Document:

exv10w1

Exhibit 10.1

SETTLEMENT AGREEMENT AND MUTUAL RELEASE

     This Settlement Agreement and Release (“Agreement”) is made and entered into between Harrah’s
Operating Company, Inc. (“HOC”) and Harrah’s Entertainment, Inc. (“HEI” and, collectively with HOC,
“Harrah’s”), and PROS Revenue Management, L.P. (“PROS”). Each of the parties to this Agreement may
be referred to individually as a “Party,” and collectively as the “Parties.”

     WHEREAS, HOC filed a complaint against PROS entitled Complaint for Breach of Contract
(“Complaint”), in the District Court for Clark County, Nevada, on or about April 2008, Case Number
A561479 (the “Action”);

     WHEREAS, PROS removed the Action to the United States District Court, District of Nevada, on
or about May 22, 2008, Case Number 2:08-cv-00666-RCJ-GWF;

     WHEREAS, PROS filed an answer to the Complaint and counterclaims against HOC entitled Answer
and Counterclaims of PROS Revenue Management, L.P. (“Answer”), in the United States District Court
for the District of Nevada, on or about May 30, 2008, Case Number 2:08-cv-00666-RCJ-GWF;

     WHEREAS, the Parties stipulated to remand the Action to the District Court for Clark County,
Nevada, on or about February 26, 2009, Case Number 2:08-cv-00666-RCJ-GWF;

     WHEREAS, HOC filed an amended complaint against PROS entitled First Amended Complaint for
Breach of Contract, Fraud, and Negligent Misrepresentation (“FAC”), in the District Court for Clark
County, Nevada, on or about May 26, 2009, Case Number A561479;

     WHEREAS, PROS filed an answer to the FAC and counterclaims against HOC entitled Answer to the
First Amended Complaint and Counterclaims of PROS Revenue Management, L.P. (“Answer to FAC”), in
the District Court for Clark County, Nevada, on or about August 28, 2009, Case Number A561479;

     WHEREAS, HOC filed an amended complaint against PROS entitled Plaintiff Harrah’s Operating
Company, Inc.’s Second Amended Complaint for Breach of Contract, Fraud, and Negligent
Misrepresentation (“SAC”), in the District Court for Clark County, Nevada, on or about March 12,
2010, Case Number A561479;

     WHEREAS, HOC filed an amended complaint against PROS entitled Plaintiff Harrah’s Operating
Company, Inc.’s Third Amended Complaint for Breach of Contract, Fraud, and Negligent
Misrepresentation (“TAC”), in the District Court for Clark County, Nevada, on or about June 15,
2010, Case Number A561479;

     WHEREAS, PROS filed an answer to the TAC and counterclaims against HOC and HEI entitled Answer
to the Third Amended Complaint and Counterclaims of PROS Revenue Management, L.P. (“Answer to
TAC”), in the District Court for Clark County, Nevada, on or about July 2, 2010, Case Number
A561479;

 

 

     WHEREAS, the Parties wish to resolve their differences and bring an end to the Action;

     WHEREAS, each Party understands and agrees that this Agreement is a compromise and settlement
of disputed claims and that this Agreement is not to be construed as an admission of liability by
any Party,

     NOW, THEREFORE, with the intent and purpose of satisfying and settling all claims between the
Parties, and in consideration of the promises contained in this Agreement, the Parties agree as
follows:

     1. Execution of Agreement, Payment of Settlement Amount, and Dismissal of TAC and Answer
to TAC. In consideration of the releases contained herein and other good and valuable
consideration provided by this Agreement, PROS shall pay to HOC the amount of $9,000,000
(“Settlement Amount”) within ten (10) calendar days of the execution of this Agreement. Payment of
the Settlement Amount shall be made by electronic wire transfer to the following bank account:

     Bank: Bank of America

     Routing Number: ABA 026009593

     Account Number: 00990104564

     Beneficiary Name: Harrah’s Operating Company

     Within three (3) court days of HOC’s receipt of payment of the Settlement Amount, the Parties,
through their respective counsel, shall execute and deliver to the District Court for Clark County,
Nevada, a joint stipulation pursuant to NRCP 41(a)(1) to dismiss the Action with prejudice,
attached hereto as Exhibit A.

