Document:

Exhibit 10.10

Exhibit 10.10

AMENDMENT TO NONSTATUTORY STOCK OPTION AWARD

AND NONSTATUTORY SUPPLEMENTAL

STOCK OPTION AGREEMENTS

This AMENDMENT TO NONSTATUTORY STOCK OPTION AWARD AND NONSTATUTORY STOCK OPTION AGREEMENTS
(this “Amendment”) is made by and between SANUWAVE, Inc., a Delaware corporation (the “Company”),
and Barry J. Jenkins (the “Optionholder”).

WHEREAS, the parties entered into that certain Employment Agreement, dated April 10, 2006,
pursuant to which the Optionholder was granted nonstatutory stock options and supplemental
nonstatutory stock options under Section 5 of the Employment Agreement;

WHEREAS, the parties entered into a Nonstatutory Stock Option Award on October 24, 2006,
pursuant to which the Optionholder was granted nonstatutory stock options (“Nonstatutory Stock
Options”) to purchase whole shares of 3,057.75 shares of the Company’s common stock; and

WHEREAS, the Optionholder was granted additional Nonstatutory Stock Options to purchase whole
shares of 6,739.05 shares of the Company’s common stock in 2008; and

WHEREAS, the parties entered into certain Nonstatutory Stock Option Agreements, dated October
24, 2006, describing the Supplemental Options, pursuant to which the Optionholder was granted
nonstatutory stock options to purchase all or any part of (a) 294 shares of the Company’s common
stock (“Supplemental Option 1”), (b) 294 shares of the Company’s common stock (“Supplemental Option
2”), and (c) 441 shares of the Company’s common stock (“Supplemental Option 3”), (collectively, the
“Supplemental Options”); and

WHEREAS, in 2008, the Optionholder was granted additional Supplemental Options to purchase all
or part of (a) 484.82 shares of the Company’s common stock under Supplemental Option 1, (b) 484.82
shares of the Company’s common stock under Supplemental Option 2, and (c) 727.22 shares of the
Company’s common stock under Supplemental Option 3; and

WHEREAS, the Company has approved the grant of additional nonstatutory stock options to
reflect changes to the number of the Company’s outstanding shares since the date of the initial
stock option grants, and to change the vesting and exercise price of certain options underlying the
shares of the Company’s common stock;

NOW THEREFORE, the parties hereby agree to amend the Nonstatutory Stock Options and the
Supplemental Options as follows, effective as of the date of this Amendment:

	 	1.	 	The Company hereby grants additional Nonstatutory Stock Options under
the Nonstatutory Stock Option Award to reflect changes to the number of the
Company’s outstanding shares since the date of the initial stock option grants.
Accordingly, the Optionholder is granted an additional nonstatutory stock
option to purchase whole shares of 603.50 shares of the Company’s common stock
for a total option to purchase whole shares of 10,400.30 shares of the
Company’s common stock.

 

 

 

	 	2.	 	The Company hereby grants additional nonstatutory stock options under the
Supplemental Options to reflect changes to the number of the Company’s
outstanding shares since the date of the initial stock option grants.
Accordingly, the Optionholder is granted additional supplemental
nonstatutory stock options to purchase whole shares of (a) 237.10 shares of
the Company’s common stock under Supplemental Option 1, (b) 237.10 shares
of the Company’s common stock under Supplemental Option 2, and (c) 355.60
shares of the Company’s common stock under Supplemental Option 3.

