Document:

EX-10.1

Exhibit 10.1

SECURITIES PURCHASE AGREEMENT

dated as of September 18, 2009

by and among

OPKO HEALTH, INC.

AND

THE PURCHASERS SET FORTH ON

THE SIGNATURE PAGES HERETO

 

 

SECURITIES PURCHASE AGREEMENT

     THIS SECURITIES PURCHASE AGREEMENT (this “Agreement”) is dated effective as of
September 18, 2009, by and between OPKO Health, Inc. (the “Company”), a corporation
organized under the laws of the State of Delaware, with its principal offices at 4400 Biscayne
Boulevard, Miami, Florida 33137 (the “Principal Office”), and the purchasers whose names
and addresses are set forth on the signature pages hereto (the “Purchasers”). Certain
capitalized terms used but not defined herein shall have the respective meanings set forth on
Schedule 1 attached hereto.

     IN CONSIDERATION of the mutual covenants contained in this Agreement, and intending to be
legally bound hereby, the Company and the Purchasers agree as follows:

     SECTION 1. Authorization of Sale of the Shares. Subject to the terms and conditions of this Agreement, and the filing with the Secretary of
State of the State of Delaware of the Certificate of Designation of the Powers, Preferences and
Relative, Participating, Optional and Other Special Rights of the 8.0% Series D Cumulative
Convertible Preferred Stock, and Qualifications, Limitations and Restrictions Thereof,
substantially in the form attached hereto as Exhibit A (the “Certificate of
Designation”), the Company has authorized the issuance and sale to the Purchasers in a private
placement of an aggregate of 1,209,677 shares of 8.0% Series D Cumulative Convertible Preferred
Stock, par value $0.01 per share, of the Company (each, a “Share” and collectively, the
“Shares”), and, in connection therewith warrants (the “Warrants”) to purchase an aggregate
of 3,024,196 shares of the Common Stock, par value $ 0.01 per share, of the Company (the
“Common Stock”).

     SECTION 2. Agreement to Sell and Purchase the Shares. Subject to the terms and conditions of this Agreement, at the Closing (as defined in Section
3), the Company shall issue and sell to each Purchaser, and such Purchaser shall buy from the
Company, the number of Shares and Warrants set forth on such Purchaser’s signature page hereto for
an aggregate purchase price equal to the number of Shares purchased by such Purchaser multiplied by
the per-Share purchase price of $24.80 (the “Purchase Price”). The sum of the aggregate
purchase prices paid by all Purchasers pursuant to the terms of this Agreement is $29,999,989.60,
the product of (x) 1,209,677 and (y) $24.80.

     SECTION 3. Closing

          3.1 Delivery of the Shares at the Closing. The completion of the purchase and sale of the Shares (the “Closing”) shall occur
at the Principal Office as soon as practicable and as agreed to by the parties hereto, on or around
September 23, 2009, or on such other date or at such different location as the parties hereto shall
mutually agree, but not prior to the date on which the Closing Conditions (as defined below) have
been satisfied or waived (the “Closing Date”).

          3.2 Closing Deliverables. At the Closing, or as promptly thereafter as is practicable, the Company shall deliver to
each Purchaser (x) one or more stock certificates registered in the name of such Purchaser, or, if
so indicated on such Purchaser’s Stock Certificate Questionnaire, the form of which is attached
hereto as Appendix I (the “Stock Certificate Questionnaire”), in such other name(s)
as designated by such Purchaser, evidencing the number of Shares set forth on such Purchaser’s
signature page attached hereto, each bearing a restrictive
legend, substantially in the form set forth in Section 6.3, and (y) a Warrant Certificate, in
substantially the form of Exhibit B attached hereto (each, a “Warrant
Certificate”), evidencing the number of Warrants set forth on the investor signature page
hereto executed by Purchaser.

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          3.3 Conditions to the Company’s Obligations. The Company’s obligation to complete the sale of the Shares and the Warrants at the Closing
is subject to the fulfillment, at or prior to the Closing, of each of the following conditions,
unless otherwise waived (“Company Closing Conditions”):

               (a) receipt by the Company of immediately available funds in the full amount of the aggregate
purchase price for all Shares being purchased at the Closing;

               (b) each of the representations and warranties of each Purchaser set forth in Section 5 shall
be true and correct on the date of the Closing; and

               (c) each Purchaser shall have performed and complied with all covenants, agreements and
obligations contained in this Agreement that are required to be performed or complied with by such
Purchaser on or prior to the Closing.

          3.4 Conditions to Purchasers’ Obligations. Each Purchaser’s obligation to purchase the Shares and Warrants at the Closing is subject
to the fulfillment, at or prior to the Closing, of each of the following conditions, unless
otherwise waived (“Purchaser Closing Conditions” and, together with the Company Closing
Conditions, the “Closing Conditions”):

               (a) each of the representations and warranties of the Company set forth in Section 4 that is
qualified by materiality or material adverse effect or words of similar effect shall be accurate in
all respects on the Closing Date (except to the extent any such representations and warranties
expressly relate to a specific date, in which case such representations and warranties shall be
accurate as of such date), and each of the representations and warranties of the Company set forth
in Section 4 that is not so qualified shall be accurate in all material respects as of the Closing
Date (except to the extent such representations and warranties expressly relate to a specific date,
in which case such representations and warranties shall be accurate in all material respects as of
such date);

               (b) the Company shall have performed and complied with all covenants, agreements and
obligations contained in this Agreement that are required to be performed or complied with by the
Company on or before the Closing; and

               (c) the Certificate of Designation shall have been filed with, and accepted for filing by, the
Secretary of State of the State of Delaware.

     SECTION 4. Representations, Warranties and Covenants of the Company. The Company hereby represents and warrants to the Purchasers as follows:

          4.1 Issuance of Shares. The Company has taken all necessary corporate action to authorize the execution, delivery
and performance of this Agreement and the Company’s issuance and sale of the Shares and Warrants.
The Shares, when issued and delivered and paid for as provided herein, will be duly authorized,
validly issued, fully paid and nonassessable and
will be issued free and clear of any Encumbrances (other than as arising under applicable
securities laws or this Agreement). Assuming the accuracy of the representations and warranties of
the Purchasers set forth in Section 5 of this Agreement, the Shares will be issued in compliance
with all applicable federal and state securities laws.

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          4.2 Organization and Qualification. The Company is a corporation duly organized, validly existing and in good standing under
the laws of the State of Delaware and has the requisite corporate power and authority to own, lease
and operate its properties and to carry on its business as it is now being conducted and is duly
qualified to do business in any other jurisdiction by virtue of the nature of the businesses
conducted by it or the ownership or leasing of its properties, except where the failure to be so
qualified will not, when taken together with all other such failures, have a Material Adverse
Effect on the Company.

