Document:

Exhibit 10.1

Exhibit 10.1

LOAN AGREEMENT

LOAN AGREEMENT, dated as of May 17, 2011 (this “Agreement”), between NATIONWIDE HEALTH
PROPERTIES, INC., a Maryland corporation (with its successors, the “Borrower”), and VENTAS REALTY,
LIMITED PARTNERSHIP, a Delaware limited partnership (with its successors, the “Lender”).

1. Certain Definitions. As used herein, the following terms have the following meanings:

“Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to remain closed.

“Capital Lease” means at any time any lease of Property which, in accordance with
generally accepted accounting principles in the United States of America, would at such time
be required to be capitalized on a balance sheet of the lessee.

“Capital Lease Obligation” means at any time the amount of the liability in respect of
a Capital Lease which, in accordance with generally accepted accounting principles in the
United States of America, would at such time be required to be capitalized on a balance
sheet of the lessee.

“Change of Control” means (a) the acquisition of ownership, directly or indirectly,
beneficially or of record, by any Person or group (within the meaning of the Exchange Act
and the rules of the Commission thereunder as in effect on the date hereof) other than a
Permitted Acquiror, of Equity Interests representing more than 40% of the aggregate ordinary
voting power represented by the issued and outstanding Equity Interests of the Borrower; (b)
a majority of the members of the board of directors of the Borrower do not constitute
Continuing Directors; (c) the acquisition of direct or indirect Control of the Borrower by
any Person or group other than a Permitted Acquiror; or (d) the Borrower completes a share
exchange, consolidation, merger, sale of all or substantially all of its assets or similar
transaction, in each case, other than a share exchange, consolidation or merger in which the
Permitted Acquiror or the holders of the Borrower’s Equity Interests entitled to vote in the
election of the board of directors of the Borrower generally immediately prior to the share
exchange, consolidation or merger have, directly or indirectly, at least 60% of the total
voting power in the aggregate of all classes of Equity Interests of the Borrower or, if such
entity is not the Borrower, the continuing or surviving entity entitled to vote in the
election of the board of directors of such Person generally immediately after the share
exchange, consolidation or merger.

“Commission” means the Securities and Exchange Commission, as from time to time
constituted, created under the Exchange Act.

 

 

 

“Continuing Director” means (a) any member of the board of directors of the Borrower
who was a director (or comparable manager) of the Borrower on the date hereof, and (b) any
individual who becomes a member of the board of directors of the Borrower after the date
hereof if such individual was appointed or nominated for election to the board of directors
of the Borrower by a majority of the Continuing Directors, but excluding any such individual
originally proposed for election in opposition to the board of directors in office at the
date hereof in an actual or threatened election contest relating to the election of the
directors (or comparable managers) of the Borrower and whose initial assumption of office
resulted from such contest or the settlement thereof.

“Control” means the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have
meanings correlative thereto.

“Default” means a condition that, after notice or lapse of time or both, would
constitute an Event of Default.

“Discount Amount” means, with respect to any prepayment of the Loan, an amount equal to
the difference between (a) the amount of interest actually accrued on the portion of the
Loan being repaid from the date of this Agreement through the date of such prepayment
(exclusive of any interest due by virtue of Section 4(b)) and (b) the amount of interest
that would have accrued on such portion of the Loan during such period of time if the
interest rate referred to in Section 4(a) had been 2.50%.

“EBITDA” means, for any period, with respect to the Borrower and its Subsidiaries on a
consolidated basis, determined in accordance with generally accepted accounting principles
in the United States of America, the sum of net income (or net loss) for such period plus,
the sum of all amounts treated as expenses for: (a) interest, (b) depreciation, (c)
amortization, (d) all accrued taxes on or measured by income to the extent included in the
determination of such net income (or net loss) and (e) any noncash charge resulting from a
change in accounting principles; provided, however, that net income (or net loss) shall be
computed without giving effect to extraordinary losses or gains and without taking into
account any provision for gains, losses or impairments on properties.

“Equity Interests” means shares of capital stock, partnership interests, membership
interests in a limited liability company, beneficial interests in a trust or other equity
ownership interests in a Person, and any warrants, options or other rights entitling the
holder thereof to purchase or acquire any such equity interest.

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

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“Funded Indebtedness”, when used with respect to any Person, means as of any date of
determination thereof, (i) its Indebtedness, determined in accordance with generally
accepted accounting principles in the United States of America, which by its terms matures
more than one year after the date of calculation, and any such Indebtedness maturing within
one year from such date which is renewable or extendable at the option of the obligor to a
date more than one year from such date, and (ii) the current portion of all such
Indebtedness.

“Governmental Authority” means any federal, state, municipal, national or other
government, governmental department, commission, board, bureau, court, agency or
instrumentality or political subdivision thereof or any entity, officer or examiner
exercising executive, legislative, judicial, regulatory or administrative functions of or
pertaining to any government or any court, in each case whether associated with a state of
the United States, the United States, or a foreign entity or government.

“Indebtedness”, when used with respect to any Person means its (i) indebtedness,
secured or unsecured, for borrowed money; (ii) liabilities secured by any Lien existing on
Property owned by such Person; (iii) Capital Lease Obligations, and the present value of all
payments due under any arrangement for retention of title (discounted at a rate per annum
equal to 5.00% and compounded semi-annually) if such arrangement is in substance an
installment purchase or an arrangement for the retention of title for security purposes; and
(iv) guarantees of obligations of the character specified in the foregoing clauses (i), (ii)
and (iii) to the full extent of the liability of the guarantor (discounted to the present
value, as provided in the foregoing clause (iii), in the case of guarantees of title
retention arrangements).

“Interest Coverage Ratio” as of any date means the ratio of (a) EBITDA to (b) Interest
Expense; all of the foregoing calculated by reference to the immediately preceding four
fiscal quarters of the Borrower most recently ended prior to such date of determination.

“Interest Expense” means, for any period, with respect to the Borrower and its
Subsidiaries on a consolidated basis, the sum of all interest in respect of Indebtedness of
the Borrower accrued during such period.

“Lien” means any interest in Property securing an obligation owed to, or a claim by, a
Person other than the owner of the Property, whether such interest is based on the common
law, statute or contract, and including but not limited to the security interest lien
arising from a mortgage, encumbrance, pledge, conditional sale or trust receipt or a lease,
consignment or bailment for security purposes. The term “Lien” shall include reservations,
exceptions, encroachments, easements, rights-of-way, covenants, conditions, restrictions,
leases and all other title exceptions and encumbrances affecting Property, but will not
apply to (1) any liens securing the performance of any contract or

 

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undertaking of the Borrower not directly or indirectly in connection with the borrowing
of money, obtaining of advances or credit or the securing of debts, if made and continuing
in the ordinary course of business, (2) any lien in favor of the United States or any state
thereof or the District of Columbia, or any agency, department or other instrumentality
thereof, to secure progress, advance, or other payments pursuant to any contract or
provision of any statute, (3) mechanics’, materialmen’s, carriers’, or other like liens
arising in the ordinary course of business (including construction of facilities) in respect
of obligations which are not due or which are being contested in good faith, (4) any lien
arising by reason of deposits with, or the giving of any form of security to, any
governmental agency or any body created or approved by law or governmental regulation, which
is required by law or governmental regulation as a condition to the transaction of any
business, or the exercise of any privilege, franchise or license, (5) any liens for taxes,
assessments or governmental charges or levies not yet delinquent, or liens for taxes,
assessments or governmental charges or levies already delinquent but the validity of which
is being contested in good faith, (6) liens (including judgment liens) arising in connection
with legal proceedings so long as such proceedings are being contested in good faith and in
the case of judgment liens, execution thereof is stayed, and (7) any extension, renewal or
replacement (or successive extensions, renewals or replacements), as a whole or in part, of
any lien referred to in the foregoing clauses (1) to (6) inclusive; provided, however, that
the amount of any and all obligations and indebtedness secured thereby shall not exceed the
amount thereof so secured immediately prior to the time of such extension, renewal or
replacement and that such extension, renewal or replacement shall be limited to all or a
part of the Property which secured the charge or lien so extended, renewed or replaced (plus
improvements on such Property). For all purposes of this Agreement, the Borrower shall be
deemed to be the owner of any Property which it has acquired or holds subject to a
conditional sale agreement, Capital Lease or other arrangement pursuant to which title to
the Property has been retained by or vested in some other Person for security purposes.

“Loan” means a loan with a principal amount of $600,000,000.00 made pursuant to Section
2.

“Mandatory Prepayment Date” means October 31, 2012.

“Maturity Date” means the tenth anniversary hereof, or, if such day is not a Business
Day, the next succeeding Business Day.

“Merger Agreement” means the Agreement and Plan of Merger, dated as of February 27,
2011, by and among Ventas, Needles Acquisition LLC, a Delaware limited liability company,
and the Borrower.

“Permitted Acquiror” means Ventas or any wholly owned Subsidiary of Ventas.

 

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“Person” means any individual, corporation, partnership, limited liability company,
joint venture, association, joint-stock company, trust, unincorporated organization or
government or agency or political subdivision thereof.

“Property” means any interest in any kind of property or asset, whether real, personal
or mixed, or tangible or intangible.

“Solvent” means that, with respect to any Person, (a) the sum of such Person’s debt
(including contingent liabilities) does not exceed the present fair saleable value of such
Person’s present assets; (b) such Person’s capital is not unreasonably small in relation to
its business as conducted on the date hereof or proposed to be conducted after the date
hereof; and (c) such Person has not incurred and does not intend to incur, debts beyond its
ability to pay such debts as they become due (whether at maturity or otherwise).

“Subsidiary” or “Subsidiaries” means a corporation, partnership, limited liability
company or trust more than 50% of the outstanding Voting Stock of which is owned, directly
or indirectly, by the Borrower or by one or more other Subsidiaries, or by the Borrower and
one or more other Subsidiaries.

