Document:

Execution Version

 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF
ANY STATE AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR,
IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS
EXEMPT FROM SUCH REGISTRATION.

 

WARRANT TO PURCHASE STOCK

 

	Company:	ADMA BIOLOGICS, INC., a Delaware corporation
	Number of Shares:	250,000
	Type/Series of Stock:	Common stock, $0.0001 par value per share (“Common Stock”)
	Exercise Price:	A per share dollar amount equal to $4.64.
	Issue Date:	May 3, 2019. 
	Expiration Date:	May 3, 2029. See also Section 6.1.
	Credit Agreement:	This Warrant to Purchase Common Stock (“Warrant”) is issued in connection with that certain Credit Agreement and Guarantee dated as of February 11, 2019, as amended by Amendment No. 1 to Credit Agreement and Guaranty, dated as of May 3, 2019 (together, the “Credit Agreement”), among the Lenders from time to time party thereto, the Company, certain Subsidiaries of the Company from time to time party thereto, and Perceptive Credit Holdings II, LP, as Administrative Agent for the Lenders.

 

THIS WARRANT CERTIFIES
THAT, for good and valuable consideration, Perceptive Credit Holdings II, LP (“Initial Holder” and, together
with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”)
is entitled to purchase the number of fully paid and non-assessable shares (the “Shares”) of Common Stock (the
“Class”) of ADMA Biologics, Inc. (the “Company”) at the above-stated Exercise Price, all
as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions
set forth in this Warrant.

 

Unless otherwise defined,
capitalized terms used herein have the meanings set forth in the Credit Agreement, as in effect on the date hereof.

 

SECTION
1.      EXERCISE.

 

1.1             
Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering
to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached
hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section
1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable
to the Company for the aggregate Exercise Price for the Shares being purchased.

 

     

     

    

 

1.2             
Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Exercise Price in the manner
as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect
to receive Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised. Thereupon,
the Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula:

 

	 	 	X =  	Y(A-B)/A
	 	 	 	 
	 	where:	 	 
	 	 	 	 
	 	 	X =	the number of Shares to be issued to the Holder;
	 	 	 	 
	 	 	Y=	the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Exercise Price);
	 	 	 	 
	 	 	A =	the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and 
	 	 	 	 
	 	 	B =	the Exercise Price.

 

1.3             
Fair Market Value. If the Company’s Common Stock is then traded or quoted on a nationally recognized securities
exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”) and the Class is Common
Stock, the fair market value of a Share shall be the closing price or last sale price of a share of Common Stock reported for the
Business Day (as defined below) immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise
to the Company. If the Company’s Common Stock is not traded in a Trading Market, the Board of Directors of the Company shall
determine the fair market value of a Share in its reasonable good faith judgment, subject to Section 6.12(a) below.

 

1.4             
Delivery of Certificate and New Warrant. Within four (4) Business Days after Holder exercises this Warrant in the
manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the
Shares issued to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant
of like tenor and having the same terms as set forth herein (as in effect at such time) representing the Shares remaining to be
issued upon further exercise hereof.

 

1.5             
Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of a customary indemnity agreement reasonably
satisfactory in form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company
for cancellation, the Company shall, within four (4) Business Days, execute and deliver to Holder, in lieu of this Warrant, a new
warrant of like tenor and amount and having the same terms as set forth herein (as in effect at such time).

 

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1.6             
Treatment of Warrant Upon Acquisition of Company.

 

(a)               
Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series of
related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of
the consolidated assets of the Company (ii) any merger or consolidation of the Company into or with another Person (other than
a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization,
in which the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or reorganization,
own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately
after such merger, consolidation or reorganization (or, if such Company stockholders beneficially own a majority of the outstanding
voting power of the surviving or successor entity as of immediately after such merger, consolidation or reorganization, such surviving
or successor entity is not the Company); or (iii) any sale or other transfer by the stockholders of the Company of shares
representing at least a majority of the Company’s then-total outstanding combined voting power other than (x) open market
sales or (y) any distribution by a stockholder of its share to its partners, stockholders or stakeholders.

 

(b)              
Treatment of Warrant at Acquisition. In the event of an Acquisition prior to the Expiration Date in which the consideration
to be received by the Company’s stockholders consists solely of cash, solely of Marketable Securities (as defined below)
or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), unless the Holder otherwise
notifies the Company in writing this Warrant shall automatically and without need of any action or notice by the Holder or any
other Person be deemed to have been exercised in full pursuant to Section 1.2 on the date immediately preceding the date
the Cash/Public Acquisition is consummated.

 

(c)               
The Company shall provide Holder with prior written notice of any Cash/Public Acquisition (together with such reasonable
information as Holder may reasonably request regarding the Cash/Public Acquisition or the treatment of this Warrant in connection
with such contemplated Cash/Public Acquisition giving rise to such notice), which notice shall be delivered to Holder not less
than seven (7) Business Days prior to the closing of the proposed Cash/Public Acquisition. Not less than two (2) Business Days
prior to the consummation of any Cash/Public Acquisition the Company shall notify the Holder in writing (and in reasonable detail)
of the number of Shares (or such other securities) that will be issued to the Holder, assuming exercise of this Warrant in full
in connection with such Cash/Public Acquisition.

 

(d)              
Upon the closing of any Acquisition other than a Cash/Public Acquisition defined above, the acquiring, surviving or successor
entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or
other property as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such
Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance
with the provisions of this Warrant.

