Document:

Placement Agent Agreement - Scarsdale

 EXHIBIT 10.51 

 

 

 April 7, 2010 
 Manish Singh, Ph.D., MBA 
 President and Chief Executive Officer 

ImmunoCellular Therapeutics, Ltd. 
 21900 Burbank
Blvd, 3rd Floor 
 Woodland Hills, CA 91367 
 Re: Scarsdale Equities LLC to serve as the non-exclusive placement agent (“Placement Agent”) for ImmunoCellular Therapeutics, Ltd. (the “Company”) for the purpose of offering and
selling up to $12 million of securities (the “Securities”). 
 Dear Manish: 
 This letter agreement (the “Agreement”) will confirm the engagement of Scarsdale Equities LLC to serve as the non-exclusive placement agent (“Placement Agent”) for ImmunoCellular
Therapeutics, Ltd (the “Company”) for the purpose of offering and selling up to $12 million of securities (the “Securities”) of the Company to the potential investors identified pursuant to Section 9 below (the “Private
Investment in Public Entity”, herein “PIPE”). 
 This Agreement is based upon the following terms and conditions: 

1. Responsibilities. The responsibilities of the Placement Agent shall be the following: 

 

	 	(a)	Assist and advise the Company with respect to the appropriate corporate, management and capital structures to facilitate the PIPE in the US markets;

  

	 	(b)	Advise the Company with respect to suitable pricing, timing and deal size for the PIPE including valuation recommendations provided by the company;

  

	 	(c)	Use its best efforts to arrange for purchase, by accredited and/or qualified institutional investors, of the Securities in the PIPE; 

 

	 	(d)	If desired by the Company, arrange for the opening, management and maintenance of the escrow account, if necessary, into which the funds received for the purchase of
the Securities will be deposited prior to closing; 

  

	 	(e)	Provide such other financial and advisory services relating to the PIPE as the Company and the Placement Agent agree are appropriate under the circumstances

  

	 	(f)	Comply and ensure that all affiliates, brokers and other persons associated with the PIPE comply with all laws, regulations and standards applicable to the PIPE.

 2. Compensation and Fees. The Company shall pay to the Placement Agent the following compensation with respect to the
PIPE: 

	 	(a)	A good faith retainer fee of $10,000 shall be paid upon execution of this agreement. An additional good faith retainer of $15,000 shall be paid as detailed below
provided in the Company’s sole judgment good faith efforts and material progress has been achieved by the Placement Agent: 

  

	 	i.	$7,500 on 30 days after execution 

  

	 	ii.	$7,500 on 60 days after execution 

  

	 	(b)	All monies raised by the Placement Agent in PIPE of any equity and convertible instrument bridge capital financing shall earn the following cash and warrant fees (the
“Fees”). 

  

	 	i.	Cash Fee of Six percent (6%), in an equity or convertible financing minus any retainer fees paid as described in 2 (a), and 

 

	 	ii.	Warrants of Six percent (6%) in an equity or convertible financing. Such warrants shall have the same terms as the warrants issued to the investors.

  

	 	(c)	An accountable expense allowance to cover reasonable out-of-pocket expenses incurred to include, but not be limited to, due diligence and offering presentation purposes
including legal and consulting services, escrow agent payments if any, cost of supplies, copying and mailing, other offering expenses and road show expenses; except for Placement Agent legal and consultant expenses which shall not exceed $2000.00
without company’s written permission , permission will be requested from the Company for individual expense items in excess of $50; Placement Agent will submit expense items from time to time to the Company, which items will be promptly
reimbursed. 

  

	 	(d)	In the event the Company negotiates and accepts capital in excess of $12 million from investors or investor groups introduced by the Placement Agent, the compensation
terms described in 2. (b i. & ii.) above shall apply. 

  

	 	(e)	The Company shall have the right, at their sole and complete discretion, to reject any investment proposal, without further obligation to the Placement Agent.

  

	 	(f)	Transactions and expenses defined in this Placement will be realized via wire using Account Number 890-051238-5: The Bank of New York, ABA: 021 000 018, Beneficiary:
Pershing LLC, Account Number: 890-051238-5, Ultimate Beneficiary: Scarsdale Equities LLC with Ultimate Beneficiary Account: AXC-890313. For incoming wires from foreign banks in USD currency use SWIFT code IRVTUS3N. Please send Wire confirmation
number on the day of wire to hfitzgerald@scarsdale-equities.com. 

  

	 	(g)	All fees and expenses shall be paid in US dollars. If applicable the foreign exchange conversion rate in to dollars shall be based upon the five days moving average at
the time of the transaction date. 

 3. Use of Affiliated and Associated Broker-Dealers. In performing its
responsibilities, the Placement Agent may utilize the services of other broker-dealers, provided that such broker dealers are registered as a “broker dealer” under federal and state securities laws and any other applicable laws promulgated
by the Financial Industry Regulatory Authority (“FINRA”) and similarly situated governing bodies. So as to facilitate the 

 
Company’s timely filings of Form D, the Placement Agent will provide the Company a listing of any and all “broker dealers” who solicited investors in connection with the PIPE and
the states in which they solicited investors immediately after any investment of the PIPE has been completed. The parties acknowledge that the Placement Agent shall be responsible to ensure that any such broker-dealer complies with all applicable
laws and the terms of any agreement between the Placement Agent and the Company. The parties agree that the Placement Agent shall be responsible for payment of any compensation to any such entities and that the Company will not compensate these
entities or reimburse any expenses incurred by them in connection with performance of such duties. 
 4. Access to Information and Accuracy
of Information. The Company shall provide the Placement Agent with all information reasonably requested and available, and access to its senior management, auditors, legal counsel and consultants as may reasonably be necessary. In carrying out
our responsibilities, the Placement Agent will necessarily rely on information prepared or supplied by the Company. Placement Agent will consult with the Company in planning the PIPE and will review with the Company and its counsel the final
revisions of the PIPE Documents (“Placement Documents”), including the PIPE Memorandum, investor questionnaire, and such local securities laws compliance as may be required as a result of PIPE of the Securities. All documents to be used in
the Placement shall be reviewed by Placement Agent prior to use by the Company in making offers or sales. The Company will have primary responsibility for the preparation and contents of the Placement Documents. The Company will also be responsible
for updating and supplementing the Placement Documents prior to closing as required. 
 5. Term and Exclusivity. The engagement hereunder
shall terminate upon the final closing or 12 months from the execution of the Agreement provided the Placement Agent performs its duties in good faith and the agreement is not terminated prior by the company on its sole discretion. The Company
agrees to use the Placement Agent as its non-exclusive agent in collaboration with other agents for all capital financings for the first twelve month during which this Agreement is in effect. 
 6. Not an Underwriter. The parties acknowledge that the Placement Agent is not to act as an underwriter of the Company’s securities whether in connection with the PIPE or in the future, unless
subsequently mutually agreed. 
 7. No Guarantee. The Placement Agent has agreed to perform the services hereunder on a “best
efforts” basis. Placement Agent does not make any guarantee as to the successful completion of the PIPE. 
 8. Representations,
Warranties and Covenants of the Company. The Company represents and warrants as follows: 
 (a) The Company is duly
organized and validly existing as a Corporation under the laws of The State of Delaware and has all requisite authority to own its property and conduct its business as currently conducted, to offer the Securities in the US markets and enter into
this Agreement. 

