Document:

EXHIBIT 10.1

 

NORTHWEST
BIOTHERAPEUTICS, INC.

 

STOCK
PURCHASE AGREEMENT

 

This
Stock Purchase Agreement (this “Agreement”) is made and entered into as of October 21, 2015
(the “Effective Date”), by and between Northwest Biotherapeutics, Inc.,
a Delaware corporation (the “Company”) and Woodford Investment Management LLP as agent for
the CF Woodford Equity Income Fund and other clients (the “Purchaser”).

 

Recitals

 

Whereas,
the Company desires to issue and sell common stock of the Company on the terms and conditions set forth herein (the “Common
Stock”), and has authorized such sale and issuance; and

 

Whereas,
the Purchaser desires to purchase such Common Stock on the terms and conditions set forth herein.

 

Agreement

 

Now,
Therefore, in consideration of the foregoing recitals and the mutual promises, representations, warranties, and covenants
hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.Agreement
To Sell And Purchase.

  

The Purchaser hereby
agrees to purchase, and the Company hereby agrees to sell and issue to the Purchaser, an aggregate total of Thirty Million Dollars
(US$30,000,000) of initially unregistered common stock of the Company (being 5,405,405 shares) (the “Shares”), at a
purchase price per Share (the “Purchase Price”) equal to Five Dollars and Fifty Cents ($5.50). The closing of the purchase
of Shares will take place as provided in Section 2 hereof. The Company has authorized the sale and issuance of the Shares to the
Purchaser, as set forth in Section 3.

  

2.Closing,
Delivery And Payment.

  

The Closing will take
place on October 22, 2015, or on such other date as the parties may mutually agree. At the Closing, the Company will deliver the
applicable Shares to the Purchaser against payment of the applicable purchase price by wire transfer of immediately available funds
to such account as may be designated by the Company.

 

3.Representations
and Warranties of the Company.

 

The Company hereby
represents and warrants to the Purchaser that as of the Closing hereunder:

 

(a) The Company is a corporation
duly organized, validly existing and in good standing under the laws of the State of Delaware and has all necessary corporate power
and authority to (i) own, operate and occupy its properties and to carry on its business as presently conducted and (ii) enter
into this Agreement and the other agreements, instruments and documents contemplated hereby, and to consummate the transactions
contemplated hereby and thereby. The Company is qualified to do business and is in good standing in each jurisdiction in which
the failure to so qualify would have a Material Adverse Effect.

 

     

     

    

 

(b) All necessary corporate proceedings,
votes, resolutions and approvals relating to the issuance and sale of the Shares hereunder have been completed by the Company.
Upon execution, this Agreement will constitute a valid and legally binding obligation of the Company, enforceable in accordance
with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general
application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability
of specific performance, injunctive relief or other equitable remedies.

  

(c) The Shares purchased pursuant to this Agreement
will be, upon payment by the Purchaser in accordance with this Agreement, duly authorized, validly issued, fully paid and non-assessable.
In the event that the Company fails to obtain approval by the U.S. SEC of a new shelf registration on Form S-3 in accordance with
this Agreement, the Shares will automatically become free trading six (6) months after issuance pursuant to applicable U.S. securities
laws (Rule 144).

  

4.Warranties
of the Purchaser. 

 

The Purchaser hereby
warrants to the Company that as of the Closing hereunder:

 

(a) The Purchaser has full power
and authority to enter into this Agreement. All necessary corporate or other proceedings, votes, resolutions and approvals relating
to the purchase of the Shares hereunder have been completed by the Purchaser. Upon execution, this Agreement will constitute a
valid and legally binding obligation of the Purchaser, enforceable in accordance with its terms except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’
rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other
equitable remedies.

 

(b) The Shares will be acquired
for investment for the Purchaser’s own account or for the account of funds under management, and not with a view to the resale
or distribution of any part thereof, and the Purchaser has no present intention of selling, granting any participation in or otherwise
distributing the same except in compliance with applicable U.S. securities laws. The purchase of the Shares hereunder complies
with applicable UK laws.

  

(c) The Purchaser is an “accredited
investor” within the meaning of Rule 501 of Regulation D promulgated under the Securities Act.

