Document:

Exhibit 10.1

 

AMENDMENT TO

SERIES X WARRANT

 

This AMENDMENT to
SERIES X warrant (this “Amendment”), dated as of December 13, 2012, is made by and between Navidea Biopharmaceuticals,
Inc. (f/k/a Neoprobe Corporation), a corporation organized under the laws of Delaware (the “Company”), and Platinum-Montaur
Life Sciences, LLC (“Platinum”).

 

BACKGROUND

 

WHEREAS,
on or about April 18, 2008, the Company issued to Platinum a Series X Warrant (#WX08-001) to Purchase 8,333,333 Shares of
the Company’s Common Stock, which Series X Warrant was amended and restated on or about July 24, 2009 (#WX08-001A), which
Series X Warrant was then replaced on or about July 2, 2012 to reflect a change in the Company's name (#WX08--002) (as so amended
and replaced the “Series X Warrant”); and

 

WHEREAS, as is set
forth herein, the Company and Platinum wish to amend certain of the terms of the Series X Warrant.

 

AGREEMENT:

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto have agreed as
follows.

 

		1.	Amendment to Series X Warrant. 

 

Section
1 of the Series X Warrant is amended to read in its entirety as follows:

 

1.Term.
The right to subscribe for and purchase shares of Warrant Stock represented hereby shall commence on April 18, 2008 and shall expire
at 5:00 p.m., Eastern Time, on December 31, 2013 (the “Term”).

 

		2.	Continuing Effect.Except
as expressly set forth herein, this Amendment shall not alter, modify, amend or in any way affect any of the terms, conditions,
covenants, obligations or agreements contained in the Series X Warrant. Any capitalized terms not defined herein shall have that
meaning as set forth in the Series X Warrant. This Amendment shall be governed by the laws of the State of New York, without regard
to the conflict of law provisions thereof.

 

		3.	Counterparts.This
Amendment may be executed in any number of counterparts, which taken together shall be deemed to constitute one and the same agreement
and each of which individually shall be deemed to be an original, with the same effect as if the signature on each counterpart
were on the same original.

 

    	 

    	 

    

Amendment to Warrant WX08-002

December 13, 2012

 

 

IN WITNESS WHEREOF, the
parties hereto have executed this Amendment on the day and year first above written.

 

	 	NAVIDEA BIOPHARMACEUTICALS, INC.
	 	 
	 	 
	 	By: 	/s/ Brent L. Larson
	 	 	Name: Brent L. Larson
Title: Senior Vice President and CFO
	 	 	 
	 	 	 
	 	PLATINUM-MONTAUR LIFE SCIENCES, LLC
	 	 	 
	 	 	 
	 	By:	/s/ Michael Goldberg
	 	 	Name: Michael Goldberg
Title: Portfolio Manager

 

    	2Exhibit 10.2

 

NAVIDEA BIOPHARMACEUTICALS, INC.

425 Metro Place North, Suite 450

Dublin, Ohio 43017

 

December 13, 2012

 

Platinum Montaur Life Sciences, LLC

152 West 57th Street, 4th Floor

New York, New York 10019

Attention: Dr. Michael Goldberg

 

		Re:	Automatic Conversion of Series B Convertible Preferred
Stock

 

Ladies and Gentlemen:

 

Reference is hereby
made to that certain Certificate of Designations, Voting Powers, Preferences, Limitations, Restrictions, and Relative Rights of
Series B Convertible Preferred Stock (the “Series B Certificate”) of Navidea Biopharmaceuticals, Inc. (the “Company”),
Section 9(a) of which provides, among other things, that all outstanding shares of Series B Preferred Stock shall automatically
convert into Common Stock at the Conversion Rate on December 31, 2012 (the “December 2012 Automatic Conversion”), subject
to the limitations set forth therein. Sections 3 and 10 of the Series B Certificate further provide that the powers, designations,
preferences and rights of the Series B Preferred Stock may be amended, altered, changed or repealed with the written consent of
not less than a majority of the then outstanding shares of Series B Preferred Stock. Capitalized terms used herein and not otherwise
defined shall have the meanings ascribed to them in the Series B Certificate.

