Document:

Exhibit 4.25

 

CYTORI THERAPEUTICS, INC.

 

AMENDMENT TO

 

SERIES A-2 WARRANT TO PURCHASE COMMON STOCK

 

This Amendment (the “Amendment”) to Series A-2 Warrant to Purchase Common Stock issued August 27, 2015 (the “Warrant”), is made and entered into effective as of December 17, 2015 (the “Effective Date”), by and among Cytori Therapeutics, Inc., a Delaware corporation (the “Company”), and the undersigned holder (the “Holder”).

 

Section 1.  Definitions.  All capitalized terms used in this Amendment without definition are defined as set forth in the Warrant.

 

Section 2.  Representations and Warranties of Holder.  The Holder represents and warrants that it is the registered and beneficial owner of the Warrant, free and clear of all liens, charges and encumbrances, and that it has the corporate power and authority to execute and deliver this Amendment and to perform its obligations hereunder.

 

Section 3.  Representations and Warranties of Company.  The Company represents and warrants that it has the corporate power and authority to execute and deliver this Amendment and to perform its obligations hereunder.  The Warrant and the Warrant Shares have been registered under the 1933 Act and, upon exercise of the Warrant pursuant to the terms of the Warrant and this Amendment, the Warrant Shares will be freely tradable by the Holder without restriction, whether by way of registration or some exemption therefrom.

 

Section 4.  Amendment of Warrant.  Section 1(d) is hereby amended and restated as follows:

 

“(d) (i) Cashless Exercise. Notwithstanding anything contained herein to the contrary (other than Section 1(f) below), if at the time of exercise hereof the Registration Statement is not effective (or the prospectus contained therein is not available for use) for the issuance of all of the Warrant Shares, then the Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of Warrant Shares determined according to the following formula (a “Cashless Exercise”):

 

Net Number = (A x B) - (A x C)

 

D

 

For purposes of the foregoing formula:

 

A= the total number of shares with respect to which this Warrant is then being exercised.

 

B = the quotient of (x) the sum of the VWAP of the Common Stock of each of the ten (10) Trading Days ending at the close of business on the Principal Market immediately prior to the time of exercise as set forth in the applicable Exercise Notice, divided by (y) ten (10).

 

C = the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

D = the Closing Sale Price on the applicable Exercise Date.

 

For purposes of Rule 144(d) promulgated under the 1933 Act, as in effect on the Subscription Date, it is intended that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued pursuant to the Securities Purchase Agreement.

 

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(ii) Alternate Cashless Exercise. In addition to the rights set forth in Section 1(d)(i) above, the Holder may, in its sole discretion, exercise this Warrant, provided that such warrant is exercised in whole on or prior to December 31, 2015, and in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price and in lieu of making a Cashless Exercise pursuant to Section 2(d)(i), elect instead to receive upon such exercise the “Net Number” of Warrant Shares equal to the product obtained by multiplying A x B, where:

 

(A) =               the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise;

 

(B) =                0.75.”

 

Section 5.  Section 2(b) of the Warrant is hereby amended and restated in its entirety to read as follows:

 

“(b) Reserved.”

 

Section 6.  Amendment Applicable to Subsequent Holders.  The amendment of the Warrant pursuant to this Amendment shall apply to the Holder and to any and all subsequent holders of the Warrant.

 

Section 7.  Ratification of Warrant.  The Company and the Holder hereby ratify the terms of the Warrant as amended and restated as set forth above. For the avoidance of doubt, the Company and the Holder acknowledge that the amendment of Section 1(d) of the Warrant set forth in Section 4 of this Amendment shall have effect only during the period of time set forth therein and that after the expiration of such period of time, such amendment shall be inapplicable to exercises of the Warrant.

 

Section 8.  Public Announcement.  On or before 9:30 a.m., New York City time, on December 18, 2015, the Company shall (A)  issue a press release (the "Press Release Issuance") reasonably acceptable to the Holder disclosing all material terms of the transactions contemplated hereby and (B) file a Current Report on Form 8-K describing the terms of the transactions contemplated by this Amendment in the form required by the Exchange Act and attaching the form of this Amendment as exhibits to such filing (including all attachments), the "8-K Filing").  From and after the earlier of the Press Release Issuance or the 8-K Filing with the Commission, the Holder shall not be in possession of any material, nonpublic information received from the Company, any of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agents, that is not disclosed in the Press Release Issuance or 8-K Filing, as applicable.  In addition, effective upon the earlier of the Press Release Issuance or the 8-K Filing, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and the Holder or any of their affiliates, on the other hand, shall terminate.  The Company shall not, and shall cause each of its Subsidiaries and its and each of their respective officers, directors, employees, affiliates and agents, not to, provide the Holder with any material, nonpublic information regarding the Company or any of its Subsidiaries from and after the date hereof without the express prior written consent of the Holder.  To the extent that the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents delivers any material, non-public information to the Holder without the Holder's consent, the Company hereby covenants and agrees that the Holder shall not have any duty of confidentiality to the Company, any of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agents with respect to, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agents not to trade on the basis of, such material, non-public information.