     2. The Parties agree to take any further action reasonably necessary to accomplish dismissal
of all claims and counterclaims against the Parties with prejudice.

     3. Releases.

(a) Releases by HOC. HOC, for itself and each of its current and former directors,
officers, shareholders, partners, principals, agents, employees, attorneys, and accountants,
and any predecessors-in-interest, successors-in-interest, assigns, subsidiaries, divisions
or affiliates of HOC and each of their current or former directors, officers, agents,
employees, attorneys, and accountants, forever releases and discharges PROS and each of its
current and former directors, officers, shareholders, partners, principals, agents,
employees, attorneys, and accountants, and any predecessors-in-interest,
successors-in-interest, assigns, subsidiaries, divisions or affiliates of PROS and each of
their current or former directors, officers, agents, employees, attorneys, and accountants
(collectively the “PROS Releasees”), of and from all disputes, claims, causes of action,
actions, judgments, liens, indebtedness, costs, damages, obligations, attorneys’ fees,
losses, liabilities and demands of whatever kind and character (collectively, “Claims”)
which now exist, or may exist or have existed, from the beginning of time to the date this
Agreement is fully executed, known or unknown, foreseen or unforeseen, liquidated or
unliquidated,

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potential or actual, including but not limited to all Claims alleged, or that could have
been alleged, or that could be alleged, in the Action, and all Claims relating to or arising
out of any local, state, federal, or foreign statute, ordinance, regulation, order, or
common law. It is further understood and agreed that HOC irrevocably has waived all rights
against the PROS Releasees under California Civil Code Section 1542 and under any similar
laws. Section 1542 provides as follows:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE,
WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER
SETTLEMENT WITH THE DEBTOR.

Notwithstanding the provisions of Section 1542 and any similar laws, and for the purpose of
implementing a full and complete release and discharge of the PROS Releasees of all Claims,
HOC expressly acknowledges that this Agreement and its releases are intended to include in
their effect all of HOC’s claims against the PROS Releasees, whether or not HOC knows or
suspects such to exist at the time of execution of this Agreement, and that this Agreement
contemplates the extinguishment of all such claims.

(b) Releases by HEI. HEI, for itself and each of its current or former directors,
officers, shareholders, partners, principals, agents, employees, attorneys, and accountants,
and any predecessors-in-interest, successors-in-interest, assigns, subsidiaries, divisions
or affiliates of HEI and each of their current or former directors, officers, agents,
employees, attorneys, and accountants, forever releases and discharges the PROS Releasees of
and from all Claims which now exist, or may exist or have existed, from the beginning of
time to the date this Agreement is fully executed, known or unknown, foreseen or unforeseen,
liquidated or unliquidated, potential or actual, including but not limited to all Claims
alleged, or that could have been alleged, or that could be alleged, in the Action, and all
Claims relating to or arising out of any local, state, federal, or foreign statute,
ordinance, regulation, order, or common law. It is further understood and agreed that HEI
irrevocably has waived all rights against the PROS Releasees under California Civil Code
Section 1542 and under any similar laws. Section 1542 provides as follows:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE,
WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER
SETTLEMENT WITH THE DEBTOR.

Notwithstanding the provisions of Section 1542 and any similar laws, and for the purpose of
implementing a full and complete release and discharge of the PROS Releasees of all Claims,
HEI expressly acknowledges that this Agreement and its releases are intended to include in
their effect all of HEI’ claims against the PROS Releasees, whether or not HOC knows or
suspects such to exist at the time of execution of this Agreement, and that this Agreement
contemplates the extinguishment of all such claims.

