other securities or blue sky
laws of such jurisdictions as the Holder reasonably request and do any and all other acts and
things

6

 

which may be reasonably necessary or advisable to enable the Holder to consummate the disposition
in such jurisdictions of the Registrable Securities owned by the Holder; provided, however, that
the Company shall not be required to: (i) qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this subparagraph; (ii) subject itself
to taxation in any such jurisdiction; or (iii) consent to general service of process in any such
jurisdiction;

          (d) notify the Holder at any time when a prospectus relating to the Registration Statement is
required to be delivered under the Securities Act of the happening of any event as a result of
which the prospectus included in such Registration Statement, as then in effect, (i) no longer
meets the requirements of Section 10(a)(3) of the Securities Act, or (ii) includes an untrue
statement of a material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein not misleading or incomplete in the light of the
circumstances then existing, and that offers and sales of Registrable Securities in reliance on the
prospectus included in the Registration Statement must cease. At the request of the Holder, the
Company shall prepare and furnish to such seller a reasonable number of copies of a supplement to
or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the
purchasers of such shares, such prospectus used shall meet the requirements of Section 10(a)(3) of
the Securities Act, or not include an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not
misleading or incomplete in the light of the circumstances then existing;

          (e) cause all such Registrable Securities registered pursuant to the Registration Statement to
be listed on each securities exchange on which similar securities issued by the Company are then
listed;

          (f) cause any Registrable Securities covered by such registration statement to be registered
with or approved by such other governmental agencies or authorities as may be necessary to enable
the sellers thereof to consummate the disposition of such Registrable Securities; and

          (g) comply with all applicable rules and regulations of the SEC.

     8.4 Expenses. The Company shall pay all Registration Expenses (as defined below)
relating to the registration and listing obligations set forth in this Section 8. For purposes of
this Warrant, the term “Registration Expenses” means: (a) all registration, filing and NASD fees,
(b) all reasonable fees and expenses of complying with securities or blue sky laws, (c) all
printing expenses, (d) the fees and disbursements of counsel for the Company and of its independent
public accountants, including the expenses of any special audits or “cold comfort” letters required
by or incident to such performance and compliance, (e) premiums and other costs of policies of
insurance (if any) against liabilities arising out of the public offering of the Registrable
Securities being registered if the Company desires such insurance, if any, and (f) reasonable fees
and disbursements, not to exceed $7,500, of one counsel for the selling holders of Registrable
Securities.

     8.5 Information Provided by Holders. The Holder shall furnish to the Company such
information as the Company may reasonably request in writing to enable the Company to comply with
the provisions hereof in connection with any registration referred to in this Warrant.

     8.6 FINRA CobraDesk Filings. In the event that the filing of the Registration
Statement for review by the FINRA via the FINRA’s CobraDesk filing system (“CobraDesk Filing”) is
required pursuant to the rules and regulations of FINRA, within one (1) Business Day of the filing
of such registration statement, the Company will prepare and make a CobraDesk Filing of the selling
stockholder resale offering described in the Registration Statement for review by FINRA for the
purpose of having the prospectus contained within such registration statement treated as a “base
prospectus” in connection with

7

 

such resale offering. If the CobraDesk Filing is required, the Company will use its “Best Efforts” to have the CobraDesk Filing approved by FINRA within thirty (30) days of such filing date.
The Company shall bear all expenses of the CobraDesk Filing, if any, including fees and expenses of
counsel or other advisors to the Holder (not to exceed $5,000). In all circumstances, the Company
shall pay for all FINRA filing fees associated with any CobraDesk Filing.

     8.7 Effectiveness Period. The Company shall use its “Best Efforts” to keep
the Registration Statement effective under the Securities Act until the date which is the earlier
date of when (i) all Registrable Securities covered by such Registration Statement have been sold
or (ii) all Registrable Securities covered by such Registration Statement may be sold immediately
without registration under the Securities Act and without volume restrictions pursuant to Rule
144(k) under the Securities Act, as determined by the counsel to the Company pursuant to a written
opinion letter to such effect, addressed and reasonably acceptable to the Company’s transfer agent
and the affected holders of Registrable Securities.

     8.8 Net Cash Settlement. Notwithstanding anything herein to the contrary, in no event
will the Holder be entitled to receive a net-cash settlement as liquidated damages in lieu of
physical settlement in shares of Common Stock, regardless of whether the Common Stock underlying
this Warrant is registered pursuant to an effective registration statement; provided, however, that
the foregoing will not preclude the Holder from seeking other remedies at law or equity for
breaches by the Company of its registration obligations hereunder.

9. Restrictions on Transfer.

     9.1 Transfer Restrictions Prior to Initial Exercise Date. Notwithstanding any other
provision of this Section 9, prior to the Initial Exercise Date, this Warrant may not be
transferred or assigned to except in accordance with FINRA Rule 2710(g)(2).

