Document:

Exhibit
10.32

COMMON
STOCK PURCHASE AGREEMENT

This
Common Stock Purchase Agreement (the “Agreement”) is entered into at
5:00 p.m. California time on August 9, 2006 (the “Effective Date”), by and between Cytori
Therapeutics, Inc., a Delaware corporation (the “Company”), and Olympus
Corporation, a Japanese corporation (“Purchaser”).

1.             Sale of
Stock.  Subject to the
terms and conditions of this Agreement, the Company will issue and sell to
Purchaser, and Purchaser agrees to purchase from the Company, at a closing to
occur at the principal office of the Company within thirty (30) days of the Effective Date (the “Closing”), the number of
shares of the Company’s Common Stock (the “Shares”) determined by dividing
$11,000,000 (“Purchase Price”) by the closing sale price of the Company’s
common stock as quoted on the Nasdaq Stock Market on the Effective Date;
provided however, that in the event the total number of shares that would be
owned by Olympus, after adding the new Shares as calculated above to the
previously acquired 1.1 million shares, would exceed 19.9% of the then total
outstanding Cytori shares, the Purchase Price (and the number of new Shares
that would be purchased at such price-per-Share) shall be reduced by an amount
that would cause the total share ownership of Olympus as calculated above to
be  to 
exactly 19.9% of the total outstanding Cytori shares.  The Shares shall upon issuance be listed on
the Nasdaq Global Market.    The offering
and sale of the Shares are being made pursuant to the Registration Statement
and the Prospectus (as such terms are defined below). As such, the issuance of
the Shares pursuant to this Agreement shall be duly registered under the
Securities Act. Purchaser acknowledges that the Company intends to enter into
other purchase or subscription agreements on terms substantially similar to the
terms of this Agreement with certain other investors and currently intends to
offer and sell (the “Offering”) Common Stock, for a total (including
Purchaser and such other investors) of up to an aggregate of $                            
pursuant to the Registration Statement and Prospectus.

2.             Purchase.  At the Closing, the Company shall deliver to
Purchaser the documentation from Company’s transfer agent certifying the
completion of the electronic transfer of the Shares into the account specified
by Purchaser, and Purchaser shall immediately deliver to the Company the
Purchase Price therefor by wire transfer.

3.             Limitations
on Transfer.  Purchaser
shall not assign, encumber or dispose of any interest in the Shares except in
compliance with applicable securities laws and regulations of applicable
countries and stock exchanges.

4.             Investment
Representations.  In
connection with the purchase of the Shares, Purchaser represents to the Company
the following:

(a)           Purchaser has received and/or is
aware that the Company has filed or shall file with the Securities and Exchange
Commission (the “Commission”) a prospectus (the “Base Prospectus”)
and a prospectus supplement reflecting the Offering (collectively, the “Prospectus”),
with respect to an effective Form S-3 registration statement (File No.
333-134129), (the “Registration Statement”), including any amendments
thereto, and the exhibits and

 

any schedules thereto, the documents otherwise deemed
to be a part thereof or included therein by the rules and regulations of the
Commission (the “Rules and Regulations”), in conformity with the
Securities Act of 1933, as amended (the “Securities Act”), including
Rule 424(b) thereunder.  Purchaser hereby
confirms that it has had full access to the Base Prospectus and the Company’s
periodic reports and other publicly available information incorporated by reference therein,
and was able to read, review, download and print such materials. Purchaser
further acknowledges that Purchaser and Purchaser’s advisors have had the
opportunity to ask questions of and receive answers from the Company’s
management concerning this investment.

(b)           Purchaser has not entered into any
agreement to pay commissions to any persons with respect to the purchase or
sale of the Shares, except commissions for which Purchaser will be responsible.

(c)           Purchaser understands and
acknowledges that no Japanese, German or United States federal or state agency,
governmental authority, regulatory body, stock exchange or other entity has
made any finding or determination as to the merits of this investment, nor have
any such agencies, governmental authorities, regulatory bodies, stock exchanges
or other entities made any recommendation or endorsement with respect to the
Shares.

