Document:

Tonix Pharmaceuticals Holding Corp. 10-Q

 

Exhibit 10.1

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN
EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED.
THE OMISSIONS HAVE BEEN INDICATED BY “[***].”

 

PURCHASE AND SALE AGREEMENT

 

Agreement made this 1st day of July 2020.

 

1. PARTIES AND MAILING ADDRESSES: [***], a Massachusetts
limited liability company with a mailing address of [***], hereinafter called the SELLER, agree to SELL and TONIX PHARMACEUTICALS
HOLDING CORP., a New York corporation having a mailing address of 509 Madison Avenue, Suite 1608, New York, NY 10022, or its nominee/assignee,
hereinafter called the BUYER, agrees to BUY, upon the terms hereinafter set forth, the following described premises:

 

2. DESCRIPTION: A commercial building consisting of approximately
40,000 square feet, more or less and lot of land presently known and numbered as [***], Massachusetts as being more fully described
in the deed into the SELLER dated June 1, 2012 and recorded in the [***] Registry of Deeds (the “Premises”).

 

3. BUILDINGS, STRUCTURES, IMPROVEMENTS, FIXTURES: Included
in the sale as a part of said premises are the buildings, structures, and improvements now thereon, and the fixtures belonging
to the SELLER and used in connection therewith including, if any, all wall-to-wall carpeting, drapery rods, venetian blinds, window
shades, screens, screen doors, storm windows and doors, awnings, shutters, furnaces, heaters, heating equipment, stoves, ranges,
oil and gas burners and fixtures appurtenant thereto, hot water heaters, plumbing and bathroom fixtures, garbage disposers, electric
and other lighting fixtures, fences, gates, trees, shrubs, plants, air conditioning equipment, ventilators.

 

but excluding fixtures and equipment that belong to any of Seller’s
Tenants, as such term is hereinafter defined.

 

4. TITLE DEED: Said premises are to be conveyed by a
good and sufficient quitclaim deed running to the BUYER, or to the nominee designated by the BUYER by written notice to the SELLER
at least seven (7) days before the deed is to be delivered as herein provided, and said deed shall convey a good and clear record
and marketable title thereto, free from encumbrances, except:

 

		(a)	Provisions of existing building and zoning laws;

		(b)	Intentionally omitted;

		(c)	Such taxes for the then current year as are not due and payable on the date of the delivery of such deed;

		(d)	Any liens for municipal betterments assessed after the date of this agreement;

 

     

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		(e)	Easements, restrictions and reservations of record, if any, so long as the same do not prohibit or materially interfere with
the current use of said premises;

		(f)	       

 

5. AVAILABILITY OF TITLE INSURANCE. BUYER’S obligations
hereunder are contingent upon the availability (at normal premium rates) of an owner’s title insurance policy insuring the
Premises without taking any exceptions other than the current printed exceptions contained in the ALTA form currently in use, commonly
shown as Survey, Real Estate Taxes, (the latter of which shall only except real estate taxes not yet due and payable) and those
exceptions set forth in Paragraph 4 above.

 

6. CONFORMITY. It is understood and agreed by the parties
that the Premises shall not be in conformity with the title provisions of this Agreement unless:

 

		(a)	All buildings, structures and improvements, including but not limited to any driveways, shall be located completely within
the boundary lines of said Premises and shall not encroach upon or under the property of any other person or entity, unless under
recorded easement;

		(b)	No building, structure or improvement of any kind belonging to any other person or entity shall encroach upon or under said
Premises, unless under recorded easement;

		(c)	The Premises shall abut a public way, duly laid out or accepted as such by the city or town in which said Premises are located,
or a private way affording legal access and egress to and from a public way; and

		(d)	The Premises are served by adequate supplies of municipal sewer and water.

 

7. PURCHASE PRICE: The agreed purchase price for said
premises is Four Million ($4,000,000) Dollars, (the “Purchase Price”), of which

 

		$40,000.00	 	will be paid as a deposit withing five (5) business days
of the Effective Date (the “Initial Deposit”);

		40,000.00	 	will be paid as a deposit withing two (2) business days
after the expiration of the Due Diligence Period as hereinafter defined(the “Additional Deposit” and collectively
with the Initial Deposit, the “Deposit”);

		3,920,000.00	 	are to be paid at the time of delivery of the deed by
wire transfer of immediately available funds, Attorney IOLTA, certified, cashier’s, treasurer’s or bank checks(s).

		$4,000,000.00	 	TOTAL

 

     

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8. TIME FOR PERFORMANCE; DELIVERY OF DEED: Such deed
is to be delivered at 10:00 o’clock A.M. on the day that is thirty (30) days after the expiration of the Permitting Contingency
Period, as hereinafter defined (the “Closing” or the “Closing Date”), at the [***] Registry of Deeds, unless
otherwise agreed upon by the SELLER and BUYER in writing; provided however, if said Registry of Deeds is closed to the public as
it presently is, the SELLER shall arrange to deliver the original deed and required closing documents to the BUYER’S attorney’s
office, [***] on or prior to the Closing Date such that the closing can transpire via remote electronic closing. It is agreed that
time is of the essence of this Agreement.

 

9. POSSESSION AND CONDITION OF PREMISES: Full possession
of said Premises, subject only to Seller’s Tenants is to be delivered on the Closing Date, said Premises to be then (a) in
the same condition as they were in as of the date of the BUYER’S inspection, reasonable use and wear thereof excepted, (b)
not in violation of applicable building and zoning laws, and (c) in compliance with the provisions of any instrument referred to
in Paragraph 4 above. The BUYER shall be entitled to an inspection of the Premises prior to the delivery of the deed in order to
determine whether the condition of the Premises complies with the terms of this paragraph. Within three (3) days following the
Effective Date, SELLER shall deliver to BUYER (i) a so-called rent roll (the “Rent Roll”) which shall contain a list
of all of Seller’s Tenants (collectively, “Seller’s Tenants”) as well as (ii) true, accurate and complete
copies of any and all leases as well as any and all amendments or other written modifications thereto (collectively, the “Leases”).
At the Closing, the parties shall execute (i) assignment and assumption agreements whereby the SELLER shall assign all of its rights
and interest in and to the Leases to the BUYER and the BUYER shall assume all of SELLER’S obligations thereunder, (ii) notification
letters to Seller’s Tenants, notifying Seller’s Tenants that the Premises have been conveyed to BUYER and directing
Seller’s Tenants, on or after the Closing, to make all payments of rent and to send any notices or other correspondence regarding
their respective Leases to BUYER; and (iii) Tenant Estoppel Certificates from Seller’s Tenants.

 

10. EXTENSION TO PERFECT TITLE OR MAKE PREMISES CONFORM:
If the SELLER shall be unable to give title or to make conveyance, or to deliver possession of the Premises, all as herein stipulated,
or if at the time of the delivery of the deed the Premises do not conform with the provisions hereof, then the SELLER shall use
commercially reasonable efforts (not to exceed the expenditure by SELLER of more than $20,000 exclusive of the payoff of mortgages
or other voluntary liens) to remove any defects in title, or to deliver possession as provided herein, or to make the said Premises
conform to the provisions hereof, as the case may be, in which event the SELLER shall give written notice thereof to the BUYER
at or before the time for performance hereunder, and thereupon the time for performance hereof shall be extended for a period of
up to thirty (30) days.

 

     

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11. FAILURE TO PERFECT TITLE OR MAKE PREMISES CONFORM:
If at the expiration of the extended time the SELLER shall have failed so to remove any defects in title, deliver possession, or
make the Premises conform, as the case may be, all as herein agreed, or if at any time during the period of this Agreement or any
extension thereof, the holder of a mortgage on the Premises shall refuse to permit the insurance proceeds, if any, to be used for
such purposes, then any payments made under this Agreement shall be forthwith refunded and all other obligations of the parties
hereto shall cease and this Agreement shall be void without recourse to the parties hereto except for those matters which by the
express terms hereof are intended to survive the Closing or early termination of this Agreement.

 

12. BUYER’S ELECTION TO ACCEPT TITLE: The BUYER
shall have the election, at either the original or any extended time for performance, to accept such title as the SELLER can deliver
to the Premises in their then condition and to pay therefor the Purchase Price without deduction, in which case the SELLER shall
convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the Premises shall
have been damaged by fire or casualty insured against, then the SELLER shall, unless the SELLER has previously restored the Premises
to their former condition, either:

 

		(a)	pay over or assign to the BUYER, on delivery of the deed, all amounts recovered or recoverable on account of such insurance,
less any amounts reasonably expended by the SELLER for any partial restoration, or

		(b)	if a holder of a mortgage on the Premises shall not permit the insurance proceeds or a part thereof to be used to restore the
Premises to their former condition or to be so paid over or assigned, give to the BUYER a credit against the Purchase Price, on
delivery of the deed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any
amounts reasonably expended by the SELLER for any partial restoration.

 

13. ACCEPTANCE OF DEED: The acceptance and recording
of a deed by the BUYER or his nominee as the case may be, shall be deemed to be a full performance and discharge of every agreement
and obligation herein contained or expressed, except such as are, by the terms hereof, to be performed after the delivery of said
deed.

 

     

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14. USE OF MONEY TO CLEAR TITLE: To enable the SELLER
to make conveyance as herein provided, the SELLER may, at the time of delivery of the deed, use the purchase money or any portion
thereof to clear the title of any or all encumbrances or interests, provided that all instruments so procured are recorded simultaneously
with the delivery of said deed, or in the case of mortgages granted by the SELLER to institutional lenders which are paid in full
from the sale proceeds within a reasonable time after the delivery of said deed in accordance with local conveyancing practices.
The discharge of any privately held mortgages shall be required to be delivered and recorded at or prior to Closing.

 

15. INSURANCE: Until the recording of the deed, the SELLER
shall maintain insurance on said premises as follows:

 

	Type of Insurance	 	Amount of Coverage
	 	 	 
	(a)   Fire and Extended Coverage	$As presently insured.
	(b)   General Commercial Liability Coverage	$As presently insured.

  

All risk of loss shall remain with SELLER until delivery and
recording of the deed.

