Document:

Exhibit 10.1

Exhibit 10.1

SUBSCRIPTION AGREEMENT

OncoGenex Pharmaceuticals, Inc.

1522 217th Place SE, Suite 100

Bothell, Washington 98021

Ladies and Gentlemen:

The undersigned (the “Investor”) hereby confirms its agreement with you as follows:

1. This Subscription Agreement, together with the Annex and Exhibits attached hereto, (collectively this
“Agreement”) is made as of the date set forth below between OncoGenex Pharmaceuticals, Inc., a Delaware corporation
(the “Company”), and the Investor.

2. The
Company has authorized the sale and issuance to certain investors of
up to an aggregate of 475,000 shares
(the “Shares”) of its Common Stock, no par value (the “Common Stock”), subject to adjustment by the Company’s Board of
Directors, or a committee thereof, for a purchase price of $20.00 per share (the “Purchase Price”).

3. The offering and sale of the Shares (the “Offering”) are being made pursuant to (1) an effective Registration
Statement on Form S-3 (including the Prospectus contained therein (the “Base Prospectus”), the “Registration
Statement”) filed by the Company with the Securities and Exchange Commission (the “Commission”) on June 26, 2009, as
amended (2) if applicable, certain “free writing prospectuses” (as that term is defined in Rule 405 under the
Securities Act of 1933, as amended), that have been or will be filed with the Commission and delivered to the Investor
on or prior to the date hereof, and (3) a Prospectus Supplement (the “Prospectus Supplement” and together with the Base
Prospectus, the “Prospectus”) containing certain supplemental information regarding the Shares and terms of the
Offering that will be filed with the Commission and delivered to the Investor (or made available to the Investor by the
filing by the Company of an electronic version thereof with the Commission) prior to the Closing Date (as defined in
Annex I attached hereto).

4. The Company and the Investor agree that the Investor will purchase from the Company and the Company will issue
and sell to the Investor the Shares set forth below for the aggregate purchase price set forth below. The Shares shall
be purchased pursuant to the Terms and Conditions for Purchase of Shares attached hereto as Annex I and
incorporated herein by this reference as if fully set forth herein. The Investor acknowledges that the Offering is not
being underwritten by an underwriter and that there is no minimum offering amount.

5. The manner of settlement of the Shares purchased by the Investor shall be as follows:

DELIVERY BY ELECTRONIC BOOK-ENTRY AT THE DEPOSITORY TRUST COMPANY (“DTC”), REGISTERED IN THE INVESTOR’S NAME AND
ADDRESS AS SET FORTH BELOW, AND RELEASED BY COMPUTERSHARE TRUST COMPANY (“COMPUTERSHARE”), THE COMPANY’S TRANSFER AGENT
(THE “TRANSFER AGENT”), TO THE INVESTOR AT THE CLOSING (AS DEFINED IN SECTION 3.1 OF ANNEX I HERETO).

NO LATER THAN ONE (1) BUSINESS DAY AFTER THE EXECUTION AND DELIVERY OF THIS AGREEMENT BY THE INVESTOR, THE INVESTOR
SHALL DIRECT THE BROKER-DEALER AT WHICH THE ACCOUNT OR ACCOUNTS TO BE CREDITED WITH THE SHARES ARE MAINTAINED TO SET UP
A DEPOSIT/WITHDRAWAL AT CUSTODIAN (“DWAC”) INSTRUCTING THE TRANSFER AGENT TO CREDIT SUCH ACCOUNT OR ACCOUNTS WITH THE
SHARES.

NO LATER THAN ONE (1) BUSINESS DAY AFTER THE EXECUTION AND DELIVERY OF THIS AGREEMENT BY THE INVESTOR, THE INVESTOR
SHALL REMIT BY WIRE TRANSFER THE AMOUNT OF FUNDS EQUAL TO THE AGGREGATE PURCHASE PRICE FOR THE SHARES BEING PURCHASED
BY THE INVESTOR TO THE FOLLOWING ACCOUNT DESIGNATED BY THE COMPANY:

 

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ABA Number: # 011000028

Account Name: OncoGenex Pharmaceuticals Inc.

Account Number: #361871071

Ref: OncoGenex Pharmaceuticals, Inc. Registered Direct Offering

Attn: Nick Galliano, State Street Bank and Trust, 1200 Crown Colony Drive, Quincy, MA 02169

Tel: (617) 537-3494 Fax: (617) 451-4609

IT IS THE INVESTOR’S RESPONSIBILITY TO (A) MAKE THE NECESSARY WIRE TRANSFER IN A TIMELY MANNER AND (B) ARRANGE FOR
SETTLEMENT BY WAY OF DWAC IN A TIMELY MANNER. IF THE INVESTOR DOES NOT DELIVER THE AGGREGATE PURCHASE PRICE FOR THE
SHARES OR DOES NOT MAKE PROPER ARRANGEMENTS FOR SETTLEMENT IN A TIMELY MANNER, THE SHARES MAY NOT BE DELIVERED AT
CLOSING TO THE INVESTOR OR THE INVESTOR MAY BE EXCLUDED FROM THE CLOSING ALTOGETHER.