 

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Section 9.  Governing Law.  This Amendment shall be governed by and construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Amendment shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York.

 

Section 10. Counterparts; Electronic Delivery.  This Amendment may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument, and such counterparts may be delivered electronically.

 

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Company:

	 	
Holder:

	 
	 	 	 	 
	
Cytori Therapeutics Inc.

	 	
[Name of Holder]

	 
	 	 	 	 
	
By:

	 	 	
By:

	 	 
	
Name:

	 	
Name:

	 
	
Title:

	 	
Title:

	 

 

4

Required Information

 

Warrant Number:

 

5Exhibit 10.111

 

AMENDMENT ONE TO SECURITIES PURCHASE AGREEMENT

 

This Amendment One to Securities Purchase Agreement (this “Amendment”) is made as of December 17, 2015 (the “Effective Date”), by and between Cytori Therapeutics, Inc., a Delaware corporation (the “Company”), and the undersigned investors (the “Investors”).

 

WHEREAS, the Company previous entered into that certain Securities Purchase Agreement (the “Agreement”), dated May 5, 2015, by and between the Company and the each purchaser identified on the signature pages thereto (the “Purchasers”).

 

WHEREAS, Section 9(e) of the Agreement provides that no provision of the Agreement may be amended other than by an instrument in writing signed by the Company and the holders of, in the aggregate, at least 67% of the Underlying Securities (as defined in the Agreement) as of such time (excluding any Underlying Securities held by the Company or any of its Subsidiaries as of such time) issued or issuable hereunder or pursuant to the Warrants, and any amendment to any provision of this Agreement made in conformity with the provisions of this Section 9(e) shall be binding on all Buyers and holders of Securities, as applicable, provided that no such amendment shall be effective to the extent that it (A) applies to less than all of the holders of the Securities then outstanding or (B) imposes any obligation or liability on any Buyer without such Buyer’s prior written consent (which may be granted or withheld in such Buyer’s sole discretion).

 

WHEREAS, the Investors represent at least 67% in interest of the Underlying Securities as of the date hereof.

 

WHEREAS, the Company and the Investors desire to amend the Agreement pursuant to the terms set forth herein.

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Investors agree as follows:

 

AMENDMENTS:

		A.	Section 4(p) of the Agreement is hereby amended and restated in its entirety to read as follows:

 

“(p) Variable Securities. So long as any Warrants remain outstanding, the Company and each Subsidiary shall be prohibited from effecting or entering into an agreement to effect any Subsequent Placement involving a Variable Rate Transaction. “Variable Rate Transaction” means a transaction in which the Company or any Subsidiary (i) issues or sells any Convertible Securities either (A) at a conversion, exercise or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the shares of Common Stock at any time after the initial issuance of such Convertible Securities, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such Convertible Securities or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Stock (it being understood that anti-dilution adjustments do not make a security subject to this definition) or (ii) enters into any agreement (including, without limitation, an equity line of credit) whereby the Company or any Subsidiary may sell securities at a future determined price (other than with respect to any “at-the-market” offering (“ATM Offering”) which shall not be subject to this definition). Notwithstanding the foregoing, the Company will not conduct any ATM Offering from the date of this Agreement through February 5, 2016; provided that the restriction above may be waived by Buyers holding 50% of the Underlying Securities as of such time issued or issuable hereunder or pursuant to the Warrants. Each Buyer shall be entitled to obtain injunctive relief against the Company and its Subsidiaries to preclude any such issuance, which remedy shall be in addition to any right to collect damages.”

 

GENERAL TERMS:

 

	1	This Amendment shall enter into force as of the Effective Date.

 

	2	All capitalized terms used but not defined herein shall have the meaning set forth in the Agreement.

 

	3	In consideration of the foregoing amendment, the Company agrees that for the period commencing on the date hereof and ending on February 5, 2016, the Company shall not directly or indirectly issue, offer, sell, grant any option or right to purchase, or otherwise dispose of (or announce any issuance, offer, sale, grant of any option or right to purchase or other disposition of) any equity security or any equity-linked or related security (including, without limitation, any “equity security” (as that term is defined under Rule 405 promulgated under the 1933 Act), provided, however, that the foregoing shall not apply to any issuances of any Excluded Securities (as defined in the Agreement).