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(c) Releases by PROS. PROS, for itself and each of its current and former
directors, officers, shareholders, partners, principals, agents, employees, attorneys, and
accountants, and any predecessors-in-interest, successors-in-interest, assigns,
subsidiaries, divisions or affiliates of PROS and each of their current or former directors,
officers, agents, employees, attorneys, and accountants, forever releases and discharges HOC
and HEI and each of their current and former directors, officers, shareholders, partners,
principals, agents, employees, attorneys, and accountants, and any predecessors-in-interest,
successors-in-interest, assigns, subsidiaries, divisions or affiliates of PROS and each of
their current or former directors, officers, agents, employees, attorneys, and accountants
(collectively the “Harrah’s Releasees”), of and from all Claims which now exist, or may
exist or have existed, from the beginning of time to the date this Agreement is fully
executed, known or unknown, foreseen or unforeseen, liquidated or unliquidated, potential or
actual, including but not limited to all claims alleged, or that could have been alleged, or
that could be alleged, in the Action. This release includes, but is not limited to, any and
all Claims relating to or arising out of any local, state, federal, or foreign statute,
ordinance, regulation, order, or common law. It is further understood and agreed that PROS
has waived all rights against the Harrah’s Releasees under California Civil Code Section
1542 and under any similar laws. Section 1542 provides as follows:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE,
WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER
SETTLEMENT WITH THE DEBTOR.

Notwithstanding the provisions of Section 1542 and any similar laws, and for the purpose of
implementing a full and complete release and discharge of the Harrah’s Releasees of all
Claims, PROS expressly acknowledges that this Agreement and its releases are intended to
include in their effect all of the PROS’ claims against the Harrah’s Releasees, whether or
not the PROS knows or suspects such to exist at the time of execution of this Agreement, and
that this Agreement contemplates the extinguishment of all such claims.

     4. Return or Destruction of PROS’ Software. HOC and HEI shall return or destroy any
known copies of PROS’ Hotel Revenue Optimization Solution (“HROS”) that was physically delivered to
HOC between March 1, 2006 and April 22, 2008, as well as any known copies of any other software
PROS physically delivered to HOC between March 1, 2006 and April 22, 2008, including any extracts,
samples or portions that performed or purported to perform Market Revenue Management Software
(“MRM”) or Incented Demand Forecasting Software (“IDF”) , whether such copies exist on disc, CD, or
DVD. Additionally, to the extent any such software delivered by PROS is found to exist on the hard
drive of any computer system, HOC and HEI agree not to use that software. Harrah’s further
acknowledges that Harrah’s and its affiliates have no continuing right to PROS’ software and agree
that they will not disclose, copy, market, license or use the software. However, this paragraph
does not apply to any software that was not physically delivered by PROS, i.e., software from third
party vendors, whether or not PROS believes that such vendors have included PROS concepts or ideas
in their software. Further, to the extent PROS still maintains any data delivered to it by HOC or
HEI, PROS agrees to return or destroy such data.

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     5. Termination of Prior Agreements. The Parties also agree that the Software License
Agreement, Maintenance Agreement, Hosting Agreement and all other related agreements entered into
between the Parties in 2006 are terminated, and that this Agreement supersedes all prior agreements
between the Parties.

     6. Waiver of Fees and Costs. Each of the Parties shall pay all of its own legal fees,
costs, and any other expenses incurred or to be incurred in connection with the instant action.

     7. Authority to Settle. The Parties warrant that they have the power, right and
authority to settle and release fully and completely all Claims that they are settling and
releasing in this Agreement.

     8. Successors in Interest. The Parties agree that this Agreement shall be binding
upon the Parties, and, as applicable, upon their heirs, executors, administrators, dependents,
predecessors, successors, subsidiaries, divisions, alter egos, affiliated corporations and related
entities, and their past or present officers, directors, partners, employees, attorneys, assigns,
agents, representatives, and any or all of them.

     9. No Assignment. Each Party warrants and represents that it owns and controls each
of the claims, causes of action, or other matters that are released by this Agreement and that it
has not assigned or transferred to any other person any of the claims, causes of action, or other
matters that are released by this Agreement.

     10. Entire Agreement. This Agreement contains the entire agreement and understanding
concerning the subject matter of the Agreement between the Parties, and supersedes and replaces all
prior negotiations and proposed settlement agreements, written or oral. Each of the Parties to
this Agreement acknowledges that no other Party to this Agreement, nor any agent or attorney of any
such Party, has made any promise, representation or warranty, express or implied, not contained in
this Agreement to induce any Party to execute this Agreement. The Parties further acknowledge that
they are not executing this Agreement in reliance on any promise, representation or warranty not
contained in this Agreement.