6. The Investor represents that, except as set forth below, (a) it has had no position (excluding any position
solely in the nature of ownership of any securities issued by the Company), office or other material relationship
within the past three years with the Company or persons known to it to be affiliates of the Company, (b) it is not a
FINRA member or an Associated Person (as such term is defined under the FINRA Membership and Registration Rules Section
1011) as of the Closing, and (c) taking into account the transactions contemplated hereby, the Investor Beneficially
Owns (as such term is defined in the Company’s Amended and Restated Rights Agreement, as amended) less than 15% of the
outstanding shares of Common Stock of the Company. Exceptions:

	 
	 

	(If no exceptions, write “none.” If left blank, response will be deemed to be “none.”)

7. The Investor represents that it has received (or otherwise had made available to it by the filing by the
Company of an electronic version thereof with the Commission) the Base Prospectus, dated July 17, 2009, which is a part
of the Company’s Registration Statement and the documents incorporated by reference therein (collectively, the
“Disclosure Package”) prior to or in connection with the receipt of this Agreement. The Investor acknowledges that,
prior to delivery of this Agreement to the Company, the Investor will receive certain additional information regarding
the Offering, including pricing information. Such information may be provided to the Investor by any means permitted
under the Securities Act of 1933, as amended, including the Prospectus, a free writing prospectus or oral
communications.

8. No offer by the Investor to buy Shares will be accepted and no part of the Purchase Price will be delivered to
the Company until the Company has accepted such offer by countersigning and delivering a copy of this Agreement to the
Investor, and any such offer may be withdrawn or revoked by the Investor, without obligation or commitment of any kind,
at any time prior to the Company delivering a countersigned copy of this Agreement in accordance with Section 11 of
Annex I hereto. An indication of interest will involve no obligation or commitment of any kind until this Agreement is
accepted, countersigned and delivered to the Investor by or on behalf of the Company.

 

2

 

	 	 	 	 	 
	Number of Shares:
	 	 	 	 
	 
	 	 	 	 
	Purchase Price Per Share:
	 	$	20.00	 
	Aggregate Purchase Price:
	 	$	 	 

Please confirm that the foregoing correctly sets forth the agreement between us by signing in the space provided
below for that purpose.

Dated

this      day of                  , 2009:

	 	 	 
	
 
	 	INVESTOR
	By:

	 	
	Print Name:

	 	
	Title:

	 	
	Address:

	 	

Agreed and Accepted

this      day of      day of                  , 2009:

	 	 	 
	 	 	ONOCOGENEX
 PHARMACEUTICALS,
 INC.
	By:

	 	
	Name: Scott Cormack

	 	
	Title: President and CEO

	 	

 

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ANNEX I 

TERMS AND CONDITIONS FOR PURCHASE OF SHARES

Terms used in this Annex I but not defined have the meaning ascribed to them in the Subscription Agreement to
which this Annex I is attached (said Subscription Agreement, together with the Annex and Exhibits attached thereto,
collectively this “Agreement”). All references to dollar amounts used herein refer to United States dollars unless
expressly noted otherwise.

1. Authorization and Sale of the Shares

Subject to the terms and conditions of this Agreement, the Company has authorized the sale of the Shares.

2. Agreement to Sell and Purchase the Shares.

2.1 At the Closing, the Company will sell to the Investor, and the Investor will purchase from the Company, upon
the terms and conditions set forth herein, the number of Shares set forth on the last page of the Agreement to which
these Terms and Conditions for Purchase of Shares are attached as Annex I (the “Signature Page”) for the
aggregate purchase price therefor set forth on the Signature Page.

2.2 The Company proposes to enter into this same form of Agreement in all material respects with certain other
investors (the “Other Investors”) and expects to complete sales of Shares to them. The Investor and the Other Investors
are hereinafter sometimes collectively referred to as the “Investors,” and this Agreement and the Agreements executed
by the Other Investors are hereinafter sometimes collectively referred to as the “Agreements.”

