Document:

ex4_14.htm

    
      
EXHIBIT
4.14

     

    REGEN
BIOLOGICS, INC.

    NONQUALIFIED
STOCK OPTION AGREEMENT

     

    This
Nonqualified Stock Option Agreement (this “Agreement”), dated as of the Grant
Date set forth below, is by and between ReGen Biologics, Inc., a Delaware
corporation (the “Corporation”), and the non-employee director of the
Corporation or its subsidiary identified below (the “Optionee”).

     

    
      	
              Optionee:

            	
               

            

    

     

    
      	
              Grant
      Date:

            	
               

            

    

     

    
      	
              Number
      of shares:

            	
               

            

    

     

    
      	
              Exercise
      Price per Share:

            	
               

            

    

     

    
      	
              Vesting:

            	
               

            

    

     

    
      	
              Optionee’s
      Address for Notices: 

            	 
      

    

     

    
      	
              Exhibit
      A attached hereto is incorporated herein by reference.

            	 
      

    

     

    IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement
as of the Grant Date.

     

    
      	 
      	
              REGEN
      BIOLOGICS, INC.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By
      :

            	 
      
	 	 	 
	 
      	
              Title:

            	 
      
	 	 	 
	 
      	
              OPTIONEE

            
	 	 
	 
      	 
      	 
      
	 	 	 
	 
      	
              (Insert
      name)

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
A

    TO

    REGEN
BIOLOGICS, INC.

    NONQUALIFIED
STOCK OPTION AGREEMENT

    

     

    1.      Grant of
Option.  Subject to the provisions of this Agreement, ReGen
Biologics, Inc. (the “Corporation”) hereby grants to the Optionee the right and
option (the “Option”) to purchase from the Corporation shares of the
Corporation’s common stock, par value $0.01 per share (the
“Shares”).  The number of Shares covered by the Option and the
exercise price per Share are set forth on the cover page to this Agreement (the
“Cover Page”).  It is not intended that the Option shall constitute an
“incentive stock option” within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended from time to time, or subsequent comparable
statute (the “Code”).

     

    2.      Definitions

     

    Board:  The Board
of Directors of the Corporation.

    

    Change in
Control:  The purchase or other acquisition by any person,
entity or group of persons, within the meaning of section 13(d) or 14(d) of the
Exchange Act or any comparable successor provisions, of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or
more of either the outstanding shares of common stock or the combined voting
power of the Corporation's then outstanding voting securities entitled to vote
generally; the approval by the stockholders of the Corporation of a
reorganization, merger, or consolidation, in each case, with respect to which
persons who were stockholders of the Corporation immediately prior to such
reorganization, merger or consolidation do not, immediately thereafter, own more
than 30% of the combined voting power entitled to vote generally in the election
of directors of the reorganized, merged or consolidated Company's then
outstanding securities; a liquidation or dissolution of the Corporation; or of
the sale of all or substantially all of the Corporation's assets.

    

    Code:  The Internal
Revenue Code of 1986, as amended from time to time.

    

    Committee:  The
Chairman of the Board and such other employee members of the Board, if any, who
the Chairman may select to assist him or her in the administration of this
Agreement.

    

    Common Stock:  The
common stock, $0.01 par value, of the Corporation or such other class of shares
or other securities as may be applicable pursuant to the provisions of Section
8.

    

    Disabled or
Disability:  Permanent and total disability, as defined in Code
Section 22(e)(3). The Optionee shall not be considered Disabled unless the
Committee determines that the Disability arose prior to the Optionee's
termination of membership on the Board.

    

    Exchange Act:  The
Securities Exchange Act of 1934, as amended from time to time.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Fair Market
Value:  The amount determined by the Committee from time to
time, using such good faith valuation methods as it deems appropriate, except
that as long as the Common Stock is traded on NASDAQ or a recognized stock
exchange, it shall mean the average of the highest and lowest quoted selling
prices for the shares on the relevant date, or, if there were no sales on such
date, the weighted average of the means between the highest and the lowest
quoted selling prices on the nearest day before and the nearest day after the
relevant date, as prescribed by Treasury Regulation Section 20.2031-2(b)(1), as
reported in the Wall Street Journal or a similar publication selected by the
Committee.