          4.3 Charter and Bylaws. The Company’s Charter and Bylaws, as amended or restated to date, as filed with the SEC,
are a complete and correct copy of such documents as in effect on the date hereof.

          4.4 Capitalization. As of September 18, 2009, the Company has (i) authorized 500,000,000 shares of Common
Stock, 253,632,889 shares of which are issued and outstanding, (ii) authorized 4,000,000 shares of
Series A Preferred Stock, $0.01 par value per share, 932,667 shares of which are issued and
outstanding, (iii) authorized 500,000 shares of Series C Preferred Stock, $0.01 par value per
share, 0 shares of which are issued and outstanding; and (iv) 2,000,000 shares of Series D
Preferred Stock (“Series D Preferred Stock”), 0 shares of which are issued and outstanding. All
such outstanding shares of Common Stock and Preferred Stock have been duly authorized and are
validly issued, fully paid and nonassessable. Except as disclosed in the SEC Documents, as of the
date hereof, there are no outstanding options, warrants, rights to subscribe for, calls or
commitments of any character whatsoever relating to, or securities or rights convertible into or
exchangeable for, shares of any class of capital stock of the Company, or agreements,
understandings or arrangements to which the Company is a party, or by which the Company is or may
be bound, to issue additional shares of its capital stock or options, warrants or rights to
subscribe for, calls or commitment of any character whatsoever relating to, or securities or rights
convertible into or exchangeable for, any shares of any class of its capital stock.

          4.5 Authorization, Enforceability and Related Matters. (i) The Company has full right, power, authority and capacity to enter into this Agreement
and to consummate the transactions contemplated hereby and has taken all necessary corporate action
to authorize the execution, delivery and performance of this Agreement; (ii) the making and
performance of this Agreement by the Company and the consummation by the Company of the
transactions contemplated herein will not violate any provision of the Company’s Charter or Bylaws
or, except to the extent that it would not have a Material Adverse Effect on the Company or
adversely affect the Company’s ability to consummate the transactions contemplated hereby, conflict
with, result in the breach or violation of, or constitute, either by itself or upon notice or the
passage of time or both, a default under any material agreement, mortgage, deed of trust, lease,
franchise, license, indenture, permit or other instrument to which the Company is a party, or any
statute or any authorization, judgment, decree, order, rule or regulation of any court or any
regulatory body, administrative agency or other governmental agency or body applicable to the
Company; (iii) no consent, approval, authorization or other order of any court, regulatory
body, administrative agency or other governmental agency or body is required in respect of the
Company’s execution and delivery of this Agreement or the consummation by the Company of the
transactions contemplated by this Agreement; (iv) upon the execution and mutual delivery of this
Agreement by the parties hereto, this Agreement shall constitute a legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other laws of general application relating to the enforcement of creditor’s rights and the
application of equitable principles relating to the availability of remedies, and except as rights
to indemnity or contribution may be limited by federal or state securities laws or the public
policy underlying such laws; and (v) there is not in effect any order enjoining or restraining the
Company from entering into or engaging in any of the transactions contemplated by this Agreement.

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          4.6 Brokers or Finders. No broker, investment banker, financial advisor or other individual, corporation, general
or limited partnership, limited liability company, firm, joint venture, association, enterprise,
joint securities company, trust, unincorporated organization or other person or entity is entitled
to any broker’s, finder’s, financial advisor’s or other similar fee or commission in connection
with the transactions contemplated by this Agreement based upon arrangements made by or on behalf
of the Company or any of its Affiliate.

          4.7 SEC Documents. The Company has made available to the Purchasers true and complete copies of all SEC
Documents. As of their respective dates (or if amended, as of the date of the last amendment filed
prior to the date hereof), the SEC Documents complied in all material respects with the
requirements of the 1934 Act, and rules and regulations of the SEC promulgated thereunder, and the
SEC Documents did not 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 therein, in light
of the circumstances under which they were made, not misleading.

          4.8 Company Financial Statements. The financial statements, together with any notes thereto, included in the Company’s Annual
Report on Form 10-K as filed with the SEC on March 16, 2009 and the Company’s Quarterly Report on
Form 10-Q as filed with the SEC on August 7, 2009 fairly present in all material respects, on the
basis stated therein and on the date thereof, the financial position of the Company at the
respective dates therein specified and its results of operations and cash flows for the periods
then ended. Such statements and related notes have been prepared in accordance with generally
accepted accounting principles in the United States (“GAAP”) applied on a consistent basis
except as expressly noted therein and subject in the case of the unaudited financial statements to
year-end adjustments.

          4.9 Material Changes; Undisclosed Events, Liabilities or Developments. Since June 30, 2009, except as disclosed in any SEC Document filed subsequent to June 30,
2009 and prior to the date hereof: (i) there has been no event, occurrence or development that has
had or that could reasonably be expected to result in a Material Adverse Effect; (ii) the Company
has not incurred any material liabilities (contingent or otherwise) other than (A) trade payables
and accrued expenses incurred in the ordinary course of business consistent with past practice and
(B) liabilities not required to be reflected in the Company’s financial statements pursuant to
GAAP; (iii) the Company has not altered its method of accounting; (iv) the Company has not
declared or made any dividend or distribution of cash or other property to its stockholders or
purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock;
and (v) the Company has not issued any equity securities to any of its officers, directors or
Affiliates. As of the date hereof, except for the issuance of the Shares contemplated by this
Agreement, no event, liability or development has occurred or exists with respect to the Company or
its subsidiaries or their respective business, properties, operations or financial condition that
is required to be disclosed by the Company under applicable securities laws.

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          4.10 Full Disclosure. No representation or warranty made by the Company in this Agreement contains any untrue
statement of a material fact, or omits to state a material fact necessary to make the statements
contained herein not misleading.

     SECTION 5. Representations, Warranties and Covenants of the Purchasers. Each Purchaser severally, and not jointly with any other Purchaser, represents and warrants
to the Company that:

          5.1 Experience. (i) Such Purchaser is knowledgeable, sophisticated and experienced in financial and
business matters, and is making, and is qualified to make, decisions with respect to investments in
shares representing an investment decision like that involved in the purchase of the Shares,
including investments in securities issued by the Company and/or comparable entities, has the
ability to bear the economic risks of an investment in the Shares and has had the opportunity to
request, receive, review and consider all information it deems relevant in making an informed
decision to purchase the Shares; (ii) such Purchaser is acquiring the number of Shares set forth on
such Purchaser’s signature page attached hereto for its own account, solely for investment and with
no present intention to distribute any of such Shares and is subject to no arrangement or
understanding with any other persons regarding the distribution of such Shares; (iii) such
Purchaser will not, directly or indirectly, offer, sell, pledge, transfer or otherwise dispose of
(or solicit any offers to buy, purchase or otherwise acquire or take a pledge of) any of the
Shares, except in compliance with the Securities Act of 1933, as amended (the “Securities
Act”), and the rules and regulations promulgated thereunder (the “Rules and
Regulations”) and any applicable state securities laws; (iv) such Purchaser has, in connection
with its decision to purchase the number of Shares set forth on such Purchaser’s signature page
attached hereto, relied solely upon the representations and warranties of the Company contained in
this Agreement; (v) such Purchaser has had an opportunity to discuss this investment with
representatives of the Company and ask questions of them; and (vi) such Purchaser is either a
“qualified institutional buyer” as defined by Rule 144A promulgated under the Securities Act or an
“accredited investor” as defined by Rule 501(a) of Regulation D promulgated under the Securities
Act.