 (b) The Securities will be offered and sold by the Company in compliance with an exemption
from registration of the Securities Act of 1933 as amended and in compliance with all other securities laws and regulations. The Company will file appropriate notices with the Securities and Exchange Commission and with other applicable securities
authorities. 
 (c) The Memorandum will disclose all material information required to be disclosed to investors under applicable
securities laws and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated in the Memorandum or necessary to make the statements therein not misleading; provided, however, that these
representations and warranties do not extend to written material furnished to the Company by Placement Agent relating to Placement Agent expressly for use in the Memorandum. Except as may be disclosed in the Memorandum, there are no obligations or
liabilities, contingent or otherwise, that would be reasonably likely to result in any claims against the Company except for those in the ordinary course of business or that would not be reasonably likely to have a material adverse effect on the
Company. 
 (d) The Company will not offer for sale or sell any additional securities unless, in the opinion of the
Company’s counsel, such offer or sale does not violate the registration and qualification requirements under applicable securities laws in regard to the PIPE. 
 (e) The execution, delivery and performance of this Agreement will not violate any provision of the Articles of the Company or any agreement or other instrument to which the Company is a party or by which
it is bound. Any necessary approvals, governmental and private, will be obtained by the Company prior to any closing. 
 9. Covenants by the
Placement Agent and the Company. The Placement Agent will maintain and supply to the Company from time to time a list of the potential investors (a) that held a discussion with the Placement Agent or the Company regarding the Company and
the PIPE, or (b) who invested in the PIPE (collectively, the “Potential Investors”). If within twelve months from the final closing date of the Securities, the Company accepts investments, whether equity or otherwise, from any of the
Potential Investors that the Placement Agent so introduced to the Company, the Company will pay the Placement Agent the Success Fee. The terms in this paragraph do not apply to future public equity offerings of the Company. It is understood that
current Company investors will not be subject to the provisions of this paragraph. 
 10. Publicity. The Company will agree, if requested
by the Placement Agent, to include a reference to the Placement Agent in any press release or other public communication issued by the Company with respect to the PIPE. 
 11. Miscellaneous. This Agreement, including Exhibit A attached, contains the entire agreement between the Company and the Placement Agent concerning the engagement of the Placement Agent by the
Company, and any modifications to this Agreement or any waiver of any term or condition hereof will not be binding unless approved in writing by both parties. This Agreement may be executed in several counterparts, all of which taken together shall
constitute one (1) single agreement between the Parties hereto. Proof of a validly executed counterpart may be sent to the other party hereto via facsimile or email. 

 This Agreement shall be governed by and construed in accordance with the laws of the State of New York,
without giving effect to the principles of conflicts of laws. 
 Please confirm that the foregoing is in accordance with your understandings and
agreements with the Placement Agent by signing and returning to us this Agreement. 
  

									
	Very truly yours,	 		 	SCARSDALE EQUITIES LLC
					
		 		 		 	By:	 	/s/ Francis A. Mlynarczyk
		 		 		 		 	Mr. Francis A. Mlynarczyk, Jr.
		 		 		 		 	 Chief Executive Officer

Scarsdale Equities LLC Member FINRA
 10
Rockefeller Plaza Suite 720
 New York NY 10020

 

			
	Agreed to and Accepted:
	
	IMMUNOCELLULAR THERAPEUTICS, LTD.
		
	By:	 	/s/ Manish Singh
		 	Manish Singh, Ph.D., MBA
		 	 President and Chief Executive Officer
 ImmunoCellular Therapeutics, Ltd.
 21900 Burbank Blvd, 3rd Floor

Woodland Hills, CA 91367

 Exhibit A 

In consideration of the agreement of Placement Agent to act on behalf of the Company pursuant to the attached Agreement, the Company
agrees to indemnify and hold harmless Placement Agent, its affiliates (within the meaning of the Securities Act of 1933), and each of their respective partners, directors, officers, agents, consultants, employees and controlling persons (within the
meaning of the Securities Act of 1933) (Placement Agent and each such other person or entity are hereinafter referred to as an “Indemnified Person”), from and against any losses, damages, expenses and liabilities (collectively
“Liabilities”) or actions, investigations, inquiries, arbitrations, claims or other proceedings in respect thereof, including enforcement of this agreement (collectively “Actions”) (Liabilities and Actions are herein collectively
referred to as “Losses”), as they may be incurred (including all reasonable legal fees and other expenses incurred in connection with investigating, preparing, defending, paying, settling or compromising any Losses, whether or not in
connection with any pending or threatened Action, and notwithstanding the absence of a final determination as set forth below as to the Company’s obligation to reimburse an Indemnified Person for such Losses and the possibility that such
payments might later be held to have been improper) to which any of them may become subject and which are related to or arise out of any act, omission, transaction or event contemplated by the Agreement. The Company will not, however, be responsible
under the foregoing provisions with respect to any Losses to the extent that it shall have been finally determined by a court of competent jurisdiction in accordance with the terms of the Agreement that such Losses resulted primarily from actions
taken or omitted to be taken by an Indemnified Person due to its gross negligence or willful misconduct, and in such event the Placement Agent will so indemnify the Company and its affiliates. To the extent that any prior payment has been made by
the Company to such Indemnified Person is so determined to have been improper by reason of such Indemnified Person’s gross negligence or willful misconduct, such Indemnified Person shall promptly pay such amount to the Company, together with
interest, at the prime rate announced from time to time by U.S. Bank, N.A. 
 If the indemnity referred to in this Exhibit A
should be, for any reason whatsoever, unenforceable, unavailable or otherwise insufficient to hold each Indemnified Person harmless, the Company shall pay to or on behalf of each Indemnified Person contributions for Losses so that each Indemnified
Person ultimately bears only a portion of such Losses as is appropriate (i) to reflect the relative benefits received by each such Indemnified Person, respectively, on the one hand and the Company on the other hand in connection with the
transaction or (ii) if the allocation on that basis is not permitted by applicable law, to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of each such Indemnified Person, respectively,
and the Company as well as any other relevant equitable considerations; provided, however, that in no event shall the aggregate contribution of all Indemnified Persons to all Losses in connection with any transaction exceed the amount of the
fee actually received by Placement Agent pursuant to the Engagement Letter. The respective relative benefits received by Placement Agent and the Company in connection with any transaction shall be deemed to be in the same proportion as the aggregate
fee paid to Placement Agent in connection with the transaction bears to the total consideration of the transaction. The relative fault of each Indemnified Person and the Company shall be determined by reference to, among other things, whether the
actions or omissions to act were by such Indemnified Person or the Company and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action or omission to act. 

 The Company also agrees that no Indemnified Person shall have any liability to the Company
or its affiliates, directors, officers, employees, agents or shareholders, directly or indirectly, related to or arising out of the Agreement, except Losses incurred by the Company which it shall have been finally determined by arbitration in
accordance with the terms of the Agreement to have resulted primarily from actions taken or omitted to be taken by such Indemnified Person due to its gross negligence or willful misconduct. In no event, regardless of the legal theory advanced, shall
any person be liable for any consequential, indirect, incidental or special damages of any nature arising hereunder. The Company agrees that without Placement Agent’s prior written consent it shall not settle any pending or threatened claim,
action, suit or proceeding related to the Agreement unless the settlement also includes an express unconditional release of all Indemnified Persons from all liability and obligations arising therefrom, or the Company reaffirms its obligations to
indemnify for or contribute to Losses incurred by any unreleased Indemnified Person as herein provided. 
 Promptly after its
receipt of notice of the commencement of any action, any Indemnified Person will, if a claim in respect thereof is to be made against the Company hereunder, notify in writing the Company of the commencement thereof; but omission so to notify the
Company will not relieve the Company from any liability hereunder which it may have to any Indemnified Person unless the delay in such notification shall have resulted in such Liabilities. If the Company so elects, the Company may assume the defense
of such Action in a timely manner, including the employment of counsel (reasonably satisfactory to Placement Agent) and payment of expenses, provided the Company provides to Placement Agent evidence reasonably satisfactory to Placement Agent that
the Company will have the financial resources to conduct such defense actively and diligently and permits Placement Agent and counsel retained by Placement Agent at its expense to participate in such defense. Notwithstanding the foregoing, in the
event Placement Agent determines in its sole discretion that it is advisable for the Indemnified Persons to be represented by separate counsel, then Placement Agent may employ on behalf of the Indemnified Persons a single separate counsel to
represent or defend such Indemnified Persons in such action, claim, proceeding or investigation and Placement Agent will pay the fees and disbursements of such separate counsel as incurred. 

