Document:

Excercise Agreement - Ocean Park Advisors, LLC

 Exhibit 10.15 
 DIAMETRICS MEDICAL, INC. 
 EXERCISE AGREEMENT 
 THIS EXERCISE AGREEMENT (this “Agreement”), is made as of September 20, 2006, by and between Diametrics Medical, Inc., a Minnesota
corporation (the “Company”) and Ocean Park Advisors, LLC, a California limited liability company (“Securityholder”). 
 RECITALS 
 WHEREAS, the Company is presently in negotiations for the acquisition (the
“Transaction”) of 100% of the limited liability company membership interests of Vanguard Synfuels, L.L.C.; 
 WHEREAS, in
connection with the Acquisition, it is contemplated that the Company would issue 2,850 shares of its Series J Preferred Stock, 4,300 shares of its Series K Convertible Preferred Stock, 11,689,164 warrants to purchase Common Stock of the Company and
2,766,069 options to purchase Common Stock of the Company (collectively, the “New Securities”); 
 WHEREAS, Securityholder
is the holder of 13,794 shares of the Series I Convertible Preferred Stock of the Company (the “Securities”); 
 WHEREAS in
connection with the offering of the Series J Preferred Stock, the Company desires to obtain the agreement of Securityholder to (i) convert its Securities into Common Stock of the Company and (ii) waive the anti-dilution rights under
Section (f)(viii) of the Certificate of Designations for the Securities (the “Anti-Dilution Rights”); 
 WHEREAS,
Securityholder is entering into this Agreement in order to induce the Company to consummate the Transaction, and Securityholder has required that the Company enter into this Agreement, upon the terms and subject to the conditions hereinafter set
forth. 
 NOW, THEREFORE, in consideration of the mutual agreements and covenants contained herein and other good and valuable consideration,
the parties hereto agree as follows: 
 ARTICLE I 
 AGREEMENT TO CONVERT 
 Section 1.1 Agreement to Convert. Securityholder hereby agrees to
convert the Securities for or into Common Stock of the Company, upon the consummation of the closing of the Transaction (the “Closing”). In furtherance of the foregoing, Securityholder will comply with all of the terms and
conditions for exercise or conversion of its Securities as set forth in the terms and conditions of the Securities, not later than the Closing. 
 Section 1.2 Agreement to Waive Anti-Dilution. Effective upon the Closing, Securityholder hereby agrees to waive its Anti-Dilution Rights for the issuance of the New Securities. In consideration for Securityholder’s Agreement
under this Section 1.2, the Company will issue to Securityholder (i) a Warrant for 2,758,812 shares of Common Stock of the Company, with an exercise price of $0.7587, which shall be exercisable on the first date that the 

 closing sale price of the Company’s Common Stock on the OTC Bulletin Board, the NASDAQ Stock Market, the New York
Stock Exchange, the American Stock Exchange or any other established United States stock exchange (collectively, a “Stock Exchange”) is greater than $0.76 per share and (ii) a Warrant for 2,069,109 shares of Common Stock of the
Company, with an exercise price of $0.7587, which shall be exercisable on the first date that the closing sale price of the Company’s Common Stock on a Stock Exchange is greater than $1.13 per share. 
 Section 1.3 Adjustment Upon Changes In Capitalization. In the event of any change in the Securities, by reason of any stock dividends, splits,
mergers, recapitalizations or other changes in the corporate or capital structure of the Company, the number and kind of Securities subject to this Agreement shall be appropriately adjusted. 
 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES 
 OF STOCKHOLDER 
 Securityholder hereby
represents and warrants to the Company as follows: 
 Section 2.1 Title to Securities. As of the date hereof, Securityholder is the
record and beneficial owner of the number of Securities set forth on Securityholder’s signature page hereto and such Securities are, or will be as of the Closing all of the Securities owned, either of record or beneficially, by Securityholder.
Such Securities, are and will be as of the Closing owned free and clear of any security interests, liens, claims, pledges, options, rights of first refusal, agreements, limitations on voting rights, charges or other encumbrances of any nature
whatsoever other than pursuant to this Agreement, except as disclosed to the Company prior to the execution and delivery of this Agreement in writing. 
 Section 2.2 Authority Relative to This Agreement. Securityholder has all requisite power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the
transactions contemplated hereby. The execution and delivery of this Agreement by Securityholder and the consummation of the transactions contemplated hereby have been duly and validly authorized by all proceedings on the part of Securityholder
necessary to authorize this Agreement or to consummate such transactions. This Agreement has been duly and validly executed and delivered by Securityholder and constitutes a legal, valid and binding obligation of Securityholder, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general
principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity). 
 Section 2.3 No Conflict. 
 (a) Neither
the execution and delivery of this Agreement nor the consummation by Securityholder of the transactions contemplated hereby will (i) conflict with or violate any law, rule, regulation, order, judgment or decree applicable to Securityholder or
by which its Securities are bound or affected or (ii) conflict with, or constitute a violation of, or constitute a default under, or give to others any rights of termination, amendment, acceleration or 
  

