Document:

Exhibit 10.11

 Exhibit 10.11 
 PREFERRED STOCK WARRANT 
  
  
 NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO SALE OR DISPOSITION
MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID ACT OR WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER, SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION. 
 WARRANT TO PURCHASE
        [*]         SHARES OF SERIES B PREFERRED STOCK 
 Dated:
                    [*]                   
  
 THIS CERTIFIES THAT, for value received, Oxford Finance Corporation, a Delaware corporation, (“Holder”) is entitled to subscribe for
and purchase
                    [*]                   
  shares of the fully paid and nonassessable Series B Preferred Stock (the “Shares” or the “Preferred Stock”) of StemCo Biomedical, Inc., a Delaware corporation (the “Company”), at the Warrant Price (as
hereinafter defined), subject to the provisions and upon the terms and conditions hereinafter set forth. As used herein, the term “Series B Preferred Stock” shall mean the Company’s presently authorized Series B Preferred Stock, and
any stock into which such Series B Preferred Stock may hereafter be exchanged. 
 [*] On June 25, 2003, the Company issued to Oxford Finance Corporation
warrants to purchase 4,724.43 shares of Series B Preferred Stock. On July 24, 2003, the Company issued to Oxford Finance Corporation warrants to purchase 10,279 shares of Series B Preferred Stock. On March 11, 2004, the Company issued to Oxford
Finance Corporation warrants to purchase 11,282 shares of Series B Preferred Stock. 
 1. Warrant Price. The Warrant Price shall initially be One and 00/100
dollars ($1.00) per share, subject to adjustment as provided in Section 7 below. 
 2. Conditions to Exercise. The purchase right represented by this
Warrant may be exercised at any time, or from time to time, in whole or in part during the term commencing on the date hereof and ending on the earlier of: 
  

	 	(a)	5:00 P.M. Eastern Standard time on the seventh annual anniversary of this Warrant Agreement; or 

  

	 	(b)	the closing of the initial public offering of the Company’s Common Stock pursuant to a registration statement under the Securities Act of 1933, as amended (the “Initial
Public Offering”). The Company shall provide notice of the Initial Public Offering to the Holder at least 30 days prior to the closing thereof; or 

  

	 	(c)	the effective date of the merger of the Company with or into, the consolidation of the Company with, or the sale by the Company of all or substantially all of its assets or all or
substantially all of its shares to another corporation or other entity (other than such a transaction wherein the shareholders of the Company retain or obtain a majority of the voting capital stock of the surviving, resulting, or purchasing
corporation); provided that the Company shall notify the registered Holder of this Warrant of the proposed effective date of the merger, consolidation, or sale at least 30 days prior to the effectiveness thereof. 

 In the event that, although the Company shall have given notice of a transaction pursuant to subparagraph (b) or subparagraph (c) hereof, the
transaction does not close within 60 days of the day specified by the Company, unless otherwise elected by the Holder any exercise of the Warrant subsequent to the giving of such notice shall be rescinded and the Warrant shall again be exercisable
until terminated in accordance with this Paragraph 2. 
 3. Method of Exercise; Payment; Issuance of Shares; Issuance of New Warrant. 
  

	 	(a)	 Cash Exercise. Subject to Section 2 hereof, the purchase right represented by this Warrant may be exercised by the Holder hereof, in whole or in part,
by the surrender of this Warrant (with a duly executed Notice of Exercise in the form attached hereto) at the principal office of the Company (as set forth in Section 18 below) and by payment to the Company, by check, of an amount equal to the
then applicable Warrant Price per share multiplied by the number of shares then being purchased. In the event of any exercise of the rights represented by this Warrant, certificates for 

  

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the shares of stock so purchased shall be in the name of, and delivered to, the Holder hereof, or as such Holder may direct (subject to the terms of transfer
contained herein and upon payment by such Holder hereof of any applicable transfer taxes). Such delivery shall be made within 10 days after exercise of the Warrant and at the Company’s expense and, unless this Warrant has been fully exercised
or expired, a new Warrant having terms and conditions substantially identical to this Warrant and representing the portion of the Shares, if any, with respect to which this Warrant shall not have been exercised, shall also be issued to the Holder
hereof within 10 days after exercise of the Warrant. 