 

16. ADJUSTMENTS: Collected rents, water and sewer use
charges, operative expenses and service contracts extending from the time of SELLER’S ownership to the time of BUYER’S
ownership and taxes for the then current fiscal year, shall be apportioned as of the day of performance of this Agreement and the
net amount thereof shall be added to or deducted from, as the case may be, the Purchase Price payable by the BUYER at the time
of delivery of the deed. Fixed base rents and all additional rents, charges for utilities and all other rents (collectively, the
“Rents”) payable by Seller’s Tenants, to the extent collected by SELLER on or prior to the Closing Date
and which represent payments of Rents applicable to a period of time on or subsequent to the Closing Date, shall be prorated between
SELLER and BUYER at the Closing. BUYER shall be credited at Closing with rent prepaid beyond the Closing Date or paid on account
of operating costs, taxes or other items to be incurred after the Closing Date. BUYER shall pay SELLER upon its receipt by BUYER
all Rents which are due and payable by Seller’s Tenants on or prior to the Closing Date, but which have not been collected
by SELLER on or prior to the Closing Date, or payment of which has been deferred until after the Closing Date (the “Arrearage
Rents”) which shall be prorated after Closing when collected by BUYER with the first collected rent applied to any Arrearage
Rents.

 

     

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17. ADJUSTMENT OF UNASSESSED AND ABATED TAXES: If the
amount of said taxes is not known at the time of the delivery of the deed, they shall be apportioned on the basis of the taxes
assessed for the preceding fiscal year, with a reapportionment as soon as the new tax rate and valuation can be ascertained; and,
if the taxes which are to be apportioned shall thereafter be reduced by abatement, the amount of such abatement, less the reasonable
cost of obtaining the same, shall be apportioned between the parties, provided that neither party shall be obligated to institute
or prosecute proceedings for an abatement unless herein otherwise agreed.

 

18. BROKER’S FEE: A broker’s fee for profession
services of [***] of the Purchase Price, is due from the SELLER to CB RICHARD ELLIS the Broker herein, but only if as and when
the SELLER receives the full Purchase Price pursuant to the terms of this Agreement and the BUYER accepts and records SELLER’S
deed but not otherwise and regardless of the reason for failing to close hereunder. SELLER and BUYER each represent and warrant
to the other that this transaction was brought about by the Broker, as broker, and that no other broker brought the BUYER to SELLER’S
attention or was otherwise instrumental in bringing about this transaction on behalf of SELLER such that the only broker’s
fee that will be due hereunder is the broker’s fee payable by the SELLER to said CB RICHARD ELLIS. SELLER and BUYER shall
indemnify and hold each other harmless from a breach of the foregoing representation and warranty by either of them, respectively.
The commissions due to the Broker will be paid by SELLER pursuant to a separate agreement with the Broker.

 

19. BROKER(S) WARRANTY: The Broker named herein warrants
that the Broker is duly licensed as such by the Commonwealth of Massachusetts.

 

20. DEPOSIT: All deposits made hereunder shall be held
in escrow by BUYER’S attorney, Downey & Downey, PC, as escrow agent (the “Escrow Agent”) subject to the terms
of this Agreement and shall be duly accounted for at the time for performance of this Agreement. In the event of any disagreement
between the parties, the escrow agent shall retain all deposits made under this Agreement pending instructions mutually given by
the SELLER and the BUYER or by the final non-appealable order of a court a court of competent jurisdiction. So long as Escrow Agent
serves in good faith, BUYER and SELLER each agree to hold harmless Escrow Agent from damages, losses or expenses, arising out of
this Agreement or any action or failure to act, including reasonable attorney’s fees, related thereto. SELLER acknowledges
that the Escrow Agent is counsel to the BUYER and SELLER agrees that Escrow Agent may continue to act as such counsel to the BUYER
notwithstanding any dispute or litigation arising with respect to the deposits or Escrow Agent’s duties.

 

     

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21. DEFAULT; DAMAGES; REMEDIES: If the BUYER shall fail
to fulfill the BUYER’S agreements herein and SELLER has fulfilled SELLER’s agreements herein, all Deposits made hereunder
by the BUYER shall be retained by the SELLER as liquidated damages which shall be SELLER’S sole and exclusive remedy both
at law and in equity. The parties acknowledge that the SELLER has no adequate remedy at law in the event of BUYER’S failure
to fulfill its obligations hereunder because it is impossible to compute exactly the damages that would accrue to the SELLER in
such event. The parties have therefore taken these facts into account in setting the amount of the Deposit and hereby agree that:
(a) the Deposit is the best estimate of such damages which would accrue to SELLER; and (b) the Deposit represents damages and not
any penalty against the BUYER. If SELLER fails to perform its obligations hereunder, then SELLER will be in default under this
Agreement and BUYER may either (i) enforce specific performance of this Agreement or (ii) terminate this Agreement and receive
the return of the Deposit.

 

22. INDEPENDENT COUNSEL. Both BUYER and SELLER hereby
acknowledge that they have been offered the opportunity to seek and confer with qualified legal counsel of their choice prior to
signing this Agreement.

 

23. BROKER AS PARTY: The Broker named herein joins in
this Agreement and becomes a party hereto, insofar as any provisions of this Agreement expressly apply to the Broker, and to any
amendments or modifications of such provisions to which the Broker agrees in writing.

 

24. LIABILITY OF TRUSTEE, SHAREHOLDER, BENEFICIARY, ETC:
If the SELLER or BUYER executes this agreement in a representative or fiduciary capacity, only the principal or the estate represented
shall be bound, and neither the SELLER or BUYER so executing, nor any shareholder or beneficiary of any trust, shall be personally
liable for any obligation, express or implied, hereunder.

 

25. WARRANTIES AND REPRESENTATIONS: The BUYER acknowledges
that the BUYER has not been influenced to enter into this transaction nor has he relied upon any warranties or representations
not set forth or incorporated in this agreement or previously made in writing, except for the following additional warranties and
representations, if any, made by either the SELLER or the Broker(s): None made or relied upon.

 

26. MORTGAGE CONTINGENCY CLAUSE: Intentionally omitted.

 

     

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27. CONSTRUCTION OF AGREEMENT: This instrument, executed
in multiple counterparts, is to be construed as a Massachusetts contract, is to take effect as a sealed instrument, sets forth
the entire contract between the parties, is binding upon and enures to the benefit of the parties hereto and their respective heirs,
devisees, executors, administrators, successors and assigns, and may be canceled, modified or amended only by a written instrument
executed by both the SELLER and the BUYER. The captions and marginal notes are used only as a matter of convenience and are not
to be considered a part of this agreement or to be used in determining the intent of the parties to it. If any provisions of this
Agreement are held to be illegal, invalid or unenforceable under present or future laws, such provision shall be fully severable,
and this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a
part of this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and not be affected
by the illegal, invalid or unenforceable provision or by its severance from this Agreement, provided that both parties may still
effectively realize the complete benefit of the transaction contemplated hereby. The effective date (the “Effective Date”)
of this Agreement shall be the date of the last party’s execution; provided, however, that if the last party does not execute
this Agreement and deliver a fully executed counterpart of the same to the first signing party within five (5) days after the first
party’s execution date, then the offer or commitment to be bound hereby by the first executing party shall automatically
be revoked and withdrawn, whereupon neither party shall be bound hereto. This Agreement may be freely assigned to a nominee as
the BUYER may designate, specifically including but not limited to an affiliate of the BUYER.

 

28. AFFIDAVITS AND CERTIFICATES. At the time of delivery
of SELLER’S deed, if requested, SELLER shall execute and deliver to BUYER the following documents: (a) an affidavit stating
that SELLER is not a foreign person under Internal Revenue Code, Section 1445; (b) an affidavit to BUYER and BUYER’S title
insurance company certifying that there are no parties in possession of the Premises, other than Seller’s Tenants and that
no work has been done on the Premises which would entitle anyone to claim a mechanic’s or materialman’s lien with respect
to the Premises; (c) Internal Revenue Code, Section 1099S Forms and W–9 Forms; and (d) any affidavits, agreements and certificates
customarily required by BUYER’S mortgagee, title insurance company and banks in connection with mortgage loans for transactions
of this type. BUYER shall not be obligated to accept a deed signed under a power of attorney.

 

29. NOTICES. All notices required or permitted to be
given hereunder shall be given hereunder shall be in writing and deemed duly given when (1) mailed by registered or certified,
first-class mail, return receipt requested, postage prepaid, (2) hand delivered, (3) sent by facsimile with proof of delivery and
transmission, (4) sent by recognized overnight delivery service or (5) sent via e-mail with proof of delivery and transmission,
addressed as follows:

 

	 	if to SELLER:	[***]
	 	 	 
	 	if to BUYER to:	[***]

  

     

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30. REAL ESTATE BAR ASSOCIATION STANDARDS. Any matter
or practice arising under or relating to this Agreement which is the subject of a title standard or a practice standard of the
Real Estate Bar Association at the time for delivery of the deed shall be covered by said title standard or practice standard to
the extent applicable.

 

31. ACCESS TO PREMISES. BUYER, BUYER’S agents and
mortgagees shall have the right to reasonable access to the Premises, not to exceed three (3) visits plus BUYER’S final walk-through
at all reasonable times upon prior forty-eight (48) hour notice to SELLER or SELLER’S agent; provided that SELLER shall have
the option to accompany the BUYER and BUYER’S agents during any interior access of the building. BUYER
agrees that any such access shall be at BUYER’s sole risk and BUYER agrees to indemnify SELLER from any and all claims arising
from third parties related to same.

 

32. MAINTENANCE OF PREMISES: Between the date hereof
and the Closing, the SELLER shall maintain and service the Premises and its appurtenances at the same level of effort and expense
as the SELLER has maintained or serviced the Premises for the SELLER’S own account prior to the date of this Agreement.

 

33. ATTORNEY AUTHORIZATION: In order to facilitate the
execution and delivery of certain documents contemplated hereby, the BUYER grants to their attorneys the actual authority to execute
and deliver on each BUYER’S behalf extensions thereby extending the time for performance hereunder or any notice that may
be given under this agreement, and the SELLER may rely on the signature of such attorneys (including faxed signatures) unless the
SELLER has actual knowledge that the BUYER has revoked the authority granted herein.

 

34. FACSIMILE OR SCANNED SIGNATURES: For purposes of
this Agreement facsimile signatures and/or email or electronic signatures shall be treated as originals.

 

35. SELLER’S REPRESENTATIONS. SELLER warrants
and represents to BUYER, to the best of SELLER’S knowledge, as follows:

 

		(a)	Takings. SELLER has no knowledge of nor has SELLER received any written notice of taking, condemnation
or special assessment, actual or proposed, with respect to the Premises.

		(b)	Authority. SELLER has full right, power and authority to enter into and become bound by this Agreement and to
consummate the transactions contemplated hereby; that any person other than SELLER executing this Agreement has been duly authorized
by all necessary action and has full right, power and authority to execute and deliver this Agreement on behalf of SELLER.

