Document:

EXHIBIT 10.22

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 OR THE
SECURITIES LAWS OF ANY STATE, AND MAY BE OFFERED AND SOLD ONLY IF REGISTERED
AND QUALIFIED PURSUANT TO THE RELEVANT PROVISIONS OF FEDERAL AND STATE
SECURITIES LAWS OR IF THE COMPANY IS PROVIDED AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT REGISTRATION AND QUALIFICATION UNDER FEDERAL
AND STATE SECURITIES LAWS IS NOT REQUIRED.

 

MACROPORE
BIOSURGERY, INC.

1997 STOCK OPTION
AND STOCK PURCHASE PLAN

 

INCENTIVE STOCK
OPTION AGREEMENT

Four Year Vesting
with One Year Cliff

 

MacroPore Biosurgery, Inc., a Delaware corporation
(the “Company”), hereby grants an option to purchase shares of its Common Stock
(the “Shares”) to the optionee named below. 
The terms and conditions of the option are set forth in this cover
sheet, in the attachment and in the Company’s 1997 Stock Option and Stock
Purchase Plan (the “Plan”).

 

Date of Option Grant:

 

Name of Optionee:

 

Optionee Social Security Number:

 

Shares of Common Stock Covered by Option:

 

Exercise Price per Share:

 

Vesting Start Date:

 

o                                    Check
here if Optionee is a 10% owner (so that exercise price must be 110% of fair
market value and the Option term will not exceed 5 years).

 

By
signing this cover sheet, you agree to all of the terms and conditions
described in the attached Agreement and in the Plan, a copy of which is also
enclosed.

 

	
  Optionee:

  	
   

  	
   

  
	
   

  
	
  Company:

  	
   

  	
   

  
	
   

  	
  Christopher J. Calhoun,
  Chief Executive Officer

  	
   

  
				

 

Attachment

 

1

 

MACROPORE
BIOSURGERY, INC.

1997 STOCK OPTION
AND STOCK PURCHASE PLAN

 

INCENTIVE STOCK
OPTION AGREEMENT

Four Year Vesting
with One Year Cliff

 

	
  Incentive Stock Option

  	
   

  	
  This option is intended to be an incentive stock
  option under section 422 of the Internal Revenue Code and will be
  interpreted accordingly.

  
	
   

  	
   

  	
   

  
	
  Exercise and Vesting

  	
   

  	
  This option becomes exercisable to the extent as
  shown in the schedule below. This option shall vest as to 12/48th
  of the Shares on the one-year anniversary of the Vesting Start Date and 1/48th
  of the Shares each full month of Service thereafter.  The Shares shall be one hundred percent
  (100%) vested on the fourth anniversary of the Vesting Start Date.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notwithstanding the foregoing vesting schedule, upon
  a Change in Control, the vesting schedule shall be accelerated so that you
  shall acquire a vested interest in all then remaining unvested Shares.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  No additional Shares shall vest after your Service
  to the Company has been terminated for any reason or no reason.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Your Service shall cease when you cease to be
  actively employed by, or a consultant or adviser to, the Company as
  determined in the sole discretion of the Committee. A leave of absence,
  regardless of the reason, shall be deemed to constitute the cessation of your
  Service unless such leave is authorized by the Company, and you return within
  the time specified in such authorization.

  
	
   

  	
   

  	
   

  
	
  Term

  	
   

  	
  Your option will expire in any event at the close of
  business at Company headquarters on the day before the 10th anniversary of
  the Date of Option Grant, as shown on the cover sheet.  (It will expire earlier if your Service to
  the Company terminates, as described below.)

  
	
   

  	
   

  	
   

  
	
  Regular Termination

  	
   

  	
  If your Service to the Company terminates for any
  reason except death or Disability, then your option will expire at the close
  of business at Company headquarters on the 90th day after your termination
  date.