  

	 	(b)	Net Issue Exercise. In lieu of exercising this Warrant pursuant to Section 3(a), Holder may elect to receive shares equal to the value of this Warrant (or of any portion
thereof remaining unexercised) by surrender of this Warrant at the principal office of the Company together with notice of such election, in which event the Company shall issue to Holder the number of shares of the Company’s Series B Preferred
Stock computed using the following formula: 

  

			
	X	 	= Y(A-B)
		 	        A

 Where X = the number of shares of Series B Preferred Stock to be issued to Holder. 
 Y = the number of shares of Series B Preferred Stock purchasable under this Warrant (at the date of such calculation). 
 A = the Fair Market Value of one share of the Company’s Series B Preferred Stock (at the date of such calculation). 
 B = Warrant Exercise Price (as adjusted to the date of such calculation). 
  

	 	(c)	Fair Market Value. For purposes of this Section 3, Fair Market Value of one share of the Company’s Series B Preferred Stock shall mean: 

  

	 	(i)	In the event of an exercise in connection with an Initial Public Offering, the per share Fair Market Value for the Series B Preferred Stock shall be the Offering Price at which the
underwriters initially sell Common Stock to the public multiplied by the number of shares of Common Stock into which each share of Series B Preferred Stock is then convertible; or 

  

	 	(ii)	If the Common Stock is traded on Nasdaq or Over-The-Counter or on an exchange, the per share Fair Market Value for the Series B Preferred Stock will be the average of the closing
bid and asked prices of the Common Stock quoted in the Over-The-Counter Market Summary or the closing price quoted on any exchange on which the Common Stock is listed, whichever is applicable, as published in the Western Edition of The Wall Street
Journal for the ten (10) trading days prior to the date of determination of Fair Market Value multiplied by the number of shares of Common Stock into which each share of Series B Preferred Stock is then convertible; or 

 

	 	(iii)	In the event of an exercise in connection with a merger, acquisition or other consolidation in which the Company is not the surviving entity, as described in Section 2(c), the
per share Fair Market Value for the Series B Preferred Stock shall be the value to be received per share of Series B Preferred Stock by all Holders of the Series B Preferred Stock in such transaction as determined by the Board
of Directors; or 

  

	 	(iv)	 In any other instance, the per share Fair Market Value for the Series B Preferred Stock shall be as determined in good faith by the Company’s Board of
Directors, unless Holder elects to have such fair market value determined by an appraiser, which election must be 

  

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made by Holder within ten (10) business days of the date the Company notifies Holder of the fair market value as determined by its Board of Directors.
In the event of such an appraisal, the cost thereof shall be borne by the Holder unless such appraisal results in a fair market value in excess of 115% of that determined by the Company’s Board of Directors, in which event the Company shall
bear the cost of such appraisal. 

 In the event of 3(c)(iii) or 3(c)(iv), above, the Company’s Board
of Directors shall prepare a certificate, to be signed by an authorized Officer of the Company, setting forth in reasonable detail the basis for and method of determination of the per share Fair Market Value of the Series B Preferred Stock.
The Board will also certify to the Holder that this per share Fair Market Value will be applicable to all holders of the Company’s Series B Preferred Stock. Such certification must be made to Holder at least thirty (30) business days prior
to the proposed effective date of the merger, consolidation, sale, or other triggering event as defined in 3(c)(iii) and 3(c)(iv). 
  

	 	(d)	Automatic Exercise. To the extent this Warrant is not previously exercised, it shall be automatically exercised in accordance with Sections 3(b) and 3(c) hereof (even if not
surrendered) immediately before: (i) its expiration or (ii) the consummation of any consolidation or merger of the Company, or any sale or transfer of a majority of the Company’s assets or shares pursuant to Section 2(c).

 4. Representations and Warranties of Holder and Restrictions on Transfer Imposed by the Securities Act of 1933. 
  

	 	(a)	Representations and Warranties by Holder. The Holder represents and warrants to the Company with respect to this purchase as follows: 

  

	 	(i)	The Holder has substantial experience in evaluating and investing in private placement transactions of securities of companies similar to the Company so that the Holder is capable
of evaluating the merits and risks of its investment in the Company and has the capacity to protect its interests. 