 

     

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		(c)	Outstanding Agreements. SELLER represents and warrants that the Premises are not the subject of any outstanding
agreements with any party pursuant to which any such party may acquire any interest in the Premises, other than Seller’s
Tenants and mortgagees.

		(d)	Litigation. SELLER has no knowledge of any litigation or proceeding, pending or threatened, against or
relating to the Premises.

		(e)	Hazardous Substances. SELLER represents and warrants to BUYER that, to SELLER’S actual knowledge and information,
(i) there has been no release of any hazardous materials or oil on, from or near the Premises (as used in this Agreement, the terms
“release”, “hazardous materials” and “oil” shall have the meaning given to them in M.G.L. Chapter
21E) and (ii) there are no underground storage tanks or other subsurface facilities holding petroleum or oil products currently
in use or previously abandoned on the Premises; notwithstanding anything herein to the contrary, the survival of the representations
and warrantees that are made by the SELLER in this paragraph are specifically limited to releases of hazardous materials occurring
prior to the Closing Date such that the SELLER shall have no liability for any releases of hazardous materials that occur after
the Closing Date.

		(f)	Rent Roll. There are no leases, licenses, occupancy or related agreements or tenancies affecting the Premises
except those that will be listed the rent roll (the “Rent Roll”) which is to be prepared by the SELLER and delivered
to the BUYER within three (3) days hereof, which Rent Roll shall be true, accurate and complete as of the date listed thereon.

		(g)	Lease Status. Each of the Leases and their Amendments are in full force and effect according to the terms set
forth therein and, have not been modified, amended or altered except as disclosed on the Rent Roll or as disclosed in the copies
of Leases and Amendments provided to BUYER by SELLER, which Lease and Amendment copies shall be true, accurate and complete copies,
with any all written amendments or other written modifications attached thereto.

		(h)	Tenant Offsets. No tenant under a Lease has delivered written notice to SELLER asserting any offset, defense
or claim against rent payable by it or other performance of obligations due from it under its Lease.

		(i)	Tenant Defaults. Except as set forth in the Rent Roll, SELLER has no knowledge of any default by
any of the Seller’s Tenants under any Lease, and none of Seller’s Tenants are in arrears in the performance of any
monetary obligation required of them under its Lease, except as reflected on the Rent Roll. SELLER is not aware of any facts or
circumstances which with the passage of time and/or notice would constitute a default by any tenant under a Lease.

 

     

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		(j)	Broker Fees - Leases. There are no written agreements with any real estate broker, leasing agent or other party
(including, without limitation, the current manager of the Premises), that entitle or will entitle such real estate broker, agent
or other party to any leasing or other brokerage commission or payment or finder’s fee from BUYER. SELLER agrees to indemnify,
defend and hold BUYER harmless from any claims for such brokerage commissions.

		(k)	Tenant Deposits. Any and all refundable security deposits, prepaid rent, key deposits and all other refundable
deposits made by Seller’s Tenants under the Leases shall be listed in the Rent Roll and shall be assigned or credited
to BUYER (together with all interest thereon), as BUYER elects, at the Closing. The amount so credited to BUYER shall be considered
an adjustment due to BUYER. No security deposits under any Lease have been or will be applied or refunded by SELLER other than
to Tenants whose Lease term ends prior to the Closing or as set forth on the Rent Roll.

		(l)	Service Contracts. All service contracts related to the use, ownership or operation of the Premises are on at
at-will basis and provided that the parties consummate the sale as contemplated by this Agreement, at BUYER’S option and
upon notice from BUYER to SELLER, SELLER shall terminate such service contracts effective as of the Closing Date hereunder.

		(m)	Default Notices. SELLER has not received any written notice that it is in default under any of the covenants,
easements or restrictions affecting or encumbering the Premises or any portion thereof.

		(n)	Rights of First Refusal and Options. No Lease or other Agreement affecting the Premises contains any rights of
first refusal or options granted by SELLER to purchase the Premises or any portion thereof.

 

It shall be a condition of BUYER’S obligation to close
under this Agreement that all representations made by the SELLER shall be true as of the Closing. Further, it shall be a condition
of BUYER’S obligations hereunder that SELLER shall promptly notify BUYER of any material change in facts which arise prior
to the Closing which would make any statement or representation contained herein untrue if such state of facts had existed on the
date of execution of this Agreement. The representations contained above shall survive the delivery of the deed for a period of
six (6) months from the date of the Closing.

 

     

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36. CONFIDENTIALITY. Prior to delivery of the Deed as
contemplated hereunder, each of the parties agrees to keep this transaction and the terms described herein strictly confidential
and not to disclose any such information, with the exception of consultants and other professionals retained by either party, except
as approved in writing by the other party or as required by law.

 

37. DUE DILIGENCE PERIOD: Within seven (7) days of the
Effective Date, SELLER shall deliver to BUYER true and complete copies of all of the Leases as well as any and all site plans,
building plans, permits and environmental reports with respect to the Premises. From and after the Effective Date for a period
of sixty (60) days (the “Due Diligence Period”), BUYER, at BUYER’S sole cost and expense, and BUYER’S agents
shall have the right to inspect the Premises with consultants of BUYER’S own choosing with the understanding that the BUYER
and it’s consultants, with reasonable prior notice to SELLER of not less than 48 hours, may enter the Premises at their sole
risk, that they shall provide evidence of insurance at least 48 hours prior to such entry, which shall be acceptable to SELLER,
in amounts approved by SELLER and naming SELLER as an additional insured, and BUYER shall leave the Premises in the same condition
as it was in prior to such entry; provided that SELLER shall have the option to accompany the BUYER and BUYER’S agents during
any interior access of the building. During such inspections, BUYER shall use reasonable efforts to avoid or minimize damage to
the Premises as well as to avoid or minimize interference with SELLER’S and Seller’s Tenant’s use of the Premises.
BUYER shall have the right to conduct test borings and other soil tests analyses and studies to determine the presence of hazardous
waste at or around the Premises. If the results of any of the above inspections prove to be unsatisfactory or unacceptable to the
BUYER for any reason or for no reason at all, the BUYER may terminate this Agreement on or prior to the expiration of the Due Diligence
Period by written notice to the SELLER whereupon any Deposit made hereunder shall be forthwith refunded and all obligations of
the parties hereto shall cease and this Agreement shall be void without further recourse available to either party either at law
or in equity. If BUYER fails to terminate this Agreement as provided for herein, the Deposit shall be deemed nonrefundable.

 

38. PERMITTING CONTINGENCY: From and after the Effective
Date for a period of sixty (60) days (the “Permitting Contingency Period”), BUYER shall at BUYER’S sole cost
and expense, filing the necessary applications to obtain any and all permits, special permits, variances, licenses and/or approvals
for BUYER’S proposed use of the Premises. SELLER agrees to cooperate fully with BUYER and shall execute as the owner of the
Premises such applications and documents that may be reasonably required to obtain such permits, licenses and/or approvals. If
despite BUYER’S diligent efforts, BUYER is unable to obtain all such permits, special permits, variances, licenses and/or
approvals, the BUYER may terminate this Agreement on or prior to the expiration of the Permitting Contingency Period by written
notice to the SELLER whereupon any Deposit made hereunder shall be forthwith refunded and all obligations of the parties hereto
shall cease and this Agreement shall be void without further recourse available to either party either at law or in equity. Notwithstanding
the foregoing to the contrary, if despite BUYER’S diligent efforts, the BUYER has not received such permits, special permits,
variances, licenses and/or approvals, the BUYER upon written notice to the SELLER on or prior to the expiration of the Permitting
Contingency Period, shall have the right to extend Permitting Contingency Period for an additional thirty (30) days. Furthermore,
if despite BUYER’S diligent efforts, the BUYER has not received such permits, special permits, variances, licenses and/or
approvals on or prior to the expiration of the Permitting Contingency Period, as the same may be extended, the BUYER may terminate
this Agreement on or prior to the expiration of the Permitting Contingency Period, as the same may be extended, by written notice
to the SELLER whereupon any Deposit made hereunder shall be forthwith refunded and all obligations of the parties hereto shall
cease and this Agreement shall be void without further recourse available to either party either at law or in equity.

 

     

    - 13 - 

    

 

39. WEEKEND AND HOLIDAY EXTENSIONS: If the time period
by which any right, option or election provided under this Agreement must be exercised, or by which any act required hereunder
must be performed or by which the Closing must be held expires on a Saturday, Sunday, federal holiday or legal bank holiday in
the state where the Premises are located, then such time period shall be automatically extended to the close of business on the
next business day.

 

40. TITLE OBJECTIONS PERIOD: From and after the Effective
Date for a period of thirty (30) days (the “Title Objections Period”), BUYER shall, at BUYER’S sole cost and
expense, have a title examination completed and a Title Commitment (the “Commitment”) issued and shall notify SELLER
within said thirty (30) day period of any objections to title in writing. If BUYER objects to any title encumbrances disclosed
in the Commitment, BUYER shall, within said Title Objections Period, notify SELLER in writing, specifying the objectionable title
encumbrances (a “Title Notice”). If BUYER fails to timely give such notice specifying the objectionable
title encumbrances, BUYER will be deemed to have approved the matters set forth in the Commitment, which shall be included in the
“Permitted Exceptions.” If BUYER timely gives such notice specifying objectionable title encumbrances,
all matters set forth in the Commitment which are not objected to in BUYER’S notice will be included in the “Permitted
Exceptions.” SELLER shall use commercially reasonable efforts to cure any title matters within fourteen (14) days
from receipt of the Title Notice (the “Title Cure Period”), in which event the Closing, if it otherwise
is scheduled to occur earlier, shall be extended until the earlier of fourteen (14) days after receipt of the Title Notice or three
(3) business days after such matter is cured. In the event that despite SELLER’S diligent and commercially reasonable efforts,
SELLER fails to effectuate such cure within the Title Cure Period, BUYER shall have the right to terminate this Agreement in writing
within seven (7) business days after the expiration of the Title Cure Period, in which event the Deposit shall be returned to BUYER.
Notwithstanding the foregoing, SELLER agrees to cure (and remove) all liens and monetary encumbrances affecting title to the Premises
arising by, through or under SELLER and BUYER shall have no obligation to make any objection thereto. Furthermore, BUYER may, prior
to Closing, notify SELLER in writing (a “Gap Notice”) of any title exceptions raised by the Title Insurer
between the expiration of the Title Objection Period and Closing and not disclosed by the Title Insurer or otherwise actually known
to BUYER prior to the expiration of the Title Objection Period; provided that BUYER must notify SELLER in writing of such unacceptable
exceptions within three (3) business days of being made aware of the existence of such exceptions. If BUYER sends a Gap Notice
to SELLER, BUYER and SELLER shall have the same rights and obligations with respect to such notice and the exceptions set forth
therein as apply to a Title Notice and the exceptions set forth in this paragraph.