(d)           Purchaser, in evaluating the merits
of an investment in the Shares, is not relying on the Company, its counsel, or
any financial or other advisor to the Company for an evaluation of the tax,
legal or other consequences of an investment in the Shares.

5.             Legends.  Any physical certificates representing Shares
shall bear the following legend:

THIS CERTIFICATE EVIDENCES AND ENTITLES THE HOLDER HEREOF TO CERTAIN
RIGHTS AS SET FORTH IN A RIGHTS AGREEMENT BETWEEN CYTORI THERAPEUTICS, INC. AND
COMPUTERSHARE TRUST COMPANY, INC., A COLORADO CORPORATION, AS RIGHTS AGENT,
DATED AS OF MAY 29, 2003 (THE “RIGHTS AGREEMENT”), THE TERMS OF WHICH ARE
HEREBY INCORPORATED HEREIN BY REFERENCE AND A COPY OF WHICH IS ON FILE AT THE
PRINCIPAL EXECUTIVE OFFICES OF CYTORI THERAPEUTICS, INC. UNDER CERTAIN
CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, SUCH RIGHTS WILL BE
EVIDENCED BY SEPARATE CERTIFICATES AND WILL NO LONGER BE EVIDENCED BY THIS
CERTIFICATE. CYTORI THERAPEUTICS, INC. WILL MAIL TO THE HOLDER OF THIS
CERTIFICATE A COPY OF THE RIGHTS AGREEMENT WITHOUT CHARGE AFTER RECEIPT OF A
WRITTEN REQUEST THEREFOR. UNDER CERTAIN CIRCUMSTANCES SET FORTH IN THE RIGHTS
AGREEMENT, RIGHTS ISSUED TO, OR HELD BY, ANY PERSON WHO IS, WAS OR BECOMES AN
ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE THEREOF (AS DEFINED IN THE RIGHTS
AGREEMENT) AND CERTAIN RELATED PERSONS, WHETHER CURRENTLY HELD BY OR ON BEHALF
OF SUCH PERSON OR BY ANY SUBSEQUENT HOLDER, MAY BECOME NULL AND VOID.

6.             Indemnification.

(a)           Indemnification
by the Company. The Company shall indemnify and hold harmless Purchaser,
its permitted assignees, officers, directors, agents, brokers, investment
advisors and employees, each person who controls Purchaser or a permitted
assignee (within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act) and the officers,

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directors, agents and employees of each such
controlling person, and the respective successors, assigns, estate and personal
representatives of each of the foregoing, to the fullest extent permitted by
applicable law, from and against any and all claims, losses, damages,
liabilities, penalties, judgments, costs (including, without limitation, costs
of investigation) and expenses (including, without limitation, reasonable
attorneys’ fees and expenses) (collectively, “Losses”), as incurred,
arising out of or relating to any untrue or alleged untrue statement of a
material fact contained in the Registration Statement, any Prospectus, as
supplemented or amended, if applicable, or arising out of or relating to any
omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein (in the case of any Prospectus or
supplement thereto, in the light of the circumstances under which they were
made) not misleading, except (i) to the extent, but only to the extent, that
such untrue statements or omissions are based solely upon information regarding
the Purchaser furnished in writing to the Company by the Purchaser expressly
for use therein, or (ii) as a result of the failure of the Purchaser to deliver
a Prospectus, as amended or supplemented, to a purchaser in connection with an
offer or sale.  The Company shall notify
the Purchaser promptly of the institution, threat or assertion of any proceeding of which the Company is aware in connection
with the transactions contemplated by this Agreement.  Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of an Indemnified
Party (as defined in Section 6(b) hereof)
and shall survive the transfer of the Shares by the Purchaser.

