Document:

Exhibit 10.1

 Exhibit 10.1 
 ALDAGEN, INC. 
 AMENDED AND RESTATED LOAN AND
SECURITY AGREEMENT 

 This AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT is entered into as of April 1,
2009, by and between Square 1 Bank (“Bank”) and ALDAGEN, INC. (“Borrower”). 
 RECITALS 
 Bank and Borrower have entered into that certain Loan and Security Agreement dated as of March 21, 2006, as amended from time to time (the
“Original Agreement”). Borrower and Bank wish to amend and restate the terms of the Original Agreement in accordance with the terms hereof. This Agreement sets forth the terms on which Bank will advance credit to Borrower, and Borrower
will repay the amounts owing to Bank. 
 AGREEMENT 
 The parties agree as follows: 
  

	 	1.	DEFINITIONS AND CONSTRUCTION. 

 1.1 Definitions. As used in this Agreement, all capitalized terms shall have the definitions set forth on Exhibit A. Any term used in the Code and not defined herein shall have the meaning given to the term in the Code. 

1.2 Accounting Terms. Any accounting term not specifically defined on Exhibit A shall be construed in accordance with GAAP and all
calculations shall be made in accordance with GAAP. The term “financial statements” shall include the accompanying notes and schedules. 
  

	 	2.	LOAN AND TERMS OF PAYMENT. 

 2.1 Credit Extensions. 
 (a) Promise to Pay. Borrower promises to pay to Bank, in lawful money of the
United States of America, the aggregate unpaid principal amount of all Credit Extensions made by Bank to Borrower, together with interest on the unpaid principal amount of such Credit Extensions at rates in accordance with the terms hereof.

 (b) Bridge Loan. 
 (i) Pursuant to the Original Agreement, Bank has made bridge loan to Borrower in the aggregate principal amount of $3,000,000 (the “Bridge Loan”). 
 (ii) Interest shall continue to accrue on the Bridge Loan at the rate specified in Section 2.3(a), and shall be payable monthly
on the last day of each month in accordance with Section 2.3(c). If by April 30, 2009, Borrower has received $10,000,000 or less of New Equity, the Bridge Loan shall be payable in 17 equal monthly installments of principal, plus all
accrued interest, beginning on April 30, 2009, and continuing on the last day of each month thereafter through the Bridge Loan Maturity Date. If, by April 30, 2009, Borrower has received more than $10,000,000 in New Equity, then Bank
agrees to work with Borrower and Borrower’s investors to agree on a revised amortization schedule for the Bridge Loan based on the amount of New Equity raised and the status of Borrower’s clinical trials. The Bridge Loan, once repaid, may
not be reborrowed. Borrower may prepay the Bridge Loan without penalty or premium. 
 (c) Equipment Advances.

 (i) Subject to and upon the terms and conditions of this Agreement, Bank agrees to make Equipment Advances to
Borrower. Borrower may request Equipment Advances at any time from the Closing Date through the Availability End Date. The aggregate outstanding amount of Equipment Advances shall not exceed the Equipment Loan. Each Equipment Advance shall not
exceed 100% of the invoice amount of equipment and software approved by Bank from time to time (which Borrower shall, in any case, have purchased

  

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within 90 days of the date of the corresponding Equipment Advance), excluding taxes, shipping, warranty charges, freight discounts and installation expense. Notwithstanding the foregoing, on
the Closing Date, Borrower may request a single Equipment Advance to finance Equipment purchased no earlier than October 27, 2009. 
 (ii) Interest shall accrue from the date of each Equipment Advance at the rate specified in Section 2.3(a) and prior to the Availability End Date shall be payable monthly beginning on the last
date of the month next following the initial Equipment Advance, and continuing on the same day of each month thereafter. Any Equipment Advances that are outstanding on the Availability End Date shall be payable in 30 equal monthly installments of
principal, plus all accrued interest, beginning on October 31, 2009 and continuing on the same day of each month thereafter through the Equipment Maturity Date, at which time all amounts due in connection with Equipment Advances made under this
Section 2.1(c) and any other amounts due under this Agreement shall be immediately due and payable. Equipment Advances, once repaid, may not be reborrowed. Borrower may prepay any Equipment Advances without penalty or premium. 
 (iii) When Borrower desires to obtain an Equipment Advance, Borrower shall notify Bank (which notice shall be irrevocable) by
facsimile transmission to be received no later than 3:00 p.m. Eastern time three Business Days before the day on which the Equipment Advance is to be made. Such notice shall be substantially in the form of Exhibit C. The notice shall be signed by a
Responsible Officer or its designee and include a copy of the invoice for any Equipment to be financed. 
 2.2 Intentionally
Omitted. 
 2.3 Interest Rates, Payments, and Calculations. 
 (a) Interest Rates. 
 (i) Bridge Loan. Except as set forth in Section 2.3(b), the Bridge Loan shall bear interest, on the outstanding daily balance thereof, at a variable annual rate equal to 2.50% above the Prime
Rate then in effect. 
 (ii) Equipment Advances. Except as set forth in Section 2.3(b), the Equipment Advances
shall bear interest, on the outstanding daily balance thereof, at a variable annual rate equal to 3.00% above the Prime Rate then in effect. 
 (b) Late Fee; Default Rate. If any payment is not made within 10 days after the date such payment is due, Borrower shall pay Bank a late fee equal to the lesser of (i) 5% of the amount of such
unpaid amount or (ii) the maximum amount permitted to be charged under applicable law. All Obligations shall bear interest, from and after the occurrence and during the continuance of an Event of Default, at a rate equal to 5 percentage points
above the interest rate applicable immediately prior to the occurrence of the Event of Default. 
 (c) Payments.
Interest hereunder shall be due and payable on the last calendar day of each month during the term hereof. Bank shall, at its option, charge such interest, all Bank Expenses, and all Periodic Payments against any of Borrower’s deposit accounts
or against the Revolving Line, in which case those amounts shall thereafter accrue interest at the rate then applicable hereunder. Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall
thereafter accrue interest at the rate then applicable hereunder. 
 (d) Computation. In the event the Prime Rate is
changed from time to time hereafter, the applicable rate of interest hereunder shall be increased or decreased, effective as of the day the Prime Rate is changed, by an amount equal to such change in the Prime Rate. All interest chargeable under the
Loan Documents shall be computed on the basis of a 360 day year for the actual number of days elapsed. 
 2.4 Crediting
Payments. Prior to the occurrence of an Event of Default, Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence of an Event of Default, Bank
shall have the right, in its sole discretion, to immediately apply

  

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any wire transfer of funds, check, or other item of payment Bank may receive to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account
unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment
received by Bank after 12:00 noon Eastern time shall be deemed to have been received by Bank as of the opening of business on the immediately following Business Day. Whenever any payment to Bank under the Loan Documents would otherwise be due
(except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

 2.5 Fees. Borrower shall pay to Bank the following: 
 (a) Facility Fee. On the Closing Date, a fee equal to $6,000, which shall be nonrefundable; 
 (b) Bank Expenses. On the Closing Date, all Bank Expenses incurred through the Closing Date, and, after the Closing Date, all Bank
Expenses, as and when they become due; provided however that Bank shall notify Borrower before deducting any Bank Expenses for outside legal counsel from Borrower’s Accounts. 
 2.6 Term. This Agreement shall become effective on the Closing Date and, subject to Section 12.7, shall continue in full force
and effect for so long as any Obligations remain outstanding or Bank has any obligation to make Credit Extensions under this Agreement. Notwithstanding the foregoing, Bank shall have the right to terminate its obligation to make Credit Extensions
under this Agreement immediately and without notice upon the occurrence and during the continuance of an Event of Default. 
  

	 	3.	CONDITIONS OF LOANS. 

 3.1 Conditions Precedent to Initial Credit Extension. The obligation of Bank to make the initial Credit Extension is subject to the condition precedent that Bank shall have received, in form and substance satisfactory to Bank, the
following: 
 (a) this Agreement; 
 (b) an officer’s certificate of Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this Agreement; 
 (c) a financing statement (Form UCC-1); 
 (d) payment of the fees and Bank Expenses then due specified in Section 2.5 which may be debited from any of Borrower’s accounts at Bank; 
 (e) current SOS Reports indicating that except for Permitted Liens, there are no other security interests or Liens of record in the
Collateral; 
 (f) current financial statements, including company prepared consolidated and consolidating balance
sheets and income statements for the most recently ended month in accordance with Section 6.2, and such other updated financial information as Bank may reasonably request; 
 (g) current Compliance Certificate in accordance with Section 6.2; 
 (h) a Warrant in form and substance satisfactory to Bank; and 
 (i) such other documents or certificates, and completion of such other matters, as Bank may reasonably deem necessary or
appropriate. 
  

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 3.2 Conditions Precedent to all Credit Extensions. The obligation of Bank to make
each Credit Extension, including the initial Credit Extension, is further subject to the following conditions: 
 (a)
timely receipt by Bank of the Payment/Advance Form as provided in Section 2.1; and 
 (b) the representations
and warranties contained in Section 5 shall be true and correct in all material respects on and as of the date of such Payment/Advance Form and on the effective date of each Credit Extension as though made at and as of each such date, and no
Event of Default shall have occurred and be continuing, or would exist after giving effect to such Credit Extension (provided, however, that those representations and warranties expressly referring to another date shall be true, correct and complete
in all material respects as of such date). The making of each Credit Extension shall be deemed to be a representation and warranty (as modified by those exceptions set forth on the Schedule, as the same may be updated or amended from time to time)
by Borrower on the date of such Credit Extension as to the accuracy of the facts in all material respects, referred to in this Section 3.2. 
  

	 	4.	CREATION OF SECURITY INTEREST. 

 4.1 Grant of Security Interest. Borrower grants and pledges to Bank a continuing security interest in the Collateral to secure prompt repayment of any and all Obligations and in order to secure prompt performance by Borrower of each
of its covenants and duties under the Loan Documents. Except as set forth in the Schedule, such security interest constitutes a valid, first priority security interest in the presently existing Collateral, and will constitute a valid, first priority
security interest in later-acquired Collateral. Borrower also hereby agrees to not sell, transfer, assign, mortgage, pledge, lease, grant a security interest in, or encumber any of its intellectual property. Notwithstanding any termination of this
Agreement or of any filings undertaken relating to Bank’s rights under the Code, Bank’s Lien on the Collateral shall remain in effect for so long as any Obligations are outstanding. 
 4.2 Perfection of Security Interest. Borrower authorizes Bank to file at any time, during the term of this Agreement or while any of
the Obligations are outstanding, financing statements, continuation statements, and amendments thereto that (i) either specifically describe the Collateral or describe the Collateral as all assets of Borrower of the kind pledged hereunder, and
(ii) contain any other information required by the Code for the sufficiency of filing office acceptance of any financing statement, continuation statement, or amendment, including whether Borrower is an organization, the type of organization
and any organizational identification number issued to Borrower, if applicable. Any such financing statements may be signed by Bank on behalf of Borrower, as provided in the Code, and may be filed at any time in any jurisdiction whether or not
Revised Article 9 of the Code is then in effect in that jurisdiction. Borrower shall from time to time endorse and deliver to Bank, at the request of Bank, all Negotiable Collateral and other documents that Bank may reasonably request, in form
satisfactory to Bank, to perfect and continue perfected Bank’s security interests in the Collateral and in order to fully consummate all of the transactions contemplated under the Loan Documents. Borrower shall have possession of the
Collateral, except where expressly otherwise provided in this Agreement or where Bank chooses to perfect its security interest by possession in addition to the filing of a financing statement. Where Collateral is in possession of a third party
bailee, Borrower shall take such steps as Bank reasonably requests for Bank to (i) obtain an acknowledgment, in form and substance satisfactory to Bank, of the bailee that the bailee holds such Collateral for the benefit of Bank, and
(ii) obtain “control” of any Collateral consisting of investment property, deposit accounts, letter-of-credit rights or electronic chattel paper (as such items and the term “control” are defined in Revised Article 9 of the
Code) by causing the securities intermediary or depositary institution or issuing bank to execute a control agreement in form and substance satisfactory to Bank. Borrower will not create any chattel paper without placing a legend on the chattel
paper acceptable to Bank indicating that Bank has a security interest in the chattel paper. Borrower from time to time may deposit with Bank specific cash collateral to secure specific Obligations; Borrower authorizes Bank to hold such specific
balances in pledge and to decline to honor any drafts thereon or any request by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the specific Obligations are outstanding. 
 4.3 Right to Inspect. Bank (through any of its officers, employees, or agents) shall have the right, upon reasonable prior notice,
from time to time during Borrower’s usual business hours but no more than

  

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twice a year (unless an Event of Default has occurred and is continuing), to inspect Borrower’s Books and to make copies thereof and to check, test, and appraise the Collateral in order to
verify Borrower’s financial condition or the amount, condition of, or any other matter relating to, the Collateral. 
  

	 	5.	REPRESENTATIONS AND WARRANTIES. 

 Borrower represents and warrants as follows: 
 5.1 Due Organization and Qualification. Borrower and each
Subsidiary is a corporation duly existing under the laws of the state in which it is incorporated and qualified and licensed to do business in any state in which the conduct of its business or its ownership of property requires that it be so
qualified, except where the failure to do so would not reasonably be expected to cause a Material Adverse Effect. 
 5.2 Due
Authorization; No Conflict. The execution, delivery, and performance of the Loan Documents are within Borrower’s powers, have been duly authorized, and are not in conflict with nor constitute a breach of any provision contained in
Borrower’s Certificate of Incorporation or Bylaws, nor will they constitute an event of default under any material agreement by which Borrower is bound. Borrower is not in default under any agreement by which it is bound, except to the extent
such default would not reasonably be expected to cause a Material Adverse Effect. 
 5.3 Collateral. Borrower has rights
in or the power to transfer the Collateral, and its title to the Collateral is free and clear of Liens, adverse claims, and restrictions on transfer or pledge except for Permitted Liens. All Collateral is located solely in the Collateral States. All
Inventory is in all material respects of good and merchantable quality, free from all material defects, except for Inventory for which adequate reserves have been made. Except as set forth in the Schedule, none of the Collateral is maintained or
invested with a Person other than Bank or Bank’s Affiliates. 
 5.4 Intellectual Property. Borrower is the sole
owner of its patents, trademarks, copyrights and other intellectual property, except for non-exclusive licenses granted by Borrower to its customers in the ordinary course of business. To the best of Borrower’s knowledge, each of
Borrower’s patents, trademarks and copyrights is valid and enforceable, and no part of its intellectual property has been judged invalid or unenforceable, in whole or in part, and no claim has been made to Borrower that any part of its
intellectual property violates the rights of any third party except to the extent such claim would not reasonably be expected to cause a Material Adverse Effect. 
 5.5 Name; Location of Chief Executive Office. Except as disclosed in the Schedule, Borrower has not done business under any name other than that specified on the signature page hereof, and its
exact legal name is as set forth in the first paragraph of this Agreement. The chief executive office of Borrower is located in the Chief Executive Office State at the address indicated in Section 10 hereof. 
 5.6 Litigation. Except as set forth in the Schedule, there are no actions or proceedings pending by or against Borrower or any
Subsidiary before any court or administrative agency in which a likely adverse decision would reasonably be expected to have a Material Adverse Effect. 
 5.7 No Material Adverse Change in Financial Statements. All consolidated and consolidating financial statements related to Borrower and any Subsidiary that are delivered by Borrower to Bank fairly
present in all material respects Borrower’s consolidated and consolidating financial condition as of the date thereof and Borrower’s consolidated and consolidating results of operations for the period then ended. There has not been a
material adverse change in the consolidated or in the consolidating financial condition of Borrower since the date of the most recent of such financial statements submitted to Bank. 
 5.8 Solvency, Payment of Debts. Borrower is able to pay its debts (including trade debts) as they mature; the fair saleable value of
Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; and Borrower is not left with unreasonably small capital after the transactions contemplated by this Agreement. 
  

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 5.9 Compliance with Laws and Regulations. Borrower and each Subsidiary have met the
minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA. No event has occurred resulting from Borrower’s failure to comply with ERISA that is reasonably likely to result in Borrower’s incurring any
liability that could have a Material Adverse Effect. Borrower is not an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940. Borrower is not
engaged principally, or as one of the important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T and U of the Board of Governors of the Federal Reserve
System). Borrower has complied in all material respects with all the provisions of the Federal Fair Labor Standards Act. Borrower is in compliance with all environmental laws, regulations and ordinances except where the failure to comply is not
reasonably likely to have a Material Adverse Effect. Borrower has not violated any statutes, laws, ordinances or rules applicable to it, the violation of which would reasonably be expected to have a Material Adverse Effect. Borrower and each
Subsidiary have filed or caused to be filed all tax returns required to be filed, and have paid, or have made adequate provision for the payment of, all taxes reflected therein except those being contested in good faith with adequate reserves under
GAAP or where the failure to file such returns or pay such taxes would not reasonably be expected to have a Material Adverse Effect. 
 5.10 Subsidiaries. Borrower does not own any stock, partnership interest or other equity securities of any Person, except for Permitted Investments. 
 5.11 Government Consents. Borrower and each Subsidiary have obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all governmental
authorities that are necessary for the continued operation of Borrower’s business as currently conducted, except where the failure to do so would not reasonably be expected to cause a Material Adverse Effect. 
 5.12 Inbound Licenses. Except as disclosed on the Schedule, Borrower is not a party to, nor is bound by, any license or other
agreement that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property. 
 5.13 Full Disclosure. No representation, warranty or other statement made by Borrower in any certificate or written statement furnished to Bank taken together with all such certificates and written
statements furnished to Bank contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained in such certificates or statements not misleading, it being recognized by Bank that
the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not to be viewed as facts and that actual results during the period or periods covered by any such projections and forecasts may differ from
the projected or forecasted results. 
  

	 	6.	AFFIRMATIVE COVENANTS. 

 Borrower covenants that, until payment in full of all outstanding Obligations, and for so long as Bank may have any commitment to make a Credit Extension hereunder, Borrower shall do all of the following: 
 6.1 Good Standing and Government Compliance. Borrower shall maintain its and each of its Subsidiaries’ corporate existence and
good standing in the Borrower State, shall maintain qualification and good standing in each other jurisdiction in which the failure to so qualify would reasonably be expected to have a Material Adverse Effect, and shall furnish to Bank the
organizational identification number issued to Borrower by the authorities of the state in which Borrower is organized, if applicable. Borrower shall meet, and shall cause each Subsidiary to meet, the minimum funding requirements of ERISA with
respect to any employee benefit plans subject to ERISA. Borrower shall comply in all material respects with all applicable Environmental Laws, and maintain all material permits, licenses and approvals required thereunder where the failure to do so
would reasonably be expected to have a Material Adverse Effect. Borrower shall comply, and shall cause each Subsidiary to comply, with all statutes, laws, ordinances and government rules and regulations to which it is subject, and shall maintain,
and shall cause each of its Subsidiaries to maintain, in force all licenses, approvals and agreements, the loss of which or failure to comply with which would reasonably be expected to have a Material Adverse Effect. 
  