     9.2 Notice of Proposed Transfer. Subject to the transfer restrictions set forth in
Section 9.1, prior to any transfer of any securities which are not registered under an effective
registration statement under the Securities Act (“Restricted Securities”), which transfer may only
occur if there is an exemption from the registration provisions of the Securities Act and all other
applicable securities laws, the Holder shall give written notice to the Company of the Holder’s
intention to effect a transfer (and shall describe the manner and circumstances of the proposed
transfer). The following provisions shall apply to any proposed transfer of Restricted Securities:

          (i) If in the opinion of counsel for the Holder reasonably satisfactory to the Company the
proposed transfer may be effected without registration of the Restricted Securities under the
Securities Act (which opinion shall state in detail the basis of the legal conclusions reached
therein), the Holder shall thereupon be entitled to transfer the Restricted Securities in
accordance with the terms of the notice delivered by the Holder to the Company. Each certificate
representing the Restricted Securities issued upon or in connection with any transfer shall bear
the restrictive legends required by Section 9.1 hereof.

          (ii) If the opinion called for in (i) above is not delivered, the Holder shall not be entitled
to transfer the Restricted Securities until either: (x) receipt by the Company of a further notice
from such Holder pursuant to the foregoing provisions of this Section 9.2 and fulfillment of the
provisions of clause (i) above, or (y) such Restricted Securities have been effectively registered
under the Securities Act.

Notwithstanding the foregoing provisions of this Section 9.2, no opinion of counsel shall be
necessary for

8

 

a transfer of Restricted Securities by the Holder to any Person employed by or owning equity in the
Holder, if the transferee agrees in writing to be subject to the terms hereof to the same extent as
if the transferee were the original purchaser hereof and such transfer is permitted under
applicable securities laws.

     9.3 Restrictive Legends. This Warrant, each Warrant issued upon transfer or in
substitution for this Warrant pursuant to Section 10 hereof, each certificate for Common Stock
issued upon the exercise of the Warrant and each certificate issued upon the transfer of any such
Common Stock shall be (i) transferable only upon satisfaction of the conditions specified above and
(ii) stamped or otherwise imprinted with a legend reflecting the restrictions on transfer set forth
in Sections 9.1 and 9.2 above and any restrictions required under the Securities Act or other
applicable securities laws.

     9.4 Termination of Restrictions. Except as set forth in Section 9.1 hereof, the
restrictions imposed by this Section 9 upon the transferability of Restricted Securities shall
cease and terminate as to any particular Restricted Securities: (a) which shall have been
effectively registered under the Securities Act, or (b) when, in the opinions of both counsel for
the Holder and counsel for the Company, such restrictions are no longer required in order to insure
compliance with the Securities Act or Section 10 hereof. Whenever such restrictions shall cease
and terminate as to any Restricted Securities, the Holder thereof shall be entitled to receive from
the Company, without expense (other than applicable transfer taxes, if any), new securities of like
tenor not bearing the applicable legends required by Section 9.1 hereof.

10. Ownership, Transfer, Sale and Substitution of Warrant.

     10.1 Ownership of Warrant. The Company may treat any Person in whose name this Warrant
is registered in the Warrant Register maintained pursuant to Section 10.2(b) hereof as the owner
and holder thereof for all purposes, notwithstanding any notice to the contrary, except that, if
and when any Warrant is properly assigned in blank, the Company may (but shall not be obligated to)
treat the bearer thereof as the owner of such Warrant for all purposes, notwithstanding any notice
to the contrary. Subject to Sections 9 and 10 hereof, this Warrant, if properly assigned, may be
exercised by a new holder without a new Warrant first having been issued.

     10.2 Office; Exchange of Warrant.

          (a) The Company will maintain its principal office at the location identified in the
prospectus relating to the Offering or at such other offices as set forth in the Company’s most
current filing (as of the date notice is to be given) under the Exchange Act or as the Company
otherwise notifies the Holder.

          (b) The Company shall cause to be kept at its office maintained pursuant to Section 10.2(a)
hereof a Warrant Register for the registration and transfer of the Warrant. The name and address of
the holder of the Warrant, the transfers thereof and the name and address of the transferee of the
Warrant shall be registered in such Warrant Register. The Person in whose name the Warrant shall be
so registered shall be deemed and treated as the owner and holder thereof for all purposes of this
Warrant, and the Company shall not be affected by any notice or knowledge to the contrary.

          (c) Upon the surrender of this Warrant, properly endorsed, for registration of transfer or for
exchange at the office of the Company maintained pursuant to Section 10.2(a) hereof, the Company at
its expense will (subject to compliance with Section 9 hereof, if applicable) execute and deliver
to or upon the order of the Holder thereof a new Warrant of like tenor, in the name of such holder
or as such holder (upon payment by such holder of any applicable transfer taxes) may direct,
calling in the aggregate

9

 

on the face thereof for the number of shares of Common Stock called for on the face of the Warrant
so surrendered (after giving effect to any previous adjustment(s) to the number of Warrant Shares).

     10.3 Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any such
loss, theft or destruction of this Warrant, upon delivery of indemnity reasonably satisfactory to
the Company in form and amount or, in the case of any mutilation, upon surrender of this Warrant
for cancellation at the office of the Company maintained pursuant to Section 10.2(a) hereof, the
Company, at its expense, will execute and deliver, in lieu thereof, a new Warrant of like tenor and
dated the date hereof.