  

(d) The Purchaser is an experienced
investor in securities of companies in the development stage, can bear the economic risk of its investment, including a total loss,
and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of
the investment in the Shares. The Purchaser has conducted its own due diligence review of the Company and received copies or originals
of all documents it has requested from the Company.

 

     

     

    

 

5.Legends. 

 

The parties understand
and agree that the Shares will not be registered at the time of issuance, but will be registered as promptly as practicable after
the Closing. Subject to the provisions of Section 6 hereof, until the Shares have been registered, the certificates evidencing
the Shares will bear the following legend (or a substantially similar legend) and such other legends as may be required by applicable
laws of any state or foreign jurisdiction:

  

“THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE ACT OR UNLESS SUCH TRANSACTION IS IN COMPLIANCE
WITH APPLICABLE FEDERAL AND STATE SECURITIES LAWS.”

  

6.Registration.

 

6.1Registration: The Company
hereby agrees to file with the U.S. SEC, no later than two weeks after the Second Closing, a registration on Form S-3 which will
include registration of the Shares issued pursuant to this Agreement (the “Registration”). The Company further agrees
to use commercially reasonable best efforts to complete the Registration within sixty (60) days after the filing. Notwithstanding
the foregoing and the provisions of Section 5 hereof, if the Company fails to complete the Registration as provided in this Section
6, the Shares will automatically become free trading six (6) months after issuance if the holder is not deemed to be an affiliate
of the Company, or one (1) year after issuance if the holder is deemed to be an affiliate of the Company, pursuant to applicable
U.S. securities laws (Rule 144).

 

6.2Costs: The Company will bear all reasonable and
customary expenses relating to the preparation and filing of the Registration pursuant to Section 6.1 hereof. 

  

7.Miscellaneous

 

7.1Governing Law. This Agreement
will be governed by and construed in accordance with the laws of England and Wales, without regard to principles of conflicts of
law. The parties hereby agree that any legal action, suit or proceeding arising out of or relating to this Agreement will be brought
in federal or state court located in London.

  

7.2Entire Agreement; Amendments.
This Agreement constitutes the full and entire understanding and agreement between the parties with regard to the subject matter
hereof. Except as otherwise expressly provided herein, neither this Agreement nor any term hereof may be amended, waived, discharged
or terminated, except by a written instrument signed by the Company and the Purchaser.

  

7.3Notices. Any notices, consents,
waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will
be deemed to be effective upon delivery when delivered (a) personally; (b) by email, provided a positive electronic delivery receipt
is received and a copy is mailed by overnight delivery service no later than the next business day through a nationally recognized
overnight delivery service; or (c) by overnight delivery through a nationally recognized overnight delivery service, in each case
properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications will be,

 

     

     

    

 

in the case of the Purchaser:

  

Woodford Investment Management LLP

9400 Garsington Rd.

Oxford,

OX4 2HN

United Kingdom

Attention:

and in the case of the Company:

 

Northwest Biotherapeutics

4800 Montgomery Lane

Suite 800

Bethesda, MD 20814

USA

Attention: Linda F. Powers

 

or at such other address and facsimile number as the receiving
party will have furnished to the sending party in writing.

 

7.4Severability. The representations,
warranties, covenants and agreements made and incorporated by reference herein will survive any investigation made by or on behalf
of the Purchaser or the Company, and will survive for two years after the Effective Date.

  

7.5Successors and Assigns. Except
as otherwise expressly provided herein, the provisions hereof will inure to the benefit of, and be binding upon, the respective
successors, assigns, heirs, executors and administrators of the parties hereto. The Purchaser may transfer or assign all or any
portion of its rights under this Agreement to any person or entity permitted under applicable securities laws.

  

7.6Interpretations. All pronouns
and any variations thereof will be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the
person or persons or entity or entities may require. All references to “$” or dollars herein will be construed to refer
to United States dollars. The titles of the Sections and subsections of this Agreement are for convenience or reference only and
are not to be considered in construing this Agreement. All references to “including” will be deemed to mean “including,
without limitation.”

 

7.7Severability. In case any
provision of this Agreement is determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions will not in any way be affected or impaired thereby.

