Document:

Second Amendment of Securities Purchase Agreement, dated September 26, 2008

 Exhibit 10.2 
 SECOND AMENDMENT OF SECURITIES PURCHASE AGREEMENT 
 The Securities Purchase Agreement dated
September 15, 2008 between Cell Therapeutics, Inc. (the “Company”) and Enable Growth Partners LP (“Enable”), and to which Enable Opportunity Partners LP and Pierce Diversified Master Strategy Fund LLC, Ena were also parties
as to certain sections, as previously amended by an Amendment to Securities Purchase Agreement dated September 23, 2008 (as so amended, the “Securities Purchase Agreement”), is hereby further amended as follows, on and as of
September 26, 2008. 
 WHEREAS, Section 1.1 of the Securities Purchase Agreement provides in relevant part: 
 “B Convertible Notes” means the Series B 10% Convertible Senior Notes of the Company to be issued under a Trust Indenture
between the Company and US Bank National Association as Trustee, and of like tenor as the Convertible Notes except for the issuance date being the Option Closing Date and the maturity date being the fourth anniversary of the Option Closing Date.

 WHEREAS, Enable is not now obligated to purchase any B Convertible Notes, but is willing to be required to purchase $14,210,526 principal
amount of B Convertible Notes forthwith for $14,210,526 cash— if and only if the amendments provided for in this Second Amendment are effected. 
 WHEREAS, the Company wishes to obtain the right to require such purchase, forthwith, of $14,210,526 principal amount of B Convertible Notes (on the amended terms provided for in this Second Amendment) for $14,210,526
cash by Enable, and to exercise such right immediately. 
 NOW, THEREFORE, in consideration of the foregoing, the parties agree as follows:

 1. The Securities Purchase Agreement is hereby amended to provide that all references therein to B Convertible Notes shall have, instead
of the meaning quoted in the Recitals above, the following meaning: 
 “the Series B 15.5% Convertible Senior Notes of
the Company to be issued under a Trust Indenture between the Company and US Bank National Association as Trustee, and of like tenor as the Convertible Notes except for the interest rate being 15.5% per annum, the issuance date being the Option
Closing Date, the maturity date being the fourth anniversary of the Option Closing Date and the Make Whole Payment being $0.62 per $1.00 principal amount.” 
 2. “Option” means the option of the Company set forth in Section 5.1 to require the purchase by Enable from the Company of, and the sale by the Company to Enable of, $14,210,526 principal amount
of B Convertible Notes for $14,210,526 cash on the Option Closing Date. 

 3. The figures set forth on the signature page of the Securities Purchase Agreement for Enable’s
“Total Option Subscription Amount” and “Principal Amount of B Convertible Notes” are both hereby changed to “$14,210,526 .” 
 4. Section 5.1 of the Securities Purchase Agreement is hereby amended to read in full as follows: 
 “Option Put Exercise. The Company shall have the right (but not the obligation), exercisable on or after September 26, 2008, to require Enable to purchase from the Company $14,210,526 principal amount
of B Convertible Notes, in exchange for $14,210,526 cash, at the Option Closing to be held on the Option Closing Date. There shall be no preconditions to such right to exercise.” 
 5. The Company hereby exercises the Option. 
 6. Notwithstanding the timing for the Option Closing Date established in the definition of “Option Closing Date” in Section 1.1 of the Securities Purchase Agreement, the Option Closing shall, provided that all conditions
precedent to Enable’s obligations to pay for the B Convertible Notes and the Company’s obligations to deliver the B Convertible Notes have been satisfied or waived on or before such date, occur on September 29, 2008 (i.e., it is
agreed that the Option Closing Date is to be September 29, 2008). 
 7. At the Option Closing, the Company and Enable shall enter into a
mutual general release, in a form which has already been mutually agreed. 
 8. Except as expressly set forth in this Second Amendment, the
Securities Purchase Agreement remains unchanged and in full force and effect. 
  

			
	CELL THERAPEUTICS, INC.
		
	By:	 	/s/ James Bianco

  

			
	ENABLE GROWTH PARTNERS LP
		
	By:	 	/s/ Brendan O’Neil

  

			
	As Agreed:
	
	ENABLE OPPORTUNITY PARTNERS LP
		
	By:	 	/s/ Brendan O’Neil

  

			
	PIERCE DIVERSIFIED MASTER STRATEGY FUND LLC, ENA
		
	By:	 	/s/ Brendan O’Neil

  

 2Release, dated September 29, 2008

 Exhibit 10.3 
 RELEASE 
 1. Parties. The parties to this Release (“Release”) are as follows:

 1.1 Enable Growth Partners, LP (“EGP”), a Delaware limited partnership, Enable Opportunity Partners, LP
(“EOP”), a Delaware limited partnership, and Pierce Diversified Strategy Master Fund, LLC Ena (“Pierce”), a Delaware limited liability company, (EGP, EOP and Pierce will sometimes collectively be referred to herein as
“Enable”); and 
 1.2 Cell Therapeutics, Inc. (“CTI”), a Washington corporation. 
 2. Recitals. The parties enter into this Release as of September 29, 2008: 
 2.1 From time to time, Enable has entered into certain financing and investment transactions with CTI. On or about July 25, 2007,
Enable and CTI executed a Securities Purchase Agreement pursuant to which Enable purchased Series C 3% Convertible Preferred Stock (the “Preferred Stock”) with a stated value of $2,000,000. 
 2.2 In December 2007, a dispute arose between CTI and Enable regarding Enable’s rights arising from the Securities Purchase Agreement
dated July 25, 2007. On or about January 23, 2008, Enable commenced an action against CTI captioned Enable Growth Partners, LP, et al. v. Cell Therapeutics, Inc., in the New York State Supreme Court, Index No. 600206-08 (the
“Action”). The Action, all claims that were asserted therein, and all claims arising from or relating to the Securities Purchase Agreement dated on or about July 25, 2007, and/or the Series C 3% Convertible Preferred Stock, shall be
referred to herein as the “Enable Claims.” 
 2.4 On or about September 15, 2008, Enable entered into a
transaction memorialized by a Securities Purchase Agreement dated September 15, 2008 (the “SPA”). As used herein, “SPA” does not refer to or include in the Securities Purchase Agreement dated July 25, 2007. For purposes
of clarity, the parties agree that the term “Enable Claims” as used herein does not refer to or include any rights of Enable arising from or relating to the SPA or any related agreements. 
 2.5 Pursuant to the SPA, among other things, CTI paid to Enable on or about September 15, 2008, $1,225,000 to obtain a release of 50%
of the Enable Claims. 
 2.6 The SPA contained a provision permitting, if certain conditions are met, CTI to exercise an
Option Put that obligates Enable to purchase certain convertible notes from CTI. On September 26, 2008, the parties amended the SPA to remove the conditions to exercise of the Option Put, to change the amount and terms of the securities which
would be purchasable upon the exercise of the Option Put, and to add as a closing condition to the actual purchase and sale of such securities that the parties enter into a mutual general release; the parties acknowledge that this Release is such
mutual general release. 

 2.7 The SPA further provides that if CTI exercised the Option Put, then CTI shall pay
Enable $1,225,000 to fully and finally resolve the Enable Claims (the “Second Payment”). Within five business days after receipt of the Second Payment, Enable shall file the papers necessary to cause the court to dismiss the Action with
prejudice with each party bearing its own attorneys fees and costs. 
 3. Release and Waivers. 
 3.1 Release by CTI. In consideration of Enable amending the SPA, as well as other good and valuable consideration receipt of which
is hereby acknowledged by CTI, CTI on behalf of itself and its related entities, including, but not limited to, any predecessors, successors, assignors, assigns, partnerships, partners, limited partnerships, limited partners, limited liability
companies, members, affiliates, parent corporations, subsidiaries (whether or not wholly owned), divisions, attorneys, officers, directors, employees, stockholders and agents and each of them, shall and does hereby forever relieve, release and
discharge Enable, EGP, EOP and Pierce, and each of their related entities, including, but not limited to any predecessors, successors, assigns, partnerships, partners, limited partnerships, limited partners, limited liability companies, affiliates,
parent corporations, subsidiaries (whether or not wholly owned), divisions, assignors, assigns, attorneys, officers, directors, advisors (including without limitation Enable Capital Management LLC and its members, mangers, officers, employees and
representatives), employees, stockholders, agents and representatives, from any and all claims, demands, actions, suits, causes of action, debts, obligations, costs, expenses, attorneys’ fees, damages, and liabilities of any kind or nature, in
law, equity or otherwise, including without limitation, any statutory, civil, or administrative claim, whether known or unknown, suspected or unsuspected, fixed or contingent, apparent or concealed (hereafter, the “Claims”); provided,
however, that nothing herein releases or affects any of the rights of CTI under the SPA, as amended, or under the notes which Enable has purchased from CTI (or under the related indentures), or under any nondisclosure and/or nonuse agreement
between CTI and Enable. 
 3.2 Release by Enable. Effective upon Enable’s receipt of the Second Payment, and in
consideration of the Second Payment, as well as other good and valuable consideration receipt of which is hereby acknowledged by Enable, Enable on behalf of itself and its related entities, including, but not limited to, any predecessors,
successors, assignors, assigns, partnerships, partners, limited partnerships, limited partners, limited liability companies, members, affiliates, parent corporations, subsidiaries (whether or not wholly owned), divisions, attorneys, officers,
directors, employees, stockholders and agents and each of them, shall and does hereby forever relieve, release and discharge CTI, and each of its related entities, including, but not limited to any predecessors, successors, assigns, partnerships,
partners, limited partnerships, limited partners, limited liability companies, affiliates, parent corporations, subsidiaries (whether or not wholly owned), divisions, assignors, assigns, attorneys, officers, directors, advisors, employees,
stockholders, agents 

  