  

	 	(ii)	The Holder is acquiring the Warrant and the Shares of Series B Preferred Stock issuable upon exercise of the Warrant (collectively the “Securities”) for investment for its
own account and not with a view to, or for resale in connection with, any distribution thereof. The Holder understands that the Securities have not been registered under the Securities Act of 1933, as amended (the “Act”) by reason of a
specific exemption from the registration provisions of the Act, which depends upon, among other things, the bona fide nature of the investment intent as expressed herein. In this connection, the Holder understands that, in the view of the Securities
and Exchange Commission (the “SEC”), the statutory basis for such exemption may be unavailable if this representation was predicated solely upon a present intention to hold the Securities for the minimum capital gains period specified
under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities or for a period of one year or any other fixed period in the future. 

  

	 	(iii)	The Holder acknowledges that the Securities must be held indefinitely unless subsequently registered under the Act or an exemption from such registration is available. The Holder is
aware of the provisions of Rule 144 promulgated under the Act (“Rule 144”) which permits limited resale of securities purchased in a private placement subject to the satisfaction of certain conditions, including, in case the securities
have been held for more than one but less than two years, the existence of a public market for the shares, the availability of certain public information about the Company, the resale occurring not less than one year after a party has purchased and
paid for the security to be sold, the sale being through a “broker’s transaction” or in a transaction directly with a “market maker” (as provided by Rule 144(f)) and the number of shares or other securities being sold during
any three-month period not exceeding specified limitations. 

  

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	 	(iv)	The Holder further understands that at the time the Holder wishes to sell the Securities there may be no public market upon which such a sale may be effected, and that even if such
a public market exists, the Company may not be satisfying the current public information requirements of Rule 144, and that in such event, the Holder may be precluded from selling the Securities under Rule 144 unless a) a one-year minimum holding
period has been satisfied and b) the Holder was not at the time of the sale nor at any time during the three-month period prior to such sale an affiliate of the Company. 

  

	 	(v)	The Holder has had an opportunity to discuss the Company’s business, management and financial affairs with its management and an opportunity to review the Company’s
facilities. The Holder understands that such discussions, as well as the written information issued by the Company, were intended to describe the aspects of the Company’s business and prospects which it believes to be material but were not
necessarily a thorough or exhaustive description. 

  

	 	(b)	Legends. Each certificate representing the Securities shall be endorsed with the following legend: 

 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE TRANSFERRED UNLESS COVERED BY AN EFFECTIVE REGISTRATION
STATEMENT UNDER SAID ACT, A “NO ACTION” LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION WITH RESPECT TO SUCH TRANSFER, A TRANSFER MEETING THE REQUIREMENTS OF RULE 144 OF THE SECURITIES AND EXCHANGE COMMISSION, OR (IF REASONABLY REQUIRED
BY THE COMPANY) AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY SUCH TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 The
Company need not enter into its stock register a transfer of Securities unless the conditions specified in the foregoing legend are satisfied. The Company may also instruct its transfer agent not to register the transfer of any of the Shares unless
the conditions specified in the foregoing legend are satisfied. 
  

	 	(c)	Removal of Legend and Transfer Restrictions. The legend relating to the Act endorsed on a certificate pursuant to paragraph 4(b) of this Warrant and the stop transfer
instructions with respect to the Securities represented by such certificate shall be removed and the Company shall issue a certificate without such legend to the Holder of the Securities if (i) the Securities are registered under the Act and a
prospectus meeting the requirements of Section 10 of the Act is available or (ii) the Holder provides to the Company an opinion of counsel for the Holder reasonably satisfactory to the Company, or a no-action letter or interpretive opinion
of the staff of the SEC reasonably satisfactory to the Company, to the effect that public sale, transfer or assignment of the Securities may be made without registration and without compliance with any restriction such as Rule 144.