  

7.8Counterparts. This Agreement
may be executed in counterparts, each of which when so executed and delivered will constitute a complete and original instrument
but all of which together will constitute one and the same agreement, and it will not be necessary when making proof of this Agreement
or any counterpart thereof to account for any counterpart other than the counterpart of the party against whom enforcement is sought.

 

[signatures on following page]

 

 

     

     

    

In
Witness Whereof, the parties hereto have executed this Stock
Purchase Agreement as of the date set forth in the first paragraph hereof.

 

 

 

	
        COMPANY:

         

        Northwest Biotherapeutics,
        Inc.

         

         

         

        ________________________

        By: Linda F. Powers

        Title: Chief Executive Officer

         

         

         

	
        PURCHASER:

         

        Woodford Investment Management LLP

        As agent for the CF Woodford Equity Income Fund and other
        clients

         

         

        _____________________

        By:

        Title:Exhibit

NORTHERN COMSTOCK LLC
SECOND AMENDMENT TO THE LIMITED LIABILITY COMPANY OPERATING AGREEMENT
SECOND AMENDMENT TO THE LIMITED LIABILITY COMPANY OPERATING AGREEMENT dated as of September 28, 2015 among the undersigned signatories hereto. 
W I T N E S S E T H:
WHEREAS, a Certificate of Formation was filed with the Secretary of State of the State of Nevada for the purpose of forming the limited liability company governed hereby under Chapter 86 of the Nevada Revised Statutes Act and such Certificate of Formation became effective; and
WHEREAS, the name of such limited liability company is Northern Comstock LLC; and
WHEREAS, the undersigned constitute all of the members of such limited liability company and executed and delivered that certain limited liability company operating agreement dated as of October 19, 2010, as amended by the First Amendment to the Limited Liability Company Operating Agreement dated as of August 26, 2015, to govern the affairs of such limited liability company (the “Original Agreement”), which the undersigned hereby desire to amend certain provisions of the Original Agreement.
NOW, THEREFORE, in consideration of the premises, representations and warranties and the mutual covenants and set forth herein and other good, valuable and sufficient consideration, the receipt of which is hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:
Section 1. Amendments to Section 3.2.  Section 3.2 of the Original Agreement is hereby amended and restated in its entirety as follows:
"3.2           Additional Capital Contributions.  
		
	(a)
	Subject to Section 3.2(b), Comstock Mining shall make cash Capital Contributions to the Company of: (i) Thirty Thousand Dollars ($30,000) on the 15th day of each month (other than August) commencing on October 15, 2015 and ending on September 15, 2027; and (ii) Four Hundred Eighty Two Thousand Five Hundred Dollars ($482,500) on August 28th of each year commencing on August 28, 2016 and ending on August 28, 2027. 

		
	(b)
	Notwithstanding Section 3.2(a), at any time that Comstock Mining’s cash and cash equivalents are less than Ten Million Five Hundred Thousand Dollars ($10,500,000) (such occurrence, a “Liquidity Threshold Event”), then Comstock Mining shall promptly notify the Company that a Liquidity Threshold Event has occurred and at any time that a Liquidity Threshold Event has occurred and is occurring, Comstock Mining shall have the option in its discretion to make the next scheduled Capital Contribution of Four Hundred Eighty-Two Thousand Five 

US-3605680.2

Hundred Dollars ($482,500) set forth in Section 3.2(a), in the form of shares of $0.000666 par value, per share common stock, of Comstock Mining ("Common Stock"). The number of shares of Common Stock to be delivered by Comstock Mining as a Capital Contribution pursuant to the preceding sentence shall be calculated by dividing Four Hundred Eighty-Two Thousand Five Hundred Dollars ($482,500), by the volume-weighted average closing price of the Common Stock on its primary trading market for the previous Twenty (20) consecutive trading days prior to such Capital Contribution.
		