“Total Assets” means, on any date, the sum of (i) Undepreciated Real Estate Assets and
(ii) all other assets of the Borrower and its Subsidiaries determined in accordance with
generally accepted accounting principles in the United States of America (but excluding
intangibles).

“Total Unencumbered Assets” means, on any date, the sum of (i) the value of those
Undepreciated Real Estate Assets that are not subject to any Lien which secures Indebtedness
for borrowed money of any of the Borrower and its Subsidiaries and (ii) the value of all
other assets of the Borrower and its Subsidiaries not subject to any Lien securing
Indebtedness for borrowed money of any of the Borrower and its Subsidiaries determined in
accordance with generally accepted accounting principles in the United States of America
(but excluding intangibles) after eliminating intercompany accounts and transactions.

“Undepreciated Real Estate Assets” means, on any date, the cost (original cost plus
capital improvements) of any real estate assets of the Borrower and its Subsidiaries, before
depreciation and amortization, determined on a consolidated basis in accordance with
generally accepted accounting principles in the United States of America.

“Unsecured Debt” means Funded Indebtedness less Indebtedness secured by Liens on the
Property or assets of the Borrower and its Subsidiaries.

“Ventas” means Ventas, Inc., a Delaware corporation.

 

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“Voting Stock” means stock or other interests evidencing ownership in a corporation,
partnership, limited liability company or trust which ordinarily has voting power for the
election of directors, or other persons performing equivalent functions, whether at all
times or only so long as no senior class of stock has such voting power by reason of any
contingency.

2. Loan. The Lender hereby agrees to make the Loan to the Borrower on the first Business Day
immediately following the date hereof.

3. Repayment of Loan. The Borrower shall pay to the Lender the outstanding principal amount of
the Loan on the Maturity Date, together with all accrued and unpaid interest on the Loan.

4. Interest Rate. (a) The outstanding principal amounts of the Loan shall bear interest at
the rate of 5.00% per annum from the date of this Agreement, or from the immediately preceding
Interest Payment Date to which interest has been paid. The Borrower shall pay interest on the Loan
to the Lender semi-annually, in arrears, on the date that is two Business Days prior to June 1 of
each year and the date that is two Business Days prior to December 1 of each year (each, an
“Interest Payment Date”) commencing the date that is two Business Days prior to December 1, 2011.
Accrued interest will also be payable on the date of maturity or any earlier date of repayment of
the Loan. Interest on the Loan will be computed on the basis of a 360-day year of twelve 30-day
months.

(b) Notwithstanding the foregoing, to the extent permitted by applicable law, in the
case of any overdue amounts of principal or interest, the Borrower shall pay interest on
such overdue amounts, on demand by the Lender, at the rate of 7.00% per annum.

5. Use of Proceeds. The proceeds of the Loan will be used by the Borrower to repay
outstanding amounts under its existing revolving credit facility, to acquire properties and for
other corporate purposes.

6. Voluntary Prepayments. The Borrower will have the right at any time to prepay the Loan in
whole or in part without premium or penalty at any time and from time to time, provided that any
such prepayment shall be accompanied by all accrued but unpaid interest on the principal amount
being prepaid. Upon any prepayment under this Section 6, unless an Event of Default has occurred
and is continuing, the Borrower shall receive a credit equal to the Discount Amount with respect to
such prepayment, and such credit shall be applied to such prepayment; provided that the Borrower
shall only receive such credit if such prepayment occurs after the Outside Date (as defined in the
Merger Agreement).

 

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7. Mandatory Prepayments. The Borrower shall prepay the Loan in whole, including accrued and
unpaid interest, on the earlier of (a) the occurrence of a Change of Control or (b) the
Mandatory Prepayment Date if the Closing Date (as defined in the Merger Agreement) has not
occurred on or before the Outside Date (as defined in the Merger Agreement). Upon any prepayment
under clause (a) or (b) of the immediately preceding sentence, unless an Event of Default has
occurred and is continuing, the Borrower shall receive a credit equal to the Discount Amount with
respect to such prepayment, and such credit shall be applied to such prepayment.

8. General Provisions Regarding Payments. The Borrower will pay all amounts due hereunder
free and clear of and without reduction for any taxes, levies, imposts, deductions, withholding or
charges and without set-off or counterclaim, in U.S. dollars available the same day in Chicago,
Illinois. Payments received that are insufficient to pay amounts then due shall be applied
first to indemnification obligations to the Lender, second to interest then due and
payable and third to principal repayment amounts then due.

9. Representation and Warranties. In order to induce the Lender to make the Loan, the
Borrower represents and warrants to the Lender that:

(a) The Borrower is duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization and has all requisite power and authority to
carry on its business as now conducted.

(b) The execution, delivery and performance by the Borrower of this Agreement are
within the Borrower’s corporate powers and have been duly authorized by all necessary
corporate action.

(c) The execution, delivery and performance by the Borrower of this Agreement do not
and will not (i) violate (x) any material law or governmental rule or regulation applicable
to the Borrower, (y) the certificate of incorporation or by-laws of the Borrower, or (z) any
order, judgment or decree of any court or other agency of government binding on the
Borrower; (ii) conflict with, result in a breach of or constitute (with due notice or lapse
of time or both) a default under any material contractual obligation of the Borrower; (iii)
result in or require the creation or imposition of any Lien upon any of the properties or
assets of the Borrower; or (iv) require any approval of stockholders, members or partners or
any approval or consent of any Person under any contractual obligation of the Borrower, or
any registration with, consent or approval of, or notice to, or other action to, with or by,
any Governmental Authority except for such approvals or consents which have been obtained on
or before the date hereof.

(d) This Agreement has been duly executed and delivered by the Borrower and constitutes
a legal, valid and binding obligation of the Borrower, enforceable in accordance with its
terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and other
laws affecting creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law.

 

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(e) On the date hereof the Borrower is Solvent.

(f) No Default or Event of Default has occurred and is continuing.

10. Covenants. So long as any amount is outstanding under this Agreement, unless compliance
shall have been waived in writing, in advance, by the Lender, the Borrower agrees that:

(a) Merger, Consolidation, etc. Only on Certain Terms. The Borrower shall not
consolidate with or merge into any other Person or convey, transfer or lease its properties
and assets substantially as an entirety to any Person, and the Borrower shall not permit any
Person to consolidate with or merge into the Borrower or convey, transfer or lease its
properties and assets substantially as an entirety to the Borrower, unless: (1) in case the
Borrower shall consolidate with or merge into another Person or convey, transfer or lease
its properties and assets substantially as an entirety to any Person, the Person formed by
such consolidation or into which the Borrower is merged or the Person which acquires by
conveyance or transfer, or which leases, the properties and assets of the Borrower
substantially as an entirety shall be a corporation, limited liability company, partnership
or trust, shall be organized and validly existing under the laws of the United States of
America, any State thereof or the District of Columbia and shall expressly assume, in
writing, executed and delivered to the Lender, in form satisfactory to the Lender, the due
and punctual payment of the principal of (and premium, if any) and interest on the Loan and
the performance of every covenant and other obligation under this Agreement on the part of
the Borrower to be performed or observed, and (2) immediately after giving effect to such
transaction no Event of Default, and no event which, after notice or lapse of time or both,
would become an Event of Default, shall have occurred and be continuing. Upon any
consolidation by the Borrower with or merger by the Borrower into any other Person or any
conveyance, transfer or lease of the properties and assets of the Borrower substantially as
an entirety in accordance with this Section 10(a), the successor Person formed by such
consolidation or into which the Borrower is merged or to which such conveyance, transfer or
lease is made shall succeed to, and be substituted for, and may exercise every right and
power of, the Borrower under this Agreement with the same effect as if such successor Person
had been named as the Borrower herein, and thereafter, except in the case of a lease, the
predecessor Person shall be relieved of all obligations and covenants under this Agreement.

(b) Corporate Existence. Subject to Section 10(a), the Borrower will do or
cause to be done all things necessary to preserve and keep in full force and effect its
corporate existence and the rights (charter and statutory) and franchises of the Borrower
and its Subsidiaries; provided, however, that the Borrower shall not be required to preserve
any such right or franchise if it shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Borrower and/or any Subsidiary and that the
loss thereof is not disadvantageous in any material respects to the Lender.

 

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(c) Payment of Taxes and Other Claims. The Borrower will pay or discharge or
cause to be paid or discharged, before the same shall become delinquent, (1) all taxes,
assessments and governmental charges levied or imposed upon the Borrower or any Subsidiary
or upon the income, profits or property of the Borrower or any Subsidiary, and (2) all
lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien
upon the property of the Borrower or any Subsidiary; provided, however, that the Borrower
shall not be required to pay or discharge or cause to be paid or discharged any such tax,
assessment, charge or claim whose amount, applicability or validity is being contested in
good faith by appropriate proceedings.

(d) Statement by Officers as to Default.

(i) The Borrower shall deliver to the Lender, within 120 days after the end of
each fiscal year, a written statement (which need not be contained in or
accompanied by an officers’ certificate) signed by the principal executive officer,
the principal financial officer or the principal accounting officer of the
Borrower, stating that (x) a review of the activities of the Borrower during such
year and of performance under this Agreement has been made under his or her
supervision, and (y) to the best of his or her knowledge, based on such review, (a)
the Borrower has complied with all the conditions and covenants imposed on it under
this Agreement throughout such year, or, if there has been a default in the
fulfillment of any such condition or covenant, specifying each such default known
to him or her and the nature and status thereof, and (b) no event has occurred and
is continuing which is, or after notice or lapse of time or both would become, an
Event of Default, or, if such an event has occurred and is continuing, specifying
each such event known to him or her and the nature and status thereof.