In the event of any fundamental change involving the corporate structure of the Company, such as by merger, plan of exchange or sale of
all or substantially all of its assets, any executory obligations of the Company in this engagement letter shall, if not assumed by operation of law, be assumed by contract by the acquiring entity or arrangements made to protect the interests of
Placement Agent reasonably satisfactory to Placement Agent. 
 If multiple claims are brought against Placement Agent in any
Action with respect to at least one of which indemnification is permitted under applicable law and provided for under this agreement, the Company agrees that any judgment, arbitration award or other monetary award shall be conclusively deemed to be
based on claims as to which indemnification is permitted and provided for. 
 The obligations of the Company referred to above
shall be in addition to any rights that any Indemnified Person may otherwise haveConsulting Agreement

 EXHIBIT 10.52 
 CONSULTING AGREEMENT 
 This Consulting Agreement (the
“Agreement”) is made and entered into to be effective as of October 1, 2010 (the “Effective Date”) by and between ImmunoCellular Therapeutics, Ltd. (IMUC.OB) located at 21900 Burbank Boulevard, 3rd Floor, Woodland Hills, CA
91367 (the “Company”) and JFS Investments located at 35 Crest Loop, Staten Island, NY 10312, a Florida corporation (the “Consultant”). 
 WHEREAS: 
 A. The Consultant has the professional business and financial
expertise and experience to assist the Company, and 
 B. The Consultant is offering its services as a consultant to the
Company; and 
 C. The Company desires to retain the Consultant as an independent consultant and to memorialize the
Consultant’s work for the Company by entering into this written Agreement. 
 D. The parties agree that this Agreement
reflects the entire understanding and agreements between the parties hereto. 
 NOW, THEREFORE, in consideration of the
premises and promises, warranties and representations herein contained, it is agreed as follows: 
 1. DUTIES. The
Company hereby engages the Consultant and the Consultant hereby accepts engagement as a consultant. It is understood and agreed, and it is the express intention of the parties to this Agreement, that the Consultant is an independent contractor, and
not an employee or agent of the Company for any purpose whatsoever. Consultant shall perform all duties and obligations as described on Exhibit A hereto and agrees to be available at such times as may be scheduled by the Company. It is understood,
however, that the Consultant will maintain Consultant’s own business in addition to providing services to the Company. The Consultant agrees to promptly perform all services required of the Consultant hereunder in an efficient, professional,
trustworthy and businesslike manner. A description of the Consultant’s services are attached hereto as Exhibit A and incorporated by reference herein. In such capacity, Consultant will utilize only materials, reports, financial
information or other documentation that is approved in writing in advance by the Company. 
 2. CONSULTING
SERVICES & COMPENSATION. Commencing on the Effective Date, the Consultant will be retained as a Consultant and independent contractor for the Company. For services rendered hereunder, the Consultant shall receive: 

(a) JFS Investments and Assigns receive an aggregate of 144,000 restricted common shares of the Company (the
“Shares”), to be issued as follows; 24,000 shares in the name of JFS Investments and 12,000 shares in the name of Samel, LLC to be issued upon signing of this Agreement and 108,000 shares to be issued at the rate of 8,000 shares in the
name of JFS Investments and 4,000 shares in the name of Samel, LLC for months four through twelve. The Shares issued for each of months four through twelve shall be issued at the beginning of each such month and shall only be issued (or pro rata
issued) for those months (or partial months) for which the term of this Agreement has been in effect and not terminated. 

 (b) A three-year warrant to purchase 120,000 shares of the Company’s
common stock at an exercise price of $1.00 per share shall be divided as follows: 80,000 in the name of JFS Investments, Inc. and 40,000 in the name of Samel, LLC in the form attached hereto as Exhibit B, which shall vest as to
20,000 shares in the name of JFS Investments, Inc. and 10,000 shares in the name of Samel, LLC upon issuance and 6,667 shares for JFS Investments, Inc. and 3,333 shares for Samel, LLC, shall vest on the 1st day of each of the 4th month through the
11th month from the Effective Date and 6,664 shares for JFS Industries and 3,336 for Samel, LLC will vest in the 12th month. 
 (c) A three-year warrant to purchase 120,000 shares of the Company’s common stock at an exercise price of $2.00 per share shall be divided as follows: 80,000 in the name of JFS Investments, Inc.
and 40,000 in the name of Samel, LLC in the form attached hereto as Exhibit C, which shall vest as to 20,000 shares in the name of JFS Investments, Inc. and 10,000 shares in the name of Samel, LLC upon issuance and 6,667 shares for JFS
Investments, Inc. and 3,333 shares for Samel, LLC shall vest on the 1st day of each of the 4th month through the 11th month from the Effective Date and 6,664 shares for JFS Industries and 3,336 for Samel, LLC will vest in the 12th month. 

3. EXPENSES. In addition to the compensation in Section 2 above, the Company agrees to reimburse JFS Investments from time to
time, for reasonable out-of-pocket expenses incurred by JFS Investments in connection with its activities under this agreement, provided, however JFS Investments shall not incur any expense in excess of $1,000 or $2,500 cumulative nickel dime items
without prior written Company consent. These expenses include but are not limited to airfare, hotel lodging, meals, transportation, outside consultants, printing and overnight express mail. 

4. CONFIDENTIALITY. All knowledge and information of a proprietary and confidential nature relating to the Company which the
Consultant obtains during the Consulting period, from the Company or the Company’s employees, agents or Consultants shall be for all purposes regarded and treated as strictly confidential for so long as such information remains proprietary and
confidential and shall be held in trust by the Consultant solely for the Company’s benefit and use and shall not be directly or indirectly disclosed by the Consultant to any person without the prior written consent of the Company, which consent
may be withhold by the Company in its sole discretion. 
 5. INDEPENDENT CONTRACTOR STATUS. Consultant understands that
since the Consultant is not an employee of the Company, the Company will not withhold income taxes or pay any employee taxes on its behalf, nor will it receive any fringe benefits. The Consultant shall not have any authority to assume or create any
obligations, express or implied, on behalf of the Company and shall have no authority to represent the Company as agent, employee or in any other capacity that as herein provided. The Consultant does hereby indemnify and hold harmless the Company
from and against any and all claims, liabilities, demands, losses or expenses incurred by the Company if 1) the Consultant fails to pay any applicable income and/or employment taxes (including interest or penalties of whatever nature), in any
amount, relating to the Consultant’s rendering of consulting services to the Company, including any attorney’s fees or costs to the prevailing party to enforce this indemnity or (2) Consultant takes any action or fails to take any
action in accordance with the companies instructions. The Consultant shall be responsible for obtaining workers’ compensation insurance coverage and agrees to indemnify, defend and hold the Company harmless of and from any and all claims
arising out of any injury, disability or death of the Consultant. 