3. Closings and Delivery of the Shares and Funds.

3.1 Closing. The completion of the purchase and sale of the Shares (the “Closing”) shall occur at a place and time
(the “Closing Date”) to be specified by the Company, and of which the Investors will be notified in advance in writing
by the Company (and for purposes of this Section 3.1, in writing via e-mail is sufficient) but in no event will the
Closing Date be more than 15 calendar days later than the date the Investor delivers the funds to the Company as
described in Section 3.3, below. At the Closing, (a) the Company shall cause the Transfer Agent to deliver to the
Investor the number of Shares set forth on the Signature Page registered in the name of the Investor or, if so
indicated on the Investor Questionnaire attached hereto as Exhibit A, in the name of a nominee designated by
the Investor and (b) the aggregate purchase price for the Shares being purchased by the Investor will have been
delivered by or on behalf of the Investor to the Company, subject to Section 3.3 hereof.

3.2 Conditions to the Company’s Obligations. The Company’s obligation to issue and sell the Shares to the Investor
shall be subject to: (a) the Company having accepted the Investor’s offer to purchase the Shares, which shall be
evidenced by the Company countersigning and delivering a copy of this Agreement to the Investor; (b) the receipt by the
Company of the purchase price for the Shares being purchased hereunder as set forth on the Signature Page; (c) the
Shares having been designated for quotation or listing on the Nasdaq Capital Market and there having been no suspension
from trading thereon; and (d) the accuracy of the representations and warranties made by the Investor and the
fulfillment of those undertakings of the Investor to be fulfilled prior to the Closing.

3.3 Delivery of Funds. No later than one (1) business day after the execution and delivery of this Agreement by
the Investor, the Investor shall remit by wire transfer the amount of funds equal to the aggregate purchase price for
the Shares being purchased by the Investor to the following account designated by the Company:

 

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ABA Number: # 011000028

Account Name: OncoGenex Pharmaceuticals Inc.

Account Number: #361871071

Ref: OncoGenex Pharmaceuticals, Inc. Registered Direct Offering

Attn: Nick Galliano, State Street Bank and Trust, 1200 Crown Colony Drive, Quincy, MA 02169

Tel: (617) 537-3494 Fax: (617) 451-4609

Such funds shall be held in trust by the Company for the benefit of the Investor until (a) the conditions set forth in
Section 3.2 hereof have been satisfied in the reasonable judgment of the Company and (b) until the Company has
irrevocably directed its Transfer Agent to credit the Investor’s account or accounts with the Shares pursuant to the
information contained in the DWAC (as defined below), at which time the funds shall become the Company’s sole and
exclusive property.

3.4 Delivery of Shares. No later than one (1) business day after the execution and delivery of this Agreement by
the Investor, the Investor shall direct the broker-dealer at which the account or accounts to be credited with the
Shares being purchased by such Investor are maintained, which broker/dealer shall be a DTC participant, to set up a
Deposit/Withdrawal at Custodian (“DWAC”) instructing the Company’s Transfer Agent to credit such account or accounts
with the Shares by means of an electronic book-entry delivery. Such DWAC shall indicate the settlement date for the
deposit of the Shares, which date shall be provided to the Investor by the Company. Simultaneously with the release of
funds to the Company held in trust pursuant to Section 3.3 hereof, the Company shall direct the Transfer Agent to
credit the Investor’s account or accounts with the Shares pursuant to the information contained in the DWAC.

4. Representations, Warranties and Covenants of the Investor.

The Investor represents and warrants to, and agrees with, the Company as at the date hereof and at the Closing Date,
that:

4.1 The Investor (a) is knowledgeable, sophisticated and experienced in making, and is qualified to make decisions
with respect to, investments in shares presenting an investment decision like that involved in the purchase of the
Shares, including investments in securities issued by the Company and investments in comparable companies, (b) has
answered all questions on the Signature Page and the Investor Questionnaire for use in preparation of the Prospectus
Supplement and the answers thereto are true and correct as of the date hereof and will be true and correct as of the
Closing Date and (c) in connection with its decision to purchase the number of Shares set forth on the Signature Page,
has received and is relying solely upon the Disclosure Package and the documents incorporated by reference therein.

4.2 The Investor acknowledges that (a) no action has been or will be taken in any jurisdiction outside the United
States by the Company that would permit an offering of the Shares, or possession or distribution of offering materials
in connection with the issue of the Shares in any jurisdiction outside the United States where action for that purpose
is required and (b) if the Investor is outside the United States, it will comply with all applicable laws and
regulations in each foreign jurisdiction in which it purchases, offers, sells or delivers Shares or has in its
possession or distributes any offering material, in all cases at its own expense.

4.3 The Investor (a) is not a resident of or otherwise governed by the laws of Canada or any province or territory
thereof; (b) was not offered the Shares in Canada; (d) did not execute or deliver this Agreement in Canada; (e) is
purchasing the Shares as principal for its own account and not for the benefit of any other person; and (f) is either:
(i) acquiring Shares with an aggregate purchase price in excess of Canadian $150,000 and was not created or used solely
to purchase or hold securities pursuant to an exemption from the registration requirements of applicable Canadian
securities laws; or (ii) is an ‘accredited investor’ within the meaning of applicable Canadian securities laws and the
Investor has duly executed and delivered to the Company the Certificate of Accredited Investor attached hereto as
Exhibit B indicating the means by which the Investor is an accredited investor and the content therein is, and will on
the Closing Date be, true and accurate.