 

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(e)               
As used in this Warrant, “Marketable Securities” means securities meeting all of the following requirements:
(i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and is then current in its filing of all required reports and
other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer
that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing
thereof is then traded on a Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted
from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition
were Holder to exercise or convert this Warrant in full on or prior to the closing of such Acquisition, except to the extent that
any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond
six (6) months from the closing of such Acquisition to the extent such restrictions may be lifted at such time under the applicable
federal or state securities laws, rules or regulations.

 

1.7             
Automatic Cashless Exercise. To the extent this Warrant has not been exercised in full by the Holder prior to the
Expiration Date, any portion of this Warrant that remains unexercised on such date shall be deemed to have been exercised automatically
pursuant to Section 1.2 hereof, in whole (and not in part), on the Business Day immediately preceding the Expiration Date;
provided that, notwithstanding the foregoing, unless the Holder otherwise elects in writing, no such automatic exercise
shall occur in the event that the fair market value on the trading day immediately preceding the Expiration Date is less than the
Exercise Price.

 

SECTION
2.      ADJUSTMENTS
TO THE SHARES AND EXERCISE PRICE.

 

2.1             
Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares
of the Class payable in Common Stock or other securities or property (including cash), then upon exercise of this Warrant, for
each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and property
which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If
the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater number of shares, the
number of Shares purchasable hereunder shall be proportionately increased and the Exercise Price shall be proportionately decreased.
If the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser number of
shares, the Exercise Price shall be proportionately increased and the number of Shares shall be proportionately decreased.

 

2.2             
Reclassification, Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of
the Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different
class and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the number, class
and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation
of such event, and subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant.
The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations substitutions,
replacements or other similar events.

 

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2.3             
[Reserved].

 

2.4             
No Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares
to be issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant,
the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional
interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the
then-effective Exercise Price.

 

2.5             
Notice/Certificate as to Adjustments. The Company shall provide the Holder with prompt prior written notice of any
adjustment event. Upon giving effect to any adjustment of the Exercise Price, Class and/or number of Shares, the Company, at the
Company’s expense, shall, not later than four (4) Business Days following the occurrence of such event, notify the Holder
in writing, which notice shall set forth (in reasonable detail) the reason for and effect of the adjustments to the Exercise Price,
Class and/or number of Shares, as the case may be, and the facts upon which such adjustment is based. Such written notification
shall include a certificate of the Company’s Chief Financial Officer, including computations of such adjustment and the Exercise
Price, Class and number of Shares in effect upon the date of such adjustment.

 

SECTION
3.      REPRESENTATIONS
AND COVENANTS OF THE COMPANY.

 

3.1             
Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows:

 

(a)               
All Shares which may be issued upon the proper exercise of this Warrant in accordance with the terms contained herein shall,
upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any Liens except for restrictions
on transfer provided for herein or under applicable federal and state securities laws. The Company covenants that it shall at all
times cause to be reserved and kept available out of its authorized and unissued capital stock such number of shares of the Class,
Common Stock and other securities as will be sufficient to permit the exercise in full of this Warrant and the conversion of the
Shares into Common Stock or such other securities.

 

3.2             
Notice of Certain Events. If the Company proposes at any time to:

 

(a)               
declare any dividend or distribution upon the outstanding shares of common stock, whether in cash, property, stock, or other
securities and whether or not a regular cash dividend;

 

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(b)               offer
for subscription or sale pro rata to the holders of the outstanding shares of the Company’s common stock (other than pursuant
to contractual pre-emptive rights);

 

(c)               effect
any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of common
stock; or

 

(d)               effect an Acquisition or to liquidate, dissolve or wind up;

 

then, in connection with each such event,
the Company shall give Holder:

 

(1)              
at least seven (7) Business Days prior written notice of the date on which a record will be taken for such dividend, distribution,
or subscription rights (and specifying the date on which the holders of outstanding shares of the Class will be entitled thereto)
or for determining rights to vote, if any, in respect of the matters referred to in (a) and (b) above;

 

(2)              
in the case of the matters referred to in (c) and (d) above at least seven (7) Business Days prior written notice of the
date when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be entitled
to exchange their shares for the securities or other property deliverable upon the occurrence of such event).

 

In the case of any matters referred to
in (a), (b), (c) or (d) above, the Company will also provide information reasonably requested by Holder in respect of any such
matter, including information that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting
requirements.

 

Provided the Company remains subject to
the reporting obligations of the Exchange Act, the notice provisions set forth in this Section 3.2 shall terminate at such time
as the Company no longer has substantially similar notice obligations under any other warrant, option or similar instrument or
agreement thereto.

 

SECTION
4.      REPRESENTATIONS,
WARRANTIES OF THE HOLDER.

 

The Holder represents
and warrants to the Company as follows:

 

4.1             
Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder
are being acquired for investment for Holder’s account, not as a nominee or agent, and not with a current view to the public
resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose
of acquiring this Warrant or the Shares.

 

4.2             
Disclosure of Information. Holder is aware of the Company’s business affairs and financial condition and has
received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision
with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions
and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities
and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable
effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

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4.3             
Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves
substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that
Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such
knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment
in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain
of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business
acumen and financial circumstances of such persons.