  

 

2

 

	
  Death

  	
   

  	
  In the event of your death while in Service, then
  your option will expire at the close of business at Company headquarters on
  the date six (6) months after the date of death.  During that six (6) month period, your
  estate or heirs may exercise your option.

  
	
   

  	
   

  	
   

  
	
  Disability

  	
   

  	
  If your Service terminates because of your
  Disability, then your option will expire at the close of business at Company
  headquarters on the date six (6) months after your termination date.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  However, for purposes of determining whether your
  option is entitled to ISO status, unless your Disability satisfies the
  definition set forth in section 22(e)(3) of the Code (as cited below), ISO
  status will terminate three (3) months after your termination date.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “Disability” means that you are unable to engage in
  any substantial gainful activity by reason of any medically determinable
  physical or mental impairment.

  
	
   

  	
   

  	
   

  
	
  Leaves of Absence

  	
   

  	
  For purposes of this option, your Service does not
  terminate when you go on a bona fide
  leave of absence, that was approved by the Company in writing, if the terms
  of the leave provide for continued service crediting, or when continued
  service crediting is required by applicable law.  However, for purposes of determining
  whether your option is entitled to ISO status, your Service will be treated
  as terminating ninety (90) days after you went on leave, unless your right to
  return to active work is guaranteed by law or a contract.  Your Service terminates in any event when
  the approved leave ends, unless you immediately return to active work.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Company determines which leaves count for this
  purpose, and when your Service terminates for all purposes under the Plan.

  
	
   

  	
   

  	
   

  
	
  Restrictions on
  Exercise

  	
   

  	
  The Company will not permit you to exercise this
  option if the issuance of Shares at that time would violate any law or
  regulation.

  

 

3

 

	
  Notice of Exercise

  	
   

  	
  When you wish to exercise this option, you must
  notify the Company by filing the proper notice of exercise form at the
  address given on the form, a copy of which is attached hereto.  Your notice must specify how many Shares
  you wish to purchase.  Your notice must
  also specify how your Shares should be registered (in your name only or in
  your and your spouse’s names as community property or as joint tenants with
  right of survivorship).  The notice
  will be effective when it is received by the Company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  If someone else wants to exercise this option after
  your death, that person must prove to the Company’s satisfaction that he or
  she is entitled to do so.

  
	
   

  	
   

  	
   

  
	
  Periods of
  Nonexercisability

  	
   

  	
  Any other provision of this Agreement
  notwithstanding, the Company shall have the right to designate one or more
  periods of time, each of which shall not exceed one hundred eighty (180) days
  in length, during which this option shall not be exercisable if the Company
  determines (in its sole discretion) that such limitation on exercise could in
  any way facilitate a lessening of any restriction on transfer pursuant to the
  Securities Act of 1933, as amended (the “Securities Act”) or any state
  securities laws with respect to any issuance of securities by the Company,
  facilitate the registration or qualification of any securities by the Company
  under the Securities Act or any state securities laws, or facilitate the
  perfection of any exemption from the registration or qualification
  requirements of the Securities Act or any applicable state securities laws
  for the issuance or transfer of any securities.  Such limitation on exercise shall not alter
  the vesting schedule set forth in this Agreement other than to limit the
  periods during which this option shall be exercisable.

  
	
   

  	
   

  	
   

  
	
  Form of Payment

  	
   

  	
  When you submit your notice of exercise, you must
  include payment of the option price for the Shares you are purchasing.  Payment may be made in one (or a
  combination) of the following forms:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •                                          Your personal check, a cashier’s check
  or a money order.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •                                          Common Stock which has already been
  owned by you for any time period specified by the Committee and which is
  surrendered to the Company.  The value
  of the Stock, determined as of the effective date of the option exercise,
  will be applied to the option price.

  

 

4

 

	
   

  	
   

  	
  •                                          To the extent that a public market for
  the Shares exists as determined by the Company, by delivery (on a form
  prescribed by the Committee) of an irrevocable direction to a securities
  broker to sell Shares and to deliver all or part of the sale proceeds to the
  Company in payment of the aggregate Exercise Price.

