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+IBwAPA-b+AD4APA-u+AD4-Agreement+ADw-/u+AD4APA-/b+AD4gHQ-), is
entered into as of this +ACY-nbsp+ADs-4th+ACY-nbsp+ADs- day of
November, 2005, (the +IBwAPA-b+AD4APA-u+AD4-Effective
Date+ADw-/u+AD4APA-/b+AD4gHQ-), by and among +ADw-b+AD4-CYTORI,
THERAPEUTICS, INC. +ADw-/b+AD4-(+ADw-i+AD4-formerly
+ADw-b+AD4-MACROPORE BIOSURGERY, INC+ADw-/b+AD4-.+ADw-/i+AD4-), a
Delaware corporation with its principal place of business located
at +ACM-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 2-43-2 Hatagaya Shibuya-ku, Tokyo,
Japan+AF0-
(+IBwAPA-b+AD4APA-u+AD4-Olympus+ADw-/u+AD4APA-/b+AD4gHQ-).+ADw-o:p+AD4APA-/o:p+AD4APA-/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-(Cytori and Olympus may each be
individually referred to herein as a
+IBwAPA-b+AD4APA-u+AD4-Shareholder+ADw-/u+AD4APA-/b+AD4gHQ- and
collectively as the
+IBwAPA-b+AD4APA-u+AD4-Shareholders+ADw-/u+AD4APA-/b+AD4gHQ-.)+ADw-/span+AD4APA-/p+AD4-
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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. 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-/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-
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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-/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-C. Olympus and Cytori entered into
a confidentiality agreement dated November 30, 2004 (the
+IBwAPA-b+AD4APA-u+AD4-Confidentiality
Agreement+ADw-/u+AD4APA-/b+AD4gHQ-).+ADw-/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. Olympus and Cytori entered into
a stock purchase agreement dated April 28, 2005 pursuant to which
Olympus acquired 1,100,000 common shares of
Cytori.+ADw-/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. Olympus and Cytori entered into
a Joint Venture Agreement dated as of November 4, 2005 (the
+IBwAPA-b+AD4APA-u+AD4-JVA+ADw-/u+AD4APA-/b+AD4gHQ-) that, among
other things, sets forth the terms and conditions on which Olympus
will purchase shares of NewCo stock so that NewCo will be equally
owned by Cytori and
Olympus.+ADw-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4- +ADw-p
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style+AD0-'font-size:10.0pt'+AD4-F. In accordance with Sections 7
and 8 of the JVA, the Shareholders and NewCo desire to enter into
this Agreement to set forth, among other things, certain terms
regarding the operation and management of
NewCo.+ADw-/span+AD4APA-/p+AD4- +ADw-p
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A Section, Sub-section, Recital, Attachment, Schedule or Exhibit
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This Agreement (or any specific provision hereof) or any other
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words denoting one gender include all
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+ADw-u+AD4-General Principles+ADw-/u+AD4-. The Shareholders agree
to (i) take all actions reasonably necessary, including, without
limitation, voting their Shares, to cause NewCo to be managed in
accordance with the terms of this Agreement, and (ii) use their
reasonable commercial efforts, including, without limitation,
voting their Shares, to cause NewCo to timely satisfy, perform and
fulfill all of its obligations set forth in this Agreement. The
Shareholders acknowledge that the provisions of this Section 2
shall in no way affect or diminish their obligations arising
pursuant to any and all other sections of this Agreement. NewCo
shall, at all times and in good faith, cooperate and assist in
performing all the provisions of this Agreement, and shall take all
such actions as may be necessary or appropriate in order to
effectuate the provisions and intentions of this
Agreement.+ADw-/span+AD4APA-/p+AD4- +ADw-p
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+ADw-u+AD4-Shareholders+IBk-
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+ADw-u+AD4-Meetings+ADw-/u+AD4-. Meetings of the Shareholders shall
be held regularly (and in any event not less than once every year)
and at any time upon the written request of any Shareholder given
to the other Shareholder. NewCo shall give not less than forty five
(45) days+IBk- written notice to each Shareholder of the date,
time, location, agenda and means of communication of each of
meeting of the Shareholders. Unless otherwise agreed by the
Shareholders, all such meetings shall be conducted in English and
shall take place at 3020 Callan Road, San Diego, CA 92121, U.S.A.,
and may be held by means of teleconference or video
conference.+ADw-/span+AD4APA-/p+AD4- +ADw-p
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+ADw-u+AD4-Quorum+ADw-/u+AD4-. In order for resolutions of a
Shareholders+IBk- meeting to be valid, there must be represented,
in person or by proxy, at any such meeting a quorum consisting of
seventy-five percent (75+ACU-) of the total issued and outstanding
Shares, unless or except to the extent the representation of a
greater percentage of the issued and outstanding Shares is required
by Laws.+ADw-/span+AD4APA-/p+AD4- +ADw-p
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+ADw-u+AD4-Shareholders+IBk- Resolutions+ADw-/u+AD4-. Other than
those matters requiring approval by both Shareholders set forth in
Section 2.2(d) below, all actions and resolutions of the
Shareholders at a Shareholders+IBk- meeting shall be made by the
requisite vote provided under the laws of the State of Delaware or
as otherwise provided in the Certificate of Incorporation. Any such
votes by a Shareholder shall be lawfully cast at a duly convened
meeting by the holders of the Shares present in person, or by
telephone or audio/video conference, or by proxy. Shareholders
shall have one vote for each Share that it owns. A resolution in
writing signed by duly authorized representatives of each
Shareholder shall be treated in all respects as if such resolution
had been made at a duly convened meeting of the Shareholders.
