EXHIBIT 10.27 JOINT VENTURE AGREEMENTJoint Venture JV Agreement |
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CYTORI THERAPEUTICS, INC. | MACROPORE BIOSURGERY, INC. | OLYMPUS CORPORATION. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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+ADw-b+AD4-JOINT VENTURE AGREEMENT +ADw-/b+AD4-(the +IBwAPA-b+AD4APA-u+AD4-Agreement+ADw-/u+AD4APA-/b+AD4gHQ-), dated
November+ACY-nbsp+ADs-4, 2005 the +IBwAPA-b+AD4APA-u+AD4-Effective Date+ADw-/u+AD4APA-/b+AD4gHQ-), between +ADw-b+AD4-CYTORI
THERAPEUTICS,+ACY-nbsp+ADs-INC.+ADw-/b+AD4- (+ADw-i+AD4-formerly +ADw-b+AD4-MACROPORE BIOSURGERY,+ACY-nbsp+ADs-INC.+ADw-/b+AD4APA-/i+AD4-),
a Delaware corporation with its principal place of business located at 3020
Callan Road, San Diego, CA 92121, U.S.A. (+IBwAPA-b+AD4APA-u+AD4-Cytori+ADw-/u+AD4APA-/b+AD4gHQ-), and +ADw-b+AD4-OLYMPUS
CORPORATION+ADw-/b+AD4-, a Japanese corporation with its principal office at 2-4h3-2
Hatagaya Shibuya-ku, Tokyo, Japan (+IBwAPA-b+AD4APA-u+AD4-Olympus+ADw-/u+AD4APA-/b+AD4gHQ-). (Cytori and
Olympus may+ACY-nbsp+ADs-each individually be referred to herein as a +IBwAPA-b+AD4APA-u+AD4-Party+ADw-/u+AD4APA-/b+AD4gHQ-
and collectively as the +IBwAPA-b+AD4APA-u+AD4-Parties+ADw-/u+AD4APA-/b+AD4-.+IB0-)+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt'+AD4APA-span style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p align+AD0-center style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-align:center'+AD4APA-u+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-RECITALS+ADw-/span+AD4APA-/u+AD4APA-/p+AD4-
+ADw-p align+AD0-center style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-align:center'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in+ADs-layout-grid-mode:
char'+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-A. Cytori has acquired and possesses,
through the expenditure of considerable time, effort and money, certain
intellectual property rights (including patents, patent applications and
technical information) to regenerative cell technology, including scientific
equipment used to carry out regenerative cell therapies and treatments.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in+ADs-layout-grid-mode:
char'+AD4APA-span style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in+ADs-layout-grid-mode:
char'+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-B. Olympus is a leading developer and
manufacturer of medical and scientific equipment and has acquired and
possesses, through the expenditure of considerable time, effort and money,
certain intellectual property rights (including patents, patent applications
and technical information) related to medical and scientific equipment.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in+ADs-layout-grid-mode:
char'+AD4APA-span style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in+ADs-layout-grid-mode:
char'+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-C. Olympus and Cytori entered into a
confidentiality agreement dated November+ACY-nbsp+ADs-30, 2004 (the +IBwAPA-b+AD4APA-u+AD4-Confidentiality
Agreement+ADw-/u+AD4APA-/b+AD4gHQ-).+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in+ADs-layout-grid-mode:
char'+AD4APA-span style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-D. Olympus and Cytori entered into a stock purchase
agreement (the +ADw-b+AD4APA-u+AD4gHA-Common Stock Purchase Agreement+IB0APA-/u+AD4APA-/b+AD4-), dated +ADw-span
style+AD0-'background:white'+AD4-April+ACY-nbsp+ADs-28, 2005,+ADw-/span+AD4- pursuant to which Olympus
acquired 1,100,000 common shares of Cytori.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-E. The Parties desire to form+ACY-nbsp+ADs-a joint venture
corporation under the laws of the State of Delaware(+IBwAPA-b+AD4APA-u+AD4-NewCo+ADw-/u+AD4APA-/b+AD4gHQ-) for
the purposes of developing, licensing and manufacturing certain medical
equipment.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-F. Olympus and Cytori intend in this Agreement to set
forth the principal agreement between them regarding the formation of NewCo.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
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style+AD0-'font-size:10.0pt'+AD4-NOW, THEREFORE, in consideration of the mutual
agreements, covenants and provisions contained herein, and other valuable
consideration, the Parties hereto agree as follows:+ADw-/span+AD4APA-/p+AD4-
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+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt'+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-Unless
the provisions of the Agreement otherwise provide, each of the following
capitalized terms used in the Agreement shall have the meaning set out below.+ADw-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt'+AD4APA-span style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt'+AD4gHAA8-b+AD4APA-u+AD4-Affiliate+ADw-/u+AD4APA-/b+AD4gHQ- means, as to any Party, any