  
	
   

  	
   

  	
   

  
	
  Withholding Taxes

  	
   

  	
  You will not be allowed to exercise this option
  unless you make acceptable arrangements to pay any withholding or other taxes
  that may be due as a result of the option exercise or the sale of Shares
  acquired upon exercise of this option.

  
	
   

  	
   

  	
   

  
	
  Market Stand-Off
  Agreement

  	
   

  	
  In connection with any underwritten public offering
  by the Company of its equity securities pursuant to an effective registration
  statement filed under the Securities Act, including the Company’s initial
  public offering, you shall not sell, make any short sale of, loan,
  hypothecate, pledge, grant any option for the purchase of, or otherwise
  dispose or transfer for value or agree to engage in any of the foregoing
  transactions with respect to any Shares without the prior written consent of
  the Company or its underwriters, for such period of time after the effective
  date of such registration statement, not to exceed one hundred eighty (180)
  days as may be requested by the Company or such underwriters.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  In order to enforce the provisions of this
  paragraph, the Company may impose stop-transfer instructions with respect to
  the Shares until the end of the applicable stand-off period.

  
	
   

  	
   

  	
   

  
	
  Restrictions on Resale

  	
   

  	
  By signing this Agreement, you agree not to sell any
  option Shares at a time when applicable laws, regulations or Company or
  underwriter trading policies prohibit a sale.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  You represent and agree that the Shares to be
  acquired upon exercising this option will be acquired for investment, and not
  with a view to the sale or distribution thereof.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  In the event that the sale of Shares under the Plan
  is not registered under the Securities Act but an exemption is available
  which requires an investment representation or other representation, you shall
  represent and agree at the time of exercise to make such representations as
  are deemed necessary or appropriate by the Company and its counsel as a
  condition of issuance of the Shares to you by the Company.

  

 

5

 

	
  The Company’s Right of
  First Refusal

  	
   

  	
  In the event that you propose to sell, pledge or
  otherwise transfer to a third party any Shares acquired under this Agreement,
  or any interest in such Shares, the Company shall have the “Right of First
  Refusal” with respect to all (and not less than all) of such Shares.  If you desire to transfer  Shares acquired under this Agreement, you
  must give a written notice to the Company describing fully the proposed
  transfer, including the number of Shares proposed to be transferred, the
  proposed transfer price and the name and address of the proposed transferee
  (the “Transfer Notice”).  The Transfer
  Notice shall be signed both by you and by the proposed new transferee and
  must constitute a binding commitment of both parties to the transfer of the
  Shares.  The Company shall have the
  right to purchase all, and not less than all, of the Shares on the terms of
  the proposal described in the Transfer Notice (subject, however, to any change
  in such terms permitted in the next paragraph) by delivery of a notice of
  exercise of the Right of First Refusal within thirty (30) days after the date
  when the Transfer Notice was received by the Company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  If the Company fails to exercise its Right of First
  Refusal before or within thirty (30) days after the date when it
  received the Transfer Notice, you may, not later than ninety (90) days
  following receipt of the Transfer Notice by the Company, conclude a transfer
  of the Shares subject to the Transfer Notice on the terms and conditions
  described in the Transfer Notice.  Any
  proposed transfer on terms and conditions different from those described in
  the Transfer Notice, as well as any subsequent proposed transfer by you,
  shall again be subject to the Right of First Refusal and shall require
  compliance with the procedure described in the paragraph above.  If the Company exercises its Right of First
  Refusal, the parties shall consummate the sale of the Shares on the terms set
  forth in the Transfer Notice within sixty (60) days after the date when
  the Company received the Transfer Notice (or within such longer period as may
  have been specified in the Transfer Notice); provided, however, that in the
  event the Transfer Notice provided that payment for the Shares was to be made
  in a form other than lawful money paid at the time of transfer, the Company
  shall have the option of paying for the Shares with lawful money equal to the
  present value of the consideration described in the Transfer Notice.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Company’s Right of First Refusal shall inure to
  the benefit of its successors and assigns, shall be freely assignable in
  whole or in part and shall be binding upon any transferee of the Shares.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Company’s Right of First Refusal shall terminate
  in the event that Stock is listed on an established stock exchange or is
  quoted regularly on the Nasdaq Stock Market.