 5. Condition of Transfer or Exercise of Warrant. It shall be a condition to any transfer or exercise of this Warrant that at the time
of such transfer or exercise, the Holder shall provide the Company with a representation in writing that the Holder or transferee is acquiring this Warrant and the shares of Series B Preferred Stock to be issued upon exercise, for investment
purposes only and not with a view to any sale or distribution, or will provide the Company with a statement of pertinent facts covering any proposed distribution. As a further condition to any transfer of this Warrant or any or all of the shares of
Series B Preferred Stock issuable upon exercise of this Warrant, other than a transfer registered under the Act, the Company must have received a legal opinion, in form and substance satisfactory to the Company and its counsel, reciting the
pertinent circumstances surrounding the proposed transfer and stating that such transfer is exempt from the registration and prospectus delivery requirements of the Act. Each certificate evidencing the shares issued upon exercise of the Warrant or
upon any transfer of the shares 

  

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(other than a transfer registered under the Act or any subsequent transfer of shares so registered) shall, at the Company’s option, contain a legend in
form and substance satisfactory to the Company and its counsel, restricting the transfer of the shares to sales or other dispositions exempt from the requirements of the Act. 
 As further condition to each transfer, the Holder shall surrender this Warrant to the Company and the transferee shall receive and accept a Warrant, of
like tenor and date, executed by the Company. 
 6. Stock Fully Paid; Reservation of Shares. All Shares which may be issued upon the exercise of the
rights represented by this Warrant will, upon issuance, be fully paid and nonassessable, and free from all taxes, liens, and charges with respect to the issue thereof. During the period within which the rights represented by this Warrant may be
exercised, the Company will at all times have authorized, and reserved for issuance upon exercise of the purchase rights evidenced by this Warrant, a sufficient number of shares of its Series B Preferred Stock to provide for the exercise of the
rights represented by this Warrant. 
 7. Adjustment for Certain Events. In the event of changes in the outstanding Common Stock by reason of stock
dividends, split-ups, recapitalizations, reclassifications, mergers, consolidations, combinations or exchanges of shares, separations, reorganizations, liquidations, or the like, the number and class of shares available under the Warrant in the
aggregate and the Warrant Price shall be correspondingly adjusted, as appropriate, by the Board of Directors of the Company. The adjustment shall be such as will give the Holder of this Warrant upon exercise for the same aggregate Warrant Price the
total number, class and kind of shares as it would have owned had the Warrant been exercised prior to the event and had it continued to hold such shares until after the event requiring adjustment. 
 8. Notice of Adjustments. Whenever any Warrant Price shall be adjusted pursuant to Section 7 hereof, the Company shall prepare a certificate signed by its
chief financial officer setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the Warrant Price and number of shares issuable upon exercise of
the Warrant after giving effect to such adjustment, and shall cause copies of such certificate to be mailed (by certified or registered mail, return receipt required, postage prepaid, or by nationally recognized courier) within thirty (30) days
of such adjustment to the Holder of this Warrant as set forth in Section 18 hereof. 
 9. “Market Stand-Off” Agreement. Holder hereby
agrees that for a period of up to 180 days following the effective date of the first registration statement of the Company covering common stock (or other securities) to be sold on its behalf of the Company in an underwritten public offering, it
will not, to the extent requested by the Company and any underwriter, sell or otherwise transfer or dispose of (other than to designees or transferees who agree to be similarly bound) any of the Shares at any time during such period except common
stock included in such registration; provided, however, that all officers and directors of the Company who hold securities of the Company or options to acquire securities of the Company and all other persons with registration rights enter into
similar agreements. 
 10. Transferability of Warrant. This Warrant is transferable on the books of the Company at its principal office by the
registered Holder hereof upon surrender of this Warrant properly endorsed, subject to compliance with Section 5 and applicable federal and state securities laws. The Company shall issue and deliver to the transferee a new Warrant representing
the Warrant so transferred. Upon any partial transfer, the Company will issue and deliver to Holder a new Warrant with respect to the Warrant not so transferred. Holder shall not have any right to transfer any portion of this Warrant to any direct
competitor of the Company. 
 11. No Fractional Shares. No fractional share of Series B Preferred Stock will be issued in connection with any exercise
hereunder, but in lieu of such fractional share the Company shall make a cash payment therefor upon the basis of the Warrant Price then in effect. 
 12.
Charges, Taxes and Expenses. Issuance of certificates for shares of Series B Preferred Stock upon the exercise of this Warrant shall be made without charge to the Holder for any United States or state of the United States documentary stamp
tax or other incidental expense with respect to the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder. 
  

