Document:

STOCK PLEDGE AGREEMENT

 Exhibit 10.45 

STOCK PLEDGE AGREEMENT 

STOCK PLEDGE AGREEMENT dated the 30th day of January, 2009, made by DARA PHARMACEUTICALS, INC., a Delaware corporation (the
“Pledgor”), in favor of SURGIVISION, INC., a Delaware corporation (the “Lender”). 

W I T N E S S E T H: 

That for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Pledgor hereby agrees with
the Lender as follows: 
 1. Pledge and Grant of Security Interest. As collateral security for
all of the Obligations (as defined in Section 2 hereof), the Pledgor hereby pledges and assigns to the Lender, and grants to the Lender a continuing security interest in, the following (the “Pledged Collateral”):

 (a) The shares of stock described on Exhibit A hereto (the “Pledged Shares”); the certificates
representing the Pledged Shares; all options and other rights, contractual or otherwise, with respect thereto; and all dividends, cash, instruments and other property from time to time received, receivable, or otherwise distributed in respect of or
in exchange for any or all of the Pledged Shares; 
 (b) All additional shares of stock from time to time acquired by the
Pledgor by virtue of its ownership of the Pledged Shares as a result of any stock dividend or distribution in connection with any increase or reduction of capital, reclassification, merger, consolidation, sale of assets, combination of shares, stock
split, spin-off, split-off, or other form or recapitalization; the certificates representing such additional shares; and all dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect
of or in exchange for any or all of such additional shares; and 
 (c) All proceeds of any and all of the foregoing; 

in each case, whether now owned or hereafter acquired by the Pledgor and howsoever its interest therein may arise or appear. 

2. Security for Obligations. The security interest created hereby in the Pledged Collateral constitutes continuing
collateral security for all of the following obligations, whether now existing or hereafter incurred (the “Obligations”): 

(a) The prompt payment, as and when due and payable, of all amounts from time to time owing under or pursuant to that certain Secured
Promissory Note bearing date of the 30th day of January, 2009, in the original principal sum of Five Hundred Thousand and 00/100 Dollars ($500,000.00), executed by the Pledgor to the order of Lender, or under and pursuant to any and all renewals,
modifications, or extensions of such note (such note, as it may be renewed, modified or extended, the “Note”); 

 (b) The due performance and observance by the Pledgor of all of its obligations and
undertakings under or pursuant to this Agreement and any other instrument or document which now or hereafter secures all or part of the indebtedness and obligations secured hereby; and 

(c) The prompt payment and performance of any and all other present and future indebtednesses and obligations of the Pledgor to the
Lender, of every kind and nature. 
 3. Delivery of the Pledged Collateral. (a) All certificates
representing the Pledged Shares shall be delivered to the Lender on or prior to the date of the execution and delivery of this Agreement. All other certificates and instruments constituting Pledged Collateral from time to time shall be delivered to
the Lender promptly upon the receipt thereof by or on behalf of the Pledgor, and until such delivery shall be held in trust for the benefit of the Lender. All such certificates and instruments shall be held by or on behalf of the Lender pursuant
hereto and shall be delivered in suitable form for transfer by delivery or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to the Lender. 

(b) If the Pledgor shall receive, by virtue of its being or having been an owner of any Pledged Collateral, any (i) stock
certificate (including, without limitation, any certificate representing a stock dividend or distribution in connection with any increase or reduction of capital, reclassification, merger, consolidation, sale of assets, combination of shares, stock
split, spinoff or split-off), promissory note or other instrument; (ii) option or right, whether as an addition to, substitution for, or in exchange for, any Pledged Collateral, or otherwise; (iii) dividends payable in cash or in
securities or other property; or (iv) dividends or other distributions in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in surplus, the Pledgor shall receive
such stock certificate, promissory note, instrument, option, right, payment or distribution in trust for the benefit of the Lender, shall segregate it from the Pledgor’s other property and shall deliver it forthwith to the Lender in the exact
form received, with any necessary endorsement and/or appropriate stock powers duly executed in blank, to be held by the Lender as Pledged Collateral and as further collateral security for the Obligations. 

