Document:

Exhibit 10.35

 

AMENDMENT TO EMPLOYMENT AND

PROTECTIVE COVENANTS AGREEMENT

 

This AMENDMENT TO
EMPLOYMENT AND PROTECTIVE COVENANTS AGREEMENT (this “Amendment”) is effective [_______ ___],
2020 (“Effective Date”) [by and between the Company (defined below) and [ ● ]]1;

 

WHEREAS, Grosvenor
Capital Management, LP, an Illinois limited partnership (the “Company”) has approved this Amendment to
that certain Employment and Protective Covenants Agreement between the Company and [ ● ],
dated [ ● ] (the “Employment Agreement”),
to ensure that such agreement complies with the provisions of Section 409A of the U.S. Internal Revenue Code of 1986, as amended.

 

NOW, THEREFORE, it
is hereby agreed as follows:

 

§1. 
Section 409A. [The Employment Agreement is hereby amended to include Section [___], which shall read as follows]2
[Section [___] of the Employment Agreement is hereby amended to include the following at the end of Section [___]]3,
which shall read as follows:

 

“If,
at the time of Employee’s “separation from service” from Employer (within the meaning of Section 409A, a “Separation
from Service”), Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) (a
“Specified Employee”), then, to the extent required by Section 409A, any payments and benefits constituting
Section 409A deferred compensation to be paid or provided upon the Separation from Service of Employee shall be paid or provided
commencing on the later of (i) the date that is six months after the date of such Separation from Service or, if earlier, the date
of death of Employee (in either case, the “Delayed Payment Date”), or (ii) the date or dates on which
such Section 409A deferred compensation would otherwise be paid or provided. All such amounts that would, but for this [subsection
12(j)], become payable prior to the Delayed Payment Date shall be accumulated and paid on the Delayed Payment Date.”

 

§2. 
No Other Amendment. Except as expressly set forth in this Amendment, the Employment Agreement shall remain unchanged
and shall continue in full force and effect according to its terms.

 

§3. 
Governing Law; Counterparts. This Amendment shall be construed in accordance with the laws of the State of Illinois
without regard to any conflicts of laws principles that would result in the application of other law, and may be executed in several
counterparts, each of which shall be deemed an original and all of which together shall constitute one document.

 

 

		1	Note to Draft: Language to be included for individuals
with “Pre-409A” arrangements, as their amendments will need to be bilateral.

		2	Note to Draft: Language to be included for individuals
with the “Pre-409A” arrangements.

		3	Note to Draft: Language to be included for individuals
with the “Post-409A” agreements.

 

[signature page follows]

 

     

     

    

 

IN WITNESS WHEREOF,
and intending to be legally bound hereby, the parties hereto have caused this Amendment to be duly executed as of the Effective
Date.

 

	 	EMPLOYER
	 	 	 
	 	GROSVENOR CAPITAL MANAGEMENT, L.P.
	 	 	 
	 	By:	 
	 	Name: 	Michael J. Sacks
	 	Title: 	Chief Executive Officer
	 	 	 
	 	[[ ● ]
	 	 	 
	 	 
	 	[ ● ]]4

 

 

		4	Note to Draft: Language to be included for individuals
with “Pre-409A” arrangements, as their amendments will need to be bilateral.

 

 

2pstv-ex41_6.htm

 

Exhibit 4.1

FORM OF UNDERWRITER WARRANT AMENDMENT AGREEMENT

THIS WARRANT AMENDMENT AGREEMENT (this “Agreement”) is made as of September ____, 2020, by and among Plus Therapeutics, Inc., a Delaware corporation (the “Company”) and _______, (the “Holder”). Capitalized terms used herein without definition shall have the meaning ascribed to such terms in the Existing Warrants (as defined below).

RECITALS

WHEREAS, the Holder is the registered and beneficial owner of certain Underwriter Common Stock Purchase Warrants that were issued to the Holder on September 23, 2019 and pursuant to which the Holder may purchase _____ shares of the Company’s common stock at an exercise price of $6.25 per share (the “Existing Warrant”); and

WHEREAS, the Company and the Holder desire to amend the Existing Warrant to, among other things, modify (i) the circumstances under which the Holder may receive a cash payment in the event of the occurrence of a Fundamental Transaction and (ii) the price at which the Existing Warrants can be exercised; and 

WHEREAS, pursuant to Section 5(l) of each of the Existing Warrants, the Existing Warrants may be amended with the written consent of the Company and the Holder.

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

	
 
	
1.
	
Amendment to Existing Warrants. 

	
 
	
a.
	
Section 2(b) of each of the Existing Warrants is hereby deleted and replaced in its entirety with the following:

“(b)Exercise Price.  The exercise price per share of Common Stock under this Warrant shall be $2.81, subject to adjustment hereunder (the “Exercise Price”).”

	
 
	
b.
	
Section 3(e) of each of the Existing Warrants is hereby deleted and replaced in its entirety with the following: 

“(e)Fundamental Transaction.  If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer 

 

 

(whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger, or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. 

Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction is not within the Company's control, including not approved by the Company's Board of Directors, Holder shall only be entitled to receive from the Company or any Successor Entity, as of the date of consummation of such Fundamental 

			
	
 
	
2
	
 

 

 

Transaction, the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction.  “Black Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the Remaining Day volatility, wherein “Remaining Day” shall be equal to the number of days remaining on the term of this Warrant on the date of the public announcement of the applicable Fundamental Transaction, obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the last VWAP as of the date of the public announcement of such Fundamental Transaction and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under 

			
	
 
	
3
	
 

 

 

this Warrant with the same effect as if such Successor Entity had been named as the Company herein.”

	
 
	
c.
	
Section 5(a) of each of the Existing Warrants is hereby deleted and replaced in its entirety with the following: 

“(a)No Rights as Stockholder Until Exercise; No Settlement in Cash.  This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.  Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event, including if the Company is for any reason unable to issue and deliver Warrant Shares upon exercise of this Warrant as required pursuant to the terms hereof, shall the Company be required to net cash settle an exercise of this Warrant.”

	
 
	
d.
	
The last sentence of Section 2(c) of each of the Existing Warrants is hereby deleted and replaced in its entirety with the following: 

“Notwithstanding anything herein to the contrary, on the Termination Date, unless the Holder notifies the Company otherwise, if there is no effective registration statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder and the Exercise Price is greater than the VWAP on the Trading Day immediately preceding the date on which the Warrant would otherwise expire, then this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).”

2. Effectiveness  This Agreement and the amendment to each of the Existing Warrants described in Section 1 hereof shall be effective as of the date first above written. 

3. Waivers and Amendments. The terms of this Agreement may be waived or amended with the written consent of the Company and the Holder.

4. Governing Law. This Agreement shall be governed in all respects by and construed in accordance with the laws the State of New York, without any regard to conflicts of laws principles.

5.  Successors and Assigns. The provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties to this Agreement.

6.  Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument.

			
	
 
	
4
	
 

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by their respective duly authorized officers as of the date first above written.

 

PLUS THERAPEUTICS, INC.

By:  __________________________________

Name:

Title:

 

 

[WARRANT HOLDER]

By:  _________________________________

Name:

Title:

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