 

4.4             
Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated
under the Act.

 

4.5              The
Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under the
Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of
the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon any
exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities
laws, or unless exemption from such registration and qualification are otherwise available. Holder is aware of the provisions
of Rule 144 promulgated under the Act.

 

4.6             
No Voting Rights. Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of this
Warrant.

 

SECTION
5.      REGISTRATION
RIGHTS AND COVENANTS OF THE COMPANY.

 

5.1             
Registration. In the event that the Company files a registration statement (a “Registration Statement”)
with the Securities and Exchange Commission covering the sale of its shares of Common Stock (other than a registration statement
on Form S-4 or S-8, or on another form, or in another context, in which such “piggyback” registration would be inappropriate),
then, with respect to any or all Shares which have been issued upon exercise hereof, Holder shall have the right to require the
Company to register the resale of the Shares on such Registration Statement to the extent the Company does not maintain an effective
registration statement for the Shares. Notwithstanding the foregoing, the registration rights contained in this Section 5.1
shall not be effective more than seven (7) years from the effective date of the Registration Statement in accordance with FINRA
Rule 5110(f) (2)(G)(v).

 

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5.2             
Suspension. The Company may by written notice to Holder immediately suspend the use of any resale prospectus for
a period not to exceed 60 consecutive days in any one instance or 120 calendar days in total, in either case in any 12-month period
(each, a “Suspension Period”) at any time that (i) the Company becomes engaged in a business activity or negotiation
or any other event has occurred or is anticipated which is not disclosed in that prospectus which the Company reasonably believes
should be disclosed therein under applicable law and which the Company desires to keep confidential for business purposes or (ii)
the Company determines that a particular disclosure so determined to be required to be disclosed therein be premature or would
adversely affect the Company or its business or prospects. The Company will use its commercially reasonable efforts to ensure that
the use of the Registration Statement may be resumed as soon as practicable.

 

5.3             
Costs and Expenses. The Company shall pay all expenses payable in connection with the preparation, issuance and delivery
of certificates for the Shares and any new Warrants, except that if the certificates for the Shares or the new Warrants are to
be registered in a name or names of a Person other than the name of the Holder or one of its Affiliates, funds sufficient to pay
all transfer taxes payable as a result of such transfer shall be paid by the Holder at the time of its delivery of the Notice of
Exercise or promptly upon receipt of a written request by the Company for payment. The Company shall bear all costs and expenses
associated with the registration of the Shares as specified in this Section 5 and the preparation and filing of the Registration
Statement, including, without limitation, all printing expenses, legal fees and disbursement of the Company’s outside counsel,
commissions, NASDAQ and blue sky registration filing fees and transfer agents’ and registrars’ fees, but not including
underwriting commissions or similar charges and legal fees and disbursements of counsel to Holder.

 

5.4             
Covenants.  The Company covenants and agrees that:

 

(a)               
Securities Filings; Rules 144 & 144A.  The Company will use commercially reasonable efforts to (i) file
any reports required to be filed by it under the Securities Act, the Exchange Act or the rules and regulations adopted by the Securities
and Exchange Commission (the “Commission”) thereunder, (ii) cooperate with the Holder and each holder of Shares
in supplying such information concerning the Company as may be necessary for the Holder or holder of Shares to complete and file
any information reporting forms currently or hereafter required by the Commission as a condition to the availability of an exemption
from the Securities Act for the sale of this Warrant or Shares issued upon exercise hereof, and (iii) take such further action
as the Holder may reasonably request to the extent required from time to time to enable the Holder to sell Shares without registration
under the Securities Act within the limitation of the exemptions provided by Rule 144 or 144A under the Securities Act, as
such Rules may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission.

 

(b)              
Obtaining of Governmental Approvals and Stock Exchange Listings.  The Company will use commercially reasonable
efforts to (i) obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities
which may from time to time be required of the Company in order to satisfy its obligations hereunder, and (ii) take all action
which may reasonably be necessary so that the Shares issued upon exercise hereof, immediately upon their issuance upon the exercise
of this Warrant, will be listed on each securities exchange, if any, on which such Shares are then listed.

 

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(c)               
Structural Dilution. In the event the Credit Agreement is no longer in full force and effect, so long as this Warrant
remains outstanding the Company shall not permit any of its Subsidiaries to issue, sell, distribute or otherwise grant in any manner
(including by assumption) any rights to subscribe for or to purchase, or any warrants or options for the purchase of any equity
securities of such Subsidiary or any securities convertible into or exchangeable for such equity securities (or any rights to subscribe
for or to purchase, or any warrants or options for the purchase of any such convertible or exchangeable securities), whether or
not immediately exercisable or exercisable prior to the Expiration Date or thereafter; provided, however, that the foregoing shall
not prohibit the Company from forming a Subsidiary after the Issue Date while the Credit Agreement is in effect if such formation
and any Investments in such Subsidiary comply with the terms of the Credit Agreement.

