Document:

exv10w1

 

Exhibit 10.1

EXECUTION VERSION

WAIVER AND CONSENT AGREEMENT

     This
Waiver and Consent Agreement (the “Agreement”) is entered into on this 17th day of May,
2005, by and among Donald J. Stebbins (“EMPLOYEE”), Lear Corporation (“LEAR”), and Visteon
Corporation (“VISTEON”) (sometimes collectively referred to as the “Parties”).

     WHEREAS, EMPLOYEE executed an Employment Agreement with LEAR dated March 15, 2005 (the
“Employment Agreement”);

     WHEREAS, EMPLOYEE desires to resign from his employment with LEAR and accept a position as an
executive officer of VISTEON;

     WHEREAS, EMPLOYEE and VISTEON have requested that LEAR consent to EMPLOYEE’s employment by
VISTEON;

     WHEREAS, LEAR is willing to grant such consent on the terms and conditions set forth in this
Agreement;

     NOW THEREFORE, for and in consideration of the mutual covenants and agreements set forth
herein, the Parties agree as follows:

     1. Subject to the restrictions and limitations set forth in Sections 2 and 3 of this
Agreement, LEAR consents to EMPLOYEE’s employment by VISTEON and to EMPLOYEE’s solicitation of
LEAR’s customers.

     2. EMPLOYEE, in consideration of LEAR’s consent to his employment by VISTEON:

	 	(a)  	agrees and recognizes that, notwithstanding the limited consent
provided in Section 1 above, LEAR has not released EMPLOYEE from EMPLOYEE’s
remaining obligations under the Employment Agreement, including but not limited
to those obligations set forth in Section 10(a) (Noncompetition), Section 10(b)
with respect to EMPLOYEE’s engaging in any Competitive Activity (as defined in
the Employment Agreement) other than on behalf of VISTEON, Section 10(c)
(provided that while employed by VISTEON and its affiliates, EMPLOYEE’s
limitation on soliciting customers shall be governed by Section 2(b) below),
Section 10(d), Section 11 (Confidentiality and Cooperation), and Section 12
(Arbitration). EMPLOYEE reaffirms his continuing obligations under these
Sections of the Employment Agreement for the respective periods specified
therein;
	 
	 	(b)  	agrees that he shall not, for a period of two years following
the date hereof, on behalf of VISTEON or any other person or entity, (i)
directly or indirectly utilize or convey any non-public information obtained by
EMPLOYEE while employed by LEAR in any attempt to divert from LEAR any business
whatsoever or interfere in any existing business

 

 

	 	   	relationship that exists on the date hereof between LEAR and any other
person or entity, including, without limitation, any attempt to re-source
any automotive program that has been awarded to LEAR or its affiliates or
(ii) participate directly or indirectly in seeking the award of any business
being pursued by LEAR or its affiliates prior to the date hereof but which
has not been awarded as of the date hereof if EMPLOYEE had any direct or
indirect involvement in such business while he was employed by LEAR;	 
	 
	 	(c)  	agrees not to engage in any form of conduct or to make any
statements or representations that disparage or otherwise impair the
reputation, goodwill or commercial interests of LEAR, its products, services or
personnel (and LEAR agrees not to engage in any form of conduct or to make any
statements or representations that disparage or otherwise impair the reputation
of EMPLOYEE);	 
	 
	 	(d)  	agrees that he will promptly return all property of LEAR and
its affililiates, regardless of the type or medium (i.e., computer disk,
CD-ROM) upon which it is maintained, including, but not limited to, business
plans and strategies, financial data or reports, memoranda, correspondence,
software, compensation and commission plans, and any other documents pertaining
to the business of LEAR, or its affiliates, customers or vendors, as well as
any vehicles, credit cards, keys, identification cards, and any other personal
property, documents, writings and materials that EMPLOYEE came to possess or
otherwise acquired as a result of and/or in connection with EMPLOYEE’s
association with LEAR and that no copies or duplicates of any documents have
been retained; and	 
	 
	 	(e)  	agrees that he will not challenge the enforceability of the
restrictions on his activities contained in this Agreement or in the Employment
Agreement.	 