4. Representations and Warranties. The Pledgor represents and warrants as follows: 

(a) This Agreement creates a valid security interest in favor of the Lender in the Pledged Collateral. Possession by the Lender of the
certificates representing the Pledged Shares and all other certificates, instruments and cash constituting Pledged Collateral from time to time will perfect, and establish the first priority of, the Lender’s security interest hereunder in the
Pledged Collateral, securing the Obligations. Except as set forth in this Section 4(a), no action is necessary or desirable to perfect or otherwise protect such security interest. 

(b) The office where the Pledgor keeps its records concerning the Pledged Collateral is located at the address specified for the Pledgor
in Section 11 hereof. 
 5. Covenants as to the Pledged Collateral. So long as any
of the Obligations shall remain outstanding, the Pledgor will, unless the Lender shall otherwise consent in writing: 
  

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 (a) give Lender at least thirty (30) days’ prior written notice of any change in
the location of the office where it keeps its records concerning the Pledged Collateral; 
 (b) at the Pledgor’s expense,
defend the Lender’s right, title and security interest in and to the Pledged Collateral against the claims of any individual or entity; 

(c) at the Pledgor’s expense, at any time and from time to time, promptly execute and deliver all further instruments and documents
and take all further action that may be necessary or desirable or that the Lender may request in order to (i) perfect and protect the security interest created or purported to be created hereby; (ii) enable the Lender to exercise and
enforce its rights and remedies hereunder in respect of the Pledged Collateral; or (iii) otherwise effect the purposes of this Agreement; 

(d) not sell, assign, exchange or otherwise dispose of any of the Pledged Collateral, or any interest therein; 

(e) not create or suffer to exist any lien, security interest or other charge or encumbrance upon or with respect to any Pledged
Collateral, except for the pledge hereunder and the security interest created hereby; 
 (f) not permit to exist any restriction
with respect to any Pledged Collateral other than pursuant hereto; and 
 (g) not take or fail to take any action which would in
any manner impair the enforceability of the Lender’s security interest in any Pledged Collateral. 
 6. Voting Rights,
Dividends, Etc. in Respect of the Pledged Collateral. (a) Prior to the occurrence of an Event of Default (as defined in Section 8 hereof): 

(i) the Pledgor may exercise any and all voting and other consensual rights pertaining to the Pledged Collateral or any
part thereof for any purpose not inconsistent with the terms of this Agreement or the Note; and 
 (ii) the
Pledgor may receive and retain any and all dividends or interest paid in respect of the Pledged Collateral; provided, however, that any and all 

(1) dividends and interest paid or payable other than in cash in respect of, and instruments and other property received,
receivable or otherwise distributed in respect of or in exchange for, any Pledged Collateral, 
 (2) dividends
and other distributions paid or payable in cash in respect of any Pledged Collateral, and 
 (3) cash paid,
payable or otherwise distributed in redemption of, or in exchange for, any Pledged Collateral, 
 shall be, and shall forthwith
be delivered to the Lender to hold as Pledged Collateral and shall, if received by the Pledgor, be received in trust for the benefit of the Lender, shall be 

 

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segregated from the other property or funds of the Pledgor, and shall be forthwith delivered to the Lender in the exact form received with any necessary endorsement and/or appropriate stock
powers duly executed in blank, to be held by the Lender as Pledged Collateral and as further collateral security for the Obligations; and 

(b) Upon the occurrence of an Event of Default, all rights of the Pledgor to exercise the voting and other consensual rights which it
would otherwise be entitled to exercise pursuant to subsection (a) of this Section 6 shall cease, and all such rights shall thereupon become vested in the Lender (to the extent permitted by applicable law), and the Pledgor covenants
and agrees thereupon, if requested by the Lender, to deliver to the Lender irrevocable proxies with respect to the Pledged Collateral. 

7. Additional Provisions Concerning the Pledged Collateral. (a) The Pledgor hereby agrees to take any action and to execute
any instruments which may be necessary or advisable to accomplish the purposes of this Agreement. 
 (b) The Pledgor hereby
irrevocably appoints the Lender or the Lender’s nominee the Pledgor’s attorney-in-fact and proxy, with full authority in the place and stead of the Pledgor and in the name of the Pledgor or otherwise, from time to time in the Lender’s
discretion, to give any notice, take any action and execute any instrument which the Lender may deem necessary or advisable to accomplish the purposes of this Agreement, subject to the rights of the Pledgor under Section 6(a) hereof,
including, without limitation, (i) to receive, endorse and collect all instruments made payable to the Pledgor representing any dividend or other distribution in respect of the Pledged Collateral or any part thereof and to give full discharge
for the same, and (ii) to give any notice, request any information, take any action and execute any instrument which the Lender deems necessary to perfect, preserve and protect its position as lienholder with respect to the Pledged Collateral.