 

Platinum-Montaur Life
Sciences, LLC and Platinum Partners Value Arbitrage Fund, L.P. (hereinafter referred to as “Platinum-Montaur”), as
the sole holders of Series B Preferred Stock, and the Company, hereby agree that the provisions of the Series B Certificate providing
for the December 2012 Automatic Conversion shall be deemed irrevocably waived by each of the Company and Platinum-Montaur through
December 31, 2013, whereupon all outstanding shares of Series B Preferred Stock shall automatically convert into Common Stock at
the Conversion Rate on that date, subject to the beneficial ownership limitations set forth in the Series B Certificate. The execution
of this letter agreement by Platinum-Montaur and the Company shall only constitute a waiver of the operation of the December 2012
Automatic Conversion provisions contained in of the Series B Certificate, and will not operate as a waiver by Platinum Montaur
or the Company of any other power, right or privilege under the Series B Certificate or preclude the further exercise thereof or
of any other right power or privilege.

 

Please countersign
this letter in order to evidence Platinum-Montaur’s agreement with this Agreement.

 

[Signature page follows]

 

    	1

    	 

    

 

	 	 	 	Navidea biopharmaceuticals, inc.	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	By:	/s/ Brent L. Larson	 
	 	 	 	Name:	Brent L. Larson	 
	 	 	 	Title:	Senior VP and Chief Financial Officer	 
	 	 	 	 	 	 
	Acknowledged and agreed as of the date set forth above:	 	 	 	 
	 	 	 	 	 	 
	PLATINUM MONTAUR LIFE SCIENCES, LLC	 	 	 	 
	 	 	 	 	 	 
	By:	Platinum Partners Value Arbitrage Fund, L.P.	 	 	 
	 	 	 	 	 	 
	By:	Platinum Management (NY), LLC, General Partner	 	 	 
	 	 	 	 	 	 
	By:	/s/ Michael Goldberg	 	 	 	 
	Name:	Michael Goldberg	 	 	 	 
	Title:	Portfolio Manager	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	PLATINUM PARTNERS VALUE ARBITRAGE FUND,
L.P.	 	 	 	 
	 	 	 	 	 	 
	By:	Platinum Management (NY), LLC, General Partner	 	 	 
	 	 	 	 	 	 
	By:	/s/ Michael Goldberg	 	 	 	 
	Name:	Michael Goldberg	 	 	 	 
	Title:	Portfolio Manager	 	 	 	 
	 	 	 	 	 	 

 

    	2AMENDMENT
No. 1 TO AMENDED & RESTATED EMPLOYMENT AGREEMENT

 

This Amendment (the “Amendment”)
to the Amended and Restated Employment Agreement dated as of February 21, 2012 (the “Original Agreement”), by and between
Xcel Brands, Inc., a Delaware corporation (the “Company”) and Robert W. D’Loren (the “Executive”,
and together with the Company, the “parties”), is dated as of December 17, 2012.

 

WHEREAS, the parties have previously entered
into the Original Agreement providing for the terms and conditions of the employment of Executive by the Company;

 

WHEREAS, the parties wish to amend the Original
Agreement to amend certain provisions of the Original Agreement as set forth herein.