     11. Advice of Counsel. Each Party represents that he, she, or it has: i) been
adequately represented, or has had the opportunity to be represented, by independent legal counsel
of its own choice, throughout all of the negotiations that preceded the execution of this
Agreement; ii) executed this Agreement with the consent and upon the competent advice of such
counsel, or that it has had the opportunity to seek such consent and advice; iii) read this
Agreement, and understands and assents to all the terms and conditions contained in this Agreement
without any reservations; and iv) had, or has had the opportunity to have had, the same explained
to it by its own counsel, who have answered any and all questions which have been asked of them, or
which could have been asked of them, with regard to the meaning of any of the provisions of this
Agreement.

     12. No Admissions. By entering into this Agreement, no Party intends to make, nor
shall be deemed to have made, any admission of any kind. The Parties agree that they are entering
into this Agreement solely for the purpose of avoiding the costs of further litigation of the
Action. This Agreement is the product of informed negotiations and compromises of previously
stated legal positions. Nothing contained in this Agreement shall be construed as an admission by
any Party as

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to the merit or lack of merit of any particular claim or defense. Any statements made in the
course of negotiations have been and shall be without prejudice to the rights of the Parties in any
disputes or transactions with any other person or entity not party to this Agreement, and shall
remain confidential pursuant to Nevada Rev. Stat. 48.105, Nevada Supreme Court Rules, Part VII,
Rule 3(4)(e), and Federal Rule of Evidence 408.

     13. Confidentiality. This Agreement, the Settlement Amount, and the terms and
conditions of the Agreement are confidential to the Parties, and except as specifically provided in
this provision, the Parties shall not publish, reproduce, transmit or disclose any of the
information contained in this Agreement to any parties other than Harrah’s and PROS, except to the
extent authorized or required by law. However, the Parties may disclose and acknowledge the fact
that the Action has been settled and mutually resolved. Moreover, nothing in this Agreement is in
any way intended to prevent, or prevents, the Parties from disclosing this Agreement, the
Settlement Amount, and the terms and conditions of the Agreement to their accountants, attorneys,
insurers, shareholders, or anyone to whom such disclosure is required by, or necessary for
compliance with, state or federal law or regulations or other legal obligations, including but not
limited to any filings with the Securities and Exchange Commission, such as a Form 8-K.
Additionally, the Parties agree that PROS may issue a press release concerning the Agreement
disclosing the Settlement Amount so long as PROS agrees not to disparage any Harrah’s related
entity, or any current or former officers, directors or employees of any Harrah’s related entity,
in any such press release.

     14. Governing Law and Venue. This Agreement shall in all respects be interpreted,
enforced, and governed by and under the internal laws of the State of Nevada. Each Party agrees
that in the event a dispute arises as to the validity, scope, applicability, or enforceability of
this Agreement, the prevailing party shall be entitled to recover its costs and reasonable
attorney’s fees. Further, any action or other proceeding relating in any way to this Agreement,
including but not limited to any action initiated to construe or enforce any of the provisions of
this Agreement, shall be filed exclusively in the District Court for Clark County, Nevada.

     15. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be an original as against any Party who signed it, and all of which shall constitute
one and the same document. Further, the Parties agree that facsimile and/or e-mail signatures of
each Party shall be deemed original signatures and shall be binding on the Party whose signature is
by facsimile and/or e-mail as if it were their original signature.

     16. Construction. The headings of the sections of this Agreement are for convenience
of reference only and shall not affect the meaning or interpretation of this Agreement. It is
understood and acknowledged that this Agreement shall not be construed in favor of or against any
Party by reason of the extent to which any Party or its counsel has participated in the drafting of
this Agreement.

     17. Authorization to Execute Agreement. Each individual who executes this Agreement
on behalf of any Party represents and warrants that the individual does so with the knowledge and
express approval and authorization of the Party on whose behalf the individual executes this
Agreement.