    

    3.      Vesting and
Expiration.

     

    (a)               Except
to the extent otherwise provided herein or in the Plan, the Option shall vest
and become exercisable according to the vesting schedule set forth on the Cover
Page.

     

    (b)               Notwithstanding
any other provision hereof, the Option shall expire on the tenth (10th)
anniversary of the Grant Date, provided that if the Optionee dies within the
tenth (10th) year
following the Grant Date, the Option shall not expire before the eleventh
(11th)
anniversary of the Grant Date.

     

    4.      Treatment of Option Upon
Termination of Director Relationship.  Treatment of the Option
upon termination of the Optionee’s membership on the Corporation’s Board of
Directors will be determined in accordance with the provisions of this
section.

     

    (a)               Upon
the termination of the Optionee’s membership on the Board by reason of
Disability or death, the Option shall become or remain fully vested and shall be
exercisable by such Optionee (or, in the case of death, by his or her estate)
until the earlier of one year after the Optionee’s termination date or the
expiration of the term of the Option.

     

    (b)              Except
as otherwise determined by the Committee in its sole discretion, or set forth in
this Agreement, upon the termination of the Optionee's membership on the Board
for any reason other than for Cause (as defined in Section 3(c)), Disability or
death, the Option (to the extent vested prior to such termination) may be
exercised by the Optionee during the six-month period commencing on the date of
termination, but not later than the expiration of the term of the Option. If the
Optionee dies during such six-month period, his or her estate may exercise the
Option (to the extent vested and exercisable prior to death), until the earlier
of one year after the date of death or the expiration of the term of the
options.

     

    (c)               Upon
termination of the Optionee's membership on the Board for Cause (as defined
below), the Optionee's right to exercise his or her Option shall terminate at
the time notice of termination is given by the Corporation to the Optionee. For
purposes of this provision, “Cause” shall mean:

     

    The
commission of an action against or in derogation of the interests of the
Corporation which constitutes an act of fraud, dishonesty or moral turpitude or
which, if proven in a court of law, would constitute a violation of a criminal
code or similar law;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    A
material breach of any material duty or obligation imposed upon the Optionee by
the Corporation;

    

    Divulging
the Corporation’s confidential information; or

    

    The
performance of any similar action that the Board, in its sole discretion, may
deem to be sufficiently injurious to the interests of the Corporation so as to
constitute substantial cause for termination.

    

    5.      Exercise.  The
Option may only be exercised to the extent vested.  The Option may be
exercised by delivering to the Chief Financial Officer of the Corporation at its
principal offices a written notice, signed by a person entitled to exercise the
Option, of the election to exercise the Option and stating the number of Shares
to be purchased.  Such notice shall be accompanied by the payment of
the full exercise price of the Shares to be purchased.  Upon payment
in accordance with this Agreement and within the time period specified by the
Corporation of the amount, if any, required to be withheld for Federal, state
and local tax purposes on account of the exercise of the Option, the Option
shall be deemed exercised as of the date the Corporation received such
notice.  The Corporation may withhold, or allow the Optionee to remit
to the Corporation, any Federal, state or local taxes required by law to be
withheld with respect to any event giving rise to income tax liability with
respect to the Option.  Payment of the full exercise price shall be
(i) in cash, (ii) through the surrender of previously-acquired Shares having a
Fair Market Value equal to the exercise price of the Option provided that such
previously-acquired shares have been held by the Optionee for at least six
months, unless the Committee in its discretion permits the use of shares held
less than six months, (iii) through the withholding by the Corporation (at the
election of the Optionee) of Shares having a Fair Market Value equal to the
exercise price, provided that the Optionee attests in a manner acceptable to the
Committee that he or she holds previously-acquired Shares equal in number to the
number of Shares withheld by the Corporation and has held such
previously-acquired shares for at least six months, or (iv) by a combination of
(i), (ii), and (iii), in the discretion of the Committee.  Upon the
proper exercise of the Option, subject to the other provisions of this
Agreement, the Corporation shall issue in the name of the person exercising the
Option, and deliver to such person, a certificate or certificates for the Shares
purchased.