     3. VISTEON, in consideration of the promises and obligations set forth in this Agreement:

	 	(a)  	agrees that for a period of two years following the date
hereof, it shall waive any restriction that it may impose on EMPLOYEE’s future
employment by LEAR if EMPLOYEE desires to be re-employed by LEAR;
	 
	 	(b)  	agrees that it shall not for the period of eighteen (18) months
following the date hereof, solicit, hire, or employ any of LEAR’s executive
officers, division presidents, vice presidents, or any of the other
participants in LEAR’s Management Stock Purchase Plan, which individuals will
be identified to VISTEON upon written request to LEAR’s Senior Vice

2

 

	 	   	President of Human Resources; provided, however, that the restrictions in
this Section 3(b) shall not apply to any LEAR employee whose employment has
been terminated by LEAR prior to the solicitation of such employee by
VISTEON;
	 
	 	(c)  	agrees that it will not challenge the enforceability of the
restrictions on its or EMPLOYEE’s activities contained in this Agreement or in
the Employment Agreement; and
	 
	 	(d)  	agrees to pay to LEAR, no later than May 20, 2005, by wire
transfer of immediately available funds, an agreed upon amount, which amount
LEAR will contribute to the Lear Corporation Charitable Foundation.

     4. The Parties agree that the arbitration and dispute resolution procedures set forth in the
Employment Agreement shall apply to any disputes under this Agreement. VISTEON and EMPLOYEE
further acknowledge and agree that damages in the event of a breach or threatened breach of the
covenants in Sections 2 and 3 of this Agreement will be difficult to determine and will not afford
a full and adequate remedy, and therefore agree that LEAR, in addition to seeking actual damages or
liquidated damages, as described below, may seek specific enforcement of the covenants in any court
of competent jurisdiction, including, without limitation, by the issuance of a temporary or
permanent injunction, without the necessity of a bond, or other equitable relief, and that all such
remedies shall be cumulative. VISTEON agrees that the provisions of Section 3 are reasonable.
However, should any court or arbitrator determine that any provision of Section 3 is unreasonable,
either in period of time, or otherwise, VISTEON agrees that Section 3 should be interpreted and
enforced to the maximum extent which such court or arbitrator deems reasonable. VISTEON further
agrees that damages for a breach of Section 3(b) can be difficult to calculate and therefore,
without limiting LEAR’s rights to equitable remedies pursuant to this Section 4, agrees to pay to
LEAR an amount equal to one year of base salary for any such individual that is the subject of a
violation as liquidated damages for each such breach.

     5. EMPLOYEE acknowledges that he is terminating his employment voluntarily and that his
termination of employment with LEAR is not for “Good Reason” (as such term is defined in the
Employment Agreement).

     6. The Parties agree that this Agreement shall be governed by and construed in accordance with
the laws of the State of Michigan.

     7. This Agreement shall not be amended or modified in any respect whatsoever, except by a
writing duly executed by each party to this Agreement, and it is further agreed that no party to
this Agreement will make a claim at any time that this Agreement has been orally amended or
modified.

     8. This Agreement shall be binding upon the Parties and their respective personal
representatives, heirs, successors and assigns; provided, however, that the Parties acknowledge and
agree that this Agreement may not be assigned, in whole or in part, by operation of law or
otherwise, by EMPLOYEE or VISTEON without the consent of LEAR, other than (in the case

3

 

of VISTEON) to a successor to all or substantially all of the assets of VISTEON where such
successor did not previously engage in competition with any product or service of LEAR (including,
without limitation, supplying to an original equipment automotive vehicle manufacturer), except
with respect to the activities of VISTEON itself. This Agreement shall inure to the benefit of
LEAR and any successor to LEAR by merger or consolidation, or any assignee of the assets of LEAR.