 

	4	Except as otherwise expressly provided herein, the Agreement shall otherwise remain in full force and effect.

 

	5	This Amendment, together with the Agreement (to the extent not amended hereby) and all exhibits thereto and references therein, constitute the entire agreement among the parties and shall supersede any and all previous contracts, arrangements or understandings between the parties with respect to the subject matter herein.

 

	6	Each party to this Amendment hereby agrees to perform any further acts and to execute and deliver any further documents that may be necessary or required to carry out the intent and provisions of this Amendment and the transactions contemplated hereby.

 

	7	This Amendment may not be altered, amended or modified in any way unless done so in accordance with Section 9(e) of the Agreement.

 

	8	This Amendment may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument, and such counterparts may be delivered electronically by the parties.

 

[signature pages follow]

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment One to Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the Amendment Effective Date.

 

	CYTORI THERAPEUTICS, INC.	
		
	By	
/s/ Tiago Girao

	
		
Name: Tiago Girao

	
		
Title: CFO

	

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

 

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

[PURCHASER SIGNATURE PAGES TO AMENDMENT ONE TO SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Amendment One to Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the Amendment Effective Date.

Name of Purchaser: CUI Investments, Inc.

 

Signature of Authorized Signatory of Purchaser: /s/ Martin Kobinger

 

Name of Authorized Signatory: Martin Kobinger

 

Title of Authorized Signatory: Investment Manager

 

Email Address of Authorized Signatory: kabinger@sig.com and winer@sig.com

 

Facsimile Number of Authorized Signatory: (415) 403-6525

 

Number of Underlying Securities as of the Effective Date: 12,570,005

 

[PURCHASER SIGNATURE PAGES TO AMENDMENT ONE TO SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Amendment One to Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the Amendment Effective Date.

Name of Purchaser: Sabby Volutility Warrant Master Fund, Ltd

 

Signature of Authorized Signatory of Purchaser: /s/ Robert Grundstein

 

Name of Authorized Signatory: Robert Grundstein

 

Title of Authorized Signatory: COO of Investment Manager

 

Email Address of Authorized Signatory: rgrundstein@sabbycapital.com

 

	
Facsimile Number of Authorized Signatory:

	

 

	
Number of Underlying Securities as of the Effective Date:

		

 

[PURCHASER SIGNATURE PAGES TO AMENDMENT ONE TO SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Amendment One to Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the Amendment Effective Date.

	
Name of Purchaser: ProMed Partners, LP

 

	
Signature of Authorized Signatory of Purchaser: /s/ David B. Musket

 

	
Name of Authorized Signatory: David B. Musket

 

	
Title of Authorized Signatory: Managing Member

 

	
Email Address of Authorized Signatory: dmasket@promedmgmt.com

 

	
Facsimile Number of Authorized Signatory: 8572638359

 

	
Number of Underlying Securities as of the Effective Date:

		

 

[PURCHASER SIGNATURE PAGES TO AMENDMENT ONE TO SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Amendment One to Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the Amendment Effective Date.

 

	
Name of Purchaser: David B. Musket

 

	
Signature of Authorized Signatory of Purchaser: /s/ David B. Musket

 

	
Name of Authorized Signatory:

	 

 

	
Title of Authorized Signatory:

	

 

	
Email Address of Authorized Signatory: dmasket@promedmgmt.com

 

	
Facsimile Number of Authorized Signatory: 8572638359

 

	
Number of Underlying Securities as of the Effective Date:

 

IN WITNESS WHEREOF, the undersigned have caused this Amendment One to Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the Amendment Effective Date.

	
Name of Purchaser: Alpha Capital Austalt

 

	
Signature of Authorized Signatory of Purchaser: /s/ Konrad Ackermann

 

	
Name of Authorized Signatory: Konrad Ackermann

 

	
Title of Authorized Signatory: Director

 

	
Email Address of Authorized Signatory:

	

 

	
Facsimile Number of Authorized Signatory:

	

 

	
Number of Underlying Securities as of the Effective Date:

		

 

IN WITNESS WHEREOF, the undersigned have caused this Amendment One to Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the Amendment Effective Date.

	
Name of Purchaser: Intracoastal Capital, LLC

 

	
Signature of Authorized Signatory of Purchaser: /s/ Keith A. Goodman

 

	
Name of Authorized Signatory: Konrad Ackermann

 

	
Title of Authorized Signatory:

		

 

	
Email Address of Authorized Signatory: kgoodman@cranshirecapital.com

 

	
Facsimile Number of Authorized Signatory: 847-562-9031

 

	
Number of Underlying Securities as of the Effective Date: 2,969,850

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