     

    6.      Nontransferability of
Option.  The Option shall not be transferable by the Optionee
except by will or the laws of descent and distribution.  Without
limiting the generality of the foregoing, the Option shall not be sold,
transferred except as aforesaid, assigned, pledged or otherwise encumbered or
disposed of, shall not be assignable by operation of law, and shall not be
subject to execution, attachment or similar process.  Any attempted
sale, transfer, pledge, assignment or other encumbrance or disposition of the
Option contrary to the provisions hereof, or the levy of any execution,
attachment or similar process upon the Option, shall be null and void and
without effect.  During the lifetime of the Optionee, the Option may
be exercised only by the Optionee or the Optionee’s agent, attorney-in-fact or
guardian.  Following the death of the Optionee, the Option may be
exercised by the Optionee’s beneficiary or estate to the extent permitted by
Section 3.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    7.      Reorganization or Changes in
Capitalization and Corporate Events.  In the event of a stock
split, stock dividend, recapitalization, reclassification or combination of
shares, merger, sale of assets or similar event, the Board of Directors shall
adjust equitably (a) the number and class of Shares or other securities that are
subject to the Option, and (b) exercise price, and make other changes (including
cashing out the Option) in its discretion that are appropriate and equitable in
the context of the transaction.  The Board of Directors shall make all
determinations under this Section 7, and all such determinations shall be
conclusive and binding.  Notwithstanding the foregoing, in the event
of a stock split, stock dividend, reverse stock split, or substantially similar
transaction (the “Event”):  (1) the number of Shares subject to the
Option shall be automatically adjusted so that upon exercise of the Option, the
Optionee shall be entitled to receive the number of Shares which the Optionee
would have been entitled to receive after the Event had the Option been
exercised immediately before the earlier of the date of the consummation of the
Event or the record date of the Event (the “Event Date”); (2) the exercise price
of a Share subject to the Option shall be automatically adjusted to equal the
exercise price per share set forth in the Agreement, divided by the “Adjustment
Factor” (the “Adjustment Factor” shall equal the number (or fractional number)
of Shares that the holder of one Share before the Event Date would hold after
the Event Date); (3) any per Share exercise price containing a fraction of a
cent shall be rounded up to the next highest cent; and (4) any Option to
purchase fractional shares shall be automatically eliminated.  The
automatic adjustments described in the foregoing sentence shall not be made to
the extent that the Board of Directors determines in its discretion that the
automatic adjustment(s) would result in a charge for financial accounting
purposes or would not constitute an equitable adjustment under the
circumstances.  In such cases, the Board of Directors shall determine
the appropriate adjustments to be made to the Option, and the Board of
Director’s determination shall be binding and conclusive.

     

    8.      Acceleration of
Exercisability In the Event of Change in
Control.  Notwithstanding the provisions of Section 3, in the
event of a Change in Control prior to the Optionee's termination of service as a
director, the Option shall become fully vested, and until the expiration dates
specified in Section 3 shall remain, vested and exercisable as to all of the
Shares covered by this Agreement.

     

    9.      Miscellaneous.

     

    (a)       Notices.  Any
notice hereunder shall be in writing, and delivered or sent by first-class U.S.
mail, postage prepaid, addressed to:

     

    (i)           if
to the Corporation, at:

     

    411
Hackensack Avenue, 10th
floor

    Hackensack,
NJ 07601, and

    

    (ii)           if
to Optionee, at the address set forth on the Cover Page,

     

    subject
to the right of either party, by written notice hereunder, to designate at any
time hereafter some other address.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)    
 Compliance with
Law and Regulations.  The Option and the obligation of the
Corporation to sell and deliver Shares hereunder shall be subject to all
applicable Federal and state laws, rules and regulations and to such approvals
by any government or regulatory agency as may be
required.  Notwithstanding any other provision of this Agreement, the
Option may not be exercised if its exercise, or the receipt of Shares pursuant
thereto, would be contrary to applicable law.