Resolutions of the Shareholders may be passed without a
meeting+ADw-/span+AD4APA-/p+AD4- +ADw-p align+AD0-center
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Shareholder that are duly executed by the duly authorized
representative of each respective
Shareholder.+ADw-/span+AD4APA-/p+AD4- +ADw-p
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+ADw-u+AD4-Matters Requiring Approval of Both
Shareholders+ADw-/u+AD4-. The following matters require the
approval of both Shareholders. Provided however, that the approval
by Olympus shall only be deemed to have been given upon delivery of
Olympus in writing that is duly signed by the then current
president. To the extent approval of both Shareholders is not
obtained for any such matter, each Shareholder shall, and NewCo
shall, use its best efforts to prevent such matter from being
effectuated by or with regard to NewCo.+ADw-/span+AD4APA-/p+AD4-
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any amendment to the Certificate of Incorporation or any amendment,
adoption or repeal of By-Laws+ADsAPA-/span+AD4APA-/p+AD4- +ADw-p
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any reorganization, merger (whether or not NewCo is the surviving
company), liquidation, migration, dissolution, consolidation or
sale or similar disposition of all or substantially all of the
assets of NewCo+ADsAPA-/span+AD4APA-/p+AD4- +ADw-p
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any initial public offering of Shares+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p
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except as specifically provided in Section 4.4, any private
placement or issuance, sale, transfer, pledge, encumbrance or other
disposal of any capital stock, voting securities, or any other
equity interest in NewCo, or grant, permit or otherwise authorize
any option, agreement, arrangement, commitment, understanding or
other right pursuant to which any third party has the right or
ability to acquire, split, reclassify or change the rights and
privileges of, or redeem, repurchase or otherwise acquire (whether
pursuant to any employee stock option plan or otherwise) any equity
interest in NewCo+ADsAPA-/span+AD4APA-/p+AD4- +ADw-p
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any declaration or payment of a dividend or distribution in the
form of assets other than cash, or of any cash dividend which is
extraordinary in size or timing+ADsAPA-/span+AD4APA-/p+AD4- +ADw-p
style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:.5in+ADs-text-autospace:
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subject to Section 2.3(d), removal of directors of NewCo, other
than by the Shareholder which appointed the director to be
removed+ADsAPA-/span+AD4APA-/p+AD4- +ADw-p
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election or removal of NewCo+IBk-s independent
auditors+ADsAPA-/span+AD4APA-/p+AD4- +ADw-p
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any borrowing of money or issuance of any debt instrument or
guaranty by NewCo+ADsAPA-/span+AD4APA-/p+AD4- +ADw-p
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any change of NewCo+IBk-s fiscal year+ADsAPA-/span+AD4APA-/p+AD4-
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conducting any business other than the
Business+ADsAPA-/span+AD4APA-/p+AD4- +ADw-p
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any contract or transaction with a Shareholder or an Affiliate of a
Shareholder+ADsAPA-/span+AD4APA-/p+AD4- +ADw-p
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any license-out, sublicense-out or assignment of any Intellectual
Property Rights, or any disclosure of proprietary information is
such a way as to prevent a future claim of trade secret
status+ADsAPA-/span+AD4APA-/p+AD4- +ADw-p
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any capital expenditure (or series of related capital expenditures)
above +ACQ-250,000+ADsAPA-/span+AD4APA-/p+AD4- +ADw-p
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any change in the authorized number of directors of
NewCo+ADsAPA-/span+AD4APA-/p+AD4- +ADw-p
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any formation of any Affiliate entity+ADsAPA-/span+AD4APA-/p+AD4-
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any acquisition of any equity interest in or transfer of any assets
or rights to any entity which is, after the transaction, an
Affiliate of Newco+ADsAPA-/span+AD4APA-/p+AD4- +ADw-p
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any security interest in any NewCo asset+ADs-
or+ADw-/span+AD4APA-/p+AD4- +ADw-p
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any Insolvency filing.+ADw-/span+AD4APA-/p+AD4- +ADw-p
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+ADw-p
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style+AD0-'font-size:10.0pt'+AD4-2.3+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
Board of Directors.+ADw-/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
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none'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-(a)+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-u+AD4-Composition Board of Directors+ADw-/u+AD4-. NewCo shall