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 6.2 Financial Statements, Reports, Certificates. Borrower shall deliver to Bank:
(i) as soon as available, but in any event within 30 days after the end of each calendar month, a company prepared consolidated and consolidating balance sheet and income statement covering Borrower’s operations during such period, in a
form reasonably acceptable to Bank and certified by a Responsible Officer; (ii) as soon as available, but in any event within 150 days after the end of Borrower’s fiscal year, audited consolidated and consolidating financial statements of
Borrower prepared in accordance with GAAP, consistently applied, together with an opinion which is unqualified or otherwise consented to in writing by Bank on such financial statements of an independent certified public accounting firm reasonably
acceptable to Bank; (iii) if applicable, copies of all statements, reports and notices sent or made available generally by Borrower to its security holders or to any holders of Subordinated Debt and all reports on Forms 10-K and 10-Q filed with
the Securities and Exchange Commission; (iv) promptly upon receipt of notice thereof, a report of any legal actions pending or threatened against Borrower or any Subsidiary that could result in damages or costs to Borrower or any Subsidiary of
$250,000 or more; (v) promptly upon receipt, each management letter prepared by Borrower’s independent certified public accounting firm regarding Borrower’s management control systems; and (vi) such budgets, sales projections,
operating plans or other financial information generally prepared by Borrower in the ordinary course of business as Bank may reasonably request from time to time, including as soon as available, but in any event no later than December 30, 2009,
a budget approved by Borrower’s board of directors showing Borrower’s operations to be fully funded through 2010. 
 (a) Within 30 days after the last day of each month, Borrower shall deliver to Bank with the monthly financial statements a Compliance Certificate certified as of the last day of the applicable month and signed by a Responsible
Officer in substantially the form of Exhibit D hereto. 
 (b) Within 15 days after any meeting of Borrower’s board
of directors, any meeting slides or other detailed summaries of clinical data presented to Borrower’s board of directors and copies of any communications with the FDA. 
 (c) As soon as possible and in any event within 3 calendar days after becoming aware of the occurrence or existence of an Event of
Default hereunder, a written statement of a Responsible Officer setting forth details of the Event of Default, and the action which Borrower has taken or proposes to take with respect thereto. 
 (d) Bank shall have a right from time to time hereafter to audit Borrower’s Accounts and appraise Collateral at Borrower’s
expense, provided that such audits will be conducted no more often than every 6 months unless an Event of Default has occurred and is continuing. 
 Borrower may deliver to Bank on an electronic basis any certificates, reports or information required pursuant to this Section 6.2, and Bank shall be entitled to rely on the information contained in
the electronic files, provided that Bank in good faith believes that the files were delivered by a Responsible Officer. If Borrower delivers this information electronically, it shall also deliver to Bank by U.S. Mail, reputable overnight courier
service, hand delivery, facsimile or .pdf file within 5 Business Days of submission of the unsigned electronic copy the certification of monthly financial statements and the Compliance Certificate, each bearing the physical signature of the
Responsible Officer. 
 6.3 Inventory and Equipment; Returns. Borrower shall keep all Inventory and Equipment in good and
merchantable condition, free from all material defects except for Inventory and Equipment (i) sold in the ordinary course of business, and (ii) for which adequate reserves have been made, in all cases in the United States and such other
locations as to which Borrower gives prior written notice. Returns and allowances, if any, as between Borrower and its account debtors shall be on the same basis and in accordance with the usual customary practices of Borrower, as they exist on the
Closing Date. Borrower shall promptly notify Bank of all returns and recoveries and of all disputes and claims involving inventory having a book value of more than $250,000. 
 6.4 Taxes. Borrower shall make, and cause each Subsidiary to make, due and timely payment or deposit of all material federal, state,
and local taxes, assessments, or contributions required of it by law, including, but not limited to, those laws concerning income taxes, F.I.C.A., F.U.T.A. and state disability, and will execute and deliver to Bank, on demand, proof satisfactory to
Bank indicating that Borrower or a Subsidiary has made such payments or deposits and any appropriate certificates attesting to the payment or deposit thereof;

  

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provided that Borrower or a Subsidiary need not make any payment if the amount or validity of such payment is contested in good faith by appropriate proceedings and is reserved against (to the
extent required by GAAP) by Borrower. 
 6.5 Insurance. 
 (a) Borrower, at its expense, shall keep the Collateral insured against loss or damage by fire, theft, explosion, sprinklers, and
all other hazards and risks, and in such amounts, as ordinarily insured against by other owners in similar businesses conducted in the locations where Borrower’s business is conducted on the date hereof. Borrower shall also maintain liability
and other insurance in amounts and of a type that are customary to businesses similar to Borrower’s. 
 (b) All
such policies of insurance shall be in such form, with such companies, and in such amounts as are reasonably satisfactory to Bank. All policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to
Bank, showing Bank as an additional loss payee, and all liability insurance policies shall show the Bank as an additional insured and shall specify that the insurer must give at least 20 days notice to Bank before canceling its policy for any
reason. Upon Bank’s request, Borrower shall deliver to Bank certified copies of the policies of insurance and evidence of all premium payments. If no Event of Default has occurred and is continuing, proceeds payable under any casualty policy
will, at Borrower’s option, be payable to Borrower to replace the property subject to the claim, provided that any such replacement property shall be deemed Collateral in which Bank has been granted a first priority security interest. If an
Event of Default has occurred and is continuing, all proceeds payable under any such policy shall, at Bank’s option, be payable to Bank to be applied on account of the Obligations. 
 6.6 Accounts. Borrower shall maintain all its depository and operating accounts with Bank and all its investment accounts with Bank
or Bank’s Affiliates. 
 6.7 Covenants/Milestones. 
 (a) New Equity. Borrower shall have received at least $10,000,000 in New Equity from investors including Intersouth,
Tullis-Dickerson and Harbert Ventures no later than April 30, 2009. 
 (b) ALD-101 Phase II Enrollment. Borrower
shall enroll not less than the following amount of patients in Borrower’s ALD-101 Phase II program: (i) 5 new patients in the quarter ending March 31, 2009, (ii) 6 new patients in the quarter ending June 30, 2009,
(iii) 6 new patients in the quarter ending September 30, 2009, (iv) 6 new patients in the quarter ending December 31, 2009, and (v) 5 new patients in the quarter ending March 31, 2010. 
 (c) ALD-101 Phase II Patient Follow-Up. Borrower shall have completed the 6-month follow-up of all ALD-101 Phase II patients no
later than September 30, 2010. 
 (d) ALD-101 BLA Submission. Borrower shall have submitted a new Biological
Licensing Application to the US FDA no later than March 31, 2011. 
 (e) ALD-101 BLA Approval. Borrower shall have
received approval from the US FDA to market its ALD-101 treatment no later than June 30, 2011. 
 “In each case,
(a) Borrower will confirm achievement of each Milestone in writing to Bank and Borrower’s investors (each such confirmation, a “Notice”), and (b) Borrower’s investors shall subsequently confirm in writing to Bank, to
Bank’s satisfaction, that Borrower’s investors have received the applicable Notice from Borrower and, to such investor’s knowledge, the matters expressed in such notice are true and correct.” 
  

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 6.8 Intersouth Partners Board Member. Borrower shall cause at least 1
representative of Intersouth Partners to be on Borrower’s board of directors at all times. 
 6.9 Consent of Inbound
Licensors. Prior to entering into or becoming bound by any license or agreement, Borrower shall: (i) provide written notice to Bank of the material terms of such license or agreement with a description of its likely impact on
Borrower’s business or financial condition; and (ii) in good faith use commercially reasonable efforts to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for Borrower’s interest in such licenses or
contract rights to be deemed Collateral and for Bank to have a security interest in it that might otherwise be restricted by the terms of the applicable license or agreement, whether now existing or entered into in the future, provided, however,
that the failure to obtain any such consent or waiver shall not constitute a default under this Agreement. 
 6.10 Further
Assurances. At any time and from time to time Borrower shall execute and deliver such further instruments and take such further action as may reasonably be requested by Bank to effect the purposes of this Agreement. 
  

	 	7.	NEGATIVE COVENANTS. 

 Borrower covenants and agrees that, so long as any credit hereunder shall be available and until the outstanding Obligations are paid in full or for so long as Bank may have any commitment to make any Credit Extensions, Borrower will not do
any of the following without Bank’s prior written consent, which shall not be unreasonably withheld: 
 7.1
Dispositions. Convey, sell, lease, license, transfer or otherwise dispose of (collectively, to “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property , including its intellectual
property, or move cash balances on deposit with Bank to accounts opened at another financial institution, other than Permitted Transfers. 
 7.2 Change in Name, Location, Executive Office, or Executive Management; Change in Business; Change in Fiscal Year; Change in Control. Change its name or the Borrower State or relocate its chief
executive office without 30 days prior written notification to Bank; replace its chief executive officer or chief financial officer without 30 days prior written notification to Bank; engage in any business, or permit any of its Subsidiaries to
engage in any business, other than or reasonably related or incidental to the businesses currently engaged in by Borrower; change its fiscal year end; have a Change in Control. 
 7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into any other
business organization (other than mergers or consolidations of a Subsidiary into another Subsidiary or into Borrower), or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another
Person. 
 7.4 Indebtedness. Create, incur, assume, guarantee or be or remain liable with respect to any Indebtedness, or
permit any Subsidiary so to do, other than Permitted Indebtedness, or prepay any Indebtedness or take any actions which impose on Borrower an obligation to prepay any Indebtedness, except Indebtedness to Bank. 
 7.5 Encumbrances. Create, incur, assume or allow any Lien with respect to any of its property, or assign or otherwise convey any
right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries so to do, except for Permitted Liens. Agree with any Person other than Bank not to grant a security interest in, or otherwise encumber, any of its or
covenant to any other Person that Borrower in the future will refrain from creating, incurring, assuming or allowing any Lien with respect to any of Borrower’s property, or permit any Subsidiary to do so. 
 7.6 Distributions. Pay any dividends or make any other distribution or payment on account of or in redemption, retirement or purchase
of any capital stock, except that Borrower may (i) repurchase the stock of former employees pursuant to stock repurchase agreements as long as an Event of Default does not exist prior to

  

 10 

 
such repurchase or would not exist after giving effect to such repurchase, and (ii) repurchase the stock of former employees pursuant to stock repurchase agreements by the cancellation of
indebtedness owed by such former employees to Borrower regardless of whether an Event of Default exists. 
 7.7
Investments. Directly or indirectly acquire or own, or make any Investment in or to any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments, or maintain or invest any of its property with a Person other than Bank
or Bank’s Affiliates or permit any Subsidiary to do so unless such Person has entered into a control agreement with Bank, in form and substance satisfactory to Bank, or suffer or permit any Subsidiary to be a party to, or be bound by, an
agreement that restricts such Subsidiary from paying dividends or otherwise distributing property to Borrower. 
 7.8
Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of Borrower except for transactions that are in the ordinary course of Borrower’s business, upon fair and
reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person. 
 7.9 Subordinated Debt. Make any payment in respect of any Subordinated Debt, or permit any of its Subsidiaries to make any such payment, except in compliance with the terms of such Subordinated
Debt, or amend any provision affecting Bank’s rights contained in any documentation relating to the Subordinated Debt without Bank’s prior written consent. 
 7.10 Inventory and Equipment. Store the Inventory or the Equipment with a bailee, warehouseman, or similar third party unless the third party has been notified of Bank’s security interest and
Bank (a) has received an acknowledgment from the third party that it is holding or will hold the Inventory or Equipment for Bank’s benefit or (b) is in possession of the warehouse receipt, where negotiable, covering such Inventory or
Equipment. Except for Inventory sold in the ordinary course of business and except for such other locations as Bank may approve in writing, Borrower shall keep the Inventory and Equipment only at the location set forth in Section 10 and such
other locations of which Borrower gives Bank prior written notice and as to which Bank files a financing statement where needed to perfect its security interest. 
 7.11 No Investment Company; Margin Regulation. Become or be controlled by an “investment company,” within the meaning of the Investment Company Act of 1940, or become principally engaged
in, or undertake as one of its important activities, the business of extending credit for the purpose of purchasing or carrying margin stock, or use the proceeds of any Credit Extension for such purpose. 
  

	 	8.	EVENTS OF DEFAULT. 

 Any
one or more of the following events shall constitute an Event of Default by Borrower under this Agreement: 
 8.1 Payment
Default. If Borrower fails to pay any of the Obligations when due; 
 8.2 Covenant Default. 
 (a) If Borrower fails to perform any obligation under Article 6 or violates any of the covenants contained in Article 7 of this
Agreement; or 
 (b) If Borrower fails or neglects to perform or observe any other material term, provision, condition,
covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to
cure such default within 10 days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the 10 day period or cannot after diligent attempts
by Borrower be cured within such 10 day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed 30 days) to attempt to cure such default,
and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default but no Credit Extensions will be made; 
  

 11 

 8.3 Material Adverse Change. If there occurs any circumstance or circumstances which
could have a Material Adverse Effect; 
 8.4 Intentionally Omitted. 
 8.5 Attachment. If any material portion of Borrower’s assets is attached, seized, subjected to a writ or distress warrant, or is
levied upon, or comes into the possession of any trustee, receiver or person acting in a similar capacity and such attachment, seizure, writ or distress warrant or levy has not been removed, discharged or rescinded within 10 days, or if Borrower is
enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment or other claim becomes a lien or encumbrance upon any material portion of Borrower’s
assets, or if a notice of lien, levy, or assessment is filed of record with respect to any of Borrower’s assets by the United States Government, or any department, agency, or instrumentality thereof, or by any state, county, municipal, or
governmental agency, and the same is not paid within ten days after Borrower receives notice thereof, provided that none of the foregoing shall constitute an Event of Default where such action or event is stayed or an adequate bond has been posted
pending a good faith contest by Borrower (provided that no Credit Extensions will be made during such cure period); 
 8.6
Insolvency. If Borrower becomes insolvent, or if an Insolvency Proceeding is commenced by Borrower, or if an Insolvency Proceeding is commenced against Borrower and is not dismissed or stayed within 30 days (provided that no Credit Extensions
will be made prior to the dismissal of such Insolvency Proceeding); 
 8.7 Other Agreements. If there is a default or
other failure to perform in any agreement to which Borrower is a party with a third party or parties resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount in excess
of $250,000 or that would reasonably be expected to have a Material Adverse Effect; 
 8.8 Subordinated Debt. If Borrower
makes any payment on account of Subordinated Debt, except to the extent the payment is allowed under any subordination agreement entered into with Bank; 
 8.9 Judgments. If a judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least $250,000 shall be rendered against Borrower and shall remain
unsatisfied and unstayed for a period of 10 days (provided that no Credit Extensions will be made prior to the satisfaction or stay of the judgment); or 
 8.10 Misrepresentations. If any material misrepresentation or material misstatement exists now or hereafter in any warranty or representation set forth herein or in any certificate delivered to
Bank by any Responsible Officer pursuant to this Agreement or to induce Bank to enter into this Agreement or any other Loan Document. 
 8.11 Investor Support. If Borrower investors (as determined by Bank in its sole discretion) inform Bank that Borrower has not met any investor mandated milestone such that Borrower’s investors will not provide Borrower with the
New Equity required by this Agreement. 
  

	 	9.	BANK’S RIGHTS AND REMEDIES. 

 9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may, at its election, without notice of its election and without demand, do any one or more of the following, all of which are
authorized by Borrower: 
 (a) Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan
Documents, or otherwise, immediately due and payable (provided that upon the occurrence of an Event of Default described in Section 8.5 (insolvency), all Obligations shall become immediately due and payable without any action by Bank);

  

 12 

 (b) Demand that Borrower (i) deposit cash with Bank in an amount equal to the
amount of any letters of credit remaining undrawn, as collateral security for the repayment of any future drawings under such letters of credit, and (ii) pay in advance all letter of credit fees scheduled to be paid or payable over the
remaining term of the letters of credit, and Borrower shall promptly deposit and pay such amounts; 
 (c) Cease
advancing money or extending credit to or for the benefit of Borrower under this Agreement or under any other agreement between Borrower and Bank; 
 (d) Settle or adjust disputes and claims directly with account debtors for amounts, upon terms and in whatever order that Bank reasonably considers advisable; 
 (e) Make such payments and do such acts as Bank considers necessary or reasonable to protect its security interest in the
Collateral. Borrower agrees to assemble the Collateral if Bank so requires, and to make the Collateral available to Bank as Bank may designate. Borrower authorizes Bank to enter the premises where the Collateral is located, to take and maintain
possession of the Collateral, or any part of it, and to pay, purchase, contest, or compromise any encumbrance, charge, or lien which in Bank’s determination appears to be prior or superior to its security interest and to pay all expenses
incurred in connection therewith. With respect to any of Borrower’s owned premises, Borrower hereby grants Bank a license to enter into possession of such premises and to occupy the same, without charge, in order to exercise any of Bank’s
rights or remedies provided herein, at law, in equity, or otherwise; 
 (f) Set off and apply to the Obligations any and
all (i) balances and deposits of Borrower held by Bank, and (ii) indebtedness at any time owing to or for the credit or the account of Borrower held by Bank; 
 (g) Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell (in the manner provided for herein) the Collateral. Bank is hereby granted a license or
other right, solely pursuant to the provisions of this Section 9.1, to use, without charge, Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter,
or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s exercise of its rights under this Section 9.1,
Borrower’s rights under all licenses and all franchise agreements shall inure to Bank’s benefit; 
 (h) Sell
the Collateral at either a public or private sale, or both, by way of one or more contracts or transactions, for cash or on terms, in such manner and at such places (including Borrower’s premises) as Bank determines is commercially reasonable,
and apply any proceeds to the Obligations in whatever manner or order Bank deems appropriate. Bank may sell the Collateral without giving any warranties as to the Collateral. Bank may specifically disclaim any warranties of title or the like. This
procedure will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral. If Bank sells any of the Collateral upon credit, Borrower will be credited only with payments actually made by the purchaser, received
by Bank, and applied to the indebtedness of the purchaser. If the purchaser fails to pay for the Collateral, Bank may resell the Collateral and Borrower shall be credited with the proceeds of the sale; 
 (i) Bank may credit bid and purchase at any public sale; 
 (j) Apply for the appointment of a receiver, trustee, liquidator or conservator of the Collateral, without notice and without regard
to the adequacy of the security for the Obligations and without regard to the solvency of Borrower, any guarantor or any other Person liable for any of the Obligations; and 
 (k) Any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower.

  

 13 

 Bank may comply with any applicable state or federal law requirements in connection with a disposition of
the Collateral and compliance will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral. 
 9.2 Power of Attorney. Effective only upon the occurrence and during the continuance of an Event of Default, Borrower hereby irrevocably appoints Bank (and any of Bank’s designated officers, or employees) as Borrower’s true
and lawful attorney to: (a) send requests for verification of Accounts or notify account debtors of Bank’s security interest in the Accounts; (b) endorse Borrower’s name on any checks or other forms of payment or security that
may come into Bank’s possession; (c) sign Borrower’s name on any invoice or bill of lading relating to any Account, drafts against account debtors, schedules and assignments of Accounts, verifications of Accounts, and notices to
account debtors; (d) dispose of any Collateral; (e) make, settle, and adjust all claims under and decisions with respect to Borrower’s policies of insurance; (f) settle and adjust disputes and claims respecting the accounts
directly with account debtors, for amounts and upon terms which Bank determines to be reasonable; and (g) file, in its sole discretion, one or more financing or continuation statements and amendments thereto, relative to any of the Collateral
without the signature of Borrower where permitted by law; provided Bank may exercise such power of attorney to sign the name of Borrower on any of the documents described in clause (g) above, regardless of whether an Event of Default has
occurred. The appointment of Bank as Borrower’s attorney in fact, and each and every one of Bank’s rights and powers, being coupled with an interest, is irrevocable until all of the Obligations have been fully repaid and performed and
Bank’s obligation to provide advances hereunder is terminated. 
 9.3 Accounts Collection. At any time after the
occurrence and during the continuation of an Event of Default, Bank may notify any Person owing funds to Borrower of Bank’s security interest in such funds and verify the amount of such Account. Borrower shall collect all amounts owing to
Borrower for Bank, receive in trust all payments as Bank’s trustee, and immediately deliver such payments to Bank in their original form as received from the account debtor, with proper endorsements for deposit. 
 9.4 Bank Expenses. If Borrower fails to pay any amounts or furnish any required proof of payment due to third persons or entities who
have a valid claim for payment, as required under the terms of this Agreement, then Bank may do any or all of the following after reasonable notice to Borrower: (a) make payment of the same or any part thereof; or (b) obtain and maintain
insurance policies of the type discussed in Section 6.5 of this Agreement, and take any action with respect to such policies as Bank deems prudent. Any amounts so paid or deposited by Bank shall constitute Bank Expenses, shall be immediately
due and payable, and shall bear interest at the then applicable rate hereinabove provided, and shall be secured by the Collateral. Any payments made by Bank shall not constitute an agreement by Bank to make similar payments in the future or a waiver
by Bank of any Event of Default under this Agreement. 
 9.5 Bank’s Liability for Collateral. Bank has no obligation
to clean up or otherwise prepare the Collateral for sale. All risk of loss, damage or destruction of the Collateral shall be borne by Borrower. 
 9.6 No Obligation to Pursue Others. Bank has no obligation to attempt to satisfy the Obligations by collecting them from any other person liable for them and Bank may release, modify or waive any
collateral provided by any other Person to secure any of the Obligations, all without affecting Bank’s rights against Borrower. Borrower waives any right it may have to require Bank to pursue any other Person for any of the Obligations.

