EXECUTION VERSION
EXHIBIT 10.4
FIFTH AMENDMENT TO AMENDED AND RESTATED BINDING
TERM SHEET
This FIFTH AMENDMENT TO AMENDED AND RESTATED BINDING TERM SHEET (this
"AMENDMENT") is made effective as of June 16, 2005 by and between NORTHWEST
BIOTHERAPEUTICS, INC., a Delaware corporation (the "COMPANY"), and TOUCAN
CAPITAL FUND II, L.P., a Delaware limited partnership ("TOUCAN").
RECITALS
WHEREAS, the Company and Toucan are party to that certain Binding
Convertible Preferred Stock Term Sheet originally dated April 26, 2004 and
amended and restated on October 22, 2004 as further amended on December 27,
2004, January 26, 2005, April 12, 2005 and May 13, 2005 (the "CONVERTIBLE
PREFERRED STOCK TERM SHEET").
WHEREAS, concurrently herewith, the Company and its affiliates, if any,
and Toucan and its designees, are entering into Amendment No. 7 (the "SEVENTH
AMENDMENT") to that certain Amended and Restated Recapitalization Agreement by
and between the parties thereto; and
WHEREAS, in connection with the Seventh Amendment, the Company and Toucan
desire to amend the Convertible Preferred Stock Term Sheet as provided herein.
AGREEMENT
NOW, THEREFORE, for and in consideration of good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Company and Toucan agree as follows:
1. The paragraph of the Convertible Preferred Stock Term Sheet entitled
"Warrants:" is hereby amended and restated in its entirety as follows:
"The Company shall issue $5.35 million in warrant coverage on the first
$5.35 million Convertible Preferred Stock purchased for cash (the
"Preferred Stock Warrants"). Preferred Stock Warrants shall not be issued
upon conversion of notes, exercise of warrants, or other conversion or
exercise. The number of warrants to be so issued shall be determined on
the basis of $0.10 per share. If the total of $5.35 million is invested in
Convertible Preferred Stock, the number of warrants issued shall be
exercisable for 53.5 million shares of Convertible Preferred Stock. The
exercise price of such Preferred Stock Warrants shall be $.04 per share
(subject to adjustment for stock splits, stock dividends and the like).
The exercise period shall commence upon issuance of the Preferred Stock
Warrants, and shall continue for a period of seven (7) years after their
respective
EXECUTION VERSION
issuance dates."
2. Unless specifically modified or changed by the terms of this Amendment,
all terms and conditions of the Convertible Preferred Stock Term Sheet shall
remain in effect and shall apply fully as described and set forth in the
Convertible Preferred Stock Term Sheet.
3. This Amendment may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.
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2.
EXECUTION VERSION
The Company and Toucan have executed this FIFTH AMENDMENT TO AMENDED AND
RESTATED BINDING TERM SHEET as of the day and year first written above.
TOUCAN CAPITAL FUND II, L.P. NORTHWEST BIOTHERAPEUTICS, INC.
By:___________________________________ By:_________________________________
Name: Xxxxx Xxxxxx Name: Xxxxx X. Xxxxxxx
Title: Managing Director Title: President
3.