  
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 6. REPRESENATIONS AND WARRANTS. For purposes of this Agreement and the Shares, the
Consultant represents and warrants as follows: 
 (a) The Consultant (i) has adequate means of providing for
the Consultant’s current needs and possible personal contingencies, (ii) is acquiring the Shares for investment and not with a view to their distribution and has no need for liquidity in this investment, (iii) is able to bear the
substantial economic risks of an investment in the Shares for an indefinite period, (iv) at the present time, can afford a complete loss of such investment, and (v) is an “accredited investor” as defined in the Securities Act of
1933, as amended. 
 (b) The Consultant has a preexisting personal or business relationship with the Company or
any of its directors or executive officers, or by reason of any business or financial experience or the business or financial experience of any professional advisors who are unaffiliated with and who are compensated by the Company or any affiliate
or selling agent of the Company, directly or indirectly, could be reasonably assumed to have the capacity to protect the Consultant’s interests in connection with the investment in the Company. 

(c) The Consultant is aware that: 
 (i) The Shares are not transferable under this Agreement and applicable securities laws; and 
 (ii) The Articles of Incorporation and Bylaws of the Company contain provisions that limit or eliminate the personal liability of the officers, directors and agents of the Company and indemnify such
parties for certain damages relating to the Company, including damages in connection with the Shares and the good-faith management and operation of the Company. 
 (d) The Consultant acknowledges that the Shares are not currently registered under any registration statement with the Securities and Exchange Commission (SEC). 

(e) The Consultant has not been furnished any offering literature and has not been otherwise solicited by the Company.

 (f) The Company and its officers, directors and agents have answered all inquiries that the Consultant has
made of them concerning the Company or any other matters relating to the formation, operation and proposed operation of the Company and the offering and sale of the Shares. 

(g) The Consultant, if a corporation, partnership, trust or other entity, is duly organized and in good standing in the
state or country of its incorporation and is authorized and otherwise duly qualified to purchase and hold the Shares. Such entity has its principal place for business as set forth on the signature page hereof and has not been formed for the specific
purpose of acquiring the Shares unless all of its equity owners qualify as accredited individual investors. 

(h) All information that the Consultant has provided to the Company concerning the Consultant, the Consultant’s
financial position and the Consultant’s knowledge of financial and business matters, or, in the case of a corporation, partnership, trust or other entity, the knowledge of financial and business matters of the person making the investment
decision on behalf of such entity, 

  
 3 

 
including all information contained herein, is correct and complete as of the date set forth at the end hereof and may be relied upon, and if there should be any material adverse change in such
information prior to this subscription being accepted, the Consultant will immediately provide the Company with such information. 
 (i) The Consultant certifies, under penalties of perjury (i) that the taxpayer identification number shown on the signature page of this Agreement is true, correct and complete, and (ii) that the
Consultant is not subject to backup withholding as a result of a failure to report all interest or dividends, or because the Internal Revenue Service has notified the Consultant that the Consultant is no longer subject to backup withholding.

 (j) In rendering the services hereunder and in connection with the Shares, the Consultant agrees to comply
with all applicable federal and state securities laws, the rules and regulations thereunder, the rules and regulations of any exchange or quotation service on which the Company’s securities are listed and the rules and regulations of the
Financial Industry Regulatory Authority. 
 7. TERMINATION. Either party may terminate this Agreement at any time with or
without cause by giving ten (10) days written notice to the other party, provided, however, that any termination by either party without cause may not be effective prior to 90 days from the Effective Date. Should the Consultant default in the
performance of this Agreement or materially breach any of its provisions, the Company may, in its sole discretion, terminate this Agreement immediately upon written notice to the Consultant. 

8. NO THIRD PARTY RIGHTS. The parties warrant and represent that they are authorized to enter into this Agreement and that no
third parties, other than the parties hereto, have any interest in any of the services or the Shares contemplated hereby. 
 9.
ABSENCE OF WARRANTIES AND REPRESENTATIONS. Each party hereto acknowledges that they have signed this Agreement without having relied upon or being induced by any agreement, warranty or representation of fact or opinion of any person not
expressly set forth herein. All representations and warranties of either party contained herein shall survive its signing and delivery. 
 10. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the law of the State of New York. 
 11. ATTORNEY’S FEES. In the event of any controversy, claim or dispute between the parties hereto, arising out of or in any manner relating to this Agreement, including an attempt to rescind
or set aside, the prevailing party in any action brought to settle such controversy, claim or dispute shall be entitled to recover reasonable attorney’s fees and costs. 
 12. ARBITRATION. Any controversy between the parties regarding the construction or application of this Agreement, any claim arising out of this Agreement or its breach, shall be submitted to
arbitration in Los Angeles, California before one arbitrator in accordance with the Commercial Arbitration Rules of the American Arbitration Association, upon the written request of one party after service of that request on the other party. The
cost of arbitration shall be borne by the losing party. The arbitrator is also authorized to award attorney’s fees to the prevailing party. 

  
 4 

 13. VALIDITY. If any paragraph, sentence, term or provision hereof shall be held to
be invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect the validity enforceability of any other paragraph, sentence, term and provision hereof. To the extent required, any paragraph, sentence, term or
provision of this Agreement may be modified by the parties hereto by written amendment to preserve its validity. 
 14.
ON-DISCLOSURE OF TERMS. The terms of this Agreement shall be kept confidential, and no party, representative, attorney or family member shall reveal its contents to any third party except as required by law or as necessary to comply with law
or preexisting contractual commitments. 
 15. ENTIRE AGREEMENT. This Agreement contains the entire understanding of the
parties and cannot be altered or amended except by an amendment duly executed by all parties hereto. This Agreement shall be binding upon and inure to the benefit of the successors, assigns and personal representatives of the parties. 

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

 

					
	ImmunoCellular Therapeutics, Ltd.	 		 	JFS Investments
			
	/s/ Manish Singh	 		 	/s/ Joseph M. Salvani
	Manish Singh	 		 	Joseph M. Salvani
	President and Chief Executive Officer	 		 	President
	ImmunoCellular Therapeutics, Ltd.	 		 	JFS Investments, Inc.

  
 5 

 EXHIBIT 10.52 
 EXHIBIT A 
 DESCRIPTION OF CONSULTING SERVICES 

The Consultant agrees, to the extent reasonably required in the conduct of its business with the Company, to place at the disposal of the
Company its judgment and experience and to provide business development services to the Company including, but not limited, to, the following: 
  

	 	(i)	review the Company’s financial requirements; 

  

	 	(ii)	analyze and assess alternatives for the Company’s financial requirements; 

 

	 	(iii)	provide introductions to professional analysts and money managers; 

  

	 	(iv)	assist the Company in financing arrangement to be determined and governed by separate and distinct financing agreements; 

 

	 	(v)	provide analysis of the Company’s industry and competitors in the form of general industry reports provided directly to Company; 

 

	 	(vi)	assist the Company in developing corporate partnering relationships; and 

  

	 	(vii)	provide a weekly status report via e-mail detailing names, contact information and feedback. 

  
 6 

 EXHIBIT 10.52 
 EXHIBIT B 
 WARRANT 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS COVERING
ANY SUCH TRANSACTION OR UNLESS THE CORPORATION SHALL HAVE RECEIVED AN OPINION OF ITS COUNSEL THAT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED. 

COMMON STOCK PURCHASE WARRANT 
  

 
 THIS CERTIFIES
that, for good and valuable consideration received, _____________ or a registered assignee (the “Holder”) is entitled, upon the terms and subject to the conditions hereinafter set forth, to acquire from ImmunoCellular Therapeutics,
Ltd., a Delaware corporation (the “Corporation”), up to __________________ (            ) fully paid and nonassessable shares of common stock, par value $0.0001, of
the Corporation (“Common Stock”) at a purchase price per share (the “Exercise Price”) of Two Dollars ($2.00) (the “Warrant”). The Warrant shall vest as to ______________ shares upon issuance, shall
vest as to ________ shares in each of months four through eleven following the issuance date, and the remaining ________ shares shall vest in the twelfth month following the issuance date. The vesting of shares under this Warrant shall continue only
through the expiration or termination date of the Consulting Agreement dated as of October 1, 2010 by and between the Corporation and JFS Investments. 
  