be managed by a board of directors of NewCo (the
+IBwAPA-b+AD4APA-u+AD4-Board of
Directors+ADw-/u+AD4APA-/b+AD4gHQ-), which shall consist of five
(5) directors (each, a
+IBwAPA-b+AD4APA-u+AD4-Director+ADw-/u+AD4APA-/b+AD4gHQ- and
collectively the
+IBwAPA-b+AD4APA-u+AD4-Directors+ADw-/u+AD4APA-/b+AD4gHQ-). Olympus
shall have the right to appoint three (3) Directors
(+IBwAPA-b+AD4APA-u+AD4-Olympus
Director(s)+ADw-/u+AD4APA-/b+AD4gHQ-) and Cytori shall have the
right to appoint two (2) Directors (+IBwAPA-b+AD4APA-u+AD4-Cytori
Director(s)+ADw-/u+AD4APA-/b+AD4gHQ-). The right of a Shareholder
to appoint Directors under this Section 2.1 shall be subject to
such Shareholder retaining at least +AFs-thirty percent
(30+ACU-)+AF0- of the then issued and outstanding Shares (including
its Affiliates+IBk- holdings) (the +IBwAPA-b+AD4APA-u+AD4-Threshold
Percentage+ADw-/u+AD4APA-/b+AD4gHQ-). If a Shareholder+IBk-s
holdings of Shares (including its Affiliates+IBk- holdings) falls
below the Threshold Percentage, then such Shareholder shall only
have the right to appoint one (1) Director under this Section 2.1,
and the other Shareholder shall have right to appoint all other
Directors. The initial Cytori Directors and the initial Olympus
Directors shall be as provided for in +ADw-u+AD4-Schedule
2.3(a)+ADw-/u+AD4-. The Shareholders shall, promptly following the
Effective Date, but in no event later than thirty (30) days
following the Effective Date, vote their respective Shares and take
all other actions necessary to elect the initial Olympus Directors
and the initial Cytori Directors so that following such election of
the initial Olympus Directors and the initial Cytori Directors, the
Directors will be composed of the directors listed in
+ADw-u+AD4-Schedule 2.3(a)+ADw-/u+AD4-.+ADw-/span+AD4APA-/p+AD4-
+ADw-p
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+ADw-u+AD4-Right to Removal and Replacement+ADw-/u+AD4-. Each
Shareholder shall have the right, exercisable in its sole
discretion and with or without cause, to remove and replace at any
time, any Director appointed by it pursuant to Section 2.3(a). For
the avoidance of doubt, the Shareholders shall vote their
respective Shares to effectuate any such removal and/or
replacement.+ADw-/span+AD4APA-/p+AD4- +ADw-p
style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in+ADs-text-autospace:
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+ADw-p
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+ADw-u+AD4-Fitness of Appointed Directors+ADw-/u+AD4-. Neither
NewCo, the Shareholders, nor any officer, director, shareholder,
partner, employee or agent of such party, makes any representation
or warranty as to the fitness or competence of the appointee of any
Shareholder hereunder to serve on the Board of Directors by virtue
of such party+IBk-s execution of this Agreement or by the act of
such party in voting for such appointee pursuant
hereto.+ADw-/span+AD4APA-/p+AD4- +ADw-p
style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in+ADs-text-autospace:
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style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p
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none'+AD4APA-span
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+ADw-u+AD4-Removal Pursuant to Laws+ADw-/u+AD4-. Any Director may
be removed for cause in accordance with applicable
Laws.+ADw-/span+AD4APA-/p+AD4- +ADw-p
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+ADw-p
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+ADw-u+AD4-Chairman+ADw-/u+AD4-. Olympus shall appoint the chairman
of the Board of Directors
(+IBwAPA-b+AD4APA-u+AD4-Chairman+ADw-/u+AD4APA-/b+AD4gHQ-).+ADw-/span+AD4APA-/p+AD4-
+ADw-p
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+ADw-p
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style+AD0-'font-size:10.0pt'+AD4-(m)+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-u+AD4-Quorum+ADw-/u+AD4-. No business shall be transacted at
any meeting of the Board of Directors unless there shall be present
throughout such meeting a quorum of Directors. Attendance by four
(4) Directors at a meeting of the Board of Directors shall
constitute a quorum for the transaction of business thereat. If a
quorum does not exist for any duly noticed meeting of the Board of
Directors, the Directors in attendance at such meeting shall
re-schedule the meeting for a date no earlier than three (3) weeks
after such meeting and notify each Directors of such rescheduled
meeting. For such re-scheduled meeting of the Board of Directors
three (3) members of the Board of Directors in attendance shall
constitute a quorum for the transaction of business
thereat.+ADw-/span+AD4APA-/p+AD4- +ADw-p
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+ADw-u+AD4-Board of Directors+IBk- Meetings+ADw-/u+AD4-. Board of
Directors+IBk- meetings shall be conducted in English and held in
accordance with the laws of State of Delaware and convened no less
than once each calendar+ADw-/span+AD4APA-/p+AD4- +ADw-p
align+AD0-center
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+ADw-p
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style+AD0-'font-size:10.0pt'+AD4-quarter unless otherwise agreed by