  

 

6

 

	
  Transfer of Option

  	
   

  	
  Prior to your death, only you may exercise this
  option.  You cannot transfer or assign
  this option.  For instance, you may not
  sell this option or use it as security for a loan.  If you attempt to do any of these things,
  this option will immediately become invalid. 
  You may, however, dispose of this option in your will, or you may
  designate a beneficiary to exercise this option.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Regardless of any marital property settlement
  agreement, the Company is not obligated to honor a notice of exercise from
  your spouse or former spouse, nor is the Company obligated to recognize such
  individual’s interest in your option in any other way.

  
	
   

  	
   

  	
   

  
	
  No Retention Rights

  	
   

  	
  Your option or this Agreement do not give you the
  right to be retained by the Company (or any subsidiaries) in any
  capacity.  The Company (and any
  subsidiaries) reserve the right to terminate your Service at any time and for
  any reason.

  
	
   

  	
   

  	
   

  
	
  Shareholder Rights

  	
   

  	
  You, or your estate or heirs, have no rights as a
  shareholder of the Company until a certificate for your option Shares has
  been issued.  No adjustments are made
  for dividends or other rights if the applicable record date occurs before
  your stock certificate is issued, except as described in the Plan.

  
	
   

  	
   

  	
   

  
	
  Adjustments

  	
   

  	
  In the event of a stock split, a stock dividend or a
  similar change in the Company stock, the number of Shares covered by this
  option and the exercise price per share may be adjusted pursuant to the
  Plan.  Your option shall be subject to
  the terms of the agreement of merger, liquidation or reorganization in the
  event the Company is subject to such corporate activity.

  

 

7

 

	
  Legends

  	
   

  	
  All certificates representing the Shares issued upon
  exercise of this option shall, where applicable, have endorsed thereon the
  following legends:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “THE SECURITIES
  REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, ENCUMBERED OR
  IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN
  AGREEMENT BETWEEN THE COMPANY AND THE INITIAL HOLDER HEREOF.  SUCH AGREEMENT PROVIDES FOR CERTAIN
  TRANSFER RESTRICTIONS, INCLUDING RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED
  TRANSFER OF THE SECURITIES AND CERTAIN REPURCHASE RIGHTS IN FAVOR OF THE
  COMPANY UPON TERMINATION OF SERVICE WITH THE COMPANY.  THE SECRETARY OF THE COMPANY WILL UPON
  WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT
  CHARGE.”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “THE SECURITIES
  REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER
  THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE,
  AND MAY BE OFFERED AND SOLD ONLY IF REGISTERED AND QUALIFIED PURSUANT TO THE
  RELEVANT PROVISIONS OF FEDERAL AND STATE SECURITIES LAWS OR IF THE COMPANY IS
  PROVIDED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION
  AND QUALIFICATION UNDER FEDERAL AND STATE SECURITIES LAWS ARE NOT REQUIRED.”

  
	
   

  	
   

  	
   

  
	
  Applicable Law

  	
   

  	
  This Agreement will be interpreted and enforced
  under the laws of the State of California without regard to conflicts of laws
  provisions thereof.

  

 

8

 

	
  The Plan and Other
  Agreements

  	
   

  	
  The text of the Plan is incorporated in this
  Agreement by reference.  Certain
  capitalized terms used in this Agreement are defined in the Plan.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  This Agreement and the Plan constitute the entire
  understanding between you and the Company regarding this option.  Any prior agreements, commitments or
  negotiations concerning this option are superseded.