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 cancellation of, or result in the creation of a lien or encumbrance on any of its Securities, pursuant to, any note,
bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which Securityholder is a party or by which Securityholder or its Securities are bound or affected, except for any such conflicts,
violations, breaches, defaults or other occurrences that would not prevent or delay the performance by Securityholder of its obligations under this Agreement. 
 (b) The execution and delivery of this Agreement by Securityholder does not, and the performance of this Agreement by Securityholder will not, require any consent, approval, authorization or permit of, or filing with
or notification to, any governmental or regulatory authority, except where the failure to obtain such consents, approvals, authorizations or permits, or to make such filings or notifications would not prevent or delay the performance by
Securityholder of its obligations under this Agreement. 
 ARTICLE III 
 COVENANTS OF THE SECURITYHOLDER 
 Section 3.1 No Inconsistent Agreements.
Securityholder, for the benefit of the Company, hereby covenants and agrees that, except as contemplated by this Agreement, Securityholder shall not enter into any agreement or grant a proxy or power of attorney with respect to its Securities that
is inconsistent with this Agreement. 
 Section 3.2 Transfer Of Title. Securityholder, for the benefit of the Company, hereby
covenants and agrees that, so long as this Agreement is in effect, Securityholder will not transfer record or beneficial ownership of any of its Securities unless the transferee agrees in writing to be bound by the terms and conditions of this
Agreement. 
 ARTICLE IV 
 TERMINATION 
 Section 4.1 Termination. This Agreement shall terminate automatically upon the date on which the
Company notifies Securityholder in writing that it has abandoned the Transaction for any reason other than as the result of a breach of this Agreement by Securityholder. 
 Section 4.2 Effect of Termination. In the event of the termination of this Agreement pursuant to Section 4.1 hereof, this Agreement shall forthwith become void and have no effect, without liability
on the part of any party hereto or its trustees, partners, beneficiaries, directors, officers, stockholders or affiliates. 
 ARTICLE V

 MISCELLANEOUS 
 Section 5.1 Effectiveness of Agreement. This Agreement shall not be effective and a binding agreement between the parties hereto shall not exist until this Agreement is executed by the Company and the Company’s counterpart
signature page hereto is delivered to Securityholder. 
  

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 Section 5.2 Notices. All notices, requests, claims, demands and other communications under this
Agreement shall be in writing and shall be deemed given if delivered personally, telecopied (which is confirmed) or sent by overnight courier (providing proof of delivery) to the parties at the following addresses (or at such other address for a
party as shall be specified by like notice): 
  

			
	If to Securityholder:	 	At such address as is set forth on its signature page hereto.
		
	If to the Company:	 	 Diametrics Medical, Inc.
 6033 West Century Blvd., Suite
850
 Los Angeles, CA 90045
 Attention: Bruce Comer
 Telephone No.: (310) 670-2721
 Facsimile No.: (310)
670-4107

		
		 	 With a copy to:
  
 Sidley Austin LLP
 555 W. Fifth Street, Suite 4000
 Los Angeles, California 90013
 Attention: Stephen D. Blevit, Esq.
 Telephone Number: (213) 896-6029
 Facsimile Number: (213)
896-6600

