Document:

exv10w170w1

 

Exhibit 10.170.1

May 22, 2006

Cornell Capital Partners, LP

Attention: Mark Angelo

101 Hudson Street

Suite 3700

Jersey City, NJ 07302

Dear Sirs:

In accordance with the May 1, 2006 Notice of Termination pursuant to Article 10.2 (b) of the
Standby Equity Distribution Agreement (SEDA) dated July 15, 2005, The Immune Response Corporation
hereby terminates the SEDA.

Additionally, please return the canceled secured debenture document to my attention as well as the
two Immune Response Corporation stock certificates currently being held in escrow. The certificate
amounts are 9,326,000 and 4,959,705.

Sincerely,

/s/ Michael Green

Michael K. Green

Chief Operating Officer

Chief Financial Officer

MKG/kdm

cc:     David Gonzalez, Esq.EXHIBIT 10.197.2

 

Exhibit 10.197.2

May 19, 2006

Spencer Trask Intellectual Capital Company, LLC

535 Madison Avenue, 18th Floor

New York, NY 10022

Attn: Kevin Kimberlin and Bruno Lerer, Esq.

	 	 	 	Re:     Limited Recourse Interest Inducement Agreement

Dear Kevin and Bruno:

As we have previously discussed, The Immune Response Corporation (the “Company”) wishes to have
Spencer Trask Intellectual Capital Company, LLC (“STIC”) irrevocably waive its rights under that
certain Registration Rights Agreement, dated as of February 22, 2006 and as later amended (the
“Registration Rights Agreement”). By waiving such rights, STIC would have no further rights under
the Registration Rights Agreement, including the right to have its warrant shares registered for
resale under the Registration Statement on Form S-1, initially filed with the SEC on April 11, 2006
(file no. 333-133210).

In consideration for STIC granting this waiver under the Registration Rights Agreement, the Company
hereby agrees to provide STIC with resale registration rights for the shares underlying the
warrants issued, and to be issued, to STIC pursuant to the Limited Recourse Interest Inducement
Agreement, dated February 9, 2006 and as later amended, between the Company and STIC (the
“Registration Rights Agreement”), with the terms and conditions of such resale registration rights
to be substantially similar to the piggyback registration rights provided for the “Agent Shares,”
as defined in the Placement Agency Agreement, dated February 9, 2006 and including any later
amendments, between the Company and Spencer Trask Ventures, Inc. Notwithstanding the foregoing,
STIC may only exercise such piggyback registration rights as to shares underlying Inducement
Agreement warrants which warrants have, at the time of the (to-be-piggybacked-upon) registration
statement, already been issued; and, STIC may not piggyback on registration statement no.
333-133210.

Please have STIC countersign below to effectuate this waiver under the Registration Rights
Agreement and to accept the proposed new registration rights described above.

	 	 	 
	 

	 	Sincerely,
	 
	 	 
	 

	 	/s/ Michael K. Green
	 
	 	 
	 

	 	Michael K. Green
	 

	 	Chief Operating Officer and Chief Financial Officer

 

	 	 	 	 	 
	Agreed and Accepted	 	 
	 
	 	 	 	 
	Spencer Trask Intellectual Capital Company, LLC	 	 
	 
	 	 	 	 
	By:

	 	/s/ Kevin B. Kimberlin	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Name:

	 	Kevin B. Kimberlin	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Title:

	 	Nonmember Manager	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Date:

	 	May 19, 2006	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	cc:

	 	Hayden Trubitt, Heller Ehrman
LLP

Mitchell C. Littman, Littman Krooks LLP	 	 

2EXHIBIT 10.206

 

Exhibit 10.206

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ISSUED WITHOUT
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY
STATE SECURITIES LAWS, AND MAY NOT BE SOLD, TRANSFERRED OR PLEDGED IN
THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER APPLICABLE
FEDERAL AND STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY THAT THE TRANSFER IS EXEMPT FROM
REGISTRATION UNDER APPLICABLE FEDERAL AND STATE SECURITIES LAWS.