 

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4.4 (a) The Investor has full right, power, authority and capacity to enter into this Agreement and to consummate
the transactions contemplated hereby and has taken all necessary action to authorize the execution, delivery and
performance of this Agreement, and (b) this Agreement constitutes a valid and binding obligation of the Investor
enforceable against the Investor in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights
generally and except as enforceability may be subject to general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law) and except as to the enforceability of any rights to
indemnification or contribution that may be violative of the public policy underlying any law, rule or regulation
(including any federal or state securities law, rule or regulation).

4.5 The Investor understands that nothing in this Agreement, the Disclosure Package, the Prospectus or any other
materials presented to the Investor in connection with the purchase and sale of the Shares constitutes legal, tax or
investment advice. The Investor has consulted such legal, tax and investment advisors as it, in its sole discretion,
has deemed necessary or appropriate in connection with its purchase of Shares.

4.6 Since the date on which the Company first contacted such Investor about the Offering, the Investor has not
engaged in any transactions in the securities of the Company (including, without limitation, any Short Sales (as
defined below) involving the Company’s securities). Each Investor covenants that it will not engage in any transactions
in the securities of the Company (including Short Sales) prior to the time that the transactions contemplated by this
Agreement are publicly disclosed. Each Investor agrees that it will not use any of the Shares acquired pursuant to this
Agreement to cover any short position in the Common Stock if doing so would be in violation of applicable securities
laws. For purposes hereof, “Short Sales” include, without limitation, all “short sales” as defined in Rule 200
promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or
not against the box, and all types of direct and indirect stock pledges, forward sales contracts, options, puts, calls,
short sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and similar
arrangements (including on a total return basis), and sales and other transactions through non-US broker dealers or
foreign regulated brokers.

5. Survival of Representations, Warranties and Agreements; Third Party Beneficiary.

Notwithstanding any investigation made by any party to this Agreement, all covenants, agreements, representations
and warranties made by the Company and the Investor herein will survive the execution of this Agreement, the delivery
to the Investor of the Shares being purchased and the payment therefor.

6. Notices.

All notices, requests, consents and other communications hereunder will be in writing, will be mailed (a) if
within the domestic United States by first-class registered or certified airmail, or nationally recognized overnight
express courier, postage prepaid, or by facsimile or (b) if delivered from outside the United States, by International
Federal Express or facsimile, and will be deemed given (i) if delivered by first-class registered or certified mail
domestic, three business days after so mailed, (ii) if delivered by nationally recognized overnight carrier, one
business day after so mailed, (iii) if delivered by International Federal Express, two business days after so mailed
and (iv) if delivered by facsimile, upon electric confirmation of receipt and will be delivered and addressed as
follows:

if to the Company, to:

OncoGenex Pharmaceuticals, Inc.

1522 217th Place SE, Suite 100

Bothell, WA 98021

Attention: Stephen Anderson, Chief Financial Officer

Facsimile: (604) 736-3687

	 	 	with copies to:

Dorsey & Whitney LLP

U.S. Bank Centre

1420 5th Ave Suite 3400

Seattle, WA 98101

Attention: Randal R. Jones

Facsimile: (206) 903-8820

 

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if to the Investor, at its address on the Signature Page hereto, or at such other address or addresses as may have
been furnished to the Company in writing.

7. Changes.

This Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company
and the Investor.

8. Headings.

The headings of the various sections of this Agreement have been inserted for convenience of reference only and
will not be deemed to be part of this Agreement.

9. Severability.

In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained herein will not in any way be affected or
impaired thereby.

10. Governing Law.

This Agreement will be governed by, and construed in accordance with, the internal laws of the State of New York,
without giving effect to the principles of conflicts of law that would require the application of the laws of any other
jurisdiction.

11. Execution, Counterparts and Delivery of the Prospectus Supplement.

This Agreement may be executed in two or more counterparts, each of which will constitute an original, but all of
which, when taken together, will constitute but one instrument, and will become effective when one or more counterparts
have been signed by each party hereto and delivered to the other parties. The parties shall be entitled to rely upon
delivery by facsimile or e-mail of an executed copy of this Agreement, and acceptance by a party of such facsimile or
e-mail copy shall be legally effective to create a valid and binding agreement between the Investor and the Company in
accordance with the terms of this Agreement. The Company shall, no later than one (1) business day after having
delivered to the Investor the Company’s executed counterpart of this Agreement, deliver to the Investor the Prospectus
Supplement, provided that delivery to the Investor of the Prospectus Supplement may be made by the filing of an
electronic version thereof with the Commission.