 Any party from time to time may change its address for the purposes of notices hereunder by giving
written notice to the other parties hereto of such new address. 
 Section 5.3 Entire Agreement. This Agreement constitutes the entire
agreement among the parties hereto with respect to the subject matter hereof and replaces and supersedes all prior agreements or understandings, both written and oral, between the parties hereto, relating to the exercise or conversion, as
applicable, of Securityholder’s Securities. 
 Section 5.4 Securityholder Capacity. Securityholder signs solely in its capacity
as the record holder and beneficial owner of the Securities set forth on its signature page hereto. 
 Section 5.5 Specific
Performance. The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the
parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in any state or federal court of the United States located in Los Angeles
County, California or New York, New York, this being in addition to any other remedy to which they are entitled at law or in equity. In addition, each of the parties hereto: (a) consents to submit such party to the personal
jurisdiction of any state or federal court in the event any dispute arises out of this Agreement or any of the transactions contemplated hereby; (b) agrees that such party will not attempt to deny or defeat such personal jurisdiction by motion
or other request for leave from any such court; (c) agrees that such party 

  

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will not bring any action relating to this Agreement or the transactions contemplated hereby in any court other than a state or federal court sitting in
Los Angeles County, California or New York, New York; and (d) waives any right to trial by jury with respect to any claim or proceeding related to or arising out of this Agreement or any of the transactions contemplated hereby.

 Section 5.6 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by
any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect and shall not in any way be affected or impaired thereby so long as the economic or legal substance of this
Agreement is not affected in any manner materially adverse to any party. 
 Section 5.7 Amendment. This Agreement may be amended only
by a written instrument signed by each of the parties hereto. 
 Section 5.8 Assignment. Except as required by operation of law, this
Agreement shall not be assignable by the parties hereto without the prior written consent of the other party. This Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and
permitted assigns. 
 Section 5.9 Governing Law. This Agreement shall be governed by the internal laws of the State of New York.

 Section 5.10 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. 
 Section 5.11 Facsimile Signatures. Any signature page
delivered pursuant to this Agreement via facsimile shall be binding to the same extent as an original signature. Any party who delivers such a signature page agrees to later deliver an original counterpart to any party that requests it. 

[Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date
first written above. 
  

					
	THE COMPANY	 	DIAMETRICS MEDICAL, INC.
			
		 	By:	 	 /s/ Paul A. Galleberg

		 	Name:	 	Paul A. Galleberg
		 	Title:	 	Director
		
	SECURITYHOLDER	 	OCEAN PARK ADVISORS, LLC
			
		 	By:	 	 /s/ W. Bruce Comer III

		 	Name:	 	W. Bruce Comer III
		 	Title:	 	Chief Executive Officer

  

 S-1Warrant 1 to Ocean Park Advisors, LLC

 Exhibit 10.16 
 WARRANT TO PURCHASE COMMON STOCK 
 THIS WARRANT AND THE SECURITIES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND ANY APPLICABLE STATE
SECURITIES LAWS OR THE AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 WARRANT TO PURCHASE COMMON STOCK 
  

			
	Number of Shares:	    	2,758,812 Shares (subject to adjustment)
		