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 13. No Shareholder Rights Until Exercise. This Warrant does not entitle the Holder hereof to any voting rights
or other rights as a shareholder of the Company prior to the exercise hereof. 
 14. Registry of Warrant. The Company shall maintain a registry
showing the name and address of the registered Holder of this Warrant. This Warrant may be surrendered for exchange or exercise, in accordance with its terms, at such office or agency of the Company, and the Company and Holder shall be entitled to
rely in all respects, prior to written notice to the contrary, upon such registry. 
 15. Loss, Theft, Destruction or Mutilation of Warrant. Upon
receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft, or destruction, of indemnity reasonably satisfactory to it, and, if mutilated, upon
surrender and cancellation of this Warrant, the Company will execute and deliver a new Warrant, having terms and conditions substantially identical to this Warrant, in lieu hereof. 
 16. Miscellaneous. 
  

	 	(a)	Issue Date. The provisions of this Warrant shall be construed and shall be given effect in all respect as if it had been issued and delivered by the Company on the date
hereof. 

  

	 	(b)	Successors. This Warrant shall be binding upon any successors or assigns of the Company. 

  

	 	(c)	Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia. 

  

	 	(d)	Headings. The headings used in this Warrant are used for convenience only and are not to be considered in construing or interpreting this Warrant. 

 

	 	(e)	Saturdays, Sundays, Holidays. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday or a
Sunday or shall be a legal holiday in the Commonwealth of Virginia., then such action may be taken or such right may be exercised on the next succeeding day not a legal holiday. 

 17. No Impairment. The Company will not, by amendment of its Certificate of Incorporation or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder
hereof against impairment. 
 18. Addresses. Any notice required or permitted hereunder shall be in writing and shall be mailed by overnight courier,
registered or certified mail, return receipt required, and postage pre-paid, or otherwise delivered by hand or by messenger, addressed as set forth below, or at such other address as the Company or the Holder hereof shall have furnished to the other
party. 
  

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	 If to the Company:
	    	StemCo Biomedical, Inc.
		    	2810 Meridian Parkway, Suite 148
		    	Durham, NC 27713
		    	Attn: Mr. James D. Petrilla
		
	 If to the Holder:
	    	Oxford Finance Corporation
		    	133 N. Fairfax Street
		    	Alexandria, VA 22314
		    	Attn: Chief Financial Officer

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officers thereunto duly authorized.

 Dated as of
                                       
 . 
  

			
	By:	 	  

	Name:	 	James D. Petrilla
	Title:	 	Chief Executive Officer

  

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 NOTICE OF EXERCISE 
 TO: 
 StemCo Biomedical, Inc. 
 2810 Meridian Parkway, Suite 148 
 Durham, NC 27713 
 Attn: Mr. James D. Petrilla 
 1. The undersigned Warrantholder (“Holder”) elects to acquire shares of the Series B Preferred Stock (the “Preferred Stock”) of StemCo
Biomedical, Inc. (the “Company”), pursuant to the terms of the Stock Purchase Warrant dated
                                 (the “Warrant”). 
 2. The Holder exercises its rights under the Warrant as set forth below: 
  

	 	(    )	The Holder elects to purchase              shares of Series B Preferred Stock as provided in
Section 3(a), (c) and tenders herewith a check in the amount of $             as payment of the purchase price. 

  

	 	(    )	The Holder elects to convert the purchase rights into shares of Series B Preferred Stock as provided in Section 3(b), (c) of the Warrant. 

3. The Holder surrenders the Warrant with this Notice of Exercise. 
 4.
The Holder represents that it is acquiring the aforesaid shares of Series B Preferred Stock for investment and not with a view to, or for resale in connection with, distribution and that the Holder has no present intention of distributing or
reselling the shares. 
 5. Please issue a certificate representing the shares of the Series B Preferred Stock in the name of the Holder or in such other
name as is specified below: 
  

					
	Name:	 	  
	 	
			
	Address:	 	  
	 	
			
	Taxpayer I.D.:	 	  
	 	

  

							
		 	Oxford Finance Corporation	 		 	
	By:	 	  
	 		 	
				
	Name:	 	  
	 		 	
				
	Title:	 	  
	 		 	
				
	Date:	 	  
	 		 	

  

 Page 8 of 8Exhibit 10.12

 Exhibit 10.12 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR IN ACCORDANCE WITH APPLICABLE LAW. 
 WARRANT TO
PURCHASE STOCK 
  

			
	Corporation:	  	ALDAGEN, INC., a Delaware corporation
	Number of Shares:	  	             [*]            