the Shareholders. Not less than fourteen (14) days notice (or such
other period of notice as may be agreed from time to time by the
Shareholders) of each meeting of the Board of Directors specifying
the date, time and place of the meeting and business to be
transacted thereat shall be given to all Directors. Directors may
participate and vote in person, by telephone or by audio/video
conference. The dates and places of Board of Directors meetings
shall be agreed upon by the Directors (or, in the case of a
re-scheduled meeting, by the Directors in attendance at a Board of
Directors meeting for which a quorum did not exist) or, in the
absence of such agreement, by the Chairman in accordance with
By-Laws.+ADw-/span+AD4APA-/p+AD4- +ADw-p
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style+AD0-'font-size:10.0pt'+AD4-(o)+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-u+AD4-Board of Directors+IBk- Resolutions+ADw-/u+AD4-. All
actions taken at a meeting of the Board of Directors shall be by
the requisite vote provided under the laws of the State of
Delaware. Resolutions of the Board of Directors may be passed
without a meeting by unanimous written resolution executed by all
Directors. All matters that do not require unanimous approval of
the Shareholders as provided under Section 2.2(d) or
Shareholders+IBk- approval under the laws of the state of Delaware
may be determined by Board of Directors+IBk-
resolution.+ADw-/span+AD4APA-/p+AD4- +ADw-p
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+ADw-p
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style+AD0-'font-size:10.0pt'+AD4-(p)+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-u+AD4-Remuneration of Directors+ADw-/u+AD4-. The remuneration
(if any) of the Directors shall be determined by, and subject to
the approval of, both Shareholders.+ADw-/span+AD4APA-/p+AD4- +ADw-p
style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in+ADs-text-autospace:
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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+ADs-text-autospace:
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style+AD0-'font-size:10.0pt'+AD4-(q)+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-u+AD4-Attendance by Invitees+ADw-/u+AD4-. If the Board so
authorizes or requests, auditors, consultants, advisers and
employees shall be permitted to attend and speak at meetings of the
Board, but not to vote.+ADw-/span+AD4APA-/p+AD4- +ADw-p
style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in+ADs-text-autospace:
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+ADw-p
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+ADw-u+AD4-Officers+ADw-/u+AD4-.+ADw-/span+AD4APA-/p+AD4- +ADw-p
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+ADw-u+AD4-Appointment of Officers+ADw-/u+AD4-. Unless otherwise
agreed by the Shareholders, each Shareholder shall have the right
to nominate officers in accordance with +ADw-u+AD4-Schedule
2.4(a)+ADw-/u+AD4-. Each Shareholder shall procure that each of its
appointed Directors shall take the necessary and appropriate
actions, including, without limitation, voting at Board of
Directors meetings, to effectuate the appointment of the persons so
nominated.+ADw-/span+AD4APA-/p+AD4- +ADw-p
style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in+ADs-text-autospace:
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+ADw-u+AD4-Removal of Officers+ADw-/u+AD4-. Each Shareholder shall
have the right, exercisable in its sole discretion and with or
without cause, to remove and replace at any time, any officer
nominated by it pursuant to Section 2.4(a). Each Shareholder shall
procure that each of its appointed Directors shall take the
necessary and appropriate actions, including, without limitation,
voting at Board of Directors meetings, to effectuate any such
removal or replacement of an officer pursuant to this Section
2.4(b).+ADw-/span+AD4APA-/p+AD4- +ADw-p
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margin-bottom:.0001pt'+AD4APA-span
style+AD0-'font-size:10.0pt+ADs-color:black'+AD4-2.5+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-u+AD4-Company Name+ADw-/u+AD4-.+ADw-/span+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p
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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+ADs-color:black'+AD4-(a)+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
Deletion of +IBw-Olympus+IB0-. If Olympus either: (i) in its sole
discretion informs the other Shareholder(s) of its desire to cease
use by NewCo of any Olympus+ADw-/span+AD4APA-b+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4- +ADw-/span+AD4APA-/b+AD4APA-span
style+AD0-'font-size:10.0pt+ADs-color:black'+AD4-trademarks
(whether as a trademark or in NewCo+IBk-s company name), or (ii)
the shareholding of Olympus (including its Affiliates+IBk-
holdings) becomes less than thirty percent (30+ACU-) of the
outstanding shares of NewCo, then the Shareholders shall take and
shall cause NewCo to take, all actions necessary
to:+ADw-/span+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p
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style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p