(b)           Conduct
of Indemnification Proceedings. If any proceeding shall be brought or asserted against any
Person entitled to indemnity pursuant to Section 6(a) or 6(b) hereunder (an “Indemnified Party”), such
Indemnified Party promptly shall notify the Person from whom indemnity is
sought (the “Indemnifying Party) in writing, and the Indemnifying Party
shall assume the defense thereof, including the employment of counsel
reasonably satisfactory to the Indemnified Party and the payment of all fees
and expenses incurred in connection with defense thereof; provided, that the
failure of any Indemnified Party to give such notice shall not relieve the
Indemnifying Party of its obligations or liabilities pursuant to this
Agreement, except (and only) to the extent that it shall be finally determined
by a court of competent jurisdiction (which determination is not subject to
appeal or further review) that such failure shall have materially and adversely
prejudiced the Indemnifying Party.

An Indemnified Party shall have the
right to employ separate counsel in any such proceeding and to participate in
the defense thereof, but the fees and expenses of such counsel shall be at the
expense of such Indemnified Party or Parties unless: (i) the Indemnifying Party
has agreed in writing to pay such fees and expenses; or (ii) the Indemnifying
Party shall have failed promptly to assume the defense of such proceeding and to employ counsel reasonably
satisfactory to such Indemnified Party in any such proceeding; or (iii) the named parties to any such proceeding (including any impleaded parties) include
both such Indemnified Party and the Indemnifying Party, and such Indemnified
Party shall have been advised by counsel that a conflict of interest is likely
to exist if the same counsel were to represent such Indemnified Party and the
Indemnifying Party (in which case, if such Indemnified Party notifies the
Indemnifying Party in writing that it elects to employ separate counsel at the
expense of the Indemnifying Party, the Indemnifying Party shall not have the
right to assume the defense thereof and such counsel shall be at the expense of
the Indemnifying Party).  The
Indemnifying Party shall not be

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liable for any settlement of any such
proceeding effected without its written consent, which
consent shall not be unreasonably withheld, conditioned or delayed.  No Indemnifying Party shall, without the
prior written consent of the Indemnified Party, which consent shall not
unreasonably be withheld, conditioned or delayed, effect any settlement of any
pending proceeding in respect of which any Indemnified Party is
a party, unless such settlement includes an unconditional release of such
Indemnified Party from all liability on claims that are the subject matter of
such proceeding.

All reasonable fees and expenses of
the Indemnified Party (including reasonable fees and expenses to the extent
incurred in connection with investigating or preparing to defend such proceeding in a manner not inconsistent with this
Section) shall be paid to the Indemnified Party, as incurred, within 10
business days of written notice thereof to the Indemnifying Party (regardless
of whether it is ultimately determined that an Indemnified Party is not
entitled to indemnification hereunder; provided, that the Indemnifying Party
may require such Indemnified Party to undertake to reimburse all such fees and
expenses to the extent it is finally judicially determined that such
Indemnified Party is not entitled to indemnification hereunder or pursuant to
applicable law).

(c)           The
indemnity agreement contained in this Section is in addition to any liability
that the Indemnifying Parties may have to the Indemnified Parties.

7.             Representations by the Company.  In connection with the sale of the Shares by
the Company, the Company represents to Purchaser the following:

The Company has timely
filed all registration statements, prospectuses, forms, reports and documents
required to be filed by it under the Securities Act, or the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), as the case may be, since
December 31, 2002, including the Registration Statement (each a “Company SEC
Filing,” and collectively the “Company SEC Filings”).  Each Company SEC Filing (i) as of its date
complied in all material respects with the requirements of the Securities Act
or the Exchange Act, as the case may be, and (ii) did not, at the time they
were filed, contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the
statements made therein, in the light of the circumstances under which they
were made, not misleading.  Each of the
consolidated financial statements (including, in each case, any notes thereto)
contained in the Company SEC Filings was prepared in accordance with generally
accepted accounting principles applied (except as may be indicated in the notes
thereto and, in the case of unaudited quarterly financial statements, as
permitted by Form 10-Q under the Exchange Act) on a consistent basis throughout
the periods indicated (except as may be indicated in the notes thereto), and
each presented fairly the consolidated financial position of the Company as of
the respective date thereof and for the respective periods indicated therein
(subject, in the case of unaudited statements, to normal and recurring year-end
adjustments.)  The books and records of
the Company have been, and are being, maintained in accordance with applicable
legal and accounting requirements.  The Company has not,
directly or indirectly, disclosed any material non-public information of the
Company to Purchaser.  The information concerning the Company
set forth in this Agreement, the Prospectus, the Registration Statement, and
any document, statement or certificate furnished to Purchaser at the Closing,
does not