(ii) The Borrower shall deliver to the Lender, within five business days after
the occurrence thereof, written notice of any event which after notice or lapse of
time or both would become an Event of Default.

(e) Limitation on Liens. The Borrower will not pledge or otherwise subject to
any Lien, any of its Property or assets; provided, however, that such covenant will not
apply to Liens securing obligations which do not in the aggregate at any one time
outstanding exceed 40% of the sum of (i) the Total Assets of the Borrower and its
consolidated Subsidiaries as of the end of the calendar year or quarter covered in the
Borrower’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be,
most recently filed with the Commission (or, if such filing is not permitted under the
Exchange Act, with the Lender) prior to the incurrence of such additional Liens and (ii) the
purchase price of any real estate assets or mortgages receivable acquired, and the amount of
any securities offering proceeds received (to the extent that such proceeds were not used to
acquire real estate assets or mortgages receivable or used to reduce
Indebtedness), by the Borrower or any Subsidiary since the end of such calendar
quarter, including those proceeds obtained in connection with the incurrence of such
additional Liens.

 

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(f) Limitation on Total Unencumbered Assets. The Borrower will at all times
maintain Total Unencumbered Assets of not less than 150% of the aggregate outstanding
principal amount of the Unsecured Debt of the Borrower and its Subsidiaries on a
consolidated basis.

(g) Limitation on Indebtedness. The Borrower will not create, assume, incur or
otherwise become liable in respect of, any Indebtedness if the aggregate outstanding
principal amount of Indebtedness of the Borrower and its consolidated Subsidiaries is, at
the time of such creation, assumption or incurrence and after giving effect thereto and to
any concurrent transactions, greater than 60% of the sum of (i) the Total Assets of the
Borrower and its consolidated subsidiaries as of the end of the calendar year or quarter
covered in the Borrower’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as
the case may be, most recently filed with the Commission (or, if such filing is not
permitted under the Exchange Act, with the Lender) prior to the incurrence of such
additional Indebtedness and (ii) the purchase price of any real estate assets or mortgages
receivable acquired, and the amount of any securities offering proceeds received (to the
extent that such proceeds were not used to acquire real estate assets or mortgages
receivable or used to reduce Indebtedness), by the Borrower or any Subsidiary since the end
of such calendar year or quarter, including those proceeds obtained in connection with the
incurrence of such additional Indebtedness.

(h) Interest Coverage Ratio. The Borrower will not incur any Indebtedness if,
on a consolidated basis, the Interest Coverage Ratio on the date on which such additional
Indebtedness is to be incurred, on a pro forma basis, after giving effect to the incurrence
of such Indebtedness and to the application of the proceeds thereof, would have been less
than 1.50 to 1.00.

11. Events of Default. If any of the following events (each, an “Event of Default”) shall
occur and be continuing:

(a) default in the payment of any interest on the Loan when such interest becomes due
and payable, and continuance of such default for a period of 30 days; or

(b) default in the payment of principal of the Loan when and as the same shall become
due and payable; or

 

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(c) default in the performance, or breach, of any covenant or warranty of the Borrower
under this Agreement (other than a covenant or warranty a default in whose performance or
whose breach is elsewhere in this Section specifically dealt with), and
continuance of such default or breach for a period of 60 days after there has been
given, by registered or certified mail, to the Borrower by the Lender a written notice
specifying such default or breach and requiring it to be remedied and stating that such
notice is a “NOTICE OF DEFAULT” hereunder; or

(d) the entry by a court having jurisdiction in the premises of (a) a decree or order
for relief in respect of the Borrower in an involuntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or
(b) a decree or order adjudging the Borrower as bankrupt or insolvent, or approving as
properly filed a petition seeking reorganization, arrangement, adjustment or composition of
or in respect of the Borrower under any applicable Federal or State law, or appointing a
custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official
of the Borrower or of any substantial part of its property, or ordering the winding up or
liquidation of its affairs, and the continuance of any such decree or order for relief or
any such other decree or order unstayed and in effect for a period of 90 consecutive days;
or

(e) the commencement by the Borrower of a voluntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or
of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by
it to the entry of a decree or order for relief in respect of the Borrower in an involuntary
case or proceeding under any applicable Federal or State bankruptcy, insolvency,
reorganization or other similar law or to the commencement of any bankruptcy or insolvency
case or proceeding against it, or the filing by it of a petition or answer or consent
seeking reorganization or relief under any applicable Federal or State law, or the consent
by it to the filing of such petition or to the appointment of or taking possession by a
custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the
Borrower or of any substantial part of its property, or the making by it of an assignment
for the benefit of creditors, or the admission by it in writing of its inability to pay its
debts generally as they become due, or the taking of corporate action by the Borrower in
furtherance of any such action; or

(f) a Change of Control shall occur;

then, in the case of any Event of Default specified above, the Lender may, by written notice to the
Borrower, declare the Loan to be forthwith due and payable, together with accrued interest,
whereupon the same shall become forthwith due and payable, without demand, protest, presentment,
notice of dishonor or any other notice or demand whatsoever, all of which are hereby waived by the
Borrower. Notwithstanding anything to the contrary contained herein, if any Event of Default
described under Section 11(f) above occurs prior to the Mandatory Prepayment Date, the Borrower
shall immediately pay to the Lender an amount equal to any and all Discount Amounts credited to the
Borrower under this Agreement, which provisions shall survive any prior payment of the Loan or
amounts outstanding hereunder.

 

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12. Notices. Any notice to be given under this Agreement shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent by
telecopier to the address or telecopier number specified on the signature page hereto. Notices
sent by hand or overnight courier service or mailed by certified or registered mail shall be deemed
to have been duly given when received by the recipient. Notices sent by telecopier shall be deemed
to have been given when sent (except that, if not given during normal business hours for the
recipient, shall be deemed to have been given at the opening of business on the next Business Day
for the recipient).

13. No Waiver. No delay on the part of the Lender in exercising any of its powers or rights,
and no partial or single exercise, shall constitute a waiver thereof.

14. Amendments and Waivers. Any provision of this Agreement may be amended or waived, but
only if such amendment or waiver is in writing and is signed by the Lender and the Borrower.

15. Successors and Assigns. This Agreement shall be binding upon the Borrower and its
successors and assigns, for the benefit of the Lender and its successors and assigns, except that
the Borrower may not assign or otherwise transfer its rights or obligations under this Agreement
without the prior written consent of the Lender. The Lender may transfer all or a portion of the
Loan to any wholly owned Subsidiary of the Lender.

16. Indemnity. (a) The Borrower agrees to indemnify, defend and hold harmless the Lender,
and any of its participants, parent corporations, subsidiary corporations, affiliated corporations,
successor corporations, and all present and future officers, directors, employees and agents of the
foregoing (the “Indemnitees”), from and against (i) any and all transfer taxes, documentary taxes,
assessments or charges made by any governmental authority by reason of the execution and delivery
of this Agreement or the making of the Loan, and (ii) any and all liabilities, losses, damages,
penalties, judgments, suits, claims, costs and expenses of any kind or nature whatsoever
(including, without limitation, the reasonable fees and disbursements of counsel) in connection
with any investigative, administrative or judicial proceedings, whether or not such Indemnitee
shall be designated a party thereto, which may be imposed on, incurred by or asserted against such
Indemnitee, in any manner relating to or arising out of or in connection with the making of the
Loan and this Agreement or the use or intended use of the proceeds of the Loan (the “Indemnified
Liabilities”); provided, however, that the Borrower shall not have any indemnification obligations
with respect to any liabilities, losses, damages, penalties, judgments, suits, claims, costs or
expenses of the Lender which arise out of the gross negligence or willful misconduct of the Lender.
If any investigative, judicial or administrative proceeding arising from any of the foregoing is
brought against any Indemnitee, upon request of such Indemnitee, the Borrower, or counsel
designated by the Borrower and reasonably satisfactory to the Indemnitee, will resist and defend
such action, suit or proceeding to the extent and in the manner directed by the Indemnitee, at the
Borrower’s sole cost and expense. Each Indemnitee will use its reasonable best efforts to
cooperate in the defense of any such action, suit or proceeding. If
the foregoing undertaking to indemnify, defend and hold harmless may be held to be
unenforceable because it violates any law or public policy, the Borrower shall nevertheless make
the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities
which is permissible under applicable law. The obligations of the Borrower under this Section 16
shall survive the termination of this Agreement and the discharge of the Borrower’s other
obligations under this Agreement.

 

12

 

(b) To the extent permitted by applicable law, the Borrower shall not assert, and
hereby waives, any claim against the Lender and its affiliates, directors, employees,
attorneys, agents or sub-agents, on any theory of liability, including, without limitation,
for special, indirect, consequential or punitive damages (as opposed to direct or actual
damages) arising out of, in connection with, as a result of or related to, this Agreement or
any agreement or instrument contemplated hereby or referred to herein, the transactions
contemplated hereby, the Loan or the use of the proceeds thereof.

17. Governing Law. This Agreement shall be governed by and construed in accordance with the
law of the State of New York, without regard to conflicts of law principles thereof.

18. Submission to Jurisdiction; Consent to Service of Process. The Borrower and, by its
acceptance of this Agreement, the Lender, each agree as follows:

(a) each such party hereby irrevocably and unconditionally submits, for itself and its
property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York
sitting in New York County and of the United States District Court of the Southern District
of New York, and any relevant appellate court, in any action or proceeding arising out of or
relating to this Agreement, or for recognition or enforcement of any judgment, and each such
party hereby irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in New York State court or, to the extent
permitted by law, in such Federal court; provided that nothing in this Agreement shall
affect any right that the Lender or the Borrower may otherwise have to bring any action or
proceeding relating to this Agreement against the other party or its properties in the
courts of any jurisdiction;

(b) each such party hereby irrevocably and unconditionally waives, to the fullest
extent it may legally and effectively do so, any objection that it may now or hereafter have
to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement in any court referred to in Section 18(a), and each such party also irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of any such suit, action or proceeding in any such court; and

 

13

 

(c) each such party irrevocably consents to service of process in the manner provided
for notices in Section 12. Nothing in this Agreement will affect the right of any party to
serve process in any other manner permitted by law.