style+AD0-'margin-top:0in+ADs-margin-right:0in+ADs-margin-bottom:0in+ADs-margin-left:1.0in+ADs-
margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
style+AD0-'font-size:10.0pt+ADs-
color:black'+AD4-(i)+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
change NewCo+IBk-s corporate name so as to delete +IBw-Olympus+IB0-
therefrom+ADs- and+ADw-/span+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p
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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-top:0in+ADs-margin-right:0in+ADs-margin-bottom:0in+ADs-margin-left:1.0in+ADs-
margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
style+AD0-'font-size:10.0pt+ADs-
color:black'+AD4-(ii)+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
cease use of and make null and void any trademark registration
owned by NewCo of trademarks including any trademarks of
Olympus,+ADw-/span+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4APA-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+ADs- color:black'+AD4-within a
reasonable period of time, which in no event shall be longer than
three (3) months from (Y) the date on which Olympus notifies the
other Shareholders of its desire for NewCo to cease use of any
Olympus trademarks, (Z) the date on which Olympus (including its
Affiliates+IBk- holdings) no longer holds thirty percent (30+ACU-)
shareholding in
NewCo.+ADw-/span+AD4APA-b+AD4APA-o:p+AD4APA-/o:p+AD4APA-/b+AD4APA-/p+AD4-
+ADw-p align+AD0-center
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style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
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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
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:1.0in'+AD4APA-span
style+AD0-'font-size:10.0pt+ADs-color:black'+AD4-(b)+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
Deletion of +IBw-Cytori+IB0-. If Cytori either: (i) in its sole
discretion informs the other Shareholder(s) of its desire to cease
use by NewCo of any Cytori trademarks (whether as a trademark or in
NewCo+IBk-s company name), or (ii) the shareholding of Cytori
(including its Affiliates+IBk- holdings) becomes less than thirty
percent (30+ACU-) of the outstanding shares of NewCo, then the
Shareholders shall take and shall cause NewCo to take, all actions
necessary to:+ADw-/span+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
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style+AD0-'font-size:10.0pt'+AD4AJg-nbsp+ADsAPA-/span+AD4APA-/p+AD4-
+ADw-p
style+AD0-'margin-top:0in+ADs-margin-right:0in+ADs-margin-bottom:0in+ADs-margin-left:1.0in+ADs-
margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
style+AD0-'font-size:10.0pt+ADs-
color:black'+AD4-(i)+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
change NewCo+IBk-s corporate name so as to delete +IBw-Cytori+IB0-
therefrom+ADs- and+ADw-/span+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4APA-o:p+AD4APA-/o:p+AD4APA-/span+AD4APA-/p+AD4-
+ADw-p
style+AD0-'margin-top:0in+ADs-margin-right:0in+ADs-margin-bottom:0in+ADs-margin-left:1.0in+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-top:0in+ADs-margin-right:0in+ADs-margin-bottom:0in+ADs-margin-left:1.0in+ADs-
margin-bottom:.0001pt+ADs-text-indent:.5in'+AD4APA-span
style+AD0-'font-size:10.0pt+ADs-
color:black'+AD4-(ii)+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
cease use of and make null and void any trademark registration
owned by NewCo of trademarks including any trademarks of Cytori
(other than any trademark registrations concerning the Licensed
Products that do not include
+IBw-Cytori+IB0-),+ADw-/span+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4APA-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+ADs- color:black'+AD4-within a
reasonable period of time, which in no event shall be longer than
three (3) months from (Y) the date on which Cytori notifies the
other Shareholders of its desire for NewCo to cease use of any
Cytori trademarks, (Z) the date on which Cytori (including its
Affiliates+IBk- holdings) no longer holds thirty percent (30+ACU-)
shareholding in
NewCo.+ADw-/span+AD4APA-b+AD4APA-o:p+AD4APA-/o:p+AD4APA-/b+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'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-For the avoidance of doubt, NewCo
is not granted any right or authority to use trademarks including
any trademarks of Olympus and/or Cytori unless otherwise expressly
authorized by Olympus and/or Cytori in
writing.+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-span
style+AD0-'font-size:10.0pt'+AD4-SECTION 3+ADw-br+AD4-
+ADw-u+AD4-OPERATION OF NEWCO+ADw-/u+AD4APA-/span+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'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-3.1+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-u+AD4-Purpose, Company Name and Business Plan+ADw-/u+AD4-. The
purpose of NewCo shall be to engage in the Business. The
Shareholders shall cause the Board of Directors of NewCo to adopt
as its five (5) year business plan the Initial Business Plan
attached hereto as +ADw-u+AD4-Attachment 2+ADw-/u+AD4- (the
+IBwAPA-b+AD4APA-u+AD4-Initial Business