12. Confirmation of Sale.

The Investor acknowledges and agrees that such Investor’s receipt of the Company’s executed counterpart to this
Agreement shall constitute written confirmation of the Company’s agreement to sell the Shares to such Investor in
accordance with the terms of this Agreement.

13. Press Release.

The Company and the Investor agree that the Company shall issue a press release announcing the Offering prior to
the opening of the financial markets in New York City on a day no later than the business day immediately after the
date hereof.

 

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Exhibit A 

ONCOGENEX PHARMACEUTICALS, INC.

INVESTOR QUESTIONNAIRE

Pursuant to Section 3 of Annex I to the Agreement, please provide us with the following information:

	 	 	 	 	 	 	 
	1.

	 	 	 	The exact name in which your Shares are to be registered. You may use a nominee
name if appropriate:
	 	 
	
 
	 	 
	 		 	
	2.

	 	 	 	The relationship between the Investor and the registered holder listed in
response to item 1 above:
	 	
	
 
	 	 
	 		 	
	3.

	 	 	 	The mailing address of the registered holder listed in response to item 1 above:
	 	
	
 
	 	 
	 		 	
	4.

	 	 	 	The Social Security Number or Tax Identification Number of the registered
holder listed in the response to item 1 above:
	 	
	
 
	 	 
	 		 	
	5.

	 	 	 	Name of DTC Participant (broker-dealer at which the account or accounts to be
credited with the Shares are maintained):
	 	
	
 
	 	 
	 		 	
	6.

	 	 	 	DTC Participant Number:
	 	
	
 
	 	 
	 		 	
	7.

	 	 	 	Name of Account at DTC Participant being credited with the Shares:
	 	
	
 
	 	 
	 		 	
	8.

	 	 	 	Account Number at DTC Participant being credited with the Shares:
	 	

 

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Exhibit B 

CERTIFICATE OF ACCREDITED INVESTOR

TO: ONCOGENEX PHARMACEUTICALS, INC. (the “Issuer”)

RE: SUBSCRIPTION FOR SHARES OF THE ISSUER

The undersigned Investor/duly authorized representative of the Investor hereby certifies that the
Investor is an “accredited investor” under applicable Canadian securities laws, by virtue of being:

[please check one]

	 	 	 	 	 	 	 
	a.	 	       	 	any national, federal, state, provincial, territorial or municipal government of or in any non-Canadian
jurisdiction, or any agency of that government,
	 
	 	 	 	 	 	 
	b.	 	       	 	an individual who, either alone or with a spouse, beneficially owns, directly or indirectly, financial
assets� having an aggregate realizable value that before taxes, but net of any related
liabilities‚, exceeds C$1,000,000,
	 
	 	 	 	 	 	 
	c.	 	       	 	an individual whose net income before taxes exceeded C$200,000 in each of the two most recent calendar years
or whose net income before taxes combined with that of a spouse exceeded C$300,000 in each of the two most
recent calendar years and who, in either case, reasonably expects to exceed that net income level in the
current calendar year,
	 
	 	 	 	 	 	 
	d.	 	       	 	an individual who, either alone or with a spouse, has net assets of at least Cdn$5,000,000,
	 
	 	 	 	 	 	 
	e.	 	       	 	a person (including a corporate entity), other than an individual or investment fund, that has net assets of
at least C$5,000,000 as shown on its most recently prepared financial statements,
	 
	 	 	 	 	 	 
	f.	 	       	 	an entity organized in a foreign jurisdiction that is analogous in form and function to any of the following
entities:
	 
	 	 	 	 	 	 
	 

	 	 	 	(i)
	 	a Canadian financial institution, or a Schedule III bank, or
	 
	 	 	 	 	 	 
	 

	 	 	 	(ii)
	 	a person registered under the securities legislation of a
jurisdiction of Canada as an adviser or dealer; or
	 
	 	 	 	 	 	 
	 

	 	 	 	(iii)
	 	a pension fund that is regulated by either the Office of the
Superintendent of Financial Institutions (Canada) or a pension commission or
similar regulatory authority of a jurisdiction of Canada; or
	 
	 	 	 	 	 	 
	g.	 	       	 	a person (including a corporate entity) in respect
of which all of the owners of interests, direct, indirect or
beneficial, except the voting securities required by law to be
owned by directors, are persons that are accredited investors.
	 
	 	 	 	 	 	 
	�	 	For the purposes of this Certificate the term “financial assets”
means (a) cash; (b) securities or (c) a contract of insurance, a
deposit or an evidence of a deposit that is not a security for the
purposes of securities legislation.
	 
