NorthWest Biotherapeutics Inc (NWBO)

[austinmediainc]

Conversion Shares Also Subject To 18-Month Lock-Up Agreement

(NWBO agreed to convert the $11.6 M of accounts payable to Cognate into shares of NW Bio common stock at a price of $4.00 per share. These conversions cover accounts payable from Q4 2012 through July of 2013.

To assure that these shares will not be a factor in the market for an extended period of time, the NWBO and Cognate entered into a lock-up agreement to an 18-month lock-up of these conversion shares. On a going forward basis, NW Bio and Cognate agreed to establish a regular ongoing arrangement for payment of at least half of each invoice in stock, and the remainder in cash, at $4.00 per share. The arrangement will continue until terminated by mutual agreement.