 9.7 Remedies Cumulative. Bank’s rights and remedies under this Agreement, the Loan Documents, and all other
agreements shall be cumulative. Bank shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Bank of one right or remedy shall be deemed an election, and no waiver by Bank
of any Event of Default on Borrower’s part shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence by it. No waiver by Bank shall be effective unless made in a written document signed on behalf
of Bank and then shall be effective only in the specific instance and for the specific purpose for which it was given. Borrower expressly agrees that this Section 9.7 may not be waived or modified by Bank by course of performance, conduct,
estoppel or otherwise. 
  

 14 

 9.8 Demand; Protest. Except as otherwise provided in this Agreement, Borrower waives
demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment and any other notices relating to the Obligations. 
  

	 	10.	NOTICES. 

 Unless
otherwise provided in this Agreement, all notices or demands by any party relating to this Agreement or any other agreement entered into in connection herewith shall be in writing and (except for financial statements and other informational
documents which may be sent by first-class mail, postage prepaid) shall be personally delivered or sent by a recognized overnight delivery service, certified mail, postage prepaid, return receipt requested, or by telefacsimile to Borrower or to
Bank, as the case may be, at its addresses set forth below: 
  

			
	If to Borrower:	  	 ALDAGEN, INC.
 2810 Meridian
Parkway, Suite 148
 Durham, NC 27713
 Attn: Ed Field – President and CEO
 FAX: (919 ) 484-8792

		
	If to Bank:	  	 Square 1 Bank
 406 Blackwell
Street, Suite 240
 Durham, North Carolina 27701
 Attn: Loan Operations Manager
 FAX: (919) 314-3080

		
	with a copy to:	  	 Square 1 Bank
 406 Blackwell
Street, Suite 240
 Crowe Building
 Durham, NC 27701
 Attn: Jeff Welch – Vice President
 FAX: (919) 314-3110

 The parties hereto may change the address at which they are to receive notices
hereunder, by notice in writing in the foregoing manner given to the other. 
  

	 	11.	CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER. 

 This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of North Carolina, without regard to principles of conflicts of law. Jurisdiction shall lie in the State of North Carolina. All disputes,
controversies, claims, actions and similar proceedings arising with respect to Borrower’s account or any related agreement or transaction shall be brought in the General Court of Justice of North Carolina sitting in Durham County, North
Carolina or the United States District Court for the Middle District of North Carolina, except as provided below with respect to arbitration of such matters. BANK AND BORROWER EACH ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE,
BUT THAT IT MAY BE WAIVED. EACH OF THEM, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT, WITH COUNSEL OF THEIR CHOICE, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION
BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY RELATED INSTRUMENT OR LOAN DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTION OF ANY OF THEM. THESE
PROVISIONS SHALL NOT BE DEEMED TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY BANK OR BORROWER, EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY EACH OF THEM. If the jury waiver set forth in this Section 11 is not enforceable, then any
dispute, controversy, claim, action or similar proceeding arising out of or relating to this Agreement, the Loan Documents or any of the transactions contemplated therein shall be settled by final and binding arbitration held in Durham County, North
Carolina in accordance with the then current Commercial Arbitration Rules of the American Arbitration Association

  

 15 

 
by one arbitrator appointed in accordance with those rules. The arbitrator shall apply North Carolina law to the resolution of any dispute, without reference to rules of conflicts of law or rules
of statutory arbitration. Judgment upon any award resulting from arbitration may be entered into and enforced by any state or federal court having jurisdiction thereof. Notwithstanding the foregoing, the parties may apply to any court of competent
jurisdiction for preliminary or interim equitable relief, or to compel arbitration in accordance with this Section. The costs and expenses of the arbitration, including without limitation, the arbitrator’s fees and expert witness fees, and
reasonable attorneys’ fees, incurred by the parties to the arbitration may be awarded to the prevailing party, in the discretion of the arbitrator, or may be apportioned between the parties in any manner deemed appropriate by the arbitrator.
Unless and until the arbitrator decides that one party is to pay for all (or a share) of such costs and expenses, both parties shall share equally in the payment of the arbitrator’s fees as and when billed by the arbitrator. 
  

	 	12.	GENERAL PROVISIONS. 

 12.1 Successors and Assigns. This Agreement shall bind and inure to the benefit of the respective successors and permitted assigns of each of the parties and shall bind all persons who become bound as a debtor to this Agreement;
provided, however, that neither this Agreement nor any rights hereunder may be assigned by Borrower without Bank’s prior written consent, which consent may be granted or withheld in Bank’s sole discretion. Bank shall have the right without
the consent of or notice to Borrower to sell, transfer, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights and benefits hereunder. 
 12.2 Indemnification. Borrower shall defend, indemnify and hold harmless Bank and its officers, employees, and agents against:
(a) all obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with the transactions contemplated by this Agreement; and (b) all losses or Bank Expenses in any way suffered, incurred, or paid by
Bank, its officers, employees and agents as a result of or in any way arising out of, following, or consequential to transactions between Bank and Borrower whether under this Agreement, or otherwise (including without limitation reasonable attorneys
fees and expenses), except for losses caused by Bank’s gross negligence or willful misconduct. 
 12.3 Time of
Essence. Time is of the essence for the performance of all obligations set forth in this Agreement. 
 12.4 Severability
of Provisions. Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision. 
 12.5 Amendments in Writing, Integration. All amendments to or terminations of this Agreement or the other Loan Documents must be in
writing. All prior agreements, understandings, representations, warranties, and negotiations between the parties hereto with respect to the subject matter of this Agreement and the other Loan Documents, if any, are merged into this Agreement and the
Loan Documents. 
 12.6 Counterparts. This Agreement may be executed in any number of counterparts and by different
parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement. Executed copies of the signature pages of this
Agreement sent by facsimile or transmitted electronically in Portable Document Format (“PDF”), or any similar format, shall be treated as originals, fully binding and with full legal force and effect, and the parties waive any rights they
may have to object to such treatment. 
 12.7 Survival. All covenants, representations and warranties made in this
Agreement shall continue in full force and effect so long as any Obligations remain outstanding or Bank has any obligation to make any Credit Extension to Borrower. The obligations of Borrower to indemnify Bank with respect to the expenses, damages,
losses, costs and liabilities described in Section 12.2 shall survive until all applicable statute of limitations periods with respect to actions that may be brought against Bank have run. 
 12.8 Confidentiality. In handling any confidential information, Bank and all employees and agents of Bank shall exercise the same
degree of care that Bank exercises with respect to its own proprietary

  

 16 

 
information of the same types to maintain the confidentiality of any non-public information thereby received or received pursuant to this Agreement except that disclosure of such information may
be made (i) to the subsidiaries or Affiliates of Bank or Borrower in connection with their present or prospective business relations with Borrower, (ii) to prospective transferees or purchasers of any interest in the Credit Extensions,
provided that they have entered into a comparable confidentiality agreement in favor of Borrower and have delivered a copy to Borrower, (iii) as required by law, regulations, rule or order, subpoena, judicial order or similar order,
(iv) as may be required in connection with the examination, audit or similar investigation of Bank and (v) as Bank may determine in connection with the enforcement of any remedies hereunder. Confidential information hereunder shall not
include information that either: (a) is in the public domain or in the knowledge or possession of Bank when disclosed to Bank, or becomes part of the public domain after disclosure to Bank through no fault of Bank; or (b) is disclosed to
Bank by a third party, provided Bank does not have actual knowledge that such third party is prohibited from disclosing such information. 
 12.9 Effect of Amendment and Restatement. Except as otherwise set forth herein, this Agreement is intended to and does completely amend and restate, without novation, the Original Agreement. All
security interests granted under the Original Agreement are hereby confirmed and ratified and shall continue to secure all Obligations under this Agreement. 
  

 17 

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

			
	ALDAGEN, INC.
		
	By:	 	 /s/ David Carberry

		
	Title:	 	 CFO

	
	SQUARE 1 BANK
		
	By:	 	 /s/ Illegible

		
	Title:	 	 VP

 EXHIBIT A 
 DEFINITIONS 
 “Accounts” means all presently existing and hereafter arising accounts,
contract rights, payment intangibles and all other forms of obligations owing to Borrower arising out of the sale or lease of goods (including, without limitation, the licensing of software and other technology) or the rendering of services by
Borrower and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by Borrower and Borrower’s Books relating to any of the foregoing. 
 “Affiliate” means, with respect to any Person, any Person that owns or controls directly or indirectly such Person, any Person that controls or is
controlled by or is under common control with such Person, and each of such Person’s senior executive officers, directors, and partners. 
 “Availability End Date” means September 30, 2009. 
 “Bank Expenses” means all reasonable costs or expenses
(including reasonable attorneys’ fees and expenses generated by outside counsel) incurred in connection with the preparation, negotiation, administration, and enforcement of the Loan Documents; reasonable Collateral audit fees; and Bank’s
reasonable attorneys’ fees and expenses (generated by outside counsel) incurred in amending, enforcing or defending the Loan Documents (including fees and expenses of appeal), incurred before, during and after an Insolvency Proceeding, whether
or not suit is brought. 
 “Bridge Loan” has the meaning ascribed to such term in Section 2.1(b) hereof. 
 “Bridge Loan Maturity Date” means August 31, 2010. 
 “Borrower State” means Delaware, the state under whose laws Borrower is organized. 
 “Borrower’s Books” means all of Borrower’s books and records including: ledgers; records concerning Borrower’s assets or liabilities, the Collateral, business operations or financial condition; and all computer
programs, or tape files, and the equipment, containing such information. 
 “Business Day” means any day that is not a Saturday,
Sunday, or other day on which banks in the State of North Carolina are authorized or required to close. 
 “Cash” means unrestricted
cash and cash equivalents. 
 “Change in Control” shall mean a transaction in which any “person” or “group”
(within the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or
indirectly, of a sufficient number of shares of all classes of stock then outstanding of Borrower ordinarily entitled to vote in the election of directors, empowering such “person” or “group” to elect a majority of the Board of
Directors of Borrower, who did not have such power before such transaction. 
 “Chief Executive Office State” means North Carolina,
where Borrower’s chief executive office is located. 
 “Closing Date” means the date of this Agreement. 
 “Code” means the North Carolina Uniform Commercial Code as amended or supplemented from time to time. 
 “Collateral” means the property described on Exhibit B attached hereto and all Negotiable Collateral to the extent not described on Exhibit B,
except to the extent any such property (i) is nonassignable by its terms without the consent of the licensor thereof or another party (but only to the extent such prohibition on transfer is enforceable under applicable law, including, without
limitation, §25-9-406 and §25-9-408 of the Code), (ii) the granting of a security interest therein is contrary to applicable law, provided that upon the cessation of any such restriction or

  

 1 

 
prohibition, such property shall automatically become part of the Collateral, or (iii) constitutes the capital stock of a controlled foreign corporation (as defined in the IRC), in excess of
65% of the voting power of all classes of capital stock of such controlled foreign corporations entitled to vote “Collateral State” means the state or states where the Collateral is located, which is North Carolina. 
 “Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to
(i) any indebtedness, lease, dividend, letter of credit or other obligation of another, including, without limitation, any such obligation directly or indirectly guaranteed, endorsed, co-made or discounted or sold with recourse by that Person,
or in respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit, corporate credit cards or merchant services issued for the account of that Person; and (iii) all
obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates,
currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Obligation
shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect
thereof as determined by such Person in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations under the guarantee or other support arrangement. 
 “Credit Extension” means the Bridge Loan, each Equipment Advance or any other extension of credit by Bank to or for the benefit of Borrower
hereunder. 
 “Environmental Laws” means all laws, rules, regulations, orders and the like issued by any federal state, local foreign
or other governmental or quasi-governmental authority or any agency pertaining to the environment or to any hazardous materials or wastes, toxic substances, flammable, explosive or radioactive materials, asbestos or other similar materials.

 “Equipment” means all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and
attachments in which Borrower has any interest. 
 “Equipment Advance(s)” means a cash advance or cash advances under the Equipment
Loan. 
 “Equipment Loan” means a Credit Extension of up to $1,000,000. 
 “Equipment Maturity Date” means March 31, 2012. 
 “ERISA” means the
Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder. 
 “Event of Default” has the meaning
assigned in Article 8. 
 “GAAP” means generally accepted accounting principles, consistently applied, as in effect from time to time
in the United States. 
 “Indebtedness” means (a) all indebtedness for borrowed money or the deferred purchase price of property
or services, including without limitation reimbursement and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease
obligations, and (d) all Contingent Obligations. 
 “Insolvency Proceeding” means any proceeding commenced by or against any
Person or entity under any provision of the United States Bankruptcy Code, as amended, or under any other bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal moratoria, compositions, extension
generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 
  

 2 

 “Inventory” means all present and future inventory in which Borrower has any interest. 

“Investment” means any beneficial ownership of (including stock, partnership or limited liability company interest or other securities) any
Person, or any loan, advance or capital contribution to any Person. 
 “IRC” means the Internal Revenue Code of 1986, as amended, and
the regulations thereunder. 
 “Lien” means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance.

 “Loan Documents” means, collectively, this Agreement, any note or notes executed by Borrower, and any other document, instrument or
agreement entered into in connection with this Agreement, all as amended or extended from time to time. 
 “Material Adverse Effect”
means a material adverse effect on (i) the business operations, condition (financial or otherwise) or prospects of Borrower and its Subsidiaries taken as a whole, (ii) the ability of Borrower to repay the Obligations or otherwise perform
its obligations under the Loan Documents, or (iii) Borrower’s interest in, or the value, perfection or priority of Bank’s security interest in the Collateral. 
 “Negotiable Collateral” means all of Borrower’s present and future letters of credit of which it is a beneficiary, drafts, instruments (including promissory notes), securities, documents of
title, and chattel paper, and Borrower’s Books relating to any of the foregoing. 
 “New Equity” means cash proceeds received
after the Closing Date from the sale or issuance of Borrower’s equity securities or the incurrence of Subordinated Debt. 
 “Obligations” means all debt, principal, interest, Bank Expenses and other amounts owed to Bank by Borrower pursuant to this Agreement or any other agreement, whether absolute or contingent, due or to become due, now existing or
hereafter arising, including any interest that accrues after the commencement of an Insolvency Proceeding and including any debt, liability, or obligation owing from Borrower to others that Bank may have obtained by assignment or otherwise.

 “Periodic Payments” means all installments or similar recurring payments that Borrower may now or hereafter become obligated to pay
to Bank pursuant to the terms and provisions of any instrument, or agreement now or hereafter in existence between Borrower and Bank. 
 “Permitted Indebtedness” means: 
 (a) Indebtedness of Borrower in favor of Bank arising under this Agreement or any
other Loan Document; 
 (b) Indebtedness existing on the Closing Date and disclosed in the Schedule; 
 (c) Indebtedness not to exceed $260,000 in the aggregate in any fiscal year of Borrower secured by a lien described in clause (c) of the defined
term “Permitted Liens,” provided such Indebtedness does not exceed at the time it is incurred the lesser of the cost or fair market value of the property financed with such Indebtedness; 
 (d) Subordinated Debt; 
 (e)
Indebtedness to trade creditors incurred in the ordinary course of business; and 
 (f) Extensions, refinancings and renewals of any
items of Permitted Indebtedness, provided that the principal amount is not increased or the terms modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be. 
 “Permitted Investment” means: 
  

	(a)	Investments existing on the Closing Date disclosed in the Schedule; 

  

 3 

 (b) (i) Marketable direct obligations issued or unconditionally guaranteed by the United States of
America or any agency or any State thereof maturing within one year from the date of acquisition thereof, (ii) commercial paper maturing no more than one year from the date of creation thereof and currently having rating of at least A-2 or P-2
from either Standard & Poor’s Corporation or Moody’s Investors Service, (iii) Bank’s certificates of deposit maturing no more than one year from the date of investment therein, and (iv) Bank’s money market
accounts; 
 (c) Repurchases of stock from former employees or directors of Borrower under the terms of applicable repurchase agreements
(i) in an aggregate amount not to exceed $250,000 in any fiscal year, provided that no Event of Default has occurred, is continuing or would exist after giving effect to the repurchases, or (ii) in any amount where the consideration for
the repurchase is the cancellation of indebtedness owed by such former employees to Borrower regardless of whether an Event of Default exists; 
 (d) Investments accepted in connection with Permitted Transfers; 
 (e) Investments of Subsidiaries in or to other
Subsidiaries or Borrower and Investments by Borrower in Subsidiaries not to exceed $250,000 in the aggregate in any fiscal year; 
 (f)
Investments not to exceed $250,000 in the aggregate in any fiscal year consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to
employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plan agreements approved by Borrower’s Board of Directors; 
 (g) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement
of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s business; 
 (h) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business, provided that this subparagraph
(h) shall not apply to Investments of Borrower in any Subsidiary; and 
 (i) Joint ventures or strategic alliances in the ordinary
course of Borrower’s business consisting of the non-exclusive licensing of technology, the development of technology or the providing of technical support, provided that any cash Investments by Borrower do not exceed $250,000 in the aggregate
in any fiscal year. 
 “Permitted Liens” means the following: 
 (a) Any Liens existing on the Closing Date and disclosed in the Schedule or arising under this Agreement or the other Loan Documents; 
 (b) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate proceedings and for which Borrower maintains
adequate reserves, provided the same have no priority over any of Bank’s security interests; 
 (c) Liens not to exceed $260,000 in
the aggregate (i) upon or in any Equipment (other than Equipment financed by an Equipment Advance) acquired or held by Borrower or any of its Subsidiaries to secure the purchase price of such Equipment or indebtedness incurred solely for the
purpose of financing the acquisition or lease of such Equipment, or (ii) existing on such Equipment at the time of its acquisition, provided that the Lien is confined solely to the property so acquired and improvements thereon, and the proceeds
of such Equipment; 
 (d) Liens incurred in connection with the extension, renewal or refinancing of the indebtedness secured by Liens of
the type described in clauses (a) through (c) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness being extended,
renewed or refinanced does not increase; 
  

 4 

 (e) Liens arising from judgments, decrees or attachments in circumstances not constituting an Event
of Default under Sections 8.5 (attachment) or 8.9 (judgments); and 
 (f) Liens securing Subordinated Debt. 
 “Permitted Transfer” means the conveyance, sale, lease, transfer or disposition by Borrower or any Subsidiary of: 
 (a) Inventory in the ordinary course of business; 
 (b) licenses and similar arrangements for the use of the property of Borrower or its Subsidiaries in the ordinary course of business; 
 (c) worn-out or obsolete Equipment not financed with the proceeds of Equipment Advances; or 
 (d) other assets of
Borrower or its Subsidiaries that do not in the aggregate exceed $250,000 during any fiscal year. 
 “Person” means any individual,
sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or governmental agency.