19. WAIVER OF JURY TRIAL. THE BORROWER HEREBY WAIVES AND, BY ITS ACCEPTANCE OF THIS
AGREEMENT, THE LENDER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT.

20. Severability. If any provision of this Agreement is held to be invalid, illegal or
unenforceable, the other provisions of the Agreement shall remain in full force and effect.

[Signature Page Follows]

 

14

 

IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	NATIONWIDE HEALTH PROPERTIES, INC., as Borrower
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Abdo H. Khoury
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Abdo H. Khoury
	 

	 	 	 	Title:
	 	Executive Vice President and Chief Financial & Portfolio Officer
	 
	 	 	 	 	 	 
	 	 	Address for notices:
	 
	 	 	 	 	 	 
	 	 	Nationwide Health Properties, Inc.

610 Newport Center Drive, Suite 1150

Newport Beach, California 92660

Attention: Douglas M. Pasquale
	 
	 	 	 	 	 	 
	 	 	VENTAS REALTY, LIMITED PARTNERSHIP, as Lender
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	By: VENTAS, INC., its General Partner
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Richard A. Schweinhart
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Richard A. Schweinhart
	 

	 	 	 	Title:
	 	Executive Vice President and Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	Address for notices:
	 
	 	 	 	 	 	 
	 	 	Ventas Realty, Limited Partnership

10350 Ormsby Park Place, Suite 300

Louisville, Kentucky 40223

Attention: T. Richard Riney, Esqexv4w7

EXHIBIT 4.7

GTx, INC.

and

_____________, AS WARRANT AGENT

FORM OF COMMON STOCK

WARRANT AGREEMENT

DATED AS OF ___________

 

 

GTx, INC.

FORM OF COMMON STOCK WARRANT AGREEMENT

     This COMMON STOCK WARRANT AGREEMENT (this “Agreement”) is dated as of
between GTx, Inc., a Delaware corporation (the “Company”) and                , a [corporation]
[national banking association] organized and existing under the laws of                 and
having a corporate trust office in                , as warrant agent (the “Warrant Agent”).

     WHEREAS,
the Company proposes to sell [if Warrants are sold with
Common Stock — Common Stock
of the Company, par value $0.001 per share (the “Common Stock”) with] warrant certificates
evidencing one or more warrants (the “Warrants” or, individually, a “Warrant”) representing the
right to purchase shares of [Common Stock of the Company, par
value $0.001 per share (the “Common
Stock”)]
[Common Stock] (such shares underlying the Warrants, the “Warrant
Shares”), such warrant certificates and other warrant certificates issued pursuant to this
Agreement being herein called the “Warrant Certificates”; and

     WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the
Warrant Agent is willing so to act, in connection with the issuance, registration, transfer,
exchange, exercise and replacement of the Warrant Certificates, and in this Agreement wishes to set
forth, among other things, the form and provisions of the Warrant Certificates and the terms and
conditions on which they may be issued, registered, transferred, exchanged, exercised and replaced.

     NOW THEREFORE, in consideration of the premises and of the mutual agreements herein contained,
the parties hereto agree as follows:

ARTICLE 1

ISSUANCE OF WARRANTS AND EXECUTION AND DELIVERY OF WARRANT CERTIFICATES

     1.1 Issuance Of Warrants. [If Warrants alone—Upon issuance, each Warrant Certificate shall
evidence one or more Warrants.] [If Common Stock and Warrants— Warrant Certificates shall be
[initially] issued in connection with the issuance of Common Stock [but shall be separately
transferable on and after                (the “Detachable Date”)] [and shall not be separately
transferable] and each Warrant Certificate shall evidence one or more Warrants.] Each Warrant
evidenced thereby shall represent the right, subject to the provisions contained herein and
therein, to purchase the number of Warrant Shares specified therein. [If Common Stock and
Warrants— Warrant Certificates shall be initially issued in units with Common Stock and each
Warrant Certificate included in such a unit shall evidence                Warrants for each               
[shares][of a share] of Common Stock included in such unit.]

     1.2 Execution And Delivery Of Warrant Certificates. Each Warrant Certificate, whenever issued,
shall be in registered form substantially in the form set forth in Exhibit A hereto, shall be
dated the date of its countersignature by the Warrant Agent and may have such letters, numbers, or
other marks of identification or designation and such legends or endorsements printed, lithographed
or engraved thereon as the officers of the Company executing the same may approve (execution
thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions
of this Agreement, or as may be required to comply with any law or with any rule or regulation made
pursuant thereto or with any rule or regulation of any securities exchange on which the Warrants
may be listed, or to conform to usage. The Warrant Certificates shall be signed on behalf of the
Company by any of its present or future chief executive officers, presidents, senior vice
presidents, vice presidents, chief financial officers, chief legal officers, treasurers, assistant
treasurers, controllers, assistant controllers, secretaries or assistant secretaries under its
corporate seal reproduced thereon. Such signatures may be manual or facsimile signatures of such
authorized officers and may be imprinted or otherwise reproduced on the Warrant Certificates. The
seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed,
imprinted or otherwise reproduced on the Warrant Certificates.

     No Warrant Certificate shall be valid for any purpose, and no Warrant evidenced thereby shall
be exercisable, until such Warrant Certificate has been countersigned by the manual signature of
the Warrant

1.

 

Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall
be conclusive evidence that the Warrant Certificate so countersigned has been duly issued
hereunder.

     In case any officer of the Company who shall have signed any of the Warrant Certificates
either manually or by facsimile signature shall cease to be such officer before the Warrant
Certificates so signed shall have been countersigned and delivered by the Warrant Agent, such
Warrant Certificates may be countersigned and delivered notwithstanding that the person who signed
such Warrant Certificates ceased to be such officer of the Company; and any Warrant Certificate may
be signed on behalf of the Company by such persons as, at the actual date of the execution of such
Warrant Certificate, shall be the proper officers of the Company, although at the date of the
execution of this Agreement any such person was not such officer.

     The term “holder” or “holder of a Warrant Certificate” as used herein shall mean any person in
whose name at the time any Warrant Certificate shall be registered upon the books to be maintained
by the Warrant Agent for that purpose [If Common Stock and Warrants are not immediately
detachable— or upon the registration of Common Stock prior to the Detachable Date. Prior to the
Detachable Date, the Company will, or will cause the registrar of Common Stock to, make available
at all times to the Warrant Agent such information as to holders of Common Stock as may be
necessary to keep the Warrant Agent’s records up to date].

     1.3 Issuance Of Warrant Certificates. Warrant Certificates evidencing the right to purchase
Warrant Shares may be executed by the Company and delivered to the Warrant Agent upon the execution
of this Warrant Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt of
Warrant Certificates duly executed on behalf of the Company, countersign such Warrant Certificates
and shall deliver such Warrant Certificates to or upon the order of the Company.

ARTICLE 2

WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS

     2.1 Warrant Price. During the period specified in Section 2.2, each Warrant shall, subject to
the terms of this Warrant Agreement and the applicable Warrant Certificate, entitle the holder
thereof to purchase the number of Warrant Shares specified in the applicable Warrant Certificate at
an exercise price of $  per Warrant Security, subject to adjustment upon the occurrence of certain
events, as hereinafter provided. Such purchase price per Warrant Security is referred to in this
Agreement as the “Warrant Price.”

     2.2 Duration Of Warrants. Each Warrant may be exercised in whole or in part at any time, as
specified herein, on or after [the date thereof] [               ] and at or before [          ]
p.m., [          ] time, on [               ] or such later date as the Company may designate by
notice to the Warrant Agent and the holders of Warrant Certificates mailed to their addresses as
set forth in the record books of the Warrant Agent (the “Expiration Date”). Each Warrant not
exercised at or before [          ] p.m., [          ] time, on the Expiration Date shall become void,
and all rights of the holder of the Warrant Certificate evidencing such Warrant under this
Agreement shall cease.

     2.3 Exercise Of Warrants.

          (a) During the period specified in Section 2.2, the Warrants may be exercised to purchase a
whole number of Warrant Shares by providing certain information as set forth on the reverse side of
the Warrant Certificate and by paying in full, in lawful money of the United States of America, [in
cash or by certified check or official bank check in New York Clearing House funds] [by bank wire
transfer in immediately available funds] the Warrant Price for each Warrant Security with respect
to which a Warrant is being exercised to the Warrant Agent at its corporate trust office, provided
that such exercise is subject to receipt within five business days of such payment by the Warrant
Agent of the Warrant Certificate with the form of election to purchase Warrant Shares set forth on
the reverse side of the Warrant Certificate properly completed and duly executed. The date on which
payment in full of the Warrant Price is received by the Warrant Agent shall, subject to receipt of
the Warrant Certificate as aforesaid, be deemed to be the date on which the Warrant is exercised;
provided, however, that if, at the date of receipt of such Warrant Certificates and payment in full
of the Warrant Price, the transfer books for the Warrant Shares purchasable upon the exercise of
such Warrants shall be closed, no such receipt of such Warrant Certificates and no such payment of
such Warrant Price shall be effective to constitute the person so designated to be named as

2.