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contain any untrue statement of a material fact or
omit to state a material fact required to be stated herein or therein or
necessary to make the statements and facts contained herein or therein, in
light of the circumstances in which they are made, not false and misleading.

8.             Miscellaneous.

(a)           Governing Law.  This Agreement and all acts and transactions
pursuant hereto and the rights and obligations of the parties hereto shall be
governed, construed and interpreted in accordance with the laws of the State of
California, without giving effect to principles of conflicts of law.

(b)           Entire Agreement;
Enforcement of Rights. 
This Agreement sets forth the entire agreement and understanding of the
parties relating to the subject matter herein and merges all prior discussions
between them with regard to such subject matter.  No modification of or amendment to this
Agreement, nor any waiver of any rights under this Agreement, shall be
effective unless in writing signed by the parties to this Agreement.  The failure by either party to enforce any
rights under this Agreement shall not be construed as a waiver of any rights of
such party.

(c)           Severability. If one or more provisions of this
Agreement are held to be unenforceable under applicable law, the parties
agree to renegotiate such provision in good faith.  In the event that the parties cannot reach a
mutually agreeable and enforceable replacement for such provision, then
(i) such provision shall be excluded from this Agreement, (ii) the
balance of the Agreement shall be interpreted as if such provision were so
excluded and (iii) the balance of the Agreement shall be enforceable in
accordance with its terms.

(d)           Construction.  This Agreement is the result of negotiations
between and has been reviewed by both of the parties hereto and their
respective counsel, if any; accordingly, this Agreement shall be deemed to be
the product of both of the parties hereto, and no ambiguity shall be construed
in favor of or against either one of the parties hereto.

(e)           Notices.  Any notice required or permitted by this
Agreement shall be in writing and shall be deemed sufficient (i) when delivered personally, (ii) when received via fax if the
sender has written confirmation of receipt, or (iii) two (2) business days after being sent via a
reputable express air delivery service, with postage and/or fees prepaid, and
addressed to the party to be notified at such party’s address or fax number as
set forth below or as subsequently modified by written notice hereunder.

(f)            Counterparts.  This Agreement may be executed in
counterparts, each of which shall be deemed an original and both of which
together shall constitute one instrument.

(g)           Survival.  The representations, warranties, covenants
and agreements made herein shall survive the closing of the transactions
contemplated hereby.

[Signature Page
Follows]

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The parties have
executed this Common Stock Purchase Agreement as of the date first set forth
above.

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  CYTORI
  THERAPEUTICS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Christopher J. Calhoun

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Christopher J. Calhoun

  	
   

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
  3020 Callan Road

  
	
   

  	
  San Diego, CA
  92121

  
	
   

  	
   

  
	
   

  	
  Fax: U.S. (858) 450-4335

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
  OLYMPUS
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Tsuyoshi Kikukawa

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Tsuyoshi Kikukawa

  	
   

  
	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
  43-2 Hatagaya
  2-chome,

  
	
   

  	
  Shibuya-ku,
  Tokyo,

  
	
   

  	
  JAPAN

  
	
   

  	
   

  
	
   

  	
  Fax: Japan 03-3340-2062

  
								

 

 6Exhibit
10.33

Form
of Common Stock Subscription Agreement

Cytori Therapeutics, Inc.