 “Prime Rate” means the variable rate of interest, per annum, most recently announced by Bank, as its “prime rate,”
whether or not such announced rate is the lowest rate available from Bank. 
 “Responsible Officer” means each of the Chief Executive
Officer, the Chief Operating Officer, the Chief Financial Officer and the Controller of Borrower. 
 “Schedule” means the schedule of
exceptions attached hereto and approved by Bank, if any. 
 “SOS Reports” means the official reports from the Secretaries of State of
each Collateral State, Chief Executive Office State and the Borrower State and other applicable federal, state or local government offices identifying all current security interests filed in the Collateral and Liens of record as of the date of such
report. 
 “Subordinated Debt” means any debt incurred by Borrower that is subordinated in writing to the debt owing by Borrower to
Bank on terms reasonably acceptable to Bank (and identified as being such by Borrower and Bank). 
 “Subsidiary” means any
corporation, partnership or limited liability company or joint venture in which (i) any general partnership interest or (ii) more than 50% of the stock, limited liability company interest or joint venture of which by the terms thereof
ordinary voting power to elect the Board of Directors, managers or trustees of the entity, at the time as of which any determination is being made, is owned by Borrower, either directly or through an Affiliate. 
  

 5 

					
	DEBTOR	  	ALDAGEN, INC.	  	
			
	SECURED PARTY:	  	SQUARE 1 BANK	  	

 EXHIBIT B 
 COLLATERAL DESCRIPTION ATTACHMENT TO AMENDED AND RESTATED LOAN AND 
 SECURITY AGREEMENT 
 All personal property of Borrower (herein referred to
as “Borrower” or “Debtor”) whether presently existing or hereafter created or acquired, and wherever located, including, but not limited to: 
 (a) all accounts (including health-care-insurance receivables), chattel paper (including tangible and electronic chattel paper), deposit accounts, documents (including negotiable documents),
equipment (including all accessions and additions thereto), financial assets, general intangibles (including patents, trademarks, copyrights, goodwill, payment intangibles and software), goods (including fixtures), instruments (including promissory
notes), inventory (including all goods held for sale or lease or to be furnished under a contract of service, and including returns and repossessions), investment property (including securities and securities entitlements), letter of credit rights,
money, and all of Debtor’s books and records with respect to any of the foregoing, and the computers and equipment containing said books and records; 
 (b) any and all cash proceeds and/or noncash proceeds of any of the foregoing, including, without limitation, insurance proceeds, and all supporting obligations and the security therefor or for any
right to payment. All terms above have the meanings given to them in the North Carolina Uniform Commercial Code, as amended or supplemented from time to time, including revised Division 9 of the Uniform Commercial Code-Secured Transactions.

 Notwithstanding the foregoing, the Collateral shall not include any copyrights, patents, trademarks, servicemarks and
applications therefor, now owned or hereafter acquired, or any claims for damages by way of any past, present and future infringement of any of the foregoing (collectively, the “Intellectual Property”); provided, however, that the
Collateral shall include all accounts and general intangibles that consist of rights to payment and proceeds from the sale, licensing or disposition of all or any part, or rights in, the foregoing (the “Rights to Payment”). Notwithstanding
the foregoing, if a judicial authority (including a U.S. Bankruptcy Court) holds that a security interest in the underlying Intellectual Property is necessary to have a security interest in the Rights to Payment, then the Collateral shall
automatically, and effective as of March 21, 2006, include the Intellectual Property to the extent necessary to permit perfection of Bank’s security interest in the Rights to Payment. 
  

 1 

 EXHIBIT C 
 LOAN ADVANCE / PAYDOWN REQUEST FORM 
 [Bank to
provide to Borrower] 

 EXHIBIT D 
 COMPLIANCE CERTIFICATE 
 [Bank to provide to Borrower] 

 FIRST AMENDMENT 
 TO  
 AMENDED AND RESTATED LOAN AND
SECURITY AGREEMENT 
 This First Amendment to Amended and Restated Loan and Security Agreement (the
“Amendment”), is entered into as of May 27, 2009, by and between SQUARE 1 BANK (the “Bank”) and ALDAGEN, INC. (the “Borrower”). 
 RECITALS 
 Borrower
and Bank are parties to that certain Amended and Restated Loan and Security Agreement dated as of April 1, 2009 (as amended from time to time, the “Agreement”). The parties desire to amend the Agreement in accordance
with the terms of this Amendment. 
 NOW, THEREFORE, the parties agree as follows: 
  

	1)	Bank hereby waives Borrower’s violations of (a) Section 6.7(a) of the Agreement with respect to New Equity and (b) Section 6.7(b) of the
Agreement with respect to new patient enrollment for the quarter ending March 31, 2009. 

  

	2)	Upon execution of this Amendment, Bank shall return to Borrower its April 30, 2009 principal payment in the amount of $176,470.59. 

  

	3)	Section 2.1 (a)(ii) of the Agreement is hereby amended and restated, in its entirety, as follows: 

 “(ii) Interest shall continue to accrue on the Bridge Loan at the rate specified in Section 2.3(a), and
shall be payable monthly on the last day of each month in accordance with Section 2.3(c). Any Bridge Loan outstanding on July 31, 2009 shall be payable in 14 equal monthly installments of principal, plus all accrued interest, beginning on
August 31, 2009, and continuing on the last day of each month thereafter through the Bridge Loan Maturity Date, at which time all amounts due in connection with the Bridge Loan and any other amounts due under this Agreement shall be immediately
due and payable. The Bridge Loan, once repaid, may not be reborrowed. Borrower may prepay the Bridge Loan without penalty or premium.” 
  

	4)	A new Section 6.2(e) is added to the Agreement, as follows: 

 “(e) On or before June 30, 2009, Borrower shall deliver to Bank updated patient enrollment and financial
plans.” 
  

	5)	Section 6.7(a) of the Agreement is hereby amended and restated, in its entirety, as follows: 

 “(a) New Equity. On or before June 30, 2009, Borrower shall have received $10,000,000 in cash proceeds from
the issuance of New Equity to Borrower’s existing investors (which at a minimum shall include Intersouth, Tullis-Dickerson and Harbert Ventures).” 

	6)	Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The Agreement, as amended hereby, shall be and remain
in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of,
or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into in connection with the Agreement.

  

	7)	Borrower represents and warrants that the representations and warranties contained in the Agreement are true and correct as of the date of this Amendment.

  

	8)	This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.

  

	9)	As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following: 

  

	 	a)	this Amendment, duly executed by Borrower; 

  

	 	b)	payment of a $5,000 amendment fee, which may be debited from any of Borrower’s accounts; 

  

	 	c)	payment for all Bank Expenses, including Bank’s expenses for the documentation of this Amendment, and any other related documents, which may be debited from any of
Borrower's accounts; and 

  

	 	d)	such other documents and completion of such other matters, as Bank may reasonably deem necessary or appropriate. 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.

  

									
	ALDAGEN, INC.	 		 	SQUARE 1 BANK
					
	By:	 	 /s/ David Carberry
	 		 	By:	 	 /s/ Ben Rudnick

					
	Its:	 	 Chief Financial Officer
	 		 	Its:	 	 AVP

 SECOND AMENDMENT 
 TO 
 AMENDED AND RESTATED LOAN AND SECURITY
AGREEMENT 
 This Second Amendment to Amended and Restated Loan and Security Agreement (the “Amendment”), is
entered into as of July 27, 2009, by and between SQUARE 1 BANK (the “Bank”) and ALDAGEN, INC. (the “Borrower”). 
 RECITALS 
 Borrower and Bank are parties to that certain Loan and Security Agreement
dated as of April 1, 2009 (as amended from time to time, the “Agreement”). The parties desire to amend the Agreement in accordance with the terms of this Amendment. 
 NOW, THEREFORE, the parties agree as follows: 
  

	1)	Bank hereby waives Borrower’s violation of the ALD-101 Phase II Enrollment covenant set forth in the existing Section 6.7(b)(ii) of the Agreement for the
period ending June 30, 2009. 

  

	2)	With reference to Section 3 of the First Amendment to Amended and Restated Loan and Security Agreement, dated as of May 27, 2009, by and between Bank and
Borrower, the reference “Section 2.1(a)(ii)” is hereby changed to “Section 2.1(b)(ii)”, and such change is hereby incorporated by reference into the Agreement. 

  

	3)	Section 6.7(a) of the Agreement is hereby amended and restated, in its entirety, as follows: 

 “(a) New Equity. Borrower shall have received at least $10,000,000 in New Equity from investors including
Intersouth, Tullis-Dickerson, and Harbert Ventures no later than September 30, 2009.” 
  

	4)	Sections 6.7(b) through 6.7(e) are hereby deleted from the Agreement in their entirety. 

  

	5)	A new Section 6.7(b) is hereby added to the Agreement, as follows: 

 “(b) Minimum Cash. Borrower shall at all times maintain a balance of Cash at Bank of at least Borrower’s
outstanding Indebtedness, monitored on a daily basis.” 
  

	6)	Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The Agreement, as amended hereby, shall be and remain
in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of,
or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into in connection with the Agreement.

  

	7)	Borrower represents and warrants that the representations and warranties contained in the Agreement are true and correct as of the date of this Amendment.

  

	8)	This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.

	9)	As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following: 

  

	 	a)	this Amendment, duly executed by Borrower; 

  

	 	b)	a $5,000 amendment fee, which may be debited from any of Borrower’s accounts; 

  

	 	c)	payment of all Bank expenses, including Bank’s expenses for the documentation of this amendment and any related documents, which may be debited from any of
Borrower’s accounts; and 

  

	 	d)	such other documents and completion of such other matters, as Bank may reasonably deem necessary or appropriate. 

 [Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.

  

									
	Aldagen, Inc.	 		 	Square 1 Bank
					
	By:	 	 /s/ David Carberry
	 		 	By:	 	 /s/ Ben Rudnick

					
	Its:	 	 Chief Financial Officer
	 		 	Its:	 	 AVP

 [Signature Page to Second Amendment to Amended and Restated Loan and Security
Agreement] 

 THIRD AMENDMENT 
 TO 
 AMENDED AND RESTATED LOAN AND SECURITY
AGREEMENT 
 This Third Amendment to Amended and Restated Loan and Security Agreement (the “Amendment”), is
entered into as of September 30, 2009, by and between SQUARE 1 BANK (the “Bank”) and ALDAGEN, INC. (the “Borrower”). 
 RECITALS 
 Borrower and Bank are parties to that certain Amended and Restated Loan
and Security Agreement dated as of April 1, 2009 (as amended from time to time, the “Agreement”). The parties desire to amend the Agreement in accordance with the terms of this Amendment. 
 NOW, THEREFORE, the parties agree as follows: 
  

	1)	Section 6.7(a) of the Agreement is hereby amended and restated, in its entirety, as follows: 

 (a) New Equity. Borrower shall have received at least $10,000,000 in New Equity from investors including Intersouth,
Tullis-Dickerson, and Harbert Ventures no later than October 31, 2009. 
  

	2)	Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The Agreement, as amended hereby, shall be and remain
in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of,
or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into in connection with the Agreement.

  

	3)	Borrower represents and warrants that the representations and warranties contained in the Agreement are true and correct as of the date of this Amendment.

  

	4)	This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.

  

	5)	As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following: 

  

	 	a)	this Amendment, duly executed by Borrower; 

  

	 	b)	payment of a $2,500 Amendment Fee, which may be debited from any of Borrower’s accounts; 

  

	 	c)	payment of all Bank expenses, including Bank’s expenses for the documentation of this amendment and any related documents, which may be debited from any of
Borrower’s accounts; and 

  

	 	d)	such other documents and completion of such other matters, as Bank may reasonably deem necessary or appropriate. 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.

  

									
	Aldagen, Inc.	 		 	Square 1 Bank
					
	By:	 	 /s/ David Carberry
	 		 	By:	 	 /s/ Ben Rudnick

					
	Its:	 	 Chief Financial Officer
	 		 	Its:	 	 AVP

 [Signature Page to Third Amendment to Amended and Restated Loan and Security
Agreement] 

 FOURTH AMENDMENT 
 TO 
 AMENDED AND RESTATED LOAN AND SECURITY
AGREEMENT 
 This Fourth Amendment to Amended and Restated Loan and Security Agreement (the “Amendment”), is
entered into as of October 22, 2009, by and between SQUARE 1 BANK (the “Bank”) and ALDAGEN, INC. (the “Borrower”). 
 RECITALS 
 Borrower and Bank are parties to that certain Amended and Restated Loan
and Security Agreement dated as of April 1, 2009 (as amended from time to time, the “Agreement”). The parties desire to amend the Agreement in accordance with the terms of this Amendment. 
 NOW, THEREFORE, the parties agree as follows: 
  

	1)	Bank hereby consents to Borrower’s receipt of Cash proceeds in an amount not to exceed $7,287,902 from the issuance of subordinated debt securities to certain
investors (the “New Bridge Debt”). Contingent upon Bank’s receipt of a fully-executed subordination agreement from such investors in the form attached as Exhibit 1 to this Amendment, Bank agrees that the New Bridge Debt shall be
treated as Subordinated Debt under the Agreement. 

  

	2)	Section 6.7(a) of the Agreement is hereby amended and restated, in its entirety, as follows: 

 (a) New Equity. Borrower shall have received at least $7,287,902 in New Equity from investors including Intersouth,
Tullis-Dickerson, and Harbert Ventures no later than October 31, 2009. 
  

	3)	Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The Agreement, as amended hereby, shall be and remain
in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of,
or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into in connection with the Agreement.

  

	4)	Borrower represents and warrants that the representations and warranties contained in the Agreement are true and correct as of the date of this Amendment.

  

	5)	This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.

  

	6)	As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following: 

  

	 	a)	this Amendment, duly executed by Borrower; 

  

	 	b)	payment of all Bank expenses, including Bank’s expenses for the documentation of this amendment and any related documents, which may be debited from any of
Borrower’s accounts; and 

  

	 	c)	such other documents and completion of such other matters, as Bank may reasonably deem necessary or appropriate. 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.

  

									
	Aldagen, Inc.	 		 	Square 1 Bank
					
	By:	 	 /s/ David Carberry
	 		 	By:	 	 /s/ Ben Rudnick

					
	Its:	 	 Chief Financial Officer
	 		 	Its:	 	 AVP

 [Signature Page to Fourth Amendment to Amended and Restated Loan and Security
Agreement] 

 Exhibit 1 
 Subordination AgreementExhibit 10.3

 Exhibit 10.3 
 STEMCO BIOMEDICAL, INC. 
 STOCK OPTION PLAN

  

	1.	Purpose. The StemCo Biomedical, Inc. Stock Option Plan (the “Plan”) is established to create an additional incentive for key employees, directors and
consultants or advisors of StemCo Biomedical, Inc. and any successor corporations thereto (collectively referred to as the “Company”), and any present or future parent and/or subsidiary corporations of such corporation (all of whom along
with the Company being individually referred to as a “Participating Company” and collectively referred to as the ‘Participating Company Group”), to promote the financial success and progress of the Participating Company Group.
For purposes of the Plan, a parent corporation and a subsidiary corporation shall be as defined in Sections 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended (the “Code”). 

  

	2.	Administration. The Plan shall be administered by the Board of Directors of the Company (the “Board”) and/or by a duly appointed committee of the Board
having such powers as shall be specified by the Board. Any subsequent references herein to the Board shall also mean the committee if such committee has been appointed and, unless the powers of the committee have been specifically limited, the
committee shall have all of the powers of the Board granted herein, other than power to terminate or amend the Plan as provided in Paragraph 12 hereof, subject to the terms of the Plan and any applicable limitations imposed by law. All questions of
interpretation of the Plan or of any option granted under the Plan (an “Option”) shall be determined by the Board, and such determinations shall be final and binding upon all persons having an interest in the Plan and/or any Option.
Options may be either incentive stock options as defined in Section 422 of the Code (“Incentive Stock Options”) or nonqualified stock options. Any officer of a Participating Company shall have the authority to act on behalf of the
Company with respect to any matter, right, obligation, or election which is the responsibility of or which is allocated to the Company herein, provided the officer has apparent authority with respect to such matter, right, obligation, or election.

  

	3.	Eligibility. The Options may be granted only to employees (including officers) and directors of the Participating Company Group or to individuals who are
rendering services as consultants, advisors or other independent contractors to the Participating Company Group. The Board, in its sole discretion, shall determine which persons shall be granted Options (an “Optionee”). A director of the
Company shall be eligible to be granted only a nonqualified stock option unless the director is also an employee of the Company. An individual who is rendering services as a consultant, advisor, or other independent contractor shall be eligible to
be granted only a nonqualified stock option. An Optionee may, if otherwise eligible, be granted additional Options. 

  

	4.	 Shares Subject to Option. Options shall be options for the purchase of the authorized but unissued common stock of the Company (the
“Stock”), subject to adjustment as provided in Paragraph 10 below. The maximum number of shares of Stock which may be issued under the Plan shall be Nine Hundred Ninety Thousand Two Hundred Fifty (990,250) 

	 	 
shares. In the event that any outstanding Option for any reason expires or is terminated or cancelled and/or shares of Stock subject to repurchase are repurchased by the Company, the shares
allocable to the unexercised portion of such Option, or such repurchased shares, may again be subject to an Option grant. It is intended that the Plan shall constitute a written compensatory benefit plan within the meaning of Rule 701 promulgated
under the Securities Act of 1933, as amended (“Rule 701”), and that the Plan shall otherwise be administered in compliance with the requirements of Rule 701. To ensure such compliance, the Board shall maintain a record of shares subject to
outstanding Options under the Plan and the exercise price of such Options, plus a record of all shares of Common Stock issued upon the exercise of such Options and the exercise price of such Options. 

  

	5.	Time for Granting Options. All Options shall be granted, if at all, within ten (10) years from the earlier of the date the Plan is adopted by the Board or
the date the Plan is duly approved by the shareholders of the Company. 

  

	6.	Terms, Conditions and Form of Options. Subject to the provisions of the Plan, the Board shall determine for each Option (which need not be identical) the number
of shares of Stock for which the Option is granted, whether the Option is to be treated as an Incentive Stock Option or as a nonqualified stock option and all other terms and conditions of the Option not inconsistent with the Plan. Options granted
pursuant to the Plan shall comply with and be subject to the following terms and conditions: 

  

	 	(a)	Option Price. The option price for each Option shall be established in the sole discretion of the Board; provided, however, that (i) the option price per
share for an Incentive Stock Option shall be not less than the fair market value of a share of Stock on the date of the granting of the Incentive Stock Option and (ii) the option price per share of an Incentive Stock Option granted to an
Optionee who at the time the Incentive Stock Option is granted owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of a Participating Company within the meaning of Section 422(b)(6)
of the Code (a “Ten Percent Owner Optionee”) shall be not less than one hundred ten percent (110%) of the fair market value of a share of Stock on the date the Option is granted. For this purpose, “fair market value” means
the value assigned to the stock for a given day by the Board, as determined pursuant to a reasonable method established by the Board that is consistent with the requirements of Sections 422 and 424 of the Code and the regulations thereunder (which
method may be changed from time to time). Notwithstanding the foregoing, an Option (whether an Incentive Stock Option or a nonqualified stock option) may be granted by the Board in its discretion with an exercise price lower than the minimum
exercise price set forth above if such Option is granted pursuant to an assumption or substitution for another option in a manner qualifying with the provisions of Section 424(a) of the Code. Nothing hereinabove shall require that any such
assumption or modification will result in the Option having the same characteristics, attributes or tax treatment as the Option for which it is substituted. 