	Warrant Price:	    	$0.7587 per Share
		
	Issuance Date:	    	September 20, 2006
		
	Expiration Date:	    	September 20, 2011

 THIS WARRANT CERTIFIES THAT for value received, Ocean Park Advisors, LLC, or its registered assigns
(hereinafter called the “Holder”) is entitled to purchase from Diametrics Medical, Inc., a Minnesota corporation (hereinafter called the “Company”), the above referenced number of fully paid and
nonassessable shares (the “Shares”) of common stock, par value $1.00 per share (the “Common Stock”) of Company, at the Warrant Price per Share referenced above; the number of shares purchasable upon
exercise of this Warrant referenced above being subject to adjustment from time to time as described herein. This Warrant is issued in connection with that certain Exercise Agreement dated as of September 20, 2006, by and between the Company
and Holder. The exercise of this Warrant shall be subject to the provisions, limitations and restrictions contained herein. 
 1. Term and
Exercise. 
 1.1 Term. This Warrant is exercisable in whole or in part (but not as to any fractional share of Common Stock), at any time
and from time to time after the later of (x) the first date that the closing sale price of the Company’s Common Stock on the OTC Bulletin Board, the NASDAQ Stock Market, the New York Stock Exchange, the American Stock Exchange or any other
established United States stock exchange (collectively, a “Stock Exchange”) is greater than $0.76 per share, and (y) the date of approval (the “Shareholder Approval Date”) by the shareholders of the Company of either
(i) an amendment to the Company’s Amended and Restated Articles of Incorporation to increase the number of shares of Common Stock that the Company is authorized to issue or (ii) the merger of the Company into a wholly owned subsidiary
of the Company incorporated in the State of Delaware, in either case resulting in a sufficient number of authorized but unissued shares of Common Stock issuable upon exercise of this Warrant; but in any event prior to 6:00 p.m. on the Expiration
Date set forth above. 
 1.2 Warrant Price. The Warrant shall be exercisable at the Warrant Price referenced above. 
 1.3 Maximum Number of Shares. The maximum number of Shares of Common Stock exercisable pursuant to this Warrant is 2,758,812 Shares. 
 1.4 Procedure for Exercise of Warrant. Holder may exercise this Warrant by delivering the following to the principal office of the Company in accordance
with Section 5.1 hereof: (i) a duly executed Notice of Exercise in substantially the form attached as Schedule A, (ii) payment of the Warrant Price then in effect for each of the Shares being purchased, as designated in the
Notice of Exercise, and (iii) this Warrant. Payment of the Warrant Price may be in cash, certified or official bank check payable to the order of the Company, or wire transfer of funds to the Company’s account (or any combination of any of
the foregoing) in the amount of the Warrant Price for each share being purchased. 
 1.5 Delivery of Certificate and New Warrant. In the
event of any exercise of the rights represented by this Warrant, a certificate or certificates for the shares of Common Stock so purchased, registered in the name of the Holder or such other name or names as may be designated by the Holder, together
with any other securities or other property which the Holder is entitled to receive upon exercise of this Warrant, shall be delivered to the Holder hereof, at the Company’s expense, within a reasonable time, not exceeding five (5) trading
days, after the rights represented by this Warrant shall have been so exercised; and, unless this Warrant has expired, a new Warrant representing the number of Shares (except a remaining fractional share), if any, with respect to which this Warrant
shall not then have been exercised shall also be issued to the Holder hereof within such time. The person in whose name any certificate for shares of Common Stock is issued upon exercise of this Warrant shall for all purposes be deemed to have
become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was received by the Company, irrespective of the date of delivery of such certificate, except that, if the date of such
surrender and payment is on a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such Shares at the close of business on the next succeeding date on which the stock transfer books
are open. 
 1.6 Restrictive Legend. Each certificate for Shares shall bear a restrictive legend in substantially the form as follows, together
with any additional legend required by (i) any applicable state securities laws and (ii) any securities exchange upon which such Shares may, at the time of such exercise, be listed: 
 “The shares represented by this certificate have not been registered under the Securities Act of 1933, as amended and may not be sold, offered for
sale, transferred or pledged in the absence of such registration or an exemption therefrom under such Act.” 
 Any certificate issued at any time in
exchange or substitution for any certificate bearing such legend shall also bear such legend unless, in the opinion of counsel for the Holder thereof (which counsel shall be reasonably satisfactory to the Company), the securities represented thereby
are not, at such time, required by law to bear such legend. 
 1.7 Fractional Shares. No fractional Shares shall be issuable upon exercise or
conversion of the Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the Warrant, the Company shall eliminate such fractional share
interest by paying to Holder an amount computed by multiplying the fractional interest by the Warrant Price of a full Share then in effect. 
  