     9. This Agreement may be executed in counterparts, each of which, when so executed, shall be
deemed an original, and all such counterparts shall constitute one and the same instrument.
Further, the Parties stipulate that a signature to this Agreement produced by facsimile
transmission is valid and is as effective as an original signature.

     10. Any notice or other communication required or permitted hereunder must be in writing and
must be delivered personally, or sent by certified, registered or express mail, postage prepaid.
Any such notice will be deemed given when so delivered personally or, if mailed, three days after
the date of deposit in the United States mail, in the case of LEAR to 21557 Telegraph Road, P.O.
Box 5008, Southfield, Michigan 48086-5008, Attention: General Counsel, in the case of VISTEON to
One Village Center Drive, Van Buren Township, Michigan 48111, Attention: General Counsel’s Office,
and in the case of EMPLOYEE, to the address of EMPLOYEE provided to the other Parties on the date
hereof or, in each case, to such other address as may be designated in a notice given in accordance
with this Section.

     11. The Parties represent and warrant that no promise or inducement has been offered or made
except as set forth herein and that they are entering into and executing this Agreement without
reliance on any statement or representation by any Party or any person(s) acting on their behalf
not set forth within this Agreement.

     12. The Parties represent and warrant that they have not sold, assigned, transferred, conveyed
or otherwise disposed of to any third party, by operation of law or otherwise, any action, cause of
action, debt, obligation, contract, agreement, covenant, guarantee, judgment, damage, claim,
counterclaim, liability, or demand of any nature whatsoever relating to any matter covered by this
Agreement.

     13. Each of the Parties has been given an opportunity to participate in the drafting and
preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same
shall not be construed against any party.

     14. The Parties understand and agree that this Agreement does not and shall not constitute an
admission by any person of any fact or conclusion of law.

4

 

     IN WITNESS WHEREOF, the Parties have executed and agreed to this Agreement.

	 	 	 
	EMPLOYEE

	 	LEAR CORPORATION
	 
	 	 
	 
	 	 
	/s/ Donald J. Stebbins

	 	By: /s/ Daniel A. Ninivaggi
	 

	 	 
	Donald J. Stebbins

	 	Name: Daniel A. Ninivaggi
	

	 	Title: Senior VP & General Counsel
	

	 	 

VISTEON CORPORATION

By:      /s/ Robert H. Marcin

Name: R. H. Marcin

Title: Senior Vice President, Corporate Relations

5<PAGE>

                                                               EXECUTION VERSION

EXHIBIT 10.1

       AMENDMENT NO. 6 TO AMENDED AND RESTATED RECAPITALIZATION AGREEMENT

            THIS AMENDMENT NO. 6 TO AMENDED AND RESTATED RECAPITALIZATION
AGREEMENT (this "AMENDMENT") is made and entered into as of May 13, 2005 (the
"SIXTH AMENDMENT DATE") by and between NORTHWEST BIOTHERAPEUTICS, INC., and its
affiliates, if any (collectively, the "COMPANY"), a Delaware corporation with
offices at 22322 20th Ave SE, Suite 150, Bothell, Washington, 98021, and TOUCAN
CAPITAL FUND II, L.P., and its designees (collectively, "INVESTOR"), a Delaware
limited partnership with offices at 7600 Wisconsin Avenue, Bethesda, MD 20814.
All capitalized terms used herein but not otherwise defined shall have the
meaning given such terms in the Agreement (as defined below).

                                    RECITALS

           WHEREAS, the Company and Investor have entered into that certain
Amended and Restated Recapitalization Agreement, dated as of July 30, 2004 (the
"AGREEMENT");

            WHEREAS, on October 22, 2004, the Company and Investor entered into
Amendment No. 1 to the Agreement;

            WHEREAS, on November 10, 2004, the Company and Investor entered into
Amendment No. 2 to the Agreement;

            WHEREAS, on December 27, 2004, the Company and Investor entered into
Amendment No. 3 to the Agreement;

            WHEREAS, on January 26, 2005, the Company and Investor entered into
Amendment No. 4 to the Agreement;

            WHEREAS, on April 12, 2005, the Company and Investor entered into
Amendment No. 5 to the Agreement;

            WHEREAS, the Company and Investor desire to further amend the
Agreement to make such changes to the Agreement as are set forth herein; and

            WHEREAS, Section 4.13(f) of the Agreement provides that the
Agreement may be amended or modified only by a written instrument signed by the
Company and Investor.