	 
	 	3.	 	Sections 3 and 5 of Supplemental Option 1 are hereby amended to reflect
the following: Supplemental Option 1 will have an exercise price of $100 per
Share. Supplemental Option 1 will vest and become exercisable as to 100
percent (100%) of the total number of Shares subject to Supplemental Option 1
on the earlier of (i) April 10, 2012, and (ii) the date that the Company or its
shareholders (A) enters into a transaction with any person or entity (including
an issuance of options or the sale of equity interests in or assets of the
Company) that establishes a value for the Company on a per share basis equal to
at least $300 per Share or (B) receives a valuation from the Company’s usual
financial advisor, or from another financial firm retained by the Company for
the purpose of obtaining such valuation, that establishes a value for the
Company on a per share basis equal to at least $300 per Share. Notwithstanding
the above, if the Common Stock of the Company is or becomes listed on a
national security exchange, Supplemental Option 1 will vest and become
exercisable as to 100 percent (100%) of the total number of Shares subject to
Supplemental Option 1 if the future closing price is equal to or exceeds 3.0
times the closing price of the Company’s Common Stock as of the first date that
such Common Stock is listed and traded on that exchange. Exercise price for the
Supplemental Option 1 will be the closing price of the Company’s Common Stock
as of the first date that such Common Stock is listed and traded on that
exchange.

	 
	 	4.	 	Sections 3 and 5 of Supplemental Option 2 are hereby amended to reflect
the following: Supplemental Option 2 will have an exercise price of $100 per
Share. Supplemental Option 2 will vest and become exercisable as to 100
percent (100%) of the total number of Shares subject to Supplemental Option 2
on the earlier of (i) April 10, 2012, and (ii) the date that the Company or its
shareholders (A) enters into a transaction with any person or entity (including
an issuance of options or the sale of equity interests in or assets of the
Company) that establishes a value for the Company on a per share basis equal to
at least $600 per Share or (B) receives a valuation from the Company’s usual
financial advisor, or from another financial firm retained by the Company for
the purpose of obtaining such valuation, that establishes a value for the
Company on a per share basis equal to at least $600 per Share.
Notwithstanding the above, if the Common Stock of the Company is or becomes
listed on a national security exchange, Supplemental Option 2 will vest and
become exercisable as to 100 percent (100%) of the total number of Shares
subject to Supplemental Option 2 if the future closing price is equal to or
exceeds 6.0 times the closing price of the Company’s Common Stock as of the
first date that such Common Stock is listed and traded on that exchange.
Exercise price for the Supplemental Option 2 will be the closing price of
the Company’s Common Stock as of the first date that such Common Stock is
listed and traded on that exchange.

 

 

 

	 	5.	 	Sections 3 and 5 of Supplemental Option 3 are hereby amended to reflect
the following: Supplemental Option 3 will have an exercise price of $100 per
Share. Supplemental Option 3 will vest and become exercisable as to 100
percent (100%) of the total number of Shares subject to Supplemental Option 3
on the earlier of (i) April 10, 2012, and (ii) the date that the Company or its
shareholders (A) enters into a transaction with any person or entity (including
an issuance of options or the sale of equity interests in or assets of the
Company) that establishes a value for the Company on a per share basis equal to
at least $900 per Share or (B) receives a valuation from the Company’s usual
financial advisor, or from another financial firm retained by the Company for
the purpose of obtaining such valuation, that establishes a value for the
Company on a per share basis equal to at least $900 per Share. Notwithstanding
the above, if the Common Stock of the Company is or becomes listed on a
national security exchange, Supplemental Option 3 will vest and become
exercisable as to 100 percent (100%) of the total number of Shares subject to
Supplemental Option 3 if the future closing price is equal to or exceeds 9.0
times the closing price of the Company’s Common Stock as of the first date that
such Common Stock is listed and traded on that exchange. Exercise price for
the Supplemental Option 3 will be the closing price of the Company’s Common
Stock as of the first date that such Common Stock is listed and traded on that
exchange.

	 
	 	6.	 	Notwithstanding the foregoing, the options granted under this Amendment
shall be cancelled and all rights to such options for shares of common stock
and the changes in vesting and exercise price shall be forfeited in their
entirety if the Company does not engage in a share exchange or reverse merger
with a public shell company on or before October 31, 2009.

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the 14th day of
September, 2009.

