Document:

Exhibit
10.1

 

FIRST AMENDMENT TO REGISTRATION
RIGHTS AGREEMENT

 

This FIRST AMENDMENT
TO REGISTRATION RIGHTS AGREEMENT (this “Amendment”) is made and entered into as of May 23, 2013, by and between NEPHROS,
INC., a Delaware corporation (the “Company”), and LAMBDA INVESTORS LLC (“Lambda”). Capitalized terms used
herein but not defined herein shall have the meanings given to such terms in the Registration Rights Agreement (as defined herein).

 

WHEREAS, the Company
and Lambda entered into that certain Registration Rights Agreement dated as of February 4, 2013 (the “Registration Rights
Agreement”); and

 

WHEREAS, pursuant to
Section 10(a) of the Registration Rights Agreement, the Company and Lambda desire to amend the Registration Rights Agreement as
set forth in this Amendment.

 

NOW, THEREFORE, in
consideration of the premises and mutual covenants and obligations hereinafter set forth, the Company and Lambda, intending legally
to be bound, hereby agree as follows.

 

1.          Definitions.
Section 1 of the Registration Rights Agreement is hereby amended to replace the following definition in its entirety:

 

“Filing Date”
shall mean the thirtieth (30th) day after receipt by the Company of written notice from Lambda directing the Company
to file the Resale Registration Statement; provided that, if the Filing Date falls on a Saturday, Sunday or any other day
which shall be a legal holiday or a day on which the SEC is authorized or required by law or other government actions to close,
the Filing Date shall be the following Business Day.

 

2.          Miscellaneous.

 

(a)        Ratification
and Incorporation. Except as amended hereby, the Registration Rights Agreement is in all respects ratified and confirmed,
and all of the terms thereof shall remain in full force and effect. This Amendment is executed and shall be construed as an amendment
to the Registration Rights Agreement and, as provided in the Registration Rights Agreement, this Amendment forms a part thereof
for all purposes. The Registration Rights Agreement and this Amendment shall be read, taken and construed as one and the same instrument,
and each Holder shall be bound by the Registration Rights Agreement as amended hereby.

 

(b)        Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

(c)        Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT
REGARD TO THE PRINCIPLES OF THE CONFLICT OF LAWS THEREOF.

 

(d)        Severability.
In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid,
illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

 

    	 

    	 

    

 

 

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

 

	 	NEPHROS, INC.
	 	 
	 	By:	/s/ John C. Houghton
	 	Name:	John C. Houghton
	 	Title:	President and Chief Executive Officer

 

	HOLDER: Lambda
    Investors LLC	 
	 	 
	By: 	/s/ Arthur H. Amron	 
	Name: Arthur H. Amron	 
	Title: Vice President
    and Assistant Secretary	 
	 	 
	Address for Notices:	 
	Lambda Investors LLC	 
	c/o Wexford Capital LP	 
	411 West Putnam Avenue	 
	Greenwich, CT 06830 	 
	 	 
	Attention: Arthur H. AmronExhibit 10.2

 

AMENDMENT NO. 6

TO

NEPHROS, INC. 2004 STOCK INCENTIVE PLAN

 

Pursuant to Section
9.1 of the Nephros, Inc. 2004 Stock Incentive Plan (the “Plan”) and in accordance with the resolutions of the
Board of Directors on June 14, 2013, Section 6.10(d) of the Plan is hereby amended and restated as follows:

 

“(d)          Other
Reasons. Unless otherwise provided by the Committee, if a Participant’s employment with the Company or a Subsidiary terminates
for any reason other than death, Disability or for Cause, all outstanding Options and SARs, to the extent exercisable at the time
of such termination, shall remain exercisable until the earlier of the expiration date of the Option or SAR and three months after
such date of termination.”EXHIBIT 4.1

 

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF
ANY STATE AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER APPLICABLE FEDERAL AND
STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, WHICH OPINION SHALL BE REASONABLY ACCEPTABLE TO THE ISSUER.