Plan+ADw-/u+AD4APA-/b+AD4gHQ-). The Shareholders intend the Initial
Business Plan to be a planning document only and not to constitute
a binding commitment of any of the parties hereto. The Shareholders
shall cause the Board of Directors to formulate each year an Annual
Business Plan in a manner that is consistent with the Initial
Business Plan, with each such Annual Business Plan to be approved
by the Board of Directors in accordance with the By-laws and
Sections 2.3(f) and (h), and if an Annual Business Plan would
result in NewCo taking any of the actions set forth in Section
2.2(d), the approval of the Shareholders shall (if given) be in
accordance with Sections 2.2(b), (c) and (d). The officers of NewCo
shall through their performance of their respective duties conduct
and implement any such Annual Business Plan so approved. The
Shareholders shall procure that the Annual Business Plan for the
first fiscal year of NewCo attached hereto as +ADw-u+AD4-Schedule
3.1+ADw-/u+AD4-, is approved and adopted by the Board of Directors
within two (2) months from the Effective
Date.+ADw-/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'+AD4-3.2+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-u+AD4-Fiscal Year+ADw-/u+AD4-. The fiscal year of NewCo shall
commence on April 1st and end on March 31st of each calendar
year.+ADw-/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'+AD4-3.3+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-u+AD4-Financial Statements+ADw-/u+AD4-. NewCo shall, at its
cost and expense, prepare consolidated balance sheets, profit and
loss statements and statements of cash flow on a quarterly and
annual basis in accordance with US GAAP consistently applied (and,
to the extent practicable, consistent with the accounting
principles and method of presentation used in Cytori+IBk-s
financial statements) and provide copies of the same to each
Shareholder within thirty (30) and forty-five (45) days after the
end of each quarterly and annual period, respectively, as
applicable. If requested by Olympus, NewCo shall, at its cost and
expense, prepare consolidated balance sheets, profit and loss
statements and statements of cash flow on a quarterly and annual
basis in accordance with Japan+IBk-s accounting principals
consistently applied (and, to the extent practicable, consistent
with the accounting principles and method of presentation used in
Olympus+IBk- financial statements) and provide copies of the same
to each Shareholder within thirty (30) and forty-five (45) days
after the end of each quarterly and annual period, respectively, as
applicable.Annual consolidated financial statements shall, at
NewCo+IBk-s cost and expense, be audited by an accounting firm of
international standing and repute in accordance with the generally
accepted auditing principles applicable in
the+ADw-/span+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-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
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'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-United States, and the audit
report shall be provided to each Shareholder within sixty (60) days
after the end of the relevant fiscal year.+ADw-/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'+AD4-3.4+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-u+AD4-Reporting+ADw-/u+AD4-. In addition to Section 3.3 and
all other information to which a Shareholder may have the right to
receive under the laws of the State of Delaware, within fifteen
(15) days after the end of each month, NewCo shall, at its cost and
expense, provide each Shareholder with the following monthly
unaudited financial statements: (a) balance sheet, (b) profit
+ACY-amp+ADs- loss and (c) cash flow. Upon the reasonable request
of a Shareholder, NewCo shall, at the cost and expense of such
requesting Shareholder, promptly provide such Shareholder any
additional statements and information requested by such Shareholder
(including, without limitation, such additional statements and
information as may be reasonably necessary in order for a
Shareholder to comply with its obligations under applicable Laws,
including, without limitation, securities Laws and the rules and
regulations of relevant stock exchanges).+ADw-/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'+AD4-3.5+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-u+AD4-Rights of Inspection+ADw-/u+AD4-. The Shareholders
(subject to the Three-Way NDA) shall have the right to inspect
NewCo+IBk-s books and records+ADs- provided that
(i)+ACY-nbsp+ADs-the fees of such inspection and all other costs
associated with such inspection shall be borne by the Shareholder
conducting the inspection, and (ii)+ACY-nbsp+ADs-such examination
shall take place during normal business hours and in a manner that
is not disruptive to the business of
NewCo.+ADw-/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'+AD4-3.6+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-u+AD4-Books and Records+ADw-/u+AD4-. NewCo shall at all times
maintain complete, accurate and up to date books of account and
records of all its operations and accounts, in full compliance with
US GAAP. Such books of account and records shall be retained by