	1.	Term of Warrant 

 Subject
to the terms and conditions set forth herein, this Warrant shall be exercisable with respect to the vested shares, in whole or in part, at any time commencing on the date hereof prior to 11:59 p.m., Pacific Standard Time, on September 30, 2013
(the “Expiration Time”). 
  

	2.	Exercise of Warrant 

 (a) Exercise. The purchase rights represented by this Warrant are exercisable by the Holder, in whole or in part, at any time and from time to time at or prior to the Expiration Time by the
surrender of this Warrant and the Notice of Exercise form attached hereto duly executed to the office of the Corporation, ImmunoCellular Therapeutics, Ltd., Attention: President, 21900 Burbank, 3rd Floor, Woodland Hills, California 91367; facsimile:
(818) 992-2908 (or such other office or agency of the Corporation as it may designate by notice in writing to the Holder at the address of the Holder appearing on the books of the Corporation), and upon payment of the Exercise Price for the
shares thereby purchased (by cash or by check or bank draft payable to the order of the Corporation); 

  
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whereupon the Holder shall be entitled to receive from the Corporation a stock certificate in proper form representing the number of shares of Common Stock so purchased. 

(b) Limited Net Cash Settlement Right. 
 If as of the date of such Warrant exercise there is no effective registration statement under the Securities Act registering, or the prospectus contained therein is not available for, the issuance or
resale of the shares of Common Stock upon the exercise of this Warrant, then this Warrant may instead be exercised, upon the Holder’s election in the Notice of Exercise, by means of a “cashless exercise” in which the Holder shall be
entitled to receive a certificate for the number of shares of Common Stock equal to the quotient obtained by dividing [(A-B) (X)] by (A), where: 
  

					
	 (A)
	 	=	 	the VWAP on the trading day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth in the Notice of
Exercise; provided that, for purposes of this Section 2(b), the date of such Warrant exercise shall be deemed to be the date on which the Corporation actually receives from the Holder the executed Notice of Exercise, either by facsimile
transmission or by mail;
			
	 (B)
	 	=	 	the Exercise Price of this Warrant, as adjusted hereunder; and
			
	 (X)
	 	=	 	the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise
rather than a cashless exercise.

 “VWAP” means, for any date, the price determined by the first
of the following clauses that applies: (a) if the Common Stock is then listed on a national securities exchange, the daily volume-weighted average price of the Common Stock for such date (or the nearest preceding date) on the national
securities exchange on which the Common Stock is then listed as reported by Bloomberg L.P. (based on a trading day from 9:30 a.m. (New York City time) to 4:00 p.m. (New York City time), (b) if the Common Stock is not then listed on a national
securities exchange, the volume-weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on a national securities
exchange or the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published by Pink OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the
most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Corporation. 

Except as specifically set forth in the preceding portions of this Section 2(b), under no circumstances will the Corporation be
required to net cash settle this Warrant upon its exercise. 
  

	3.	Issuance of Shares; No Fractional Shares or Scrip 

 Certificates for shares purchased hereunder shall be delivered to the Holder by the Corporation’s transfer agent at the Corporation’s expense within a reasonable time after the date on which
this Warrant shall have been exercised in accordance with the terms hereof. Each certificate so delivered shall be in such denominations as may be requested by the Holder and shall be 

  
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registered in the name of the Holder or, subject to applicable laws, such other name as shall be requested by the Holder. If, upon exercise of this Warrant, fewer than all of the shares of Common
Stock evidenced by this Warrant are purchased prior to the Expiration Time, one or more new Warrants substantially in the form of, and on the terms in, this Warrant will be issued for the remaining number of shares of Common Stock not purchased upon
exercise of this Warrant. The Corporation hereby represents and warrants that all shares of Common Stock which may be issued upon the exercise of this Warrant will, upon such exercise, be duly and validly authorized and issued, fully paid, and
nonassessable and free from all taxes, liens, and charges in respect of the issuance thereof (other than liens or charges created by or imposed upon the Holder). The Corporation agrees that the shares so issued shall be and will be deemed to be
issued to such Holder as the record owner of such shares as of the close of business on the date on which this Warrant shall have been surrendered for exercise in accordance with the terms hereof. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of this Warrant. With respect to any fraction of a share called for upon the exercise of this Warrant, an amount equal to such fraction multiplied by the then current price at which each share may
be purchased hereunder shall be paid in cash to the Holder of this Warrant. 
  

	4.	Charges, Taxes, and Expenses 

 Issuance of certificates for shares of Common Stock upon the exercise of this Warrant shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the
issuance of such certificate, all of which taxes and expenses shall be paid by the Corporation, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the
event certificates for shares of Common Stock are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by an Assignment Form to be provided by the Corporation duly executed by the
Holder. 
  

	5.	No Rights as a Stockholder 

This Warrant does not entitle the Holder to any voting rights or other rights as a stockholder of the Corporation prior to the exercise of
this Warrant. 
  

	6.	Exchange and Registry of Warrant 

 This Warrant is exchangeable, upon the surrender hereof by the Holder at the above-mentioned office or agency of the Corporation, for a new Warrant of like tenor and dated as of such exchange. The
Corporation shall maintain at the above-mentioned office or agency a registry showing the name and address of the registered Holder of this Warrant. This Warrant may be surrendered for exchange, transfer, or exercise, in accordance with its terms,
at such office or agency of the Corporation, and the Corporation shall be entitled to rely in all respects, prior to written notice to the contrary, upon such registry. 

 

	7.	Loss, Theft, Destruction, or Mutilation of Warrant 

 Upon receipt by the Corporation of evidence reasonably satisfactory to it of the loss, theft, destruction, or mutilation of this Warrant and in case of loss, theft, or destruction of indemnity or security
reasonably satisfactory to it, and upon reimbursement to the Corporation of all reasonable expenses incidental thereto, and upon surrender and cancellation of this Warrant, if mutilated, the 

  
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Corporation will make and deliver a new Warrant of like tenor and dated as of such cancellation, in lieu of this Warrant. 

 

	8.	Saturdays, Sundays and Holidays 

 If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday, a Sunday or a legal holiday, then such action may be taken or such
right may be exercised on the next succeeding day not a Saturday, Sunday or legal holiday. 
  

	9.	Merger, Sale of Assets and Similar Transactions 

 If at any time the Corporation proposes to merge or consolidate with or into any other corporation, effect any reorganization, or sell or convey all or substantially all of its assets to any other entity,
then, as a condition of such reorganization, consolidation, merger, sale or conveyance, the Corporation or its successor, as the case may be, shall enter into a supplemental agreement to make lawful and adequate provision whereby the Holder shall
have the right to receive, upon exercise of this Warrant, the kind and amount of equity securities which would have been received upon such reorganization, consolidation, merger, sale or conveyance by a Holder of a number of shares of Common Stock
equal to the number of shares issuable upon exercise of this Warrant immediately prior to such reorganization, consolidation, merger, sale, or conveyance. The Corporation shall give the Holder of this Warrant ten business days’ prior written
notice of the proposed effective date of any such merger, consolidation, reorganization, sale or conveyance, and the Corporation shall also give the Holder of this Warrant ten business days’ prior written notice of the commencement of the
Corporation’s voluntary or involuntary dissolution, liquidation or winding up. If the property to be received upon such merger, consolidation, reorganization, sale or conveyance is not equity securities, and if this Warrant has not been
exercised by or on the effective date of such transaction, it shall terminate. 
  