     

    (c)       No Rights as
Stockholder.  The Optionee shall have no rights as a
stockholder with respect to any Shares subject to the Option prior to the date
of issuance to the Optionee of a certificate or certificates for such
Shares.

     

    (d)      No Consulting, Employment or
Director Relationship Rights.  Nothing in this Agreement or the
grant of an Option shall confer upon the Optionee any rights to continued
employment, consultant or director status with the Corporation or its affiliates
or shall interfere with the right of the Corporation to terminate the Optionee’s
relationship with the Corporation.

     

    (e)    
  Reservation of Shares;
Certain Costs.  The Corporation shall keep available sufficient
authorized but unissued Shares needed to satisfy the requirements of this
Agreement.  The Corporation shall pay any original issue tax that may
be due upon the issuance of Shares pursuant to the Option and all other costs
incurred by the Corporation in issuing such Shares.

     

    (f)       Choice of
Law.  This Agreement shall be construed in accordance with and
be governed by the laws of the State of Delaware.ex4_24.htm

    
      

    

    
      EXHIBIT
4.24

       

    

    THIS
WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR ANY STATE
SECURITIES LAWS.  THIS WARRANT AND SUCH SHARES MAY NOT BE SOLD,
OFFERED FOR SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A
REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT
AND ANY APPLICABLE STATE SECURITIES LAW OR PURSUANT TO RULE 144 OR AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED.

    

    

     

    REGEN
BIOLOGICS, INC.

     

    Warrant
to Purchase

    Common
Stock

     

    Date of
Issue:  October 1, 2003

     

    REGEN
BIOLOGICS, INC., a Delaware corporation (the “Company”), and
_________ (the “Holder”), hereby
agree that, for value received, the Holder is entitled to purchase from the
Company, subject to the terms and conditions set forth below, at any time after
the date hereof (the “Determination Date”)
and on or before the Expiration Date (as defined in Section 2.5 hereof),
_______ shares of fully paid and non-assessable Common Stock, par value $0.01
per share (the “Common
Stock”) of the Company (the “Shares”), at a
purchase price per Share specified in Section 1.2 hereof (the “Warrant
Price”).  The number of Shares subject to this Warrant and the
Warrant Price shall be subject to adjustment from time to time after the
Determination Date pursuant to the terms and conditions in Section 3
hereof.

     

    1.         
    Number of
Shares and Warrant Price.

     

    1.1.           Number of
Shares.  The number of Shares shall be ________.

     

    1.2.           Warrant
Price.  The Warrant Price shall be equal to $0.45 per share,
which price has been determined by the Board of Directors of the Company in good
faith.

     

    2.          
  Exercise
of Warrant.

     

    2.1.           Mechanics
of Exercise.  The Holder may exercise this Warrant after the
Determination Date in whole or in part by surrendering this Warrant and a duly
executed Notice of Exercise in substantially the form attached hereto as Exhibit A at the
principal executive offices of the Company.  The Holder shall also
deliver to the Company simultaneously with the Holder’s Notice of Exercise
payment of the aggregate Warrant Price for the Shares being
purchased.  The consideration for the exercise of this Warrant may be
in the form of a bank cashier’s or certified check payable to the order of the
Company, or by wire transfer to an account designated in writing by the
Company.  In the event that the Holder elects to exercise less than
the full number of Shares recorded above, the Company will execute and deliver
to the Holder a Warrant of like tenor in the number of Shares granted by the
Company less the number of Shares exercised.

