Exhibit 10.1

AMENDMENT NO. 1 TO

SECURITIES PURCHASE AGREEMENT

AND MARCH 2010 WARRANTS

This Amendment No. 1 to Securities Purchase Agreement and March 2010 Warrants
(this “Amendment”) is made and entered into as of January 8, 2015, and amends
(i) that certain Securities Purchase Agreement, dated as of February 25, 2010,
(the “Agreement”), by and among Cleveland Biolabs, Inc., a Delaware corporation
(the “Company”), and the parties (each individually a “Purchaser,” and
collectively the “Purchasers”) named on the purchaser signature pages attached
thereto, and (ii) those certain Common Stock Purchase Warrants issued to the
Purchasers pursuant to the Agreement. Capitalized terms not otherwise defined
herein shall have the meaning given to them in the Agreement.

WHEREAS, the Company and the undersigned Purchasers desire to amend the
Agreement to remove any and all restrictions on the Company’s ability to effect
an issuance involving a Variable Rate Transaction and to amend each of the
Warrants to extend the exercise period and provide anti-dilution protection for
Variable Rate Transactions;

WHEREAS, Article 5.5 of the Agreement provides that the terms and provisions of
the Agreement may be amended with the written consent of the Company and the
Purchasers having original Subscription Amounts totaling at least 75% of the
aggregate original Subscription Amounts at the Closing and Section 5(l) of the
Warrants provides that the Warrants may be amended with the written consent of
the Company and Holder of each Warrant (collectively, the “Required
Purchasers”); and

WHEREAS, the undersigned are the holders (or their transferees) of the
Subscription Amounts issued at the Closing under the Agreement and together the
undersigned constitute the Required Purchasers.

NOW, THEREFORE, IN CONSIDERATION of the foregoing recitals and the mutual
covenants contained in this Amendment, and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the
parties agree as follows:

ARTICLE 1

AMENDMENT TO AGREEMENT

1.1 Amendment to Section 1.1 of the Agreement. The definition of Variable Rate
Transaction is hereby deleted in its entirety from Section 1.1 of the Agreement.

1.2 Amendment to Section 4.12(b) of the Agreement. Section 4.12(b) of the
Agreement is hereby deleted in its entirety from the Agreement.

1.3 Amendment to Section 4.12(c) of the Agreement. Section 4.12(c) of the
Agreement is hereby amended and restated in its entirety to read as follow:

“(c) Notwithstanding the foregoing, this Section 4.12 shall not apply in respect
of an Exempt Issuance.”

 

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ARTICLE 2

AMENDMENT TO WARRANTS

2.1 Amendment to First Paragraph of the Warrants. The “Termination Date” of each
of the Warrants (as defined in the first paragraph of the Warrants) is hereby
amended to be “March 2, 2017.”

2.2 Amendment to Section 3(b) of the Warrants. The following sentence is hereby
inserted at the end of Section 3(b) in each of the Warrants:

“Notwithstanding anything to the contrary, if the Company or any Subsidiary
thereof, as applicable, at any time while this Warrant is outstanding, shall
issue any Common Stock or Common Stock Equivalents entitled any Person to
acquire shares of Common Stock in a Variable Rate Transaction (as defined
below), then for every five million shares sold in a Variable Rate Transaction
(i.e. at five million shares sold; ten million shares sold, etc.), the average
share price of the last five million shares shall be calculated and that share
price shall then become the Exercise Price of the Warrant if such price is lower
than the Exercise Price then in effect on the date of sale of the 5,000,000
(five millionth) share used in the calculation. A “Variable Rate Transaction”
means a transaction in which the Company (i) issues or sells any debt or equity
securities that are convertible into, exchangeable or exercisable for, or
include the right to receive, additional shares of Common Stock at a conversion
price, exercise price or exchange rate or other price that is based upon, and/or
varies with, the trading prices of, or quotations for, the shares of Common
Stock at any time after the initial issuance of such debt or equity securities
or (ii) enters into any agreement, including, but not limited to, an equity line
of credit, whereby the Company may sell securities at a future determined
price.”