 

the holder of record of such Warrant Shares on such date, but shall be effective to constitute
such person as the holder of record of such Warrant Shares for all purposes at the opening of
business on the next succeeding day on which the transfer books for the Warrant Shares purchasable
upon the exercise of such Warrants shall be opened, and the certificates for the Warrant Shares in
respect of which such Warrants are then exercised shall be issuable as of the date on such next
succeeding day on which the transfer books shall next be opened, and until such date the Company
shall be under no duty to deliver any certificate for such Warrant Shares. The Warrant Agent shall
deposit all funds received by it in payment of the Warrant Price in an account of the Company
maintained with it and shall advise the Company by telephone at the end of each day on which a
payment for the exercise of Warrants is received of the amount so deposited to its account. The
Warrant Agent shall promptly confirm such telephone advice to the Company in writing.

          (b) The Warrant Agent shall, from time to time, as promptly as practicable, advise the Company
of (i) the number of Warrant Shares with respect to which Warrants were exercised, (ii) the
instructions of each holder of the Warrant Certificates evidencing such Warrants with respect to
delivery of the Warrant Shares to which such holder is entitled upon such exercise, (iii) delivery
of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant
Shares after such exercise, and (iv) such other information as the Company shall reasonably
require.

          (c) As soon as practicable after the exercise of any Warrant, the Company shall issue to or
upon the order of the holder of the Warrant Certificate evidencing such Warrant the Warrant Shares
to which such holder is entitled, in fully registered form, registered in such name or names as may
be directed by such holder. If fewer than all of the Warrants evidenced by such Warrant Certificate
are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall
manually countersign and deliver, a new Warrant Certificate evidencing Warrants for the number of
Warrant Shares remaining unexercised.

          (d) The Company shall not be required to pay any stamp or other tax or other governmental
charge required to be paid in connection with any transfer involved in the issue of the Warrant
Shares, and in the event that any such transfer is involved, the Company shall not be required to
issue or deliver any Warrant Security until such tax or other charge shall have been paid or it has
been established to the Company’s satisfaction that no such tax or other charge is due.

          (e) Prior to the issuance of any Warrants there shall have been reserved, and the Company
shall at all times through the Expiration Date keep reserved, out of its authorized but unissued
Common Stock, a number of shares sufficient to provide for the exercise of the Warrants.

ARTICLE 3

OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT CERTIFICATES

     3.1 No Rights As Warrant Securityholder Conferred By Warrants Or Warrant Certificates. No
Warrant Certificate or Warrant evidenced thereby shall entitle the holder thereof to any of the
rights of a holder of Common Stock of the Company, including, without limitation, the right to
receive the payment of dividends or distributions, if any, on the Warrant Shares or to exercise any
voting rights, except to the extent expressly set forth in this Agreement or the applicable Warrant
Certificate.

     3.2 Lost, Stolen, Mutilated Or Destroyed Warrant Certificates. Upon receipt by the Warrant
Agent of evidence reasonably satisfactory to it and the Company of the ownership of and the loss,
theft, destruction or mutilation of any Warrant Certificate and/or indemnity reasonably
satisfactory to the Warrant Agent and the Company and, in the case of mutilation, upon surrender of
the mutilated Warrant Certificate to the Warrant Agent for cancellation, then, in the absence of
notice to the Company or the Warrant Agent that such Warrant Certificate has been acquired by a
bona fide purchaser, the Company shall execute, and an authorized officer of the Warrant Agent
shall manually countersign and deliver, in exchange for or in lieu of the lost, stolen, destroyed
or mutilated Warrant Certificate, a new Warrant Certificate of the same tenor and evidencing
Warrants for a like number of Warrant Shares. Upon the issuance of any new Warrant Certificate
under this Section 3.2, the Company may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other expenses (including
the fees and expenses of the Warrant Agent) in connection

3.

 

therewith. Every substitute Warrant Certificate executed and delivered pursuant to this Section 3.2 in
lieu of any lost, stolen or destroyed Warrant Certificate shall represent an additional contractual
obligation of the Company, whether or not the lost, stolen or destroyed Warrant Certificate shall
be at any time enforceable by anyone, and shall be entitled to the benefits of this Agreement
equally and proportionately with any and all other Warrant Certificates duly executed and delivered
hereunder. The provisions of this Section 3.2 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement of mutilated, lost, stolen or
destroyed Warrant Certificates.

     3.3 Holder Of Warrant Certificate May Enforce Rights. Notwithstanding any of the provisions of
this Agreement, any holder of a Warrant Certificate, without the consent of the Warrant Agent, the
holder of any Warrant Shares or the holder of any other Warrant Certificate, may, in such holder’s
own behalf and for such holder’s own benefit, enforce, and may institute and maintain any suit,
action or proceeding against the Company suitable to enforce, or otherwise in respect of, such
holder’s right to exercise the Warrants evidenced by such holder’s Warrant Certificate in the
manner provided in such holder’s Warrant Certificate and in this Agreement.

     3.4 Adjustments.

          (a) In case the Company shall at any time subdivide its outstanding shares of 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 Warrant Shares purchasable under the Warrants
shall be proportionately increased. Conversely, in case the outstanding shares of 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 Warrant
Shares purchasable under the Warrants shall be proportionately decreased.

          (b) 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 the Warrants) shall have received or
become entitled to receive, without payment therefore,

               (i) Common Stock or any shares of stock 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;

               (ii) any cash paid or payable otherwise than as a cash dividend paid or payable out of the
Company’s current or retained earnings;

               (iii) any evidence of the Company’s indebtedness or rights to subscribe for or purchase the
Company’s indebtedness; or

               (iv) Common Stock or additional stock or other securities or property (including cash) by way
of spinoff, split-up, reclassification, combination of shares or similar corporate rearrangement
(other than shares of Common Stock issued as a stock split or adjustments in respect of which shall
be covered by the terms of Section 3.4(a) above), then and in each such case, the holder of each
Warrant shall, upon the exercise of the Warrant, be entitled to receive, in addition to the number
of Warrant Shares receivable thereupon, and without payment of any additional consideration
therefore, the amount of stock and other securities and property (including cash and indebtedness
or rights to subscribe for or purchase indebtedness) which such holder would hold on the date of
such exercise had he been the holder of record of such Warrant Shares 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.

          (c) In case of (i) any reclassification, capital reorganization, or change in the Common Stock
of the Company (other than as a result of a subdivision, combination, or stock dividend provided
for in Section 3.4(a) or Section 3.4(b) above), (ii) share exchange, merger or similar transaction
of the Company with or into another person or entity (other than a share exchange, merger or
similar transaction in which the Company is the acquiring or surviving corporation and which does
not result in any change in the Common Stock other than the issuance of additional shares of Common
Stock) or (iii) the sale, exchange, lease, transfer or other disposition of all

4.

 

or substantially
all of the properties and assets of the Company as an entirety (in any such case, a “Reorganization
Event”), then, as a condition of such Reorganization Event, lawful provisions shall be made,
and duly executed documents evidencing the same from the Company or its successor shall be
delivered to the holders of the Warrants, so that the holders of the Warrants shall have the right
at any time prior to the expiration of the Warrants to purchase, at a total price equal to that
payable upon the exercise of the Warrants, the kind and amount of shares of stock and other
securities and property receivable in connection with such Reorganization Event by a holder of the
same number of Warrant Shares as were purchasable by the holders of the Warrants immediately prior
to such Reorganization Event. In any such case appropriate provisions shall be made with respect to
the rights and interests of the holders of the Warrants so that the provisions hereof shall
thereafter be applicable with respect to any shares of stock or other securities and property
deliverable upon exercise the Warrants, and appropriate adjustments shall be made to the Warrant
Price payable hereunder provided the aggregate purchase price shall remain the same. In the case of
any transaction described in clauses (ii) and (iii) above, the Company shall thereupon be relieved
of any further obligation hereunder or under the Warrants, and the Company as the predecessor
corporation may thereupon or at any time thereafter be dissolved, wound up or liquidated. Such
successor or assuming entity thereupon may cause to be signed, and may issue either in its own name
or in the name of the Company, any or all of the Warrants issuable hereunder which heretofore shall
not have been signed by the Company, and may execute and deliver securities in its own name, in
fulfillment of its obligations to deliver Warrant Shares upon exercise of the Warrants. All the
Warrants so issued shall in all respects have the same legal rank and benefit under this Agreement
as the Warrants theretofore or thereafter issued in accordance with the terms of this Agreement as
though all of such Warrants had been issued at the date of the execution hereof. In any case of any
such Reorganization Event, such changes in phraseology and form (but not in substance) may be made
in the Warrants thereafter to be issued as may be appropriate. The Warrant Agent may receive a
written opinion of legal counsel as conclusive evidence that any such Reorganization Event complies
with the provisions of this Section 3.4.

          (d) The Company may, at its option, at any time until the Expiration Date, reduce the then
current Warrant Price to any amount deemed appropriate by the Board of Directors of the Company for
any period not exceeding twenty consecutive days (as evidenced in a resolution adopted by such
Board of Directors), but only upon giving the notices required by Section 3.5 at least ten days
prior to taking such action.

          (e) Except as herein otherwise expressly provided, no adjustment in the Warrant Price shall be
made by reason of the issuance of shares of Common Stock, or securities convertible into or
exchangeable for shares of Common Stock, or securities carrying the right to purchase any of the
foregoing or for any other reason whatsoever.