     

    2.2.           Net
Exercise.  In lieu of exercising this Warrant as specified in
Section 2.1, the Holder may from time to time after the Determination Date
elect to receive, without the payment by the Holder of any additional
consideration, Shares equal to the value of this Warrant (or the portion thereof
being exercised) by surrendering this Warrant and a duly executed Notice of
Exercise in substantially the form attached hereto as Exhibit A at the principal
executive offices of the Company, in which event the Company shall issue to the
Holder a number of Shares determined using the following
formula:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	 
      	
              Y
      (A - B)

            
	
              X  =

            	
               -----------------------

            
	 
      	
              A

            

    

    

    
      Where:

    

    

    
      	
               
      

            	
              X
      =

            	
              The
      number of Shares to be issued to the Holder pursuant to this net exercise
      election

            

    

    

    
      	
               
      

            	
              Y
      =

            	
              The
      number of Shares in respect of which the net exercise election is
      made

            

    

    

    
      	
               
      

            	
              A
      =

            	
              The
      fair market value of one share of Common Stock of the Company at the time
      the net exercise election is made

            

    

    

    
      	
               
      

            	
              B
      =

            	
              The
      Warrant Price (as adjusted to the date of the net exercise
      election).

            

    

     

    If the
Common Stock of the Company is traded regularly in a public market, the fair
market value of a share of Common Stock of the Company shall be equal to the
average closing price of a share of Common Stock of the Company reported for the
twenty (20) day trading period ending on the date immediately prior to the date
on which the Holder delivers its Notice of Exercise to the
Company.  If the Common Stock of the Company is not regularly traded
in a public market, the Board of Directors of the Company shall determine, in
its reasonable good faith judgment, the fair market value of a share of Common
Stock of the Company as of the date immediately prior to the date on which the
Holder delivers its Notice of Exercise to the Company.  In the event
that the Holder elects to exercise less than the full number of Shares recorded
above, the Company will execute and deliver to the Holder a Warrant of like
tenor in the number of Shares granted by the Company less the number of Shares
exercised.

     

    2.3.           When
Exercise Effective.  The exercise of this Warrant shall be
deemed to have been effective for the Holder immediately prior to the close of
business on the business day on which this Warrant is surrendered to the Company
as provided in Section 2.1 or Section 2.2, and at such time the person
or persons in whose name or names any certificate or certificates for Shares
shall be issuable upon such exercise as provided in Section 2.4 shall be deemed
to have become the holder or holders of record thereof.

     

     2.4.           Delivery
of Stock Certificates, Etc.  As soon as practicable after the
surrender of this Warrant, the Company will cause to be issued in the name of,
and delivered to, the Holder a certificate or certificates for the number
of fully paid and non-assessable Shares which the Holder has
purchased.

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

     

    2.5.           Expiration
Date. This Warrant shall expire on the fifth anniversary of the date of
issuance.

     

    3.           Adjustments.

     

    3.1.           Adjustment
for Certain Dividends and Distributions.  If the Company at any
time or from time to time after the Determination Date makes, or fixes a record
date for the determination of holders of shares of Common Stock entitled to
receive, a dividend or other distribution payable in additional shares of the
Company’s equity securities, then, and in each such event, the number of Shares
theretofore receivable upon the exercise of this Warrant shall be
proportionately increased as of the time of such issuance or, in the event such
record date is fixed, as of the close of business on such record date; provided, however, that if such record
date is fixed and such dividend is not fully paid or if such distribution is not
fully made on the date fixed therefor, the number of Shares theretofore
receivable upon exercise of this Warrant shall be recomputed accordingly as of
the close of business on such record date, and thereafter the number of Shares
theretofore receivable upon exercise of this Warrant shall be adjusted pursuant
to this Section 3.1 as of the time of actual payment of such dividends or
distributions.

     

    3.2.           Stock
Split and Reverse Stock Split.  If the Company at any time or
from time to time after the Determination Date effects a stock split or
subdivision of the outstanding Common Stock, the number of Shares theretofore
receivable upon the exercise of this Warrant shall be proportionately
increased.  If the Company at any time or from time to time after the
Determination Date effects a reverse stock split or combines the outstanding
shares of Common Stock into a smaller number of shares, the number of Shares
theretofore receivable upon the exercise of this Warrant shall be
proportionately decreased.  Appropriate
adjustments shall also be made to the Warrant Price, but the aggregate Warrant
Price shall remain the same.  Each adjustment under this Section 3.2
shall become effective at the close of business on the date the stock split,
subdivision, reverse stock split or combination becomes effective.