	10.	Subdivision, Combination, Reclassification, Conversion and Similar Events 

 If the Corporation at any time shall by subdivision, combination, reclassification of securities or otherwise, change the Common Stock into the same or a different number of securities of any class or
classes, this Warrant shall thereafter entitle the Holder to acquire such number and kind of securities as would have been issuable in respect of the Common Stock (or other securities which were subject to the purchase rights under this Warrant
immediately prior to such subdivision, combination, reclassification or other change) as the result of such change if this Warrant had been exercised in full for cash immediately prior to such change. The Exercise Price hereunder shall be adjusted
if and to the extent necessary to reflect such change. If the Common Stock or other securities issuable upon exercise hereof are subdivided or combined into a greater or smaller number of shares of such security, the number of shares issuable
hereunder shall be proportionately increased or decreased, as the case may be, and the Exercise Price shall be proportionately reduced or increased, as the case may be, in both cases according to the ratio which the total number of shares of such
security to be outstanding immediately after such event bears to the total number of shares of such security outstanding immediately prior to such event. The Corporation shall give the Holder prompt written notice of any change in the type of
securities issuable hereunder, any adjustment of the Exercise Price for the securities issuable hereunder, and any increase or decrease in the number of shares issuable hereunder. 

  
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	11.	Transferability; Compliance with Securities Laws 

 (a) This Warrant may not be transferred or assigned in whole or in part without compliance with all applicable United States, state, and foreign securities laws by the transferor and transferee (including
the delivery of investment representation letters and legal opinions reasonably satisfactory to the Corporation, if requested by the Corporation). Subject to such restrictions, prior to the Expiration Time, this Warrant and all rights hereunder are
transferable by the Holder hereof, in whole or in part, at the office or agency of the Corporation referred to in Section 2 above. Any such transfer shall be made in person or by the Holder’s duly authorized attorney, upon surrender of
this Warrant together with the Assignment Form attached hereto properly endorsed. 
 (b) The Holder of this Warrant, by
acceptance hereof, acknowledges that this Warrant and the Common Stock issuable upon exercise hereof are being acquired solely for the Holder’s own account and not as a nominee for any other party, and for investment, and that the Holder will
not offer, sell, or otherwise dispose of this Warrant or any shares of Common Stock to be issued upon exercise hereof except under circumstances that will not result in a violation of the Securities Act or any state or foreign securities laws. Upon
exercise of this Warrant, the Holder shall, if requested by the Corporation, confirm in writing, in a form satisfactory to the Corporation, that the shares of Common Stock so purchased are being acquired solely for Holder’s own account and not
as a nominee for any other party, for investment, and not with a view toward distribution or resale. 
 (c) The Common Stock has
not been registered under the Securities Act, and this Warrant may not be exercised except by (1) the original purchaser of this Warrant from the Corporation or (2) an “accredited investor” as defined in Rule 501(a) under the
Securities Act. Each certificate representing shares of Common Stock issued on exercise of this Warrant or other securities issued in respect of such Common Stock upon any stock split, stock dividend, recapitalization, merger, consolidation or
similar event, shall be stamped or otherwise imprinted with a legend substantially in the following form (in addition to any other legend required under applicable securities laws): 
 THE SHARES OF COMMON STOCK EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE
SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION OR UNLESS THE CORPORATION SHALL HAVE RECEIVED AN OPINION OF
ITS COUNSEL THAT REGISTRATION OF SUCH SHARES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED. 
  

	12.	Representations and Warranties 

 The Corporation hereby represents and warrants to the Holder that: 
 (a) During
the period that this Warrant is outstanding, the Corporation will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of Common Stock upon the exercise of this Warrant; 

  
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 (b) The issuance of this Warrant shall constitute full authority to the Corporation’s
officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the shares of Common Stock issuable upon exercise of this Warrant; 

(c) The Corporation has all requisite legal and corporate power to execute and deliver this Warrant, to sell and issue the Common Stock
hereunder, and to carry out and perform its obligations under the terms of this Warrant; 
 (d) All corporate action on the part
of the Corporation, its directors and stockholders necessary for the authorization, execution, delivery, and performance of this Warrant by the Corporation, the authorization, sale, issuance, and delivery of the Common Stock, the grant of
registration rights as provided herein, and the performance of the Corporation’s obligations hereunder has been taken; 

(e) The shares of Common Stock, when issued in compliance with the provisions of this Warrant and the Corporation’s Certificate of
Incorporation (as they may be amended from time to time), will be validly issued, fully paid, and nonassessable, and free of all taxes, liens, or encumbrances with respect to the issue thereof, and will be issued in compliance with all applicable
United States and state securities laws; and 
 (f) The issuance of the shares of Common Stock upon exercise of this Warrant
will not be subject to any preemptive rights, rights of first refusal, or similar rights. 
  

	13.	Governing Law 

 This
Warrant shall be governed by and construed in accordance with the internal laws of the State of Delaware. 
 IN WITNESS WHEREOF,
the Corporation has caused this Warrant to be executed by its duly authorized officer. 
  

							
	Dated: October 1, 2010	 		 	IMMUNOCELLULAR THERAPEUTICS, LTD.
				
		 		 	By:	 	 
		 		 		 	Manish Singh, Ph.D.
		 		 		 	President and Chief Executive Officer

  
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 NOTICE OF EXERCISE 

 

	To:	ImmunoCellular Therapeutics, Ltd. 

  

	(1)	The undersigned hereby elects to purchase shares of common stock of ImmunoCellular Therapeutics, Ltd. pursuant to the terms of the attached Warrant (the
“Warrant”) and (check the applicable box): 

  

	 	 ̈	Tenders herewith payment of the purchase price in full, together with all applicable transfer taxes, if any, or 

 

	 	 ̈	Elects to exercise the Warrant on a “cashless” basis under the limited circumstances described in Section 2(b) of the Warrant. 

 

	(2)	In exercising the Warrant, the undersigned hereby confirms and acknowledges that the shares of common stock to be issued upon exercise hereof are being acquired solely
for the account of the undersigned and not as a nominee for any other party, and for investment and that the undersigned will not offer, sell or otherwise dispose of any such shares of common stock except under circumstances that will not result in
a violation of the Securities Act of 1933, as amended, or any state or foreign securities laws. 

  

	(3)	Please issue a certificate or certificates representing said shares of common stock in the name of the undersigned or in such other name as is specified below:

  

					
		  	 	  	
		  	(Name)	  	
			
		  	 	  	
		  	(Address)	  	
			
		  	 	  	
			
		  	 	  	
		  	(Tax I.D. No.)	  	

  

	(4)	The undersigned represents that (a) he, she, or it is the original purchaser from the Corporation of the Warrant or is an “accredited investor” within
the meaning of Rule 501(a) under the Securities Act of 1933, as amended, and (b) the aforesaid shares of common stock are being acquired for the account of the undersigned for investment and not with a view to, or for resale in connection with,
the distribution thereof and that the undersigned has no present intention of distributing or reselling such shares. 

  

			
	Date:                           
                                         

	
	  
	(Signature)

  
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 EXHIBIT 10.52 
 EXHIBIT C 
 WARRANT 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS COVERING
ANY SUCH TRANSACTION OR UNLESS THE CORPORATION SHALL HAVE RECEIVED AN OPINION OF ITS COUNSEL THAT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED. 