Person that, directly or indirectly, controls, or is controlled by, or is under
common control with, such Party, where +IBw-control+IB0- (including, with its
correlative meanings, +IBw-controlled by+IB0- and +IBw-under common control with+IB0-) means
(a)+ACY-nbsp+ADs-the beneficial ownership of fifty percent (50+ACU-) or more of the
outstanding voting securities of a Party, or (b)+ACY-nbsp+ADs-the possession, directly
or indirectly, of the power to direct or cause the direction of management or
policies of a Party, whether through the ownership of securities or partnership
or other ownership interests, by contract or otherwise.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt'+AD4gHAA8-b+AD4APA-u+AD4-Agreement+ADw-/u+AD4APA-/b+AD4gHQ- has the meaning set forth in
the Preamble.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt'+AD4gHAA8-b+AD4APA-u+AD4-Aggregate Purchase Price+ADw-/u+AD4APA-/b+AD4gHQ- has the
meaning set forth in Section+ACY-nbsp+ADs-4.2+ADw-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
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style+AD0-'font-size:10.0pt'+AD4gHAA8-b+AD4APA-u+AD4-Ancillary Agreements+ADw-/u+AD4APA-/b+AD4gHQ- means the
License/ Joint Development Agreement, the Shareholders Agreement, the License/
Commercial Agreement, the Olympus Share Subscription Agreement, the NewCo Share
Subscription Agreement and the Three-Way NDA+ADs- provided, however, where the context
herein would provide that NewCo is a party to the Ancillary Agreements, such
usage of the term +IBw-Ancillary Agreements+IB0- shall be understood to exclude the
Shareholders Agreement.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt'+AD4gHAA8-b+AD4APA-u+AD4-Bankruptcy and Equity Exception+ADw-/u+AD4APA-/b+AD4gHQ- means
the extent to which enforceability of this Agreement (a)+ACY-nbsp+ADs-may+ACY-nbsp+ADs-be
limited by bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and other similar laws of general application affecting or relating
to the enforcement of creditors+IBk- rights generally and (b)+ACY-nbsp+ADs-is subject to
general principles of equity, whether considered in a proceeding at law or in
equity.+ADw-/span+AD4APA-/p+AD4-
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forth in Section+ACY-nbsp+ADs-9.4(a).+ADw-/span+AD4APA-/p+AD4-
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forth in Section+ACY-nbsp+ADs-9.4(a).+ADw-/span+AD4APA-/p+AD4-
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set forth in Section+ACY-nbsp+ADs-9.4(a).+ADw-/span+AD4APA-/p+AD4-
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mean (a)+ACY-nbsp+ADs-all inventions (whether patentable or unpatentable and whether or
not actually reduced to practice), all improvements thereto (but only if such
improvements relate to inventions in existence as of the Closing), and all
patents, provisional and non-provisional patent applications and patent
disclosures, together with all reissuances, continuations,
continuations-in-part, divisionals, renewals, extensions and reexaminations
thereof, (b)+ACY-nbsp+ADs-all copyrightable works, all works of authorship, all
copyrights, and all applications, registrations and renewals in connection
therewith, (c)+ACY-nbsp+ADs-all mask works and all applications, registrations and
renewals in connection therewith, (d)+ACY-nbsp+ADs-all trademarks, service marks, trade
names, service names, brand names, trade dress rights, logos, Internet domain
names and corporate names, together with the goodwill associated with any of
the foregoing, (e)+ACY-nbsp+ADs-all trade secrets and confidential business information
(including, but not limited to, ideas, research and development, know-how,
formulas, compositions, biochemical and biological materials, reagents, assays,
manufacturing and production processes and techniques, technical data, designs,
drawings, specifications, customer and supplier lists, pricing and cost
information and business and marketing plans and proposals), and (f)+ACY-nbsp+ADs-any
and all applications and registrations of the foregoing (in any jurisdiction).+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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direct or indirect, fixed, absolute or contingent, determined or determinable,
matured or unmatured, accrued or unaccrued, liquidated or unliquidated, due or
to become due, asserted or unasserted, or known or unknown, and regardless of
whether arising out of or based upon contract, tort, strict liability, statute
or otherwise or whether required by US GAAP to be reflected as a liability on
such Party+IBk-s balance sheet or disclosed in the related notes.+ADw-/span+AD4APA-/p+AD4-
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the License/ Commercial Agreement to be entered into by and between NewCo and
