Exhibit 10.1

AMENDMENT NO. 1 TO

SECURITIES PURCHASE AGREEMENT

AND SERIES D WARRANTS

This Amendment No. 1 to Securities Purchase Agreement and Series D Warrants
(this “Amendment”) is made and entered into as of September 29, 2014, and amends
(i) that certain Securities Purchase Agreement, dated as of February 13, 2009,
(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 price 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 holding at least 67% of the outstanding Preferred Stock and
Section 5(l) of the Warrants provides that the Warrants may be amended with the
written consent of the Company and Holders holding Warrants at least equal to
67% of the Warrant Shares issuable upon exercise of all then outstanding
Warrants (collectively, the “Required Purchasers”); and

WHEREAS, the undersigned are the former holders (or their transferees) of the
Preferred Stock issued 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 4.13(b) of the Agreement. Section 4.13(b) of the
Agreement is hereby deleted in its entirety from the Agreement.

1.3 Amendment to Section 4.13(d) of the Agreement. Section 4.13(d) of the
Agreement is hereby amended and restated in its entirety to read as follow:

“(c) Notwithstanding the foregoing, this Section 4.13 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 30, 2018.”

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, at any time while
this Warrant is outstanding, shall issue any Common Stock or Common Stock
Equivalents to entitle 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 weighted 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.

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

 

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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 Series D
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: Walter Schenker IRA / Principal Trust Company

/s/ Walter Schenker

Name:   Walter Schenker Date:  

9/26/14

Entity: Name:  

 

By:  

 

Name:  

 

Title:  

 

Date:  

 

 

Signature Page to First Amendment to Securities Purchase Agreement and Series D
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:

/s/ William F. Quirk, Jr.

Name:   William F. Quirk, Jr. Date:  

11 September 2014

Entity: Name:  

 

By:  

 

Name:  

 

Title:  

 

Date:  

 

 

Signature Page to First Amendment to Securities Purchase Agreement and Series D
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:   Date:  

 

Entity: Name:  

J.S.A. Investments

By:  

/s/ Joelle A. Meyerson

Name:  

Joelle A. Meyerson

Title:  

Manager

Date:  

 

 

Signature Page to First Amendment to Securities Purchase Agreement and Series D
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: Martin H. Meyerson, Trust

/s/ Martin H. Meyerson

Name:   Martin H. Meyerson Date:  

 

Entity: Name:  

 

By:  

 

Name:  

 

Title:  

 

Date:  

 

 

Signature Page to First Amendment to Securities Purchase Agreement and Series D
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:   Date:  

 

Entity: Name:  

MAZ Partners, LP.

1130 Route 46, Suite 22 Parsippany, NJ 07054 By:  

/s/ Walter Schenker

Name:  

Walter Schenker

Title:  

Principal

Date:  

Sept. 22, 2014

 

Signature Page to First Amendment to Securities Purchase Agreement and Series D
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:

/s/ Walter Schenker

Name:   Walter Schenker Date:  

September 22, 2014

Entity: Name:  

 

By:  

 

Name:  

 

Title:  

 

Date:  

 

 

Signature Page to First Amendment to Securities Purchase Agreement and Series D
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:

/s/ James W. Harpel

Name:   James W. Harpel Date:  

9/22/14

Entity: Name:  

 

By:  

 

Name:  

 

Title:  

 

Date:  

 

 

Signature Page to First Amendment to Securities Purchase Agreement and Series D
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:

/s/ Paul P. Tanico

Name:   Paul P. Tanico Date:  

September 18, 2014

Entity: Name:  

 

By:  

 

Name:  

 

Title:  

 

Date:  

 

 

Signature Page to First Amendment to Securities Purchase Agreement and Series D
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:

/s/ Robert J. Brous

Name:   Robert J. Brous Date:  

9/18/14

Entity: Name:  

 

By:  

 

Name:  

 

Title:  

 

Date:  

 

 

Signature Page to First Amendment to Securities Purchase Agreement and Series D
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:   Date:  

 

Entity: Name:  

Berdon Ventures, LLC

  F. Berdon Co. LLC By:  

/s/ J. Berdon

Name:  

 

Title:  

 

Date:  

9/18/14

 

Signature Page to First Amendment to Securities Purchase Agreement and Series D
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:

/s/ Arline McGowan

Name:   Arline McGowan Date:  

9/10/14

/s/ Richard S. McGowan

Name:   Richard S. McGowan Date:  

9/10/14

Entity: Name:  

 

By:  

 

Name:  

 

Title:  

 

Date:  

 

 

Signature Page to First Amendment to Securities Purchase Agreement and Series D
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:

/s/ Ellen Adams

Name:   Ellen Adams Date:  

9/10/14

Entity: Name:  

 

By:  

 

Name:  

 

Title:  

 

Date:  

 

 

Signature Page to First Amendment to Securities Purchase Agreement and Series D
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:   Date:  

 

Entity: Name:  

Ellen Adams Trust

By:  

/s/ Ellen Adams

Name:  

Ellen Adams

Title:  

 

Date:  

9/10/14

 

Signature Page to First Amendment to Securities Purchase Agreement and Series D
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:   Date:  

 

Entity: Name:  

James W. Harpel Trust 40

By:  

/s/ Leo A. Guthart

Name:  

Leo A. Guthart

Title:  

Trustee

Date:  

September 23, 2014

 

Signature Page to First Amendment to Securities Purchase Agreement and Series D
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:   Date:  

 

Entity:   Name:  

Anthony Harpel Trust 40

By:  

/s/ Leo A. Guthart

Name:  

Leo A. Guthart

Title:  

Trustee

Date:  

9/23/14

 

Signature Page to First Amendment to Securities Purchase Agreement and Series D
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:

/s/ Susan Schenker

Name:   Susan Schenker Date:  

9/23/14

Entity: Name:  

 

By:  

 

Name:  

 

Title:  

 

Date:  

 

 

Signature Page to First Amendment to Securities Purchase Agreement and Series D
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:

/s/ Michael N. Emmerman

Name:   Michael N. Emmerman Date:  

16 September 2014

Entity: Name:  

 

By:  

 

Name:  

 

Title:  

 

Date:  

 

 

Signature Page to First Amendment to Securities Purchase Agreement and Series D
Warrants