 (c) If the Pledgor fails to perform any agreement or obligation contained herein, the Lender itself may (without obligation)
perform, or cause performance of, such agreement or obligation, and the expenses of the Lender incurred in connection therewith shall be payable by the Pledgor pursuant to Section 10 hereof. 

(d) The Lender shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral in its
possession if the Pledged Collateral is accorded treatment substantially equal to that which the Lender accords its own property, it being understood that the Lender shall not have responsibility for (i) ascertaining or taking action with
respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Pledged Collateral, whether or not the Lender has or is deemed to have knowledge of such matters, or (ii) taking any necessary steps to preserve
rights against any parties with respect to any Pledged Collateral. 
 8. Event of Default. An “Event of
Default” shall be deemed to have occurred hereunder upon the occurrence of an Event of Default under the Note. 
 9.
Remedies Upon Default. (a) Upon the occurrence of an Event of Default, the Lender may exercise all of the rights and remedies provided in the Uniform Commercial Code 

 

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enforceable within the State of North Carolina at the time of such Event of Default and, in this connection, may, upon five (5) days’ written notice to the Pledgor, sent by registered
or certified mail postage prepaid, return receipt requested, and without liability for any diminution in price which may have occurred, forthwith collect, receive, appropriate and realize upon the Pledged Collateral, or any part thereof, and/or
forthwith sell, assign, give option or options to purchase, contract to sell or otherwise dispose of and deliver the Pledged Collateral, or any part thereof, in one or more parcels at public or private sale or sales upon such terms and conditions as
the Lender may deem advisable and at such prices as it may deem best, free of any right (statutory or otherwise) or equity of redemption in the Pledgor, which right or equity of redemption are, if and to the extent permitted by applicable law,
expressly waived or released. At any bona fide sale, the Lender shall be free to purchase all or any part of the Pledged Collateral. The Lender shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or
sale, after deducting all reasonable costs and expenses of every kind incurred therein or incidental to the care, safekeeping or otherwise of any and all of the Pledged Collateral or in any way relating to the rights of the Lender hereunder,
including reasonable attorney’s fees and legal expenses, to the payment in whole or in part, of any amounts due under the Obligations in such order as the Lender may elect, and only after so paying over such net proceeds need the Lender account
for and pay over the surplus, if any, to the Pledgor. 
 (b) The Pledgor recognizes that the Lender may be unable to effect a
public sale of all or a part of the Pledged Collateral by reason of certain prohibitions contained in the Securities Act of 1933, as amended (the “Securities Act”), and any applicable state “blue sky” laws, or in the rules
and regulations promulgated thereunder, and may be compelled to resort to one or more private sales to a restricted group of purchasers who will be obliged to agree, among other things, to acquire the Pledged Collateral for their own account, for
investment and not with a view to the distribution or resale thereof. The Pledgor acknowledges and agrees that private sales so made may be at prices and on other terms less favorable to the seller than if the Pledged Collateral were sold at public
sale, and that the Lender has no obligation to effect the registration of the Pledged Collateral for public sale under the Securities Act or any state “blue sky” laws. The Pledgor agrees that a private sale or sales made under the
foregoing circumstances shall be deemed to have been made in a commercially reasonable manner. 
 10.
Indemnity and Expenses. (a) The Pledgor agrees to indemnify the Lender from and against any and all claims, losses and liabilities growing out of or resulting from this Agreement (including, without limitation, enforcement of
this Agreement), except claims, losses or liabilities resulting from the Lender’s gross negligence or willful misconduct. 