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 1.8 Cashless Exercise. 
 (a) Holder may, at its option, in lieu of paying the Warrant Price upon exercise of this Warrant pursuant to Section 1.4 hereof, elect to receive instead a number of Shares computed using the following formula:

 X=Y(A-B) 
           A 
 Where X= the number of Shares issuable to Holder upon
exercise of this Warrant under this Section 1.8, Y=the number of Shares being surrendered under this Warrant, A=the Fair Market Value (as defined below) of one Share of Common Stock as of the exercise date; and B=the Warrant Price of one Share
of Common Stock. 
 (b) For purposes of this Section 1.8, “Fair Market Value” of one Share of Common Stock as of
a particular date shall be determined as follows: (i) if traded on a national securities exchange or through the Nasdaq Stock Market, the Fair Market Value shall be deemed to be the volume weighted average closing price of the Common Stock on
such exchange for the five trading days immediately prior to the date the Holder delivers its Notice of Exercise to the Company (or if no reported sales took place on any of the five days, the last five trading days on which any such sales took
place prior to the date of such notice); (ii) if traded over-the-counter but not on the Nasdaq Stock Market, the Fair Market Value shall be deemed to be the volume weighted average closing price of the Common Stock on such exchange for the five
trading days immediately prior to the date the Holder delivers its Notice of Exercise to the Company (or if no reported sales took place on any of the five days, the last five trading days on which any such sales took place prior to the date of such
notice); and (iii) if there is no active market public market, the Fair Market Value shall be the as mutually determined by the Holder and the Company or, if the Holder and the Company are unable to reach such agreement, as determined by a
nationally recognized independent investment banker or valuation consultant (which has not been retained by the Company or any of its affiliates for the past two years preceding such determination) mutually acceptable to Holder and Company.

 2. Representations, Warranties and Covenants. 
 2.1 Representations and Warranties. 
 (a) The Company is a corporation duly organized, validly existing and in good
standing under the laws of its state of incorporation and has all necessary power and authority to perform its obligations under this Warrant; 
 (b) Subject to Shareholder Approval, the execution, delivery and performance of this Warrant has been duly authorized by all necessary actions on the part of the Company and constitutes the legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms; and 
 (c) Subject to Shareholder Approval, this Warrant does not
violate and is not in conflict with any of the provisions of the Company’s Amended and Restated Articles of Incorporation, Certificate of Designation, Bylaws and any resolutions of the Company’s Board of Directors or stockholders, or any
agreement of the Company, and no event has occurred and no condition or circumstance exists that might (with or without notice or lapse of time) constitute or result directly or indirectly in such a violation or conflict. 
 2.2 Issuance of Shares. The Company covenants and agrees that all shares of Common Stock that may be issued upon the exercise of the rights represented by
this Warrant will, upon issuance, be validly issued, fully paid and nonassessable, and free from all taxes, liens and charges with respect to the issue thereof and shall be listed on any exchanges on which the Common Stock is then listed. The
Company further covenants and agrees that it will pay when due and payable any and all federal and state taxes which may be payable in respect of the issue of this Warrant or any Common Stock or certificates therefor issuable upon the exercise of
this Warrant excluding the Holder’s income and other taxes not directly relating to the issuance of the Warrant or Common Stock. The Company further covenants and agrees that the Company will at all times have authorized and reserved, free from
preemptive rights, a sufficient number of shares of Common Stock to provide for the exercise in full of the rights represented by this Warrant. If at any time the number of authorized but unissued shares of Common Stock of the Company shall not be
sufficient to effect the exercise of the Warrant in full, subject to the limitations set forth in Section 1.3 hereto, then the Company will take all such corporate action as may, in the opinion of counsel to the Company, be necessary or
advisable to increase the number of its authorized shares of Common Stock as shall be sufficient to permit the exercise of the Warrant in full, subject to the limitations set forth in Section 1.3 hereto, including without limitation, using its
best efforts to obtain any necessary stockholder approval of such increase. The Company further covenants and agrees that if any shares of capital stock to be reserved for the purpose of the issuance of shares upon the exercise of this Warrant
require registration with or approval of any governmental authority under any federal or state law before such shares may be validly issued or delivered upon exercise, then the Company will in good faith and as expeditiously as possible endeavor to
secure such registration or approval, as the case may be. If and so long as the Common Stock issuable upon the exercise of this Warrant is listed on any national securities exchange or the Nasdaq Stock Market, the Company will, if permitted by the
rules of such exchange or market, list and keep listed on such exchange or market, upon official notice of issuance, all shares of such Common Stock issuable upon exercise of this Warrant. 
 3. Other Adjustments. 
 3.1 Subdivision or Combination of
Shares. In case the Company shall at any time subdivide its outstanding Common Stock into a greater number of shares, the Warrant Price in effect immediately prior to such subdivision shall be proportionately reduced, and the number of
Shares subject to this Warrant shall be proportionately increased, and conversely, in case the outstanding Common Stock of the Company shall be combined into a smaller number of shares, the Warrant Price in effect immediately prior to such
combination shall be proportionately increased, and the number of Shares subject to this Warrant shall be proportionately decreased. 
 3.2 Dividends
in Common Stock, Other Stock or Property. If at any time or from time to time the holders of Common Stock (or any shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received or become
entitled to receive, without payment therefor: 
 (a) Common Stock, Options or any shares or other securities which are at any time directly
or indirectly convertible into or exchangeable for Common Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution; 
 (b) any cash paid or payable otherwise than as a regular cash dividend; or 
 (c) Common Stock or additional shares or other securities or property (including cash) by way of spin-off, split-up, reclassification, combination of shares or similar corporate rearrangement (other than Common Stock
issued as a stock split or adjustments in respect of which shall be covered by the terms of Section 3.1 above) or additional shares, other securities or property issued in connection with a Change (as defined below) (which shall be covered by
the terms of Section 3.3 below), then and in each such case, the Holder hereof shall, upon the exercise of this Warrant, be entitled to receive, in addition to the number of shares of Common Stock receivable thereupon, and without payment of
any additional consideration therefor, the amount of stock and other securities and property (including cash in the cases referred to in clause (b) above and this clause (c)) which such Holder would hold on the date of such exercise had such
Holder been the holder of record of such Common Stock as of the date on which holders of Common Stock received or became entitled to receive such shares or all other additional stock and other securities and property. 
  