 

(d)              
Ownership Cap. The Company shall not knowingly effect the exercise of this Warrant, and the Holder shall not have
the right to exercise this Warrant to the extent that, after giving effect to such exercise, the Holder (together with its Affiliates)
would beneficially own in excess of 9.99% (the “Maximum Percentage”) of the voting Shares outstanding immediately
after giving effect to such exercise.  For purposes of the foregoing sentence, the aggregate number of Shares beneficially
owned by the Holder and its Affiliates shall include the number of Shares issuable upon exercise of this Warrant with respect to
which the determination of such sentence is being made, but shall exclude Shares which would be issuable upon (i) exercise of the
remaining, unexercised portion of this Warrant beneficially owned by the Holder and its Affiliates and (ii) exercise or conversion
of the unexercised or unconverted portion of any other securities of the Company beneficially owned by the Holder and its Affiliates
(including, without limitation, any convertible notes or convertible shares or warrants) subject to a limitation on conversion
or exercise analogous to the limitation contained herein.  Except as set forth in the preceding sentence, for purposes of
this Section 5.4(d), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act. For
purposes of this Warrant, in determining the number of outstanding Shares, the Holder of this Warrant may rely on the number of
outstanding Shares as reflected in the most recent of (i) the Company’s Form 10-K, Form 10-Q or other public filing with
the Commission, as the case may be, (ii) a more recent public announcement by the Company or (iii) any other notice by the Company
or its transfer agent setting forth the number of Shares outstanding.  Upon the written request of the Holder, the Company
shall, within fifteen (15) Business Days, confirm to the Holder the number of Shares then outstanding. Furthermore, upon the written
request of the Company, the Holder shall confirm to the Company its then current beneficial ownership with respect to the Company’s
Shares.

 

SECTION
6.      MISCELLANEOUS.

 

6.1             
Term. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any
time and from time to time on or before 6:00 PM, Eastern time, on the Expiration Date and shall be void thereafter.

 

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6.2             
Legends. Each certificate evidencing Shares (and each certificate evidencing the securities issued upon conversion
of any Shares, if any) shall be imprinted with a customary applicable legend as reasonably determined by the Company, unless, in
the written opinion of counsel selected by the Holder (who may be an employee of such Holder), which counsel and opinion shall
be reasonably acceptable to the Company, the Shares need no longer be subject to restrictions on resale under the Securities Act,
in which event, upon the request of such Holder, the Company shall issue replacement certificates for such Shares that do not bear
a legend.

 

6.3             
Compliance with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise of this Warrant (and
the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole
or in part except with respect to transfers and assignments to Affiliates of the Holder or otherwise in compliance with applicable
federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment
representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company).

 

6.4             
Transfer Procedure. After receipt by Initial Holder of the executed Warrant, Initial Holder may transfer all or part
of this Warrant to one or more of Initial Holder’s affiliates (each, an “Initial Holder Affiliate”), by
execution of an Assignment substantially in the form of Appendix 2. Subject to the provisions of Section 6.3 and upon providing
the Company with written notice, Initial Holder, any such Initial Holder Affiliate and any subsequent Holder, may transfer all
or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the Shares issuable directly or indirectly, upon
conversion of the Shares, if any) to any other transferee, provided, however, in connection with any such transfer,
the Initial Holder Affiliate(s) or any subsequent Holder will give the Company notice of the portion of the Warrant being transferred
with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company
for reissuance to the transferee(s) (and Holder if applicable).

 

6.5             
Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed
delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered
or certified mail, postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed
in writing by the recipient, or (iv) on the first (1st) Business Day following delivery to a reliable overnight courier service,
courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing
by the Company or such Holder from time to time in accordance with the provisions of this Section 6.5. All notices to Holder shall
be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise:

 

Perceptive Credit Holdings II, LP

51 Astor Place, 10th Floor

New York, NY 10003

Attn: Sandeep Dixit

Email: sandeep@perceptivelife.com

 

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

 

Morrison & Foerster LLP

250 West 55th Street

New York, NY 10019

Attn: Mark Wojciechowski

Email: mwojciechowski@mofo.com

 

Notice to the Company
shall be addressed as follows until Holder receives notice of a change in address:

 

ADMA Biologics, Inc.

465 Route 17 South

Ramsey, NJ 07446

Attn: Adam Grossman, President and Chief Executive Officer

Fax: (201) 478-5553

Email: agrossman@admabio.com

 

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

 

DLA Piper LLP (US)

51 JFK Parkway, Suite 120

Short Hills, NJ 07078

Attn: David C. Schwartz, Esq.

Fax: (973) 520-2575

Email: david.schwartz@dlapiper.com

 

6.6             
Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in
a particular instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which
enforcement of such change, waiver, discharge or termination is sought.

 

6.7             
Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this
Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute,
including reasonable attorneys’ fees. All other costs and expenses relating to this Warrant or any replacements or supplements
shall be payable as provided pursuant to Section 14.03 of the Credit Agreement.

 

6.8             
Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together
shall constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the
same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

 

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6.9            Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New York,
without giving effect to its principles regarding conflicts of law.

 

6.10         
Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect
the meaning of any provision of this Warrant.

 

6.11         
Business Days. “Business Day” means any day that is not a Saturday, Sunday or any other day on
which commercial banks located in New York, New York are authorized or required by law to be closed for business.