  
	
   

  	
   

  	
   

  
	
  Special Notice to
  California Residents

  	
   

  	
  MacroPore’s Plan does not allow for transferability
  by instrument to an inter vivos or testamentary trust, or by gift to
  immediate family as defined in 17 CFR 240.16a—1(e), of options that are
  granted pursuant to the Plan, nor does MacroPore’s Plan allow for
  transferability by will or the laws or descent or distribution of rights to
  purchase MacroPore’s common stock that are granted pursuant to the Plan.

  

 

By
signing the cover sheet of this Agreement, you agree to all of the terms and
conditions described above and in the Plan.

 

9

 

NOTICE OF EXERCISE
OF STOCK OPTION

 

MacroPore
Biosurgery, Inc.

6740 Top Gun
Street

San Diego, CA
92121

Attn:  Chief
Financial Officer

 

Re:  Exercise of Stock Option to Purchase Shares of
Company Stock

 

Ladies and Gentlemen:

 

Pursuant to the Stock Option Agreement dated                  (the
“Stock Option Agreement”), between MacroPore Biosurgery, Inc., a Delaware
corporation (the “Company”), and the undersigned, I hereby elect to purchase                   shares
of the common stock of the Company (the “Shares”), at the price of $                
per Share.  My check in the amount
of  $                
and the executed Assignment Separate from Certificate are enclosed.   The Shares are to be issued and registered
in the name(s) of:

 

 

The undersigned understands there may be tax
consequences as a result of the purchase or disposition of the Shares.  The undersigned represents that he/she has
received and reviewed the Plan’s federal income tax information and consulted
with any tax consultants he/she deems advisable in connection with the purchase
or disposition of the Shares and the undersigned is not relying on the Company
for any tax advice.

 

The undersigned acknowledges that he/she has received,
read and understood the Stock Option Agreement and agrees to abide by and be
bound by their terms and conditions.  The
undersigned represents that the Shares are being acquired solely for his/her
own account and not as a nominee for any other party, or for investment, and
that the undersigned purchaser will not offer, sell or otherwise dispose of any
such Shares except under circumstances that will not result in a violation of
the Securities Act of 1933, as amended, or any state securities laws.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Signature)

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Please Print Name)

  	
   

  
	
   

  	
   

  
	
   

  	
  Social Security No.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Full Address)

  	
   

  
							

 

 

Internal Revenue Service
Center

Re:                               Protective Election Under
Section 83(b) of the Internal Revenue Code of 1986

 

Ladies and Gentlemen:

 

I hereby make a protective election under section
83(b) of the Internal Revenue Code of 1986 to include in gross income on the
date of transfer any excess of fair market value over purchase price with
respect to the transfer of the property described below if such property is
sold in a disqualifying disposition under section 422 of the Code:

 

1.                                       Name:

 

2.                                       Address:                

 

3.                                       Social Security Number:

 

4.                                       Tax Year of Election:  Calendar Year of                 .

 

5.                                       Description of Property:                     
shares of Common Stock of MacroPore Biosurgery, Inc., a Delaware corporation
(the “Company”).

 

6.                                       Date of Property Transfer:                                      .

 

7.                                       Nature of Property Restrictions:  Property is subject to the Company’s right to
repurchase the stock at the undersigned’s original purchase price if the
undersigned ceases to be associated with the Company, which right will
generally lapse over a designated four (4) year period.

 

8.                                       Fair Market Value at the Time of
Transfer:  $           
per share for an aggregate of $                  .  The Fair Market Value at the time of transfer
was determined without regard to any lapse restrictions as defined in section
1.83-3(i) of the Income Tax Regulations.

 

9.                                       Amount Paid for Property:  $                 
per share for an aggregate of $               .

 

10.                                 A copy of this election has been
furnished to the Company, the person for whom the services are performed.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DateEXHIBIT 10.23

 

MacroPore
Biosurgery, Inc.