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     18. Amendment of this Agreement. This Agreement and its terms, provisions, covenants
and conditions may not be amended, changed, altered, modified or waived except by an express
instrument in writing signed by each and every one of the Parties.

     19. No Waiver of Breach. No waiver of any breach of any term or provision of this
Agreement shall be construed to be, nor shall be, a waiver of any other breach of this Agreement.
No waiver shall be binding unless in writing and signed by the Party waiving the breach.

     20. Disputes. Prior to any Party commencing any formal proceeding arising from a
dispute or controversy under this Agreement, the Parties shall make a good faith attempt and use
all reasonable efforts to resolve such dispute or controversy through negotiation.

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     BY EXECUTING THIS AGREEMENT, EACH OF THE PARTIES ACKNOWLEDGES THAT IT HAS READ THIS ENTIRE
AGREEMENT CAREFULLY AND UNDERSTANDS EACH OF THE TERMS AND PROVISIONS SET FORTH HEREIN.

     This Agreement shall not become effective until it has been executed by all Parties and
approved by their respective counsel. This Agreement consists of eight (8) pages, including
signature pages but excluding Exhibits.

	 	 	 	 	 
	 	HARRAH’S OPERATING COMPANY, INC.

 	 
	 	By:  	/s/ Jonathan S. Halkyard	 
	 	 	Name:  	Jonathan S. Halkyard	 
	 	 	Title:  	Senior Vice President and Chief Financial Officer	 
	 	 	Date: 	September 2, 2010 	 
	 

	 	 	 	 	 
	 	HARRAH’S ENTERTAINMENT, INC.

 	 
	 	By:  	/s/ Jonathan S. Halkyard	 
	 	 	Name:  	Jonathan S. Halkyard 	 
	 	 	Title:  	Senior Vice President and Chief Financial Officer	 
	 	 	Date: 	September 2, 2010 	 
	 

	 	 	 	 	 
	 	PROS REVENUE MANAGEMENT, L.P.

 	 
	 	By:  	/s/ Charles H. Murphy
 	 
	 	 	Name:  	Charles H. Murphy 	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer
 	 
	 	 	Date:  	September 2, 2010
 	 

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Approved As to Form:

Gibson, Dunn & Crutcher LLP

	 	 	 	 	 

	 
	 	 	 	 
	By

	 	/s/ James P Fogelman
	 	September 2, 2010
	 

	 	 
	 	 
	 

	 	James P. Fogelman
	 	Date
	 	 	Counsel for Harrah’s Operating Company, Inc., 
and Harrah’s Entertainment, Inc.
	 
	 	 	 	 
	Wilson Sonsini Goodrich & Rosati
	 
	 	 	 	 
	By

	 	/s/ Michael A. Berta
	 	September 2, 2010
	 

	 	 
	 	 
	 

	 	Michael A. Berta
	 	Date
	 

	 	Counsel for PROS Revenue Management, L.P.	 	 

9exv4w10

Exhibit 4.10

THIS STOCK PURCHASE WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR ANY STATE SECURITIES LAWS. IT MAY NOT BE OFFERED, SOLD OR TRANSFERRED IN THE ABSENCE OF
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS
OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. THIS
WARRANT IS ALSO SUBJECT TO THE RESTRICTIONS ON TRANSFER SET FORTH IN SECTION 5 HEREOF.

WARRANT TO PURCHASE SHARES

OF COMMON STOCK, NO PAR VALUE, OF

ROCKWELL MEDICAL TECHNOLOGIES, INC.

September 1, 2010

     THIS STOCK PURCHASE WARRANT (“Warrant”) CERTIFIES THAT, for value received, subject to the
provisions hereinafter set forth, Capitol Securities Management, Inc. (the “Holder”) is entitled to
purchase from Rockwell Medical Technologies, Inc., a Michigan corporation, and its successors and
assigns (the “Company”) up to 5,000 shares (the “Warrant Shares”) of common stock of the Company,
no par value (the “Common Stock”), in accordance with that certain Advisory Agreement, dated as of
September 1, 2010, between the Company and Holder (the “Advisory Agreement”). This Warrant is
subject to the provisions and adjustments, and exercise hereof is subject to and will be made on
the terms and conditions, hereinafter set forth.