THE IMMUNE RESPONSE CORPORATION

“MORTGAGE NOTE” (8% CONVERTIBLE SECURED PROMISSORY NOTE)

	 	 	 
	$3,155,399

	 	New York, New York
	 

	 	April 11, 2006

     FOR VALUE RECEIVED, the undersigned, The Immune Response Corporation, a
Delaware Corporation (the “Issuer”), hereby unconditionally promises to pay on
January 1, 2009 to the order of Cheshire Associates LLC (the “Purchaser”), at
the office of the Purchaser located at 535 Madison Avenue, 18th Floor, New
York, New York 10022, or such other address designated by the Purchaser, in
lawful money of the United States of America and in immediately available
funds, the principal amount of (a) $3,155,399 or (b) if less as a result of
any voluntary conversion(s) of this Note in part in accordance with the Note
Purchase Agreement, as defined below (it being understood that as of the date
of this Note the applicable Conversion Price is $0.02 per share), the
aggregate unpaid principal amount of this Note. Subject to the Note Purchase
Agreement (provided, that notwithstanding the Note Purchase Agreement no
actual payments of principal or interest are scheduled for before the maturity
date of this Note), the Issuer further agrees to pay interest on the unpaid
principal amount from time to time outstanding hereunder, from the date
hereof, in like money, at the rate of eight percent (8%) per annum.

     This Note is derived from that certain Note Purchase Agreement, dated November
9, 2001, by and between Kevin Kimberlin Partners, L.P. (“KKP”) and the Issuer,
as amended by Amendment No. 1, dated as of February 14, 2002 and Amendment No.
2, dated as of May 3, 2002, each by and among the Issuer, KKP and Oshkim
Limited Partnership (“Oshkim”) and as further amended by Amendment No. 3,
dated as of July 11, 2002, by and among the Issuer, KKP, Oshkim and The
Kimberlin Family 1998 Irrevocable Trust (together, the “Note Purchase
Agreement”), and is intended to, except as set forth herein, have the same
terms, rights and conditions as provided in the Note Purchase Agreement and in
any subsequent agreement between the Purchaser (which is the assignee of the
Note Purchase Agreement parties other than the Issuer) and the Issuer. Such
“subsequent agreements” include the Note Exchange Agreement dated April 29,
2005, the Note Exchange Agreement dated February 8, 2006, the Note Revision
Agreement dated February 8, 2006 and the Note Conversion Commitment Agreement
dated February 15, 2006.

     This Note is secured as provided in the Note Purchase Agreement (and as
provided in that certain Intellectual Property Security Agreement, dated
November 9, 2001, by and among the Issuer and KKP, as amended by Amendment No.
1, dated February 26, 2002, by and among the Issuer, KKP and Oshkim, and as
further amended by Amendment No. 2, dated July 11, 2002, by and among the
Issuer, KKP, Oshkim and the Kimberlin Trust), which security interest is
subject to the Intercreditor Agreement dated February 9, 2006, by and among
the Issuer, the Purchaser, Cornell Capital Partners, L.P. and Hudson Asset
Partners, LLC as agent, and Amendment No. 1 dated March 7, 2006 to such
Intercreditor Agreement.

     Upon the occurrence of any one or more of the Events of Default specified in
the Note Purchase Agreement, all amounts then remaining unpaid on this Note
and all amounts then remaining unpaid on any note issued by the Issuer to the
Purchaser or to any affiliate and/or related party of the Purchaser shall
become, or may be declared to be, immediately due and payable. By acceptance
of this Note the Purchaser represents, however, that as of the date of this
Note there are no such other notes issued and outstanding, and undertakes to
deliver to the Issuer for formal cancellation any and all such prior notes
which may be in or come into the Purchaser’s possession or control.

     Subject to the provisions of the legend above, this Note is freely
transferable, in whole or in part, by
the Purchaser, and such transferee shall
have the same rights hereunder as the Purchaser. The Issuer may not assign or
delegate any of its obligations under this Note without the prior written
consent of the Purchaser (or its successor, transferee or assignee).

     All parties now and hereafter liable with respect to this Note, whether maker,
principal, surety, guarantor, endorser or otherwise, hereby waive presentment,
demand, protest and all other notices of any kind.