 

6.12         
Disputes and Other Actions Affecting Shares or this Warrant.  The parties hereto agree as follows:

 

(a)               
Disputes.  In the event of any dispute which arises between the Holder and the Company (including the Board
of Directors of the Company) with respect to the calculation of the adjusted Exercise Price or the number of Shares issuable upon
exercise that is not resolved by the parties after good faith discussions and efforts to reach resolution, upon the request of
the Holder the disputed issue(s) shall be submitted to a firm of independent investment bankers or public accountants of recognized
national standing, which (i) shall be chosen by the Company and be reasonably satisfactory to the Holder and (ii) shall be completely
independent of the Company (an “Independent Advisor”), for determination, and such determination by the Independent
Advisor shall be binding upon the Company and the Holder with respect to this Warrant or any Shares issued in connection herewith,
as the case may be, absent manifest error. Costs and expenses of the Independent Advisor shall be shared 50/50 by the Company and
the Holder.

 

(b)              
Equitable Equivalent.  In case any event shall occur as to which the provisions of Section 2 above are
not strictly applicable but the failure to make any adjustment would not, in the reasonable, good faith opinion of the Holder,
fairly protect the rights and benefits of the Holder represented by this Warrant in accordance with the essential intent and principles
of Section 2, then, in any such case, at the request of the Holder, the Company shall submit the matter and issues raised
by the Holder to an Independent Advisor, which shall give its opinion upon the adjustment, if any, on a basis consistent with the
essential intent and principles established in Section 2, to the extent necessary to preserve, without dilution, the rights
and benefits represented by this Warrant.  Upon receipt of such opinion, the Company will promptly mail a copy thereof to
the Holder and shall make the adjustments described therein, if any.  Costs and expenses of the Independent Advisor shall
be shared 50/50 by the Company and the Holder.

 

6.13         
No Avoidance. The Company shall not, by way of amendment of its certificate of incorporation or by-laws, by way of
contract or other agreement, or through any consolidation, merger, reorganization, transfer of assets, dissolution, issue or sale
of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Holder against dilution or other impairment as if the Holder was
a shareholder of the Company entitled to the benefit of fiduciary duties afforded to shareholders under Delaware law.

 

[Remainder of page intentionally left blank;
signature page follows]

 

    12 

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Warrant to Purchase Common Stock to be executed by their duly authorized representatives effective
as of the Issue Date written above.

 

	 	ADMA BIOLOGICS, INC.
	 	 
	 	By:/s/ Brian Lenz 

       Name: Brian Lenz

       Title: Executive Vice President and CFO

 

 

[Signature Page – Warrant
(May 2019)]

 

     

     

    

 

	 	PERCEPTIVE CREDIT HOLDINGS II, LP
	 	 
	 	By:Perceptive Credit Opportunities GP, LLC,

                                           its general partner

	 	 
	 	 
	 	By:/s/ Sandeep Dixit

       Name: Sandeep Dixit

       Title: Chief Credit Officer
	 	 
	 	 
	 	By:/s/ Sam Chawla

       Name: Sam Chawla

       Title: Portfolio Manager

 

 

[Signature Page – Warrant
(May 2019)]

 

     

     

    

 

APPENDIX 1 

NOTICE OF EXERCISE

 

1.       The
undersigned Holder hereby exercises its right to purchase ___ shares of the Common Stock of ADMA BIOLOGICS, INC. (the “Company”)
in accordance with the attached Warrant To Purchase Common Stock, and tenders payment of the aggregate Exercise Price for such
shares as follows [circle one]:

 

☐Check in
the amount of $_____ payable to order of the Company enclosed herewith

 

☐Wire transfer
of immediately available funds to the Company’s account

 

☐Cashless
Exercise pursuant to Section 1.2 of the Warrant

 

☐Other [Describe]
_______________________________________

 

2.       Please
issue a certificate or certificates representing the Shares in the name specified below:

 

____________________________________________

Holder’s Name

 

____________________________________________

 

____________________________________________

(Address)

 

	 	HOLDER:
	 	 
	 	By: __________________________
	 	Name: ________________________
	 	Title _________________________
	 	Date:

 

     

     

    

 

APPENDIX 2 

ASSIGNMENT

 

For value received,
the undersigned hereby sells, assigns and transfers unto

 

	 	Name: [TRANSFEREE]	 
	 	Address: ___________________________	 
	 	Tax ID _____________________________	 

 

that certain Warrant to Purchase Common
Stock issued by ADMA Biologics, Inc. (the “Company”), on [DATE] (the “Warrant”) together
with all rights, title and interest therein.

 

	 	[HOLDER]
	 	 
	 	By: _________________________
	 	Name: _______________________
	 	Title ________________________

 

Date: _________________

 

By its execution below, and for the benefit
of the Company, [TRANSFEREE] makes each of the representations and warranties set forth in Section 4 of the Warrant and
agrees to all other provisions of the Warrant as of the date hereof.

 

	 	[TRANSFEREE]
	 	 
	 	By: _________________________
	 	Name: _______________________
	 	Title ________________________Execution Version

  

AMENDMENT NO. 1 TO CREDIT AGREEMENT AND
GUARANTY

 

This AMENDMENT NO.
1 TO CREDIT AGREEMENT AND GUARANTY, dated as of May 3, 2019 (this “Amendment”), is among ADMA Biologics,
Inc., a Delaware corporation (the “Borrower”), the Lenders party hereto (the “Lenders”),
Perceptive Credit Holdings II, LP, a Delaware limited partnership, as administrative agent (in such capacity, together with its
successors and assigns, “Administrative Agent”). Reference is made to the Credit Agreement and Guaranty,
dated as of February 11, 2019 (as amended or otherwise modified, the “Credit Agreement”), among the Borrower,
the Guarantors party thereto, the Lenders party thereto and the Administrative Agent. Capitalized terms used herein without definition
shall have the same meanings as set forth in the Credit Agreement, as amended by this Amendment.