NewCo for at least seven (7) years after the fiscal year to which
they pertain.+ADw-/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'+AD4-3.7+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-u+AD4-International Accounting Firm+ADw-/u+AD4-. The
independent auditor of NewCo shall be an accounting firm of
international standing and repute, and shall be subject to the
prior written approval of both Shareholders as provided under
Section 2.2(d)(vii).+ADw-/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 align+AD0-center
style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-align:center'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-SECTION 4+ADw-br+AD4- SHARES,
RESTRICTIONS ON TRANSFERS, ADDITIONAL CAPITAL
+ADw-u+AD4-CONTRIBUTIONS AND RELATED
MATTERS+ADw-/u+AD4APA-/span+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'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-4.1+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-u+AD4-Shares+ADw-/u+AD4-. NewCo shall ensure that all Shares
shall be represented by stock certificates that shall contain the
following legend:+ADw-/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-top:0in+ADs-margin-right:0in+ADs-margin-bottom:0in+ADs-margin-left:.5in+ADs-
margin-bottom:.0001pt'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4gHA-The sale or transfer of the
shares represented by this certificate is restricted by the terms
of a Shareholders+IBk- Agreement among Olympus-Cytori, Inc. and its
Shareholders, a copy of which may be inspected at the principal
office of the Company. THE SHARES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE
BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN
CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER
MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED
THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES
ACT OF 1933.+IB0APA-/span+AD4APA-/p+AD4- +ADw-p
style+AD0-'margin-top:0in+ADs-margin-right:0in+ADs-margin-bottom:0in+ADs-margin-left:.5in+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-and any additional legends that
may be required by applicable Laws.+ADw-/span+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-
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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
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'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-4.2+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
+ADw-u+AD4-Restrictions on Share
Transfers+ADw-/u+AD4-.+ADw-/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+ADs-text-autospace:
none'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-(a)+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
Neither Shareholder shall sell, assign, or otherwise transfer all
or any portion of its Shares to any third party on or
before+ACY-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+ADsAKgAqACoAJg-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-.
Any and all sales, assignments and transfers of a Shareholder+IBk-s
Shares
after+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAKgAqACoAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-to
any third party shall be subject to this Section
4.2.+ADw-/span+AD4APA-/p+AD4- +ADw-p
style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in+ADs-text-autospace:
none'+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+ADs-text-autospace:
none'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-(s)+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
After+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAKgAqACoAJg-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-,
a Shareholder may, upon prior written consent of the other
Shareholder, sell, assign or otherwise transfer its Shares to its
Affiliates that agree in writing to assume all of the obligations
of such transferring Shareholder under this Agreement arising from
and after the effective date of any such transfer
(+IBwAPA-b+AD4APA-u+AD4-Permitted
Transfers+ADw-/u+AD4APA-/b+AD4gHQ-), provided that such consent
shall not be unreasonably withheld. In the case of any Permitted
Transfer of some or all of a Shareholder+IBk-s Shares, for all
purposes of this Agreement, all of the Shares shall be treated as
if they were still owned only by the Shareholder. The Shareholder
shall procure that any of its Affiliates which own Shares (each a
+IBwAPA-b+AD4APA-u+AD4-Permitted
Transferee+ADw-/u+AD4APA-/b+AD4gHQ-) shall sign written consent
actions and vote consistently with the Shareholder, in order to
ensure formal compliance with corporate governance
Laws.+ADw-/span+AD4APA-/p+AD4- +ADw-p
style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in+ADs-text-autospace:
none'+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+ADs-text-autospace:
none'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-(t)+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-
Except for Permitted Transfers, any and all sale, assignment or
transfer of any Shares
after+ACY-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+ADsAKgAqACoAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs-shall
be subject to the following:+ADw-/span+AD4APA-/p+AD4- +ADw-p