3020 Callan Road

San Diego, California
92121

Ladies and Gentlemen:

The undersigned (the “Investor”) hereby confirms and agrees with
you as follows: 

1.             The subscription terms set forth herein
(the “Subscription”) are made as
of the date set forth below between Cytori Therapeutics, Inc., a Delaware
corporation (the “Company”), and
the Investor.

2.             As of the Closing (as defined below) and
subject to the terms and conditions hereof, 
the Company and the Investor agree that the Investor will purchase from
the Company and the Company will issue and sell to the Investor such number of
shares of common stock, par value $0.001 per share, of the Company (the “Common Stock”) as is set forth on the
signature page hereto (the “Signature Page”)
for a purchase price of $5.75 per share (the “Shares”).  The Investor acknowledges that the offering
is not a firm commitment underwriting and that there is no minimum offering
amount.  

3.             The completion of the purchase and sale of the Shares
shall occur at a closing (the “Closing”)
which, in accordance with Rule 15c6-1 promulgated under the Securities Exchange
Act of 1934, as amended, is expected to occur on or about August 15, 2006.  At the Closing, (a) the Company shall cause
its transfer agent to release to the Investor the number of Shares being
purchased by the Investor and (b) the aggregate purchase price for the Shares
being purchased by the Investor will be delivered by or on behalf of the Investor
to the Company.  If the Investor chooses
to settle via DWAC (by checking the appropriate space on the Signature Page
hereto), the provisions set forth in Exhibit A hereto shall be
incorporated herein by reference as if set forth fully herein.

4.             The offering and sale of the Shares are
being made pursuant to the Registration Statement and the Prospectus (as such
terms are defined below).  The Investor
acknowledges that the Company intends to enter into subscriptions in
substantially the same form as this Subscription with certain other investors
and intends to offer and sell (the “Offering”)
up to an aggregate of 1,005,212 shares of Common Stock pursuant to the
Registration Statement and Prospectus. 
In addition, the Investor acknowledges that the Company intends to enter
into a common stock purchase agreement with Olympus Corporation whereby Olympus
Corporation will purchase $11,000,000 of Company Common Stock at a purchase
price per share equal to the purchase price per share to be paid by the Investor.

5.             The Company has filed or shall file with
the Securities and Exchange Commission (the “Commission”)
a prospectus (the “Base Prospectus”)
and a final prospectus supplement (collectively, the “Prospectus”) with respect to the
registration statement (File No. 333-134129) reflecting the Offering, including
all amendments thereto, the exhibits and any schedules thereto, the documents
otherwise deemed to be a part thereof or included therein by the rules and
regulations of the Commission (the “Rules
and Regulations”) and any registration statement relating to the
Offering and filed pursuant to Rule 462(b) under the Rules and Regulations
(collectively, the “Registration Statement”),
in conformity with the Securities Act of 1933, as amended (the “Securities Act”), including Rule 424(b)
thereunder.  The Investor hereby confirms
that it has had full access to the Base Prospectus and the Company’s periodic
reports and other information incorporated by reference therein, and was able
to read, review, download and print such materials.

 

6.             The Company has entered into a Placement
Agency Agreement (the “Placement Agreement”),
dated August 9, 2006 with Piper
Jaffray & Co. (the “Placement Agent”),
which will act as the Company’s placement agent with respect to the Offering
and receive a fee in connection with the sale of the Shares.  The Placement Agreement contains certain
representations and warranties of the Company. 
The Company acknowledges and agrees that the Investor may rely on the
representations and warranties made by it to the Placement Agent in Section 2
of the Placement Agreement to the same extent as if such representations and
warranties had been incorporated in full herein and made directly to the
Investor.  Capitalized terms used, but
not otherwise defined, herein shall have the meanings ascribed to such terms in
the Placement Agreement.