     

    3.3.           Merger,
Sale of Assets, Etc.  If after the Determination Date and at
any time while this Warrant, or any portion thereof, is outstanding and
unexpired there shall be (i) a reorganization (other than a combination,
reclassification, exchange or subdivision of shares otherwise provided for
herein), (ii) a merger or consolidation of the Company with or into another
corporation in which the Company is not the surviving entity, or a reverse
triangular merger in which the Company is the surviving entity but the shares of
the Company’s capital stock outstanding immediately prior to the merger are
converted by virtue of the merger into other property (whether in the form of
securities, cash or otherwise), or (iii) a sale or transfer of the Company’s
properties and assets as, or substantially as, an entirety to any other person,
this Warrant shall thereafter represent the right to acquire for the Aggregate
Warrant Price (as defined below) the number of shares of stock or other
securities which the Holder of this Warrant would have owned immediately after
the consummation of such reorganization, merger, consolidation, sale or
transfer, if the Holder of this Warrant had exercised this Warrant immediately
before the effective date of the reorganization, merger, consolidation, sale or
transfer.  In each such case, the terms of this Warrant shall be
applicable to the shares of stock or other securities receivable upon exercise
of this Warrant after such consummation.  For purposes of this Section
3.3, the “Aggregate Warrant Price” shall mean the aggregate consideration
obtained by multiplying (x) the Warrant Price by (y) the maximum number of
Shares of Common Stock for which this Warrant was exercisable immediately prior
to such conversion or redemption.

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

     

    4.      Transferability
of Warrant.

     

    4.1.   Transferability
Generally.  This Warrant and the Shares may not be transferred
or assigned in whole or in part without compliance with applicable federal and
state securities laws by the transferor and the transferee (including, without
limitation, the delivery of investment representation letters and legal opinions
reasonable satisfactory to the Company).

     

    4.2.           Ownership.  Until
this Warrant is transferred on the books of the Company (with the Company’s
consent), the Company may treat the person in whose name this Warrant is issued
as the absolute
owner hereof for all purposes, notwithstanding any notice to the
contrary.

     

    5.            
Exchange
of Warrant.  Upon the surrender by the Holder of this Warrant,
properly endorsed, to the Company, the Company, subject to the provisions of
Section 4 hereof, will issue and deliver to or upon the order of the Holder a
new Warrant or Warrants of like tenor, in the name of the Holder or as the
Holder (upon payment by the Holder of any applicable transfer taxes) may direct,
calling in the aggregate on the face or faces thereof for the number of
Shares called
for on the face or faces of the Warrant or Warrants so
surrendered.

     

    6.          
  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, upon delivery of an
indemnity bond (or, in the case of any institutional holder, an indemnity
agreement) reasonably satisfactory in form and amount to the Company or, in the
case of any such mutilation, upon surrender and cancellation of such Warrant,
the Company at its expense will execute and deliver, in lieu thereof, a new
Warrant of like tenor.

     

    7.         
   Legends.  The
certificate(s) representing the Shares shall be imprinted with a legend in
substantially the following form:

     

    THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR ANY STATE SECURITIES
LAWS.  THESE SHARES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED,
HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS AND UNTIL (1) REGISTERED
UNDER THE ACT AND SUCH STATE SECURITIES
LAWS OR (2) THE CORPORATION
RECEIVES AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION AND ITS COUNSEL THAT SUCH
REGISTRATION IS NOT REQUIRED.

     

    8.         
   Representations
and Covenants.

     

    8.1.           Representation
and Warranty of the Company.  The Company hereby represents and
warrants to the Holder that the Shares which may be issued upon exercise of this
Warrant shall, upon issuance, be duly authorized, validly issued, fully paid and
nonassessable, and free of any liens and encumbrances except for restrictions on
transfer provided for herein or under applicable federal and state securities
law.

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

     

    8.2.   Representation
and Warranty of Holder.  The Holder hereby
represents and warrants to the Company that the Holder is an “accredited
investor” within the meaning of Regulation D promulgated under the Act, and
acknowledges that the Company is relying upon this representation and warranty
in the issuance of this Warrant to the Holder.