COMMON STOCK PURCHASE WARRANT 
  

 
 THIS CERTIFIES
that, for good and valuable consideration received, _______________ or a registered assignee (the “Holder”) is entitled, upon the terms and subject to the conditions hereinafter set forth, to acquire from ImmunoCellular
Therapeutics, Ltd., a Delaware corporation (the “Corporation”), up to ______________ (            ) fully paid and nonassessable shares of common stock, par value
$0.0001, of the Corporation (“Common Stock”) at a purchase price per share (the “Exercise Price”) of One Dollar ($1.00) (the “Warrant”). The Warrant shall vest as to ______________ shares upon
issuance, shall vest as to __________ shares in each of months four through eleven following the issuance date, and the remaining __________ shares shall vest in the twelfth month following the issuance date. The vesting of shares under this Warrant
shall continue only through the expiration or termination date of the Consulting Agreement dated as of October 1, 2010 by and between the Corporation and JFS Investments. 

 

	1.	Term of Warrant 

 Subject
to the terms and conditions set forth herein, this Warrant shall be exercisable with respect to the vested shares, in whole or in part, at any time commencing on the date hereof prior to 11:59 p.m., Pacific Standard Time, on September 30, 2013
(the “Expiration Time”). 
  

	2.	Exercise of Warrant 

 (a) Exercise. The purchase rights represented by this Warrant are exercisable by the Holder, in whole or in part, at any time and from time to time at or prior to the Expiration Time by the
surrender of this Warrant and the Notice of Exercise form attached hereto duly executed to the office of the Corporation, ImmunoCellular Therapeutics, Ltd., Attention: President, 21900 Burbank, 3rd Floor, Woodland Hills, California 91367; facsimile:
(818) 992-2908 (or such other office or agency of the Corporation as it may designate by notice in writing to the Holder at the address of the Holder appearing on the books of the Corporation), and upon payment of the Exercise Price for the
shares thereby purchased (by cash or by check or bank draft payable to the order of the Corporation); 

  
 14 

 
whereupon the Holder shall be entitled to receive from the Corporation a stock certificate in proper form representing the number of shares of Common Stock so purchased. 

(b) Limited Net Cash Settlement Right. 
 If as of the date of such Warrant exercise there is no effective registration statement under the Securities Act registering, or the prospectus contained therein is not available for, the issuance or
resale of the shares of Common Stock upon the exercise of this Warrant, then this Warrant may instead be exercised, upon the Holder’s election in the Notice of Exercise, by means of a “cashless exercise” in which the Holder shall be
entitled to receive a certificate for the number of shares of Common Stock equal to the quotient obtained by dividing [(A-B) (X)] by (A), where: 
  

					
	 (A)
	 	=	 	the VWAP on the trading day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth in the Notice of
Exercise; provided that, for purposes of this Section 2(b), the date of such Warrant exercise shall be deemed to be the date on which the Corporation actually receives from the Holder the executed Notice of Exercise, either by facsimile
transmission or by mail;
			
	 (B)
	 	=	 	the Exercise Price of this Warrant, as adjusted hereunder; and
			
	 (X)
	 	=	 	the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise
rather than a cashless exercise.

 “VWAP” means, for any date, the price determined by the first
of the following clauses that applies: (a) if the Common Stock is then listed on a national securities exchange, the daily volume-weighted average price of the Common Stock for such date (or the nearest preceding date) on the national
securities exchange on which the Common Stock is then listed as reported by Bloomberg L.P. (based on a trading day from 9:30 a.m. (New York City time) to 4:00 p.m. (New York City time), (b) if the Common Stock is not then listed on a national
securities exchange, the volume-weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on a national securities
exchange or the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published by Pink OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the
most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Corporation. 

Except as specifically set forth in the preceding portions of this Section 2(b), under no circumstances will the Corporation be
required to net cash settle this Warrant upon its exercise. 
  

	3.	Issuance of Shares; No Fractional Shares or Scrip 

 Certificates for shares purchased hereunder shall be delivered to the Holder by the Corporation’s transfer agent at the Corporation’s expense within a reasonable time after the date on which
this Warrant shall have been exercised in accordance with the terms hereof. Each certificate so delivered shall be in such denominations as may be requested by the Holder and shall be registered in the name of the Holder or, subject to applicable
laws, such other name as shall be 

  
 15 

 
requested by the Holder. If, upon exercise of this Warrant, fewer than all of the shares of Common Stock evidenced by this Warrant are purchased prior to the Expiration Time, one or more new
Warrants substantially in the form of, and on the terms in, this Warrant will be issued for the remaining number of shares of Common Stock not purchased upon exercise of this Warrant. The Corporation hereby represents and warrants that all shares of
Common Stock which may be issued upon the exercise of this Warrant will, upon such exercise, be duly and validly authorized and issued, fully paid, and nonassessable and free from all taxes, liens, and charges in respect of the issuance thereof
(other than liens or charges created by or imposed upon the Holder). The Corporation agrees that the shares so issued shall be and will be deemed to be issued to such Holder as the record owner of such shares as of the close of business on the date
on which this Warrant shall have been surrendered for exercise in accordance with the terms hereof. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. With respect to any fraction of a
share called for upon the exercise of this Warrant, an amount equal to such fraction multiplied by the then current price at which each share may be purchased hereunder shall be paid in cash to the Holder of this Warrant. 

 

	4.	Charges, Taxes, and Expenses 

 Issuance of certificates for shares of Common Stock upon the exercise of this Warrant shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the
issuance of such certificate, all of which taxes and expenses shall be paid by the Corporation, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the
event certificates for shares of Common Stock are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by an Assignment Form to be provided by the Corporation duly executed by the
Holder. 
  

	5.	No Rights as a Stockholder 

This Warrant does not entitle the Holder to any voting rights or other rights as a stockholder of the Corporation prior to the exercise of
this Warrant. 
  

	6.	Exchange and Registry of Warrant 

 This Warrant is exchangeable, upon the surrender hereof by the Holder at the above-mentioned office or agency of the Corporation, for a new Warrant of like tenor and dated as of such exchange. The
Corporation shall maintain at the above-mentioned office or agency a registry showing the name and address of the registered Holder of this Warrant. This Warrant may be surrendered for exchange, transfer, or exercise, in accordance with its terms,
at such office or agency of the Corporation, and the Corporation shall be entitled to rely in all respects, prior to written notice to the contrary, upon such registry. 

 

	7.	Loss, Theft, Destruction, or Mutilation of Warrant 

 Upon receipt by the Corporation of evidence reasonably satisfactory to it of the loss, theft, destruction, or mutilation of this Warrant and in case of loss, theft, or destruction of indemnity or security
reasonably satisfactory to it, and upon reimbursement to the Corporation of all reasonable expenses incidental thereto, and upon surrender and cancellation of this Warrant, if mutilated, the 

  
 16 

 
Corporation will make and deliver a new Warrant of like tenor and dated as of such cancellation, in lieu of this Warrant. 

 

	8.	Saturdays, Sundays and Holidays 

 If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday, a Sunday or a legal holiday, then such action may be taken or such
right may be exercised on the next succeeding day not a Saturday, Sunday or legal holiday. 
  

	9.	Merger, Sale of Assets and Similar Transactions 

 If at any time the Corporation proposes to merge or consolidate with or into any other corporation, effect any reorganization, or sell or convey all or substantially all of its assets to any other entity,
then, as a condition of such reorganization, consolidation, merger, sale or conveyance, the Corporation or its successor, as the case may be, shall enter into a supplemental agreement to make lawful and adequate provision whereby the Holder shall
have the right to receive, upon exercise of this Warrant, the kind and amount of equity securities which would have been received upon such reorganization, consolidation, merger, sale or conveyance by a Holder of a number of shares of Common Stock
equal to the number of shares issuable upon exercise of this Warrant immediately prior to such reorganization, consolidation, merger, sale, or conveyance. The Corporation shall give the Holder of this Warrant ten business days’ prior written
notice of the proposed effective date of any such merger, consolidation, reorganization, sale or conveyance, and the Corporation shall also give the Holder of this Warrant ten business days’ prior written notice of the commencement of the
Corporation’s voluntary or involuntary dissolution, liquidation or winding up. If the property to be received upon such merger, consolidation, reorganization, sale or conveyance is not equity securities, and if this Warrant has not been
exercised by or on the effective date of such transaction, it shall terminate. 
  