 

NOW, THEREFORE, in consideration of the
covenants and agreements hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

1.Compensation. Section 1.3(b)
of the Original Agreement is hereby deleted in its entirety and replaced by the following:

 

“(b)Cash Bonuses. Executive shall
be eligible for annual cash bonuses (“Cash Bonus”) of up to the Maximum Cash Bonus (as defined below) for each
completed calendar year (subject to Section 1.4 hereof) of the Company during the Term in accordance with this Section 1.3(b).
 The Cash Bonus shall be the percentage of five percent (5%) of all income generated by the trademarks and other intellectual
property owned by the Company (“IP Income”) in excess of $8,000,000 earned and received by the Company in a calendar
year as set forth in the chart below. IP Income shall not include amounts paid to the Company or its affiliates as the “Annual
Payment” as such term is defined in the Agreement effective December 1, 2009, by and between QVC, Inc. and, IM Ready Made
LLC, as amended. The Cash Bonus shall be determined as earned based on the level of the Company’s Adjusted EBITDA (as defined
below) achieved for such year against the target level of Adjusted EBITDA (“Target Adjusted EBITDA”) established
for such year by the Compensation Committee of the Board (the “Compensation Committee”), in its sole discretion,
but with prior consultation with the Executive, as follows:

 

	Annual Level of  
 Target Adjusted EBITDA 
 Achieved for each fiscal year ending 
 December 31, 2011 and thereafter	 	Percentage of 5% of 
 the IP Income earned by
 the Company in  
 excess of $8 million
	0%-49%	 	0%
	50%-69%	 	60%
	70%-89%	 	80%
	90%-100%	 	100%

 

There shall be no interpolation between
each target level. The Cash Bonus shall be awarded to the Executive on the date that is the earlier of (i) the 90th
day following the end of the fiscal year to which the Cash Bonus relates and (ii) the first business day following the date the
Company’s annual report on Form 10-K for the fiscal year to which the Cash Bonus relates is filed with the Securities and
Exchange Commission. Notwithstanding the foregoing, all payments of Cash Bonuses shall be made on a date that allows such payments
to comply with the requirements of Section 409A of the Code.  Executive shall be eligible to receive a pro rata portion
of the Cash Bonus if Executive’s employment is less than a full year or ceases prior to the end of the calendar year for
which a Cash Bonus has not yet been paid. 

 

    	 

    	 	

    

 

“Adjusted EBITDA” shall mean
for any period, for the Company and its subsidiaries on a consolidated basis (without duplication), an amount equal to (a) consolidated
net income (as determined in accordance with generally accepted accounting principles of the United States of America as in effect
from time to time) (“Consolidated Net Income”) for such period, minus, (b) to the extent included in calculating Consolidated
Net Income, the sum of, without duplication, (i) income tax credits for such period, and (ii) gain from extraordinary or non-recurring
items for such period (including, without limitation, non-cash items related to purchase accounting), plus (c) the following to
the extent deducted in calculating such Consolidated Net Income, (i) interest expense and other finance costs (whether cash or
non-cash) for such period (ii) the provision for federal, state, local and foreign income taxes for such period, (iii) the amount
of depreciation and amortization expense for such period, (iv) the transaction fees, costs and expenses incurred in connection
with the acquisition of Isaac Mizrahi and any other subsequent brand acquisition in such period, (v) all other extraordinary or
non-recurring non-cash charges (including, without limitation, non-cash items related to purchase accounting and non-cash items
related to earn-outs), and (vi) non-cash stock or equity compensation in such period.”

 

The “Maximum Cash Bonus” shall
mean (i) $450,000 for the 2012 calendar year and (ii) $450,000 for any calendar year commencing 2013, provided, however, that such
amount shall be $1,500,000 upon receipt of approval from the Company’s stockholders.

 

2.Scope of Amendment. Except
as specifically amended hereby, the Original Agreement shall continue in full force and effect, unamended, from and after the date
hereof.

 

    	 

    	 	

    
 

 

IN WITNESS WHEREOF, the parties have executed
and delivered this Amendment, intending to be legally bound hereby, as of the date first above written.

 

 

	 	XCEL BRANDS, INC.
	 	 
	 	By:	/s/ James Haran
	 	 	Name:  James Haran
	 	 	Title:    Chief Financial Officer
	 	 	 
	 	 	 
	 	 
	 	EXECUTIVE:
	 	 
	 	 
	 	/s/ Robert W. D’Loren
	 	ROBERT W. D’LOREN

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