style+AD0-'margin:0in+ADs-margin-bottom:.0001pt+ADs-text-indent:1.0in+ADs-text-autospace:
none'+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-If any Shareholder (or such
Shareholder+IBk-s Permitted Transferree) proposes to sell, assign
or otherwise transfer any or all of its Shares to any Person that
is not an Affiliate of such Shareholder (or if any Person that is
not an Affiliate of such Shareholder proposes to buy the Shares
held by a Shareholder), such transferring Shareholder (the
+IBwAPA-b+AD4APA-u+AD4-Transferor+ADw-/u+AD4APA-/b+AD4gHQ-) shall
first offer the Shares that the Transferor desires to sell (the
+IBwAPA-b+AD4APA-u+AD4-Offered Shares+ADw-/u+AD4APA-/b+AD4gHQ-) to
the other Shareholder (the +IBwAPA-b+AD4APA-u+AD4-Offeree
Shareholder+ADw-/u+AD4APA-/b+AD4gHQ-). Such offer shall be made by
delivery of a written offer (the
+IBwAPA-b+AD4APA-u+AD4-Offer+ADw-/u+AD4APA-/b+AD4gHQ-), within
thirty (30) days of the original offer to or by the Transferor for
the proposed transfer setting forth: (i) a description of the
proposed transfer+ADs- (ii) the name and address of each bona fide
prospective purchaser (the
+IBwAPA-b+AD4APA-u+AD4-Transferee+ADw-/u+AD4APA-/b+AD4gHQ-)
(including in the case of any Transferee who is not an individual,
the names and addresses of the Person(s) directly or indirectly
controlling such Transferee+ADs- and (iii) any and all other
material terms (the
+IBwAPA-b+AD4APA-u+AD4-Terms+ADw-/u+AD4APA-/b+AD4gHQ-) of the
proposed transfer, including without limitation, the purchase price
for the Offered Shares offered by each Transferee
(+IBwAPA-b+AD4APA-u+AD4-Transfer Price+ADw-/u+AD4APA-/b+AD4gHQ-),
the manner in which the Transfer Price shall be paid, and the date
on which such proposed transfer will be completed or consummated.
The Offeree Shareholder may elect to purchase such Offered Shares
by giving written notice to the Transferor within forty (40) days
of the date the Offeree Shareholder received the Offer. Such
written notice from the Offeree Shareholder must indicate that the
Offeree Shareholder is willing to purchase up to one hundred
percent (100+ACU-) of the Offered Shares at the Transfer Price and
on the Terms (as near as may be), or the Offeree Shareholder shall
not have the right to purchase any of the Offered Shares. If the
Offeree Shareholder provides such notice, the Offeree Shareholder
shall purchase and the Transferor shall sell the Offered Shares in
accordance with the Terms. If the Offeree Shareholder does not
provide such notice within such forty (40) day period, the
Transferor may sell the Offered Shares but only in accordance with
the Terms. If the Transferor fails or is otherwise unable to
consummate the transfer to the Offered Shares in accordance with
the Terms within ninety (90) days thereafter, any subsequent
proposed transfer shall be subject to this Section 4.2. In the
event of any transfers of all or substantially all (i.e., over
85+ACU-) of the Shareholder+IBk-s Shares to a non-Affiliate
pursuant to this Section 4.2(c), Transferor shall, prior to any
such transfer of Shares, deliver to the Offeree Shareholder a
written document, effective as of the date of completion of such
transfer, duly and validly executed by the proposed Transferee and
Transferor, which provides that, to the extent consistent with the
number of Shares
transferred:+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-(A) Transferor assigns and
delegates to Transferee all rights and obligations arising under
this Shareholders Agreement after the transfer of Shares pursuant
to Section 4.2(c) (it being understood that assignor also remains
responsible for its obligations hereunder)+ADs-
and+ADw-/span+AD4APA-/p+AD4- +ADw-p
style+AD0-'margin:0in+ADs-margin-bottom:.0001pt'+AD4-+ADw-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 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-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
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'+AD4APA-span
style+AD0-'font-size:10.0pt'+AD4-(B) Transferee accepts such
assignment and delegation from the Transferor and agrees to become
a party to the Shareholders Agreement, entitled to any and all
benefits and advantages imposed in connection therewith, and agrees
to observe, duly perform and be liable under and bound by each and
every covenant, agreement and condition to be observed or performed
under this Shareholders Agreement, as if the Transferee was an
original signatory hereto (it being understood that assignor also
remains responsible for its obligations
hereunder).+ADw-/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-(C) The Transferor and Transferee
agree to be jointly and severally liable for any and all
liabilities arising from or in connection with (i) Shareholders
Agreement or the Ancillary Agreement, regardless as of whether such
liability arise from any circumstance, occurrence or event that
occur on, before or after the transfer of Share pursuant to this
Section 4.2 (c) and (ii) Transferror+IBk-s status as a shareholder
of NewCo prior to such transfer.+ADw-/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'+AD4-4.3+ACY-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADsAJg-nbsp+ADs
|