          5.2 Reliance on Exemptions. Such Purchaser understands that the Warrants, the Shares, and the Common Stock issuable
upon conversion of the Shares (the “Conversion Shares” and, together with the Shares and
the Warrants, the “Securities”) are being offered and sold to in reliance upon specific
exemptions from the registration requirements of the Securities Act and state securities laws and
that the Company is relying upon the truth and accuracy of, and the Purchaser’s compliance with,
the representations, warranties, covenants, agreements, acknowledgments and understandings of such
Purchaser contained in this Agreement in order to
determine the availability of such exemptions and the eligibility of the Purchaser to acquire
the Securities.

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          5.3 Confidentiality. Such Purchaser understands that this Agreement, the information contained in all materials
provided to the Purchaser by the Company and its representatives, including any information
conveyed orally, in connection with the transactions contemplated hereunder (“Confidential
Information”), is strictly confidential and proprietary to the Company and is being provided to
such Purchaser solely for such Purchaser’s confidential use in connection with the transactions
contemplated hereunder. Such Purchaser agrees to use the Confidential Information solely for the
purpose of evaluating a possible investment in the Shares, and such Purchaser acknowledges that it
is prohibited from distributing, divulging or discussing any Confidential Information, in whole or
in part, with any Person, except to such Purchaser’s financial, investment or legal advisors (such
Persons, “Authorized Advisors”), solely to the extent necessary for such Authorized
Advisors to assist such Purchaser with its proposed investment in the Shares. To the extent that
such Purchaser provides, directly or indirectly, any Confidential Information to any Authorized
Advisor, such Purchaser shall ensure that such Authorized Advisor maintain the confidentiality of
the Confidential Information to the same extent applicable to such Purchaser as set forth in this
Section 5.3. Confidential Information does not include any information that is or becomes publicly
available through no fault of such Purchaser or Purchaser’s Authorized Advisors, or that such
Purchaser is required to disclose pursuant to applicable law, regulation or legal process;
provided, however, that if such Purchaser is requested or ordered to disclose any
Confidential Information pursuant to any court or other government order or any other applicable
legal procedure, it shall provide the Company with prompt notice of any such request or order so
that the Company may seek an appropriate protective order.

          5.4 Investment Decision. Such Purchaser understands that nothing in this Agreement or any other materials presented
to the Purchaser in connection with the purchase and sale of the Shares constitutes legal, tax or
investment advice. Such Purchaser 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 the
Shares.

          5.5 Risk of Loss. Such Purchaser understands that its investment in the Shares involves a significant degree
of risk, including a risk of total loss of such Purchaser’s investment, and such Purchaser has full
cognizance of and understands all of the risk factors related to its purchase of the Shares,
including, but not limited to, those set forth in the SEC Documents. The Purchaser understands
that no representation is being made as to the future value of the Securities.

          5.6 Residency. Such Purchaser’s principal executive offices, or primary residence, as applicable, are in
the jurisdiction set forth on such Purchaser’s signature page attached hereto.

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          5.7 Authorization, Enforceability and Related Matters. (i) Such Purchaser has full right, power, authority and capacity to enter into this
Agreement and to consummate the transactions contemplated hereby and has taken all necessary action
to authorize the execution, delivery and performance of this Agreement; (ii) the making and
performance of this Agreement
by such Purchaser and the consummation by such Purchaser of the transactions contemplated
herein will not violate any provision of the organizational documents of such Purchaser (if not a
natural person) or, except to the extent that it would not have a Material Adverse Effect on such
Purchaser’s ability to consummate the transactions contemplated hereby, conflict with, result in
the breach or violation of, or constitute, either by itself or upon notice or the passage of time
or both, a default under any material agreement, mortgage, deed of trust, lease, franchise,
license, indenture, permit or other instrument to which such Purchaser is a party, or any statute
or any authorization, judgment, decree, order, rule or regulation of any court or any regulatory
body; administrative agency or other governmental agency or body applicable to such Purchaser,
(iii) no consent, approval, authorization or other order of any court, regulatory body,
administrative agency or other governmental agency or body is required in respect of such
Purchaser’s execution and delivery of this Agreement or the consummation by such Purchaser of the
transactions contemplated by this Agreement; (iv) upon the execution and mutual delivery of this
Agreement by the parties hereto, this Agreement shall constitute a legal, valid and binding
obligation of such Purchaser, enforceable against such Purchaser in accordance with its terms,
except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other laws of general application relating to the enforcement of creditor’s rights
and the application of equitable principles relating to the availability of remedies, and except as
rights to indemnity or contribution may be limited by federal or state securities laws or the
public policy underlying such laws; and (v) there is not in effect any order enjoining or
restraining the Purchaser from entering into or engaging in any of the transactions contemplated by
this Agreement.

          5.8 Brokers or Finders. No broker, investment banker, financial advisor or other individual, corporation, general
or limited partnership, limited liability company, firm, joint venture, association, enterprise,
joint securities company, trust, unincorporated organization or other person or entity is entitled
to any broker’s, finder’s, financial advisor’s or other similar fee or commission in connection
with the transactions contemplated by this Agreement based upon arrangements made by or on behalf
of such Purchaser or of its Affiliates.

     SECTION 6. Restrictions on Transfer.

          6.1 Lock-Up. Each of the Purchasers hereby irrevocably agrees that until the third
anniversary of the date of Closing, he she or it will not, without the prior written consent of the
Company, directly or indirectly:

(a) Offer for sale, sell, pledge or otherwise dispose of (or enter into any
transaction or device that is designed to, or could be expected to, result in the
disposition by any person at any time in the future, of any of the Securities;

(b) Enter into any swap or other derivatives transaction that transfers to another,
in whole or in part, any of the economic benefits or risks of ownership of the
Securities, or

(c) Publicly disclose the intention to do any of the foregoing, for a period
commencing on the date hereof and ending on the earlier of (i) the third
anniversary of the date hereof or (ii) the conversion of the Shares pursuant to
subparagraph (e)(ii) of the Certificate of Designation.