                                    AMENDMENT

            NOW, THEREFORE, for and in consideration of the mutual promises and
covenants set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and
Investor hereby agree as follows:

1. Section 1.2 of the Agreement is hereby amended by inserting "and the Loan
Agreement, Security Agreement and 10% Convertible, Secured Promissory Note dated
May 13, 2005 attached hereto as Exhibit A-10, and the May 13 Bridge Warrant (as
defined herein) in the form attached hereto as Exhibit K-5" immediately
following the phrase "in the form attached hereto as Exhibit K-4" in subsection
(g) thereof.

2. Section 2.2(a) of the Agreement is hereby amended by replacing "A-9" with
"A-10."

3. Section 2.3(b) of the Agreement is hereby amended by adding the following
text immediately following the fifteenth sentence thereof:

      "On May 13, 2005 (the "SIXTH AMENDMENT DATE"), Investor is providing an
      additional $450,000 of Bridge Funding (the "MAY 13 BRIDGE FUNDING") to
      cover general operating expenses and certain other expenses of the Company
      agreed in advance by Investor during the period from May 13, 2005 through
      June 30, 2005. The May 13 Bridge Funding shall be evidenced by a Note in
      the form attached hereto as Exhibit A-

<PAGE>

                                                               EXECUTION VERSION

      10 and shall be provided on the terms and conditions set forth herein. The
      May 13 Bridge Funding shall be used only for the purposes and in the
      amounts agreed to in writing by Investor and the Company."

4. Section 2.3(b) of the Agreement is hereby further amended by replacing the
phrase "December 27 Bridge Funding or April 12 Bridge Funding" with "December 27
Bridge Funding, April 12 Bridge Funding or May 13 Bridge Funding") in the
sixteenth sentence thereof (i.e., the nineteenth sentence thereof after giving
effect to the inclusion of the three new sentences therein per Section 3 of this
Amendment).

5. The Agreement is hereby amended by adding a new Section 2.15, immediately
following Section 2.14 thereof, as follows:

      "2.15 May 13 Bridge Warrant:

            (a) Issuance of May 13 Bridge Warrant. On the Sixth Amendment Date,
      Investor shall receive a warrant with coverage equal to one hundred
      percent (100%) of the principal amount due under the Note evidencing the
      May 13 Bridge Funding (the "MAY 13 BRIDGE WARRANT"). The Company shall,
      therefore, issue $450,000 in warrant coverage on the $450,000 of May 13
      Bridge Funding provided on the Sixth Amendment Date. The number of shares
      subject to the May 13 Bridge Warrant to be so issued shall be determined
      on the basis of $0.10 per share (subject to adjustment for stock splits,
      stock dividends and the like). The total number of shares for which
      Investor shall initially be able to exercise the May 13 Bridge Warrant
      shall therefore be 4,500,000 shares as of the Sixth Amendment Date.