	10.	Subdivision, Combination, Reclassification, Conversion and Similar Events 

 If the Corporation at any time shall by subdivision, combination, reclassification of securities or otherwise, change the Common Stock into the same or a different number of securities of any class or
classes, this Warrant shall thereafter entitle the Holder to acquire such number and kind of securities as would have been issuable in respect of the Common Stock (or other securities which were subject to the purchase rights under this Warrant
immediately prior to such subdivision, combination, reclassification or other change) as the result of such change if this Warrant had been exercised in full for cash immediately prior to such change. The Exercise Price hereunder shall be adjusted
if and to the extent necessary to reflect such change. If the Common Stock or other securities issuable upon exercise hereof are subdivided or combined into a greater or smaller number of shares of such security, the number of shares issuable
hereunder shall be proportionately increased or decreased, as the case may be, and the Exercise Price shall be proportionately reduced or increased, as the case may be, in both cases according to the ratio which the total number of shares of such
security to be outstanding immediately after such event bears to the total number of shares of such security outstanding immediately prior to such event. The Corporation shall give the Holder prompt written notice of any change in the type of
securities issuable hereunder, any adjustment of the Exercise Price for the securities issuable hereunder, and any increase or decrease in the number of shares issuable hereunder. 

  
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	11.	Transferability; Compliance with Securities Laws 

 (a) This Warrant may not be transferred or assigned in whole or in part without compliance with all applicable United States, state, and foreign securities laws by the transferor and transferee (including
the delivery of investment representation letters and legal opinions reasonably satisfactory to the Corporation, if requested by the Corporation). Subject to such restrictions, prior to the Expiration Time, this Warrant and all rights hereunder are
transferable by the Holder hereof, in whole or in part, at the office or agency of the Corporation referred to in Section 2 above. Any such transfer shall be made in person or by the Holder’s duly authorized attorney, upon surrender of
this Warrant together with the Assignment Form attached hereto properly endorsed. 
 (b) The Holder of this Warrant, by
acceptance hereof, acknowledges that this Warrant and the Common Stock issuable upon exercise hereof are being acquired solely for the Holder’s own account and not as a nominee for any other party, and for investment, and that the Holder will
not offer, sell, or otherwise dispose of this Warrant or any shares of Common Stock to be issued upon exercise hereof except under circumstances that will not result in a violation of the Securities Act or any state or foreign securities laws. Upon
exercise of this Warrant, the Holder shall, if requested by the Corporation, confirm in writing, in a form satisfactory to the Corporation, that the shares of Common Stock so purchased are being acquired solely for Holder’s own account and not
as a nominee for any other party, for investment, and not with a view toward distribution or resale. 
 (c) The Common Stock has
not been registered under the Securities Act, and this Warrant may not be exercised except by (1) the original purchaser of this Warrant from the Corporation or (2) an “accredited investor” as defined in Rule 501(a) under the
Securities Act. Each certificate representing shares of Common Stock issued on exercise of this Warrant or other securities issued in respect of such Common Stock upon any stock split, stock dividend, recapitalization, merger, consolidation or
similar event, shall be stamped or otherwise imprinted with a legend substantially in the following form (in addition to any other legend required under applicable securities laws): 
 THE SHARES OF COMMON STOCK EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE
SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION OR UNLESS THE CORPORATION SHALL HAVE RECEIVED AN OPINION OF
ITS COUNSEL THAT REGISTRATION OF SUCH SHARES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED. 
  

	12.	Representations and Warranties 

 The Corporation hereby represents and warrants to the Holder that: 
 (a) During
the period that this Warrant is outstanding, the Corporation will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of Common Stock upon the exercise of this Warrant; 

  
 18 

 (b) The issuance of this Warrant shall constitute full authority to the Corporation’s
officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the shares of Common Stock issuable upon exercise of this Warrant; 

(c) The Corporation has all requisite legal and corporate power to execute and deliver this Warrant, to sell and issue the Common Stock
hereunder, and to carry out and perform its obligations under the terms of this Warrant; 
 (d) All corporate action on the part
of the Corporation, its directors and stockholders necessary for the authorization, execution, delivery, and performance of this Warrant by the Corporation, the authorization, sale, issuance, and delivery of the Common Stock, the grant of
registration rights as provided herein, and the performance of the Corporation’s obligations hereunder has been taken; 

(e) The shares of Common Stock, when issued in compliance with the provisions of this Warrant and the Corporation’s Certificate of
Incorporation (as they may be amended from time to time), will be validly issued, fully paid, and nonassessable, and free of all taxes, liens, or encumbrances with respect to the issue thereof, and will be issued in compliance with all applicable
United States and state securities laws; and 
 (f) The issuance of the shares of Common Stock upon exercise of this Warrant
will not be subject to any preemptive rights, rights of first refusal, or similar rights. 
  

	13.	Governing Law 

 This
Warrant shall be governed by and construed in accordance with the internal laws of the State of Delaware. 
 IN WITNESS WHEREOF,
the Corporation has caused this Warrant to be executed by its duly authorized officer. 
  

							
	Dated: October 1, 2010	 		 	IMMUNOCELLULAR THERAPEUTICS, LTD.
				
		 		 	By:	 	 
		 		 		 	Manish Singh, Ph.D.
		 		 		 	President and Chief Executive Officer

  
 19 

 EXHIBIT 10.52 
 NOTICE OF EXERCISE 
  

	To:	ImmunoCellular Therapeutics, Ltd. 

  

	(1)	The undersigned hereby elects to purchase shares of common stock of ImmunoCellular Therapeutics, Ltd. pursuant to the terms of the attached Warrant (the
“Warrant”) and (check the applicable box): 

  

	 	 ̈	Tenders herewith payment of the purchase price in full, together with all applicable transfer taxes, if any, or 

 

	 	 ̈	Elects to exercise the Warrant on a “cashless” basis under the limited circumstances described in Section 2(b) of the Warrant. 

 

	(2)	In exercising the Warrant, the undersigned hereby confirms and acknowledges that the shares of common stock to be issued upon exercise hereof are being acquired solely
for the account of the undersigned and not as a nominee for any other party, and for investment and that the undersigned will not offer, sell or otherwise dispose of any such shares of common stock except under circumstances that will not result in
a violation of the Securities Act of 1933, as amended, or any state or foreign securities laws. 

  

	(3)	Please issue a certificate or certificates representing said shares of common stock in the name of the undersigned or in such other name as is specified below:

  

					
		  	 	  	
		  	(Name)	  	
			
		  	 	  	
		  	(Address)	  	
			
		  	 	  	
			
		  	 	  	
		  	(Tax I.D. No.)	  	

  

	(4)	The undersigned represents that (a) he, she, or it is the original purchaser from the Corporation of the Warrant or is an “accredited investor” within
the meaning of Rule 501(a) under the Securities Act of 1933, as amended, and (b) the aforesaid shares of common stock are being acquired for the account of the undersigned for investment and not with a view to, or for resale in connection with,
the distribution thereof and that the undersigned has no present intention of distributing or reselling such shares. 

  

			
	Date:                           
                                         

	
	  
	(Signature)

  
 20

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