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          6.2 Restrictions on Transfer. The Securities may be disposed of only in compliance with state and federal securities
laws. In connection with any transfer of any Securities other than pursuant to an effective
registration statement or Rule 144 under the Securities Act, the Company may require the transferor
thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably
acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory
to the Company, to the effect that such transfer does not require registration of such transferred
Securities under the Securities Act. As a condition of transfer, any such transferee shall agree
in writing to be bound by the terms of this Agreement.

          6.3 Restrictive Legend. Each Purchaser agrees that a restrictive legend, in substantially the following form, shall
be imprinted on the Securities:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS AND MAY NOT BE SOLD OR OFFERED FOR SALE IN THE
ABSENCE OF REGISTRATION UNDER THE SECURITIES ACT OR AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO OPKO HEALTH, INC., A DELAWARE
CORPORATION, AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

THIS SECURITY IS SUBJECT TO RESTRICTIONS ON RESALE PURSUANT TO THAT
CERTAIN SECURITIES PURCHASE AGREEMENT WITH THE COMPANY DATED
SEPTEMBER 18, 2009, A COPY OF WHICH CAN BE OBTAINED FROM THE ISSUER
OR THE HOLDER OF THIS SECURITY. NO TRANSFER OF SUCH SECURITY WILL
BE MADE ON THE BOOKS OF THE ISSUER UNLESS ACCOMPANIED BY EVIDENCE OF
COMPLIANCE WITH THE TERMS OF SUCH AGREEMENT.

     SECTION 7. Survival of Representations, Warranties and Agreements. All covenants, representations and warranties made by the Company and the Purchasers herein
and in any documents delivered pursuant hereto shall survive for a period of one (1) year following
the later of the execution of this Agreement or the Closing.

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     SECTION 8. Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under this Agreement are several and not joint (or joint
and several) with the obligations of any other Purchaser hereunder, and no Purchaser shall be
responsible in any way for the performance of the obligations of any other Purchaser under this
Agreement. The decision of a Purchaser to purchase Shares pursuant to this Agreement has been made
by such Purchaser independently of any other Purchaser. Nothing contained in this
Agreement, and no action taken by any Purchaser pursuant thereto, shall be deemed to
constitute the Purchasers as a partnership, an association, a joint venture or any kind of entity,
or create a presumption that the Purchasers are in any way acting in concert or as a group with
respect to such obligations or the transactions contemplated by this Agreement. Each Purchaser
acknowledges that no other Purchaser has acted as agent for such Purchaser in connection with
making its investment hereunder and that no other Purchaser will be acting as agent of such
Purchaser in connection with monitoring its investment in the Securities or enforcing its rights
under this Agreement.

     SECTION 9. Notices. All notices required or permitted hereunder shall be in writing and shall be deemed
effectively given: (i) upon delivery to the party to be notified; (ii) when received by confirmed
facsimile or (iii) one (1) business day after deposit with a nationally recognized overnight
carrier, specifying next business day delivery, with written verification of receipt. All
communications shall be sent to the Company and the Purchasers as follows or at such other
addresses as the Company or any Purchaser may designate upon ten (10) days’ advance written notice
to the other party:

			
	           (a)     	 	if to the Company, to:

OPKO Health, Inc.

4400 Biscayne Boulevard

Miami, FL 33137

Attn.: Kate Inman

          (b) if to a Purchaser, at its address as set forth on such Purchaser’s signature page attached
hereto.

     SECTION 10. Amendments. This Agreement may not be modified or amended except pursuant to an instrument in writing
signed by the Company and each of the Purchasers. No waiver of any provision this Agreement shall
be binding unless executed in writing by the party to be bound thereby. No waiver of any provision
of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof
(regardless of whether similar), nor shall any such waiver constitute a continuing waiver unless
otherwise expressly provided.

     SECTION 11. Headings. The headings of the various sections of this Agreement have been inserted for convenience
of reference only and shall not be deemed to be part of this Agreement.

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

     SECTION 13. Governing Law. This Agreement and any disputes or claims arising out of or in connection with its subject
matter shall be governed by and construed in accordance with the laws of the State of Florida
without regard to the rules of conflict of laws of such state that would cause the laws of another
jurisdiction to apply. The parties hereto acknowledge and
agree that venue and jurisdiction for any claim, suit or controversy related to or arising out
of this Agreement shall lie in the state or federal courts located in Miami-Dade County, Florida.
THE PARTIES HEREBY WAIVE THE RIGHT TO JURY TRIAL OF ANY MATTERS ARISING OUT OF THIS AGREEMENT OR
THE CONDUCT OF THE RELATIONSHIP BETWEEN THEM.

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     SECTION 14. Counterparts; Facsimile Signatures. This Agreement may be executed in one or more counterparts, each of which shall constitute
an original, but all of which, when taken together, shall constitute but one instrument, and shall
become effective when one or more counterparts have been signed by each party hereto and delivered
to the other parties. Facsimile or other electronically scanned and transmitted signatures shall be
deemed originals for all purposes of this Agreement.

     SECTION 15. Entire Agreement. This Agreement (including the Exhibits, Schedules and Appendices attached hereto) and the
instruments referenced herein contain the entire understanding of the parties with respect to the
matters covered herein and therein and, except as specifically set forth herein or therein, neither
the Company nor any Purchaser makes any representation, warranty, covenant or undertaking with
respect to such matters.

     SECTION 16. Fees and Expenses. Except as expressly set forth herein, the Company, on the one hand, and each Purchaser, on
the other hand, shall pay their respective fees and expenses related to the transactions
contemplated by this Agreement.

     SECTION 17. Parties. This Agreement is made solely for the benefit of and is binding upon the Purchasers and the
Company, and no other person shall acquire or have any right under or by virtue of this Agreement.

     SECTION 18. Assignment. Except as otherwise expressly provided herein, the provisions hereof shall inure to the
benefit of, and be binding upon, the parties hereto and their respective successors and assigns.
This Agreement and the rights of each Purchaser hereunder may be assigned by said Purchaser only
with the prior written consent of the Company. The Company may not assign this Agreement without
the written consent of each of the Purchasers.

     SECTION 19. Further Assurances. Each party agrees to cooperate fully with the other parties hereto and to execute such
further instruments, documents and agreements and to give such further written assurance as may be
reasonably requested by any other party to evidence and reflect the transactions described herein
and contemplated hereby and to carry into effect the intents and purposes of this Agreement.

     SECTION 20. Liability Not Affected by Knowledge or Waiver. The right to recovery of losses or other remedy based upon breach of representations,
warranties or covenants will not be affected by any investigation conducted, or knowledge acquired
(or capable of being acquired) at any time, whether before or after the execution and delivery of
this Agreement, with respect to the accuracy or inaccuracy of or compliance or noncompliance with
any such representation, warranty, or covenant.

[Signature pages follow]

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     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written.

	 	 	 	 	 
	 	COMPANY:

OPKO HEALTH, INC.

