Document:

Exhibit 10.5

 

THIS INSTRUMENT AND THE INDEBTEDNESS, RIGHTS
AND OBLIGATIONS EVIDENCED HEREBY AND ANY LIENS OR OTHER SECURITY INTERESTS SECURING SUCH RIGHTS AND OBLIGATIONS ARE SUBORDINATE
IN THE MANNER AND TO THE EXTENT SET FORTH IN THAT CERTAIN SUBORDINATION AGREEMENT (AS AMENDED, RESTATED, SUPPLEMENTED OR MODIFIED
FROM TIME TO TIME, THE "SUBORDINATION AGREEMENT") DATED AS OF MAY 8, 2015, BY AND AMONG THE SUBORDINATED CREDITOR IDENTIFIED
THEREIN AND CAPITAL ROYALTY PARTNERS II L.P. IN ITS CAPACITY AS AGENT FOR CERTAIN LENDERS (TOGETHER WITH ITS SUCCESSORS AND ASSIGNS,
"SENIOR CREDITOR AGENT"), TO CERTAIN INDEBTEDNESS, RIGHTS, AND OBLIGATIONS OF NAVIDEA BIOPHARMACEUTICALS, INC. TO SENIOR
CREDITOR AGENT AND SENIOR CREDITOR (AS DEFINED THEREIN) AND LIENS AND SECURITY INTERESTS OF SENIOR CREDITOR AGENT SECURING THE
SAME ALL AS DESCRIBED IN THE SUBORDINATION AGREEMENT; AND EACH HOLDER AND TRANSFEREE OF THIS INSTRUMENT, BY ITS ACCEPTANCE HEREOF,
IRREVOCABLY AGREES TO BE BOUND BY THE PROVISIONS OF THE SUBORDINATION AGREEMENT.

 

THIRD AMENDED AND RESTATED PROMISSORY NOTE

(Term Loan Facility)

 

	$35,000,000.00	Dublin, Ohio

 

Date of Original Issuance: July 25, 2012

Date of First Amendment and Restatement: June
25, 2013

Date of Second Amendment and Restatement: March
4, 2014

Date of Third Amendment and Restatement: May
15, 2015

 

FOR VALUE RECEIVED, NAVIDEA
BIOPHARMACEUTICALS, INC., a Delaware corporation (the "Borrower"), with its principal place of business at 425
Metro Place North, Dublin, Ohio 43107, promises to pay to the order of PLATINUM-MONTAUR LIFE SCIENCES LLC (together with any successors
or assigns, the "Lender") at the office of the Lender, 250 West 55th Street, New York, New York 10019,
the sum of THIRTY FIVE MILLION DOLLARS and zero cents ($35,000,000.00), or, if less, the amount of all Draws advanced (and not
hereafter repaid) by the Lender pursuant to the Loan Agreement, dated June 25, 2012, between the Borrower and the Lender (as amended,
supplemented or modified, the "Loan Agreement"), together with interest on the unpaid balance and all other charges,
as provided below. This Note evidences the Term Loan Facility made under and pursuant to the Loan Agreement; capitalized terms
used herein and not otherwise defined shall have the respective meanings given in the Loan Agreement.

 

Interest will accrue on
the unpaid balance of each Draw at the Applicable Rate. All interest accruing on each Draw shall be due and payable as set forth
in Section 2.2(b) of the Loan Agreement. The principal sum of each Draw shall be due and payable as set forth in Section 2.2(c)
of the Loan Agreement. Principal, interest and other amounts owing under this Note may be converted into Common Stock as is set
forth in the Loan Agreement.

 

If any payment hereunder
is due on a day that is not a Business Day, such payment shall be due and payable on the next Business Day.

 

    	 

    	 

    

 

Payments; Prepayments.
All payments hereunder shall be made by the Borrower to the Lender in United States currency at the Lender's address specified
above (or at such other address as the Lender may specify), in immediately available funds, on the due date thereof. Payments received
by the Lender prior to the occurrence of an Event of Default will be applied: first to accrued interest; second to
outstanding principal; and third to fees, expenses and other amounts due hereunder (excluding principal and interest); after
the occurrence of an Event of Default, payments will be applied to the obligations under this Note as the Lender determines in
its sole discretion. Any prepayments of principal made by the Borrower shall be applied to installments of principal in the inverse
order of the date on which they become due. Amounts repaid with respect to the Term Loan Facility may not be reborrowed.