 

RECITALS

 

WHEREAS, the
Borrower has requested that the Lenders and the Administrative Agent amend the Credit Agreement in order to, among other things,
provide an additional tranche of senior, secured, delayed-draw term loans in an aggregate principal amount of $12,500,000; and

 

WHEREAS, subject
to the terms and conditions hereof, the Lenders party hereto and the Administrative Agent are willing to agree to such amendments
and other modifications.

 

NOW, THEREFORE,
in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

SECTION
1.    AMENDMENTS.

 

A.         
The second paragraph of the preamble of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

WHEREAS,
the Borrower has requested that the Lenders provide a senior secured term loan facility to the Borrower in an aggregate principal
amount of $85,000,000 (with up to $45,000,000 to be available on the Closing Date, up to $27,500,000 to be available on the Delayed
Draw Date and up to $12,500,000 to be available on the Tranche 3 Borrowing Date, in each case, subject to the terms and conditions
set forth herein); and

 

B.          
Each of the following definitions in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety
as follows:

 

“Borrowing”
means, as the context may require, (i) the borrowing of the Initial Loan on the Closing Date, (ii) the borrowing of the Delayed
Draw Loan on the Delayed Draw Date or (iii) the borrowing of the Tranche 3 Loan on the Tranche 3 Borrowing Date.

 

“Borrowing
Date” means, as the context may require, (i) with respect to the Initial Loan, the Closing Date, (ii) with respect
to the Delayed Draw Loan, the Delayed Draw Date or (iii) with respect to the Tranche 3 Loan, the Tranche 3 Borrowing Date.

 

     

     

    

 

“Commitment”
means, with respect to each Lender, the obligation of such Lender to make Loans to the Borrower in accordance with the terms and
conditions of this Agreement, which commitment is in the amount set forth opposite such Lender’s name on Schedule 1
under the caption “Commitment”, as such Schedule may be amended from time to time pursuant to an Assignment and Assumption
or otherwise. The aggregate Commitment amount on the Amendment No. 1 Effective Date equal $85,000,000.

 

“Loan
Documents” means, collectively, this Agreement, the Notes, the Security Documents, the Warrant, the Tranche 3 Warrant,
the Fee Letter, any Guarantee Assumption Agreement, the Intercompany Subordination Agreement, the Intercreditor Agreement, and
any other subordination agreement, intercreditor agreement or other present or future document, instrument, agreement, certificate
or other amendment, waiver or modification of a Loan Document delivered to the Administrative Agent or any Lender in connection
with this Agreement or any of the other Loan Documents, in each case, as amended or otherwise modified.

 

“Warrant
Obligations” means all Obligations of Borrower arising out of, under or in connection with the Warrant or the Tranche
3 Warrant.

 

C.         
 The following definitions are added to Section 1.01 of the Credit Agreement in appropriate alphabetical order:

 

“Amendment
No. 1” means Amendment No. 1 to Credit Agreement and Guaranty, dated as of May 3, 2019, among the Borrower, the Lenders
party thereto and the Administrative Agent.

 

“Amendment
No. 1 Effective Date” means May 3, 2019.

 

“Tranche 3
Borrowing Date Certificate” has the meaning set forth in Section 6.03(b).

 

“Tranche
3 Borrowing Date” means the Business Day on which the Tranche 3 Loan hereunder is made, which shall be (x) no sooner
than the date on which each of the conditions precedent set forth in Section 6.03 shall have been satisfied and (y) no later
than March 31, 2020.

 

“Tranche 3
Loan” means the term loan made by the Lenders on the Tranche 3 Borrowing Date in an aggregate principal amount not
to exceed $12,500,000.

 

“Tranche
3 Warrant” means that certain Warrant, dated as of May 3, 2019 and delivered pursuant to Section 3 of Amendment No.
1, as amended, replaced or otherwise modified pursuant to the terms thereof.

 

D.         
 Section 2.01 of the Credit Agreement is hereby amended by (1) re-designating clauses (c) and (d) as clauses (d) and
(e), respectively, and (2) adding a new clause (c) to read as follows:

 

    2 

     

    

 

(c)        On
the terms and subject to the conditions of this Agreement, the Lenders agree to make the Tranche 3 Loan to the Borrower in
a single Borrowing on the Tranche 3 Borrowing Date, in a principal amount equal to such Lender’s Proportionate Share of $12,500,000;
provided that, after the Tranche 3 Borrowing Date, each Lender’s Commitment with respect to the Tranche 3 Loan shall
automatically terminate.

 

E.          
Section 2.02 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

The Borrower shall deliver to
the Administrative Agent an irrevocable Borrowing Notice (x) for the Borrowing of the Initial Loan, at least three (3) (but not
more than five (5)) Business Days prior to the Closing Date and (y) for the Borrowing of either the Delayed Draw Loan or the Tranche
3 Loan, at least five (5) Business Days prior to the proposed Borrowing Date therefor (which notice, if received by the Administrative
Agent on a day that is not a Business Day or after 10:00 A.M. (Eastern time) on a Business Day, shall be deemed to have been delivered
on the next Business Day).