  

 2 

	 	(b)	Exercise Period of Options. The Board shall have the power to set the time or times within which each Option shall be exercisable or the event or events upon the
occurrence of which all or a portion of each Option shall be exercisable and the term of each Option; provided, however, that (i) no Incentive Stock Option shall be exercisable after the expiration of ten (10) years after the date such
Incentive Stock Option is granted, (ii) no Incentive Stock Option granted to a Ten Percent Owner Optionee shall be exercisable after the expiration of five (5) years after the date such Incentive Stock Option is granted and (iii) no
Incentive Stock Option shall be exercisable after the date the Optionee’s employment with the Participating Company Group is terminated for cause (as determined in the sole discretion of the Board); and provided, further, an Option shall
terminate and cease to be exercisable no later than three (3) months after the date on which the Optionee terminates employment with the Participating Company Group, unless the Optionee’s employment with the Participating Company Group
shall have terminated as a result of the Optionee’s death or disability (within the meaning of Section 22(e)(3) of the Code), in which event the Option shall terminate and cease to be exercisable no later than twelve (12) months from
the date on which the Optionee’s employment terminated. For this purpose, an Optionee’s employment shall be deemed to have terminated on account of death if the Optionee dies within three (3) months following the Optionee’s
termination of employment. 

  

	 	(c)	Payment of Option Price. Payment of the option price for the number of shares of Stock being purchased pursuant to any Option shall be made in cash, by check,
cash equivalent or in any other form as may be permitted by the Board in its discretion. 

  

	 	(d)	$ 100,000 Limitation. The aggregate fair market value, determined as of the date on which an Incentive Stock Option is granted, of the shares of Stock with
respect to which incentive stock options (determined without regard to this subparagraph) are first exercisable during any calendar year (under this Plan or under any other plan of the Participating Company Group) by any Optionee shall not exceed
$100,000. If such limitation would be exceeded with respect to an Optionee for a calendar year, the Incentive Stock Option shall be deemed a nonqualified stock option to the extent of such excess. 

  

	7.	Standard Form of Stock Option Agreement. All Options shall be evidenced by a written award agreement substantially in the form of the nonqualified stock option
agreement attached hereto as Exhibit A or the incentive stock option award agreement attached hereto as Exhibit B, as applicable, both of which are incorporated herein by reference (the “Standard Option Agreements”) or such
other form as shall be approved by the Board consistent with the terms of this Plan. 

  

	8.	 Transfer of Control. Upon a merger, consolidation, corporate reorganization, or any transaction in which all or substantially all of the assets
or stock of the Company are sold, leased, transferred or otherwise disposed of (other than a mere reincorporation transaction or one in which the holders of capital stock of the Company immediately prior to such

  

 3 

	 	 
merger or consolidations continue to hold at least a majority of the voting power of the surviving corporation) (a “Transfer of Control”), then any unexercisable portion of an
outstanding Option shall become immediately exercisable as of a date prior to the Transfer of Control, which date shall be determined by the Board. Notwithstanding the foregoing, an outstanding Option shall not so accelerate if and to the extent:
(i) such Option is, in connection with a Transfer of Control, either to be assumed by the successor corporation (or parent thereof) or to be replaced with a comparable option to purchase shares of the capital stock of the successor corporation
(or parent thereof), (ii) such Option is to be replaced with a cash incentive program of the successor corporation which preserves the spread existing on the unvested Option at the time of such Transfer of Control and provides for subsequent
payout in accordance with the same vesting schedule applicable to such Option or (iii) the acceleration of such Option is subject to other limitations imposed by the Board at the time of the grant of the Option. The determination of option
comparability under clause (i) above shall be made by the Board, and its determination shall be final, binding and conclusive. The exercise of any Option that was permissible solely by reason of this Paragraph 8 shall be conditioned upon the
consummation of the Transfer of Control. The Board may further elect, in its sole discretion to provide that any Options which became exercisable solely by reason of this Paragraph 8 and which are not exercised as of the date of the Transfer of
Control shall terminate effective as of the date of the Transfer of Control. 

  

	9.	Authority to Vary Terms. The Board shall have the authority from time to time to vary the terms of the Standard Option Agreements either in connection with the
grant of an individual Option or in connection with the authorization of a new standard form or forms; provided, however, that the terms and conditions of such revised or amended standard form or forms of stock option agreement shall be in
accordance with the terms of the Plan. Such authority shall include, but not by way of limitation, the authority to grant Options which are not immediately exercisable. 

  

	10.	Effect of Change in Stock Subject to Plan. The Board shall make appropriate adjustments in the number and class of shares of Stock subject to the Plan and to any
outstanding Options and in the option price of any outstanding Options in the event of a stock dividend, stock split, reverse stock split, combination, reclassification or like change in the capital structure of the Company.

  

	11.	Options Non-Transferable. During the lifetime of the Optionee, the Option shall be exercisable only by the Optionee. No Option shall be assignable or
transferable by the Optionee, except by will or by the laws of descent and distribution. 

  

	12.	 Termination or Amendment of Plan. The Board may terminate or amend the Plan at any time; provided however, that without the approval of the
Company’s shareholders, there shall be (a) no increase in the total number of shares of Stock covered by the Plan (except by operation of the provisions of Paragraph 10 above), (b) no change in the class of persons eligible to receive
Incentive Stock Options, and (c) no extension of the period during which Incentive Stock Options may be granted beyond the date which is ten (10) years following the date the Plan is adopted by the Company or the date the Plan is

  

 4 

	 	 
approved by the shareholders of the Company. In any event, no amendment may adversely affect any then outstanding Option or any unexercised portion thereof, without the consent of the Optionee,
unless such amendment is required to enable an Option designated as an Incentive Stock Option to qualify as an Incentive Stock Option. 

  

	13.	Miscellaneous 

  

	 	(a)	Nothing in this Plan or any Option granted hereunder shall confer upon any Optionee any right to continue in the employ of the Participating Company Group, or to serve
as a director thereof, or interfere in any way with the right of a Participating Company to terminate his or her employment at any time. Unless specifically provided otherwise, no grant of an Option shall be deemed salary or compensation for the
purpose of computing benefits under any employee benefit plan or other arrangement of a Participating Company for the benefit of its employees unless the Participating Company shall determine otherwise. No Optionee shall have any claim to an Option
until it is actually granted under the Plan. To the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall, except as otherwise provided by the Board, be no greater than the right of an
unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company, and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of
such amounts, except as otherwise provided by the Committee. 

  

	 	(b)	The Plan and the grant of Options hereunder shall be subject to all applicable federal and state laws, rules, and regulations and to such approvals by any United States
government or regulatory agency as may be required. 

  

	 	(c)	The terms of the Plan shall be binding upon the Company, and its successors and assigns. 

  

	 	(d)	This Plan and all actions taken hereunder shall be governed by the laws of the State of North Carolina. 

  

	 	(e)	With respect to any payments not yet made to an Optionee by the Company, nothing contained herein shall give any such Optionee any rights that are greater than those of
a general creditor of the Company. 

  

	 	(f)	If any provision of this Plan or a Standard Option Agreement is or becomes or is deemed invalid, illegal or unenforceable in any jurisdiction, or would disqualify the
Plan or any Standard Option Agreement under any law deemed applicable by the Board, such provision shall be construed or deemed amended to conform to applicable laws or if it cannot be construed or deemed amended without, in the determination of the
Board, materially altering the intent of the Plan or the Standard Option Agreement, it shall be stricken and the remainder of the Plan or the Standard Option Agreement shall remain in full force and effect. 

  

 5 

 IN WITNESS WHEREOF, the undersigned Secretary of the Company certifies
that the foregoing Plan was duly adopted by the Board of Directors of the Company on the 1st day of May, 2000. 
  

			
	STEMCO BIOMEDICAL, INC.
		
	By:	 	 /s/ Nelson Chao

		 	Nelson Chao, Secretary

 FIRST AMENDMENT 
 OF STEMCO BIOMEDICAL, INC. 
 STOCK OPTION PLAN 

 THIS FIRST AMENDMENT of StemCo Biomedical, Inc. Stock Option Plan is dated as of March 4, 2003. 
 WHEREAS, the Board of Directors of StemCo Biomedical, Inc. (the “Corporation”) has adopted and the stockholders of the Corporation
have approved the StemCo Biomedical, Inc. Stock Option Plan (the “Plan”); and 
 WHEREAS, the Board of Directors deems
it to be in the best interests of the Corporation to amend the Plan in order to increase the maximum number of shares of common stock issuable pursuant to options granted under the Plan from 990,250 to 3,049,000. 
 NOW, THEREFORE, the Plan shall be amended as follows: 
 1. The second sentence of Paragraph 4 of the Plan shall be deleted in its entirety and the following substituted in lieu thereof: 
 “The maximum number of shares of Stock which may be issued under the Plan shall be Three Million Forty-Nine Thousand
(3,049,000) shares.” 
 2. Except as herein amended, the terms and provisions of the Plan shall remain in full force
and effect as originally adopted and approved. 
 IN WITNESS WHEREOF, the undersigned hereby certifies that
this First Amendment was duly adopted by the Board of Directors and the stockholders of the Corporation, effective as of the 4th day of March, 2003. 
  

							
		 	STEMCO BIOMEDICAL, INC.
	[CORPORATE SEAL]	 		 	
		 		 	By:	 	 /s/ Jonathon M. Lawrie

	ATTEST:	 		 	Jonathon M. Lawrie
		 		 		 	President and Chief Executive Officer
	By:	 	 /s/ Fred D. Hutchison
	 		 	
		 	 Fred D. Hutchison,
 Assistant Secretary
	 		 	

 SECOND AMENDMENT 
 OF ALDAGEN, INC. 
 STOCK OPTION PLAN 

THIS SECOND AMENDMENT of Aldagen, Inc. Stock Option Plan is dated as of December 15, 2006. 
 WHEREAS, the Board of Directors of Aldagen, Inc. (the “Corporation”) has adopted and the stockholders of the Corporation have
approved the Aldagen, Inc. (formerly, StemCo Biomedical, Inc.) Stock Option Plan (the “Plan”); and 
 WHEREAS, the
Board of Directors deems it to be in the best interests of the Corporation to amend the Plan in order to increase the maximum number of shares of common stock issuable pursuant to options granted under the Plan from 3,049,000 to 5,949,000.

 NOW, THEREFORE, the Plan shall be amended as follows: 
 1. The second sentence of Paragraph 4 of the Plan shall be deleted in its entirety and the following substituted in lieu thereof: 

“The maximum number of shares of Stock which may be issued under the Plan shall be Five Million Nine Hundred Forty-Nine Thousand
(5,949,000) shares.” 
 2. Except as herein amended, the terms and provisions of the Plan shall remain in full force
and effect as originally adopted and approved. 
 IN WITNESS WHEREOF, the undersigned hereby certifies that
this Second Amendment was duly adopted by the Board of Directors of the Company as of the 15th day of December, 2006 and by the stockholders of the Company as of the 15th day of December, 2006. 
  

					
		 	ALDAGEN, INC.
	[CORPORATE SEAL]	 		 	
		 	By:	 	 /s/ Fred D. Hutchison

		 		 	 Fred D. Hutchison
 Assistant
Secretary

 THIRD AMENDMENT 
 OF ALDAGEN, INC. 
 2000 STOCK OPTION PLAN

 THIS THIRD AMENDMENT of Aldagen, Inc., 2000 Stock Option Plan is dated as of April 15, 2008. 
 WHEREAS, the Board of Directors of Aldagen, Inc. (the “Company”) (formerly known as Stemco Biomedical, Inc.) has adopted
and the stockholders of the Company have approved the Aldagen, Inc. 2000 Stock Option Plan, as amended, (the “Plan”); and 
 WHEREAS, the Board and the stockholders of the Company have approved amendments to the Plan to increase the number of shares of Common Stock of the Company issuable pursuant to awards granted under the
Plan by a total of 700,000 shares, from 5,949,000 to 6,649,000 shares; and 
 WHEREAS, the Board of Directors deems it to be in
the best interest of the Company to additionally amend the Plan as more particularly set forth below. 
 NOW, THEREFORE, the
Plan shall be amended as follows: 
 1. Paragraph 1 of the Plan shall be deleted in its entirety and the following substituted in lieu thereof:

 “Purpose. The Aldagen, Inc. Stock Option Plan (the “Plan”) is established to create an additional
incentive for key employees, directors and consultants or advisors of Aldagen, Inc. and any successor corporations thereto (collectively referred to as the “Company”), and, except where the context requires otherwise, any present or
future parent and/or subsidiary corporations of such corporation (all of whom along with the Company being individually referred to as a “Participating Company” and collectively referred to as the “Participating Company
Group”), to promote the financial success and progress of the Participating Company Group. For purposes of the Plan, a parent corporation and a subsidiary corporation shall be as defined in Sections 424(e) and 424(f) of the Internal Revenue
Code of 1986, as amended (the “Code”).” 
 2. Paragraph 3 of the Plan shall be deleted in its entirety and the following
substituted in lieu thereof: 
 “Eligibility. The Options may be granted only to employees (including officers) and
directors of the Participating Company Group or to individuals who are rendering services as consultants, advisors or other independent contractors to the Participating Company Group. The Board, in its sole discretion, shall determine which persons
shall be granted Options (an “Optionee”). An Option that the Board intends to be an incentive stock option shall only be granted to an employee of the Company and shall be subject to and shall be construed

 
consistently with the requirements of Section 422 of the Code. A director of the Company shall be eligible to be granted only a nonqualified stock option unless the director is also an
employee of the Company. An individual who is rendering services as a consultant, advisor, or other independent contractor shall be eligible to be granted only a nonqualified stock option. An Optionee may, if otherwise eligible, be granted
additional Options. No Option which is designated as a nonqualified stock option shall be granted to any “service provider” as such term is defined in Section 409A of the Code and the regulations thereunder) who, on the date of the
grant, is solely a “service provider” to any then-parent corporation of the Company unless otherwise specified by the Board.” 
 3. The second sentence of Paragraph 4 of the Plan shall be deleted in its entirety and the following substituted in lieu thereof: 
 “The maximum number of shares of Stock which may be issued under the Plan shall be 6,649,000 shares.” 
 4. Paragraph 6(a) of the Plan shall be deleted in its entirety and the following substituted in lieu thereof: 
 “Option Price. The option price for each Option shall be established in the sole discretion of the Board; provided, however, that (i) the option price per share for an Incentive Stock
Option shall be not less than the fair market value of a share of Stock on the date of the granting of the Incentive Stock Option; (ii) the option price per share of an Incentive Stock Option granted to an Optionee who at the time the Incentive
Stock Option is granted owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of a Participating Company within the meaning of Section 422(b)(6) of the Code (a “Ten Percent
Owner Optionee”) shall be not less than one hundred ten percent (110%) of the fair market value of a share of Stock on the date the Option is granted; and (iii) the option price per share of a nonqualified stock option shall not
be less than the fair market value of a share of stock on the date of grant unless specifically approved by the Board. For this purpose, “fair market value” means the value assigned to the Stock for a given day by the Board, in good faith
and in compliance with the applicable provisions of the Code and the regulations thereunder including without limitation, Sections 409A, 422 and 424 of the Code (which may be changed from time to time). Notwithstanding the foregoing, an Option
(whether an Incentive Stock Option or a nonqualified stock option) may be granted by the Board in its discretion with an exercise price lower than the minimum exercise price set forth above if such Option is granted pursuant to an assumption or
substitution for another option in a manner qualifying with the provisions of Section 424(a) of the Code. Nothing hereinabove shall require that any such assumption or modification will result in the Option having the same characteristics,
attributes or tax treatment as the Option for which it is substituted.” 
  

 2 

 5. Paragraph 7 of the Plan shall be deleted in its entirety and the following substituted in lieu thereof:

 “Standard Form of Stock Option Agreement. All Option grants after the effective date of this Third Amendment shall
be evidenced by a written award agreement substantially in the form of the incentive stock option agreement attached to this Third Amendment as Exhibit A or the nonqualified stock option award agreement attached to this Third Amendment as
Exhibit B, as applicable, both of which are incorporated herein by reference (the “Standard Option Agreements”) or such other form as shall be approved by the Board consistent with the terms of this Plan. 
 6. The following section shall be added as Paragraph 13(g) of the Plan: 
 “(g) Effective immediately prior to the grant of an Option to a resident of the State of California or to the exercise of an outstanding Option by a resident of the State of California, Appendix
C shall be deemed adopted and incorporated as a part of this Plan.” 
 7. The following section shall be added as Paragraph 13(h) of
the Plan: 
 “(h) Compliance with Code Section 409A. It is intended that all Options granted hereunder be either
exempt from, or issued in compliance with, Section 409A of the Code. The Company shall have no liability to an Optionee, or any other party if an Option that is intended to be exempt from, or compliant with, Section 409A of the Code is not
so exempt or compliant or for any action taken by the Board.” 
 8. Except as herein amended, the terms and provisions of the Plan shall
remain in full force and effect as originally adopted and approved. 
  

 3 

 IN WITNESS WHEREOF, the undersigned Secretary of the Company certifies that the foregoing
Third Amendment to the Plan was duly adopted by the Board of Directors as of the date first written above. 
  

			
	ALDAGEN, INC.
		
	By:	 	 /s/ Fred D. Hutchison

		 	Fred D. Hutchison
		 	Assistant Secretary

 EXHIBIT A 
 INCENTIVE STOCK OPTION AGREEMENT 

 THE SECURITY REPRESENTED BY THIS CERTIFICATE HAS BEEN ACQUIRED FOR INVESTMENT AND NOT
WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 
  
  
 ALDAGEN, INC.

 INCENTIVE STOCK OPTION AGREEMENT 
 Aldagen, Inc. (formerly known as StemCo Biomedical, Inc.), a Delaware corporation (the “Company”), granted to the individual named below an option to purchase certain shares of common stock of
the Company pursuant to the Aldagen, Inc. Stock Option Plan, in the manner and subject to the provisions of this Option Agreement. 
  

	1.	Definitions: 

  

	 	(a)	“Code” shall mean the Internal Revenue Code of 1986, as amended. (All citations to Sections of the Code are to such Sections as they may from time to time be
amended or renumbered.) 

  

	 	(b)	“Company” shall mean Aldagen, Inc. (formerly known as StemCo Biomedical, Inc.), a Delaware corporation, and any successor corporation thereto.

  

	 	(c)	“Date of Option Grant” shall mean                     ,
20    . 

  

	 	(d)	“Disability” shall mean disability within the meaning of Section 22(e)(3) of the Code, as determined by the Board of Directors of the Company (the
“Board”) in its discretion under procedures established by the Board. 

  

	 	(e)	“Exercise Price” shall mean                      per share
as adjusted from time to time pursuant to Paragraph 9 below. 

  

	 	(f)	“Number of Option Shares” shall mean
                                         shares
of common stock of the Company as adjusted from time to time pursuant to Paragraph 9 below. 

  

	 	(g)	“Option Term Date” shall mean the date ten (10) years after the Date of Option Grant. 

  

	 	(h)	“Optionee” shall mean
                                        .