 

Upon the occurrence of
any Event of Default, Draws shall, to the extent not prohibited under applicable law, bear interest at the Default Rate.

 

Late Payment Charge.
If a payment of principal or interest hereunder is not made within ten (10) business days of its due date, the Borrower will pay
on demand a late payment charge equal to 5% of the amount of such late payment. Nothing in the preceding sentence shall affect
the Lender's right to accelerate the maturity of this Note upon an Event of Default.

 

Default.
The occurrence of any of the following events shall constitute an "Event of Default" hereunder:

 

(a)          a default in the payment when due of the principal
of or interest on this Note; or

 

(b)          any Event of Default under and as defined in the
Loan Agreement.

 

Remedies.
Upon an Event of Default, or at any time thereafter, at the option of the Lender, all Obligations shall become immediately due
and payable without notice or demand and the Lender shall then have in any jurisdiction where enforcement hereof is sought all
other rights and remedies provided by agreement or at law or in equity. All rights and remedies of the Lender are cumulative and
are not exclusive of any rights or remedies provided by laws or any other agreement, and may be exercised separately or concurrently.

 

Waiver; Amendment.
No delay or omission on the part of the Lender in exercising any right hereunder shall operate as a waiver of such right or of
any other right under this Note. No waiver of any right contained in, consent to any departure from, or amendment to any provision
contained in this Note shall be effective unless in writing and signed by the Lender, nor shall a waiver on one occasion be construed
as a waiver of any such right on any future occasion. Without limiting the generality of the foregoing, the acceptance by the Lender
of any late payment shall not be deemed to be a waiver of the Event of Default arising as a consequence thereof. Except as otherwise
set forth in the Loan Agreement, the Borrower waives presentment, demand, notice, protest and all other demands and notices in
connection with the delivery, acceptance, performance, default or enforcement of this Note, and assents to any extensions or postponements
of the time of payment or any and all other indulgences under this Note, or to any and all additions or releases of any other parties
or persons primarily or secondarily liable under this Note, which from time to time be granted by the Lender in connection herewith
regardless of the number or period of any extensions.

 

Taxes. The
Borrower agrees to indemnify the Lender from and hold it harmless from and against any transfer taxes, documentary taxes, assessments
or charges made by any Governmental Authority by reason of the execution, delivery, and performance of this Note; provided, however,
the foregoing shall not obligate the Borrower to indemnify or hold harmless the Lender for any taxes imposed on or measured by
the overall net income of Lender by any Governmental Authority.

 

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Lender Records.
The entries on the records of the Lender (including any appearing on this Note) shall be prima facie evidence of the aggregate
principal amount outstanding under this Note and interest accrued thereon.

 

Severability; Authorization
to Complete; Paragraph Headings. If any provision of this Note shall be invalid, illegal or unenforceable, such provision
shall be severable from the remainder of this Note and the validity, legality and enforceability of the remaining provisions shall
not in any way be affected or impaired thereby. Paragraph headings are for the convenience of reference only and are not a part
of this Note and shall not affect its interpretation.

 

Certain References.
All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the
identity of the person, persons, entity or entities may require. The terms "herein," "hereof' or "hereunder"
or similar terms used in this Note refer to this entire Note and not only to the particular provision in which the term is used.

 

Assignments.
Neither this Note nor the proceeds hereof shall be assignable by the Borrower without the Lender's prior written consent, and any
attempted assignment without the Lender's prior written consent shall create a default under this Note. Subject to the terms and
conditions of Section 8.3 of the Loan Agreement, this Note and any other Loan Document may be assigned, in whole or in part, by
the Lender and its successors or assigns.

 

Amendment and Restatement.
This Note amends and restates the Promissory Note (Term Note Facility) dated July 25, 2012 made by Borrower in favor of the Lender
in the original principal amount of up to $35,000,000, as amended and restated on each of June 25, 2013 and March 4, 2014 (the
“Prior Note”). This Note is issued in exchange for (and not in discharge of the indebtedness evidenced by) the
Prior Note.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the
Borrower has caused this Note to be duly executed and delivered as of the date first above written.

 

	IN THE PRESENCE OF:	 	NAVIDEA BIOPHARMACEUTICALS, INC.
	 	 	 