 

INNOVUS PHARMACEUTICALS, INC.

 

EQUITY UNIT AGREEMENT

 

THIS EQUITY UNIT AGREEMENT
(this “Agreement”) is made and entered into as of May 15, 2013 (the “Effective Date”), by and between INNOVUS
PHARMACEUTICALS, INC., a Nevada corporation (“Issuer”), and _____________, an individual (“Investor”).

 

WHEREAS, Investor has
delivered to Issuer $50,000 in cash; and

 

WHEREAS, in consideration
of such investment, Issuer desires to issue to Investor, and Investor desires to receive, an equity unit (the “Unit”)
and securities of the Issuer issuable upon the conversion of the Unit on the terms provided herein.

 

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

 

1.Definitions.

 

		1.1	“Common Stock” means Issuer’s common stock, $0.001 par value.

 

		1.2	“Conversion Price” means an amount equal to the average closing price of Common Stock
for the ten trading days immediately prior to the date of conversion, multiplied by 90%, except that in the case of conversion
pursuant to a Liquidation Event (Section 2.4), the “Conversion Price” shall be 90% of the value of the consideration
to be received in respect of a share of Common Stock upon the Liquidation Event, as determined in good faith by the Issuer’s
board of directors.

 

		1.3	“Convertible Amount” means $50,000 plus eight percent (8%) per annum simple interest,
based on a 365-day year, with such interest accruing for the period commencing on the Effective Date and ending on the Date of
Conversion.

 

		1.4	“Liquidation Event” means (a) the dissolution of Issuer or (b) the merger or consolidation
of Issuer with another corporation or entity, the sale or conveyance by Issuer to another corporation or other entity of all or
substantially all of the assets of Issuer, or another corporate reorganization of Issuer, in each case in which the stockholders
of Issuer immediately prior to such consolidation, merger, reorganization or sale would own capital stock of the entity surviving
such merger, consolidation, reorganization or sale representing less than fifty (50%) percent of the combined voting power of the
outstanding securities of such successor (including the entity which acquires all or substantially all of the assets) or combined
entity immediately after such consolidation, merger, reorganization or sale.

 

		1.5	“PIPE Financing” means the private placement of equity, equity equivalent, convertible
debt or debt financing in which Issuer receives gross proceeds, in one or more transactions, of at least Four Million Dollars ($4,000,000).

 

		1.6	“PIPE Securities” means the securities to be issued by Issuer in the PIPE Financing.

 

2.Conversion of Unit; Issuance of
Securities. The Unit shall convert into securities of the Issuer upon the first to occur of the following events and otherwise
on the following terms:

 

		2.1	the first anniversary of the Effective Date, on which date Issuer shall issue to Investor a number
of shares of Common Stock equal to the Convertible Amount divided by the Conversion Price, with any fractional number of Shares
rounded up;

 

		2.2	the closing of a PIPE Financing, on which date Issuer shall issue to Investor a number of PIPE
Securities equal to the Convertible Amount divided by the per unit purchase price of such PIPE Securities, with any fractional
number of PIPE Securities rounded up, and Investor shall have the benefit of, and agree to be bound by (by signing all instruments
required to be signed by other investors in the PIPE Financing), all of the same terms and conditions as the other investors in
the PIPE Financing (except those designating governance rights to specified investors, those that do not apply to Investor because
of the size of the investment in PIPE Securities, or other provisions that do not apply to Investor due to bona fide objective
criteria established in the PIPE Financing);

 

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		2.3.	at any time prior to the first anniversary of the Effective Date, the delivery by Issuer of notice
to Investor of Issuer’s election to convert this Unit into Shares, on which date Issuer shall issue to Investor a number
of Shares equal to the Convertible Amount divided by the Conversion Price, with any fractional shares rounded up; or

 

		2.4	the effective date of a Liquidation Event, on which date Issuer shall issue to Investor a number
of Shares equal to the Convertible Amount divided by the Conversion Price, with any fractional shares rounded up. 