 	 
	 	By:  	
 	 
	 	 	Name:  	Steven D. Rubin 	 
	 	 	Title:  	Executive Vice President - Administration 	 
	 

 

 

Company Signature Page to Securities Purchase Agreement

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     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written.

	 	 	 	 	 
	 	PURCHASER(S):

 	 
	If a corporation or other entity: 	  Frost Gamma Investments Trust
 	 
	 	(name of corporation or entity) 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Phillip Frost 	 
	 	 	Title:  	Trustee 	 
	 

If an individual:

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name:  	 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name (co-purchaser, if any): 	 
	 	 	 
	 

	 	 	 	 	 
	Number of Shares Purchased:
	 	 	 	 
	 
	 	 	 	 
	Number of Warrants Purchased
	 	 	 	 
	 
	 	 	 	 
	Purchase Price
	 	 	 	 
	 
	 	 	 	 
	Contact Information
	 	 	 	 

 

 

Purchaser Signature Page to Securities Purchase Agreement

12

 

     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written.

	 	 	 	 	 
	 	PURCHASER(S):

 	 
	If a corporation or other entity: 	 Hsu Gamma Investment, L.P.
 	 
	 	(name of corporation or entity) 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Jane Hsiao 	 
	 	 	Title:  	General Partner 	 
	 

If an individual:

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name:  	 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name (co-purchaser, if any): 	 
	 	 	 
	 

	 	 	 	 	 
	Number of Shares Purchased:
	 	 	 	 
	 
	 	 	 	 
	Number of Warrants Purchased
	 	 	 	 
	 
	 	 	 	 
	Purchase Price
	 	 	 	 
	 
	 	 	 	 
	Contact Information
	 	 	 	 

 

 

Purchaser Signature Page to Securities Purchase Agreement

13

 

     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written.

	 	 	 	 	 
	 	PURCHASER(S):

 	 
	 	
 	 
	If a corporation or other entity: 	(name of corporation or entity) 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

If an individual:

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name:  	Steven Jerry Glauser 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name (co-purchaser, if any): 	 
	 	 	 
	 

	 	 	 	 	 
	Number of Shares Purchased:
	 	 	 	 
	 
	 	 	 	 
	Number of Warrants Purchased
	 	 	 	 
	 
	 	 	 	 
	Purchase Price
	 	 	 	 
	 
	 	 	 	 
	Contact Information
	 	 	 	 

 

 

Purchaser Signature Page to Securities Purchase Agreement

14

 

     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written.

	 	 	 	 	 
	 	PURCHASER(S):

 	 
	If a corporation or other entity: 	 IVC Investors, LLLP
 	 
	 	(name of corporation or entity) 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Ernest M. Halpryn 	 
	 	 	Title:  	President 	 
	 

If an individual:

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name:  	 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name (co-purchaser, if any): 	 
	 	 	 
	 

	 	 	 	 	 
	Number of Shares Purchased:
	 	 	 	 
	 
	 	 	 	 
	Number of Warrants Purchased
	 	 	 	 
	 
	 	 	 	 
	Purchase Price
	 	 	 	 
	 
	 	 	 	 
	Contact Information
	 	 	 	 

 

 

Purchaser Signature Page to Securities Purchase Agreement

15

 

     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written.

	 	 	 	 	 
	 	PURCHASER(S):

 	 
	If a corporation or other entity: 	 Ha-Len, LLC
 	 
	 	(name of corporation or entity) 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Glenn L. Halpryn 	 
	 	 	Title:  	Manager 	 
	 

If an individual:

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name:  	 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name (co-purchaser, if any): 	 
	 	 	 
	 

	 	 	 	 	 
	Number of Shares Purchased:
	 	 	 	 
	 
	 	 	 	 
	Number of Warrants Purchased
	 	 	 	 
	 
	 	 	 	 
	Purchase Price
	 	 	 	 
	 
	 	 	 	 
	Contact Information
	 	 	 	 

 

 

Purchaser Signature Page to Securities Purchase Agreement

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     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written.

	 	 	 	 	 
	 	PURCHASER(S):

 	 
	 	
 	 
	If a corporation or other entity: 	(name of corporation or entity) 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

If an individual:

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name:  	Glenn L. Halpryn 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name (co-purchaser, if any): 	 
	 	 	 
	 

	 	 	 	 	 
	Number of Shares Purchased:
	 	 	 	 
	 
	 	 	 	 
	Number of Warrants Purchased
	 	 	 	 
	 
	 	 	 	 
	Purchase Price
	 	 	 	 
	 
	 	 	 	 
	Contact Information
	 	 	 	 

 

 

Purchaser Signature Page to Securities Purchase Agreement

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     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written.

	 	 	 	 	 
	 	PURCHASER(S):

 	 
	 	
 	 
	If a corporation or other entity: 	(name of corporation or entity) 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

If an individual:

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name:  	Ernest M. Halpryn 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name (co-purchaser, if any): 	 
	 	 	 
	 

	 	 	 	 	 
	Number of Shares Purchased:
	 	 	 	 
	 
	 	 	 	 
	Number of Warrants Purchased
	 	 	 	 
	 
	 	 	 	 
	Purchase Price
	 	 	 	 
	 
	 	 	 	 
	Contact Information
	 	 	 	 

 

 

Purchaser Signature Page to Securities Purchase Agreement

18

 

     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written.

	 	 	 	 	 
	 	PURCHASER(S):

 	 
	If a corporation or other entity: 	 Brilliant Champion Resources Limited
 	 
	 	(name of corporation or entity) 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Lee, Chin-Hung 	 
	 	 	Title:  	Director 	 
	 

If an individual:

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name:  	 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name (co-purchaser, if any): 	 
	 	 	 
	 

	 	 	 	 	 
	Number of Shares Purchased:
	 	 	 	 
	 
	 	 	 	 
	Number of Warrants Purchased
	 	 	 	 
	 
	 	 	 	 
	Purchase Price
	 	 	 	 
	 
	 	 	 	 
	Contact Information
	 	 	 	 

 

 

Purchaser Signature Page to Securities Purchase Agreement

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     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written.

	 	 	 	 	 
	 	PURCHASER(S):

 	 
	If a corporation or other entity: 	 Grandtime Associates Limited
 	 
	 	(name of corporation or entity) 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Yang, Wen-Chun 	 
	 	 	Title:  	Director 	 
	 

If an individual:

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name:  	 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name (co-purchaser, if any): 	 
	 	 	 
	 

	 	 	 	 	 
	Number of Shares Purchased:
	 	 	 	 
	 
	 	 	 	 
	Number of Warrants Purchased
	 	 	 	 
	 
	 	 	 	 
	Purchase Price
	 	 	 	 
	 
	 	 	 	 
	Contact Information
	 	 	 	 

 

 

Purchaser Signature Page to Securities Purchase Agreement

20

 

     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written.