	 	 	 	 	 	 	 	 	 	 	 
	SANUWAVE, Inc.	 	 	 	OPTIONHOLDER	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	 	 	 	 	Barry J. Jenkins	 	 
	 

	 	 	 	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 	 	 
	 

	 	 	 	 

	 	 	 	 	 	 

 

 

 

AMENDMENT TO NONSTATUTORY STOCK OPTION AWARD

AND NONSTATUTORY SUPPLEMENTAL

STOCK OPTION AGREEMENTS

SCHEDULE A

	 	 	 	 	 
	Date Option granted:
	 	October 24, 2006
	Date Option expires:
	 	October 24, 2016
	 
	 	 	 	 
	Options:
	 	 	 	 
	Original Number of shares granted
	 	3,057.75 shares
	Additional Number of shares granted in 2008
	 	6,739.05 shares
	Additional Number of shares granted
under this Amendment:
	 	603.50 shares
	 
	 	 	 	 
	Supplemental Option 1:
	 	 	 	 
	Original Number of shares granted
	 	294.00 shares
	Additional Number of shares granted in 2008
	 	484.82 shares
	Additional Number of shares
granted under this Amendment:
	 	237.10 shares
	 
	 	 	 	 
	Supplemental Option 2:
	 	 	 	 
	Original Number of shares granted
	 	294.00 shares
	Additional Number of shares granted in 2008
	 	484.82 shares
	Additional Number of shares
granted under this Amendment:
	 	237.10 shares
	 
	 	 	 	 
	Supplemental Option 3:
	 	 	 	 
	Original Number of shares granted
	 	441.00 shares
	Additional Number of shares granted in 2008
	 	727.22 shares
	Additional Number of shares
granted under this Amendment:
	 	355.60 shares
	 
	Exercise Price of Option (per Share):
	 	 	$ 100.00	 

 

 

 

	 	 	 	 	 
	 	 	Total Number of Shares	 	 
	 	 	in Installment	 	 
	Date Installment	 	(including original grant, 2008 grant,	 	Incentive or
	First Exercisable	 	and Options Granted Under This Amendment)	 	Nonstatutory Option
	 
	 	 	 	 
	Vested*

	 	7,800.22 shares of Nonstatutory Options
	 	Nonstatutory Stock
	 

	 	761.94 shares of Supplemental Option 1
	 	Nonstatutory Stock
	 

	 	761.94 shares of Supplemental Option 2
	 	Nonstatutory Stock
	 

	 	1,142.86 shares of Supplemental Option 3
	 	Nonstatutory Stock
	 
	 	 	 	 
	April 10, 2010*

	 	2,600.08 shares of Nonstatutory Options
	 	Nonstatutory Stock
	 

	 	253.98 shares of Supplemental Option 1
	 	Nonstatutory Stock
	 

	 	253.98 shares of Supplemental Option 2
	 	Nonstatutory Stock
	 

	 	380.96 shares of Supplemental Option 3
	 	Nonstatutory Stock

	 	 	 
	*	 	All Supplemental Options are subject to additional vesting and exercise requirements as described
in each individual stock option agreement.Exhibit 10.11

Exhibit 10.11

Execution Copy 

MANAGEMENT STOCKHOLDERS AGREEMENT

MANAGEMENT STOCKHOLDERS AGREEMENT dated as of December 19, 2005 (this “Agreement”)
among SanuWave, Inc., a Delaware corporation (the “Company”), Prides Capital Fund I, L.P.,
a Delaware limited partnership (“PC”) and each of the holders of Common Stock (as defined
herein) (each a “Management Stockholder”). Each of the parties to this Agreement (other
than the Company) and any other Person (as hereinafter defined) who or which shall become a party
to or agree to be bound by the terms of this Agreement after the date hereof is sometimes
hereinafter referred to as a “Stockholder.”