	 	 	 	 	 	 
	‚	 	For the purposes of this Certificate the term “related
liabilities” means (a) liabilities incurred or assumed for the
purpose of financing the acquisition or ownership of financial
assets, or (b) liabilities that are secured by financial assets.

The statements made in this Exhibit are true and will be true on the Closing Date.

DATED 
                                                             

, 2009.

                                                                                        
Signature of Investor

                                                                                        
Name of Investor

                                                                                        

                                                                                        
Address of the InvestorEX-4.1

Exhibit 4.1

THIS STOCK PURCHASE WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR ANY STATE SECURITIES LAWS. IT MAY NOT BE OFFERED, SOLD OR TRANSFERRED IN THE ABSENCE OF
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS
OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. THIS
WARRANT IS ALSO SUBJECT TO THE RESTRICTIONS ON TRANSFER SET FORTH IN SECTION 5 HEREOF.

WARRANT TO PURCHASE SHARES

OF COMMON STOCK, NO PAR VALUE, OF

ROCKWELL MEDICAL TECHNOLOGIES, INC.

June 18, 2009 as of September 30, 2008

     THIS STOCK PURCHASE WARRANT (“Warrant”) CERTIFIES THAT, for value received, subject to the
provisions hereinafter set forth, RJ AUBREY IR SERVICES LLC (the “Holder”) is entitled to purchase
from Rockwell Medical Technologies, Inc., a Michigan corporation, and its successors and assigns
(the “Company”) up to 60,000 shares (the “Warrant Shares”) of common stock of the Company, no par
value (the “Common Stock”). This Warrant is subject to the provisions and adjustments, and
exercise hereof is subject to and will be made on the terms and conditions, hereinafter set forth.

     The following is a statement of the rights of the Holder of this Warrant and the terms and
conditions to which this Warrant is subject, to which terms the Holder hereof, by acceptance of
this Warrant, assents.

1. EXERCISE OF WARRANT

     (a) This Warrant shall become earned as follows:

	 	(i)	 	20,000 Warrant Shares upon execution hereof;
	 
	 	(ii)	 	20,000 additional Warrant Shares on January 1, 2009; and
	 
	 	(iii)	 	the remaining Warrant Shares on July 1, 2009;

provided, that if the agreement, dated September 30, 2008, between the Company and Holder (the
“Advisory Agreement”) is terminated (A) by the Company due to a “material breach” of the Advisory
Agreement by Holder (as defined in the Advisory Agreement) or (B) by Holder, any unearned portion
of the Warrant at the time of such termination will expire and not become exercisable.

The exercise price for the Warrant Shares is $6.50 per share (the “Exercise Price”). Subject to
the conditions set forth herein, this Warrant, to the extent earned as provided above, may be
exercised at and after January 1, 2010 in whole at any time or in part from time to time until the
close of business on September 30, 2012 (the “Expiration Date”) by the Holder by the surrender of
this Warrant at the principal office of the Company, accompanied by a signed notice of exercise in
the form attached hereto and payment to the Company of the Exercise Price for each of the Warrant
Shares intended to be purchased. Such payment shall be made by Holder to the Company in the form
of cash, a certified or cashier’s check or by means of the cashless method described in Section
1(b) of this Warrant. Notwithstanding any other provision in this Warrant to the contrary, this

 

 

Warrant shall not be deemed exercised until payment in full of the applicable Exercise Price for
the Warrant Shares to be purchased has been received by the Company as specified in this Section 1.

     (b) The Holder may exercise the Warrant by the surrender of this Warrant at the principal
office of the Company on or before the Expiration Date together with a written notice of cashless
exercise, in which event the Company shall issue to the Holder the number of shares of Common Stock
determined as follows:

X = (Y x (A-B))/A

where:

	 	 	 	 	 
	X

	 	=
	 	the number of shares of Common Stock to be issued to the Holder;
	 
	 	 	 	 
	Y

	 	=
	 	the number of Warrant Shares with respect to which this Warrant is being exercised;
	 
	 	 	 	 
	A

	 	=
	 	the average of the high and low trading prices per share of the Common Stock on the Nasdaq
Stock Market for the five trading days immediately preceding (but not including) the date of
exercise; and
	 
	 	 	 	 
	B

	 	=
	 	the Exercise Price (as adjusted to the date of such calculation).