 

     

    - 14 - 

    

 

41. COVID 19: The Closing Date in Paragraph 8
of this Agreement shall be extended for an Excused Delay which materially affects the BUYER’S ability to close or some other
such cause that prevents either party from fulfilling its obligations under the Agreement due to an Excused Delay, unless BUYER
and SELLER mutually agree otherwise. As used herein an Excused Delay means a delay preventing the Closing to occur caused by an
Act of God, declared state of emergency or public health emergency, pandemic (specifically including COVID-19), government mandated
quarantine or travel ban, war, acts of terrorism, and/or order of government or civil or military authorities. The Closing Date
shall expire at the earlier of ten (10) business days after the end of the Excused Delay or 30 days after the Closing Date.

 

NOTICE: This is a legal document that creates binding obligations.
If not understood, consult an attorney.

 

SELLER:

 

[***]

 

	By:	 	 
	 	[***], Manager	 

  

BUYER:

 

Tonix Pharmaceuticals Holding Corp.

 

	By:	 	 
	 	Seth Lederman, MD, CEOTonix Pharmaceuticals Holding Corp. 10-Q

Exhibit 10.02

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN
EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED.
THE OMISSIONS HAVE BEEN INDICATED BY “[***].”

 

Execution Copy

 

ASSET PURCHASE AGREEMENT

 

This ASSET PURCHASE
AGREEMENT (“Agreement”), dated June 11, 2020 (the “Effective Date”), is entered into
by and among Trigemina Holdings, Inc., a Delaware corporation (“Seller”), Tonix Pharmaceuticals, Inc., a Delaware
corporation (“Buyer”) and, solely for the purposes of Section 6.1, each of the Executive Shareholders
(as defined below).

 

Background

 

WHEREAS, Seller,
together with its Affiliates, are the sole owner of the Purchased Assets (as defined below); and

 

WHEREAS, Seller
desires to sell, transfer and assign to Buyer, and Buyer desires to acquire and assume from Seller, all of the Purchased Assets
and Assumed Liabilities (as defined below), all as more specifically provided herein;

 

NOW, THEREFORE,
in consideration of the foregoing and the representations, warranties, covenants and agreements contained herein, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally
bound, hereby agree as follows:

 

ARTICLE
1

DEFINITIONS

 

Section 1.1           
Definitions

 

All terms not defined
below are as defined elsewhere in this Agreement.

 

“Affiliate”
means any Person that directly or indirectly Controls, is Controlled by or is under common Control with another Person. A Person
will be deemed to “Control” another Person if it has the power to direct or cause the direction of the other
Person, whether through ownership of securities, by contract or otherwise.

 

“Applicable
Laws” means, in respect of any Person, property, transaction, event or course of conduct, all applicable laws, statutes,
regulations, rules, ordinances, regulatory policies, codes, guidelines, official directives, orders, rulings, judgments and decrees
of any Governmental Authority.

 

“Assignment
and Assumption Agreement” shall have the meaning in Section 6.10.

 

“Assumed Liabilities”
means the Stanford License and any Liabilities of the Seller arising after the Closing Date under the Transferred Contracts.

 

“Buyer Indemnified
Parties” shall have the meaning in Section 8.1.

 

     

     

    

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which banks in New York, New York, USA, are permitted
or required to close by law or regulation.

 

“Cap”
shall have the meaning in Section 8.3.

 

“Cash Consideration”
shall have the meaning in Section 3.1.

 

“Closing”
shall have the meaning in Section 3.4.

 

“Closing Date”
shall have the meaning in Section 3.4.

 

“Compounds”
means [***] and any and all other compounds owned, controlled or being developed by Seller.

 

“Confidential
Information” shall have the meaning in Section 6.1(a).

 

“Corporation”
shall have the meaning in Section 3.2.

 

“Encumbrance”
means any mortgage, charge, lien, security interest, easement, right of way, pledge or encumbrance of any nature whatsoever.

 

“Equity Consideration”
shall have the meaning in Section 3.1.

 

“Excluded
Liabilities” means any and all Liabilities of Seller that are not expressly included in the definition of Assumed Liabilities,
including, but not limited to:

 

(a)       any
and all Liabilities arising prior to or on the Closing Date under the Transferred Contracts;

 

(b)       any
and all Liabilities of Seller with respect to taxes;

 

(c)       any
and all Liabilities arising out of or otherwise relating to the employment or service of any Person, including Seller’s officers
and directors, by Seller;

 

(d)       any
and all Liabilities of Seller under this Agreement or incurred in connection with the negotiation or consummation of this Agreement;
and

 

(e)       any
and all Liabilities of the Seller arising out of events, transactions, facts, acts or omissions which occurred prior to or on the
Closing Date.

 

“Executive Shareholders”
means each of Michael C. Scaife, Ph.D., Taylor Rooke and Dr. Shashidhar Kori.

 

“FDA”
means the United States Food and Drug Administration or any successor agency performing similar functions.

 

     -2-

     

    

 

“Fundamental
Representations” shall have the meaning in Section 8.3.

 

“Governmental
Authority” means any court, governmental agency, department or commission or other governmental authority or instrumentality,
including, but not limited to, the FDA.

 

“Indemnified
Party” shall have the meaning in Section 8.6(a).

 

“Indemnifying
Party” shall have the meaning in Section 8.6(a).

 

“Intellectual
Property Rights” means all right, title and interest of Seller in and to (a) the Patents, (b) the Trademarks, (c) the
Know-How, (d) the Technical Information and (e) any copyrights and other intellectual property related to any of the foregoing,
the Compounds, the Products, or the Nasal Delivery Technology.

 

“Know-How”
means any of Seller’s know-how, show-how, technical and non-technical information, trade secrets, formulae, techniques, sketches,
drawings, materials, models, inventions, designs, specifications, processes, apparatus, equipment, databases, research, experimental
work, development, pharmacology and clinical data, software programs and applications, software source documents, third-party licenses,
in each case, related to the Compounds, the Products, or the Nasal Delivery Technology.

 

“Liability”
or “Liabilities” means any and all debts, liabilities and obligations, whether accrued or fixed, absolute
or contingent, matured or unmatured, or determined or determinable, including those arising under any law, action or governmental
order and those arising under any contract, agreement, arrangement, commitment or undertaking, or otherwise.

 

“Losses”
means, collectively, any and all damages, losses, taxes, Liabilities, claims judgments, penalties, costs and expenses (including
reasonable legal fees and expenses); provided that, except in the event of Third Party Claims, “Losses” shall not include
punitive, incidental, consequential, special or indirect damages.

 

“Nasal Delivery
Technology” means Seller’s proprietary technology allowing for nasal-cerebral drug delivery.

 

“Parent”
means Tonix Pharmaceuticals Holding Corp.

 

“Parties”
means collectively the Seller and Buyer.

 

“Party”
means either the Seller or Buyer.

 

“Patents”
means (a) U.S. Patent #s [***] and (b) all other patents and patent applications owned or controlled by Seller relating to or that
cover, in whole or part, the Compounds, the Products, the Nasal Delivery Technology and/or the development, manufacture, composition,
use, distribution, marketing, promotion, sale, administration or formulation of the Compounds, the Products, and the Nasal Delivery
Technology and, in the case of both (a) and (b) any substitutions, extensions, additions, registrations, reissues, reexaminations,
renewals, national phase applications, divisions, continuations, continuations-in-part or supplementary protection certificates
thereof, and all foreign counterparts of any of the foregoing.

 

     -3-

     

    

 

“Person”
means any individual, corporation, partnership, limited liability company, joint venture, trust, business association, organization,
Governmental Authority or other entity.

 

“Product”
means any pharmaceutical product that incorporates any of the Compounds.

 

“Purchase
Price” shall have the meaning in Section 3.1.

 

“Purchased
Assets” means:

 

(a)        the
Intellectual Property Rights;

 

(b)       the
Transferred Contracts;

 

(c)       all
rights under any executory contract to which the Seller is a party related to the research, development, manufacture or commercialization
of the Compounds or Products, the Nasal Delivery Technology or to the Intellectual Property Rights, including, without limitation,
any license agreement, security agreement, indemnity agreement, subordination agreement, mortgage, equipment lease and other lease
or sublease (whether or not capitalized), conditional sale or title retention agreement and any purchase order from any customer;

 

(d)        any
inventories of Compound, Product or other supplies, equipment and other tangible assets used in connection with the development
of the Compounds, Products, or Nasal Delivery Technology;

 

(e)       all
authorizations, consents, approvals, licenses, orders, permits and exemptions of, and filings or registrations with, any Governmental
Authority, to the extent transferable by the Seller;

 

(f)       all
books, records, files and papers relating to, or necessary to the conduct of, the Seller’s business (other than Seller’s
tax returns, minute books and other company records);

 

(g)       all
rights and claims of the Seller, whether mature, contingent or otherwise, against any Person, whether in tort, contract or otherwise,
including, without limitation, causes of action, unliquidated rights and claims under or pursuant to all warranties, representations
and guarantees made by manufacturers, suppliers or vendors, claims for refunds, rights of off-set and credits of all kinds and
all other general intangibles; provided, however, that such rights and claims shall not include any rights and claims
of Seller under this Agreement;

 

     -4-

     

    

 

(h)       the
benefit of coverage provided by all current and expired insurance policies of Seller to the extent they relate to any of the Purchased
Assets or Assumed Liabilities; and

 

(i)       all
other assets owned by Seller used or useful in the research, development, manufacture, or commercialization of the Compounds, Products,
or Nasal Delivery Technology, whether or not reflected on the books and records of the Seller.

 

“Restricted
Field” shall have the meaning in Section 6.1(b).

 

“Restricted
Period” shall have the meaning in Section 6.1(b).

 

“Seller Indemnified
Parties” shall have the meaning in Section 8.2.

 

“Stanford”
means The Board of Trustees of the Leland Stanford Junior University.

 

“Stanford
License” means that certain Amended and Restated Exclusive License Agreement dated November 30, 2007, as amended, by
and between Seller Stanford.