	Class of Stock:	  	Series B Preferred Stock
	Initial Exercise Price:	  	$1.00 per share
	Issue Date:	  	             [*]            

	Expiration Date:	  	             [*]            

 [*] On March 21, 2006, the Company issued to Square 1 Bank warrants to purchase 75,000 shares of Series B
Preferred Stock, and such warrants have an expiration date of March 21, 2013. On August 30, 2006, the Company issued to Square 1 Bank warrants to purchase 75,000 shares of Series B Preferred Stock, and such warrants have an expiration date of August
30, 2013. On December 4, 2006, the Company issued to Square 1 Bank warrants to purchase 45,000 shares of Series B Preferred Stock, and such warrants have an expiration date of December 4, 2013. 
 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, the
receipt of which is hereby acknowledged, SQUARE 1 BANK or its assignee (“Holder”) is entitled to purchase the number of fully paid
and nonassessable shares of the class of securities (the “Shares”) of the corporation (the “Company”) at the initial exercise price per Share (the “Warrant
Price”) all as set forth above and as adjusted pursuant to Article 2 of this warrant, subject to the provisions and upon the terms and conditions set forth in this warrant. 
 ARTICLE 1 
 EXERCISE 
 1.1 Method of Exercise. Holder may exercise this warrant by delivering this warrant and a duly executed Notice of Exercise in substantially the
form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion right set forth in Section 1.2, Holder shall also deliver to the Company a check for the aggregate Warrant Price for the Shares being
purchased. 
 1.2 Conversion Right. In lieu of exercising this warrant as specified in Section 1.1, Holder may from time to time
convert this warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable upon exercise of this warrant minus the aggregate Warrant Price
of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Section 1.4. 
 1.3 Intentionally Omitted. 
 1.4 Fair Market Value. If the Shares are traded regularly in a
public market, the fair market value of the Shares shall be the closing price of the Shares (or the closing price of the Company’s stock into which the Shares are convertible) reported for the business day immediately before Holder delivers its
Notice of Exercise to the Company. If the Shares are not regularly traded in a public market, the Board of Directors of the Company shall determine fair market value in its reasonable good faith judgment. 
 1.5 Delivery of Certificate and New Warrant. Promptly after Holder exercises or converts this warrant, the Company shall deliver to Holder
certificates for the Shares acquired and, if this warrant has not been fully exercised or converted and has not expired, a new warrant representing the Shares not so acquired. 
 1.6 Replacement of Warrants. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this
warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of mutilation, on surrender and cancellation of this warrant, the Company at its
expense shall execute and deliver, in lieu of this warrant, a new warrant of like tenor. 
  

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 1.7 Repurchase on Sale, Merger, or Consolidation of the Company. 
 1.7.1 “Acquisition.” For the purpose of this warrant, “Acquisition” means (a) any sale, license, or
other disposition of all or substantially all of the assets (including intellectual property) of the Company, or (b) any reorganization, consolidation, merger or sale of the voting securities of the Company or any other transaction where the
holders of the Company’s securities before the transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction. 
 1.7.2 Assumption of Warrant. If upon the closing of any Acquisition the successor entity assumes the obligations of this warrant, then this
warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable upon exercise of the unexercised portion of this warrant as if such Shares were outstanding on the record date for the Acquisition
and subsequent closing. The Warrant Price shall be adjusted accordingly. The Company shall use reasonable efforts to cause the surviving corporation to assume the obligations of this warrant. 
 1.7.3 Nonassumption. If upon the closing of any Acquisition the successor entity does not assume the obligations of this warrant and Holder has
not otherwise exercised this warrant in full, then Holder shall have the option either to (a) deem this warrant to have been automatically converted pursuant to Section 1.2 and thereafter Holder shall participate in the Acquisition on the
same terms as other holders of the same class of securities of the Company; or (b) require the Company to purchase this warrant for cash upon the closing of the Acquisition for an amount per Share equal to one (1) times the Warrant Price.