WITNESSETH:

WHEREAS, the Management Stockholder has purchased shares of common stock of the Company, par
value $0.01 per share (“Common Stock”); and

WHEREAS, the parties hereto desire to restrict the sale, assignment, transfer, encumbrance or
other disposition of the Shares (as hereinafter defined) and to provide for certain rights and
obligations and other agreements in respect of the Shares and the Company, all as hereinafter
provided.

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

ARTICLE I

DEFINITIONS

Section 1.1. Definitions. As used in this Agreement, the following terms have the
following meanings:

“Affiliate”, as applied to any Person, shall mean any other Person directly or
indirectly controlling, controlled by, or under common control with, that Person. For the purposes
of this definition “control” (including, with correlative meanings, the terms
“controlling”, “controlled by” and “under common control with”), as
applied to any Person, means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of that Person, whether through the ownership
of voting securities (the ownership of more than 50% of the voting securities of an entity shall
for purposes of this definition be deemed to be “control”), by contract or otherwise.

“Cost” shall mean the purchase price per share of Common Stock paid by the applicable
Management Stockholder determined by dividing (x) the total purchase price paid by such Management
Stockholder on the date of purchase of such share by (y) the number of shares of Common Stock
purchased by such Management Stockholder on such date, as adjusted by the
Board of Directors of the Company in good faith and on a consistent basis to reflect stock
splits, stock dividends, recapitalizations and other similar transactions.

 

 

 

“Disposition” shall mean a direct or indirect, transfer, sale, assignment,
pledge, hypothecation, encumbrance, or other disposition of, all or any portion of any Shares
or any economic interest therein (other than a disposition to a Permitted Transferee).

“Employment Agreement” shall mean the applicable employment agreement between such
Management Stockholder and the Company (and/or, if applicable, the Company’s Subsidiaries).

“Fair Market Value” shall mean on a given date, (i) if there is a public market for
the shares on such date, the average high and low closing bid prices of the Shares, as
applicable, on such stock exchange on which the Shares are principally trading on the date in
question, or if there were no sales on such date, on the closest preceding date on which there
were sales of Shares, or (ii) if there is no public market for the Shares on such date, as
determined in good faith by the Board of Directors of the Company. The determination of Fair
Market Value will not give effect to any restrictions on transfer of the shares or the fact that
such shares would represent a minority interest in the Company. If the applicable Management
Stockholder disagrees in good faith with the determination of Fair Market Value by the Board of
Directors of the Company, the applicable Management Stockholder shall notify the Board of
Directors in writing no later than 20 days following its determination and shall set forth his
or her reason(s) for disagreement and his or her assessment of Fair Market Value. If the Board
of Directors and the applicable Management Stockholder are unable to reach agreement regarding
Fair Market Value in the 30 days following the receipt by the Board of Directors of the
applicable Management Stockholder’s notification, a neutral third party shall be mutually
selected to determine the Fair Market Value. The costs and expenses of such neutral third
party’s decision shall be borne by the applicable Management Stockholder, unless the neutral
third party assesses the Fair Market Value to be greater than 110% of the determination of Fair
Market Value by the Board of Directors.

“Permitted Transferee” shall mean: (i) any Affiliate of PC, (ii) the heirs,
executors, administrators, testamentary trustees, legatees or beneficiaries of such Stockholder
(or its Permitted Transferees), (iii) for estate planning purposes, any trust, the beneficiaries
of which include only Permitted Transferees referred to in clauses (i) and (ii) and spouses and
lineal descendants of Permitted Transferees referred to in clause (ii), (iv) a corporation or
partnership, a majority of the equity, of which is owned and controlled by PC or Permitted
Transferees referred to in clauses (i), (ii) or (iii) and (v) any bank or financial institution to
which a bona fide pledge of Shares is made, provided that immediately following any
foreclosure upon such pledged Shares, such bank or financial institution shall cease to be a
Permitted Transferee for all purposes of this Agreement; provided, further that
any such Permitted Transferee referred to in the foregoing clauses agrees in writing to be bound
by the terms of this Agreement in accordance with Section 2.2.