Cytori at Closing, in substantially the same form+ACY-nbsp+ADs-as attached hereto as +ADw-u+AD4-Exhibit+ACY-nbsp+ADs-1+ADw-/u+AD4-.+ADw-/span+AD4APA-/p+AD4-
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means the License/ Joint Research and Development Agreement to be entered into
by and among Cytori, NewCo and Olympus at Closing, in substantially the same
form+ACY-nbsp+ADs-as attached hereto as +ADw-u+AD4-Exhibit+ACY-nbsp+ADs-2+ADw-/u+AD4-.+ADw-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt+ADs-background:white'+AD4- shall mean the use of Licensed IP
for the purpose of designing, developing, manufacturing, testing and servicing
Licensed Products for sale exclusively from NewCo to Cytori.+ADw-/span+AD4APA-span
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style+AD0-'font-size:10.0pt'+AD4gHAA8-b+AD4APA-u+AD4-Licensed IP+ADw-/u+AD4APA-/b+AD4gHQ- means all Intellectual
Property Rights owned or controlled by either Party which are necessary or
useful to design, develop, manufacture, test, analyze, market, offer to sell to
Cytori, sell to Cytori and service all current and future generations of the
Licensed Product(s). The term +IBw-Licensed IP+IB0- shall include all Intellectual
Property Rights licensed to NewCo by Cytori and by Olympus, whether pursuant to
this Agreement, any Ancillary Agreement or otherwise.+ADw-/span+AD4APA-/p+AD4-
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shall mean any automated devices (and related component parts) that +ACoAKgAq-
separate and concentrate +ACoAKgAq- cells (including stem cells and other regenerative
cells) from harvested adipose tissue (fat tissue). The device components
include, but are not limited to,+ADw-/span+AD4APA-/p+AD4-
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mortgages, deeds of trust, pledges, hypothecations, title defects,
restrictions, conditions, easements, claims, options, leases, rights of
possession or use, encumbrances, adverse rights or claims and security
interests of any kind or nature whatsoever (including any restriction on the
right to vote or transfer), whether voluntarily incurred or arising by
operation of law or otherwise, including, without limitation, any written or
oral agreement to give or grant any of the foregoing.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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Liability, loss, damage, deficiency, assessment, judgment, settlement,
remediation and costs or expenses (including reasonable attorney, consultant
and expert fees and expenses).+ADw-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt'+AD4gHAA8-b+AD4APA-u+AD4-Material Adverse Event+ADw-/u+AD4APA-/b+AD4gHQ- shall mean any
change, event, occurrence or state of facts which has had, or would reasonably
be expected to have, a material adverse effect on (a)+ACY-nbsp+ADs-Cytori+IBk-s or NewCo+IBk-s
ability to perform+ACY-nbsp+ADs-their respective obligations set forth in this
Agreement or the Ancillary Agreements, (b)+ACY-nbsp+ADs-the Licensed IP provided to
Newco by Cytori or by Olympus, or (c)+ACY-nbsp+ADs-the transactions contemplated by
this Agreement or the Ancillary Agreements.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt'+AD4gHAA8-b+AD4APA-u+AD4-Material Litigation+ADw-/u+AD4APA-/b+AD4gHQ- shall mean any
litigation, action, suit, claim, investigation or administrative, arbitral or
other proceedings which has had, or would reasonably be expected to have, a
material adverse effect on (a)+ACY-nbsp+ADs-the Licensed IP provided to Newco by Cytori
or by Olympus, (b)+ACY-nbsp+ADs-Cytori+IBk-s or NewCo+IBk-s ability to perform+ACY-nbsp+ADs-their
respective obligations set forth in this Agreement or the Ancillary Agreements,
or (c)+ACY-nbsp+ADs-the transactions contemplated by this Agreement or the Ancillary
Agreements. The Patent Dispute shall not constitute a Material Litigation under
this Agreement.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt'+AD4- Material has been omitted pursuant to a request for
confidential treatment filed separately with the Securities and Exchange
Commission.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt'+AD4gHAA8-b+AD4APA-u+AD4-NewCo+ADw-/u+AD4APA-/b+AD4gHQ- has the meaning set forth in the
Recitals.+ADw-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt'+AD4gHAA8-b+AD4APA-u+AD4-NewCo Share Subscription Agreement+ADw-/u+AD4APA-/b+AD4gHQ-
means the Share Subscription Agreement to be entered into by and between Cytori
and NewCo concurrently with the License/ Commercial Agreement, in substantially
the same form+ACY-nbsp+ADs-as attached hereto as +ADw-u+AD4-Exhibit+ACY-nbsp+ADs-3+ADw-/u+AD4-.+ADw-/span+AD4APA-/p+AD4-
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the Preamble.+ADw-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