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 3.3 Reorganization, Reclassification, Consolidation, Merger or Sale. If any recapitalization,
reclassification or reorganization of the share capital of the Company, or any consolidation or merger of the Company with another corporation, or the sale of all or substantially all of its shares and/or assets or other transaction (including,
without limitation, a sale of substantially all of its assets followed by a liquidation) shall be effected in such a way that holders of Common Stock shall be entitled to receive shares, securities or other assets or property (a
“Change”), then, as a condition of such Change, lawful and adequate provisions shall be made by the Company whereby the Holder hereof shall thereafter have the right to purchase and receive (in lieu of the Common Stock of the
Company immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby) such shares, securities or other assets or property as may be issued or payable with respect to or in exchange for the number of
outstanding Common Stock which such Holder would have been entitled to receive had such Holder exercised this Warrant immediately prior to the consummation of such Change. The Company or its successor shall promptly issue to Holder a new Warrant for
such new securities or other property. The new Warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to give effect to the adjustments provided for in this Section 3 including, without limitation,
adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new Warrant. The provisions of this Section 3.3 shall similarly apply to successive Changes. 
 4. Ownership and Transfer. 
 4.1 Ownership of This
Warrant. The Company may deem and treat the person in whose name this Warrant is registered as the holder and owner hereof (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 until presentation of this Warrant for registration of transfer as provided in this Section 4. 
 4.2 Transfer and Replacement. This Warrant and all rights hereunder are transferable in whole or in part upon the books of the Company by the Holder hereof in person or by duly authorized attorney, and a new Warrant or
Warrants, of the same tenor as this Warrant but registered in the name of the transferee or transferees (and in the name of the Holder, if a partial transfer is effected) shall be made and delivered by the Company upon surrender of this Warrant duly
endorsed, at the office of the Company in accordance with Section 5.1 hereof. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft or destruction, and, in such case, of indemnity or security reasonably
satisfactory to it, and upon surrender of this Warrant if mutilated, the Company will make and deliver a new Warrant of like tenor, in lieu of this Warrant; provided that if the Holder hereof is an instrumentality of a state or local government or
an institutional holder or a nominee for such an instrumentality or institutional holder an irrevocable agreement of indemnity by such Holder shall be sufficient for all purposes of this Warrant, and no evidence of loss or theft or destruction shall
be necessary. This Warrant shall be promptly cancelled by the Company upon the surrender hereof in connection with any transfer or replacement. Except as otherwise provided above, in the case of the loss, theft or destruction of a Warrant, the
Company shall pay all expenses, taxes and other charges payable in connection with any transfer or replacement of this Warrant, other than income taxes and stock transfer taxes (if any) payable in connection with a transfer of this Warrant, which
shall be payable by the Holder. Holder will not transfer this Warrant and the rights hereunder except in compliance with federal and state securities laws and except after providing evidence of such compliance reasonably satisfactory to the Company.