 

2004 Equity
Incentive Plan of MacroPore Biosurgery, Inc.

 

OPTION EXERCISE

AND

STOCK PURCHASE
AGREEMENT

 

Instructions

 

1.     Read the entire
Agreement carefully.  This is a legally
binding agreement between you and the Company.

 

2.     Items A – C:  insert
your name and identifying information.

 

3.     Items D-G:  identify
the stock option you want to exercise.

 

4.     Item H:  identify how
many shares you want to purchase.

 

5.     Item I:  Calculate the
Option Price by multiplying the share number in Item H by the purchase price
per share in Item E.

 

6.     Item J:  Confirm with
the Company whether a tax withholding amount should be entered in this space.

 

7.     Item K:  Add the
Option Price in Item I to the tax withholding amount, if any, in Item J.  Insert the resulting Purchase Price in Item
K.

 

8.     Item L:  Identify your
approved method of payment for the Shares.

 

9.     Signatures:  Sign the
Agreement in the space provided on page10. 
Important note:  If you are married, your
spouse also is required to sign.

 

10.   Submit the fully
completed and signed Agreement, together with payment of the Purchase Price, to
Sally Davis, Director of Human Resources and Administration.

 

 

MacroPore
Biosurgery, Inc.

 

2004 Equity
Incentive Plan of MacroPore Biosurgery, Inc.

 

OPTION EXERCISE
AND

STOCK PURCHASE
AGREEMENT

 

Date:                   

 

OPTIONHOLDER
/ PURCHASER

 

(A)          Name:

 

(B)           Employee
number:

 

(C)           Residence
address:

 

 

 

STOCK
OPTION

 

(D)          Option
Shares (total) subject to this Option:

 

(E)           Purchase
Price per Share:

 

(F)           Grant
Date:

 

(G)           Option
Control Number:

 

OPTION
SHARES PURCHASED UNDER THIS AGREEMENT

 

(H)          Shares
purchased:

 

(I)            Option
Price [ (E) x (H) ]:

 

(J)            Tax
withholding (if applicable):

(to be calculated by
Company)

 

(K)          Purchase
Price [ (I) + (J) ]:

 

PAYMENT
METHOD (select one or more)

 

(L)           Cash
or check (enclosed):

 

Wire transfer:

(Identify sending
bank and wire transfer number)

 

“Cashless exercise”:

(Identify approved
NASD broker-dealer and attach agreement) 

 

Other:

(Attach Company
approval for other form of payment)

 

2

 

1.             Exercise of Option.

 

1.1.          I
am exercising my right to purchase the number of shares of common stock of
MacroPore Biosurgery, Inc. indicated on Line (H) by exercising the option
identified on Lines (D) through (G).  The
per share purchase price of the option is indicated on Line (E) and the
aggregate purchase price of the shares I am purchasing is indicated on Line
(I).  I acknowledge that I may be
responsible for tax withholding on the shares, in which case the aggregate
purchase price would be as indicated on Line (K) (which the Company will
complete).   The shares that I am
purchasing by exercising my option are referred to in this agreement as the “Shares”.  The total purchase price of the shares is
referred to in this agreement as the “Purchase Price”.  I acknowledge that the option I am exercising
was issued under and is subject to the rules of the 2004 Equity Incentive Plan
of MacroPore Biosurgery, Inc. (the “Plan”).

 

1.2.          With
this signed agreement, I have submitted either (a) cash or a check for the
amount of the Purchase Price or (b) irrevocable wire transfer instructions for
the Purchase Price, or (c) a certificate or certificates (or designation of
such certificates if permitted by the Plan) representing shares of MacroPore
Biosurgery, Inc. common stock that I have owned for at least six months if the
shares were acquired by me through exercise of an option, and that have a fair
market value (as determined in accordance with the Plan) as of this date equal
to the Purchase Price.  I recognize that
other forms of payment may be permitted by the written approval of the
Administrator.

 

2.             Representations

 

2.1.          Taxes.  The Company has made no warranties or
representations to me with respect to the income tax consequences of the
transactions contemplated by this Agreement and I am not relying on the Company
or its representatives for an assessment of such tax consequences.  I have had adequate opportunity to consult
with my personal tax advisor prior to submitting this Agreement to the Company.