2. ADJUSTMENTS

     (a) In the event the Company shall (i) pay a dividend to the holders of Common Stock in shares
of Common Stock, (ii) subdivide its outstanding shares of Common Stock into a greater number of
shares, or (iii) combine its outstanding shares of Common Stock into a smaller number of shares,
then (A) the number of Warrant Shares that, at such time, remain available for purchase pursuant to
this Warrant (“Available Warrant Shares”) shall be adjusted so that such amount is equal to the
number of shares of Common Stock which Holder would have owned immediately after such event had the
number of Available Warrant Shares immediately prior to the occurrence of such event been owned on
the record date for such event and (B) the Exercise Price shall be adjusted by multiplying the
Exercise Price in effect immediately prior to such event by a fraction (x) the numerator of which
is the total number of outstanding shares of Common Stock immediately prior to such event, and (y)
the denominator of which shall be the total number of outstanding shares of Common Stock
immediately after such event. Such adjustment shall become effective immediately after the opening
of business on the day following such record date or the day upon which such dividend, subdivision
or combination becomes effective.

     (b) In the event the Company shall (i) issue by reclassification of its Common Stock any
shares of the Company of any class or series, (ii) merge or consolidate with or into another entity
(other than a merger in which the Company is the surviving entity and which does not result in any
reclassification of the outstanding shares of Common Stock), (iii) sell or otherwise convey to
another entity all or substantially all of the assets of the Company followed by the distribution
of the proceeds thereof to the shareholders of the Company, or (iv) engage in a share exchange
involving all or substantially all of the stock of the Company, then the Holder shall thereafter be
entitled to receive upon the exercise of this Warrant, instead of the Available Warrant Shares, the
consideration which the Holder would have owned immediately after such event had the Available
Warrant Shares been owned immediately prior to the occurrence of such event.

     (c) No adjustment shall be required unless such adjustment would require an increase or
decrease of at least one-tenth of a share in the number of Warrant Shares, or at least one-tenth of
a cent in the Exercise Price; provided, however, that any adjustment which by reason hereof is not
required to be made shall be carried forward and taken into account in any subsequent adjustment.

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     (d) No fractional shares of Common Stock shall be issued upon exercise of this Warrant. The
number of shares issued shall instead be rounded down to the nearest whole share and any fractional
share disregarded.

     (e) The Company shall not, by amendment of its Articles of Incorporation or through any
reorganization, recapitalization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms to be observed or performed hereunder by the Company, but will at
all times in good faith assist in the carrying out of all of the provisions of this Section 2.

3. FULLY PAID STOCK

     The Company agrees that the Warrant Shares delivered upon exercise of this Warrant as herein
provided shall, at the time of such delivery, be fully paid and non-assessable, and free from all
liens and charges with respect to the purchase thereof. During the period within which this
Warrant may be exercised for Common Stock, the Company will at all times have authorized, and hold
in reserve for issuance upon exercise of this Warrant, a sufficient number of shares of Common
Stock to provide for the exercise of this Warrant.

4. LOST OR STOLEN WARRANTS

     In case this Warrant shall be mutilated, lost, stolen or destroyed, the Company shall issue a
new Warrant of like date, tenor, and denomination and deliver the same in exchange and substitution
for and upon surrender and cancellation of any mutilated Warrant, or in lieu of the lost, stolen or
destroyed Warrant, upon receipt of an indemnity agreement or bond from Holder reasonably
satisfactory to the Company.

5. ASSIGNMENT

     This Warrant is not assignable or transferable and any such attempted assignment or transfer
shall be null and void unless the Holder has received the prior written consent of the Company to
any such assignment or transfer; provided however that this Warrant may be transferred to an
“affiliate” (as defined in Rule 405 under the Securities Act of 1933, as amended) of the Holder if
such affiliate is an “accredited investor” (as defined in Rule 501 under the Securities Act of
1933) and agrees to be bound by the terms and provisions of the Advisory Agreement and this Warrant
as if, and to the fullest extent as, RJ Aubrey IR Services LLC. The Company may deem and treat the
Holder as the absolute owner of this Warrant (notwithstanding any notations of ownership or writing
hereon made by anyone other than the Company) for all purposes and shall not be affected by any
notice to the contrary.

6. SECURITIES MATTERS

     (a) Neither this Warrant nor the Warrant Shares have been registered under the Securities Act
of 1933, as amended (the “Act”), or any applicable “Blue Sky” laws. By acceptance of this Warrant,
the Holder represents and warrants to the Company that Holder (i) is receiving this Warrant and,
upon exercise, is acquiring the Warrant Shares for Holder’s own account and not on behalf of
others, and is not taking this Warrant or any of the Warrant Shares with a view to the
“distribution” thereof (as that term is defined in the Act and the rules and regulations of the
Securities and Exchange Commission thereunder); (ii) will not offer, distribute, sell, transfer or
otherwise dispose of this Warrant or the Warrant Shares except pursuant to (A) an effective
registration statement under the Act and any applicable Blue Sky laws with respect thereto, or (B)
an opinion addressed to the Company, which opinion and the counsel rendering it reasonably are
deemed