(b) The Pledgor will upon demand pay to the Lender the amount of any and all expenses, including the reasonable fees and disbursements of
the Lender’s counsel and of any experts and agents, which the Lender may incur in connection with (i) the custody, preservation, use or operation of, or the sale of, collection from, or other realization upon, any Pledged Collateral,
(ii) exercise or enforcement of any of the rights of the Lender hereunder, or (iii) the failure by the Pledgor to perform or observe any of the provisions hereof, except expenses resulting from the Lender’s gross negligence or willful
misconduct. 
 11. Notices, Etc. All notices and other communications provided for hereunder shall be in writing and
shall be mailed, registered or certified mail, return receipt requested, or 
  

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delivered, (a) if to the Pledgor, to it at Forum I, 8601 Six Forks Road, Suite 160, Raleigh, NC 27615, Attention: Chairman, with a copy to D. Scott Coward, K&L Gates LLP, 4350 Lassiter
at North Hills Avenue, Suite 300, Raleigh, NC 27609, and (b) if to the Lender, to it at One Commerce Square, Suite 2550, Memphis, TN 38103, Attention: Vice President, Business Affairs; or as to either such person at such other address as shall
be designated by such person in a written notice to such other person complying as to delivery with the terms of this Section 11. All such notices and other communications shall be effective (i) if mailed, when received or
three business days after mailing, whichever is earlier; or (ii) if delivered, upon delivery. 
 12. Security
Interest Absolute. All rights of the Lender, all security interests and all obligations of the Pledgor hereunder shall be absolute and unconditional irrespective of: 

(a) any lack of validity or enforceability of the Note or any other agreement or instrument relating thereto; 

(b) any change in the time, manner or place of payment of, or in any other term in respect of, all or any of the Obligations, or any
other amendment or waiver of or consent to any departure from the Note or any other agreement or instrument relating thereto or to any of the Obligations; 

(c) any increase in, addition to, or exchange, release or non-perfection of, any other collateral for all or any of the Obligations; or

 (d) any other circumstance which might otherwise constitute a defense available to, or a discharge of, the Pledgor with
respect to all or any part of the Obligations. 
 13. Miscellaneous. (a) No amendment or waiver of any provision of
this Agreement, and no consent to any departure by the Pledgor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Lender and then such waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given. 
 (b) No failure on the part of the Lender to exercise, and no delay in
exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The Lender’s rights and remedies
provided herein and in any other instrument or document now or hereafter securing all or any part of the Obligations are cumulative and are in addition to, and not exclusive of, any rights or remedies provided by law. 

(c) Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or invalidity without invalidating the remaining portions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction. 

(d) This Agreement shall be binding on the Pledgor and its successors and permitted assigns and shall inure, together with all rights and
remedies of the Lender hereunder, to the benefit of the Lender and its successors, transferees and assigns. Without limiting the generality of the foregoing, the Lender may assign or otherwise transfer all or part of its rights to all or any part of
the Obligations to any other person, and such other person shall thereupon become vested 
  

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with all of the benefits in respect thereof granted to the Lender herein or otherwise. None of the rights or obligations of the Pledgor hereunder may be assigned or otherwise transferred without
the prior written consent of the Lender. 
 (e) Subject to Section 13(f) below, upon payment and satisfaction in
full of the Obligations, this Agreement and the security interest created hereby shall terminate and all rights to the Pledged Collateral shall revert to the Pledgor. The Lender will thereupon, at Pledgor’s request and expense, (i) return
to the Pledgor such of the Pledged Collateral as shall not have been sold or otherwise disposed of or applied pursuant to the terms hereof; and (ii) execute and deliver to the Pledgor such documents as the Pledgor shall reasonably request to
evidence such termination. 
 (f) To the extent the Lender receives payment of any amount under the Obligations, which payment
is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, other law or equitable cause, in whole or in part, then, to the extent of
such payment received, this Agreement and the security interest created hereby shall be revived and continue in full force and effect, as if such payment had not been received by the Lender. 

(g) This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina, except to the extent
that the validity or perfection of the security interest created hereby, or remedies hereunder, in respect of any particular Pledged Collateral are, under mandatory provisions of law, governed by the laws of a jurisdiction other than the State of
North Carolina. 
 (h) The captions or headings of the sections of this Agreement are inserted merely for convenience of
reference and shall not be deemed to limit or modify the terms and provisions hereof. As used herein, the singular number shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders, as the context
shall require. 
 (i) Any payment of principal and/or interest on any of the Obligations shall toll any statute of limitations
which would otherwise be applicable. 
 [The next page is the signature page] 

 

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 IN WITNESS WHEREOF, the Pledgor and the Lender have executed this Agreement on this the day
and year first above written. 
  