ARTICLE 3

MISCELLANEOUS

3.1 Severability. In the event one or more of the provisions of this Amendment
should, for any reason, be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any
other provisions of this Amendment, and this Amendment shall be construed as if
such invalid, illegal or unenforceable provision had never been contained
herein.

3.2 Counterparts. This Amendment may be executed in counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and
the same Amendment.

 

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3.3 Conflicts. In the event of any inconsistencies between this Amendment and
the Agreement or Warrants, the terms of this Amendment shall govern. Except as
provided for herein, all other terms and conditions of the Agreement and
Warrants shall remain unchanged and the parties hereto reaffirm the terms and
conditions of such Agreement and Warrants. This Amendment may only be amended by
a document, in writing, of even or subsequent date hereof, executed by the
Company and the Required Purchasers.

3.4 Successors and Assigns. The provisions hereof shall inure to the benefit of,
and be binding upon, the parties hereto and their respective successors,
assigns, heirs, executors and administrators and other legal representatives.

3.5 Governing Law. All questions concerning the construction, validity,
enforcement and interpretation of this Amendment shall be governed by and
construed and enforced in accordance with the internal laws of the State of New
York, without regard to the principles of conflicts of law thereof.

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date set forth in the first paragraph hereof.

 

COMPANY:

 

CLEVELAND BIOLABS, INC.

By:   /s/ Yakov Kogan Name:   Yakov Kogan Title:   Chief Executive Officer

 

Signature Page to First Amendment to Securities Purchase Agreement and March
2010 Warrants

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date set forth in the first paragraph hereof.

 

REQUIRED PURCHASERS: Individual:

 

Name:

 

Entity:   Name:   MOG CAPITAL, LLC By:  

/s/ Jason Adler

 

Name:   Jason Adler Title:   CEO

 

Signature Page to First Amendment to Securities Purchase Agreement and March
2010 Warrants

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date set forth in the first paragraph hereof.

 

REQUIRED PURCHASERS: Individual:

 

Name:

 

Entity:   Name:   Hammerman Capital Partners, LP By:   /s/ Jason Hammerman Name:
  Jason Hammerman Title:   Managing Member of GP

 

Signature Page to First Amendment to Securities Purchase Agreement and March
2010 Warrants

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date set forth in the first paragraph hereof.

 

REQUIRED PURCHASERS: Individual:

 

Name:

 

Entity:   Name:   HCP Opportunity Fund, LP By:   /s/ Jason Hammerman Name:  
Jason Hammerman Title:   Managing Member of GP

 

Signature Page to First Amendment to Securities Purchase Agreement and March
2010 Warrants

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date set forth in the first paragraph hereof.

 

REQUIRED PURCHASERS: Individual:

 

Name:

 

Entity:   Name:   2035718 ONTARIO INC By:   /s/ Rick Kung Name:   Rick Kung
Title:   President

 

Signature Page to First Amendment to Securities Purchase Agreement and March
2010 Warrants

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date set forth in the first paragraph hereof.

 

REQUIRED PURCHASERS: Individual:

 

Name:

 

Entity:   Name:   STARWOOD GROUP L.P. By:  

/s/ Robert Green

Name:  

Robert Green

Title:  

General Partner

 

Signature Page to First Amendment to Securities Purchase Agreement and March
2010 Warrants

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date set forth in the first paragraph hereof.

 

REQUIRED PURCHASERS: Individual:

 

Name:

 

Entity:   Name: Highbridge International LLC

By: Highbridge Capital Management, LLC, as

Trading Manager

 

By:  

/s/ Jonathan Dorfman

Name:  

Jonathan Dorfman

Title:  

Managing Director

 

Signature Page to First Amendment to Securities Purchase Agreement and March
2010 Warrants

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date set forth in the first paragraph hereof.

 

REQUIRED PURCHASERS: Individual:

 

Name:

 

Entity:   Rockmore Investment Master Fund Ltd Name:   /s/ Bruce Bernstein By:  
Rockmore Investment Master Fund Ltd Name:   Bruce Bernstein Title:   President

 

Signature Page to First Amendment to Securities Purchase Agreement and March
2010 Warrants