 

3. Conversion
Procedures. Upon conversion of the Unit as provided in Section 2 hereof, Investor shall surrender this Agreement,
appropriately endorsed, to Issuer at Issuer’s principal office, accompanied by written notice to Issuer setting forth
the name or names (with address(es)) in which the securities issuable upon such conversion shall be issued and registered on
the books of Issuer. This Agreement shall be marked cancelled on the books of Issuer as of the date of conversion, whether or
not surrendered.

 

4.Other Assurances. Issuer
shall not, by amendment of its Articles of Incorporation or By-laws or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issuance 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 Issuer, but shall at all times in good faith assist in the carrying
out of all the provisions of this Agreement and in taking of all such actions as may be necessary or appropriate in order to protect
the rights of Investor herein against impairment.

 

5.Reservation of Shares.
The Issuer covenants that it will at all times reserve and keep available out of its authorized and unissued Shares solely for
the purpose of issuance upon conversion of the Unit, free from preemptive rights or any other actual contingent purchase rights
of persons other than Investor, not less than such number of Shares as shall be issuable upon the conversion of the Convertible
Amount. The Issuer covenants that all Shares that shall be so issuable shall, upon issue, be duly and validly authorized, issued
and fully paid and nonassessable.

 

6.Miscellaneous.

 

6.1Transferability.
This Agreement shall not be transferable in any manner without the express written consent of Issuer, which consent may not be
unreasonably withheld.

 

6.2Notices.
All notices and other communications hereunder shall be in writing and shall be deemed to have been given when delivered by hand
or by facsimile transmission, when telexed, or upon receipt when mailed by registered or certified mail (return receipt requested),
postage prepaid, to the parties at the following addresses (or at such other address for a party as shall be specified by like
notice):

 

If to Issuer:

 

Innovus Pharmaceuticals, Inc.

4275 Executive Square, Suite 200

San Diego, CA 92037

Facsimile: (858) 964-2301

 

If to Investor:

 

Name: _____________

Address: ___________

Tel: _______________

Fax: _______________

 

6.3Entire Agreement; Exercise
of Rights. This Agreement embodies the entire agreement and understanding of the parties hereto with respect to the subject
matter hereof. No amendment of any provision of this Agreement shall be effective unless it is in writing and signed by each of
the parties; and no waiver of any provision of this Agreement, nor consent to any departure by either party from it, shall be effective
unless it is in writing and signed by the affected party, and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given. No failure on the part of a party to exercise, and no delay in exercising,
any right under this Agreement, or any agreement contemplated hereby, shall operate as a waiver hereof by such party, nor shall
any single or partial exercise of any right under this Agreement, or any agreement contemplated hereby, preclude any other or further
exercise thereof or the exercise of any other right.

 

6.4Securities Representations.
Investor is acquiring the Unit for Investor’s own account for purposes of investment, and not as a nominee or agent or otherwise
for any other person or with a view to the distribution thereof or dividing all or any part of its interest therein with any other
person. Investor is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities
Act. Investor is able to bear the economic risk of holding the Unit and any securities issuable upon the conversion thereof for
an indefinite period (including total loss of its investment), and has sufficient knowledge and experience in financial and business
matters so as to be capable of evaluating the merits and risk of its investment. Investor acknowledges that the sale of the Unit
(a) has not been registered under applicable laws (including the Securities Act, and any state, local or foreign securities laws)
and that the Unit and any securities issuable upon conversion thereof may not be transferred without registration under, pursuant
to an exemption from or in a transaction not subject to, all applicable laws, (b) was not accompanied by the publication of any
advertisement and (c) was not effected by or through a broker-dealer in a public offering.

 

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6.5Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of California, applicable to agreements
made and to be performed entirely in such state.

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement on the date first above written.

 

	 	INNOVUS PHARMACEUTICALS, INC.
	 	 
	 	By:____________________________________
	 	Name: Bassam Damaj, Ph.D.
	 	Title: President & CEO
	 	 
	 	INVESTOR
	 	_________________________________________

 

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