     

    9.      Notices.  All
notices, consents and other communications under this Warrant shall be in
writing and shall be deemed given when delivered personally or when mailed by
registered mail, return receipt requested, or reputable overnight delivery
service, to a party at its principal executive offices (or such other address as
a party may designate by notice given to the other parties pursuant to this
Section 9).

     

    10.           Miscellaneous.

     

    10.1.        Termination.  Neither
this Warrant nor any term hereof may be amended, modified, waived, discharged or
terminated orally.

     

    10.2.        Applicable
Law.  This Warrant shall be construed and enforced in
accordance with and governed by the laws of the State of Delaware without
regarding to provisions thereof relating to choice of law or conflicts of
law.

     

    10.3.        Headings.  The
headings in this Warrant are for convenience of reference only and shall not
limit or otherwise affect the meaning of any provision of this
Warrant.

     

    10.4.         No
Fractional Shares.  No fractional shares of Common Stock shall
be issued in connection with the exercise of this Warrant.  In lieu of
any fractional shares which would otherwise be issuable, the Company shall pay
cash equal to the product of such fraction multiplied by the fair market value
of one Share as determined in accordance with the valuation provisions set forth
in Section 2.2.

     

    10.5.         No Rights
as Stockholder.  Until the exercise of this Warrant, the Holder
shall not have or exercise any rights as a stockholder of the Company by virtue
of this Warrant.

     

    11.           Expiration.  The
right to exercise this Warrant shall expire at 5:00 p.m., Eastern time, on the
Expiration Date.

    
 

    
      	 
      	
              REGEN BIOLOGICS,
      INC.,

            
	 
      	
              a
      Delaware corporation

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	 
      	 
      
	 
      	 
      	
              Name:

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    EXHIBIT
A

     

    NOTICE
OF EXERCISE

     

    [To be
signed only upon exercise of Warrant]

     

    TO:         REGEN
BIOLOGICS, INC.

    

    

    The undersigned, the holder of the
within Warrant, hereby (check one box):

    

    q           surrenders
[NUMBER OF SHARES] shares of such Warrant to purchase an equivalent number of
shares of Common Stock of REGEN BIOLOGICS, INC. and herewith makes
payment of $[DOLLAR AMOUNT] therefor pursuant to Section 2.1 of such Warrant,
or

    

    q           surrenders
[NUMBER OF SHARES] shares of such Warrant to purchase that number of shares of
Common Stock of REGEN BIOLOGICS, INC. determined by the terms of the net
exercise provision set forth in Section 2.2 of such Warrant,

    

    and requests that the certificates for
such shares be issued in the name of, and delivered to, [NAME], whose address is
[ADDRESS].

    

    

    
      	 
      	 
      	 	 
      
	
              Dated:

            	 
      	 	 
      
	 
      	 
      	 	 
      
	 
      	 
      	 	 
      
	 
      	 
      	 	
               

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

            
	 
      	 
      	 	 
      
	 
      	 
      	 	 
      
	 
      	 
      	 	
              Address

            
	 
      	 
      	 	 
      
	
              Signed
      in the presence of:

            
	 
      	 
      	 	 
      
	 
      	 
      	 	 
      

    

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

    EXHIBIT
B

    

     

    FORM
OF ASSIGNMENT

     

     

    [To be
signed only upon transfer of Warrant after approval by the Company]

     

     

    For value
received, the undersigned hereby sells, assigns and transfers unto [NAME] the
right represented by the within Warrant to purchase [NUMBER OF SHARES] shares of
Common Stock of REGEN BIOLOGICS, INC. (the “Company”) to which the within
Warrant relates, and appoints the Secretary of the Company as attorney to
transfer such right on the books of the Company, 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
      the Warrant)

            
	 
      	 	 
      
	 
      	 	 
      
	 
      	 	 
      
	 
      	 	
              Address

            
	
              Signed
      in the presence of:

            	 	 
      
	
               

            	 	 
      

    

     

     

    B-1

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