	 	 	 	 	 
	 	PURCHASER(S):

 	 
	If a corporation or other entity: 	    Kwang Shun Company Limited
 	 
	 	(name of corporation or entity) 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Chang, Hsiu-Yen 	 
	 	 	Title:  	Director 	 
	 

If an individual:

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name:  	 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name (co-purchaser, if any): 	 
	 	 	 
	 

	 	 	 	 	 
	Number of Shares Purchased:
	 	 	 	 
	 
	 	 	 	 
	Number of Warrants Purchased
	 	 	 	 
	 
	 	 	 	 
	Purchase Price
	 	 	 	 
	 
	 	 	 	 
	Contact Information
	 	 	 	 

 

 

Purchaser Signature Page to Securities Purchase Agreement

21

 

     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written.

	 	 	 	 	 
	 	PURCHASER(S):

 	 
	If a corporation or other entity: 	 Oracle Partners, L.P.
 	 
	 	(name of corporation or entity) 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Larry N. Feinberg 	 
	 	 	Title:  	Managing Member 	 
	 

If an individual:

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name:  	 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name (co-purchaser, if any): 	 
	 	 	 
	 

	 	 	 	 	 
	Number of Shares Purchased:
	 	 	 	 
	 
	 	 	 	 
	Number of Warrants Purchased
	 	 	 	 
	 
	 	 	 	 
	Purchase Price
	 	 	 	 
	 
	 	 	 	 
	Contact Information
	 	 	 	 

 

 

Purchaser Signature Page to Securities Purchase Agreement

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     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written.

	 	 	 	 	 
	 	PURCHASER(S):

 	 
	If a corporation or other entity: 	   Fidaco Investments C.V.
 	 
	 	(name of corporation or entity) 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Leslie Alan Rozencwaig, Esq. 	 
	 	 	Title:  	Attorney-In-Fact 	 
	 

If an individual:

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name:  	 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name (co-purchaser, if any): 	 
	 	 	 
	 

	 	 	 	 	 
	Number of Shares Purchased:
	 	 	 	 
	 
	 	 	 	 
	Number of Warrants Purchased
	 	 	 	 
	 
	 	 	 	 
	Purchase Price
	 	 	 	 
	 
	 	 	 	 
	Contact Information
	 	 	 	 

 

 

Purchaser Signature Page to Securities Purchase Agreement

23

 

     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written.

	 	 	 	 	 
	 	PURCHASER(S):

 	 
	 	
 	 
	If a corporation or other entity: 	(name of corporation or entity) 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

If an individual:

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name:  	Armando M. Codina 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name (co-purchaser, if any): 	 
	 	Margarita M. Codina 	 
	 

	 	 	 	 	 
	Number of Shares Purchased:
	 	 	 	 
	 
	 	 	 	 
	Number of Warrants Purchased
	 	 	 	 
	 
	 	 	 	 
	Purchase Price
	 	 	 	 
	 
	 	 	 	 
	Contact Information
	 	 	 	 

 

 

Purchaser Signature Page to Securities Purchase Agreement

24

 

     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written.

	 	 	 	 	 
	 	PURCHASER(S):

 	 
	If a corporation or other entity: 	 ASTRAEA Holdings Limited
 	 
	 	(name of corporation or entity) 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

If an individual:

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name:  	 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name (co-purchaser, if any): 	 
	 	 	 
	 

	 	 	 	 	 
	Number of Shares Purchased:
	 	 	 	 
	 
	 	 	 	 
	Number of Warrants Purchased
	 	 	 	 
	 
	 	 	 	 
	Purchase Price
	 	 	 	 
	 
	 	 	 	 
	Contact Information
	 	 	 	 

 

 

Purchaser Signature Page to Securities Purchase Agreement

25

 

EXHIBIT A

Certificate of Designation

 

 

EXHIBIT B

Warrant Certificate

 

 

Appendix I

STOCK CERTIFICATE QUESTIONNAIRE

     Pursuant to Section 3 of the Agreement, please provide us with the following information:

	 	 	 	 	 
	 	1.	 	 	The exact name that your Shares are to be registered in (this is the
name that will appear on your stock certificate(s)). You may use a
nominee name if appropriate:

	 	 	 	 	 

	 	2.	 	 	The relationship between the Purchaser of the Shares and the
Registered Holder listed in response to item 1 above:

	 	 	 	 	 

	 	3.	 	 	The mailing address of the Registered Holder listed in response to
item 1 above:

	 	 	 	 	 

	 	4.	 	 	The Social Security Number or Tax Identification Number of the
Registered Holder listed in response to item 1 above:

	 	 	 	 	 
	 	PURCHASER

 	 
	 	By:  	
 	 
	 	 	 	 
	 	 	 	 
	 	Its:  	
 	 

 

 

	 	 	 	 	 

Schedule 1

CERTAIN DEFINED TERMS

     Definitions. The following terms, whenever used herein, shall have the following
respective meanings for all purposes of this Agreement.

     “1934 Act” means the Securities Exchange Act of 1934, as amended.

     “Affiliate” means as to any Person (a) any Person which directly or indirectly
controls, is controlled by, or is under common control with such Person, and (b) any Person who is
a director, officer, partner or principal of such Person or of any Person which directly or
indirectly controls, is controlled by, or is under common control with such Person. For purposes
of this definition, “control” of a Person shall mean the power, direct or indirect, to
direct or cause the direction of the management and policies of such Person whether by ownership of
voting stock, by contract or otherwise.

     “Bylaws” means the Amended and Restated Bylaws of the Company, as may be amended from
time to time.

     “Charter” means the Amended and Restated Certificate of Incorporation of the Company,
as may be amended from time to time.

     “Encumbrances” means any and all liens, encumbrances, charges, mortgages, deeds of
trust, options, pledges, restrictions on transfer, preemptive rights, rights of first refusal or
offer, security interests, hypothecations, easements, rights-of-way or encroachments of any nature
whatsoever, whether voluntarily incurred or arising by operation of law.

     “Governmental Authority” means any nation or country (including but not limited to the
United States) and any state, commonwealth, territory or possession thereof and any political
subdivision of any of the foregoing, including but not limited to courts, departments, commissions,
boards, bureaus, agencies, ministries or other instrumentalities.

     “Material Adverse Effect” means a material adverse effect on the business, results of
operations, properties or assets of a Person; provided, however, that “Material
Adverse Effect” shall not include the impact on such business, results of operations,
properties or assets of a Person arising out of or attributable to (i) economic conditions
affecting the United States generally, (ii) conditions or effects affecting the capital markets in
the United States generally or (iii) effects relating to the announcement of the execution of this
Agreement or otherwise to the pendency of the transactions contemplated hereby, except to the
extent that the impact of any of the conditions or events described in the foregoing clauses (i),
(ii) or (iii) disproportionally affects such Person.