     The following is a statement of the rights of the Holder of this Warrant and the terms and
conditions to which this Warrant is subject, to which terms the Holder hereof, by acceptance of
this Warrant, assents.

1. EXERCISE OF WARRANT

     (a) The Warrant shall become exercisable in full on September 1, 2011 unless an Expiration
Date (as defined below) has previously occurred. The exercise price for the Warrant Shares is
$8.00 per share (the “Exercise Price”). On and after September 1, 2011, subject to the conditions
set forth herein, this Warrant may be exercised in whole at any time or in part from time to time
until the close of business on the Expiration Date (as defined below) by the Holder by the
surrender of this Warrant at the principal office of the Company, accompanied by a signed notice of
exercise in the form attached hereto and payment to the Company of the Exercise Price for each of
the Warrant Shares intended to be purchased. Such payment shall be made by Holder to the Company
in the form of cash, a certified or cashier’s check or by means of the cashless method described in
Section 1(b) of this Warrant. Notwithstanding any other provision in this Warrant to the

 

 

contrary, this Warrant shall not be deemed exercised until payment in full of the applicable
Exercise Price for the Warrant Shares to be purchased has been received by the Company as specified
in this Section 1. The “Expiration Date” of the Warrant shall be the earlier of: (i) May 28, 2013,
or (ii) the termination of the Advisory Agreement prior to September 1, 2011 (A) by the Company due
to a “material breach” of the Advisory Agreement (as such term is defined therein) by the Holder or
(B) by the Holder.

     (b) The Holder may exercise the Warrant by the surrender of this Warrant at the principal
office of the Company on or before the Expiration Date together with a written notice of cashless
exercise, in which event the Company shall issue to the Holder the number of shares of Common Stock
determined as follows:

	X 	= 	(Y x (A-B))/A
	 
	where:
	 
	X 	= 	the number of shares of Common Stock to be issued to the Holder;
	 
	Y 	= 	the number of Warrant Shares with respect to which this Warrant is being exercised;
	 
	A 	= 	the average of the high and low trading prices per share of the Common Stock on the Nasdaq
Stock Market for the five trading days immediately preceding (but not including) the date of
exercise.
	 
	B 	= 	the Exercise Price (as adjusted to the date of such calculation).

2. ADJUSTMENTS

     (a) In the event the Company shall (i) pay a dividend to the holders of Common Stock in shares
of Common Stock, (ii) subdivide its outstanding shares of Common Stock into a greater number of
shares, or (iii) combine its outstanding shares of Common Stock into a smaller number of shares,
then (A) the number of Warrant Shares that, at such time, remain available for purchase pursuant to
this Warrant (“Available Warrant Shares”) shall be adjusted so that such amount is equal to the
number of shares of Common Stock which Holder would have owned immediately after such event had the
number of Available Warrant Shares immediately prior to the occurrence of such event been owned on
the record date for such event and (B) the Exercise Price shall be adjusted by multiplying the
Exercise Price in effect immediately prior to such event by a fraction (x) the numerator of which
is the total number of outstanding shares of Common Stock immediately prior to such event, and (y)
the denominator of which shall be the total number of outstanding shares of Common Stock
immediately after such event. Such adjustment shall become effective immediately after the opening
of business on the day following such record date or the day upon which such dividend, subdivision
or combination becomes effective.

     (b) In the event the Company shall (i) issue by reclassification of its Common Stock any
shares of the Company of any class or series, (ii) merge or consolidate with or into another entity
(other than a merger in which the Company is the surviving entity and

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which does not result in any reclassification of the outstanding shares of Common Stock),
(iii) sell or otherwise convey to another entity all or substantially all of the assets of the
Company followed by the distribution of the proceeds thereof to the shareholders of the Company, or
(iv) engage in a share exchange involving all or substantially all of the stock of the Company,
then the Holder shall thereafter be entitled to receive upon the exercise of this Warrant, instead
of the Available Warrant Shares, the consideration which the Holder would have owned immediately
after such event had the Available Warrant Shares been owned immediately prior to the occurrence of
such event.