          (f) No fractional Warrant Shares shall be issued upon the exercise of Warrants. If more than
one Warrant shall be exercised at one time by the same holder, the number of full Warrant Shares
which shall be issuable upon such exercise shall be computed on the basis of the aggregate number
of Warrant Shares purchased pursuant to the Warrants so exercised. Instead of any fractional
Warrant Security which would otherwise be issuable upon exercise of any Warrant, the Company shall
pay a cash adjustment in respect of such fraction in an amount equal to the same fraction of the
last reported sale price (or bid price if there were no sales) per Warrant Security, in either case
as reported on the principal registered national securities exchange on which the Warrant Shares
are listed or admitted to trading on the business day that next precedes the day of exercise or, if
the Warrant Shares are not then listed or admitted to trading on any registered national securities
exchange, the average of the closing high bid and low asked prices as reported on the OTC Bulletin
Board Service (the “OTC Bulletin Board”) operated by the Financial Industry Regulatory Authority,
Inc. (“FINRA”) or, if not available on the OTC Bulletin Board, then the average of the closing high
bid and low asked prices as reported on any other U.S. quotation medium or inter-dealer quotation
system on such date, or if on any such date the Warrant Shares are not listed or admitted to
trading on a registered national securities exchange, are not included in the OTC Bulletin Board,
and are not quoted on any other U.S. quotation medium or inter-dealer quotation system, an amount
equal to the same fraction of the average of the closing bid and asked prices as furnished by any
FINRA member firm selected from time to time by the Company for that purpose at the close of
business on the business day that next precedes the day of exercise.

          (g) Whenever the Warrant Price then in effect is adjusted as herein provided, the Company
shall mail to each holder of the Warrants at such holder’s address as it shall appear on the books
of the Company a statement setting forth the adjusted Warrant Price then and thereafter effective
under the provisions hereof, together with the facts, in reasonable detail, upon which such
adjustment is based.

5.

 

     3.5 Notice To Warrantholders. In case the Company shall (a) effect any dividend or
distribution described in Section 3.4(b), (b) effect any Reorganization Event, (c) make any
distribution on or in respect of the Common Stock in connection with the dissolution, liquidation
or winding up of the Company, or (d) reduce the then current Warrant Price pursuant to Section
3.4(d), then the Company shall mail to each holder of Warrants at such holder’s address as it shall
appear on the books of the Warrant Agent, at least ten days prior to the applicable date
hereinafter specified, a notice stating (x) the record date for such dividend or distribution, or,
if a record is not to be taken, the date as of which the holders of record of Common Stock that
will be entitled to such dividend or distribution are to be determined, (y) the date on which such
Reorganization Event, dissolution, liquidation or winding up is expected to become effective, and
the date as of which it is expected that holders of Common Stock of record shall be entitled to
exchange their shares of Common Stock for securities or other property deliverable upon such
Reorganization Event, dissolution, liquidation or winding up, or (z) the first date on which the
then current Warrant Price shall be reduced pursuant to Section 3.4(d). No failure to mail such
notice nor any defect therein or in the mailing thereof shall affect any such transaction or any
adjustment in the Warrant Price required by Section 3.4.

     3.6 [If The Warrants Are Subject To Acceleration By The Company, Insert—Acceleration Of
Warrants By The Company.

          (a) At any time on or after               , the Company shall have the right to
accelerate any or all Warrants at any time by causing them to expire at the close of business on
the day next preceding a specified date (the “Acceleration Date”), if the Market Price (as
hereinafter defined) of the Common Stock equals or exceeds            percent ( %) of the then
effective Warrant Price on any twenty Trading Days (as hereinafter defined) within a period of
thirty consecutive Trading Days ending no more than five Trading Days prior to the date on which
the Company gives notice to the Warrant Agent of its election to accelerate the Warrants.

          (b) “Market Price” for each Trading Day shall be, if the Common Stock is listed or admitted to
trading on any registered national securities exchange, the last reported sale price, regular way
(or, if no such price is reported, the average of the reported closing bid and asked prices,
regular way) of Common Stock, in either case as reported on the principal registered national
securities exchange on which the Common Stock is listed or admitted to trading or, if not listed or
admitted to trading on any registered national securities exchange, the average of the closing high
bid and low asked prices as reported on the OTC Bulletin Board operated by FINRA, or if not
available on the OTC Bulletin Board, then the average of the closing high bid and low asked prices
as reported on any other U.S. quotation medium or inter-dealer quotation system, or if on any such
date the shares of Common Stock are not listed or admitted to trading on a registered national
securities exchange, are not included in the OTC Bulletin Board, and are not quoted on any other
U.S. quotation medium or inter-dealer quotation system, the average of the closing bid and asked
prices as furnished by any FINRA member firm selected from time to time by the Company for that
purpose. “Trading Day” shall be each Monday through Friday, other than any day on which securities
are not traded in the system or on the exchange that is the principal market for the Common Stock,
as determined by the Board of Directors of the Company.

          (c) In the event of an acceleration of less than all of the Warrants, the Warrant Agent shall
select the Warrants to be accelerated by lot, pro rata or in such other manner as it deems, in its
discretion, to be fair and appropriate.

          (d) Notice of an acceleration specifying the Acceleration Date shall be sent by mail first
class, postage prepaid, to each registered holder of a Warrant Certificate representing a Warrant
accelerated at such holder’s address appearing on the books of the Warrant Agent not more than
sixty days nor less than thirty days before the Acceleration Date. Such notice of an acceleration
also shall be given no more than twenty days, and no less than ten days, prior to the mailing of
notice to registered holders of Warrants pursuant to this Section 3.6, by publication at least once
in a newspaper of general circulation in the City of New York.

          (e) Any Warrant accelerated may be exercised until [          ] p.m., [          ] time, on the
business day next preceding the Acceleration Date. The Warrant Price shall be payable as provided
in Section 2.]

ARTICLE 4

EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES

6.

 

     4.1 Exchange And Transfer Of Warrant Certificates. [If Common Stock with Warrants which are
immediately detachable—Upon] [If Common Stock with Warrants which are not immediately detachable—
Prior to the Detachable Date, a Warrant Certificate may be exchanged or transferred only together
with the Other Security to which the Warrant Certificate was initially attached, and only for the
purpose of effecting or in conjunction with an exchange or transfer of such Other Security. Prior
to any Detachable Date, each transfer of the Other Security shall operate also to transfer the
related Warrant Certificates. After the Detachable Date, upon] surrender at the corporate trust
office of the Warrant Agent, Warrant Certificates evidencing Warrants may be exchanged for Warrant
Certificates in other denominations evidencing such Warrants or the transfer thereof may be
registered in whole or in part; provided that such other Warrant Certificates evidence Warrants for
the same aggregate number of Warrant Shares as the Warrant Certificates so surrendered. The Warrant
Agent shall keep, at its corporate trust office, books in which, subject to such reasonable
regulations as it may prescribe, it shall register Warrant Certificates and exchanges and transfers
of outstanding Warrant Certificates, upon surrender of the Warrant Certificates to the Warrant
Agent at its corporate trust office for exchange or registration of transfer, properly endorsed or
accompanied by appropriate instruments of registration of transfer and written instructions for
transfer, all in form satisfactory to the Company and the Warrant Agent. No service charge shall be
made for any exchange or registration of transfer of Warrant Certificates, but the Company may
require payment of a sum sufficient to cover any stamp or other tax or other governmental charge
that may be imposed in connection with any such exchange or registration of transfer. Whenever any
Warrant Certificates are so surrendered for exchange or registration of transfer, an authorized
officer of the Warrant Agent shall manually countersign and deliver to the person or persons
entitled thereto a Warrant Certificate or Warrant Certificates duly authorized and executed by the
Company, as so requested. The Warrant Agent shall not be required to effect any exchange or
registration of transfer which will result in the issuance of a Warrant Certificate evidencing a
Warrant for a fraction of a Warrant Security or a number of Warrants for a whole number of Warrant
Shares and a fraction of a Warrant Security. All Warrant Certificates issued upon any exchange or
registration of transfer of Warrant Certificates shall be the valid obligations of the Company,
evidencing the same obligations and entitled to the same benefits under this Agreement as the
Warrant Certificate surrendered for such exchange or registration of transfer.

     4.2 Treatment Of Holders Of Warrant Certificates. [If Common Stock and Warrants are not
immediately detachable—Prior to the Detachable Date, the Company, the Warrant Agent and all other
persons may treat the owner of the Other Security as the owner of the Warrant Certificates
initially attached thereto for any purpose and as the person entitled to exercise the rights
represented by the Warrants evidenced by such Warrant Certificates, any notice to the contrary
notwithstanding. After the Detachable Date and prior to due presentment of a Warrant Certificate
for registration of transfer, the] [The] Company, the Warrant Agent and all other persons may treat
the registered holder of a Warrant Certificate as the absolute owner thereof for any purpose and as
the person entitled to exercise the rights represented by the Warrants evidenced thereby, any
notice to the contrary notwithstanding.

     4.3 Cancellation Of Warrant Certificates. Any Warrant Certificate surrendered for exchange,
registration of transfer or exercise of the Warrants evidenced thereby shall, if surrendered to the
Company, be delivered to the Warrant Agent and all Warrant Certificates surrendered or so delivered
to the Warrant Agent shall be promptly canceled by the Warrant Agent and shall not be reissued and,
except as expressly permitted by this Agreement, no Warrant Certificate shall be issued hereunder
in exchange therefor or in lieu thereof.

     The Warrant Agent shall deliver to the Company from time to time or otherwise dispose of
canceled Warrant Certificates in a manner satisfactory to the Company.

ARTICLE 5

CONCERNING THE WARRANT AGENT

     5.1 Warrant Agent. The Company hereby appoints               as Warrant Agent of the
Company in respect of the Warrants and the Warrant Certificates upon the terms and subject to the
conditions herein set forth, and                hereby accepts such appointment. The Warrant
Agent shall have the powers and authority granted to and conferred upon it in the Warrant
Certificates and hereby and such further powers and authority to act on behalf of the Company as
the Company may hereafter grant to or confer upon it. All of the terms and provisions

7.

 

with respect to such powers and authority contained in the Warrant Certificates are subject to
and governed by the terms and provisions hereof.