     “Person” means any individual, corporation (including any not-for-profit corporation),
general or limited partnership, limited liability partnership, joint venture, estate, trust, firm,
company (including any limited liability company or joint stock company), association,
organization, entity or Governmental Authority.

S-1-1

 

     “SEC” means the United States Securities and Exchange Commission.

     “SEC Documents” means each form, report, schedule, statement and other document filed
or required to be filed by the Company with the SEC pursuant to the 1934 Act through the date
hereof, including any filed amendment to such document, whether or not such amendment is required
to be so filed. “SEC Documents” does not include any information furnished to the SEC, including,
but not limited to, information under Items 2.02, 7.01 or 9.01 of Form 8-K.

S-1-2EX-10.2

Exhibit 10.2

COMMON STOCK WARRANT

     THIS SECURITY AND THE SHARES (AS DEFINED BELOW) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY SHARE MAY BE
SOLD OR TRANSFERRED ABSENT SUCH REGISTRATION OR AN EXEMPTION THEREFROM.

     Effective Date: September •, 2009

WARRANT TO PURCHASE COMMON STOCK

OPKO HEALTH, INC.

EXPIRING SEPTEMBER •, 2014

     THIS WARRANT CERTIFIES THAT • or their permitted assigns (“Holder”), for good and valuable
consideration, the receipt of which is hereby acknowledged, has been granted the right to purchase
from OPKO Health, Inc., a Delaware corporation (the “Company”), at any time and from time to time,
for a period commencing on the Effective Date (as defined below) and ending on the Expiration Date,
• (the “Warrant Number”) validly issued, fully-paid and non-assessable shares (the “Shares”) of the
Company’s common stock, par value $.01 per share, subject to adjustment as provided herein, at the
exercise price of $2.48 per share (the “Exercise Price”).

     1. Term of Warrant. Subject to the terms and conditions set forth herein, this Warrant
shall be exercisable, in whole or in part, during the term (“Term”) commencing at 9:00 a.m., New
York, New York time, on the date hereof (the “Effective Date”) and ending at 5:00 p.m., New
York, New York time on the Expiration Date, and shall be void thereafter.

     2. Exercise of Warrant.

          2.1. Manner of Exercise. The purchase rights represented by this Warrant are
exercisable by the Holder in whole or in part, at any time, or from time to time, during the Term,
by the surrender of this Warrant and the Notice of Exercise (in the form annexed hereto as Exhibit
A), duly completed and executed on behalf of the Holder, at the office of the Company (or such
other office or agency of the Company as it may designate by notice in writing to the Holder), upon
payment of the purchase price of the Shares to be purchased in cash or wire transfer to an account
designated by the Company.

          2.2. Time of Exercise. This Warrant shall be deemed to have been exercised
immediately prior to the close of business on the date of its surrender for exercise as provided
above (the “Exercise Date”), and the Person entitled to receive the Shares issuable upon such
exercise shall be treated for all purposes as the holder of record of such Shares as of the close
of business on such date. As used in this Warrant, “Person” shall mean an individual, corporation,
limited liability company, partnership, trust, incorporated or unincorporated association, joint
venture, joint stock company, government (or any agency or political subdivision thereof) or other
entity of any kind.

-1-

 

          2.3. Delivery of Certificate and Revised Warrant. As promptly as practicable on or
after the Exercise Date and in any event within fifteen (15) days thereafter, the Company at its
expense, will issue and deliver to the Person(s) entitled to receive the same a certificate or
certificates for the number of Shares issuable upon such exercise or other appropriate written
evidence of the issuance of the Shares. In the event that this Warrant is exercised in part, the
Company at its expense shall execute and deliver a new Warrant of like tenor exercisable for the
number of Shares for which this Warrant may then be exercised at the same time.

          2.4. No Fractional Shares. No fractional Shares shall be issued upon the exercise of
this Warrant. In lieu of any fractional Share to which the Holder would otherwise be entitled, the
Company shall make a cash payment equal to the Exercise Price multiplied by such fraction.

     3. Adjustments to the Shares.

          3.1. Merger, Sale of Assets, etc. If at any time while this Warrant, or any portion
thereof, is outstanding and unexpired there shall be (i) a reorganization (other than a
combination, reclassification, exchange or subdivision of securities otherwise provided for
herein), (ii) a merger or consolidation of the Company with or into another entity in which the
Company is not the surviving entity, or a reverse triangular merger in which the Company is the
surviving entity but the Company’s shares of capital stock outstanding immediately prior to the
merger are converted by virtue of the merger into other property, whether in the form of
securities, cash or otherwise, or (iii) a sale or transfer of the Company’s properties and assets
as, or substantially as, an entirety to any other person, this Warrant shall thereafter represent
the right to acquire the number of Shares or other securities or property which the Holder of this
Warrant would have owned immediately after the consummation of such reorganization, merger,
consolidation, sale or transfer, if the Holder of this Warrant had exercised this Warrant
immediately before the effective date of the reorganization, merger, consolidation, sale or
transfer.

          3.2. Reclassification, etc. If the Company, at any time while this Warrant, or any
portion hereof, remains outstanding and unexpired by reclassification of securities or otherwise,
shall change any of the securities as to which purchase rights under this Warrant exist into the
same or a different number of securities of any other class or classes, this Warrant shall
thereafter represent the right to acquire such number and kind of securities as would have been
issuable as the result of such change with respect to the securities that were subject to the
purchase rights under this Warrant immediately prior to such reclassification or other change and
the Warrant Number shall be appropriately adjusted, all subject to further adjustment as provided
for herein.

          3.3. Split, Subdivision or Combination of Shares. If the Company at any time while
this Warrant, or any portion hereof, remains outstanding and unexpired shall split, subdivide or
combine the securities as to which purchase rights under this Warrant exist, into a different
number of securities of the same class, the Warrant Number shall be proportionately increased (and
the Exercise Price decreased correspondingly) in the case of a split or subdivision or
proportionately decreased (and the Exercise Price increased correspondingly) in the case of a
combination.

-2-

 

          3.4. Adjustments for Dividends in Shares or Other Securities or Property. If while
this Warrant, or any portion hereof, remains outstanding and unexpired, the holders of the
securities as to which purchase rights under this Warrant exist at the time shall have received,
or, on or after the record date fixed for the determination of eligible shareholders, shall have
become entitled to receive, without payment therefor, other or additional securities or property
(other than cash) of the Company by way of dividend, then and in each case, this Warrant shall
represent the right to acquire, in addition to the number of Shares receivable upon exercise of
this Warrant, and without payment of any additional consideration therefor, the amount of such
other or additional securities or property (other than cash) of the Company that such Holder would
hold on the date of such exercise had it been the holder of record of the security receivable upon
exercise of this Warrant on the date hereof and had thereafter, during the period from the date
hereof to and including the date of such exercise, retained such Shares and/or all other additional
securities available to it as aforesaid during such period, giving effect to all adjustments called
for during such period by the provisions of this Warrant.