 5. Miscellaneous Provisions. 
 5.1
Notices. Any notice or other document required or permitted to be given or delivered to the Holder shall be delivered or forwarded to the Holder at c/o Ocean Park Advisors, LLC, 6033 West Century Blvd., Suite 850, Los Angeles, California
90045, Attention: Heng Chuk (Facsimile No. 310/670-4107), or to such other address or number as shall have been furnished to the Company in writing by the Holder, with a copy to Sidley Austin LLP, 555 West Fifth Street, Suite 4000, Los Angeles,
California 90013 Attention Stephen Blevit (Facsimile No. 213/896-6600). Any notice or other document required or permitted to be given or delivered to the Company shall be delivered or forwarded to the Company at 6033 West Century Blvd., Suite
850, Los Angeles, CA 90045 (facsimile No. (310) 670-4107), or to such other address or number as shall have been furnished to Holder in writing by the Company or to the Company by Holder. 
 5.2 All notices, requests and approvals required by this Warrant shall be in writing and shall be conclusively deemed to be given (i) when hand-delivered to
the other party, (ii) when received if sent by facsimile at the address and number set forth above; provided that notices given by facsimile shall not be effective, unless either (a) a duplicate copy of such facsimile notice is promptly
given by depositing the same in the mail, postage prepaid and addressed to the party as set forth below or (b) the receiving party delivers a written confirmation of receipt for such notice by any other method permitted under this paragraph;
and further provided that any notice given by facsimile received after 5:00 p.m. (recipient’s time) or on a non-business day shall be deemed received on the next business day; (iii) five (5) business days after deposit in the United
States mail, certified, return receipt requested, postage prepaid, and addressed to the party as set forth below; or (iv) the next business day after deposit with an international overnight delivery service, postage prepaid, addressed to the
party as set forth below with next business day delivery guaranteed; provided that the sending party receives confirmation of delivery from the delivery service provider. 
 5.3 No Rights as Shareholder; Limitation of Liability. This Warrant shall not entitle the Holder to any of the rights of a shareholder of the Company except upon exercise in accordance with the terms
hereof. No provision hereof, in the absence of affirmative action by the Holder to purchase shares of Common Stock, and no mere enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the
Warrant Price hereunder or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 
 5.4
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New York. 
 5.5 Binding Effect
on Successors. This Warrant shall be binding upon any corporation succeeding the Company by merger, consolidation or acquisition of all or substantially all of the Company’s assets and/or securities. All of the obligations of the
Company relating to the Shares issuable upon the exercise of this Warrant shall survive the exercise and termination of this Warrant. All of the covenants and agreements of the Company shall inure to the benefit of the successors and assigns of the
Holder. 
  

 -3- 

 5.6 Waiver, Amendments and Headings. This Warrant and any provision hereof may be changed, waived,
discharged or terminated only by an instrument in writing signed by both parties (either generally or in a particular instance and either retroactively or prospectively). The headings in this Warrant are for purposes of reference only and shall not
affect the meaning or construction of any of the provisions hereof. 
 5.7 Jurisdiction. Each of the parties irrevocably agrees that any and
all suits or proceedings based on or arising under this Agreement may be brought in the federal or state courts located in the City of New York, New York and consents to the jurisdiction of such courts for such purpose. Each of the parties
irrevocably waives the defense of an inconvenient forum to the maintenance of such suit or proceeding in any such court. Each of the parties further agrees that service of process upon such party mailed by first class mail to the address set forth
in Section 5.1 shall be deemed in every respect effective service of process upon such party in any such suit or proceeding. Nothing herein shall affect the right of a Holder to serve process in any other manner permitted by law. Each of the
parties agrees that a final non-appealable judgment in any such suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on such judgment or in any other lawful manner. 
 5.8 Attorneys’ Fees and Disbursements. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the
prevailing party or parties shall be entitled to receive from the other party or parties reasonable attorneys’ fees and disbursements in addition to any other relief to which the prevailing party or parties may be entitled. 
 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized officer this 20th day of September, 2006. 
  