     5.2 Conditions Of Warrant Agent’s Obligations. The Warrant Agent accepts its obligations
herein set forth upon the terms and conditions hereof, including the following to all of which the
Company agrees and to all of which the rights hereunder of the holders from time to time of the
Warrant Certificates shall be subject:

          (a) Compensation And Indemnification. The Company agrees promptly to pay the Warrant Agent the
compensation to be agreed upon with the Company for all services rendered by the Warrant Agent and
to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable counsel
fees) incurred without negligence, bad faith or willful misconduct by the Warrant Agent in
connection with the services rendered hereunder by the Warrant Agent. The Company also agrees to
indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense
incurred without negligence, bad faith or willful misconduct on the part of the Warrant Agent,
arising out of or in connection with its acting as Warrant Agent hereunder, including the
reasonable costs and expenses of defending against any claim of such liability.

          (b) Agent For The Company. In acting under this Warrant Agreement and in connection with the
Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not
assume any obligations or relationship of agency or trust for or with any of the holders of Warrant
Certificates or beneficial owners of Warrants.

          (c) Counsel. The Warrant Agent may consult with counsel satisfactory to it, which may include
counsel for the Company, and the written advice of such counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in
good faith and in accordance with the advice of such counsel.

          (d) Documents. The Warrant Agent shall be protected and shall incur no liability for or in
respect of any action taken or omitted by it in reliance upon any Warrant Certificate, notice,
direction, consent, certificate, affidavit, statement or other paper or document reasonably
believed by it to be genuine and to have been presented or signed by the proper parties.

          (e) Certain Transactions. The Warrant Agent, and its officers, directors and employees, may
become the owner of, or acquire any interest in, Warrants, with the same rights that it or they
would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable
law, it or they may engage or be interested in any financial or other transaction with the Company
and may act on, or as depositary, trustee or agent for, any committee or body of holders of Warrant
Shares or other obligations of the Company as freely as if it were not the Warrant Agent hereunder.
Nothing in this Warrant Agreement shall be deemed to prevent the Warrant Agent from acting as
trustee under any indenture to which the Company is a party.

          (f) No Liability For Interest. Unless otherwise agreed with the Company, the Warrant Agent
shall have no liability for interest on any monies at any time received by it pursuant to any of
the provisions of this Agreement or of the Warrant Certificates.

          (g) No Liability For Invalidity. The Warrant Agent shall have no liability with respect to any
invalidity of this Agreement or any of the Warrant Certificates (except as to the Warrant Agent’s
countersignature thereon).

          (h) No Responsibility For Representations. The Warrant Agent shall not be responsible for any
of the recitals or representations herein or in the Warrant Certificates (except as to the Warrant
Agent’s countersignature thereon), all of which are made solely by the Company.

          (i) No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties
as are herein and in the Warrant Certificates specifically set forth and no implied duties or
obligations shall be read into this Agreement or the Warrant Certificates against the Warrant
Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may
tend to involve it in any expense or liability, the

8.

 

payment of which within a reasonable time is not, in its reasonable opinion, assured to it.
The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the
Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it
to the Company pursuant to this Agreement or for the application by the Company of the proceeds of
the Warrant Certificates. The Warrant Agent shall have no duty or responsibility in case of any
default by the Company in the performance of its covenants or agreements contained herein or in the
Warrant Certificates or in the case of the receipt of any written demand from a holder of a Warrant
Certificate with respect to such default, including, without limiting the generality of the
foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or
otherwise or, except as provided in Section 6.2 hereof, to make any demand upon the Company.

     5.3 Resignation, Removal And Appointment Of Successors.

          (a) The Company agrees, for the benefit of the holders from time to time of the Warrant
Certificates, that there shall at all times be a Warrant Agent hereunder until all the Warrants
have been exercised or are no longer exercisable.

          (b) The Warrant Agent may at any time resign as agent by giving written notice to the Company
of such intention on its part, specifying the date on which its desired resignation shall become
effective; provided that such date shall not be less than three months after the date on which such
notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at
any time by the filing with it of an instrument in writing signed by or on behalf of the Company
and specifying such removal and the intended date when it shall become effective. Such resignation
or removal shall take effect upon the appointment by the Company, as hereinafter provided, of a
successor Warrant Agent (which shall be a bank or trust company authorized under the laws of the
jurisdiction of its organization to exercise corporate trust powers) and the acceptance of such
appointment by such successor Warrant Agent. The obligation of the Company under Section 5.2(a)
shall continue to the extent set forth therein notwithstanding the resignation or removal of the
Warrant Agent.

          (c) In case at any time the Warrant Agent shall resign, or shall be removed, or shall become
incapable of acting, or shall be adjudged a bankrupt or insolvent, or shall commence a voluntary
case under the Federal bankruptcy laws, as now or hereafter constituted, or under any other
applicable Federal or state bankruptcy, insolvency or similar law or shall consent to the
appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Warrant Agent or its property or affairs, or shall
make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its
debts generally as they become due, or shall take corporate action in furtherance of any such
action, or a decree or order for relief by a court having jurisdiction in the premises shall have
been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy
laws, as now or hereafter constituted, or any other applicable Federal or state bankruptcy,
insolvency or similar law, or a decree or order by a court having jurisdiction in the premises
shall have been entered for the appointment of a receiver, custodian, liquidator, assignee,
trustee, sequestrator (or similar official) of the Warrant Agent or of its property or affairs, or
any public officer shall take charge or control of the Warrant Agent or of its property or affairs
for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant
Agent, qualified as aforesaid, shall be appointed by the Company by an instrument in writing, filed
with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent
and acceptance by the successor Warrant Agent of such appointment, the Warrant Agent shall cease to
be Warrant Agent hereunder.

          (d) Any successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to
its predecessor and to the Company an instrument accepting such appointment hereunder, and
thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become
vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such
predecessor with like effect as if originally named as Warrant Agent hereunder, and such
predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become
obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to
receive, all monies, securities and other property on deposit with or held by such predecessor, as
Warrant Agent hereunder.

          (e) Any corporation into which the Warrant Agent hereunder may be merged or converted or any
corporation with which the Warrant Agent may be consolidated, or any corporation resulting from any
merger,

9.

 

conversion or consolidation to which the Warrant Agent shall be a party, or any corporation to
which the Warrant Agent shall sell or otherwise transfer all or substantially all the assets and
business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the
successor Warrant Agent under this Agreement without the execution or filing of any paper or any
further act on the part of any of the parties hereto.

ARTICLE 6

MISCELLANEOUS

     6.1 Amendment. This Agreement may be amended by the parties hereto, without the consent of the
holder of any Warrant Certificate, for the purpose of curing any ambiguity, or of curing,
correcting or supplementing any defective provision contained herein, or making any other
provisions with respect to matters or questions arising under this Agreement as the Company and the
Warrant Agent may deem necessary or desirable; provided that such action shall not materially
adversely affect the interests of the holders of the Warrant Certificates.

     6.2 Notices And Demands To The Company And Warrant Agent. If the Warrant Agent shall receive
any notice or demand addressed to the Company by the holder of a Warrant Certificate pursuant to
the provisions of the Warrant Certificates, the Warrant Agent shall promptly forward such notice or
demand to the Company.

     6.3 Addresses. Any communication from the Company to the Warrant Agent with respect to this
Agreement shall be addressed to                , Attention:                and any
communication from the Warrant Agent to the Company with respect to this Agreement shall be
addressed to GTx, Inc., 175 Toyota Plaza, 7th Floor, Memphis, Tennessee 38103, Attention: General
Counsel (or such other address as shall be specified in writing by the Warrant Agent or by the
Company).

     6.4 Governing Law. This Agreement and each Warrant Certificate issued hereunder shall be
governed by and construed in accordance with the laws of the State of New York.

     6.5 Delivery Of Prospectus. The Company shall furnish to the Warrant Agent sufficient copies
of a prospectus meeting the requirements of the Securities Act of 1933, as amended, relating to the
Warrant Shares deliverable upon exercise of the Warrants (the “Prospectus”), and the Warrant Agent
agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the
Warrant Certificate evidencing such Warrant, prior to or concurrently with the delivery of the
Warrant Shares issued upon such exercise, a Prospectus.

     The Warrant Agent shall not, by reason of any such delivery, assume any responsibility for the
accuracy or adequacy of such Prospectus.

     6.6 Obtaining Of Governmental Approvals. The Company will from time to time take all action
which may be necessary to obtain and keep effective any and all permits, consents and approvals of
governmental agencies and authorities and securities act filings under United States Federal and
state laws (including without limitation a registration statement in respect of the Warrants and
Warrant Shares under the Securities Act of 1933, as amended), which may be or become requisite in
connection with the issuance, sale, transfer, and delivery of the Warrant Shares issued upon
exercise of the Warrants, the issuance, sale, transfer and delivery of the Warrants or upon the
expiration of the period during which the Warrants are exercisable.

     6.7 Persons Having Rights Under Warrant Agreement. Nothing in this Agreement shall give to any
person other than the Company, the Warrant Agent and the holders of the Warrant Certificates any
right, remedy or claim under or by reason of this Agreement.

     6.8 Headings. The descriptive headings of the several Articles and Sections of this Agreement
are inserted for convenience only and shall not control or affect the meaning or construction of
any of the provisions hereof.

10.

 

     6.9 Counterparts. This Agreement may be executed in any number of counterparts, each of which
as so executed shall be deemed to be an original, but such counterparts shall together constitute
but one and the same instrument.

     6.10 Inspection Of Agreement. A copy of this Agreement shall be available at all reasonable
times at the principal corporate trust office of the Warrant Agent for inspection by the holder of
any Warrant Certificate. The Warrant Agent may require such holder to submit his Warrant
Certificate for inspection by it.

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

	 	 	 	 	 
	 	GTx, INC.