     4. Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment
pursuant to Section 3, the Company at its expense shall promptly compute such adjustment or
readjustment in accordance with the terms hereof and furnish to each Holder a certificate
setting forth, in reasonable detail, the event requiring the adjustment or readjustment, the
amount of such adjustment or readjustment, the method by which such adjustment or readjustment
was calculated, the Exercise Price, and the number of Shares and the amount, if any, of other
property that at the time would be received upon the exercise of the Warrant. The Company shall
upon the written request, at any time, of any such Holder, furnish or cause to be furnished to
such Holder a like certificate.

     5. Share Legend. Each certificate for Shares issued upon exercise of this Warrant shall
bear the following legend:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD OR OFFERED
FOR SALE IN THE ABSENCE OF REGISTRATION UNDER THE SECURITIES ACT OR AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO OPKO HEALTH, INC., A DELAWARE CORPORATION, AND
ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

THIS SECURITY IS SUBJECT TO RESTRICTIONS ON RESALE PURSUANT TO THAT CERTAIN
SECURITIES PURCHASE AGREEMENT WITH THE COMPANY DATED SEPTEMBER •, 2009, A COPY OF
WHICH CAN BE OBTAINED FROM THE ISSUER OR THE HOLDER OF THIS SECURITY. NO TRANSFER
OF SUCH SECURITY WILL BE MADE ON THE BOOKS OF THE ISSUER UNLESS ACCOMPANIED BY
EVIDENCE OF COMPLIANCE WITH THE TERMS OF SUCH AGREEMENT.

     6. Shares to be Fully Paid. The Company will issue Shares pursuant to this Warrant as
fully paid, non-assessable and free from all liens and encumbrances.

     7. Company to Reserve Shares. At all times before the date on which the Warrant expires
(the “Expiration Date”), the Company will reserve and keep available, free from preemptive
rights, out of its authorized but unissued Shares or Shares held in the treasury of the

-3-

 

Company, for the purpose of effecting the exercise of this Warrant, the full number of
Shares then deliverable upon the exercise of this Warrant. The issuance of this Warrant shall
constitute full authority to those officers of the Company who are charged with the duty of
executing stock certificates to execute and issue the necessary certificates for Shares upon
exercise of this Warrant.

     8. Exchange of Warrant. The Holder may exchange this Warrant, at the Company’s expense, at
any time prior to the Expiration Date, by surrendering this Warrant to the Company, for other
warrant certificates, upon the same terms and conditions of this Warrant, which in the aggregate
entitle the Holders to purchase the balance of Shares then covered by this Warrant.

     9. No Rights as Stockholder. Except as otherwise provided herein, this Warrant will not
entitle the Holder to any of the rights of a stockholder of the Company, including, without
limitation, the right to vote or to receive distributions.

     10. Amendment. This Warrant may not be amended except with the prior written consent of the
Holder and the Company. Any instrument given by or on behalf of the Holder in connection with
any consent to any modification or amendment will be conclusive and binding on all subsequent
holders of this Warrant.

     11. Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon
receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction
or mutilation of this Warrant or any stock certificate relating to the Shares, and in case of
loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon surrender and
cancellation of such Warrant or stock certificate, if mutilated, the Company issue or cause to
be issued a new Warrant or stock certificate of like tenor and dated as of such cancellation, in
lieu of such Warrant or stock certificate.

     12. Transfer. The securities evidenced hereby have not been registered under the
Securities Act of 1933 or any state securities laws; such securities may not be transferred,
sold, pledged, or otherwise disposed of unless such securities are registered under the
Securities Act of 1933 and such state laws or such transactions are exempt from the registration
requirements thereof. Upon surrender of this Warrant as a result of a transfer hereof, the
Company, at the expense of the transferee or transferor hereof, as the transferee and transferor
may decide between themselves, will issue and deliver to, or to the order of, the transferee a
new Warrant in the name of such transferee, or as such transferee (on payment by such transferee
of any applicable transfer taxes) may direct, calling in the aggregate on the face thereof for
the number of Shares called for on the face of this Warrant. As a condition to effecting any
transfer, the Holder shall notify the Company of the proposed transfer by delivering a Notice of
and Form of Assignment (in the form annexed hereto as Exhibit B), duly completed and executed on
behalf of the Holder at the office of the Company (or such other office or agency of the Company
as it may designate by notice in writing to the Holder).

     13. Successors and Assigns. This Warrant shall not be assignable by the Company without
the prior written consent of the Holder and any such assignment in violation hereof shall be
null and void. Subject to the foregoing, this Warrant shall bind and inure to the benefit of
the Company and its permitted successors and assigns, the Holder and its
successors and assigns.

-4-

 

     14. Applicable Law. This Warrant shall be construed in accordance with, and governed by,
the laws of the State of Florida without giving effect to the conflict of law provisions
thereof.

-5-

 

     IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the
Effective Date set forth above.

	 	 	 	 	 
	 	OPKO HEALTH, INC.

(A DELAWARE CORPORATION)

 	 
	 	By:  	 	 
	 	 	Name:  	Steven Rubin 	 
	 	 	Title:  	Executive Vice President, Administration 	 

-6-

 

	 	 	 	 	 

EXHIBIT A

NOTICE OF EXERCISE

     Dated:                     

     1. The undersigned hereby elects to purchase                      shares of the common stock of OPKO
Health, Inc. pursuant to the terms of the attached Warrant, and tenders herewith payment of the
purchase price of such securities in full. Such purchase price is being paid in cash. .

     2. Please issue certificate(s) representing said shares in the name of the undersigned or in
such other name(s) as is specified below and deliver such certificates to the address(es) specified
below:

[insert name(s) and address(es)]

     3. Please issue a new Warrant for the unexercised portion of the attached Warrant in the name
of the undersigned or in such other name as is specified below:

[strike if not applicable]

	 	 	 	 	 
	 	[Insert name of Holder]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

-7-

 

	 	 	 	 	 

EXHIBIT B

NOTICE OF AND

FORM OF ASSIGNMENT

(TO BE SIGNED ONLY ON TRANSFER OF WARRANT)

     For value received, the undersigned hereby sells, assigns, and transfer unto                     ,
federal taxpayer identification number                     , whose address is                     , the right
represented by the within Warrant to purchase           shares of Common Stock of                      to
which the within Warrant relates, and appoints the Secretary of                      Attorney to
transfer such right on the books of                      with full power of substitution in the
premises.

	 	 	 	 	 
	 	 	 
	Dated: 	
 	 
	 	(Signature must conform to name of holder as 	 
	 	specified on the face of the Warrant) 	 
	 
	 	 	 
	 	 	 
	 	Address 	 
	 	 	 
	 

	 	 	 	 	 
	 	Signed in the presence of:

 	 
	 	
 	 
	 	 	 
	 	 	 

-8-

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