  

	
	DARA PHARMACEUTICALS, INC., as the Pledgor
	
	By: /s/ David J.
Drutz                                        
          
	Name: David J.
Drutz                                        
          
	Title:
Chairman                                        
                   

  

	
	SURGIVISION, INC., as the Lender
	
	By: /s/ Oscar
Thomas                                        
          
	Name: Oscar
Thomas                                        
          
	Title: Vice President, Business Affairs                      

  

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 EXHIBIT A 

TO STOCK PLEDGE AGREEMENT 

Identification of Pledged Shares 
  

					
	 Name of Issuer
	 	 Class of Stock
	 	 Number of Shares

			
	 SurgiVision, Inc.

(f/k/a Surgi-Vision, Inc.)
	 	Common Stock	 	500,000 shares

  

 A-1STOCKHOLDER AGREEMENT

 Exhibit 10.46 

STOCKHOLDER AGREEMENT 

THIS STOCKHOLDER AGREEMENT (this “Agreement”) is entered into as of January 30, 2009, by and between SurgiVision,
Inc., a Delaware corporation (the “Company”), and DARA Pharmaceuticals, Inc., a Delaware corporation (“DARA”). 

WHEREAS, the parties desire to enter into an agreement that, among other things, sets forth certain restrictions upon the transfer of
Shares; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and for other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree on their own behalf, and on behalf of their respective successors and assigns, as follows: 

1. Definitions. The following terms have the meanings set forth below: 

“Agreement” has the meaning set forth in the preface. 

“Common Stock” means the common stock, $.01 par value per share, of the Company. 

“Company” has the meaning set forth in the preface. 

“Company Option Period” has the meaning set forth in Section 4(c) (Right of First Refusal). 

“DARA” has the meaning set forth in the preface. 

“Note” means that certain Secured Promissory Note of even date herewith in the original principal amount of $500,000
made by DARA in favor of the Company. 
 “Person” means any individual, sole proprietorship, partnership,
limited liability company, joint venture, trust, incorporated organization, association, corporation, institution, public benefit corporation, entity or government (whether federal, state, county, city, municipal or otherwise, including, without
limitation, any instrumentality, division, agency or department thereof). 
 “Public Offering Date” means the
closing date of a Qualified Public Offering. 
 “Qualified Public Offering” means a firm commitment
underwritten public offering of shares of Common Stock for the account of the Company pursuant to a registration statement filed under the Securities Act. 

“Restriction Period” has the meaning set forth in Section 3(b) (Absolute Restriction on Transfer)

 “Sale Notice” has the meaning set forth in Section 4(b) (Right
of First Refusal). 
 “Securities Act” means the Securities Act of 1993, as amended, and the rules and
regulations promulgated thereunder. 
 “Shares” means shares of the capital stock of the Company. 

“Transfer” means any alienation, assignment, conveyance, encumbrance, gift, sale or other disposition or transfer of any
kind (including, but not limited to, any transfer to a receiver, creditor, trustee or receiver in bankruptcy proceedings, or general assignee for the benefit of creditors), whether voluntary, involuntary or by operation of law, directly or
indirectly; provided that the term “Transfer” shall not include any pledge, hypothecation, or grant of a security interest in, Shares or transfer of Shares pursuant to the dissolution or winding up of the Company. 

2. General Provisions. 

(a) Shares Subject to this Agreement. DARA expressly agrees that the terms and restrictions of this Agreement shall apply to all
Shares which it now owns or hereafter acquires by any means, including, without limitation, by purchase, assignment or operation of law, or as a result of any stock dividend, stock split, reorganization, reclassification, whether voluntary or
involuntary, or other similar transaction. 
 (b) Termination. This Agreement shall terminate upon the occurrence of any
of the following events: 
 (i) the adjudication of the Company as a bankrupt, the execution by it of a general
assignment for the benefit of its creditors, the appointment of a receiver for the Company, or the voluntary or involuntary dissolution and liquidation of the Company; 

(ii) the voluntary agreement of the Company and DARA to terminate this Agreement; or 

(iii) the Public Offering Date. 

3. Restrictions on Transferability. 

(a) General Restriction on Transfer. DARA may not Transfer any Shares presently held or hereafter acquired by DARA unless the
Company receives an opinion of counsel for DARA that is reasonably satisfactory to the Company stating that such Transfer is exempt from the registration requirements of the Securities Act and applicable state securities laws. 