  

	 	(i)	 “Participating Company” shall mean (i) the Company and (ii) any present or future parent and/or subsidiary corporation of the
Company while such

  

 6 

	 	 
corporation is a parent or subsidiary of the Company. For purposes of this Option Agreement, a parent corporation and a subsidiary corporation shall be as defined in Sections 424(e) and 424(f) of
the Code. 

  

	 	(j)	“Participating Company Group” shall mean at any point in time all corporations collectively which are then a Participating Company. 

 

	 	(k)	“Plan” shall mean the Aldagen, Inc. Stock Option Plan. 

  

	2.	Status of the Option. This Option is intended to be an incentive stock option as described in Section 422 of the Code, but the Company does not represent or
warrant that this Option qualifies as such. The Optionee should consult with the Optionee’s own tax advisors regarding the tax effects of this Option and the requirements necessary to obtain favorable income tax treatment under Section 422
of the Code, including, but not limited to, holding period requirements. 

  

	3.	Administration. All questions of interpretation concerning this Option Agreement shall be determined by the Board and/or by a duly appointed committee of the
Board having such powers as shall be specified by the Board. Any subsequent references herein to the Board shall also mean the committee if such committee has been appointed and, unless the powers of the committee have been specifically limited, the
committee shall have all of the powers of the Board granted in the Plan, other than the power to terminate or amend the Plan as provided in Paragraph 12 of the Plan, subject to the terms of the Plan and any applicable limitations imposed by law. All
determinations by the Board shall be final and binding upon all persons having an interest in the Option. Any officer of a Participating Company shall have the authority to act on behalf of the Company with respect to any matter, right, obligation
or election which is the responsibility of or which is allocated to the Company herein, provided the officer has apparent authority with respect to such matter, right, obligation or election. 

  

	4.	Exercise and Vesting of the Option. 

  

	 	(a)	Right to Exercise. The Option shall vest and become exercisable from time to time, subject to the schedule set forth below, in whole or in part, and subject to
the termination provisions of Paragraphs 6 and 7 hereof and the Optionee’s agreement that any shares purchased upon exercise are subject to the Company’s repurchase rights set forth in Paragraph 11 hereof: 

  

	 	(i)	On and after                 ,
                , (the “Initial Vesting Date”) the Option may be exercised to purchase up to 25% of the Number of Option Shares, subject to
Optionee’s continuous service as an employee of a Participating Company; and 

  

	 	(ii)	 On or after the last day of each successive full month of service as an employee of a Participating Company beginning on or after the Initial Vesting
Date, the Option may be exercised to purchase up to an additional

  

 7 

	 	 
2.084% of the Number of Option Shares. This provision shall be interpreted such that on or after the third annual anniversary date of the Initial Vesting Date, the Option may be exercised to
purchase up to 100% of the Number of Option Shares. 

 The schedule set forth above is cumulative, so that
shares as to which the Option has become exercisable on and after a date indicated by the schedule may be purchased pursuant to exercise of the Option at any subsequent date prior to termination of the Option. The Option may be exercised at any time
and from time to time to purchase up to the number of shares as to which it is then exercisable. 
 Notwithstanding the
foregoing, if the aggregate fair market value, determined as of the Date of Option Grant, of the stock with respect to which the Optionee may exercise incentive stock options (determined without regard to this provision) for the first time during
any calendar year (under this Plan or under any other plan of the Participating Company Group), as determined in accordance with Section 422(d) of the Code, shall exceed one hundred thousand dollars ($100,000), the Option shall be deemed a
nonqualified stock option to the extent of such excess. 
  

	 	(b)	Method of Exercise. The Option shall be exercised by written notice to the Company in the form of Exhibit A hereto stating the election to exercise
the Option, the number of shares for which the Option is being exercised and such other representations and agreements as to the Optionee’s investment intent with respect to such shares as may be required by the Company. The written notice must
be signed by the Optionee and must be delivered in person or by certified or registered mail, return receipt requested, to the Chief Financial Officer of the Company, or other authorized representative of the Participating Company Group, prior to
the termination of the Option as set forth in Paragraph 6 hereof, accompanied by (i) full payment of the exercise price for the number of shares being purchased and (ii) an executed copy, if required herein, of the then current form of
joint escrow instructions referenced below. 

  

	 	(c)	Form of Payment of Option Price. Such payment shall be made in cash, check or cash equivalent or in any other form as may be permitted by the Board in its
discretion. 

  

	 	(d)	Withholding. At the time the Option is exercised, in whole or in part, or at any time thereafter as requested by the Company, the Optionee hereby authorizes
payroll withholding and otherwise agrees to make adequate provision for foreign, federal and state tax withholding obligations of the Company, if any, which arise in connection with the Option, including, without limitation, obligations arising upon
(i) the exercise, in whole or in part, of the Option, (ii) the transfer, in whole or in part, of any shares acquired on exercise of the Option, (iii) the operation of any law or regulation providing for the imputation of interest, or
(iv) the lapsing of any restriction with respect to any shares acquired on exercise of the Option. 

  

 8 

	 	(e)	Certificate Registration. The certificate or certificates for the shares as to which the Option shall be exercised shall be registered in the name of the
Optionee, or, if applicable, the heirs of the Optionee. 

  

	 	(f)	Restrictions on Grant of the Option and Issuance of Shares. The grant of the Option and the issuance of the shares upon exercise of the Option shall be subject
to compliance with all applicable requirements of federal or state law with respect to such securities. The Option may not be exercised if the issuance of shares upon such exercise would constitute a violation of any applicable federal or state
securities laws or other law or regulations. In addition, no Option may be exercised unless (i) a registration statement under the Securities Act of 1933, as amended (the “Securities Act”), shall at the time of exercise of the Option
be in effect with respect to the shares issuable upon exercise of the Option or (ii) in the opinion of legal counsel to the Company, the shares issuable upon exercise of the Option may be issued in accordance with the terms of an applicable
exemption from the registration requirements of the Securities Act. 

 THE OPTIONEE IS CAUTIONED THAT THE
OPTION MAY NOT BE EXERCISABLE UNLESS THE FOREGOING CONDITIONS ARE SATISFIED. ACCORDINGLY, THE OPTIONEE MAY NOT BE ABLE TO EXERCISE THE OPTION WHEN DESIRED EVEN THOUGH THE OPTION IS VESTED. 
 As a condition to the exercise of the Option, the Company may require the Optionee to satisfy any qualifications that may be necessary or
appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company. 
  

	 	(g)	Fractional Shares. The Company shall not be required to issue fractional shares upon the exercise of the Option. 

  

	5.	Non-Transferability of the Option. The Option may be exercised during the lifetime of the Optionee only by the Optionee and may not be assigned or transferred in
any manner except by will or by the laws of descent and distribution. 

  

	6.	Termination of the Option. The Option shall terminate and may no longer be exercised on the first to occur of (a) the Option Term Date as defined above,
(b) the last date for exercising the Option following termination of employment as described in Paragraph 7 hereof, or (c) upon a Transfer of Control as described in Paragraph 8 hereof. 

  

 9 

	7.	Termination of Employment. 

  

	 	(a)	Termination of the Option. If the Optionee ceases to be an employee of the Participating Company Group for any reason except death or Disability, the Option, to
the extent unexercised and exercisable by the Optionee on the date on which the Optionee ceased to be an employee, may be exercised by the Optionee within three (3) months after the date on which the Optionee’s employment terminates, but
in any event no later than the Option Term Date; provided, however, that the Option shall not be exercisable after the date the Optionee’s employment with the Participating Company Group is terminated for cause (as determined in the sole
discretion of the Board). If the Optionee’s employment with the Participating Company Group is terminated because of the death or Disability of the Optionee, the Option, to the extent unexercised and exercisable by the Optionee on the date on
which the Optionee ceased to be an employee, may be exercised by the Optionee (or the Optionee’s legal representative) at any time prior to the expiration of twelve (12) months from the date the Optionee’s employment terminated, but
in any event no later than the Option Term Date. The Optionee’s employment shall be deemed to have terminated on account of death if the Optionee dies within three (3) months after the Optionee’s termination of employment. This
Paragraph shall be interpreted such that the Option ceases to vest on the date on which the Optionee ceases to be an employee of the Participating Company Group (pursuant to this Paragraph 7) for any reason, notwithstanding any period after such
cessation of employment during which the Option may remain exercisable as provided in this Paragraph 7. 

  

	 	(b)	Termination of Employment Defined. For purposes of this Paragraph 7, the Optionee’s employment shall be deemed to have terminated either upon an actual
termination of employment or upon the Optionee’s employer ceasing to be a Participating Company. 

  

	 	(c)	Exercise Prevented by Law. Except as provided in this Paragraph 7, the Option shall terminate and may not be exercised after the Optionee’s employment with
the Participating Company Group terminates unless the exercise of the Option in accordance with this Paragraph 7 is prevented by the provisions of Paragraph 4(f) hereof. If the exercise of the Option is so prevented, the Option shall remain
exercisable until three (3) months after the date the Optionee is notified by the Company that the Option is exercisable, but in any event no later than the Option Term Date. 

  

	 	(d)	Optionee Subject to Section 16(b). Notwithstanding the foregoing, if the exercise of the Option within the applicable time periods set forth above would
subject the Optionee to suit under Section 16(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Option shall remain exercisable until the earliest to occur of (i) the tenth (10th) day following
the date on which the Optionee would no longer be subject to such suit, (ii) the one hundred and ninetieth (190th) day after the Optionee’s termination of employment, or (iii) the Option Term Date. 

  

 10 

	 	(e)	Leave of Absence. For purposes hereof, the Optionee’s employment with the Participating Company Group shall not be deemed to terminate if the Optionee takes
any military leave, sick leave, or other bona fide leave of absence approved by the Company of ninety (90) days or less. In the event of a leave in excess of ninety (90) days, the Optionee’s employment shall be deemed to terminate on
the ninety-first (91st) day of the leave unless the Optionee’s right to reemployment with the Participating Company Group remains guaranteed by statute or contract. 

  

	8.	Transfer of Control. Upon a merger, consolidation, corporate reorganization, or any transaction in which all or substantially all of the assets or stock of the
Company are sold, leased, transferred or otherwise disposed of (other than a mere reincorporation transaction or one in which the holders of capital stock of the Company immediately prior to such merger or consolidation continue to hold at least a
majority of the voting power of the surviving corporation) (a “Transfer of Control”), then any unexercisable portion of an outstanding Option that would otherwise become exercisable within twelve months following the effective time of the
Transfer of Control shall become immediately exercisable as of a date prior to the Transfer of Control, which date shall be determined by the Board. Notwithstanding the foregoing, an outstanding Option shall not so accelerate if and to the extent:
(i) such Option is, in connection with a Transfer of Control, either to be assumed by the successor corporation (or parent thereof) or to be replaced with a comparable option to purchase shares of the capital stock of the successor corporation
(or parent thereof), (ii) such Option is to be replaced with a cash incentive program of the successor corporation which preserves the spread existing on the unvested Option at the time of such Transfer of Control and provides for subsequent
payout in accordance with the same vesting schedule applicable to such Option or (iii) the acceleration of such Option is subject to other limitations imposed by the Board at the time of the grant of the Option. The determination of option
comparability under clause (i) above shall be made by the Board, and its determination shall be final, binding and conclusive. The exercise of any Option that was permissible solely by reason of this Paragraph 8 shall be conditioned upon the
consummation of the Transfer of Control. The Board may further elect, in its sole discretion, to provide that any Options which become exercisable solely by reason of this Paragraph 8 and which are not exercised as of the date of the Transfer of
Control shall terminate effective as of the date of the Transfer of Control. 

  

	9.	Effect of Change in Stock Subject to the Option. The Board shall make appropriate adjustments in the number, exercise price and class of shares of stock subject
to the Option in the event of a stock dividend, stock split, reverse stock split, combination, reclassification, or like change in the capital structure of the Company. In the event a majority of the shares which are of the same class as the shares
that are subject to the Option are exchanged for, converted into, or otherwise become (whether or not pursuant to a Transfer of Control) shares of another corporation (the “New Shares”), the Board may unilaterally amend the Option to
provide that the Option is exercisable for New Shares. In the event of any such amendment, the number of shares and the exercise price shall be adjusted in a fair and equitable manner. 

  

 11 

	10.	Rights as a Stockholder or Employee. The Optionee shall have no rights as a stockholder with respect to any shares covered by the Option until the date of the
issuance of a certificate or certificates for the shares for which the Option has been exercised. No adjustment shall be made for dividends or distributions or other rights for which the record date is prior to the date such certificate or
certificates are issued, except as provided in Paragraph 9 above. Nothing in the Option shall confer upon the Optionee any right to continue in the employ of a Participating Company or interfere in any way with any right of the Participating Company
Group to terminate the Optionee’s employment at any time. 

  

	11.	Right of First Refusal. 

  

	 	(a)	Right of First Refusal. In the event the Optionee proposes to sell, pledge, or otherwise transfer any shares acquired upon exercise of the Option (the
“Transfer Shares”) to any person or entity, including, without limitation, any shareholder of the Participating Company Group, the Company shall have the right to repurchase the Transfer Shares under the terms and subject to the conditions
set forth in this Paragraph 11 (the “Right of First Refusal”). 

  

	 	(b)	Notice of Proposed Transfer. Prior to any proposed transfer of the Transfer Shares, the Optionee shall give a written notice (the “Transfer Notice”) to
the Company describing fully the proposed transfer, including the number of Transfer Shares, the name and address of the proposed transferee (the “Proposed Transferee”) and, if the transfer is voluntary, the proposed transfer price and
containing such information necessary to show the bona fide nature of the proposed transfer. In the event of a bona fide or involuntary transfer, the proposed transfer price shall be deemed to be the fair market value of the Transfer Shares as
determined by the Company in good faith and in compliance with the applicable provisions of the Code and the regulations thereunder. In the event the Optionee proposes to transfer any Transfer Shares to more than one (1) Proposed Transferee,
the Optionee shall provide a separate Transfer Notice for the proposed transfer to each Proposed Transferee. The Transfer Notice shall be signed by both the Optionee and the Proposed Transferee and must constitute a binding commitment of the
Optionee and the Proposed Transferee for the transfer of the Transfer Shares to the Proposed Transferee subject only to the Right of First Refusal. 

  

	 	(c)	Bona Fide Transfer. In the event that the Company shall determine that the information provided by the Optionee in the Transfer Notice is insufficient to
establish the bona fide nature of a proposed voluntary transfer, the Company shall give the Optionee written notice of the Optionee’s failure to comply with the procedure described in this Paragraph 11 and the Optionee shall have no right to
transfer the Transfer Shares without first complying with the procedures described in this Paragraph 11. The Optionee shall not be permitted to transfer the Transfer Shares if the proposed transfer is not bona fide. 

  

 12 

	 	(d)	Exercise of the Right of First Refusal. In the event the proposed transfer is deemed to be bona fide, the Company shall have the right to purchase all, but not
less than all, of the Transfer Shares at the purchase price and on the terms set forth in the Transfer Notice by delivery to the Optionee of a notice of exercise of the Right of First Refusal within thirty (30) days after the date the Transfer
Notice is delivered to the Company. The Company’s exercise or failure to exercise the Right of First Refusal with respect to any proposed transfer described in a Transfer Notice shall not affect the Company’s ability to exercise the Right
of First Refusal with respect to any proposed transfer described in any other Transfer Notice, whether or not such other Transfer Notice is issued by the Optionee or issued by a person other than the Optionee with respect to a proposed transfer to
the same Proposed Transferee. If the Company exercises the Right of First Refusal, the Company and the Optionee shall thereupon consummate the sale of the Transfer Shares to the Company on the terms set forth in the Transfer Notice; provided
however, that in the event that the Transfer Notice provides for the payment for the Transfer Shares other than in cash, the Company shall have the option of paying for the Transfer Shares by the discounted cash equivalent of the consideration
described in the Transfer Notice as reasonably determined by the Company. For purposes of the foregoing, cancellation of any indebtedness of the Optionee to any Participating Company shall be treated as payment to the Optionee in cash to the extent
of the unpaid principal and any accrued interest cancelled. 

  

	 	(e)	Failure to Exercise the Right of First Refusal. If the Company fails to exercise the Right of First Refusal in full within the period specified in Paragraph
11(d) above, the Optionee may conclude a transfer to the Proposed Transferee of the Transfer Shares on the terms and conditions described in the Transfer Notice, provided such transfer occurs not later than one hundred twenty (120) days
following delivery to the Company of the Transfer Notice. The Company shall have the right to demand further assurances from the Optionee and the Proposed Transferee (in a form satisfactory to the Company) that the transfer of the Transfer Shares
was actually carried out on the terms and conditions described in the Transfer Notice. No Transfer Shares shall be transferred on the books of the Company until the Company has received such assurances, if so demanded, and has approved the proposed
transfer as bona fide. Any proposed transfer on terms and conditions different from those described in the Transfer Notice, as well as any subsequent proposed transfer by the Optionee, shall again be subject to the Right of First Refusal and shall
require compliance by the Optionee with the procedure described in this Paragraph 11. 

  

	 	(f)	Transferees of the Transfer Shares. All transferees of the Transfer Shares or any interest therein, other than the Company, shall be required as a condition of
such transfer to agree in writing (in a form satisfactory to the Company) that such transferee shall receive and hold such Transfer Shares or interests subject to the provisions of this Paragraph 11 providing for the Right of First Refusal with
respect to any subsequent transfer. Any sale or transfer of any shares acquired upon exercise of the Option shall be void unless the provisions of this Paragraph 11 are met. 

  

 13 

	 	(g)	Transfers Not Subject to the Right of First Refusal. The Right of First Refusal shall not apply to any transfer or exchange of the shares acquired pursuant to
the exercise of the Option if (i) such transfer is in connection with a Transfer of Control, (ii) such transfer is to one or more members of the Optionee’s immediate family (or a trust for their benefit) provided all such transferees
agree in writing to the restrictions of Paragraph 11(f), or (iii) such transfer has been approved by the Board, which approval may be granted or withheld in its complete discretion. If the consideration received pursuant to such transfer or
exchange consists of stock of a Participating Company, such consideration shall remain subject to the Right of First Refusal unless the provisions of Paragraph 11(i) below result in a termination of the Right of First Refusal.

  

	 	(h)	Assignment of the Right of First Refusal. The Company shall have the right to assign the Right of First Refusal at any time, whether or not the Optionee has
attempted a transfer, to one (1) or more persons as may be selected by the Company. 

  

	 	(i)	Stock Dividends Subject to First Refusal Right. If, from time to time, there is any stock dividend, stock split, or other change in the character or amount of
any of the outstanding stock of the Company, the stock of which is subject to the provisions of this Option Agreement, then, in such event, any and all new substituted or additional securities to which the Optionee is entitled by reason of the
Optionee’s ownership of the shares acquired upon exercise of the Option shall be immediately subject to the Right of First Refusal with the same force and effect as the shares subject to the Right of First Refusal immediately before such event.

  

	 	(j)	Early Termination of the Right of First Refusal. The other provisions of this Paragraph 11 notwithstanding, the Right of First Refusal shall terminate, and be of
no further force and effect, upon (i) the occurrence of a Transfer of Control, unless the surviving, continuing, successor, or purchasing corporation, as the case may be, assumes the Company’s rights and obligations under the Plan, or
(ii) the existence of a public market for the class of shares subject to the Right of First Refusal. A “public market” shall be deemed to exist if (x) such stock is listed on a national securities exchange (as that term is used
in the Exchange Act) or (y) such stock is traded on the over-the-counter market and prices therefor are published daily on business days in a recognized financial journal. 