 

“Stanford
Payment” shall have the meaning in Section 3.1.

 

“Support Agreement”
shall have the meaning in Section 3.2.

 

“Support Agreement
Legend” shall have the meaning in Section 3.2.

 

“Technical
Information” means data and other information related to the Compounds, the Products, or the Nasal Delivery Technology
that is necessary and useful for the further research, development, manufacture, commercialization, and/or registration of Compounds,
Products or the Nasal Delivery Technology, that is owned by Seller or otherwise controlled by Seller, and that exists as of the
Closing Date, including, without limitation, all INDs, correspondence with FDA or other governmental authorities, clinical data,
pre-clinical data, adverse event data, pharmaceutical development reports, formulations and other medical and technical information.

 

“Third Party”
means any legal Person, entity or organization other than Buyer, Seller or an Affiliate of either Party.

 

“Third Party
Claim” shall have the meaning in Section 8.6(b).

 

“Tonix Stock”
means the common stock of Parent, which is the parent company of Buyer.

 

“Trademarks”
means all rights with respect to (a) the “Trigemina, Inc.” trademark, trade name and related logo, (b) the trigemina.com
domain name and (c) any and all other trademarks, service marks, service names, trade names, internet domain names, brand marks,
brands, trade dress, package designs, product inserts, labels, logos and associated artwork owned by Seller, including any and
all applications or registrations for any of the foregoing, and extensions, renewals, continuations or re-issues thereof, or amendments
or modifications thereto.

 

     -5-

     

    

 

“Transferred
Contracts” means (a) the Stanford License and (b) the contracts listed on Exhibit A.

 

Section 1.2           
Interpretation. When used in this Agreement the words “include”, “includes” and “including”
will be deemed to be followed by the words “without limitation.” Any terms defined in the singular will have a comparable
meaning when used in the plural, and vice-versa.

 

Section 1.3           
Currency. All currency amounts referred to in this Agreement are in United States Dollars, unless otherwise specified.

 

ARTICLE
2

PURCHASE AND SALE OF ASSETS

 

Section 2.1           
Purchase and Sale. Seller hereby sells, assigns, transfers, conveys and delivers to Buyer, and Buyer hereby purchases,
acquires and accepts, all right, title and interest in and to the Purchased Assets, free and clear of all Encumbrances.

 

Section 2.2           
Assumption of Assumed Liabilities; Excluded Liabilities. Buyer hereby assumes only the Assumed Liabilities. Buyer will
not assume or be liable for any of the Excluded Liabilities.

 

Section 2.3           
Deliveries. Within three (3) Business Days after the Closing Date, Seller will deliver to Buyer (a) any tangible materials
included in the Purchased Assets and (b) copies (in the format in which they are maintained by Seller) of all books, records, data,
contracts, files, patents, patent applications, trademarks, trademark files, and other information included in the Purchased Assets.

 

ARTICLE
3

FINANCIAL TERMS

 

Section 3.1           
Purchase Price. As consideration for the Purchased Assets, in addition to Buyer’s assumption of the Assumed Liabilities,
Buyer shall at the Closing, (a) (i) pay to Seller an amount equal to Seven Hundred Seventy-Four Thousand Seven Hundred and Fifty
Nine Dollars ($774,759) by wire transfer of immediately available funds to the account designated by Seller by written Notice to
Buyer, such written Notice to be provided at least five Business Days prior to the Closing Date (such amount, the “Cash
Consideration”) and (ii) issue an aggregate of Two Million shares of Tonix Stock, subject to Section 3.2 (the
“Equity Consideration”); and (b) pay to Stanford an amount equal to Two Hundred Fifty Thousand Two Hundred Forty
One Dollars ($250,241), subject to Section 6.10 (such amount, the “Stanford Payment”). The Cash Consideration,
the Equity Consideration and the Stanford Payment together shall be referred to herein as the “Purchase Price”.

 

     -6-

     

    

 

Section 3.2           
Tonix Stock. Any shares of Tonix Stock to be issued pursuant to this Agreement have not been registered under the Securities
Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with
the Securities and Exchange Commission or an applicable exemption from such registration requirements. Any shares of Tonix Stock
to be issued pursuant to this Agreement will be subject to a lock-up period ending on the date that is twelve (12) months after
the date on which such shares are issued. Such lock-up period is binding on transferees of such shares. As a condition to the issuance
of any Tonix Stock, Seller shall require, after the Closing, each Person being issued Tonix Stock to execute a Lock-Up Agreement
in the form attached hereto as Exhibit B. In addition, the Seller shall enter into the Voting Agreement substantially in
the form attached hereto as Exhibit C (the “Support Agreement”), which will, among other things, limit
the rights of the Seller or any transferee to vote the shares represented thereby. The Seller understands that the Tonix Stock
will include the following legend (the “Support Agreement Legend”):

 

THE SHARES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO ALL THE TERMS OF A SUPPORT AGREEMENT ENTERED INTO AS OF JUNE 11, 2020, BY AND AMONG TONIX PHARMACEUTICALS
HOLDING CORP. (THE “CORPORATION”), AND THE HOLDER, A COPY OF WHICH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE
OF THE CORPORATION. SUCH AGREEMENT, AMONG OTHER THINGS, LIMITS THE RIGHT OF THE HOLDER OR ANY TRANSFEREE TO VOTE THE SHARES REPRESENTED
HEREBY.

 

Section 3.3           
Taxes. Each Party agrees to report (and to cause its Affiliates to report) the transactions contemplated by this Agreement
in a manner consistent with Applicable Law and with the terms of this Agreement, and agrees not to take any position inconsistent
therewith on any tax return, in any tax refund claim, in any litigation or otherwise. Each Party will bear fifty percent (50%)
of any transfer, sales, value added, or stamp duty taxes payable in connection with the transactions contemplated hereby. Buyer
shall have no obligation, however, for any capital gains or other income taxes owed by Seller as a result of the transaction.

 

Section 3.4           
Closing. Pursuant to the terms and subject to the conditions of this Agreement, the closing of the transactions contemplated
hereby (the “Closing”) shall take place remotely via virtual closing by the exchange of documents by PDF or
other electronic means, at 10:00 a.m. New York time on the date hereof, or such other time and place as Buyer and Seller may agree
to in writing (the “Closing Date”).

 

ARTICLE
4

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Seller hereby represents
and warrants to Buyer as of the Closing Date as follows:

 

Section 4.1           
Organization; Authority; Execution and Delivery. Seller is a corporation, duly organized, validity existing and in good
standing under the laws of the State of Delaware. Seller has the requisite corporate power and authority to enter into this Agreement
and to consummate the transaction contemplated hereby. The execution and delivery of this Agreement by Seller and the consummation
of the transactions contemplated hereby have been validly authorized by all necessary action on the part of Seller. This Agreement
has been executed and delivered by Seller and, assuming the due authorization, execution and delivery of this Agreement by Buyer,
will constitute the legal and binding obligation of Seller, enforceable against it in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other similar laws affecting creditors’ rights
generally from time to time in effect and to general principles of equity (including concepts of materiality, reasonableness, good
faith and fair dealing) regardless of whether considered in a proceeding in equity or at law.

 

     -7-

     

    

 

Section 4.2           
Reserved.

 

Section 4.3           
Consents; No Violation, Etc. The execution and delivery by Seller of this Agreement does not, and the consummation of
the transactions contemplated hereby (including the transfer of the Purchased Assets to Buyer) and the compliance with the terms
hereof will not: (i) assuming the accuracy of the representations of the Buyer set forth in Section 5.2, violate any Applicable
Law applicable to Seller, (ii) conflict in any material respect with any provision of the certificate of incorporation or by-laws
(or similar organizational document) of Seller, (iii) conflict in any material respect with or violate in any material respect
any Transferred Contract or any other contract to which Seller is a party or by which it is otherwise bound or (iv) require Seller
to obtain any approval, authorization, consent, license, exemption, filing or registration from or with any court, arbitrator,
Governmental Authority or pursuant to any material contract by which Seller is bound or that otherwise relates to any of the Purchased
Assets, the Compound, the Product, or the Nasal Delivery Technology.

 

Section 4.4           
Litigation. To Seller’s knowledge after due inquiry, there are no claims, suits, actions or other proceedings
pending or threatened against Seller at law or in equity before or by any Governmental Authority, domestic or foreign, involving
or related to the Purchased Assets or which may in any way adversely affect the performance of Seller’s obligations under
this Agreement or the transactions contemplated hereby.

 

Section 4.5           
Title to Purchased Assets. Immediately prior to the transfer of the Purchased Assets to Buyer, Seller and its Affiliates
are the sole and exclusive owners of, have good and valid title to all of the Purchased Assets, free and clear of all Encumbrances.
To Seller’s knowledge, no Third Party holds any license, option, reversionary interest or other right with respect to any
of the Purchased Assets or the Product.

 

Section 4.6           
Transferred Contracts. Seller has delivered to Buyer complete copies of each of the Transferred Contracts, including
any and all amendments thereto and (i) each Transferred Contract is valid, binding and enforceable on Seller (subject to applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other similar laws affecting creditors’ rights
generally from time to time in effect and to general principles of equity regardless of whether considered in a proceeding in equity
or at law) and is in full force and effect, (ii) neither Seller (nor to Seller’s knowledge, any other party to a Transferred
Contract) is in material breach, violation of or default under any Transferred Contract and no event has occurred that with the
lapse of time or the giving of notice or both would constitute a default thereunder, and (iii) no consent of any Person is required
in connection with the assignment of the Transferred Contracts to Buyer pursuant to this Agreement.

 

     -8-

     

    

 

Section 4.7           
Compliance with Applicable Law. The research and development of the Compounds, the Products, and the Nasal Delivery
Technology has at all times been conducted in compliance with all applicable Government Rules.

 

Section 4.8           
Intellectual Property. To Seller’s knowledge, all of the Intellectual Property Rights are valid, enforceable and
in full force and effect. To Seller’s knowledge, the use of the Compounds, the Products, and the Nasal Delivery Technology
in connection with the research, development, manufacture, use, sale and commercialization of any Compounds, Products, or Nasal
Delivery Technology does not infringe, misappropriate or violate any patent, copyright, trade secret or other intellectual property
right of any Third Party. Seller has not received any written charge, complaint, claim, demand, or notice alleging any such infringement,
misappropriation, or violation in the Territory (including any such claim that Seller must license or refrain from using any intellectual
property rights relating to the Compounds, the Products or the Nasal Delivery Technology).