“Person” shall mean an individual, partnership, corporation, business trust, joint
stock company, limited liability company, unincorporated association, joint venture or other
entity of whatever nature.

 

 

 

“Public Offering” shall mean any public offering of equity securities of the
Company pursuant to an effective registration statement under the Securities Act.

“Securities Act” shall mean the United States Securities Act of 1933, as
amended.

“Shares” shall mean, with respect to any Stockholder, any and all shares of Common
Stock, preferred stock or other capital stock of the Company, whether now owned or hereafter
acquired (including upon exercise of options, preemptive rights or otherwise), held by such
Stockholder.

“Subsidiary” shall mean, with respect to any Person, any corporation or other
entity of which a majority of the capital stock or other ownership interests having ordinary
voting power to elect a majority of the board of directors or other persons performing similar
function at the time directly or indirectly owned by such Person.

“Third Party” shall mean any prospective Transferee of Shares (other than the
Company) that is not a Permitted Transferee of the Stockholder proposing the Transfer of such
Shares to such prospective Transferee.

“Transferee” shall mean any Person who or which acquires Shares from a Stockholder
or a Transferee (including Permitted Transferees) of a Stockholder subject to this Agreement.

ARTICLE II

CERTAIN RESTRICTIONS ON TRANSFERS

Section 2.1. Transfers in Accordance with this Agreement. No Management Stockholder
shall, directly or indirectly, transfer, sell, assign, pledge, hypothecate, encumber, or otherwise
dispose of, all or any portion of any Shares or any economic interest therein (including without
limitation by means of any participation or swap transaction) (each, a “Transfer”) to any
Person, except in compliance with the Securities Act, applicable state and other securities laws
and this Agreement. Any attempt to Transfer any Shares in violation of the terms of this Agreement
shall be null and void, and neither the Company, nor any transfer agent shall register upon its
books any Transfer of Shares by a Management Stockholder to any Person except a Transfer in
accordance with this Agreement.

Section 2.2. Agreement to be Bound. No Transfer of Shares (other than Transfers in a
Public Offering, if any) by a Management Stockholder shall be effective unless such Transferee, if
not already a party hereto, shall have executed and delivered to the Company and PC, as a condition
precedent to such Transfer, an instrument or instruments reasonably satisfactory to such parties
confirming that the Transferee agrees to be bound by the terms of this Agreement with respect to
the Shares so Transferred to the same extent applicable to the Transferor thereof.

 

 

 

Section 2.3. Share Register. A copy of this Agreement shall be kept with the
records of the Company, and the share register of the Company shall contain a notation, so long
as such notation is true, with respect to all Shares subject to this Agreement reading
substantially as follows:

THE SHARES OF SANUWAVE, INC. HAVE NOT BEEN REGISTERED UNDER THE
U.S. SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE
SECURITIES LAWS AND MAY BE OFFERED AND SOLD ONLY IF SO REGISTERED
OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE.

Section 2.4. Restrictions on Transfer of Shares. No Management Stockholder shall
make a Disposition of any of its Shares until the earlier to occur of (i) the second
anniversary of a Public Offering and (ii) the seventh anniversary of the date that such
Management Stockholder becomes a party hereto, except for Dispositions (x) to a Permitted
Transferee in accordance with the terms hereof, including Section 2.2, (y) in accordance with
and pursuant to Sections 2.5 or 2.6 hereof or (z) with the prior written consent of the Company
and PC.

Section 2.5. Tag-Along Right.

(a) If at any time PC (and/or its Permitted Transferees) proposes to Transfer Shares held by
it to any Person (each, a “Proposed Transferee”), then PC shall send written notice to each
Management Stockholder (and/or its Permitted Transferees) which shall state (i) that PC and/or
its Permitted Transferees desires to make such a Transfer, (ii) the identity of the Proposed
Transferee and the number of Shares proposed to be sold or otherwise transferred, (iii) the
proposed purchase price per Share to be paid and the other terms and conditions of such Transfer
and (iv) the projected closing date of such Transfer, which in no event shall be prior to 20 days
after the giving of such written notice to the Management Stockholder.