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style+AD0-'font-size:10.0pt'+AD4gHAA8-b+AD4APA-u+AD4-Olympus Share Subscription Agreement+ADw-/u+AD4APA-/b+AD4gHQ-
means the Share Subscription Agreement to be entered into by and between
Olympus and NewCo concurrently with the License/ Commercial Agreement, in
substantially the same form+ACY-nbsp+ADs-as attached hereto as +ADw-u+AD4-Exhibit+ACY-nbsp+ADs-4+ADw-/u+AD4-.+ADw-/span+AD4APA-/p+AD4-
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hasthe meaning set forth in the Preamble.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt'+AD4gHAA8-b+AD4APA-u+AD4-Patent Dispute+ADw-/u+AD4APA-/b+AD4gHQ- shall mean the
inventorship dispute between the Regents of the University of California and
the University of Pittsburgh concerning U.S. Patent Number 6,777,231 B1,
including, without limitation, the claim filed by the University of Pittsburgh
with the Central District of California, Case No.+ACY-nbsp+ADs-CV-04-9014, entitled
Complaint for Correction of Inventorship under 35 USC Sections 1 and 256,
against some of the named inventors of U.S. Patent Number 6,777,231.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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Section+ACY-nbsp+ADs-11.1.+ADw-/span+AD4APA-/p+AD4-
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Shareholders Agreement to be entered into by and between the Parties, in
substantially the same form+ACY-nbsp+ADs-as attached hereto as +ADw-u+AD4-Exhibit+ACY-nbsp+ADs-5+ADw-/u+AD4-.+ADw-/span+AD4APA-/p+AD4-
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set forth in Section+ACY-nbsp+ADs-4.1.+ADw-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
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+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
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style+AD0-'font-size:10.0pt'+AD4gHAA8-b+AD4APA-u+AD4-Three-Way NDA+ADw-/u+AD4APA-/b+AD4gHQ- shall mean the Three-Way
Non-Disclosure Agreement, dated
+AFsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs- +AF0-, entered into
by and among Cytori, Olympus and NewCo.+ADw-/span+AD4APA-/p+AD4-
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+ADw-/span+AD4APA-u+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-Establishment of NewCo+ADw-/span+AD4APA-/u+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-. Cytori shall, on or prior to the Closing Date, but
in any event within sixty (60) days following the Effective Date:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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+ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-Form+ACY-nbsp+ADs-and incorporate NewCo, the
company name of which shall be +IBw-Olympus-Cytori Inc.+IB0-, under the laws of the
State of Delaware, through which Cytori will be issued share certificates of
NewCo containing the legend set forth in Section+ACY-nbsp+ADs-4.1 of the Shareholders
Agreement+ADsAPA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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+ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-Adopt the certificate of incorporation
attached hereto as +ADw-u+AD4-Exhibit+ACY-nbsp+ADs-2.1(b)+ADw-/u+AD4-, file such certificate of
incorporation with the Delaware Secretary of State and provide a certified copy
thereof as accepted by the Delaware Secretary of State to Olympus+ADs- and+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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+ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-Adopt the by-laws of NewCo attached
hereto as +ADw-u+AD4-Exhibit+ACY-nbsp+ADs-2.1(c)+ADw-/u+AD4-.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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+ADw-/span+AD4APA-u+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-Management of NewCo Prior to Closing. +ADw-/span+AD4APA-/u+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-From the time NewCo is established by Cytori and up to
and until Closing, Cytori shall procure and ensure that NewCo does not:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt'+AD4APA-span style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
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+ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-except as expressly set forth in the
NewCo Share Subscription Agreement and this Agreement, (i)+ACY-nbsp+ADs-authorize,
issue, sell or grant, or commit to authorize, issue, sell or grant, any capital
stock, voting securities or equity interests, or any securities or rights
convertible into, exchangeable or exercisable for, or evidencing the right to
subscribe for, any shares of its capital stock, voting securities or equity
interests, or any rights, warrants, options, calls, commitments or any other
agreements of any kind to purchase, acquire or register any shares of its