 

F.          
Section 6 of the Credit Agreement is hereby amended by adding a new Section 6.03 to read as follows:

 

6.03        Conditions
to the Borrowing of the Tranche 3 Loan. The obligation of each Lender to make its Tranche 3 Loan on the Tranche 3 Closing
Date shall be subject to the (i) prior making of both the Initial Loan on the Closing Date and the Delayed Draw Loan on the Delayed
Draw Date, (ii) the delivery of a Borrowing Notice as required pursuant to Section 2.02(a), and (iii) the prior or
concurrent satisfaction of each of the conditions precedent set forth below in this Section 6.03.

 

(a)        Secretary’s
Certificate, Etc. The Administrative Agent shall have received from each Obligor (x) a copy of a good standing certificate,
dated a date reasonably close to the Tranche 3 Borrowing Date, for each such Person and (y) a certificate, dated as of the
Tranche 3 Borrowing Date, duly executed and delivered by such Person’s secretary or assistant secretary, managing member,
general partner or equivalent, as to:

 

(i)        resolutions
of each such Person’s Board then in full force and effect authorizing the execution, delivery and performance of each Loan
Document to be executed by such Person and the Transactions (or confirming that the resolutions executed on the Closing Date or
the Delayed Draw Date remain in effect);

 

(ii)       the
incumbency and signatures of each Responsible Officer authorized execute and deliver each Loan Document to be executed by such
Person (or confirming that the incumbency and signatures executed on the Closing Date or the Delayed Draw Date remain in effect);
and

 

    3 

     

    

 

(iii)       the
full force and validity of each Organic Document of such Person and copies thereof (or confirming that the Organic Documents certified
to as of the Closing Date or the Delayed Draw Date remain in effect);

 

upon which certificates shall be
in form and substance reasonably satisfactory to the Administrative Agent and upon which the Administrative Agent and the Lenders
may conclusively rely until they shall have received a further certificate of the secretary, assistant secretary, managing member,
general partner or equivalent of any such Person cancelling or amending the prior certificate of such Person.

 

(b)        Tranche
3 Borrowing Date Certificate. The following statements shall be true and correct, and the Administrative Agent shall have received
a certificate, dated as of the Tranche 3 Borrowing Date and in form and substance reasonably satisfactory to the Administrative
Agent (the “Tranche 3 Borrowing Date Certificate”), duly executed and delivered by a Responsible Officer
of the Borrower, certifying that: (i) both immediately before and after giving effect to the Borrowing on the Tranche 3 Borrowing
Date, (x) the representations and warranties set forth in each Loan Document that are qualified by materiality, Material Adverse
Effect or the like are, in each case, true and correct, (y) the representations and warranties set forth in each Loan Document
that are not qualified by materiality, Material Adverse Effect or the like are, in each case, true and correct in all material
respects, and (z) no Default has occurred and is continuing, or could reasonably be expected to result from the making of the Loans
being advanced, or the consummation of any Transactions contemplated to occur, on the Tranche 3 Borrowing Date, and (ii) all of
the conditions set forth in this Section 6.03 have been satisfied (except to the extent waived in writing by the Administrative
Agent). All documents and agreements required to be appended to the Tranche 3 Borrowing Date Certificate, if any, shall be in form
and substance reasonably satisfactory to the Administrative Agent, shall have been executed and delivered by the requisite parties,
and shall be in full force and effect.

 

(c)       Delivery
of Notes. The Administrative Agent shall have received for each Lender a Note evidencing such Lender’s Tranche 3 Loan
duly executed and delivered by a Responsible Officer of the Borrower.

 

(d)       Minimum
Liquidity Compliance. The Administrative Agent shall have received evidence satisfactory to it that, both immediately before
and after giving effect to the Borrowing on the Tranche 3 Borrowing Date, the Borrower is in compliance with the covenant set forth
in Section 10.01.

 

(e)       FDA
Approval. The Borrower shall have obtained FDA approval of the BIVIGAM Prior Approval Supplement, and the Administrative Agent
shall have received evidence satisfactory to it of such approval.

 

(f)        Fees,
Expenses, Etc. The Administrative Agent shall have received for its account and the account of each Lender, all fees, costs
and expenses due and payable to them pursuant to the Proposal Letter, the Fee Letter and Section 14.03.

 

    4 

     

    

 

(g)       Material
Adverse Change. No Material Adverse Change shall have occurred since December 31, 2018.

 

G.         
Schedule 1 to the Credit Agreement is hereby amended and restated in its entirety as Exhibit A hereto.

 

SECTION
2.    ACKNOWLEDGEMENT,
AGREEMENT AND CONSENT AND REPRESENTATIONS AND WARRANTIES.

 

A.           Each
Obligor confirms and agrees that, notwithstanding the effectiveness of this Amendment, the obligations of such Obligor under each
Loan Documents to which such Obligor is a party shall not be impaired and each Loan Document to which such Obligor is a party
is, and shall continue to be, in full force and effect and is hereby confirmed and ratified in all respects.

 

B.          
Each Obligor hereby acknowledges and agrees that the Guaranteed Obligations will include all Obligations under, and
as defined in, the Credit Agreement as amended by this Amendment.

 

C.            Each
Subsidiary Guarantor acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in this Amendment,
such Subsidiary Guarantor is not required by the terms of the Credit Agreement or any other Loan Document to consent to the amendments
to the Credit Agreement effected pursuant to this Amendment and (ii) nothing in the Credit Agreement, this Amendment or any other
Loan Document shall be deemed to require the consent of such Subsidiary Guarantor to any future amendments to the Credit Agreement.