	/s/ Elizabeth Johnson	 	By:	/s/ Brent L.. Larson
	Witness	 	Name:  	Brent L. Larson
	 	 	Title:	EVP/CFO

 

    	4Exhibit 10.1

 

CONVERTIBLE PROMISSORY NOTE

 

	$__________    	 	Cambridge, Massachusetts 
	 	 	Date: ___________ 

 

For value received, the
undersigned, Pathfinder Cell Therapy, Inc., a Delaware corporation (the “ Borrower ”), hereby unconditionally
promises to pay to the order of _____________ (the “ Payee ”), the principal sum of $_______   and 00/100   Dollars ($_________ ),
together with interest to maturity (whether by lapse of time, acceleration or otherwise) on the balance of principal
remaining from time to time outstanding at a rate per annum equal to 6%. Interest shall be calculated on the basis of a
360-day year and actual days.

 

The outstanding principal amount, together with accrued interest,
of this Promissory Note shall become due and payable on the first anniversary of the date hereof.

 

Payee may elect, at any time prior to completion or termination
of the Capital Raise (defined below), upon written notice to Borrower, to convert all or a portion of the outstanding principal
and/or interest hereof, to shares of common stock of the Borrower, for the subscription price thereof, in the Capital Raise.  “Capital
Raise” has the meaning used in that certain agreement and plan of merger dated December 22, 2010 (as amended) by and among
Borrower, a wholly-owned subsidiary of Borrower, and Pathfinder, LLC, a Massachusetts limited liability company, pursuant to which
Borrower acquired Pathfinder, LLC in a merger transaction, the initial closing of which Capital Raise occurred in September 2011
immediately after the merger. As a condition to any such conversion, Payee shall execute and deliver to Borrower such agreements
and documentation as Borrower requires of other investors in the Capital Raise.

 

The Borrower shall have the right to prepay, at any time,
all or any portion of the principal indebtedness evidenced by this Note, together with any accrued interest.

 

No failure by the holder of this Note to exercise, and no
delay in exercising, any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by
such holder of any right or power preclude any other or further exercise thereof or the exercise of any other right or power.  The
rights and remedies of the holder hereof as herein specified are cumulative and not exclusive of any other rights or remedies which
such holder may otherwise have.

 

The undersigned agrees to pay all costs and expenses incurred
by the holder hereof in enforcing this Note, including, without limitation, reasonable attorneys’ fees and disbursements.

 

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Every maker, endorser and guarantor of this Note hereby waives
presentment, demand and protest, and consents to any and all extensions and other indulgences granted by the holder hereof and
agrees that no such extensions or other indulgences granted by the holder, and no discharge or release of any other party primarily
or secondarily liable on this Note, or of any collateral securing this Note, shall operate to discharge the indebtedness evidenced
by this Note.  If this Note is signed by more than one person, all references to the Borrower shall apply to each of
them and their liabilities hereunder shall be joint and several.

 

Any notice of non-payment shall be deemed given when delivered
in hand or when mailed, postage prepaid, by certified or registered mail, return receipt requested to the Borrower at 12 Bow Street,
Cambridge, Massachusetts 02138 or sent thereto by Federal Express or comparable overnight courier.

 

This Note shall be governed and construed in accordance with
the laws of the State of New York applicable to contracts made and to be performed therein (excluding choice of law principles).

 

IN WITNESS WHEREOF, the undersigned has executed or caused
this Note to be executed under seal as of the year and day first written above.

 

	WITNESS  	 	PATHFINDER CELL THERAPY, INC. 
	 	 	 	 
	 	 	By: 	 
	 	 	 	Richard L. Franklin, CEO 

 

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	Schedule of Promissory Notes
	 	 	 	 	 	 