capital stock, voting securities or equity interests or any securities or
rights convertible into, exchangeable or exercisable for, or evidencing the
right to subscribe for, any shares of its capital stock, voting securities or
equity interests+ADs- (ii)+ACY-nbsp+ADs-redeem, repurchase or otherwise acquire any of its
outstanding shares of capital stock, voting securities or equity interests, or
any rights, warrants or options to acquire any shares of its capital stock,
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procure and ensure that NewCo shall, notify Olympus in writing of the bank
account information to which Olympus shall pay the Aggregate Purchase Price
pursuant to Sections 4.2 and 8.3.+ADw-/span+AD4APA-/p+AD4-
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procure that NewCo shall, promptly following establishment of NewCo, but in any
event prior to the Closing, conduct any and all necessary board of directors
meetings, shareholders meetings, filings and/or registrations, and shall obtain
any and all necessary (whether corporate, governmental or otherwise) consents,
approvals, permits, licenses or registrations that may+ACY-nbsp+ADs-be necessary or
prudent for Cytori and/or NewCo to perform, consummate and effectuate the
transactions contemplated by this Agreement and the Ancillary Agreements.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt'+AD4-. At all times following Cytori+IBk-s establishment of
NewCo pursuant to Section+ACY-nbsp+ADs-2.1 through the Closing, Cytori shall, and shall
procure and ensure (to the extent that Cytori then has control of NewCo+IBk-s Board
of Directors or management) that NewCo shall, provide Olympus and its agents
and representatives reasonable access during normal business hours and upon reasonable
notice as described below to all of the premises, properties, assets, financial
statements and records, books, contracts, documents and commitments of or
relating to NewCo, and shall furnish Olympus and its authorized agents and
representatives with all such information concerning NewCo as Olympus
may+ACY-nbsp+ADs-reasonably request.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt'+AD4-. Cytori shall, promptly after receiving written
notice of the occurrence of, or of the impending or threatened occurrence of,
any event which would cause or constitute a material breach of any of its
warranties, representations, covenants or agreements contained in this
Agreement or any Ancillary Agreement, give notice to Olympus in writing of such
event or occurrence or impending or threatened event or occurrence, and shall
use its commercially reasonable efforts to prevent or promptly remedy such
material breach.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt'+AD4-. At all times following Cytori+IBk-s establishment of
NewCo pursuant to Section+ACY-nbsp+ADs-2.1 (or execution of each Ancillary Agreement,
as applicable) up to the time immediately preceding the Closing, Cytori shall,
and shall procure that NewCo shall, comply with any and all laws that are
applicable to Cytori, NewCo and the transactions contemplated in this Agreement
and each applicable Ancillary Agreement.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt'+AD4-Cytori shall provide Olympus with all copies of
correspondences regarding Licensed IP provided by Cytori to New co. and
prosecution thereof, including, without limitation, all correspondences
exchanged with the US Patent and Trademark Office and any applicable foreign
patent offices. Prior to making any decisions with respect to the prosecution of
Licensed IP provided by Cytori to New co, Cytori shall afford Olympus a
reasonable opportunity to provide any comments Olympus may+ACY-nbsp+ADs-have. In
addition, Cytori shall provide Olympus a minimum of thirty (30) days to provide
comments to Cytori regarding patent office actions that have a reply period
greater than one month, and fifteen (15) days from Olympus+IBk- receipt of Office
Actions issued during prosecution of the Licensed IP that have a reply period
of one month. Cytori shall consider in good faith all comments made by Olympus.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt'+AD4-. Olympus shall comply with all laws that are
applicable to Olympus and to the transactions contemplated in this Agreement.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt'+AD4APA-span style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
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the Closing, conduct any and all necessary board of directors meetings,
shareholders meetings, filings and/or registrations, and shall obtain any and
all necessary (whether corporate, governmental or otherwise) consents,
approvals, permits, licenses or registrations that may+ACY-nbsp+ADs-be necessary or
prudent for Olympus and/or Newco to perform, consummate and effectuate the