7.             The obligations of the Company and the
Investor to complete the transactions contemplated by this Subscription shall
be subject to the following:

a.             The
Company’s obligation to issue and sell the Shares to the Investor shall be
subject to: (i) the receipt by the Company of the purchase price for the Shares
being purchased hereunder as set forth on the Signature Page and (ii) the
accuracy of the representations and warranties made by the Investor and the
fulfillment of those undertakings of the Investor to be fulfilled prior to the
Closing Date.

b.             The
Investor’s obligation to purchase the Shares will be subject to the condition
that the Placement Agent shall not have: (i) terminated the Placement Agreement
pursuant to the terms thereof or (ii) determined that the conditions to closing
in the Placement Agreement have not been satisfied. 

8.             The Company hereby makes the following
representations, warranties and covenants to the Investor:

a.             The Company has the requisite corporate
power and authority to enter into and to consummate the transactions
contemplated by this Subscription and otherwise to carry out its obligations
hereunder.  The execution and delivery of
this Subscription by the Company and the consummation by it of the transactions
contemplated hereunder have been duly authorized by all necessary action on the
part of the Company.  This Subscription
has been duly executed by the Company and, when delivered in accordance with
the terms hereof, will constitute the valid and binding obligation of the
Company enforceable against the Company in accordance with its terms, except as
may be limited by any bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or other similar laws affecting the enforcement of
creditors’ rights generally or by general principles of equity.

b.             The Company shall (i) before the opening
of trading on the Nasdaq Global Market on the next trading day after the date
hereof, issue a press release, disclosing all material aspects of the
transactions contemplated hereby and (ii) make such other filings and notices
in the manner and time required by the Commission with respect to the
transactions contemplated hereby.  The
Company shall not identify the Investor by name in any press release or public
filing, or otherwise publicly disclose the Investor’s name, without the
Investor’s prior written consent, unless required by law or the rules and
regulations of any self-regulatory organization or exchange which the Company
or its securities are subject.

9.             The Investor hereby makes the following
representations, warranties and covenants to the Company:

a.             The Investor represents that (i) it has
had full access to the Base Prospectus as well as the Company’s periodic
reports and other information incorporated by reference therein, prior to or in
connection with its receipt of this Subscription, (ii) it is knowledgeable,
sophisticated and experienced in making, and is qualified to make, decisions
with respect to investments in securities representing an

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investment decision like that involved in the purchase of the Shares,
and (iii) it does not have any agreement or understanding, directly or
indirectly, with any person or entity to distribute any of the Shares.

b.             The Investor has the requisite power and
authority to enter into this Subscription and to consummate the transactions
contemplated hereby.   The execution and
delivery of this Subscription by the Investor and the consummation by it of the
transactions contemplated hereunder have been duly authorized by all necessary
action on the part of the Investor.  This
Subscription has been executed by the Investor and, when delivered in
accordance with the terms hereof, will constitute a valid and binding
obligation of the Investor enforceable against the Investor in accordance with
its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors’ and
contracting parties’ rights generally and except as enforceability may be
subject to general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law).

c.             The Investor understands that nothing in
this Subscription or any other materials presented to the Investor in
connection with the purchase and sale of the Shares constitutes legal, tax or
investment advice.  The Investor has
consulted such legal, tax and investment advisors as it, in its sole
discretion, has deemed necessary or appropriate in connection with its purchase
of Shares.

d.             Neither the Investor nor any Person
acting on behalf of, or pursuant to any understanding with or based upon any
information received from, the Investor has, directly or indirectly, engaged in
any transactions in the securities of the Company (including, without
limitation, any Short Sales involving the Company’s securities) since the
earlier to occur of (i) the time that the Investor was first contacted by the
Placement Agent or the Company with respect to the transactions contemplated
hereby and (ii) the date that is the tenth (10th)
trading day prior to the date of this Subscription.  “Short Sales” include, without limitation,
all “short sales” as defined in Rule 200 promulgated under Regulation SHO under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not against the
box, and all types of direct and indirect stock pledges, forward  sale contracts, options, puts, calls, short
sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h) under the
Exchange Act) and similar arrangements (including on a total return basis), and
sales and other transactions through non-U.S. broker dealers or foreign
regulated brokers.  The Investor
covenants that neither it, nor any Person acting on behalf of, or pursuant to
any understanding with or based upon any information received from, the
Investor will engage in any transactions in the securities of the Company
(including Short Sales) prior to the time that the transactions contemplated by
this Subscription are publicly disclosed. 

