AMENDMENT TO OPTION AGREEMENT AMENDMENT dated as of May 17, 1999 to the several Option Agreements dated as of November 16, 1998 (the "Option Agreements") between Q-Med, Inc., a Delaware corporation (the "Company") and the purchasers (each a...Option Agreement • May 20th, 1999 • Q Med Inc • Electromedical & electrotherapeutic apparatus
Q-MED, INC. --------------------------------------Q Med Inc • May 20th, 1999 • Electromedical & electrotherapeutic apparatus
Reference is made to the Option Agreement between you and Q-Med, Inc. (the "Company") dated November 16, 1998 (the "Option Agreement"). The Company has requested and obtained the consent of Galen Partners III, L.P. ("Galen") to amend the Option Agreements held by you and all participants in the Company's November 1998 financing (the "Financing") to eliminate all rights to require the Company to redeem shares issued to you. The Company requested the Amendment in order to substantially increase the Company's stockholders' equity reported on its balance sheet to improve the Company's prospects in negotiating contracts with managed care organizations, among other things. By the terms of the Option Agreements, such an amendment may be made by the Company with the consent of the holders of a majority of the outstanding shares of the Company's common stock issued as part of the Financing. Galen owns 1,201,870 of 1,866,821 such shares and therefore is the only investor from whom a consent was