(b) Absolute Restriction on Transfer. Until the later of (i) the 1-year anniversary date of this Agreement or (ii) the
full satisfaction of all amounts owing under the Note (the Restriction Period”), DARA may not Transfer any Shares presently held or hereafter acquired by DARA, whether in a single transaction or a series of related transactions, if such
Transfer would 
  

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cause, or reasonably could be expected to cause, the Company to have a class of equity security held of record by 500 or more Persons. 

(c) Pledge of Shares. DARA may not pledge or hypothecate (or otherwise grant a security interest in) any Shares without the prior
written consent of the Company, unless the pledgee of such Shares executes and delivers to the Company a written instrument, in form and substance satisfactory to the Company, evidencing the pledgee’s agreement to honor and be bound by the
terms and conditions of Section 4 (Right of First Refusal) of this Agreement. 
 (d) Effect of Purported
Transfer. No Transfer of Shares in violation of this Agreement shall be of any force or effect, and no such Transfer shall be made or recorded on the books of the Company. DARA agrees that monetary damages for violation of this Agreement is not
an adequate remedy, and, therefore, any breach or threatened breach of this Agreement by DARA shall entitle the Company, in addition to all other remedies available at law or in equity, to seek a temporary or permanent injunction and/or a decree for
specific performance. 
 4. Right of First Refusal. 

(a) In the event DARA desires to Transfer any or all of its Shares and is in receipt of an offer for the purchase of such Shares from a
third party, DARA shall first offer such Shares for sale to the Company, as further provided below, at a price per Share equal to the price per Share set forth in the offer. 

(b) DARA’s offer to the Company shall be made by notice specifying the name and address of the third party who has offered to
purchase the Shares and the price, terms and conditions of the offer (the “Sale Notice”), and shall be accompanied by a true and complete photocopy of such offer. 

(c) For a period of twenty (20) days after receipt of the Sale Notice (the “Company Option Period”), the Company
shall have the right to exercise, by written notice to DARA, its option to purchase the offered Shares, subject to any restrictions governing the ability of the Company to purchase shares of its own stock under applicable law. 

(d) In the event the Company elects to purchase the offered Shares, (i) DARA shall have the obligation to sell to the Company, and
the Company shall have the obligation to purchase from DARA, the offered Shares, and (ii) the closing shall take place no later than ten (10) days following the expiration of the Company Option Period. At the closing, the Company shall pay
the purchase price in cash against delivery of certificates representing the Shares to be transferred, duly endorsed for transfer, free and clear of any encumbrances, liens or restrictions of any nature (other than the restrictions created by this
Agreement and transferability restrictions under federal or state securities laws). 
 (e) If (i) the Company does not
timely exercise its option to purchase the offered Shares hereunder or (ii) the closing of the purchase does not occur within the applicable time period provided above (provided the failure to close is not the fault of DARA), DARA may then sell
such Shares on the terms and conditions set forth in the third party offer. Any proposed sale 
  

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on terms and conditions different from those described in the Sale Notice, as well as any subsequent proposed Transfer of any Shares by DARA, shall again require compliance by DARA with the
procedures described in this Section 4. 
 (f) DARA may Transfer Shares to (i) up to five (5) former
employees of DARA to satisfy, in full or in part, severance obligations owed by DARA to such former employee(s), and (ii) any DARA director for any reason without complying with the preceding provisions of this Section 4.

 5. Board Observer. 

(a) Subject to Section 5(b), DARA will have the right to designate one representative of DARA, which representative must be
reasonably acceptable to the Company, to receive notice of and attend and observe all meetings of the Company’s Board of Directors in a nonvoting observer capacity; provided, however, that the Company reserves the right to exclude such
representative from any meeting or portion thereof if attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in a conflict of interest. The Company acknowledges that DARA’s
representative initially will be Dr. David Drutz. 
 (b) DARA’s rights under Section 5(a) are expressly
conditioned on the execution and delivery of a confidentiality agreement in form and substance mutually satisfactory to the Company and DARA. 

(c) DARA’s rights under Section 5(a) will continue until (i) the 18-month anniversary date of this Agreement, or
(ii) such time as DARA no longer holds of record and beneficially owns at least 1,000,000 Shares, whichever occurs first. 