(b) For a period of 20 days after the giving of the notice pursuant to clause (a) above, each
Management Stockholder shall have the right to sell to the Proposed Transferees in such Transfer
at the same price and upon the same terms and conditions as PC (and/or its Permitted Transferees)
(which terms and conditions may include making representations or providing indemnities;
provided, however, that in no event shall such Management Stockholder be required
to make any representations or provide any indemnities other than (i) on a proportionate basis and
(ii) with respect to matters relating solely to such Management Stockholder (and/or its Permitted
Transferees), such as representations as to title to Shares to be transferred by such Management
Stockholder and/or its Permitted Transferees) a percentage of the total number of Shares proposed
to be Transferred to such Proposed Transferee equal to the percentage obtained by dividing (x) the
number of Shares of the same series and class then held by such Management Stockholder (if any) by
(y) the total number of such Shares then outstanding, and the number of Shares that may be
Transferred by PC and their Permitted Transferees in such proposed Transfer shall be
commensurately reduced.

(c) The rights of each Management Stockholder under Section 2.5(b) shall be exercisable by
delivering written notice thereof, prior to the expiration of the 20-day period referred to in
clause (b) above, to PC with a copy to the Company. The failure of any
Management Stockholder to respond within such period to PC shall be deemed to be a waiver of such
Management Stockholder’s rights under this Section 2.5 with respect to that Transfer, so long as
such Transfer takes place within a period of 120 days following the expiration of such 20-day
period.

 

 

 

(d) In the event that any Management Stockholder exercises rights under Section 2.5(b) and
following such exercise there is a change in the price or terms of the proposed transaction
between PC and the Proposed Transferee, then PC shall promptly notify such Management Stockholder
of the revised price or terms and, if the price has changed at all or the other terms have changed
materially, such Management Stockholder shall have the right to rescind the exercise of its rights
under Section 2.5(b) by notice to PC within five business days of receipt of the notice from PC.

Section 2.6. Drag-Along Right. If at any time PC (and/or its Permitted Transferees)
propose to sell or cause the sale of more than 50% of the outstanding Shares to a Third Party in
any transaction or series of related transactions, then PC shall have the right to deliver a
written notice (a “Buyout Notice”) to each Management Stockholder which shall state (i)
that PC proposes to effect such transaction, (ii) the identity of the Third Party and the proposed
purchase price per Share to be paid and any other terms and conditions, and (iii) the projected
closing date of such sale. Each Management Stockholder agrees that, upon receipt of a Buyout
Notice, such Management Stockholder (and its Permitted Transferees) shall be obligated to sell in
such transaction the same percentage of the Shares held by such Management Stockholder (and/or its
Permitted Transferees) as PC (and/or its Permitted Transferees) proposes to sell (on an
as-converted basis) upon the terms and conditions of such transaction (and otherwise take all
necessary action to cause consummation of the proposed transaction); and provided, farther, that
in no event shall any Management Stockholder be required to make any representations or provide
any indemnities other than (A) on a proportionate basis and (B) with respect to matters relating
solely to such Management Stockholder (and/or its Permitted Transferees), such as representations
as to title to Shares to be transferred by such Management Stockholder (and/or its Permitted
Transferees).

ARTICLE III

MISCELLANEOUS

Section 3.1. No Inconsistent Agreements. The Company will not hereafter enter into
any agreement with respect to its securities which is inconsistent with the rights granted to the
Stockholders in this Agreement.