 

Section 4.9           
No Other Product-Related Assets. The Purchased Assets constitute substantially all of the assets of Seller. Except for
the Purchased Assets, neither Seller nor any of its Affiliates holds any ownership, license, option, right of reference or other
right or interest in or to any patent, copyright, trade secret, trademark, data, know-how, contractual right or other tangible
or intangible asset that is necessary or useful for the development or commercialization of the Compound, Product, or Nasal Delivery
Technology.

 

Section 4.10       
Taxes. Seller does not have any Liability with respect to any taxes for which Buyer would reasonably be expected to
become liable or that would reasonably be expected to adversely affect Buyer’s right to use and enjoy any of the Purchased
Assets, free and clear of any Encumbrances, including liens for Taxes.

 

Section 4.11       
No Brokers. Neither Seller nor any of its Affiliates has any Liability or obligation to pay any fees or commissions
to any broker, finder or other agent (exclusive of professional fees to lawyers and accountants) with respect to this Agreement
for which Buyer could become liable or obligated or which could result in an Encumbrance being filed against any of the Purchased
Assets.

 

Section 4.12       
No Other Representations or Warranties. Except for the representations and warranties of Seller expressly set forth
in this Article 4, neither Seller nor any other Person makes any other express or implied representation or warranty on
behalf of Seller.

 

ARTICLE
5

REPRESENTATIONS AND WARRANTIES OF BUYER

 

Buyer hereby represents
and warrants to Seller as of the Closing Date as follows:

 

     -9-

     

    

 

Section 5.1           
Organization; Authority; Execution and Delivery. Buyer is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware. Buyer has the requisite corporate power and authority to enter into this Agreement
and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by Buyer and the consummation
of the transactions contemplated hereby have been authorized by all necessary action on the part of Buyer. This Agreement has been
executed and delivered by Buyer and, assuming the due authorization, execution and delivery of this Agreement by Seller, constitutes
the legal and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer and other similar laws affecting creditors’ rights generally
from time to time in effect and to general principles of equity (including concepts of materiality, reasonableness, good faith
and fair dealing regardless) of whether considered in a proceeding in equity or at law.

 

Section 5.2           
Consents; No Violations, Etc. The execution and delivery of this Agreement by Buyer does not, and the consummation of
the transactions contemplated hereby (including the transfer of the Purchased Assets to Buyer) and the compliance with the terms
hereof will not: (i) violate any Applicable Law applicable to Buyer or Parent, (ii) conflict with any provision of the certificate
of incorporation or by-laws (or similar organizational document) of Buyer or Parent, (iii) conflict with or violate any contract
to which Buyer, Parent or any of their respective Affiliates is a party or by which it is otherwise bound or (iv) require Buyer,
Parent or any of their respective Affiliates to obtain any approval, authorization, consent, license, exemption, filing or registration
from or with any court, arbitrator, Governmental Authority or pursuant to any contract by which Buyer or any of its Affiliates
is bound.

 

Section 5.3           
No Brokers. Neither Buyer, Parent nor any of their respective Affiliates has any Liability or obligation to pay any
fees or commissions to any broker, finder or other agent (exclusive of professional fees to lawyers and accountants) with respect
to this Agreement for which Seller could become liable or obligated.

 

Section 5.4           
Litigation. To Buyer’s knowledge, there are no claims, suits, actions or other proceedings pending or threatened
against Buyer, Parent or any of their respective Affiliates at law or in equity before or by any Governmental Authority, domestic
or foreign, which may in any way adversely affect the performance of Buyer’s obligations under this Agreement or the transactions
contemplated hereby.

 

Section 5.5           
No Other Representations or Warranties. Except for the representations and warranties of Buyer expressly set forth in
this Article 5, neither Buyer nor any other Person makes any other express or implied representation or warranty on behalf
of Buyer.

 

ARTICLE
6

OTHER AGREEMENTS

 

Section 6.1           
Restrictive Covenants. As a material inducement for Buyer to enter into this Agreement, Seller and each Executive Shareholder
agree to the covenants and restrictions set forth below in this Section 6.1, and Seller and each Executive Shareholder hereby
acknowledge and agree that Buyer would not execute and deliver this Agreement and consummate the transactions contemplated hereby
in the absence of such covenants by Seller and the Executive Shareholders.

 

     -10-

     

    

 

(a)               
Seller and the Executive Shareholders: (i) shall not, directly or indirectly, disclose or use or otherwise exploit for their
own benefit or for the benefit of any other Person, any of the Know-How, Technical Information or other non-public information
included in the Purchased Assets (collectively, “Confidential Information”) and (ii) shall safeguard any Confidential
Information in their possession or control by all reasonable measures. Seller and each Executive Shareholder acknowledge and agree
that any and all Confidential Information will be, as of the Closing Date, the exclusive property of Buyer.

 

(b)              
For a period of three (3) years from the Closing Date (the “Restricted Period”), Seller and each Executive
Shareholder shall not (whether directly or through any Affiliate, licensee or other Third Party) develop, assist in the development,
sell, market or commercialize any products or therapies containing oxytocin, noiciceptin or any derivatives thereof (the “Restricted
Field”)

 

(c)               
Each Executive Shareholder further agrees that, during the Restricted Period, he will not directly or indirectly, serve
as director, consult with, provide services to, own any interest in or otherwise provide finances to any Person that is engaged
in the Restricted Field (other than ownership of stock or other securities in a publicly traded entity).

 

(d)              
During the Restricted Period, Seller and each Executive Shareholder shall not solicit for employment or other engagement
any employee or agent of Buyer or any of its Affiliates.

 

Section 6.2           
Seller’s Name. Within thirty (30) Business Days after the Closing Date, Seller shall (a) amend its Certificate
of Incorporation to a name not containing the word “Trigemina” or any term confusingly similar thereto and (b) abandon
any and all fictitious business name filing(s) for any name that includes “Trigemina” or any term confusingly similar
thereto.

 

Section 6.3           
Bulk Sales. Seller shall use best efforts to comply with the provisions of any bulk sales, bulk transfer or similar
Applicable Laws of any jurisdiction that may otherwise be applicable with respect to the sale of any or all of the Purchased Assets
to Buyer; it being understood that any Liabilities arising out of the failure of Seller to comply with the requirements and provisions
of any bulk sales, bulk transfer or similar Applicable Laws of any jurisdiction shall be treated as Excluded Liabilities.

 

Section 6.4           
Reserved.

 

Section 6.5           
Reserved.

 

     -11-

     

    

 

Section 6.6           
Risk of Loss. The risk of loss with respect to any Purchased Asset will remain with Seller unless and until the Closing
has been consummated in accordance with the terms of this Agreement. The Closing shall be deemed effective for all purposes as
of 12:01 A.M., Eastern Time, on the first day following the Closing Date.

 

Section 6.7           
Reserved.

 

Section 6.8           
Reserved.

 

Section 6.9           
Further Assurances. Each Party, upon the request of the other Party and without further consideration, will do, execute,
acknowledge and deliver or cause to be done, executed, acknowledged or delivered all such further acts, deeds, documents, assignments,
transfers, conveyances, powers of attorney and assurances as may be reasonably necessary to effect complete consummation of the
transactions contemplated by this Agreement.

 

Section 6.10       
Stanford License. The Parties have negotiated and agreed upon a Settlement, Assignment and Assumption Agreement with
Stanford (“Assignment and Assumption Agreement”) providing for: (a) the payment by Buyer of One Hundred Seventy-Five
Thousand Two Hundred Forty One Dollars ($175,241) in order to settle all outstanding and past due amounts under the Stanford License;
(b) the payment by Buyer of the Seventy-Five Thousand Dollars ($75,000) assignment fee as required in order to assign the Stanford
License; (c) the assignment and assumption of the Stanford License by Seller; and (d) any other amendments or modifications that
the Parties and Stanford negotiated and agreed upon. The Assignment and Assumption Agreement shall be signed by the Parties and
Stanford and effective on the Closing Date.

 

ARTICLE
7

RESERVED

 

ARTICLE
8

INDEMNIFICATION; LIABILITY

 

Section 8.1           
Indemnification by Seller. Subject to the terms and conditions of this Article 8, Seller hereby agrees to indemnify
and defend Buyer and its Affiliates, and their respective officers, directors and employees (the “Buyer Indemnified Parties”)
against, and agrees to hold them harmless from, any Losses to the extent such Losses arise from or in connection with the following:

 

(a)               
any breach by Seller of any representation or warranty made by Seller under this Agreement;

 

(b)              
any breach by Seller of any of its covenants, agreements or obligations contained in this Agreement;

 

     -12-

     

    

 

(c)               
any taxes of Seller; and

 

(d)              
any of the Excluded Liabilities.

 

Section 8.2           
Indemnification by Buyer. Subject to the terms and conditions of this Article 8, Buyer hereby agrees to indemnify
and defend Seller and its officers, directors and employees (the “Seller Indemnified Parties”) against, and
agrees to hold them harmless from, any Losses to the extent such Losses arise from or in connection with the following:

 

(a)               
any breach by Buyer of any representation or warranty made by Buyer under this Agreement;

 

(b)              
any breach by Buyer of any of its covenants, agreements or obligations contained in this Agreement; and

 

(c)               
any of the Assumed Liabilities.

 

Section 8.3           
Certain Limitations. The aggregate amount of all Losses that may be recovered by the Buyer Indemnified Parties from
Seller pursuant to all claims for indemnification under Section 8.1(d), for breaches of representations and/or warranties
under Section 8.1(a) (other than with respect to (A) fraud and/or (B) Seller’s breach of any of the representations
or warranties in Section 4.1 (“Organization; Authority; Execution and Delivery”), Section 4.3 (“Consents;
No Violation, Etc.”) or Section 4.5 (“Title to Purchased Assets”) (collectively, the “Fundamental
Representations”)), and the aggregate amount of all Losses that may be recovered by the Seller Indemnified Parties from
Buyer pursuant to all claims for indemnification for breaches of representations and/or warranties under Section 8.2(a),
shall not exceed, in each case, Two Million Four Hundred Forty-Five Thousand Dollars ($2,445,000.00) (the “Cap”).
For the avoidance of doubt, the Cap shall not apply to either Party’s indemnity obligations under Section 8.1(b),
Section 8.1(c), Section 8.2(b), or Section 8.2(c).

 

Section 8.4           
Survival of Representations and Warranties. Except for the Fundamental Representations (which shall survive and remain
in full force and effect at all times after the Closing Date), the representations and warranties set forth in Article 4
and Article 5 shall survive and remain in full force and effect until the date that is twenty-four (24) months after the
Closing Date, and neither Seller nor Buyer will have Liability with respect to any such claim unless Buyer or Seller, as applicable,
notifies the other of such a claim on or before such twenty-four (24) month date.