 ARTICLE 2 
 ADJUSTMENTS TO THE SHARES 
 2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on its
common stock payable in common stock, or other securities, or subdivides the outstanding common stock into a greater amount of common stock, then upon exercise of this warrant, for each Share acquired, Holder shall receive, without cost to Holder,
the total number and kind of securities to which Holder would have been entitled had Holder owned the Shares of record as of the date the dividend or subdivision occurred. 
 2.2 Reclassification, Exchange or Substitution. Upon any reclassification, exchange, substitution, or other event that results in a change of the
number and/or class of the securities issuable upon exercise or conversion of this warrant, Holder shall be entitled to receive, upon exercise or conversion of this warrant, the number and kind of securities and property that Holder would have
received for the Shares if this warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. Such an event shall include any automatic conversion of the outstanding or issuable securities of the
Company of the same class or series as the Shares to common stock pursuant to the terms of the Company’s Certificate of Incorporation upon the closing of a registered public offering of the Company’s common stock. The Company or its
successor shall promptly issue to Holder a new warrant for such new securities or other property. The new warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article
2 including, without limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications,
exchanges, substitutions, or other events. 
 2.3 Adjustments for Combinations, Etc. If the outstanding Shares are combined or
consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased. If the outstanding Shares are combined or consolidated, by reclassification or otherwise, into a greater number of
shares, the Warrant Price shall be proportionately decreased. 
 2.4 Adjustments for Diluting Issuances. In the event of the issuance
(a “Diluting Issuance”) by the Company after the Issue Date of securities at a price per share less than the Warrant Price, then the number of shares of common stock issuable upon conversion of the Shares shall be adjusted in accordance
with those provisions of the Company’s Certificate of Incorporation that apply to Diluting Issuances. 
  

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 2.5 Certificate as to Adjustments. Upon each adjustment of the Warrant Price, the Company at its
expense shall promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such adjustment and the facts upon which such adjustment is based. The Company shall, upon written request, furnish
Holder a certificate setting forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price. 
 2.6 Fractional Shares. No fractional Shares shall be issuable upon exercise or conversion of the Warrant and the Number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises
upon any exercise or conversion of the Warrant, the Company shall eliminate such fractional share interest by paying Holder amount computed by multiplying the fractional interest by the fair market value of a full Share. 
 ARTICLE 3 
 REPRESENTATIONS AND
COVENANTS OF THE COMPANY 
 3.1 Representations and Warranties. The Company hereby represents and warrants to the Holder as
follows: 
 (a) The initial Warrant Price referenced on the first page of this warrant is not greater than the lowest price at which the
Company has sold its Series B Preferred Stock. 
 (b) All Shares which may be issued upon the exercise of the purchase right represented by
this warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer
provided for herein or under applicable federal and state securities laws. 
 (c) The Company’s capitalization table attached to this
warrant is true and complete as of the Issue Date. 
 3.2 Notice of Certain Events. The Company shall provide Holder with not less
than 10 days prior written notice, including a description of the material facts surrounding, any of the following events: (a) declaration of any dividend or distribution upon its common stock, whether in cash, property, stock, or other
securities and whether or not a regular cash dividend; (b) offering for subscription pro rata to the holders of any class or series of its stock any additional shares of stock of any class or series or other rights; (c) effecting any
reclassification or recapitalization of common stock; or (d) the merger or consolidation with or into any other corporation, or sale, lease, license, or conveyance of all or substantially all of its assets, or liquidation, dissolution or
winding up. 
 3.3 Information Rights. So long as the Holder holds this warrant and/or any of the Shares, the Company shall deliver to
the Holder (a) promptly after mailing, copies of all communiques to the shareholders of the Company, (b) within ninety (90) days after the end of each fiscal year of the Company, the annual audited financial statements of the Company
certified by independent public accountants of recognized standing and (c) if requested by Holder, within forty-five (45) days after the end of each of the first three quarters of each fiscal year, the Company’s quarterly, unaudited
financial statements. 
 3.4 Registration Under Securities Act of 1933, as amended. The Company agrees that, solely with respect to
Section 2.3 of that certain Amended and Restated Investor Rights Agreement among the Company and other persons dated as of March 4, 2003, as may be amended from time to time, the Shares or, if the Shares are convertible into common stock
of the Company, such common stock, shall be “Registrable Securities”, and Holder shall be a “Holder”. 
  