	Date of issuance	 	Note Holder	 	Principal amount	 
	 	 	 	 	 	 
	February 2, 2012	 	Falcon Corporate Investments Limited	 	$	150,000	 
	 	 	 	 	 	 	 
	February 29, 2012	 	Falcon Corporate Investments Limited	 	$	170,000	 
	 	 	 	 	 	 	 
	March 15, 2012	 	Falcon Corporate Investments Limited	 	$	250,000	 
	 	 	 	 	 	 	 
	April 23, 2012	 	Falcon Corporate Investments Limited	 	$	150,000	 
	 	 	 	 	 	 	 
	May 25, 2012	 	Skye Asset Management SA	 	$	270,000	 
	 	 	 	 	 	 	 
	June 20, 2012	 	Ventura, Inc.	 	$	225,000	 
	 	 	 	 	 	 	 
	July 27, 2012	 	Ventura, Inc.	 	$	50,000	 
	 	 	 	 	 	 	 
	August 17, 2012	 	Breisgau Bio Ventures SA	 	$	100,000	 
	 	 	 	 	 	 	 
	October 1, 2012	 	Breisgau Bio Ventures SA	 	$	200,000	 
	 	 	 	 	 	 	 
	October 23, 2012	 	Breisgau Bio Ventures SA	 	$	200,000	 
	 	 	 	 	 	 	 
	November 20, 2012	 	Breisgau Bio Ventures SA	 	$	70,000	 
	 	 	 	 	 	 	 
	December 4, 2012	 	Breisgau Bio Ventures SA	 	$	70,000	 
	 	 	 	 	 	 	 
	December 21, 2012	 	Breisgau Bio Ventures SA	 	$	60,000	 
	 	 	 	 	 	 	 
	January 9, 2013	 	Breisgau Bio Ventures SA	 	$	75,000	 
	 	 	 	 	 	 	 
	January 28, 2013	 	Breisgau Bio Ventures SA	 	$	130,000	 
	 	 	 	 	 	 	 
	March 4, 2013	 	Mr. Joerg Gruber	 	$	100,000	 
	 	 	 	 	 	 	 
	April 2, 2013	 	Ventura, Inc.	 	$	150,000	 
	 	 	 	 	 	 	 
	April 29, 2013	 	Ventura, Inc.	 	$	150,000	 
	 	 	 	 	 	 	 
	 May 28, 2013	 	Breisgau Bio Ventures SA	 	$	250,000	 
	 	 	 	 	 	 	 
	June 26, 2013	 	Breisgau Bio Ventures SA	 	$	150,000	 

 

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	July 24, 2013	 	Breisgau Bio Ventures SA	 	$	170,000	 
	 	 	 	 	 	 	 
	August 24, 2013	 	Breisgau Bio Ventures SA	 	$	100,000	 
	 	 	 	 	 	 	 
	September 26, 2013	 	Breisgau Bio Ventures SA	 	$	100,000	 
	 	 	 	 	 	 	 
	October 22, 2013	 	Breisgau Bio Ventures SA	 	$	135,000	 
	 	 	 	 	 	 	 
	November 22, 2013	 	Breisgau Bio Ventures SA	 	$	100,000	 
	 	 	 	 	 	 	 
	December 20, 2013	 	Breisgau Bio Ventures SA	 	$	125,000	 
	 	 	 	 	 	 	 
	January 21, 2014	 	Breisgau Bio Ventures SA	 	$	105,000	 
	 	 	 	 	 	 	 
	February 24, 2014	 	Breisgau Bio Ventures SA	 	$	120,000	 
	 	 	 	 	 	 	 
	March 25, 2014	 	Breisgau Bio Ventures SA	 	$	105,000	 
	 	 	 	 	 	 	 
	April 24, 2014	 	Ventura, Inc.	 	$	100,000	 
	 	 	 	 	 	 	 
	May 28, 2014	 	Ventura, Inc.	 	$	120,000	 
	 	 	 	 	 	 	 
	June 5, 2014	 	Ventura, Inc.	 	$	30,000	 
	 	 	 	 	 	 	 
	June 26, 2014	 	Ventura, Inc.	 	$	50,000	 
	 	 	 	 	 	 	 
	August 5, 2014	 	Ventura, Inc.	 	$	50,000	 
	 	 	 	 	 	 	 
	August 21, 2014	 	Ventura, Inc.	 	$	100,000	 
	 	 	 	 	 	 	 
	September 25, 2014	 	Ventura, Inc.	 	$	80,000	 
	 	 	 	 	 	 	 
	October 24, 2014	 	Ventura, Inc.	 	$	35,000	 
	 	 	 	 	 	 	 
	November 28, 2014	 	Ventura, Inc.	 	$	60,000	 
	 	 	 	 	 	 	 
	December 30, 2014	 	Ventura, Inc.	 	$	50,000	 
	 	 	 	 	 	 	 
	February 2, 2015	 	Ventura, Inc.	 	$	75,000	 
	 	 	 	 	 	 	 
	March 5, 2015	 	Ventura, Inc.	 	$	55,000	 
	 	 	 	 	 	 	 
	March 27, 2015	 	Breisgau Bio Ventures SA	 	$	55,000	 
	 	 	 	 	 	 	 
	May 11, 2015	 	Breisgau Bio Ventures SA	 	$	50,000	 
	 	 	 	 	 	 	 
	 	 	Aggregate Principal amount	 	$	4,940,000	 

 

 

4

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