	(c)
	Notwithstanding Section 3.2(a), at the initial time that Comstock Mining’s cash and cash equivalents exceed Twelve Million Five Hundred Thousand Dollars ($12,500,000) (such occurrence, a “Two Payment Liquidity Surplus Event”), then Comstock Mining shall notify the Company that a Two Payment Liquidity Surplus Event has occurred and within five (5) business days of delivering such notice, Comstock Mining agrees to make a one-time Capital Contribution of One Million Six Hundred Twenty Five Thousand ($1,625,000) less the amount of any Capital Contributions made pursuant to the last sentence of this Section, with such Capital Contribution being applied against the scheduled Capital Contributions in reverse order. For the sake of clarity, the right to such Capital Contribution is a one-time right. If a Liquidity Surplus Event does not occur during the term of this Agreement and Comstock Mining receives net cash proceeds from sources other than operations that exceed Six Million Two Hundred Fifty Thousand Dollars ($6,250,000) (such occurrence, a “One Payment Liquidity Surplus Event”), then Comstock Mining shall notify the Company that a One Payment Liquidity Surplus Event has occurred and within five (5) business days of delivering such notice, Comstock Mining agrees to make a one-time Capital Contribution of Eight Hundred Twelve Thousand Five Hundred ($812,500), with such Capital Contributions being applied against the scheduled Capital Contributions in reverse order.

		
	(d)
	Notwithstanding Section 3.2(a), Comstock Mining shall have the option to prepay such Capital Contributions from time to time or at any time without any penalty.  

		
	(e)
	Notwithstanding Section 3.2(a), to the extent production has commenced on DWC Property or Leased Property, then Comstock Mining agrees to accelerate Capital Contributions by making accelerated payments (the amount of the accelerated payment is determined as equal to 3% of Net Smelter Returns with respect to the ore producing Property, with such Capital Contributions being applied against the scheduled Capital Contributions in reverse order.  For purposes of clarity, this is not an additional payment nor a royalty payment, but a mechanism to accelerate and prepay the existing capital obligation without interest or penalty.  

		
	(f)
	Except as provided in this Section 3.2, no Member shall be permitted to make any additional Capital Contributions to the Company without the prior written consent of all Members."

Section 2. Amendments to Section 5.1(a).  Section 5.1(a) is hereby amended and restated in its entirety as follows: 
"5.1   Allocations of Net Income and Net Losses.
"(a)        Subject to Section 5.1(b), the Net Income and Net Losses of the Company for each Fiscal Year will be allocated to Comstock Mining."
Section 3. Amendments to Section 5.2.  Section 5.2 of the Original Agreement is hereby amended and restated in its entirety as follows:
"5.2   Distributions; Record Dates.
(a)        On October 20, 2015, and on 20th day of each month thereafter (each such date a “Monthly Distribution Date”), and subject to Section 5.3, the Company shall make:
(i)      to DWC on each Monthly Distribution Date, a distribution of fifty-eight percent (58%) of the amount the Capital Contributions made by Comstock Mining prior to such Monthly Distribution Date (whether in cash or Common Stock); provided, that prior to October 20, 2020, the Company shall not make such distribution unless DWC shall deliver written notice to the Company at least ten (10) days prior to such Monthly Distribution Date requesting that such cash and/or shares be distributed; and
(ii)     to Winfield on each Monthly Distribution Date, a distribution of forty-two percent (42%) of the amount of the Capital Contributions made by Comstock Mining prior to such Monthly Distribution Date (whether in cash or Common Stock); provided, that prior to October 20, 2020, the Company shall not make such distribution unless Winfield shall deliver written notice to the Company at least ten (10) days prior to such Monthly Distribution Date requesting that such cash and/or shares be distributed.
(b)        For as long as the Company shall exist, the Company shall make to Comstock Mining (or its permitted Assigns), a distribution of the cash flows on the Minerals Produced from the DWC Property and the Sutro Property and all cash flows on the Minerals Produced from the VCV Property.  Distributions made pursuant to this Section 5.2(b) shall be made no later than thirty (30) days after receipt of payment from the smelter or other purchaser; provided, that upon request by Comstock Mining (or its respective Assigns), the Company shall give a written instruction to the smelter, refinery or other purchaser that such distributions are to be paid directly to Comstock Mining (or its Assigns) from the sums payable to the Company.  If Comstock Mining shall Assign less than all of its Ownership Interests to another Person in accordance with this Agreement, distributions made pursuant to this Section 5.2(b) shall be prorated between or among Comstock Mining and its Assign(s) in proportion to the respective Capital Accounts of Comstock Mining and its Assign(s) (or as otherwise agreed to by Comstock 