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and representatives, from any and all of the Enable Claims; provided, however, that nothing herein releases or affects any of the rights of Enable relating
to the warrants issued in connection with the Securities Purchase Agreement dated on or about July 25, 2007 including, without limitation, any registration rights of Enable relating to those warrants. 
 3.3 Waiver of Civil Code Section 1542. CTI and Enable each hereby acknowledge its familiarity with the provisions of
Section 1542 of the California Civil Code, and each hereby expressly waives and releases any and all rights or benefits it has or may have thereunder, or under any other federal or state statutory rights or rules, or principles of common law or
equity, or those of any jurisdiction, government, or political subdivision, similar to Section 1542 (“Similar Provision”). Thus, neither CTI nor Enable nor any of their respective related individuals or entities may invoke the
benefits of Section 1542 or any Similar Provision in order to prosecute or assert in any manner any Claims that are released under this Agreement. Section 1542 of the California Civil Code provides: 
 “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the
release, which if known by him or her must have materially affected his or her settlement with the debtor.” 
 CTI and Enable each hereby expressly
and knowingly acknowledges it hereafter may discover Claims or facts in addition to or different from those which it knows or believes to exist with respect to the subject matter hereof which, if known or suspected at the time of executing this
Release, may have materially affected this Release. Nevertheless, CTI and Enable each affirms its intention, individually and on behalf of its respective related individuals and entities, hereby to fully, finally and forever release all disputes and
differences, known or unknown, suspected or unsuspected, and whether or not concealed or hidden, including the rights specified in California Civil Code Section 1542 or any Similar Provision, as set forth in Sections 3.1 and 3.2 above.

 4. Withdrawal of the Action. Within five court days of the Second Payment, Enable agrees to file and serve voluntarily a
stipulation, notice and/or motion, as necessary to cause the court to dismiss the Action with prejudice with each party to bear its own attorneys’ fees, legal and litigation expenses, and court costs. 
 5. Successors and Assigns. This Release shall inure to the benefit of and shall be binding upon the successors, assigns, heirs, executors, and
personal representatives of the parties to this Release, and each of them. Enable represents that it has not previously assigned, and covenants that it never will assign or purport to assign, any of the Enable Claims to anyone. 
  

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 6. No Representations. Except for statements expressly set forth in this Release, no party has
made any statement or representation to any other party regarding a fact relied upon by the other party in entering into this Release and no party has relied upon any statement, representation, or promise of any other party, or of any representative
or attorney for any other party, in executing this Release or in making the settlement provided for in this Release. This Release may not be changed, amended, modified, terminated, waived, or discharged, except in a written agreement executed
by both Parties. 
 7. Factual Investigation. Each of the parties has read this Release , knows and understands the contents of this
Release, and has made such investigation of the facts pertaining to this Release and of all matters pertaining to this Release as it deems necessary or desirable. Each of the parties enters into this Release without duress and of its own free will.

 8. Independent Legal Advice. Each of the parties has received prior independent legal advice from legal counsel of such
party’s choice with respect to the advisability of executing this Release. Each of the parties shall bear its own attorney fees, legal and litigation expenses and court costs arising from or in connection with this Release. 
 9. Applicable Law. This Release shall be deemed to have been executed and delivered within the State of New York, and the laws of the State of New
York shall apply to the interpretation and enforcement of this Release. 
 10. Negotiated Agreement. This Release is the result of
negotiation and no party shall have this Release interpreted against it because it was the drafting party. This Release represents a compromise settlement of a disputed claim and is not and shall not be construed as an admission of any issue of fact
or law, or as an admission or adjudication of any liability, with respect to the Enable Claims or otherwise, and shall not be admissible in any other suit or proceeding. The parties disagree as to the merits of the Enable Claims. 
 11. Execution in Counterparts. This Release may be executed and delivered in any number of counterparts or copies (“counterpart”) by the
parties to this Release. When each party has signed and delivered at least one counterpart to the other parties to this Release, each counterpart shall be deemed an original and, taken together, shall constitute one and the same Release, which shall
be binding and effective as to the parties to this Release. Facsimile signatures shall have the same force and effect as original signatures. 
 12. Authority. Each of the persons executing this Release represents and warrants that he or she has the authority to bind his, her or its respective principals to this Release. 
  

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 IN WITNESS HEREOF, the parties hereto have approved and executed this Release effective as of
September 29, 2008. 
  

			
		 	Cell Therapeutics, Inc.
		
	By:	 	/s/ Louis A. Bianco
		 	Louis A. Bianco
		 	Title: Executive Vice President, Finance and Administration

  

			
		 	Enable Growth Partners, LP
		
	By:	 	/s/ Brendan O’Neil
		 	Brendan O’Neil
		 	Authorized Signatory

  

			
		 	Enable Opportunity Partners, LP
		
	By:	 	/s/ Brendan O’Neil
		 	Brendan O’Neil
		 	Authorized Signatory

  

			
		 	Pierce Diversified Strategy Master Fund, LLC Ena
		
	By:	 	/s/ Brendan O’Neil
		 	Brendan O’Neil
		 	Authorized Signatory

  

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