 

2.2.          Repurchase.  If
the Shares are subject to a right of repurchase in favor of the Company at
their original purchase price when I cease to provide services for the Company,
or if I could be subject to suit under Section 16(b) of the Securities Exchange
Act of 1934 with respect to the purchase of the Shares, I will execute and
deliver to the Company a copy of the Acknowledgment and Statement of Decision
Regarding Election Pursuant to Section 83(b) of the Internal Revenue Code (the “Acknowledgment”)
attached as Exhibit A.  I acknowledge
that I am primarily responsible for filing any Section 83(b) elections although
the Company will, as an accommodation to me and without assuming any liability,
file a duplicate election if I promptly provide an executed form with the
Acknowledgement and Statement of Decision Regarding Section 83(b).  I will consult with my own tax advisor to
determine if there is a comparable election to file in the state of where I
reside and whether filing a federal or state Section 83(b) election is
desirable under my circumstances.

 

3

 

3.             Miscellaneous Provisions.

 

3.1.          Successors and Assigns.  Subject to the limitations set forth in this
Agreement, the benefits and obligations of this Agreement will be binding on
the executors, administrators, heirs, legal representatives, successors, and
assigns of the parties.

 

3.2.          Costs.  I will repay the Company for all costs and
damages, including incidental and consequential damages and attorney’s fees,
resulting from any transfer of the Shares which is not in compliance with the
provisions of this Agreement.

 

3.3.          Governing Law. 
This Agreement shall be governed by, and construed in accordance
with, the laws of the State of Delaware excluding those laws that direct the
application of the laws of another jurisdiction.

 

3.4.          Notices.  All notices and other communications under
this Agreement shall be in writing. 
Unless and until I am notified in writing to the contrary, all notices,
communications, and documents directed to the Company and related to the
Agreement, if not delivered by hand, shall be mailed, addressed to:

 

MacroPore Biosurgery,
Inc.  
Attention:  Sally B. Davis, Director of Human

Resources and Administration

 

at the Company’s published principal office location.

 

3.5.          Communications. 
Unless and until I notify the Company in writing to the
contrary, all notices, communications, and documents intended for me and
related to this Agreement, if not delivered by hand, shall be mailed to my last
known address as shown on the Company’s books. 
Notices and communications shall be mailed by first class mail, postage
prepaid; documents shall be mailed by registered mail, return receipt
requested, postage prepaid.  All mailings
and deliveries related to this Agreement shall be deemed received when actually
received, if by hand delivery, and three business days after mailing, if by
mail.

 

3.6.          Arbitration. 
All disputes arising out of this Agreement will be
finally settled by arbitration in accordance with the then existing rules of
the American Arbitration Association. 
The arbitration will be conducted in the county of San Diego.  Judgment upon the award rendered by the
arbitrators may be entered in any court having jurisdiction over it; provided
that nothing in this Agreement shall prevent a party from applying to a court
of competent jurisdiction to obtain temporary relief pending resolution of the
dispute through arbitration.  The parties
agree that service of any notices in the course of such arbitration at their
respective addresses as provided for in this agreement shall be valid and
sufficient.

 

4

 

3.7.          This is not an employment contract.  This Agreement is not to be
interpreted as a guarantee or contract of continuing employment.

 

	
   

  	
  MACROPORE BIOSURGERY, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

I hereby agree to be bound by all of the terms and
conditions of this Agreement and the Plan.

 

	
   

  	
   

  
	
   

  	
  Purchaser’s signature

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Printed name

  

 

The purchaser’s spouse indicates by the execution of
this Agreement his or her consent to be bound by the terms herein as to his or
her interests, whether as community property or otherwise, if any, in the Shares
hereby purchased.

 

	
   

  	
   

  
	
   

  	
  Purchaser’s Spouse

  

 

5

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