     (c) No adjustment shall be required unless such adjustment would require an increase or
decrease of at least one-tenth of a share in the number of Warrant Shares, or at least one-tenth of
a cent in the Exercise Price; provided, however, that any adjustment which by reason hereof is not
required to be made shall be carried forward and taken into account in any subsequent adjustment.

     (d) No fractional shares of Common Stock shall be issued upon exercise of this Warrant. The
number of shares issued shall instead be rounded down to the nearest whole share and any fractional
share disregarded.

     (e) The Company shall not, by amendment of its Articles of Incorporation or through any
reorganization, recapitalization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms to be observed or performed hereunder by the Company, but will at
all times in good faith assist in the carrying out of all of the provisions of this Section 2.

3. FULLY PAID STOCK

     The Company agrees that the Warrant Shares delivered upon exercise of this Warrant as herein
provided shall, at the time of such delivery, be fully paid and non-assessable, and free from all
liens and charges with respect to the purchase thereof. During the period within which this
Warrant may be exercised for Common Stock, the Company will at all times have authorized, and hold
in reserve for issuance upon exercise of this Warrant, a sufficient number of shares of Common
Stock to provide for the exercise of this Warrant.

4. LOST OR STOLEN WARRANTS

     In case this Warrant shall be mutilated, lost, stolen or destroyed, the Company shall issue a
new Warrant of like date, tenor, and denomination and deliver the same in exchange and substitution
for and upon surrender and cancellation of any mutilated Warrant, or in lieu of the lost, stolen or
destroyed Warrant, upon receipt of an indemnity agreement or bond from Holder reasonably
satisfactory to the Company.

5. ASSIGNMENT

     This Warrant is not assignable or transferable and any such attempted assignment or transfer
shall be null and void unless the Holder has received the prior written consent

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of the Company to any such assignment or transfer; provided however that this Warrant may be
transferred to an “affiliate” (as defined in Rule 405 under the Securities Act of 1933, as amended)
of the Holder if such affiliate is an “accredited investor” (as defined in Rule 501 under the
Securities Act of 1933) and agrees to be bound by the terms and provisions of the Advisory
Agreement and this Warrant as if, and to the fullest extent as, Capitol Securities Management, Inc.
The Company may deem and treat the Holder as the absolute owner of this Warrant (notwithstanding
any notations of ownership or writing hereon made by anyone other than the Company) for all
purposes and shall not be affected by any notice to the contrary.

6. SECURITIES MATTERS

     (a) Neither this Warrant nor the Warrant Shares have been registered under the Securities Act
of 1933, as amended (the “Act”), or any applicable “Blue Sky” laws. By acceptance of this Warrant,
the Holder represents and warrants to the Company that Holder (i) is receiving this Warrant and,
upon exercise, is acquiring the Warrant Shares for Holder’s own account and not on behalf of
others, and is not taking this Warrant or any of the Warrant Shares with a view to the
“distribution” thereof (as that term is defined in the Act and the rules and regulations of the
Securities and Exchange Commission thereunder); (ii) will not offer, distribute, sell, transfer or
otherwise dispose of this Warrant or the Warrant Shares except pursuant to (A) an effective
registration statement under the Act and any applicable Blue Sky laws with respect thereto, or (B)
an opinion addressed to the Company, which opinion and the counsel rendering it reasonably are
deemed satisfactory to the Company, that such offering, distribution, sale, transfer or disposition
is exempt from registration under the Act and any applicable Blue Sky laws; (iii) represents at the
date of this Warrant that (A) Holder is an “accredited investor” as defined in Rule 501 of
Regulation D promulgated under the Act, (B) Holder’s financial condition is such that Holder is
able to bear the risk of holding the Warrant and the Warrant Shares for an indefinite period of
time, and (C) Holder has such knowledge and experience in financial and business matters that
Holder is capable of evaluating the risks and merits of acquiring and exercising the Warrant; and
(iv) acknowledges that, at the time of exercise of the Warrant, (A) Holder will have access to all
of the Company’s reports filed electronically with the Securities and Exchange Commission, (B)
Holder has had the opportunity to ask questions and receive answers concerning the terms of the
Warrant, and (C) Holder will have such knowledge and experience in financial and business matters
that Holder is capable at such time of evaluating the risks and merits of exercising the Warrant.
Except to the extent that the sale of the Warrant Shares by the Company upon exercise of the
Warrant has been registered under the Act, each and every certificate representing Warrant Shares
delivered upon exercise of this Warrant shall bear the following legend:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE
OFFERED, SOLD OR TRANSFERRED IN THE ABSENCE OF REGISTRATION UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE

4

 

SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.

     (b) Anything to the contrary herein notwithstanding, the Company’s obligation to sell and
deliver Common Stock pursuant to the exercise of this Warrant is subject to its receipt of
satisfactory assurance that the issuance of such shares shall not violate any of the provisions of
the Act or the rules and regulations of the Securities and Exchange Commission promulgated
thereunder. No Warrant Shares shall be issued until counsel for the Company has determined that
the Company has complied with all requirements under applicable securities laws.

7. NO RIGHTS AS SHAREHOLDER

     Nothing contained in this Warrant shall be construed as conferring upon the Holder any rights
as a shareholder of the Company.

8. MISCELLANEOUS

     (a) All covenants and agreements of the Company in this Warrant shall be binding upon the
Company’s successors and assigns.

     (b) This Warrant shall be construed and enforced in accordance with the laws of the State of
Michigan without regard to choice of law principles that would compel the application of the law of
any other jurisdiction.

     (c) Except as provided in Section 2, this Warrant may be amended only with the written consent
of the Company and the Holder.

     (d) Any notices or other communications required or permitted hereunder shall be sufficiently
given if in writing and delivered in person or sent by United States mail, by registered mail,
postage prepaid, or by courier or express delivery service (including, without limitation, Federal
Express and UPS), and if to the Holder, addressed to the Holder at 7918 Jones Branch Drive, Suite
800, McLean, Virginia 22102, and if to the Company, addressed to it at 30142 Wixom Road, Wixom,
Michigan 48393, Attention: Chief Financial Officer, or to such other address or attention as
shall be furnished in writing by the Company or the Holder. Any such notice or other communication
shall be deemed to have been given as of the date received.

     (e) In the event of any conflict between this Warrant and the Advisory Agreement, the terms of
this Warrant shall control.

5

 

     IN WITNESS WHEREOF, the undersigned has caused this Warrant to be signed by a duly authorized
officer and this Warrant to be dated as of the date set forth above.

	 	 	 	 	 
	ROCKWELL MEDICAL TECHNOLOGIES, INC.

 	 	 
	By:  	/s/ Thomas E. Klema
 	 	 
	 	Thomas E. Klema 	 	 
	 	Its: Chief Financial Officer 	 	 

6

 

	 	 	 	 	 

NOTICE OF EXERCISE

Rockwell Medical Technologies, Inc.

30142 Wixom Road

Wixom, Michigan 48393

Attention: Chief Financial Officer

          A Warrant was issued to the undersigned as of September 1, 2010 to purchase up to 5,000 shares
of Rockwell Medical Technologies, Inc. common stock at the exercise price set forth in the Warrant.
The undersigned hereby elects to exercise the Warrant with respect to ____________ shares.
Payment of the exercise price is being made by (check one):

	 	 	o cash;
	 
	 	 	o certified or cashier’s check delivered with this notice;
	 
	 	 	o cashless exercise method described in Section 1(b) of the Warrant.

          The stock certificate for the shares acquired upon exercise should be issued to:

	 	 	 	 	 
	(name)     	 	 
	(address)  	 	 
	  	 	 
	(Social Security No. or EIN)  	 	 
	 	
CAPITOL SECURITIES MANAGEMENT, INC.
 	 
	 	  	 	 
	 	By:  	 	 
	 	 	Its: 	 	 
	 	 	Dated: 	 	 
	 

7

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