transactions contemplated by this Agreement and the Ancillary Agreements.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt'+AD4-. Subject to the terms and conditions of this
Agreement and of the Olympus Share Subscription Agreement, which Olympus shall
execute and deliver to NewCo at the Closing, Cytori shall procure and ensure
that at the Closing NewCo shall issue and sell to Olympus, and Olympus shall
subscribe for and purchase from NewCo, one thousand (1,000) common shares in
the capital of NewCo (the +IBwAPA-b+AD4APA-u+AD4-Subscription Shares+ADw-/u+AD4APA-/b+AD4gHQ-), which shall
constitute fifty percent (50+ACU-) of the issued and outstanding shares of NewCo on
a fully diluted basis taking into account the common stock of NewCo issued to
Cytori concurrently with the Closing pursuant to the NewCo Share Subscription
Agreement.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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+ADw-/span+AD4APA-u+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-Representations and Warranties of
Cytori+ADw-/span+AD4APA-/u+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-. Except as set forth in
Cytori+IBk-s disclosure schedule+ACY-nbsp+ADs-attached as +ADw-u+AD4-Schedule+ACY-nbsp+ADs-5.1+ADw-/u+AD4- hereto
(the +IBwAPA-b+AD4APA-u+AD4-Disclosure Schedule+ADw-/u+AD4APA-/b+AD4gHQ-), each section+ACY-nbsp+ADs-of which qualifies
the correspondingly numbered representation and warranty to the extent
expressly specified therein and other representations and warranties to the
extent that a matter is disclosed in such a way as to make its relevance to the
information called for by such other representation and warranty readily
apparent, Cytori represents and warrants to Olympus that the statements
contained in this Section+ACY-nbsp+ADs-5 are correct and complete as of the Effective
Date and will be correct and complete as of the Closing Date (as though made
then).+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt'+AD4APA-span style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-(a)+ADw-/span+AD4APA-span style+AD0-'font-size:3.0pt'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-/span+AD4APA-u+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-Organization and Authority of Cytori+ADw-/span+AD4APA-/u+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-. Cytori is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware, is in
good standing and duly qualified to do business in California and has all
requisite power and authority (corporate and otherwise) to execute, deliver and
perform+ACY-nbsp+ADs-this Agreement, each Ancillary Agreement to which Cytori is a
party, and to consummate the transactions contemplated hereby and thereby. This
Agreement and each Ancillary Agreement to which Cytori is a party has been or
will be at the Closing, duly and validly executed and delivered by Cytori and
constitutes or will constitute valid and binding obligations of Cytori,
enforceable against it in accordance with the terms set forth in those
agreements, subject to the Bankruptcy and Equity Exception.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4-+ADw-span
style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-(b)+ADw-/span+AD4APA-span style+AD0-'font-size:3.0pt'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-/span+AD4APA-u+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-Status of NewCo+ADw-/span+AD4APA-/u+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-. At all times following Cytori+IBk-s establishment of
NewCo pursuant to Section+ACY-nbsp+ADs-2.1 and up to and until completion of the
Closing:+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-(i)+ADw-/span+AD4APA-span style+AD0-'font-size:3.0pt'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-NewCo will be a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware, in good standing +ADw-span style+AD0-'background:white'+AD4-and duly qualified to
do business in California and will have all requisite power and authority
(corporate+ADw-/span+AD4- and otherwise) to execute, deliver and perform+ACY-nbsp+ADs-each
Ancillary Agreement to which Newco is a party, to own all of its assets and to
conduct its business, and to consummate the transactions contemplated hereby
and thereby.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-(ii)+ADw-/span+AD4APA-span style+AD0-'font-size:3.0pt'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-NewCo will have a total of Three thousand
(3,000) authorized shares of common stock, one thousand (1,000) shares of which
will be issued and outstanding and will reflect the common stock of NewCo
issued to Cytori concurrently with the Closing pursuant to the NewCo Share
Subscription Agreement, and there will be no other capital stock of NewCo.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-(iii)+ADw-/span+AD4APA-span style+AD0-'font-size:3.0pt'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-Except for the Subscription Shares to be