e.             The Investor represents that, except as
set forth below, (i) it has had no position, office or other material
relationship within the past three years with the Company or persons known to
it to be affiliates of the Company, (ii) it is not a, and it has no direct or
indirect affiliation or association with any, NASD member or an Associated
Person (as such term is defined under the NASD Membership and Registration
Rules Section 1011) as of the date hereof, and (iii) neither it nor any group
of investors (as identified in a public filing made with the Commission) of
which it is a member, acquired, or obtained the right to acquire, 20% or more
of the Common Stock (or securities convertible or exercisable for Common Stock)
or the voting power of the Company on a post-transaction basis.    Exceptions:

(If no exceptions,
write “none.” If left blank, response will be deemed to be “none.”)

10.          Notwithstanding any investigation made by
any party to this Subscription, all covenants, agreements, representations and
warranties made by the Company and the Investor herein will survive the

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execution of this Subscription, the delivery to the
Investor of the Shares being purchased and the payment therefor.

11.          This Subscription may not be modified or
amended except pursuant to an instrument in writing signed by the Company and
the Investor.

12.          In case any provision contained in this
Subscription should be invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained
herein will not in any way be affected or impaired thereby.

13.          This Subscription will be governed by,
and construed in accordance with, the internal laws of the State of New York,
without giving effect to the principles of conflicts of law that would require
the application of the laws of any other jurisdiction.

14.          This Subscription may be executed in one
or more counterparts, each of which will constitute an original, but all of
which, when taken together, will constitute but one instrument, and will become
effective when one or more counterparts have been signed by each party hereto
and delivered to the other parties.  

15.          The
Investor acknowledges and agrees that such Investor’s receipt of the Company’s
counterpart to this Subscription shall constitute written confirmation of the
Company’s sale of Shares to such Investor.

16.          In the event that the Placement Agreement
is terminated by the Placement Agent pursuant to the terms thereof, this
Subscription shall terminate without any further action on the part of the
parties hereto.

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INVESTOR SIGNATURE PAGE

	
  Number of Shares:

  	
   

  	
   

  
	
   

  
	
  Purchase Price
  Per Share: $

  	
  5.75

  	
   

  
	
   

  
	
  Aggregate
  Purchase Price: $

  	
   

  	
   

  
				

 

Please confirm that the
foregoing correctly sets forth the agreement between us by signing in the space
provided below for that purpose.

Dated
as of:  August 9, 2006

	
  

  	
   

  	
   

  
	
  INVESTOR

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
	
  Name that Shares
  are to be registered:

  	
   

  	
   

  	
   

  
	
  Mailing Address:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Taxpayer
  Identification Number:

  	
   

  	
   

  	
   

  
	
  Manner of
  Settlement (check one):

  	
   

  
	
   

  	
  o 

  	
  DWAC (see Exhibit
  A for explanation and instructions)

  
	
   

  	
  o 

  	
  DVP (see Exhibit
  B for explanation and instructions)

  
	
   

  	
   

  
	
   

  	
   

  
	
  Agreed and
  Accepted this 9th day of August
  2006:

  
	
   

  	
   

  
	
   

  	
   

  
	
  CYTORI
  THERAPEUTICS, INC.

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
													

 

Sales of the Shares purchased hereunder were made
pursuant to a registration statement or in a transaction in which a final
prospectus would have been required to have been delivered in the absence of
Rule 172 promulgated under the Securities Act.

 5

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