  

	12.	Escrow. 

  

	 	(a)	 Establishment of Escrow. To insure shares subject to the Right of First Refusal will be available for repurchase, the Company may require the
Optionee to deposit the certificate or certificates evidencing the shares which the Optionee

  

 14 

	 	 
purchases upon exercise of the Option with an escrow agent designated by the Company under the terms and conditions of an escrow arrangement approved by the Company. If the Company does not
require such deposit as a condition of exercise of the Option, the Company reserves the right at any time to require the Optionee to so deposit the certificate or certificates in escrow. The Company shall bear the expenses of the escrow.

  

	 	(b)	Delivery of Shares to Optionee. As soon as practicable after the expiration of the Right of First Refusal, the escrow agent shall deliver to the Optionee the
shares no longer subject to such restrictions. 

  

	 	(c)	Notices and Payments. In the event the shares held in escrow are subject to the Company’s exercise of the Right of First Refusal, the notices required to be
given to the Optionee shall be given to the escrow agent and any payment required to be given to the Optionee shall be given to the escrow agent. Within thirty (30) days after payment by the Company, the escrow agent shall deliver the shares
which the Company has purchased to the Company and shall deliver the payment received from the Company to the Optionee. 

  

	13.	Notice of Sales Upon Disqualifying Disposition. The Optionee shall dispose of the shares acquired pursuant to the Option only in accordance with the provisions
of this Option Agreement. In addition, the Optionee shall promptly notify the Chief Financial Officer of the Company if the Optionee disposes of any of the shares acquired pursuant to the Option within one (1) year from the date the Optionee
exercises all or part of the Option or within two (2) years of the date of grant of the Option. Until such time as the Optionee disposes of such shares in a manner consistent with the provisions of this Option Agreement, the Optionee shall hold
all shares acquired pursuant to the Option in the Optionee’s name (and not in the name of any nominee) for the one-year period immediately after exercise of the Option and the two-year period immediately after grant of the Option. At any time
during the one-year or two-year periods set forth above, the Company may place a legend or legends on any certificate or certificates representing shares acquired pursuant to the Option requesting the transfer agent for the Company’s stock to
notify the Company of any such transfers. The obligation of the Optionee to notify the Company of any such transfer shall continue notwithstanding that a legend has been placed on the certificate or certificates pursuant to the preceding sentence.

  

	14.	Legends. The Company may at any time place legends referencing the Right of First Refusal set forth in Paragraph 11 above and any applicable federal or state
securities law restriction on all certificates representing shares of stock subject to the provisions of this Option Agreement. The Optionee shall, at the request of the Company, promptly present to the Company any and all certificates representing
shares acquired pursuant to the Option in the possession of the Optionee in order to effectuate the provisions of this Paragraph. Unless otherwise specified by the Company, legends placed on such certificates may include, but shall not be limited
to, the following: 

  

	 	(a)	THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR
HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SHARES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 OR RULE 701 UNDER THE ACT, OR THE CORPORATION RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE
SHARES REASONABLY SATISFACTORY TO THE CORPORATION, STATING THAT SUCH SALE, TRANSFER ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT. 

  

 15 

	 	(b)	THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A RIGHT OF FIRST REFUSAL OPTION IN FAVOR OF THE CORPORATION OR ITS ASSIGNEE SET FORTH IN AN AGREEMENT
BETWEEN THE CORPORATION AND THE REGISTERED HOLDER, OR SUCH HOLDER’S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS CORPORATION. 

  

	 	(c)	THE SHARES EVIDENCED BY THIS CERTIFICATE WERE ISSUED BY THE CORPORATION TO THE REGISTERED HOLDER UPON EXERCISE OF AN INCENTIVE STOCK OPTION AS DEFINED IN SECTION 422
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. THE TRANSFER AGENT FOR THE SHARES EVIDENCED HEREBY SHALL NOTIFY THE CORPORATION IMMEDIATELY OF ANY TRANSFER OF THE SHARES BY THE REGISTERED HOLDER HEREOF MADE ON OR BEFORE THE REGISTERED HOLDER SHALL
HOLD ALL SHARES PURCHASED UNDER THE OPTION IN THE REGISTERED HOLDER’S NAME (AND NOT IN THE NAME OF ANY NOMINEE) FOR A PERIOD OF ONE YEAR FROM THE DATE OF EXERCISE OF THE OPTION OR TWO YEARS FROM THE DATE OF GRANT OF THE OPTION.

  

	15.	Initial Public Offering. The Optionee hereby agrees that in the event of an initial public offering of stock made by the Company under the Securities Act, the
Optionee shall not offer, sell, contract to sell, pledge, hypothecate, grant any option to purchase or make any short sale of, or otherwise dispose of any shares of stock of the Company or any rights to acquire stock of the Company for such period
of time as may be established by the underwriter for such initial public offering; provided, however, that such period of time shall not exceed one hundred eighty (180) days from the effective date of the registration statement to be filed in
connection with such initial public offering. 

  

 16 

	16.	Binding Effect. This Option Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators,
successors and assigns. 

  

	17.	Termination or Amendment. The Board may terminate or amend this Option Agreement at any time; provided, however, that no such termination or amendment may
adversely affect the Option or any unexercised portion hereof without the consent of the Optionee unless such amendment is required to enable the Option to qualify as an Incentive Stock Option. 

  

	18.	Integrated Agreement. This Option Agreement, together with the Plan, constitute the entire understanding and agreement of the Optionee and the Participating
Company Group with respect to the subject matter contained herein, and there are no other agreements, understandings, restrictions, representations, or warranties among the Optionee and the Company with respect to the subject matter contained herein
other than those as set forth or provided for herein and therein. To the extent contemplated herein, the provisions of this Option Agreement shall survive any exercise of the Option and shall remain in full force and effect.

  

	19.	Terms and Conditions of Plan. The terms and conditions included in the Plan are incorporated by reference herein, and to the extent that any conflict may exist
between any term or provision of this Option Agreement and any term or provision of the Plan, the term or provision of the Plan shall control. 

  

	20.	Applicable Law. This Option Agreement shall be governed by the laws of the State of North Carolina as such laws are applied to agreements between North Carolina
residents entered into and to be performed entirely within the State of North Carolina. 

  

	21.	Effect of Certain Transactions. Notwithstanding anything to contrary in this Option Agreement, in the event that the Optionee has entered into a nondisclosure,
invention and/or non-competition agreement with the Company and the Optionee breaches any such agreement, the Optionee shall forfeit 100% of the Option granted pursuant to this Option Agreement, whether or not vested or exercisable.

  

	22.	 Section 409A of the Code. The Exercise Price is intended to be the fair market value of the common stock of the Company on the Date of
Option Grant. The Company has determined the fair market value of the common stock in good faith, in compliance with the applicable provisions of the Code and the regulations thereunder and using the reasonable application of a reasonable valuation
method. Notwithstanding this, the Internal Revenue Service may assert that the fair market value of the common stock on the Date of Option Grant was greater than the Exercise Price. Under Section 409A of the Code, if the Exercise Price is less
than the fair market value of the common stock as of the Date of Option Grant, this Option may be treated as a form of deferred compensation and the Optionee may be subject to an additional twenty percent (20%) tax, plus interest and possible
penalties. The Optionee acknowledges that the Company has advised the Optionee to consult with a tax adviser regarding the potential impact of Section 409A of

  

 17 

	 	 
the Code and that the Company, in the exercise of its sole discretion and without the consent of the Optionee, may amend or modify this Agreement in any manner and delay the payment of any
amounts payable pursuant to this Agreement to the minimum extent necessary to meet the requirements of Section 409A of the Code, as amplified by any Internal Revenue Service or U.S. Treasury Department regulations or guidance as the Company
deems appropriate or advisable. 

  

					
	ALDAGEN, INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

 18 

 The Optionee represents that the Optionee is familiar with the terms and provisions of this
Option Agreement, including the Right of First Refusal set forth in Paragraph 11, and hereby accepts the Option subject to all of the terms and provisions thereof. The Optionee hereby agrees to accept as binding, conclusive and final all decisions
or interpretations of the Board of Directors of the Company made in good faith upon any questions arising under this Option Agreement. 
 The undersigned hereby acknowledges receipt of a copy of the Plan. 
  

									
	Date:	 	  
	 		 	  
	 	
		 		 		 	(Signature of Optionee)	 	
					
		 		 		 	  
	 	
		 		 		 	(Printed Name of Optionee)	 	

  

 19 

 EXHIBIT A 
 [Date] 
  
  

 
  
  
  
  

 
  

	 	Re:	Exercise of Incentive Stock Option 

 Dear Sirs:

 Pursuant to the terms and conditions of the Incentive Stock Option Award Agreement dated as of
                    , 20     (the “Agreement”), between
                     (“Optionee”) and Aldagen, Inc. (formerly known as StemCo Biomedical, Inc.) (the “Company”), Optionee hereby
agrees to purchase              shares (the “Shares”) of the Common Stock of the Company and tender payment in full for such shares in accordance with the terms of the Agreement.

 The Shares are being issued to Optionee in a transaction not involving a public offering and pursuant to an exemption from
registration under the Securities Act of 1933, as amended (the “1933 Act”). In connection with such purchase, Optionee represents, warrants and agrees as follows: 
  

	 	1.	The Shares are being purchased for the Optionee’s own account and not for the account of any other person, with the intent of holding the Shares for investment and
not with the intent of participating, directly or indirectly, in a distribution or resale of the Shares or any portion thereof. 

  

	 	2.	The Optionee is not acquiring the Shares based upon any representation, oral or written, by any person with respect to the future value of, or income from, the Shares,
but rather upon independent examination and judgment as to the prospects of the Company. 

  

	 	3.	The Optionee has had complete access to and the opportunity to review all material documents related to the business of the Company, has examined all such documents as
the Optionee desired, is familiar with the business and affairs of the Company and realizes that any purchase of the Shares is a speculative investment and that any possible profit therefrom is uncertain. 

  

	 	4.	The Optionee has had the opportunity to ask questions of and receive answers from the Company and its executive officers and to obtain all information necessary for the
Optionee to make an informed decision with respect to the investment in the Company represented by the Shares. 

	 	5.	The Optionee is able to bear the economic risk of any investment in the Shares, including the risk of a complete loss of the investment, and the Optionee acknowledges
that he or she may need to continue to bear the economic risk of the investment in the Shares for an indefinite period. 

  

	 	6.	The Optionee understands and agrees that the Shares are being issued and sold to the Optionee without registration under any state or federal laws relating to the
registration of securities, in reliance upon exemptions from registration under appropriate state and federal laws based in part upon the representations of the Optionee made herein. 

  

	 	7.	The Company is under no obligation to register the Shares or to comply with any exemption available for sale of the Shares by the Optionee without registration, and the
Company is under no obligation to act in any manner so as to make Rule 144 promulgated under the 1933 Act available with respect to any sale of the Shares by the Optionee. 

  

	 	8.	The Optionee has not relied upon the Company or an employee or agent of the Company with respect to any tax consequences related to exercise of this Option or the
disposition of the Shares. The Optionee assumes full responsibility for all such tax consequences and the filing of all tax returns and elections the Optionee may be required to or find desirable to file in connection therewith.

  

					
	Very truly yours,	 	
		
	  
	 	
			
	Print Name:	 	  
	 	
		
	  
	 	
	  
	 	
	  
	 	
	(Address)	 	

 EXHIBIT B 
 NONQUALIFIED STOCK OPTION AWARD AGREEMENT 

 THE SECURITY REPRESENTED BY THIS CERTIFICATE HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A
VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS
NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 
  
  
 ALDAGEN, INC.

 NONQUALIFIED STOCK OPTION AGREEMENT 
 Aldagen, Inc. (formerly, StemCo Biomedical, Inc.), a Delaware corporation (the “Company”), granted to the individual named below an option to purchase certain shares of common stock of the
Company, in the manner and subject to the provisions of this Option Agreement. 
  

	1.	Definitions: 

  

	 	(a)	“Code” shall mean the Internal Revenue Code of 1986, as amended. (All citations to Sections of the Code are to such Sections as they may from time to time be
amended or renumbered.) 

  

	 	(b)	“Company” shall mean Aldagen, Inc., a Delaware corporation, and any successor corporation thereto. 

  

	 	(c)	“Date of Option Grant” shall mean
                                        .

  

	 	(d)	“Exercise Price” shall mean
                                        
($            ) per share, as adjusted from time to time pursuant to Paragraph 8 below. 

  

	 	(e)	“Number of Option Shares” shall mean
                                        
(            ) shares of common stock of the Company as adjusted from time to time pursuant to Paragraph 8 below. 

  

	 	(f)	“Option Term Date” shall mean the date ten (10) years after the Date of Option Grant. 

  

	 	(g)	“Optionee” shall mean
                                        .

  

	 	(h)	“Participating Company” shall mean (i) the Company and (ii) any present or future parent and/or subsidiary corporation of the Company while such
corporation is a parent or subsidiary of the Company. For purposes of this Option Agreement, a parent corporation and a subsidiary corporation shall be as defined in Sections 424(e) and 424(f) of the Code. 

	 	(i)	“Participating Company Group” shall mean at any point in time all corporations collectively which are then a Participating Company. 

 

	 	(j)	“Plan” shall mean the Aldagen, Inc. Stock Option Plan. 

  

	2.	Nonqualified Stock Option. This Option is intended to be a nonqualified stock option. The Optionee should consult with the Optionee’s own tax advisors
regarding the tax effects of this Option. 

  

	3.	Administration. All questions of interpretation concerning this Option Agreement shall be determined by the Board of Directors of the Company (the
“Board”) and/or by a duly appointed committee of the Board having such powers as shall be specified by the Board. Any subsequent references herein to the Board shall also mean the committee if such committee has been appointed and, unless
the powers of the committee have been specifically limited, the committee shall have all of the powers of the Board. All determinations by the Board shall be final and binding upon all persons having an interest in the Option. Any officer of a
Participating Company shall have the authority to act on behalf of the Company with respect to any matter, right, obligation or election which is the responsibility of or which is allocated to the Company herein, provided the officer has apparent
authority with respect to such matter, right, obligation or election. 

  

	4.	Exercise and Vesting of the Option. 

  

	 	(a)	Right to Exercise. The Option shall vest and become exercisable from time to time, subject to the schedule set forth below, in whole or in part, and subject to
the termination provisions of Paragraphs 6 and 7 hereof and the Optionee’s agreement that any shares purchased upon exercise are subject to the Company’s repurchase rights set forth in Paragraph 10 hereof: 

  

	 	(i)	On and after the Date of Option Grant, the Option may be exercised to purchase up to             % of the
Number of Option Shares; and 

  

	 	(ii)	On or after the last day of each successive full month of service as a member of the Board of a Participating Company beginning on or after the Date of Option Grant,
the Option may be exercised to purchase up to an additional             % of the Number of Option Shares. This provision shall be interpreted such that on or after the
             annual anniversary date of the Date of Option Grant, the Option may be exercised to purchase up to 100% of the Number of Option Shares. 

 The schedule set forth above is cumulative, so that shares as to which the Option has become exercisable on and after a date indicated by the

 
schedule may be purchased pursuant to exercise of the Option at any subsequent date prior to termination of the Option. The Option may be exercised at any time and from time to time to purchase
up to the number of shares as to which it is then exercisable. 
  

	 	(b)	Method of Exercise. The Option shall be exercised by written notice to the Company in the form of Exhibit A hereto stating the election to exercise the
Option, the number of shares for which the Option is being exercised and such other representations and agreements as to the Optionee’s investment intent with respect to such shares as may be required by the Company. The written notice must be
signed by the Optionee and must be delivered in person or by certified or registered mail, return receipt requested, to the Chief Financial Officer of the Company, or other authorized representative of the Participating Company Group, prior to the
termination of the Option as set forth in Paragraph 6 below, accompanied by (i) full payment of the exercise price for the number of shares being purchased and (ii) an executed copy, if required herein, of the then current form of joint
escrow instructions referenced below. 

  

	 	(c)	Form of Payment of Option Price. Such payment shall be made in cash, check or cash equivalent or in any other form as may be permitted by the Board in its
discretion. 

  

	 	(d)	Withholding. At the time the Option is exercised, in whole or in part, or at any time thereafter as requested by the Company, the Optionee hereby agrees to make
adequate provision for foreign, federal and state tax withholding obligations of the Company, if any, which arise in connection with the Option, including, without limitation, obligations arising upon (i) the exercise, in whole or in part, of
the Option, (ii) the transfer, in whole or in part, of any shares acquired on exercise of the Option, (iii) the operation of any law or regulation providing for the imputation of interest, or (iv) the lapsing of any restriction with
respect to any shares acquired on exercise of the Option. 

  

	 	(e)	Certificate Registration. The certificate or certificates for the shares as to which the Option shall be exercised shall be registered in the name of the
Optionee, or, if applicable, the heirs of the Optionee. 

  

	 	(f)	 Restrictions on Grant of the Option and Issuance of Shares. The grant of the Option and the issuance of the shares upon exercise of the Option
shall be subject to compliance with all applicable requirements of federal or state law with respect to such securities. The Option may not be exercised if the issuance of shares upon such exercise would constitute a violation of any applicable
federal or state securities laws or other law or regulations. In addition, no Option may be exercised unless (i) a registration statement

	 	 
under the Securities Act of 1933, as amended (the “Securities Act”), shall at the time of exercise of the Option be in effect with respect to the shares issuable upon exercise of the
Option or (ii) in the opinion of legal counsel to the Company, the shares issuable upon exercise of the Option may be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act.

 THE OPTIONEE IS CAUTIONED THAT THE OPTION MAY NOT BE EXERCISABLE UNLESS THE FOREGOING CONDITIONS ARE
SATISFIED. ACCORDINGLY, THE OPTIONEE MAY NOT BE ABLE TO EXERCISE THE OPTION WHEN DESIRED. 
 As a condition to the exercise
of the Option, the Company may require the Optionee to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as
may be requested by the Company. 
  

	 	(g)	Fractional Shares. The Company shall not be required to issue fractional shares upon the exercise of the Option. 

  

	5.	Non-Transferability of the Option. The Option may be exercised during the lifetime of the Optionee only by the Optionee and may not be assigned or transferred in
any manner except by will or by the laws of descent and distribution. 

  

	6.	Termination of the Option. The Option shall terminate and may no longer be exercised on the first to occur of (a) the Option Term Date as defined above or
(b) upon a Transfer of Control as described in Paragraph 7 hereof. 

  

	7.	Transfer of Control. Upon a merger, consolidation, corporate reorganization, or any transaction in which all or substantially all of the assets or stock of the
Company are sold, leased, transferred or otherwise disposed of (other than a mere reincorporation transaction or one in which the holders of capital stock of the Company immediately prior to such merger or consolidation continue to hold at least a
majority of the voting power of the surviving corporation) (a “Transfer of Control”), then any unexercisable portion of an outstanding Option that would otherwise become exercisable following the effective time of the Transfer of Control
shall become immediately exercisable as of a date prior to the Transfer of Control, which date shall be determined by the Board. The exercise of any Option that was permissible solely by reason of this Paragraph 7 shall be conditioned upon the
consummation of the Transfer of Control. The Board may further elect, in its sole discretion, to provide that any Options which become exercisable solely by reason of this Paragraph 7 and which are not exercised as of the date of the Transfer of
Control shall terminate effective as of the date of the Transfer of Control. 

	8.	Effect of Change in Stock Subject to the Option. The Board shall make appropriate adjustments in the number, exercise price and class of shares of stock subject
to the Option in the event of a stock dividend, stock split, reverse stock split, combination, reclassification, or like change in the capital structure of the Company. In the event a majority of the shares which are of the same class as the shares
that are subject to the Option are exchanged for, converted into, or otherwise become shares of another corporation (the “New Shares”), the Board may unilaterally amend the Option to provide that the Option is exercisable for New Shares.
In the event of any such amendment, the number of shares and the exercise price shall be adjusted in a fair and equitable manner. 