            (b) Exercise of May 13 Bridge Warrant. The May 13 Bridge Warrant
      shall be immediately exercisable upon issuance and continue to be
      exercisable for a period of seven (7) years after its issuance date. The
      exercise price of the May 13 Bridge Warrant shall be $0.04 (subject to
      adjustment for stock splits, stock dividends and the like, as provided
      more fully in the May 13 Bridge Warrant). In the event the Convertible
      Preferred Stock is approved and authorized, and the terms and conditions
      are the same as set forth herein and in the Convertible Preferred Stock
      Term Sheet, and Other Investors have purchased in cash (and not by
      conversion of debt, exercise of warrants or options, or conversion or
      exercise of other securities or instruments) a minimum of $15 million of
      such Convertible Preferred Stock, on the terms and conditions set forth
      herein and in the Convertible Preferred Stock Term Sheet, then the May 13
      Bridge Warrant shall be exercisable solely for such Convertible Preferred
      Stock (subject to Section 5 thereof). However, if, for any reason, such
      Convertible Preferred Stock is not approved or authorized, and/or is
      approved or authorized on any terms different than any terms set forth
      herein and in the Convertible Preferred Stock Term Sheet, and/or if Other
      Investors have not purchased in cash (and not by conversion of debt,
      exercise of warrants or options, or conversion or exercise of other
      securities or instruments) a minimum of $15 million of such Convertible
      Preferred Stock, on the terms and conditions set forth herein and in the
      Convertible Preferred Stock Term Sheet, the May 13 Bridge Warrant shall be
      exercisable for any Equity Security and/or Debt Security (each as defined
      in Section 2.7 hereof) and/or any combination thereof, in each case that
      Investor shall designate in Investor's sole discretion (the securities so
      elected being the "INVESTOR DESIGNATED SECURITIES").

            (c) No Impairment. The Company shall not, by amendment of its
      Charter or through a reorganization, transfer of assets, consolidation,
      merger, dissolution, issue or sale of securities, or any other voluntary
      action, omission, or agreement, avoid or seek to avoid the observance or
      performance of any of the terms to be observed or performed by the Company
      under and/or in connection with the May 13 Bridge Warrant, but shall at
      all times in good faith use best efforts to assist in carrying out of all
      the provisions of and/or relating to such May 13 Bridge Warrant and in
      taking all such action as may be necessary or appropriate to protect
      Investor's rights, preferences and privileges under and/or in connection
      with the May 13 Bridge Warrant against impairment. Investor's rights,
      preferences and privileges granted under and/or in connection with the May
      13 Bridge Warrant may not be amended, modified or waived without
      Investor's prior written consent, and the documentation providing for such
      rights, preferences and privileges will specifically provide as such.

            (d) Tax Treatment of May 13 Bridge Warrant and Note. The Company and
      Investor, as a result of arm's length bargaining, agree that the fair
      market value of the Note to be issued in connection with the May 13 Bridge
      Funding, if issued apart from the May 13 Bridge Warrant, is $445,500, and
      the fair

<PAGE>

                                                               EXECUTION VERSION

      market value of the May 13 Bridge Warrant, if issued apart from such Note,
      is $4,500. The Company and Investor further agree that all tax filings and
      records relating to or including this Agreement, the Note to be issued in
      connection with the May 13 Bridge Funding and/or the May 13 Bridge Warrant
      shall be prepared on the basis of, and consistently reflect, the agreed
      fair market values set forth in this Section 2.15(d), and the Company
      shall instruct its accountants and other tax-preparation professionals to
      prepare all tax filings and returns on the basis of the foregoing."

6. Section 3.4(b) of the Agreement is hereby amended by:

            (A) replacing "$6.3 million" with "$5.85 million" in the first
      sentence thereof; and

            (B) replacing " "63,000,000" with "58,500,000" in the third sentence
      thereof.