6. Legend on Stock Certificates. Each certificate representing Shares owned by DARA, whether now outstanding or hereafter acquired
during the term of this Agreement, shall be conspicuously endorsed with substantially the following legends: 
 “The
securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”), or under any state securities laws and were offered and sold in reliance on an exemption from the registration
requirements of the Act and such laws. The securities cannot be sold, transferred, or otherwise disposed of unless registered under the Act and applicable state securities laws or unless exemptions from registration are available and the Company
receives an opinion of counsel for the holder of these securities reasonably satisfactory to Company stating that such sale, transfer or other disposition is exempt from the registration requirements of the Act and applicable state securities laws.

 The sale, assignment, pledge, hypothecation, gift or other transfer or disposition, and the registration of any such transfer
or disposition, of the shares of stock represented by this certificate are subject to a restrictive Stockholder Agreement 
  

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dated the January 30, 2009. The shares may not be transferred or acquired except in accordance with the terms of such Stockholder Agreement and any purported transfer or acquisition of legal
or beneficial ownership of these shares in violation of such Stockholder Agreement shall be null and void. The Company will furnish a copy of the Stockholder Agreement to the record holder of this certificate, without charge, upon written request to
the Company at its principal office.” 
 DARA agrees to deliver all certificates for Shares owned by DARA to the Company
for the purpose of affixing such legends to such certificates. 
 7. Miscellaneous. 

(a) Notices. All notices, waivers and other communications required or permitted by this Agreement shall be in writing and shall
be deemed given when (i) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (ii) sent by facsimile with confirmation of transmission by the transmitting equipment; or
(iii) received or rejected by the addressee, if sent by registered or certified mail, return receipt requested, in each case to the following addresses or facsimile numbers and marked to the attention of the person (by name or title) designated
below (or to such other address, facsimile number or person as a party may designate by notice to the other parties): 
 To the
Company: 
 SurgiVision, Inc. 

One Commerce Square 

Suite 2550 

Memphis, TN 38103 

Attention: Vice President, Business Affairs 

Fax No.: 901.522.9400 

To DARA: 
 The
address of DARA as set forth in the records of the Company. 
 The Company and DARA may change the address to which notices,
waiver and other communications hereunder are to be delivered by giving the other parties notice in the manner herein set forth. 

(b) Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement
executed by the Company and DARA. 
 (c) Parties in Interest. This Agreement shall be binding upon and inure solely to
the benefit of each of the Company, DARA and their respective successors, and nothing in this Agreement, express or implied, is intended to confer upon any other person any rights or remedies of any nature whatsoever under or by reason of this
Agreement. Nothing in this Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party beneficiary of this Agreement. 

 

 5 

 (d) Governing Law. This Agreement and the rights and obligations of the parties
hereunder shall be construed in accordance with and governed by the internal laws of the State of Delaware, without giving effect to the conflict of laws principles thereof. 

(e) Severability and Reformation. The parties hereto intend all provisions of this Agreement to be enforced to the fullest extent
permitted by law. If, however, any provision of this Agreement is held to be illegal, invalid, or unenforceable under any present or future law, such provision shall be fully severable, and this Agreement shall be construed and enforced as if such
illegal, invalid, or unenforceable provision were never a part hereof, and the remaining provisions shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance. Furthermore,
there shall be added automatically, as a part of this Agreement, a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and still have such similar provision be construed and enforced as legal, valid,
and enforceable. 
 (f) Headings and Captions. The headings and captions of the various subdivisions of this Agreement
are for convenience of reference only and shall in no way modify, or affect, or be considered in construing or interpreting the meaning or construction of any of the terms or provisions hereof. 

(g) Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed to be an original
copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile transmission shall constitute effective execution and
delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile shall be deemed to be their original signatures for all purposes. 

(h) Construction. All plural nouns and pronouns shall be deemed to include the singular case thereof where the context requires,
and vice versa. All pronouns shall be gender neutral unless the context otherwise requires. Any reference to any federal, state, local, or foreign statute or law shall be deemed also to refer to all rules and regulations promulgated thereunder,
unless the context otherwise requires. The word “including” shall mean including without limitation. 
 [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, the parties have executed this Stockholder Agreement as of the date
first above written. 
  
  

	
	SURGIVISION, INC.
	
	By: /s/ Oscar
Thomas                                        
          
	Name: Oscar Thomas
                                         
       
	Title: Vice President, Business Affairs
                     

 

	
	DARA PHARMACEUTICALS, INC.
	
	By: /s/ David J. Drutz
                                         
     
	Name: David J. Drutz
                                         
       
	Title: Chairman
                                         
                

  

 7

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