 	 
	 	By:  	 	 
	 	 	 	 
	 	Its:  	 	 
	 	 	 	 
	 

	 	 	 	 	 
	Attest:

 	 
	
 	 
	 	 
	 	 
	 

	 	 	 	 	 
	 	WARRANT AGENT

 	 
	 	By:  	 	 
	 	 	 	 
	 	Its:  	 	 
	 	 	 	 
	 

	 	 	 	 	 
	Attest:

 	 
	
 	 
	 	 
	
 	 
	 

[SIGNATURE PAGE TO COMMON STOCK WARRANT AGREEMENT]

11.

 

EXHIBIT A

FORM OF WARRANT CERTIFICATE

[FACE OF WARRANT CERTIFICATE]

	 	 	 

	[Form if Warrants are attached to
Common Stock and are not immediately
detachable.]

	 	[Prior to                     , this
Warrant Certificate cannot be
transferred or exchanged unless
attached to a share of Common
Stock.]
	[Form of Legend if Warrants are not
immediately exercisable.]

	 	[Prior to                     ,
Warrants evidenced by this Warrant
Certificate cannot be exercised.]

EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT AGENT AS PROVIDED HEREIN

VOID AFTER [          ] P.M., [          ] TIME, ON      ,

12.

 

GTx, INC.

WARRANT CERTIFICATE REPRESENTING

WARRANTS TO PURCHASE

COMMON STOCK, PAR VALUE $0.001 PER SHARE

			
	No.____________
	 	Warrants

     This certifies that            or registered assigns is the registered owner of the
above indicated number of Warrants, each Warrant entitling such owner [if Warrants are attached to
Common Stock and are not immediately detachable— , subject to the registered owner qualifying as a
“Holder” of this Warrant Certificate, as hereinafter defined),] to purchase, at any time [after [          ] p.m., [          ] time, [on               and]
on or before [          ] p.m., [          ]
time, on               ,                shares of                Common Stock, par
value $0.001 per share (the “Warrant Shares”), of GTx, Inc. (the “Company”) on the following basis:
during the period from               , through and including                , the
exercise price per Warrant Security will be $           , subject to adjustment as provided in the Warrant
Agreement (as hereinafter defined) (the “Warrant Price”). The Holder may exercise the Warrants
evidenced hereby by providing certain information set forth on the back hereof and by paying in
full, in lawful money of the United States of America, [in cash or by certified check or official
bank check in New York Clearing House funds] [by bank wire transfer in immediately available
funds], the Warrant Price for each Warrant Security with respect to which this Warrant is exercised
to the Warrant Agent (as hereinafter defined) and by surrendering this Warrant Certificate, with
the purchase form on the back hereof duly executed, at the corporate trust office of [name of
Warrant Agent], or its successor as warrant agent (the “Warrant Agent”), which is, on the date
hereof, at the address specified on the reverse hereof, and upon compliance with and subject to the
conditions set forth herein and in the Warrant Agreement (as hereinafter defined).

     The term “Holder” as used herein shall mean [if Warrants are attached to Common Stock and are
not immediately detachable— prior to               ,                (the “Detachable
Date”), the registered owner of the Company’s Common Stock, par value $0.001 per share (“Common
Stock”), to which this Warrant Certificate was initially attached, and after such Detachable Date,]
the person in whose name at the time this Warrant Certificate shall be registered upon the books to
be maintained by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant Agreement.

     The Warrants evidenced by this Warrant Certificate may be exercised to purchase a whole number
of Warrant Shares in registered form. Upon any exercise of fewer than all of the Warrants evidenced
by this Warrant Certificate, there shall be issued to the Holder hereof a new Warrant Certificate
evidencing Warrants for the number of Warrant Shares remaining unexercised.

     This Warrant Certificate is issued under and in accordance with the Warrant Agreement dated as
of               ,                (the “Warrant Agreement”), between the Company and the
Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all
of which terms and provisions the Holder of this Warrant Certificate consents by acceptance hereof.
Copies of the Warrant Agreement are on file at the above-mentioned office of the Warrant Agent.

     [If Warrants are attached to Common Stock and are not immediately detachable—Prior to the
Detachable Date, this Warrant Certificate may be exchanged or transferred only together with the
Common Stock to which this Warrant Certificate was initially attached, and only for the purpose of
effecting or in conjunction with, an exchange or transfer of such Other Security. Additionally, on
or prior to the Detachable Date, each transfer of such Other Security on the register of Common
Stock shall operate also to transfer this Warrant Certificate. After such date, transfer of this]
[If Warrants are attached to Common Stock and are immediately detachable — Transfer of this]
Warrant Certificate may be registered when this Warrant Certificate is surrendered at the corporate
trust office of the Warrant Agent by the registered owner or such owner’s assigns, in the manner
and subject to the limitations provided in the Warrant Agreement.

     [If Common Stock with Warrants which are not immediately detachable—Except as provided in the
immediately preceding paragraph, after] [If Common Stock with Warrants which are immediately
detachable or Warrants alone — After] countersignature by the Warrant Agent and prior to the
expiration of this Warrant

13.

 

Certificate, this Warrant Certificate may be exchanged at the corporate trust office of the
Warrant Agent for Warrant Certificates representing Warrants for the same aggregate number of
Warrant Shares.

     This Warrant Certificate shall not entitle the Holder hereof to any of the rights of a holder
of the Warrant Shares, including, without limitation, the right to receive payments of dividends or
distributions, if any, on the Warrant Shares (except to the extent set forth in the Warrant
Agreement) or to exercise any voting rights.

     Reference is hereby made to the further provisions of this Warrant Certificate set forth on
the reverse hereof, which further provisions shall for all purposes have the same effect as if set
forth at this place.

     This Warrant Certificate shall not be valid or obligatory for any purpose until countersigned
by the Warrant Agent.

     IN WITNESS WHEREOF, the Company has caused this Warrant to be executed in its name and on its
behalf by the facsimile signatures of its duly authorized officers.

	 	 	 	 	 
	Dated:                                                               	GTx, INC.

 	 
	 	By:  	 	 
	 	 	 	 
	 	Its:  	 	 
	 	 	 	 
	 

	 	 	 	 	 
	Attest:
	 
	 
	
 	 
	 

	 	 	 	 	 
	 	Countersigned

 	 
	 	
 	 
	 	As Warrant Agent 	 
	 	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Authorized Signature 	 
	 	 	 	 

14.

 

	 	 	 	 	 

[REVERSE OF WARRANT CERTIFICATE]

(Instructions for Exercise of Warrant)

     To exercise any Warrants evidenced hereby for Warrant Shares (as hereinafter defined), the
Holder must pay, in lawful money of the United States of America, [in cash or by certified check or
official bank check in New York Clearing House funds] [by bank wire transfer in immediately
available funds], the Warrant Price in full for Warrants exercised, to [Warrant Agent] [address of
Warrant Agent], Attn:               , which payment must specify the name of the Holder and
the number of Warrants exercised by such Holder. In addition, the Holder must complete the
information required below and present this Warrant Certificate in person or by mail (certified or
registered mail is recommended) to the Warrant Agent at the appropriate address set forth above.
This Warrant Certificate, completed and duly executed, must be received by the Warrant Agent within
five business days of the payment.

(To be executed upon exercise of Warrants)

     The undersigned hereby irrevocably elects to exercise               Warrants, evidenced
by this Warrant Certificate, to purchase               shares of the Common Stock, par value
$0.001 per share (the “Warrant Shares”), of GTx, Inc. and represents that he has tendered payment
for such Warrant Shares, in lawful money of the United States of America, [in cash or by certified
check or official bank check in New York Clearing House funds] [by bank wire transfer in
immediately available funds], to the order of GTx, Inc., c/o [insert name and address of Warrant
Agent], in the amount of $           in accordance with the terms hereof. The undersigned requests that said
Warrant Shares be in fully registered form in the authorized denominations, registered in such
names and delivered all as specified in accordance with the instructions set forth below.

     If the number of Warrants exercised is less than all of the Warrants evidenced hereby, the
undersigned requests that a new Warrant Certificate evidencing the Warrants for the number of
Warrant Shares remaining unexercised be issued and delivered to the undersigned unless otherwise
specified in the instructions below.

	 	 	 	 	 	 	 	 	 

	Dated: 

	 	 
	 	Name:
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	Please Print	 	 
	 
	 	 	 	 	 	 	 	 
	Address:
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	(Insert Social Security or Other Identifying Number of Holder)	 	 

	 	 	 	 

	Signature Guaranteed:
	 	 	 
	 

	 	Signature

(Signature must conform in all respects to name of holder as specified on the face of this Warrant
Certificate and must bear a signature guarantee by a FINRA member firm).

This Warrant may be exercised at the following addresses:

	 	 	 

	By hand at:

	 	 
	 
	 
	 

15.

 

	 	 	 

	By mail at: 

	 
	 
	 
	 

[Instructions as to form and delivery of Warrant Shares and, if applicable, Warrant Certificates
evidencing Warrants for the number of Warrant Shares remaining unexercised—complete as
appropriate.]

16.

 

ASSIGNMENT

[Form of assignment to be executed if Warrant Holder desires to transfer Warrant]

	 	 	 
	FOR VALUE RECEIVED,	hereby sells, assigns and transfers unto:
	 
	 	 
	 
	 	 
	 
	 	 

	(Please print name and

address including zip code)

	 	Please print Social Security or other identifying number

the right represented by the within Warrant to purchase            shares of the Common
Stock, par value $0.001 per share, of GTx, Inc. to which the within Warrant relates and appoints
            as attorney to transfer such right on the books of the Warrant Agent with
full power of substitution in the premises.

	 	 	 	 	 	 	 

	Dated: 

	 	 	 	 	 	 
	 

	 	 	 	Signature	 	 

(Signature must conform in all respects to name of holder as specified on the face of the Warrant)

Signature Guaranteed

 

17.

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