7. Section 4.7.6 of the Agreement is hereby amended and restated in its entirety
as follows:

            "4.7.6. Capitalization. The authorized capital stock of the Company
      consists of 300,000,000 shares of Common Stock, par value $0.001 per share
      and 100,000,000 shares of Preferred Stock, par value of $0.001 per share.
      As of the date hereof, 19,078,048 shares of Common Stock and 32,500,000
      shares of series A preferred stock are issued and outstanding. No other
      shares of any class or series of the Company's capital stock are
      authorized and/or issued and outstanding. All issued and outstanding
      shares of capital stock of the Company have been duly authorized and
      validly issued, and are fully paid and non-assessable, and have been
      offered, sold and delivered by the Company in compliance with all
      applicable federal and state securities laws. Except as set forth in
      Schedule 4.7.6, no subscription, warrant, option, convertible security, or
      other right (direct or indirect, contingent or otherwise) to purchase or
      otherwise acquire any equity securities of the Company is authorized or
      outstanding, and there is no agreement, promise, commitment, undertaking
      or letter of intent of any kind (direct or indirect, contingent or
      otherwise) by the Company to issue any shares, subscriptions, warrants,
      options, convertible securities, or other such rights, or to distribute to
      holders of any of its equity securities any evidence of indebtedness or
      asset. Except as set forth in Schedule 4.7.6, the Company has no
      obligation of any kind (direct or indirect, contingent or otherwise) to
      purchase, redeem or otherwise acquire any of its equity securities or any
      interest therein or to pay any dividend or make any other distribution in
      respect thereof. Schedule 4.7.6 includes a true, accurate and complete
      statement describing the total number of shares of the Company outstanding
      as of the date of this Agreement (on a fully diluted basis, including,
      without limitation, all warrants and options outstanding (whether or not
      currently exercisable), all convertible instruments of any kind (whether
      or not currently convertible), shares of all classes of stock, and any
      agreements, promises, commitments, undertakings or letters of intent to
      issue any of the foregoing."

8. Section 4.7.15 of the Agreement is hereby amended and restated in its
entirety as follows:

            "4.7.15 Liabilities. The Company has the following accrued
      liabilities: (i) tax liabilities to the State of Washington in the maximum
      amount of $503,000, (ii) amounts payable to Cognate Therapeutics and (iii)
      future sublease payments to MediQuest Corporation for the Company's
      premises sublease not yet due, and a contingent lease liability to
      Benaroya Capital Co. LLC for premises currently occupied by MediQuest
      Corporation should Mediquest Corporation default on its lease with
      Benaroya Capital Co. LLC and which is not yet due, (iv) the Company's
      aggregate accrued, contingent and/or other liabilities of any nature,
      either mature or immature, as of the Sixth Amendment Date, do not exceed
      $474,539 (excluding amounts payable to Cognate), of which (x) $355,963 are
      currently due payables (including $347,629 for attorney and auditor fees),
      (y) $39,360 are the aggregate balances of capital leases payable in
      monthly installments in the amounts set forth in the budget included in
      the Schedule of Exceptions through the first calendar quarter of 2006,
      decreasing thereafter, the last of which is fully amortized in May 2007,
      and (z) $79,216 are accrued vacation and sick pay."

9. The Agreement is hereby amended by adding new Exhibit A-10, immediately
following Exhibit A-9 thereto, in the form attached as Exhibit A-10 hereto.

<PAGE>

                                                               EXECUTION VERSION

10. Exhibit B to the Agreement, as amended on December 27, 2004, January 26,
2005, and April 12, 2005 is hereby further amended by Exhibit B-4 hereto (the
"FOURTH AMENDMENT TO THE AMENDED AND RESTATED CONVERTIBLE PREFERRED STOCK TERM
SHEET"). Exhibit B, as so amended, shall be deemed to constitute the
"CONVERTIBLE PREFERRED STOCK TERM SHEET" for all purposes under the Agreement
and all other Related Recapitalization Documents.

11. The Agreement is hereby amended by adding new Exhibit K-5, immediately
following Exhibit K-4 thereto, in the form attached as Exhibit K-5 hereto.

12. The May 13 Bridge Warrant in the form attached hereto as Exhibit K-5 shall
be deemed to be a "BRIDGE WARRANT" and a "WARRANT" for all purposes under the
Agreement and any Related Recapitalization Document. The Note evidencing the May
13 Bridge Funding in the form attached hereto as Exhibit A-10 issued on the
Sixth Amendment Date shall be deemed to be a "NOTE" for all purposes under the
Agreement and any Related Recapitalization Document. Each of the May 13 Bridge
Warrant and the Note evidencing the May 13 Bridge Funding shall be deemed to be
"RELATED RECAPITALIZATION DOCUMENTS" for all purposes under the Agreement and
all other Related Recapitalization Documents.