Section 3.2. Recapitalization, Exchanges, etc. In the event that any capital stock
or other securities are issued in respect of, in exchange for, or in substitution of, any Shares
by reason of any reorganization, recapitalization, reclassification, merger, consolidation,
spin-off, partial or complete liquidation, stock dividend, split-up, sale of assets, distribution
to Stockholders or combination of the Shares or any other change in capital structure of the
Company, appropriate adjustments shall be made with respect to the relevant provisions of this
Agreement so as to fairly and equitably preserve, as far as practicable, the original rights and
obligations of the parties hereto under this Agreement and the term “Shares,” as used herein,
shall be deemed to include shares of such capital stock or other securities, as appropriate.

 

 

 

Section 3.3. Successors and Assigns. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto, and their respective successors and permitted assigns.

Section 3.4. No Waivers, Amendments.

(a) No failure or delay by any party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or privilege. The
rights and remedies herein provided shall be cumulative and not exclusive of any rights or
remedies provided by law.

(b) Except as otherwise provided herein, no modification, amendment or waiver of any provision
of this Agreement shall be effective unless such modification, amendment or waiver is approved in
writing (i) by the Company, (ii) the Management Stockholders representing a majority of the Shares
held by all Management Stockholders and (iii) PC; provided, however, that no such
modification, amendment or waiver shall be effective against any Management Stockholder without
such Management Stockholder’s consent unless such modification, amendment or waiver does not treat
such Management Stockholder differently in any material respect from all other Management
Stockholders holding the same class or series of Shares. Notwithstanding the foregoing, the Company
may from time to time add additional holders of Shares or other equity securities of the Company as
parties to this Agreement with the consent of PC and without the consent or additional signatures
of the Management Stockholders (and amend and/or restate the Agreement, including any schedules or
exhibits hereto, to reflect such additions), and upon the Company’s receipt of such additional
holder’s executed signature pages hereto, such additional holders shall be deemed to be a party
hereto and such additional signature pages shall be a part of this Agreement.

Section 3.5. Notices. All notices, requests and other communications to any party
hereunder shall be in writing (including telex, telecopier or similar writing) and shall be given
to such party at its address or telecopier number set forth below, or such other address or
telecopier number as such party may hereinafter specify for the purpose to the party giving such
notice. Each such notice, request or other communication shall be effective (a) if given by
telecopy, when such telecopy is transmitted to the telecopy number specified in this Section and
the appropriate answerback is received or, (b) if given by overnight courier or express mail
service, when delivery is confirmed or, (c) if given by any other means, when delivered at the
address specified in this Section 3.5. In each case, notice shall be sent to the parties at the
following addresses (or at such other address for a party as shall be specified by like notice):

if to the Company:

SanuWave, Inc.

44 Montgomery Street, Suite 860 San

Francisco, California 94104

Attn: Chris Puscasiu

Telecopy: (801) 344-8773

 

 

 

with a copy to:

Simpson Thacher & Bartlett LLP 

3330 Hillview Avenue

Palo Alto, California 94304

Attention: Michael J. Nooney

Telecopier: (650) 251-5002

if to PC:

c/o Prides Capital, LLC

44 Montgomery Street, Suite 860

San Francisco, California 94104

Attn: Chris Puscasiu

Telecopy: (801) 344-8773

with a copy thereof to:

Simpson Thacher & Bartlett LLP

3330 Hillview Avenue

Palo Alto, California 94304

Attention: Michael J. Nooney

Telecopy: (650) 251-5002

if to a Management Stockholder, to the most recent address in the personnel records of
the Company.

Section 3.6. Term of Agreement. This Agreement shall become effective as of the
date hereof and shall terminate upon the expiration of the transfer restrictions set forth in
Section 2.4 hereof.

Section 3.7. Inspection. So long as this Agreement shall be in effect, this
Agreement and any amendments hereto shall be made available for inspection by a Stockholder at the
principal offices of the Company.