3

 

satisfactory to the Company, that such offering, distribution, sale, transfer or disposition
is exempt from registration under the Act and any applicable Blue Sky laws; (iii) represents at the
date of this Warrant that (A) Holder is an “accredited investor” as defined in Rule 501 of
Regulation D promulgated under the Act, (B) Holder’s financial condition is such that Holder is
able to bear the risk of holding the Warrant and the Warrant Shares for an indefinite period of
time, and (C) Holder has such knowledge and experience in financial and business matters that
Holder is capable of evaluating the risks and merits of acquiring and exercising the Warrant; and
(iv) acknowledges that, at the time of exercise of the Warrant, (A) Holder will have access to all
of the Company’s reports filed electronically with the Securities and Exchange Commission, (B)
Holder has had the opportunity to ask questions and receive answers concerning the terms of the
Warrant, and (C) Holder will have such knowledge and experience in financial and business matters
that Holder is capable at such time of evaluating the risks and merits of exercising the Warrant.
Except to the extent that the sale of the Warrant Shares by the Company upon exercise of the
Warrant has been registered under the Act, each and every certificate representing Warrant Shares
delivered upon exercise of this Warrant shall bear the following legend:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE OFFERED,
SOLD OR TRANSFERRED IN THE ABSENCE OF REGISTRATION UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

     (b) Anything to the contrary herein notwithstanding, the Company’s obligation to sell and
deliver Common Stock pursuant to the exercise of this Warrant is subject to its receipt of
satisfactory assurance that the issuance of such shares shall not violate any of the provisions of
the Act or the rules and regulations of the Securities and Exchange Commission promulgated
thereunder. No Warrant Shares shall be issued until counsel for the Company has determined that
the Company has complied with all requirements under applicable securities laws.

7. NO RIGHTS AS SHAREHOLDER

     Nothing contained in this Warrant shall be construed as conferring upon the Holder any rights
as a shareholder of the Company.

8. MISCELLANEOUS

     (a) All covenants and agreements of the Company in this Warrant shall be binding upon the
Company’s successors and assigns.

     (b) This Warrant shall be construed and enforced in accordance with the laws of the State of
Michigan without regard to choice of law principles that would compel the application of the law of
any other jurisdiction.

     (c) Except as provided in Section 2, this Warrant may be amended only with the written consent
of the Company and the Holder.

     (d) Any notices or other communications required or permitted hereunder shall be sufficiently
given if in writing and delivered in person or sent by United States mail, by registered mail,
postage prepaid, or by courier or express delivery service (including, without limitation, Federal
Express and UPS), and if to the

4

 

Holder, addressed to the Holder at 321 Grandview, Glen Ellyn, IL 60137, and if to the
Company, addressed to it at 30142 Wixom Road, Wixom, Michigan 48393, Attention: Chief Financial
Officer, or to such other address or attention as shall be furnished in writing by the Company or
the Holder. Any such notice or other communication shall be deemed to have been given as of the
date received.

     (e) In the event of any conflict between this Warrant and the Advisory Agreement, the terms of
this Warrant shall control.

5

 

     IN WITNESS WHEREOF, the undersigned has caused this Warrant to be signed by a duly authorized
officer and this Warrant to be dated as of the date set forth above.

	 	 	 	 	 
	ROCKWELL MEDICAL TECHNOLOGIES, INC.

 	 	 
	By:  	/s/ Thomas E. Klema
 	 	 
	 	Its: CFO 	 	 
	 	 	 	 

6

 

	 	 	 	 	 

NOTICE OF EXERCISE

Rockwell Medical Technologies, Inc.

30142 Wixom Road

Wixom, Michigan 48393

Attention: Chief Financial Officer

     A Warrant was issued to the undersigned as of September 30, 2008 to purchase up to 60,000
shares of Rockwell Medical Technologies, Inc. common stock at the exercise price set forth in the
Warrant. The undersigned hereby elects to exercise the Warrant with respect to ________________
shares. Payment of the exercise price is being made by (check one):

     o     cash;

     o     certified or cashier’s check delivered with this notice;

     o     cashless exercise method described in Section 1(b) of the Warrant.

          The stock certificate for the shares acquired upon exercise should be issued to:

	 	 	 	 	 
	(name)

	 	 	 	 
	 

	 	 	 	 
	(address)
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	(Social Security No. or EIN)
	 	 	 	 
	 

	 	 	 	 

	 	 	 	 	 
	 	RJ AUBREY IR SERVICES LLC

 	 
	 	By:  	 	 
	 	 	RONALD J. AUBREY 	 
	 	 	Its: 	 	 
	 	 	Dated: 	 	 
	 

7

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