					
	COMPANY:	 	DIAMETRICS MEDICAL, INC.
			
		 	By	 	 /s/ Paul Galleberg

		 	Print Name: Paul Galleberg
		 	Title:	 	Director

  

 -4- 

 SCHEDULE A 
 FORM OF NOTICE OF EXERCISE 
 [To be signed only upon exercise of the Warrant]

 TO BE EXECUTED BY THE REGISTERED HOLDER 
 TO EXERCISE THE WITHIN WARRANT 
 The undersigned hereby elects to purchase
                     shares of Common Stock (the “Shares”) of Diametrics Medical, Inc. under the Warrant to Purchase
Common Stock dated September 20, 2006, which the undersigned is entitled to purchase pursuant to the terms of such Warrant. The undersigned has delivered $            , the
aggregate Warrant Price for                      Shares purchased herewith, in full in cash or by certified or official bank check or wire
transfer. 
 Please issue a certificate or certificates representing such shares of Common Stock in the name of the undersigned or in such
other name as is specified below and in the denominations as is set forth below: 
  

			
	  
	Ocean Park Advisors, LLC
	  
	 [Requested Denominations – if no denomination is specified, a single certificate will be issued]

	
	 The initial address of such Holder to be entered on the books of Company shall be:

	  	 	
	  	 	
	  	 	

 The undersigned hereby represents and warrants that the undersigned is acquiring such shares for
his own account for investment purposes only, and not for resale or with a view to distribution of such shares or any part thereof. 
  

	
	By:                                      
                                        
                  
	
	Print Name:                                    
                                        
   
	
	Title:                                     
                                        
               
	
	Dated:                                     
                                        
             

  

 -1- 

 FORM OF ASSIGNMENT 
 (ENTIRE) 
 [To be signed only upon transfer of entire Warrant] 
 TO BE EXECUTED BY THE REGISTERED HOLDER 
 TO TRANSFER THE WITHIN WARRANT 
 FOR VALUE RECEIVED
                                        
hereby sells, assigns and transfers unto                                  all
rights of the undersigned under and pursuant to the within Warrant, and the undersigned does hereby irrevocably constitute and appoint
                                 Attorney to transfer the said Warrant on the
books of Diametrics Medical, Inc., with full power of substitution. 
  

			
	  
	Ocean Park Advisors, LLC
		
	 By:
	 	  

	 Title:
	 	  

	
	 Dated:
                    

 NOTICE 
 The
signature to the foregoing Assignment must correspond exactly to the name as written upon the face of the within Warrant, without alteration or enlargement or any change whatsoever. 
  

 -2- 

 FORM OF ASSIGNMENT 
 (PARTIAL) 
 [To be signed only upon partial transfer of Warrant] 
 TO BE EXECUTED BY THE REGISTERED HOLDER 
 TO TRANSFER THE WITHIN WARRANT 
 FOR VALUE RECEIVED
                                     hereby sells, assigns and
transfers unto                                     
(i) the rights of the undersigned to purchase                      shares of Common Stock under and pursuant to the within Warrant, and
(ii) on a non-exclusive basis, all other rights of the undersigned under and pursuant to the within Warrant, it being understood that the undersigned shall retain, severally (and not jointly) with the transferee(s) named herein, all rights
assigned on such non-exclusive basis. The undersigned does hereby irrevocably constitute and appoint
                                        
Attorney to transfer the said Warrant on the books of Diametrics Medical, Inc., with full power of substitution. 
  

			
	  
	Ocean Park Advisors, LLC
		
	 By:
	 	  

	 Title:
	 	  

	
	 Dated:
                    

 NOTICE 
 The
signature to the foregoing Assignment must correspond exactly to the name as written upon the face of the within Warrant, without alteration or enlargement or any change whatsoever. 
  

 -3-

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