issued to Olympus in accordance with Section+ACY-nbsp+ADs-4,+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt'+AD4APA-span style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-div+AD4-
+ADw-div class+AD0-MsoNormal+AD4-
+ADw-hr size+AD0-1 width+AD0AIg-25+ACUAIg- noshade color+AD0-black align+AD0-left+AD4-
+ADw-/div+AD4-
+ADw-/div+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt'+AD4APA-span style+AD0-'font-size:10.0pt'+AD4AKgAqACo-
Material has been omitted pursuant to a request for confidential treatment
filed separately with the Securities and Exchange Commission.+ADw-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt'+AD4APA-span style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-div+AD4-
+ADw-div class+AD0-MsoNormal+AD4-
+ADw-hr size+AD0-2 width+AD0AIg-100+ACUAIg- noshade color+AD0-gray align+AD0-left+AD4-
+ADw-/div+AD4-
+ADw-/div+AD4-
+ADw-span style+AD0-'font-size:12.0pt+ADs-font-family:+ACI-Times New Roman+ACIAOw-mso-fareast-font-family:
+ACI-Times New Roman+ACIAOw-mso-ansi-language:EN-US+ADs-mso-fareast-language:EN-US+ADs-
mso-bidi-language:AR-SA'+AD4APA-br clear+AD0-all style+AD0-'page-break-before:always'+AD4-
+ADw-/span+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt'+AD4APA-span style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt'+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-Cytori
will be the sole owner, legally, beneficially and of record, of all such issued
and outstanding shares of common stock, all of which will have been duly and
validly issued in compliance with all applicable laws, and all of which will be
fully paid, non-assessable and free and clear of any and all Liens.+ADw-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt'+AD4APA-span style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-(iv)+ADw-/span+AD4APA-span style+AD0-'font-size:3.0pt'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-There are no outstanding options or
warrants regarding the capital stock of NewCo, and NewCo has not issued or
authorized, and will not issue or authorize prior to Closing, any capital stock
(except for shares of Common Stock specifically set forth in
Section+ACY-nbsp+ADs-5.1(b)(ii)+ACY-nbsp+ADs-or to be issued to Olympus pursuant to
Section+ACY-nbsp+ADs-4.1), security, debt instrument, option, warrant or other right of
any nature that is or may+ACY-nbsp+ADs-be convertible into common stock or any other
capital stock of, or equity interest in, NewCo. No shares of NewCo+IBk-s
outstanding capital stock are subject to any rights of first refusal or other
rights to purchase stock (whether in favor of Cytori, Olympus or any other
Person), pursuant to any agreement or commitment of NewCo.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-(v)+ADw-/span+AD4APA-span style+AD0-'font-size:3.0pt'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-Other than the Ancillary Agreements to
which Newco is a party, NewCo has not entered into any agreements, contracts,
arrangements, or understandings with any Person, and has not conducted any
business whatsoever.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-(vi)+ADw-/span+AD4APA-span style+AD0-'font-size:3.0pt'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-/span+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-NewCo has no Liabilities or obligations
of any nature whatsoever (whether absolute, accrued, contingent, or otherwise).+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-(c)+ADw-/span+AD4APA-span style+AD0-'font-size:3.0pt'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-/span+AD4APA-u+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-Binding Effect on NewCo+ADw-/span+AD4APA-/u+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-. NewCo shall duly and validly execute each Ancillary
Agreement to which NewCo is a party. Upon corresponding execution and delivery
by each other Party thereto, each such Ancillary Agreement will be binding and
enforceable against NewCo in accordance with its terms and conditions, subject
to the Bankruptcy and Equity Exception.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-(d)+ADw-/span+AD4APA-span style+AD0-'font-size:3.0pt'+AD4AJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-/span+AD4APA-u+AD4APA-span style+AD0-'font-size:10.0pt'+AD4-No Conflicts+ADw-/span+AD4APA-/u+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-. Neither the execution, delivery and performance of
this Agreement by Cytori, nor the consummation of the transactions contemplated
hereby or by each of the Ancillary Agreements to which Cytori is a party, will
(i)+ACY-nbsp+ADs-conflict with or violate any provision of Cytori+IBk-s organizational
documents, any agreement to which Cytori is a party or any judgment, order of
any court or governmental