     10.4 Opinions. In connection with the sale of the Warrant Shares by the Holder, the
Company agrees to cooperate with the Holder, and at the Company’s expense, have its counsel provide
any legal opinions required to remove the restrictive legends from the Warrant Shares in connection
with a sale, transfer or legend removal request of Holder.

11. No Rights or Liabilities as Shareholder. No Holder shall be entitled to vote or receive
dividends or be deemed the holder of any shares of Common Stock or any other securities of the
Company which may at any time be issuable on the exercise hereof for any purpose, nor shall
anything contained herein be construed to confer upon the Holder, as such, any of the rights of a
shareholder of the Company or any right to vote for the election of directors or upon any matter
submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate
action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of
par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to
receive dividends or subscription rights or otherwise until the Warrant shall have been exercised
and the shares of Common Stock purchasable upon the exercise hereof shall have become deliverable,
as provided herein. The Holder will not be entitled to share in the assets of the Company in the
event of a liquidation, dissolution or the winding up of the Company.

12. Notices. Any notice or other communication in connection with this Warrant shall be
given in writing and directed to the parties hereto as follows: (a) if to the Holder, c/o
[                                                  ]; or (b) if to the Company, to the attention of its Chief Executive Officer
at its office maintained pursuant to Section 10.2(a) hereof; provided, that the exercise of the
Warrant shall also be effected in the manner provided in Section 3 hereof. Notices shall be deemed
properly delivered and received when delivered to the notice party (i) if personally delivered,
upon receipt or refusal to accept delivery, (ii) if sent via facsimile, upon mechanical
confirmation of successful transmission thereof generated by the sending telecopy machine, (iii) if
sent by a commercial overnight courier for delivery on the next Business Day, on the first Business
Day after deposit with such courier service, or (iv) if sent by registered or certified mail, five
(5) Business Days after deposit thereof in the U.S. mail.

13. Payment of Taxes. The Company will pay all documentary stamp taxes attributable to the
issuance of shares of Common Stock underlying this Warrant upon exercise of this Warrant; provided,
however, that the Company shall not be required to pay any tax which may be payable in respect of
any transfer involved in the transfer or registration of this Warrant or any certificate for shares
of Common Stock underlying this Warrant in a name other that of the Holder. The Holder is
responsible for all other tax liability that may arise as a result of holding or transferring this
Warrant or receiving shares of Common Stock underlying this Warrant upon exercise hereof.

14. Miscellaneous. This Warrant and any term hereof may be changed, waived, discharged or
terminated only by an instrument in writing signed by the party against which enforcement of the
change, waiver, discharge or termination is sought. This Warrant shall be construed and enforced in
accordance with and governed by the laws of the State of Florida. The section headings in this
Warrant are for purposes of convenience only and shall not constitute a part hereof.

10

 

[Signature Page Follows]

11

 

     IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the date
first above written.

	 	 	 	 	 
	 	BIOHEART, INC. 

 	 
	 	By:  	/s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

12

 

	 	 	 	 	 

EXHIBIT A

FORM OF EXERCISE NOTICE

[To be executed only upon exercise of Warrant]

To BIOHEART, INC.:

The undersigned registered holder of the within Warrant hereby irrevocably exercises the Warrant
pursuant to Section 3.1 of the Warrant with respect to                               
Warrant Shares, at
an exercise price per share of $[          ], and requests that the certificates for such Warrant Shares
be issued, subject to Sections 9 and 10, in the name of, and delivered to:

 

 

 

 

The undersigned is hereby making payment for the Warrant Shares in the following manner: [check
one]

o    by cash in accordance with Section 3.1(b) of the Warrant

o    via cashless exercise in accordance with Section 3.1(c) of the Warrant in the following manner:

 

 

 

The undersigned hereby represents and warrants that it is, and has been since its acquisition of
the Warrant, the record and beneficial owner of the Warrant.

Dated:                                         

 

Print or Type Name

 

(Signature must conform in all respects to name of holder as specified on the face of Warrant)

 

(Street Address)

 

(City) (State) (Zip Code)

13

 

EXHIBIT B

FORM OF ASSIGNMENT

[To be executed only upon transfer of Warrant]

     For value received, the undersigned registered holder of the within Warrant hereby sells, assigns
and transfers unto                                          [include name and addresses] the rights represented by the
Warrant to purchase
                     shares of Common Stock of BIOHEART, INC. to which the Warrant
relates, and appoints                                Attorney to make such transfer on the books of
BIOHEART, INC. maintained for the purpose, with full power of substitution in the premises.

Dated:                               

(Signature must conform in all respects

to name of holder as specified on the

face of Warrant)

 

(Street Address)

 

(City) (State) (Zip Code)

Signed in the presence of:

 

(Signature of Transferee)

 

(Street Address)

 

(City) (State) (Zip Code)

Signed in the presence of:

14

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