  

	9.	Rights as a Stockholder. The Optionee shall have no rights as a stockholder with respect to any shares covered by the Option until the date of the issuance of a
certificate or certificates for the shares for which the Option has been exercised. No adjustment shall be made for dividends or distributions or other rights for which the record date is prior to the date such certificate or certificates are
issued, except as provided in Paragraph 8 above. Nothing in the Option shall confer upon the Optionee any right to continue as a director of the Company or interfere in any way with any right of the Company to terminate the Optionee’s position
as a director at any time. 

  

	10.	Right of First Refusal. 

  

	 	(a)	Right of First Refusal. In the event the Optionee proposes to sell, pledge, or otherwise transfer any shares acquired upon exercise of the Option (the
“Transfer Shares”) to any person or entity, including, without limitation, any stockholder of the Participating Company Group, the Company shall have the right to repurchase the Transfer Shares under the terms and subject to the conditions
set forth in this Paragraph 10 (the “Right of First Refusal”). 

  

	 	(b)	 Notice of Proposed Transfer. Prior to any proposed transfer of the Transfer Shares, the Optionee shall give a written notice (the “Transfer
Notice”) to the Company describing fully the proposed transfer, including the number of Transfer Shares, the name and address of the proposed transferee (the “Proposed Transferee”) and, if the transfer is voluntary, the proposed
transfer price and containing such information necessary to show the bona fide nature of the proposed transfer. In the event of a bona fide or involuntary transfer, the proposed transfer price shall be deemed to be the fair market value of the
Transfer Shares as determined by the Company in good faith and in compliance with the applicable provisions of the Code and the regulations thereunder. In the event the Optionee proposes to transfer any Transfer Shares to more than one
(1) Proposed

	 	 
Transferee, the Optionee shall provide a separate Transfer Notice for the proposed transfer to each Proposed Transferee. The Transfer Notice shall be signed by both the Optionee and the Proposed
Transferee and must constitute a binding commitment of the Optionee and the Proposed Transferee for the transfer of the Transfer Shares to the Proposed Transferee subject only to the Right of First Refusal. 

  

	 	(c)	Bona Fide Transfer. In the event that the Company shall determine that the information provided by the Optionee in the Transfer Notice is insufficient to
establish the bona fide nature of a proposed voluntary transfer, the Company shall give the Optionee written notice of the Optionee’s failure to comply with the procedure described in this Paragraph 10 and the Optionee shall have no right to
transfer the Transfer Shares without first complying with the procedures described in this Paragraph 10. The Optionee shall not be permitted to transfer the Transfer Shares if the proposed transfer is not bona fide. 

  

	 	(d)	Exercise of the Right of First Refusal. In the event the proposed transfer is deemed to be bona fide, the Company shall have the right to purchase all, but not
less than all, of the Transfer Shares at the purchase price and on the terms set forth in the Transfer Notice by delivery to the Optionee of a notice of exercise of the Right of First Refusal within thirty (30) days after the date the Transfer
Notice is delivered to the Company. The Company’s exercise or failure to exercise the Right of First Refusal with respect to any proposed transfer described in a Transfer Notice shall not affect the Company’s ability to exercise the Right
of First Refusal with respect to any proposed transfer described in any other Transfer Notice, whether or not such other Transfer Notice is issued by the Optionee or issued by a person other than the Optionee with respect to a proposed transfer to
the same Proposed Transferee. If the Company exercises the Right of First Refusal, the Company and the Optionee shall thereupon consummate the sale of the Transfer Shares to the Company on the terms set forth in the Transfer Notice; provided
however, that in the event that the Transfer Notice provides for the payment for the Transfer Shares other than in cash, the Company shall have the option of paying for the Transfer Shares by the discounted cash equivalent of the consideration
described in the Transfer Notice as reasonably determined by the Company. For purposes of the foregoing, cancellation of any indebtedness of the Optionee to any Participating Company shall be treated as payment to the Optionee in cash to the extent
of the unpaid principal and any accrued interest cancelled. 

  

	 	(e)	 Failure to Exercise the Right of First Refusal. If the Company fails to exercise the Right of First Refusal in full within the period specified
in Paragraph 10(d) above, the Optionee may conclude a transfer to the Proposed Transferee of the Transfer Shares on the terms and conditions

	 	 
described in the Transfer Notice, provided such transfer occurs not later than one hundred twenty (120) days following delivery to the Company of the Transfer Notice. The Company shall have
the right to demand further assurances from the Optionee and the Proposed Transferee (in a form satisfactory to the Company) that the transfer of the Transfer Shares was actually carried out on the terms and conditions described in the Transfer
Notice. No Transfer Shares shall be transferred on the books of the Company until the Company has received such assurances, if so demanded, and has approved the proposed transfer as bona fide. Any proposed transfer on terms and conditions different
from those described in the Transfer Notice, as well as any subsequent proposed transfer by the Optionee, shall again be subject to the Right of First Refusal and shall require compliance by the Optionee with the procedure described in this
Paragraph 10. 

  

	 	(f)	Transferees of the Transfer Shares. All transferees of the Transfer Shares or any interest therein, other than the Company, shall be required as a condition of
such transfer to agree in writing (in a form satisfactory to the Company) that such transferee shall receive and hold such Transfer Shares or interests subject to the provisions of this Paragraph 10 providing for the Right of First Refusal with
respect to any subsequent transfer. Any sale or transfer of any shares acquired upon exercise of the Option shall be void unless the provisions of this Paragraph 10 are met. 

  

	 	(g)	Transfers Not Subject to the Right of First Refusal. The Right of First Refusal shall not apply to any transfer or exchange of the shares acquired pursuant to
the exercise of the Option if (i) such transfer is in connection with the sale of all or substantially all the stock or assets of the Company, whether by merger, acquisition or otherwise, in which the stockholders of the Company prior to the
transaction do not own a majority of the voting ownership of the surviving entity (a “Transfer of Control”), (ii) such transfer is to one or more members of the Optionee’s immediate family (or a trust for their benefit) provided
all such transferees agree in writing to the restrictions in Paragraph 10(f), or (iii) such transfer has been approved by the Board of Directors of the Company, which approval may be granted or withheld in its complete discretion. If the
consideration received pursuant to such transfer or exchange consists of stock of a Participating Company, such consideration shall remain subject to the Right of First Refusal unless the provisions of Paragraph 10(i) below result in a termination
of the Right of First Refusal. 

  

	 	(h)	Assignment of the Right of First Refusal. The Company shall have the right to assign the Right of First Refusal at any time, whether or not the Optionee has
attempted a transfer, to one (1) or more persons as may be selected by the Company. 

	 	(i)	Early Termination of the Right of First Refusal. The other provisions of this Paragraph 10 notwithstanding, the Right of First Refusal shall terminate, and be of
no further force and effect upon (i) the occurrence of a Transfer of Control, unless the surviving, continuing, successor, or purchasing corporation, as the case may be, assumes the Company’s rights and obligations under the Plan, or
(ii) the existence of a public market for the class of shares subject to the Right of First Refusal. A “public market” shall be deemed to exist if (x) such stock is listed on a national securities exchange (as that term is used
in the Exchange Act) or (y) such stock is traded on the over-the-counter market and prices therefor are published daily on business days in a recognized financial journal. 

  

	11.	Escrow. 

  

	 	(a)	Establishment of Escrow. To insure shares subject to the Right of First Refusal will be available for repurchase, the Company may require the Optionee to deposit
the certificate or certificates evidencing the shares which the Optionee purchases upon exercise of the Option with an escrow agent designated by the Company under the terms and conditions of an escrow agreement approved by the Company. If the
Company does not require such deposit as a condition of exercise of the Option, the Company reserves the right at any time to require the Optionee to so deposit the certificate or certificates in escrow. The Company shall bear the expenses of the
escrow. 

  

	 	(b)	Delivery of Shares to Optionee. As soon as practicable after the expiration of the Right of First Refusal, the escrow agent shall deliver to the Optionee the
shares no longer subject to such restrictions. 

  

	 	(c)	Notices and Payments. In the event the shares held in escrow are subject to the Company’s exercise of the Right of First Refusal, the notices required to be
given to the Optionee shall be given to the escrow agent and any payment required to be given to the Optionee shall be given to the escrow agent. Within thirty (30) days after payment by the Company, the escrow agent shall deliver the shares
which the Company has purchased to the Company and shall deliver the payment received from the Company to the Optionee. 

  

	12.	Stock Dividends Subject to Option Agreement. If, from time to time, there is any stock dividend, stock split, or other change in the character or amount of any
of the outstanding stock of the Company, the stock of which is subject to the provisions of this Option Agreement, then, in such event, any and all new substituted or additional securities to which the Optionee is entitled by reason of the
Optionee’s ownership of the shares acquired upon exercise of the Option shall be immediately subject to the Right of First Refusal with the same force and effect as the shares subject to the Right of First Refusal immediately before such event.

	13.	Legends. The Company may at any time place legends referencing the Right of First Refusal set forth in Paragraph 10 above and an applicable federal or state
securities law restriction on all certificates representing shares of stock subject to the provisions of this Option Agreement. The Optionee shall, at the request of the Company, promptly present to the Company any and all certificates representing
shares acquired pursuant to the Option in the possession of the Optionee in order to effectuate the provisions of this Paragraph. Unless otherwise specified by the Company, legends placed on such certificates may include, but shall not be limited
to, the following: 

  

	 	(a)	THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR
HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SHARES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 OR RULE 701 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE
SHARES REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT. 

  

	 	(b)	THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A RIGHT OF FIRST REFUSAL OPTION IN FAVOR OF THE COMPANY OR ITS ASSIGNEE SET FORTH IN AN AGREEMENT BETWEEN
THE COMPANY AND THE REGISTERED HOLDER, OR SUCH HOLDER’S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS COMPANY. 

  

	14.	Initial Public Offering. The Optionee hereby agrees that in the event of an initial public offering of stock made by the Company under the Securities Act, the
Optionee shall not offer, sell, contract to sell, pledge, hypothecate, grant any option to purchase or make any short sale of, or otherwise dispose of any shares of stock of the Company or any rights to acquire stock of the Company for such period
of time as may be established by the underwriter for such initial public offering; provided, however, that such period of time shall not exceed one hundred eighty (180) days from the effective date of the registration statement to be filed in
connection with such initial public offering. The foregoing limitation shall not apply to shares registered under the Securities Act. 

	15.	Binding Effect. This Option Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators,
successors and assigns. 

  

	16.	Termination or Amendment. The Board may terminate or amend this Option Agreement at any time; provided, however, that no such termination or amendment may
adversely affect the Option or any unexercised portion hereof without the consent of the Optionee. 

  

	17.	Entire Agreement. This Option Agreement constitutes the entire understanding and agreement of the Optionee and the Participating Company Group with respect to
the subject matter contained herein, and there are no other agreements, understandings, restrictions, representations, or warranties among the Optionee and the Company with respect to the subject matter contained herein other than those as set forth
or provided for herein. To the extent contemplated herein, the provisions of this Option Agreement shall survive any exercise of the Option and shall remain in full force and effect. 

  

	18.	Applicable Law. This Option Agreement shall be governed by the laws of the State of North Carolina as such laws are applied to agreements between North Carolina
residents entered into and to be performed entirely within the State of North Carolina. 

  

	19.	Section 409A of the Code. The Exercise Price is intended to be the fair market value of the common stock of the Company on the Date of Option Grant. The
Company has determined the fair market value of the common stock in good faith, in compliance with the applicable provisions of the Code and the regulations thereunder and using the reasonable application of a reasonable valuation method.
Notwithstanding this, the Internal Revenue Service may assert that the fair market value of the common stock on the Date of Option Grant was greater than the Exercise Price. Under Section 409A of the Code, if the Exercise Price is less than the
fair market value of the common stock as of the Date of Option Grant, this Option may be treated as a form of deferred compensation and the Optionee may be subject to an additional twenty percent (20%) tax, plus interest and possible penalties.
The Optionee acknowledges that the Company has advised the Optionee to consult with a tax adviser regarding the potential impact of Section 409A of the Code and that the Company, in the exercise of its sole discretion and without the consent of
the Optionee, may amend or modify this Agreement in any manner and delay the payment of any amounts payable pursuant to this Agreement to the minimum extent necessary to meet the requirements of Section 409A of the Code, as amplified by any
Internal Revenue Service or U.S. Treasury Department regulations or guidance as the Company deems appropriate or advisable. 

			
	ALDAGEN, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 The Optionee represents that the Optionee is familiar with the terms and provisions of this
Option Agreement, including the Right of First Refusal set forth in Paragraph 10, and hereby accepts the Option subject to all of the terms and provisions thereof. The Optionee hereby agrees to accept as binding, conclusive and final all decisions
or interpretations of the Board of Directors of the Company made in good faith upon any questions arising under this Option Agreement. 
  

							
	Date:	 	  
	 		 	  

 EXHIBIT A 
 [Date] 
  
  

 
  
  
  
  
  
  

	 	Re:	Exercise of Non-Qualified Stock Option 

 Dear
Sirs: 
 Pursuant to the terms and conditions of the Non-Qualified Stock Option Award Agreement dated as of
                                , (the “Agreement”), between
                     (“Optionee”) and Aldagen, Inc. (the “Company”), the Optionee hereby agrees to purchase
             shares (the “Shares”) of the Common Stock of the Company and tender payment in full for such shares in accordance with the terms of the Agreement. 
 The Shares are being issued to Optionee in a transaction not involving a public offering and pursuant to an exemption from registration
under the Securities Act of 1933, as amended (the “1933 Act”). In connection with such purchase, Optionee represents, warrants and agrees as follows: 
  

	 	1.	The Shares are being purchased for the Optionee’s own account, and not for the account of any other person, with the intent of holding the Shares for investment
and not with the intent of participating, directly or indirectly, in a distribution or resale of the Shares or any portion thereof. 

  

	 	2.	The Optionee is not acquiring the Shares based upon any representation, oral or written, by any person with respect to the future value of, or income from, the Shares,
but rather upon independent examination and judgment as to the prospects of the Company. 

  

	 	3.	The Optionee has had complete access to and the opportunity to review all material documents related to the business of the Company, has examined all such documents as
the Optionee desired, is familiar with the business and affairs of the Company and realizes that any purchase of the Shares is a speculative investment and that any possible profit therefrom is uncertain. 

  

	 	4.	The Optionee has had the opportunity to ask questions of and receive answers from the Company and its executive officers and to obtain all information necessary for the
Optionee to make an informed decision with respect to the investment in the Company represented by the Shares. 

	 	5.	The Optionee is able to bear the economic risk of any investment in the Shares, including the risk of a complete loss of the investment, and the Optionee acknowledges
that he or she may need to continue to bear the economic risk of the investment in the Shares for an indefinite period. 

  

	 	6.	The Optionee understands and agrees that the Shares are being issued and sold to the Optionee without registration under any state or federal laws relating to the
registration of securities, in reliance upon exemptions from registration under appropriate state and federal laws based in part upon the representations of the Optionee made herein. 

  

	 	7.	The Company is under no obligation to register the Shares or to comply with any exemption available for sale of the Shares by the Optionee without registration, and the
Company is under no obligation to act in any manner so as to make Rule 144 promulgated under the 1933 Act available with respect to any sale of the Shares by the Optionee. 

  

	 	8.	The Optionee has not relied upon the Company or an employee or agent of the Company with respect to any tax consequences related to exercise of this Option or the
disposition of the Shares. The Optionee assumes full responsibility for all such tax consequences and the filing of all tax returns and elections the Optionee may be required to or find desirable to file in connection therewith.

  

			
	Very truly yours,
	
	  

		
	 Print Name:
	 	  

	
	  

	  

	  

	(Address)

 APPENDIX C 
 ALDAGEN, INC. 
 2000 STOCK OPTION PLAN (the
“Plan”) 
 Provisions Applicable to California Residents 
 Notwithstanding anything to the contrary otherwise appearing the Plan, the following provisions shall apply to any stock option or other award granted under
the Plan to a resident of the State of California and, in the event of any conflict or inconsistency between the following provisions and the provisions otherwise appearing in the Plan, the following provisions shall control, solely with respect to
options or other awards granted under the Plan to residents of the State of California: 
  

	 	•	 	 At no time shall the total number of shares of Company stock issuable upon exercise of all outstanding stock options granted pursuant to this Plan and
the total number of shares provided for under any bonus or similar plan or agreement of the Company exceed the limitations set forth in Rule 260.140.45 promulgated under the California Code, based on the number of shares of the Company which are
outstanding at the time the calculation is made unless the Plan complies with all conditions of Rule 701 of the Securities Act of 1933, as amended (the “Securities Act”) 

  

	 	•	 	 The exercise period of a stock option granted to a California resident shall be no longer than 120 months from the date the option is granted.

  

	 	•	 	 An option granted to a California resident shall not be transferable, other than by will or the laws of descent and distribution, or as permitted by
Rule 701 of the Securities Act. 

  

	 	•	 	 Unless employment is terminated for cause as defined by applicable law, the terms of the Plan or stock option agreement or a contract of employment,
the right to exercise an option granted to a California resident in the event of termination of such optionee’s employment (to the extent that such optionee is otherwise entitled to exercise on the date of termination of employment) shall
terminate no earlier than (a) at least 6 months from the date of termination if termination was caused by death or disability; or (b) at least 30 days from the date of termination if termination was caused by an event other than death or
disability unless sooner terminated as a result of the final the expiration date of the option. 

  

	 	•	 	 The Plan shall be available to California residents only if the stockholders of the Company approve the Plan by the later of (i) within 12 months
before or after the date the Plan or agreement is adopted and (ii) prior to or within 12 months of the grant of any option or issuance of any security under the Plan or the agreement. 

  

	 	•	 	 In the event of a stock split, reverse stock split, stock dividend, recapitalization, combination, reclassification or other distribution of the
Company’s securities, the number of securities allocated to any resident of California must be adjusted proportionately and without receipt by the Company of any consideration for any California resident. 

 FOURTH AMENDMENT 
 OF ALDAGEN, INC. 
 2000 STOCK OPTION PLAN

 THIS FOURTH AMENDMENT of Aldagen, Inc., 2000 Stock Option Plan is dated as of July 29, 2008. 
 WHEREAS, the Board of Directors of Aldagen, Inc. (the “Company”) (formerly known as Stemco Biomedical, Inc.) has adopted
and the stockholders of the Company have approved the Aldagen, Inc. 2000 Stock Option Plan, as amended, (the “Plan”); and 
 WHEREAS, the Board and the stockholders of the Company have approved amendments to the Plan to increase the number of shares of Common Stock of the Company issuable pursuant to awards granted under the
Plan by a total of 3,351,000 shares, from 6,649,000 to 10,000,000 shares. 
 NOW, THEREFORE, the Plan shall be amended as
follows: 
 1. The second sentence of Paragraph 4 of the Plan shall be deleted in its entirety and the following substituted in lieu thereof:

 “The maximum number of shares of Stock which may be issued under the Plan shall be 10,000,000 shares.” 

2. Except as herein amended, the terms and provisions of the Plan shall remain in full force and effect as originally adopted and approved. 

 IN WITNESS WHEREOF, the undersigned Assistant Secretary of the Company certifies that the
foregoing Fourth Amendment to the Plan was duly adopted by the Board of Directors as of the date first written above. 
  

			
	ALDAGEN, INC.
		
	By:	 	 /s/ Fred D. Hutchison

		 	Fred D. Hutchison
		 	Assistant Secretary

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