 

 

 

Section 3.8. Governing Law; Submission to Jurisdiction. This Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware applicable to
contracts executed and to be performed entirely within that state. Each of the parties to this
Agreement irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of any California state court, or Federal court of the United States of America,
sitting in the Northern District of California, and any appellate court to any thereof, in any
action or proceeding arising out of or relating to this Agreement or the agreements delivered in
connection with this Agreement or the transactions contemplated by this Agreement or by the
agreements delivered in connection with this Agreement or for recognition or enforcement of any
judgment
relating thereto, and each of the parties irrevocably and unconditionally (i) agrees not to
commence any such action or proceeding except in such courts, (ii) agrees that any claim in respect
of any such action or proceeding may be heard and determined in such California state court or, to
the extent permitted by law, in such Federal court, (iii) waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have to the laying of
venue of any such action or proceeding in any such California state or Federal court, and (iv)
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such California state or Federal court. Each of
the parties to this Agreement agrees that a final judgment in any such action or proceeding shall
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Section Headings. The section headings contained in this Agreement are for
reference purposes only and shall not affect the meaning or interpretation of this Agreement.

Section 3.9. Entire Agreement. This Agreement constitutes the entire agreement and
understanding among the parties hereto and supersedes any and all prior agreements and
understandings, written or oral, relating to the subject matter hereof.

Section 3.10. Severability. Any term or provision of this Agreement which is
invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity or unenforceability without rendering invalid or unenforceable the
remaining terms and provisions of this Agreement or affecting the validity or enforceability of
any of the terms or provisions of this Agreement in any other jurisdictions, it being intended
that all rights and obligations of the parties hereunder shall be enforceable to the fullest
extent permitted by law.

Section 3.11. Counterparts. This Agreement may be signed in counterparts, each of
which shall constitute an original and which together shall constitute one and the same agreement.

Section 3.12. Confidentiality. Except as required by law or the rules of any
applicable stock exchange, any announcements or similar publicity or any disclosure to any
person other than the respective advisors of PC or any Management Stockholder by PC or such
Management Stockholder regarding the contents of this Agreement or any other agreement between
the parties entered into pursuant thereto shall be agreed upon by PC and the Company prior to
such disclosure and, except as provided herein, any information relating to the matters
described above hereof shall be kept confidential by the parties hereto (and their respective
representatives and agents).

Section 3.13. Parties in Interest. This Agreement and all the provisions hereof
shall be binding upon and inure to the benefit of the parties hereto and their respective
successors, assigns and Permitted Transferees. Neither this Agreement nor any of their rights
hereunder shall be assigned by any Management Stockholder to any Person who is not a Permitted
Transferee without the prior written consent of PC and the Company.

 

 

 

Section 3.14. Enforcement; Further Assurances.

(a) The parties hereto agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms. It is
accordingly agreed that the parties shall be entitled to specific performance of the terms hereof,
this being in addition to any other remedy to which they are entitled at law or in equity.

(b) The parties hereto agree to execute, acknowledge, deliver, file and record such further
certificates, amendments, instruments, agreements and documents, and to do all such other acts and
things, as may be required by law or as may be necessary or advisable to carry out the intent and
purposes of this Agreement.

 

 

 

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date set forth
above.

	 	 	 	 	 
	 	SANUWAVE, INC.

 	 
	 	By:  	/s/ Chris Puscasiu 	 
	 	 	Name:  	Chris Puscasiu 	 
	 	 	Title:  	Director 	 
	 	

PRIDES CAPITAL FUND I, L.P.

 	 
	 	By:  	Prides Capital Partners, LLC,
 its general partner
 	 
	 	 	 
	 	By:  	/s/ Christian Puscasiu
 	 
	 	 	Name:  	Christian Puscasiu 	 
	 	 	Title:  	Managing Member 	 
	 
	 	MANAGEMENT STOCKHOLDER

 	 
	 	By:  	/s/ Christopher M. Cashman 	 
	 	 	Name:  	Christopher M. Cashman

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]