13. Except as amended and/or restated hereby, all other terms and conditions of
the Agreement shall be unaffected hereby and remain in full force and effect.

14. This Amendment (including the Exhibits hereto, which are an integral part of
the Amendment), together with the Agreement (including the Schedules and
Exhibits thereto, which are an integral part of the Agreement) and the Related
Recapitalization Documents, constitute the entire agreement among the parties
hereto and thereto with regard to the subjects hereof and thereof and supersede
all prior agreements and understandings relating to the subject matter hereof
and thereof.

15. This Amendment shall be governed by and construed under the laws of the
State of Delaware, without regard to its conflicts of law provisions.

16. This Amendment may be executed in one or more counterparts, each of which
will be deemed an original but all of which together shall constitute one and
the same agreement.

17. This Amendment shall take effect immediately upon execution by the Company
and Investor.

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<PAGE>

                                                               EXECUTION VERSION

IN WITNESS WHEREOF, the parties hereto have executed this AMENDMENT NO. 6 TO
AMENDED AND RESTATED RECAPITALIZATION AGREEMENT as of the Sixth Amendment Date
above written.

                            NORTHWEST BIOTHERAPEUTICS, INC.

                            By:
                                 ------------------------------------
                            Name:  Alton L. Boynton
                            Title:  President

                            TOUCAN CAPITAL FUND II, LP

                            By:
                                 ------------------------------------
                            Name:  Linda F. Powers
                            Title:  Managing Director

                                  EXHIBIT A-10

FORM OF $450,000 LOAN AGREEMENT, SECURITY AGREEMENT AND 10% CONVERTIBLE, SECURED
                       PROMISSORY NOTE DATED MAY 13, 2005

<PAGE>

                                                               EXECUTION VERSION

                                   EXHIBIT B-4

     FORM OF FOURTH AMENDMENT TO AMENDED AND RESTATED CONVERTIBLE PREFERRED
                                STOCK TERM SHEET

<PAGE>

                                                               EXECUTION VERSION

                                   EXHIBIT K-5
                          FORM OF MAY 13 BRIDGE WARRANT

                                WAIVER AGREEMENT

            The undersigned, Toucan Capital Fund II, L.P. ("Toucan") is a party
to that certain Northwest Biotherapeutics Amended and Restated Recapitalization
Agreement with Northwest Biotherapeutics, Inc. (the "Company"), dated July 30,
2004, as amended on October 22, 2004, November 10, 2004, December 27, 2004,
January 26, 2005, April 12, 2005 and May 13, 2005 (the "Recapitalization
Agreement").

            WHEREAS, The Company is not able to fulfill certain of the
conditions set forth in Sections 2.4 and 4.9 of the Recapitalization Agreement
and Toucan is willing to allow limited waivers of certain of the conditions
solely in connection with the closing of the bridge funding on May 13, 2005 (the
"May 13 Bridge Funding").

            Toucan hereby waives the following conditions and relinquishes the
Company from complying with such conditions solely in connection with and as
applicable to the closing of the May 13 Bridge Funding:

1. The conditions set forth in Section 2.4 (a) and (g) to the extent they relate
to Related Recapitalization Documents that have not been executed by the
Company.

2. The conditions set forth in Section 2.4 (k) as to Dan Wilds.

3. The conditions set forth in Section 4.9 (a), (b), (d), and (e) to the extent
they relate to Related Recapitalization Documents that have not been executed by
the Company.

The waiver of the foregoing conditions in connection with the May 13 Bridge
Funding shall apply only to the May 13 Bridge Funding and shall not be deemed to
be a waiver of any condition or conditions as to any future closing or closings
of the Bridge Funding, if any, or the Anticipated Equity Financing, if any.

Capitalized terms used, but not otherwise defined herein shall have the meaning
ascribed to them in the Recapitalization Agreement.

DATED:  May 13, 2005.                       TOUCAN CAPITAL FUND II, L.P.

                                            By:  _____________________________
                                                   Linda F. Powers
                                            Its:  Managing Director

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