Mining and its Assigns). All payments shall be accompanied by a statement explaining the manner in which the payment was calculated, including a determination of weights and values of the Minerals Produced.
(c)        Except as provided in Section 5.2(b) or Article 10, without the prior written consent of each Member, the Company shall not be permitted, and none of the Manager(s), any Managing Director or any other Person shall cause the Company, to make any distributions of cash or any other property of the Company to the Members except for distributions in the form of Common Stock or cash as provided herein.  To the extent deemed to be necessary or appropriate by the Manager, the Manager may fix a record date for the determination of Members entitled to receive any such distribution."
Section 4. Insertion of New Section 5.5.  The following new Section 5.5 is hereby inserted in its entirety as follows:
"5.5   Special Redemption Right.  Commencing on August 26, 2027 (or the date of Comstock Mining’s last Capital Contribution pursuant to Section 3.2, if earlier), and thereafter, in exchange for a one-time payment of one-thousand dollars ($1,000), the Company (with the consent of Members holding a Majority Interest) shall have the right, but not the obligation, to redeem all of the then owned Ownership Interests of each of Winfield and DWC at any time.
Section 5. Amendments to Section 6.11.  Section 6.11 of the Original Agreement is hereby amended and restated in its entirety as follows:
"6.11   Defaults by Comstock Mining; Remedies.

(a)  If: (i) Comstock Mining fails to make any Capital Contribution pursuant to Section 3.2, and fails to remedy such default within thirty (30) days following notice from the Company; or (ii) Comstock Mining defaults in fulfilling any other covenant of this Agreement and Comstock Mining fails to remedy such default within sixty (60) days after notice by the Company specifying the nature of such default (or, if said default cannot be completely cured or remedied within said sixty (60) day period and Comstock Mining shall not have diligently commenced curing such default within such sixty (60) day period; or (iii) a Bankruptcy of Comstock Mining, and such Bankruptcy shall continue and remain undischarged or unstayed for an aggregate period of one hundred twenty (120) days (whether or not consecutive) or shall not be remedied by Comstock Mining within one hundred twenty (120) days; then the same shall constitute a default by Comstock Mining under this Agreement and, if and so long as such default shall continue uncured or unremedied, the Company shall have and be entitled to exercise, in its sole discretion, by written notice one of the remedies set forth below.  Notwithstanding the foregoing, it shall be deemed that Comstock Mining is not in default under the terms of this Agreement by reason of mining operations or other required activities having been suspended or prevented or prohibited by Law, by the inability to obtain permits or licenses, by scarcity or inability to obtain equipment, material, power or fuel, by strike, lockout or industrial disturbance, by failure of carriers to transport or furnish facilities for transportation, by operation of any Acts of God (including, without limitation, lightning, earthquake, fire, storm, flood, washout), by breakage or accident to machinery or facilities, or 

by any cause beyond Comstock Mining’s control (the foregoing are collectively referred to as “Force Majeure”); provided, however, that Comstock Mining shall exercise reasonable diligence to resume mining operations.
 
(b)  In case of any such default, the Manager shall have the right to transfer all of the Company’s right, title and interest in the DWC Property and the Leased Property to Comstock Mining, subject to Comstock Mining executing and delivering a promissory note acceptable to all of the Members with a principal amount equal to the sum of the remaining Capital Contributions to be made by Comstock Mining pursuant to Section 3.2, payable to DWC or Winfield (or a Person designated by DWC and Winfield), due in full no later than August 26, 2027, bearing interest rate of six percent (6%) per annum, and a secured by a mortgage and/or other security interest in the DWC Property and Leased Property.

[Signature page follows]

IN WITNESS WHEREOF, the undersigned have executed this Amendment effective as of the day and year first above written.
	
			
	 
	 
	COMSTOCK MINING INC.

By:__/s/ Corrado DeGasperis_______________
Name: Corrado De Gasperis
Title: Chief Executive Officer

	
			
	 
	 
	DWC RESOURCES, INC.

By:_/s/ John V. Winfield___________________
Name:  John V. Winfield
Title: Chairman

	
			
	 
	 
	

_/s/ John V. Winfield_____________________
JOHN V. WINFIELD

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