 3 

 ARTICLE 4 
 REPRESENTATIONS OF THE HOLDER 
 4.1 Representations and Warranties. The Holder hereby
represents and warrants to the Company as follows: 
 (a) This warrant and the Shares issuable upon exercise thereof are being acquired
for its own account, for investment and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Act. 
 (b) The Holder understands that this warrant and the Shares have not been registered under the Act by reason of their issuance in a transaction exempt from the registration and prospectus delivery requirements
of the Act pursuant to Section 4(2) thereof, and that they must be held by the Holder indefinitely, and that the Holder must therefore bear the economic risk of such investment indefinitely, unless a disposition thereof is registered under the
Act or is otherwise exempted from such registration. 
 (c) The Holder has such knowledge and experience in financial and business
matters that it is capable of evaluating the merits and risks of acquiring and holding this warrant and the Shares and of protecting its interests in connection therewith. 
 (d) The Holder is able to bear the economic risk of acquiring the Shares pursuant to the terms of this Warrant. 
 ARTICLE 5 
 MISCELLANEOUS

 5.1 Term: Exercise Upon Expiration. This warrant is exercisable in whole or in part, at any time and from time to time on or
before the Expiration Date set forth above. If this warrant has not been exercised prior to the Expiration Date, this warrant shall be deemed to have been automatically exercised on the Expiration Date by “cashless” conversion pursuant to
Section 1.2. 
 5.2 Legends. This warrant and the Shares (and the securities issuable, directly or indirectly, upon
conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR IN
ACCORDANCE WITH APPLICABLE LAW. 
 5.3 Compliance with Securities Laws on Transfer. This warrant and the Shares issuable upon
exercise of this warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable federal and state securities laws by the
transferor and the transferee. The Company shall not require Holder to provide an opinion of counsel if the transfer is to an affiliate of Holder or if there is no material question as to the availability of current information as referenced in Rule
144(c), Holder represents that it has complied with Rule 144 (d) and (e) in reasonable detail, the selling broker represents that it has compiled with Rule 144(f), and the Company is provided with a copy of Holder’s notice of proposed
sale. 
 5.4 Transfer Procedure. Subject to the provisions of Section 4.3, Holder may transfer all or part of this warrant or the
Shares issuable upon exercise of this warrant (or the securities issuable, directly or indirectly, upon conversion of the Shares, if any) by giving the Company notice of the portion of the warrant being transferred setting forth the name, address
and taxpayer identification number of the transferee and surrendering this warrant to the Company for reissuance to the transferee(s) (and Holder, if applicable). No surrender or reissuance shall be required if the transfer is to an affiliate of
Holder. 
  

 4 

 5.5 Notices. All notices and other communications from the Company to the Holder, or vice versa,
shall be deemed delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or the Holder, as the case may be, in writing by the
Company or such Holder from time to time. All notices to the Holder shall be addressed as follows: 
 Square 1 Bank 
 Attn: Warrant Administrator 
 406 Blackwell
Street, Suite 240 
 Crowe Building 
 Durham, NC 27701 
 5.6 Amendments. This warrant and any term hereof may be changed, waived, discharged or terminated only by
an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 
 5.7
Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute,
including reasonable attorneys’ fees. 
 5.8 Governing Law. This warrant shall be governed by and construed in accordance with
the laws of the State of North Carolina, without giving effect to its principles regarding conflicts of law. 
  

			
	ALDAGEN, INC.
		
	By:	 	 /s/ Edward L. Field

	Name:	 	Edward L. Field
	Title:	 	President

  

 5 

 APPENDIX 1 
 NOTICE OF EXERCISE 
 1. The undersigned hereby elects to purchase
                     shares of the
                     stock of ALDAGEN, INC. pursuant to the terms of the attached warrant, and tenders herewith payment of the purchase
price of such shares in full. 
 2. The undersigned hereby elects to convert the attached warrant into shares in the manner specified
in the warrant. This conversion is exercised with respect                      to of the shares covered by the warrant. 
 [Strike paragraph that does not apply.] 
 3. Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is specified below: 
 Square 1 Bank 
 Attn: Warrant Administrator 
 406 Blackwell Street, Suite 240 
 Crowe
Building 
 Durham, NC 27701 
 4. The undersigned represents it is acquiring the shares solely for its own account and not as a nominee for any other party and not with a view toward the resale or distribution thereof except in compliance with applicable
securities laws. 
  

	
	SQUARE 1 BANK or Registered Assignee
	
	  

	(Signature)
	
	 [DATE]

	(Date)

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