     Subject to the Note Purchase Agreement, the Issuer agrees to pay all of the
Purchaser’s expenses, including reasonable attorneys’ costs and fees, incurred
in collecting sums due under this Note.

     This Note shall be subject to prepayment only in accordance with the terms of
the Note Purchase Agreement.

     This Note shall be governed by, and construed and interpreted in accordance
with, the laws of the State of New York.

	 	 	 	 	 	 	 
	 	 	THE IMMUNE RESPONSE CORPORATION
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Michael K. Green
	 

	 	 	 	Name:
	 	Michael K. Green
	 

	 	 	 	Title:
	 	Chief Operating Officer

 2EXHIBIT 10.207

 

Exhibit 10.207

CONSULTING AGREEMENT

     This Consulting Agreement (the “Agreement”) is entered into by and between The Immune
Response Corporation, a Delaware corporation (the “Company”), and Orchestra Partners, LLC
(“Consultant”), effective as of June 7, 2006 (the “Effective Date”).

     1. Consulting Relationship. During the term of this Agreement, Consultant will
provide strategic planning and execution assistance with respect to investor and public relations
programs, corporate finance and potential mergers and acquisitions (the “Services”) to the
Company as may be specified from time to time by the Company’s Chief Executive Officer (the
“CEO”) as to scope, subject matter, timing, format and location, all in the CEO’s sole and
absolute discretion.

     2. Fees. As consideration for the Services to be provided by Consultant, the Company
shall pay to Consultant $15,000 per month, in arrears (prorated for any partial month).

     3. Expenses. Consultant shall not be authorized to incur on behalf of the Company any
expenses, without the prior written consent of the CEO.

     4. Term and Termination. Consultant shall serve as a consultant to the Company for a
period commencing on the Effective Date and until either party terminates this Agreement. Either
party may terminate this Agreement on 30 days’ notice, for any reason or no reason. However, even
if the consultancy is terminated by the Company before December 6, 2006, Consultant shall be
entitled to $90,000 for any and all services through December 6, 2006 (net of any portion of such
fees already paid). The previous sentence shall not apply to a termination by the Company
following Consultant’s inability or unwillingness to provide the services of Mr. David Hochman.
The parties’ rights and obligations arising under Sections 8 through 13 shall survive any
termination of this Agreement.

     5. Independent Contractor. Consultant’s relationship with the Company will be that of
an independent contractor and not that of an employee, agent or partner.

          (a) No Authority to Bind Company. Consultant has no authority to create obligations
on the part of the Company or enter into contracts that bind the Company, and Consultant agrees not
to purport to do so.

          (b) No Benefits. Consultant acknowledges and agrees that Consultant will not, by
virtue of this consultancy, be eligible for any Company employee benefits. Consultant shall be
responsible for all tax obligations pertaining to itself and its personnel.

     6. Supervision of Consultant’s Services. All of the Services to be performed by
Consultant will be as specified by and under the direction and review of the CEO.

     7. Consulting or Other Services for Competitors. Consultant represents and warrants
that Consultant does not presently perform or intend to perform, during the term of the

 

 

Agreement, consulting or other services for, or engage in or intend to engage in an employment
relationship with, companies whose businesses or proposed businesses in any way involve products or
services which would be competitive with the Company’s HIV or MS products or services, or those HIV
or MS products or services proposed or in development by the Company during the term of the
Agreement. If, however, Consultant decides to do so, Consultant agrees that, in advance of
accepting such work, Consultant will promptly notify the Company in writing, specifying the
organization with which Consultant proposes to consult, provide services, or become employed by and
to provide information sufficient to allow the Company to determine if such work would be
disfavored by the Company.