 

Section 8.5           
Sole Remedy. Except in the event of fraud, the Parties acknowledge and agree that their sole and exclusive remedy with
respect to any and all claims with respect to breaches of any representation or warranty stated in Article 4 or Article
5 shall be pursuant to the rights to indemnification set forth in this Article 8.

 

     -13-

     

    

 

Section 8.6           
Indemnity Procedures.

 

(a)               
In order for an indemnified party under this Article 8 (an “Indemnified Party”) to be entitled
to any indemnification provided for under this Agreement, the Indemnified Party will, within a reasonable period of time following
the discovery of the matters giving rise to any Losses, notify its applicable insurer and the indemnifying party under this Article
8 (the “Indemnifying Party”) in writing of its claim for indemnification for such Losses, specifying in
reasonable detail the nature of the Losses and the amount of the Liability estimated to accrue therefrom; provided, however,
that failure to give notification will not affect the indemnification provided hereunder, except to the extent the Indemnifying
Party will have been actually prejudiced as a result of the failure. Thereafter, the Indemnified Party will deliver to the Indemnifying
Party, within a reasonable period of time after the Indemnified Party’s receipt of such request, all information, records
and documentation reasonably requested by the Indemnifying Party with respect to such Losses. The Indemnifying Party shall control
all litigation reflecting to the indemnification, including without limitation choice of counsel, staffing, and all decisions to
be made with the litigation.

 

(b)              
If the indemnification sought pursuant hereto involves a claim made by a Third Party against the Indemnified Party (a “Third
Party Claim”), the Indemnifying Party will be entitled to participate in the defense of such Third Party Claim and, if
it so chooses, to assume the defense of such Third Party Claim with counsel selected by the Indemnifying Party. Should the Indemnifying
Party so elect to assume the defense of a Third Party Claim, the Indemnifying Party will not be liable to the Indemnified Party
for any legal expenses subsequently incurred by the Indemnified Party in connection with the defense thereof. If the Indemnifying
Party assumes such defense, the Indemnifying Party will control such defense. The Indemnifying Party will be liable for the reasonable
fees and expenses of counsel employed by the Indemnified Party for any period during which the Indemnifying Party has not assumed
the defense thereof (other than during any period in which the Indemnified Party will have failed to give notice of the Third Party
Claim as provided above). If the Indemnifying Party chooses to defend or prosecute a Third Party Claim, all of the Parties hereto
will cooperate in the defense or prosecution thereof. Such cooperation will include the retention and (upon the Indemnifying Party’s
request) the provision to the Indemnifying Party of records and information, which are reasonably relevant to such Third Party
Claim, and making employees available on a mutually convenient basis to provide additional information and explanation of any material
provided hereunder. If the Indemnifying Party chooses to defend or prosecute any Third Party Claim, the Indemnifying Party will
seek the approval of the Indemnified Party (not to be unreasonably withheld) to any settlement, compromise or discharge of such
Third Party Claim the Indemnifying Party may recommend if, pursuant to or as a result of such settlement or cessation, (i) injunctive
or other equitable relief will be imposed against the Indemnified Party or (ii) if such settlement does not expressly and unconditionally
release the Indemnified Party from all Liabilities and obligations with respect to such Third Party Claim with prejudice. Whether
or not the Indemnifying Party will have assumed the defense of a Third Party Claim, the Indemnified Party will not admit any Liability
with respect to, or settle, compromise or discharge, such Third Party Claim without the Indemnifying Party’s prior written
consent. The Indemnifying Party shall reimburse upon demand, all reasonable costs and expenses incurred by the Indemnified Party
in cooperation with the defense or prosecution of the Third Party Claim. Except with the written consent of the Indemnifying Party,
no settlement of any Third Party Claim shall be determinative of the amount of Losses relating to such matter or whether an Indemnified
Party is entitled to indemnification hereunder.

 

     -14-

     

    

 

ARTICLE
9

GENERAL PROVISIONS

 

Section 9.1           
Expenses. Except as otherwise specified in this Agreement, all costs and expenses, including fees and disbursements
of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby
will be paid by the Party incurring such costs and expenses.

 

Section 9.2           
Notices. All notices and other communications required or permitted to be given or made pursuant to this Agreement shall
be in writing signed by the sender and shall be deemed duly given: (a) on the date delivered, if personally delivered, (b) on the
date sent by facsimile with automatic confirmation by the transmitting machine showing the proper number of pages were transmitted
without error, (c) on the Business Day after being sent by Federal Express or another recognized overnight mail service which utilizes
a written form of receipt for next day or next Business Day delivery, or (d) upon receipt after mailing, if mailed by United States
postage-prepaid certified or registered mail, return receipt requested, in each case addressed to the applicable party at the address
set forth below; provided that a Party may change its address for receiving notice by the proper giving of notice hereunder:

 

if to Buyer, to:

 

Address: 

Tonix Pharmaceuticals Holding
Inc 

509 Madison Avenue #1608 

New York, NY 10022 

Attn: Seth Lederman, M.D. 

  Chief Executive
Officer

 

with a copy to:

 

Lowenstein Sandler LLP

One Lowenstein Drive

Roseland, New Jersey 07068

Facsimile: (973) 597-2400 

Attn: Michael J. Lerner, Esq.

  

if Seller, to:

 

Trigemina Holdings, Inc. 

1036 Country Club Drive, Suite
200 

Moraga, CA 94556 

Attn: Michael Scaife, Ph.D. 

 

     -15-

     

    

 

Section 9.3           
Headings. The table of contents and headings contained in this Agreement are for reference purposes only and will not
affect in any way the meaning or interpretation of this Agreement.

 

Section 9.4           
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under
any law or public policy, all other terms and provisions of this Agreement will nevertheless remain in full force and effect so
long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse
to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
Parties will negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as
possible in an acceptable manner in order to ensure that the transactions contemplated hereby are consummated as originally contemplated
to the greatest extent possible.

 

Section 9.5           
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original,
and all of which together shall constitute one and the same instrument. Signatures provided by facsimile transmission or in Adobe
Portable Document Format (PDF) sent by electronic mail shall be deemed to be original signatures.

 

Section 9.6           
Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersede all prior
agreements and understandings both written and oral (including any letter of intent, memorandum of understanding electronic communicators,
e-mail or term sheet), between the Parties with respect to the subject matter hereof. Except as specifically provided herein, this
Agreements is not intended to confer upon any Person other than the Parties any rights or remedies hereunder.

 

Section 9.7           
Governing Law. This Agreement and all matters arising directly or indirectly herefrom shall be governed by and construed
and enforced in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely in
such state, without giving effect to the conflict of law principles thereof.

 

Section 9.8           
Jurisdiction; Venue, Service of Process. Buyer and Seller each agrees to irrevocably submit to the sole and exclusive
jurisdiction of the state and federal courts located in New York County, New York for any suit, action or other proceeding arising
out of this Agreement or any transaction contemplated hereby, and hereby waives any objection to the laying of venue in such courts.
Each Party agrees that service of any process, summons, notice or document by U.S. registered mail or recognized international
courier service to such Party’s address set forth in this Agreement shall be effective service of process.

 

Section 9.9           
Publicity. Neither Party will make any public announcement concerning, or otherwise publicly disclose, any information
with respect to the transactions contemplated by this Agreement or any of the terms and conditions hereof without the prior written
consent of the other Party, provided, however, that Buyer may issue a press release about this transaction on or after the Closing
Date. Notwithstanding the foregoing (a) either Party may make any public disclosure concerning the transactions contemplated hereby
that in the opinion of such Party’s counsel may be required by any Government Rule or the rules of any stock exchange on
which such Party’s or any of its Affiliates’ securities trade and (b) Buyer may publicize its development of the Compounds,
the Nasal Delivery Technology and/or any resulting Products without approval from Seller.

 

     -16-

     

    

 

Section 9.10       
Assignment. Neither Party may assign its rights or obligations under this Agreement without the prior, written consent
of the other Party; provided, however, that notwithstanding the foregoing, either Party may assign its rights and
obligations under this Agreement, without any obligation to obtain the other Party’s consent, to (i) any of its Affiliates
or (ii) in connection with any merger, consolidation, sale of all or substantially all of the assets of such Party (or, in the
case of Buyer, Buyer’s business related to the Product) or any similar transaction. Any permitted assignee or successor-in-interest
will assume all obligations of its assignor under this Agreement. No assignment will relieve either Party of its responsibility
for the performance of any obligation. This Agreement will be binding upon and inure to the benefit of the Parties hereto and their
respective successors and permitted assigns.

 

Section 9.11       
Amendments and Waivers. This Agreement may not be amended except by an instrument in writing signed by both Parties.
Each Party may, by a signed written instrument, waive compliance by the other Party with any term or provision of this Agreement
that such other Party was obligated to comply with or perform.

  

[Remainder of Page Intentionally Left
Blank- Signature Page to Follow]

 

     -17-

     

    

 

IN WITNESS WHEREOF,
the Parties have caused this Agreement to be signed by their respective representatives thereunto duly authorized, all as of the
date first written above.

  

	TONIX PHARMACEUTICALS, INC.	 	TRIGEMINA HOLDINGS, INC.
	 	 	 
	
        

        By: 
	 	 	By:	
        

        

	 	 	 	 	 
	Name:  Seth Lederman, M.D.	 	Name:  Michael Scaife, Ph.D.
	 	 	 
	Title:  Chief Executive Officer	 	Title:  Chief Executive Officer

  

Executive Shareholders

(solely for the purposes of (Section 6.1)): 

 

By:_________________________________

  

Name: Michael C. Scaife, Ph.D. 

 

By:_________________________________

 

Name: Taylor Rooke

 

By:_________________________________

 

Name: Shashidhar Kori, M.D.

  

[Signature page to Asset Purchase Agreement]

 

     

     

    

 

EXHIBIT A

Certain Transferred Contracts

 

Stanford License

 

[***]

     

     

    

 

 

EXHIBIT B 

Form of Lock-Up Agreement

 

Lock-Up Agreement

 

[●], 2020

 

Tonix Pharmaceuticals Holding Corp. 

509 Madison Avenue, Suite 1608 

New York, New York 10022 

 

Ladies and Gentlemen:

 

The undersigned understands that Trigemina
Holdings, Inc. (“Trigemina”), a Delaware corporation, propose to enter into an Asset Purchase Agreement (the
“Agreement”) with Tonix Pharmaceuticals, Inc. (“TPI”), a Delaware corporation and wholly
owned subsidiary of Tonix Pharmaceuticals Holding Corp., a Nevada corporation (the “Company”), providing for
the payment of Equity Consideration as set forth in the Agreement, the issuance of shares of common stock, par value $0.001 per
share, of the Company (the “Common Shares”). Capitalized terms used herein and not otherwise defined shall have
the meanings set forth in the Agreement.

 

To induce TPI to enter into the Agreement,
the undersigned hereby agrees that, without the prior written consent of the Company, the undersigned will not, during the period
commencing on the date hereof and ending twelve (12) months after the date on which the Common Shares are issued to the undersigned
with respect to the Equity Consideration (the “Lock-Up Period”), (1) offer, pledge, sell, contract to sell,
grant, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Shares issued with respect to that Equity
Consideration or any securities convertible into or exercisable or exchangeable for such Common Shares, whether now owned or hereafter
acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (collectively,
the “Lock-Up Securities”); (2) enter into any swap or other arrangement that transfers to another, in whole
or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in
clause (1) or (2) above is to be settled by delivery of Lock-Up Securities, in cash or otherwise; or (3) publicly disclose the
intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating
to any Lock-Up Securities. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s
transfer agent and registrar against the transfer of the undersigned’s Lock-Up Securities except in compliance with this
lock-up agreement.

 

The undersigned understands that the Company
and TPI are relying upon this lock-up agreement in proceeding toward execution of the Agreement. The undersigned further understands
that this lock-up agreement is irrevocable and shall be binding upon the undersigned’s heirs, legal representatives, successors
and assigns.

 

     

     

    

 

	 	Very truly yours,
	 	 
	 	(Name - Please Print)
	 	 
	 	(Signature)
	 	 
	 	(Name of Signatory, in the case of entities - Please Print)
	 	 
	 	(Title of Signatory, in the case of entities - Please Print)
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

[Signature page to Lock-Up Agreement]

 

 

     

     

    

 

EXHIBIT C 

Form of Support Agreement

 

SHAREHOLDER VOTING AGREEMENT

 

THIS
SHAREHOLDER VOTING AGREEMENT (this “Agreement”) is made and entered into as of June 11 2020, by and
among Tonix Pharmaceuticals, Inc. (the “Company”), Tonix Pharmaceuticals Holding Corp. (the “Parent”)
and Trigemina Holdings, Inc. (the “Stockholder”). Capitalized terms used herein but not defined shall have the
meaning set forth in the Asset Purchase Agreement, as defined below.

 

RECITALS

 

A.       WHEREAS,
concurrent herewith, Stockholder and Company are entering into an Asset Purchase Agreement (the “Asset Purchase Agreement”),
pursuant to which Stockholder shall receive 2,000,000 shares of Parent’s common stock, $0.001 par value (the “Common
Stock”);

 

B.       WHEREAS,
as an inducement to enter into the Asset Purchase Agreement, and as one of the conditions to the consummation of the transactions
contemplated by the Asset Purchase Agreement, the Stockholder has agreed to enter into this Agreement; and

 

C.       WHEREAS,
Stockholder agrees to vote the shares of Common Stock (the “Shares”) over which Stockholder has voting power
pursuant to the Asset Purchase Agreement as described below.

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.       Agreement
to Vote Shares.

 

(a)       From
the date hereof until the Expiration Date (as defined below), at every meeting of the stockholders of Parent, and at every adjournment
or postponement thereof, and on any action or approval by written consent of the stockholders of Parent, in each case, Stockholder
(in its capacity as a stockholder) shall appear at the meeting or otherwise cause Stockholder’s Shares to be present for
purposes of establishing a quorum and shall vote such Shares in favor of each matter proposed and recommended for approval by Parent’s
management at such meeting.

 

(b)       If
Stockholder is the beneficial owner, but not the record holder, of the Shares, Stockholder agrees to take all actions necessary
to cause the record holder and any nominees to vote all of Stockholder’s Shares in the manner provided in Section 1(a).

 

2.       Representations
and Warranties of Stockholder. Stockholder represents and warrants to Company and Parent that:

 

(a)       Stockholder
has, and at all times will have, full legal power, authority and right to vote or to direct the voting of all Stockholder’s
Shares then owned of record or beneficially by Stockholder as described in this Agreement, without the consent or approval of,
or any other action on the part of, any other Person. Without limiting the generality of the foregoing, Stockholder has not and
will not enter into any voting agreement (other than this Agreement) with any Person with respect to any of Stockholder’s
Shares, has not and will not grant any Person any proxy (revocable or irrevocable) or power of attorney with respect to any of
Stockholder’s Shares, has not and will not deposit any of Stockholder’s Shares in a voting trust or enter into any
arrangement or agreement with any Person limiting or affecting his legal power, authority or right to vote Stockholder’s
Shares on any matter.

 

     

     

    

 

(b)       The
execution and delivery of this Agreement and the performance by Stockholder of the covenants and obligations hereunder will not
result in any breach or violation of or be in conflict with or constitute a default under any term of any agreement, judgment,
injunction, order, decree, law, regulation or arrangement to which Stockholder is a party or by which Stockholder (or any of its
assets) is bound.

 

3.       Termination.
This Agreement shall terminate on the date (the “Expiration Date”) that is the earlier of (i) fifteen (15) years
after the date of this Agreement or (ii) the date when Stockholder no longer owns any Shares of Parent, provided that the Company
may, at its sole discretion, extend the period specified in Section 3(i) prior to the Expiration Date by giving notice to Stockholder
at any time within the two (2) year period prior to the expiration of such period. Upon such termination, no party shall have any
further obligations or liabilities hereunder; provided that such termination shall not relieve any party from Liability for any
breach of this Agreement prior to such termination.

 

4.       Miscellaneous
Provisions.

 

(a)       Amendments,
Modifications and Waivers. No amendment, modification or waiver in respect of this Agreement shall be effective against any
party unless it shall be in writing and signed by Stockholder, the Company and Parent.

 

(b)       Entire
Agreement. This Agreement constitutes the entire agreement among the parties to this Agreement and supersedes all other prior
agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof.

 

(c)       Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard
to any applicable principles of conflicts of law thereof. The parties submit to the exclusive jurisdiction of that state and federal
courts located in New York for any action, dispute or proceeding arising out of this Agreement.

 

(d)       Assignment
and Successors. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties
hereto. This Agreement and all the provisions hereof may not be assigned by Stockholder or the Company or Parent without the prior
written consent of each party. Stockholder is free to transfer its Shares, but any transferee of Stockholder’s Shares must
enter into a joinder to this Agreement (no joinder is required if such Shares are transferred in anonymous open market trading
in ordinary brokerage transactions that are not pre-arranged or pre-solicited).

 

     

     

    

 

(e)       No
Third Party Rights. Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person (other than
the parties hereto) any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

(f)       Severability.
If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions
of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part
or degree will remain in full force and effect to the extent not held invalid or unenforceable.

 

(g)       Specific
Performance; Injunctive Relief. Stockholder acknowledges that the Company or Parent may be irreparably harmed and that there
may be no adequate remedy at law for a breach of any of the covenants or agreements of Stockholder set forth in this Agreement.
Therefore, Stockholder hereby agrees that, in addition to any other remedies that may be available to the Company or Parent upon
any such breach, the Company or Parent, or both of them, shall have the right to seek specific performance, injunctive relief or
any other remedies available to such party at law or in equity.

 

(h)       Notices.
All notices, consents, requests, claims, demands and other communications under this Agreement shall be in writing (which shall
include communications by e-mail) and shall be delivered (a) in person or by courier or overnight service, or (b) by
e-mail with a copy delivered as provided in clause (a):

 

		(i)	If to the Company:

 

Tonix Pharmaceuticals,
Inc. 

509 Madison
Ave. 

Suite 1608 

New York,
NY 10020 

Attn: Seth
Lederman, MD – Chief Executive Officer

  

		(ii)	If to Parent:

 

Tonix Pharmaceuticals
Holding Corp. 

509 Madison
Ave. 

Suite 1608 

New York,
NY 10020 

Attn: Seth
Lederman, MD – Chief Executive Officer 

 

with a copy
(which shall not constitute notice) to: 

 

Lowenstein
Sandler, LLP 

One Lowenstein
Drive 

Roseland,
New Jersey 07068 

Attn: Michael
J. Lerner 

E-Mail:
mlerner@lowenstein.com 

Facsimile
No.: +1 973-597-6395

 

 

     

     

    

 

		(iii)	If to Stockholder:

 

TRIGEMINA,
INC. 

1036 Country
Club Drive, Suite 200 

Moraga,
CA 94556 

Attention:
Michael Scaife, Ph.D. 

 

or to such other address as the parties
hereto may designate in writing to the other in accordance with this Section 6(h). Any party may change the address to which notices
are to be sent by giving written notice of such change of address to the other parties in the manner above provided for giving
notice. If delivered personally or by courier, the date on which the notice, request, instruction or document is delivered shall
be the date on which such delivery is made and if delivered by e-mail transmission or mail as aforesaid, the date on which such
notice, request, instruction or document is received shall be the date of delivery.

 

(i)       Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which shall constitute
one and the same instrument, and shall become effective when counterparts have been signed by each of the parties and delivered
to the other parties; it being understood that all parties need not sign the same counterpart.

 

(j)       Headings.
The headings contained in this Agreement are for the convenience of reference only, shall not be deemed to be a part of this Agreement
and shall not be referred to in connection with the construction or interpretation of this Agreement.

 

[Signatures on the Following Pages]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date first written above.

  

	 	COMPANY:	 
	 	 	 	 
	 	TONIX PHARMACEUTICALS, INC.	 
	 	 	 	 
	 	By:	  	 
	 	Name: Seth Lederman	 
	 	Title: President & Chief Executive Officer	 
	 	 	 	 
	 	PARENT:	 
	 	 	 	 
	 	TONIX PHARMACEUTICALS HOLDING CORP.	 
	 	 	 	 
	 	By:	  	 
	 	Name: Seth Lederman	 
	 	Title: President & Chief Executive Officer	 
	 	 	 	 
	 	STOCKHOLDER:	 
	 	 	 	 
	 	TRIGEMINA HOLDINGS, INC.	 
	 	 	 	 
	 	By:	  	 
	 	Name: Michael Scaife, Ph.D.	 
	 	Title: Chief Executive Officer

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