     8. Confidentiality and Nonuse Obligations. Consultant will hold all Company
“Confidential Information” (defined below) in confidence and will not use, disclose, copy, publish,
summarize, or remove from the Company’s premises any Confidential Information except as necessary
to carry out the Services. In no event shall Consultant disclose any Confidential Information of
the Company in such a way as to deprive it of intellectual property protection which it theretofore
enjoyed. Upon any termination of this Agreement, Consultant shall immediately deliver to the
Company all documentation and information, in whatever form, including all copies, concerning
Confidential Information of the Company, including without limitation any information generated by
Consultant (alone or with others) as a result of its consultancy on behalf of the Company, or from
access to the Company Confidential Information, and shall make no further use thereof.
“Confidential Information” is all information related to any aspect of the Company’s
business that is either information not known by actual or potential competitors of the Company or
is proprietary information of the Company, whether of a technical nature or otherwise.
Confidential Information includes but is not limited to products, inventions, discoveries, designs,
methods, trade secrets, works of authorship, improvements, know-how, data, financial information
and forecasts, product plans, marketing plans and strategies and customer lists.

     9. Third Party Information. Consultant will safeguard and keep confidential (and
refrain from using) the proprietary information of customers, vendors, consultants, and other
parties with which the Company does business to the same extent as if it were Company Confidential
Information. Consultant will not, during its consultancy with the Company or otherwise, use or
disclose to the Company any confidential, trade secret, or other proprietary information or
material of any other person, and Consultant will not bring onto the Company’s premises any
unpublished document or any other property belonging to any other person without the written
consent of that other person.

     10. Company Property. All papers, records, data, notes, drawings, files, documents,
devices, products, equipment, and other materials, including copies, relating to the Company’s
business that Consultant possesses or creates as a result of its consultancy with the Company or
access to Company Confidential Information, whether or not confidential, are the sole and exclusive
property of the Company. In the event of the expiration or termination of its consultancy for any
reason, Consultant will promptly deliver all such materials to the Company.

 

 

     11. Works Made for Hire. All works of authorship created by Consultant in connection
with the Services shall be deemed “works made for hire,” and shall be owned by the Company.

     12. Indemnification. The Company agrees to indemnify and hold Consultant and its
respective members, principals, directors, officers, employees, agents, consultants, affiliates,
and their respective heirs and administrators (each, “Indemnified Party”) harmless with respect to
any claims, losses, damages, liability and expense (including attorneys fees) or threatened claims
by third parties against any Indemnified Party arising out of or related to the performance of any
services provided for or provided on behalf of the Company hereunder, except in the case of an
Indemnified Party’s reckless or willful misconduct.

     13. Miscellaneous.

          (a) Amendments and Waivers. Any term of this Agreement may be amended or waived only
by written act of the parties.

          (b) Sole Agreement. This Agreement constitutes the sole and entire agreement of the
parties with respect to the subject matter hereof and supersedes all oral negotiations and
commitments and prior and contemporaneous writings with respect to the subject matter hereof.

          (c) Choice of Law. The validity, interpretation, construction and performance of this
Agreement shall be governed by the laws of the State of California, without giving effect to the
principles of conflict of laws.

          (d) Arbitration. Any dispute or claim arising out of or in connection with any
provision of this Agreement will be finally settled by binding arbitration in San Diego County,
California, in accordance with the commercial arbitration rules of the American Arbitration
Association by one arbitrator appointed in accordance with said rules. The arbitrator shall apply
California law, without reference to rules of conflicts of law or rules of statutory arbitration,
to the substantive resolution of any dispute. Judgment on the award rendered by the arbitrator may
be entered in any court having jurisdiction thereof. Notwithstanding the foregoing, the parties
may apply to any court of competent jurisdiction for preliminary or interim equitable relief, or to
compel arbitration in accordance with this paragraph, without breach of this arbitration provision.

          (e) Advice of Counsel. EACH PARTY ACKNOWLEDGES THAT, IN EXECUTING THIS AGREEMENT,
SUCH PARTY HAS HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND HAS READ
AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT SHALL NOT BE
CONSTRUED AGAINST EITHER PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF.

	 	 	 	 	 	 	 
	 	 	THE IMMUNE RESPONSE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Michael K. Green
 

Michael K. Green
	 	 
	 

	 	 	 	Chief Operating Officer and	 	 
	 

	 	 	 	Chief Financial Officer	 	 

	 	 	 	 	 	 	 
	 	 	ORCHESTRA PARTNERS, LLC	 	 
	 
	 	 	 	 	 	 
	

	 

	 	By:
	 	/s/ David Hochman

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