 

D.             In
order to induce the Administrative Agent and the Lenders to enter into this Amendment, each Obligor represents and warrants to
the Administrative Agent and the Lenders that the following statements are true, correct and complete:

 

(i) such Obligor has full power, authority and legal right to enter into this Amendment and perform its obligations under this
Amendment and each Loan Document as amended hereby or thereby;

 

(ii) the transactions contemplated by this Amendment are within such Obligor’s corporate powers and have been duly authorized
by all necessary corporate and, if required, by all necessary holders of Equity Interests. This Amendment has been duly executed
and delivered by such Obligor and constitutes a legal, valid and binding obligation of such Obligor, enforceable against such Obligor
in accordance with its terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium
or similar laws of general applicability affecting the enforcement of creditors’ rights and (ii) the application of general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);

 

(iii) none
of the transactions contemplated by this Amendment (1) requires any Governmental Approval of, registration or filing with, or any
other action by, any Governmental Authority or any other Person, except for such as have been obtained or made and are in full
force and effect, (2) will violate (x) any Law, (y) any Organic Document of any Obligor or any of its Subsidiaries or (z) any order
of any Governmental Authority,, (3) will violate or result in a default under any Material Agreement binding upon any Obligor or
any of its Subsidiaries that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect
or (4) will result in the creation or imposition of any Lien (other than Permitted Liens) on any asset of such Obligor or any of
its Subsidiaries; and

 

    5 

     

    

 

(iv)
both immediately before and after giving effect to this Amendment, (x) the representations and warranties set forth in this
Amendment and each other Loan Document that are qualified by materiality, Material Adverse Effect or the like shall, in each
case, be true and correct, (y) the representations and warranties set forth in this Amendment and each other Loan Document
that are not qualified by materiality, Material Adverse Effect or the like shall, in each case, be true and correct in all
material respects and (z) no Default shall have then occurred and be continuing, or would result from this Amendment or the
transaction contemplated hereby.

 

SECTION
3.    CONDITIONS
TO EFFECTIVENESS. This Amendment shall become effective only upon the satisfaction of the following conditions precedent (the
date of satisfaction of such conditions being referred to as the “Amendment Effective Date”):

 

A.           The
Obligors, the Administrative Agent and the Lenders shall have indicated their consent to this Amendment by the execution and delivery
of the signature pages hereto to the Administrative Agent.

 

B.           The
Borrowing of the Delayed Draw Loan shall have occurred and all conditions precedent thereto shall have been satisfied.

 

C.           The
Lenders shall have received (i) an officer’s certificate of each Obligor, either confirming that (x) there have been no
changes to its Organic Documents since the Delayed Draw Date, or if there have been changes to its Organic Documents since such
date, certifying as to such changes and providing copies of its Organic Documents as in effect on the Amendment Effective Date,
and (y) (1) the representations and warranties set forth in this Amendment and each other Loan Document (including the Credit
Agreement both immediately before and after giving effect to this Amendment) that are qualified by materiality, Material Adverse
Effect or the like are, in each case, true and correct, (2) the representations and warranties set forth in this Amendment and
each other Loan Document (including the Credit Agreement both immediately before and after giving effect to this Amendment) that
are not qualified by materiality, Material Adverse Effect or the like are, in each case, true and correct in all material respects
and (3) no Default has occurred and is continuing, or would result from this Amendment or the transaction contemplated hereby,
(ii) copies of resolutions of each Obligor’s Board then in full force and effect authorizing the execution, delivery
and performance of this Amendment certified by a Responsible Officer of such Obligor, (iii) a copy of a good standing certificate
of each Obligor dated a date reasonably close to the Amendment Effective Date, and (iv) an incumbency certificate from each Obligor.

 

D.         
The Administrative Agent shall have received (i) for the account of each of the Lenders, a delayed draw fee in an amount
equal to (x) the original principal amount of the Tranche 3 Loan to be made on such date multiplied by (y) 1.0%, and (ii) for its
account and the account of each Lender, all fees, costs and expenses due and payable to them pursuant to the Proposal Letter, the
Fee Letter, Section 6.03 of the Credit Agreement, as amended by this Amendment, and Section 14.03 of the Credit Agreement, including
all reasonable and documented out-of-pocket closing costs and fees and all unpaid reasonable expenses of the Administrative Agent
and the Lenders incurred in connection with this Amendment.

 

    6 

     

    

 

E.          
The Administrative Agent shall have received an executed counterpart of the Tranche 3 Warrant, which shall be in form
and substance satisfactory to the Administrative Agent.

 

SECTION
4.    POST-CLOSING
CONDITIONS. Within five (5) Business Days after the Amendment Effective Date, the Borrower and the other Obligors shall deliver
one or more opinions addressed to the Administrative Agent and the Lenders, from independent legal counsel to the Borrower and
the other Obligors, in form and substance reasonably acceptable to the Lenders.

 

SECTION
5.    MISCELLANEOUS

 

A.         
Reference to and Effect on the Loan Documents.

 

(i)                On
and after the Amendment Effective Date, each reference in any Loan Document (other than this Amendment) to the Credit Agreement
shall mean and be a reference to the Credit Agreement as amended by this Amendment.

 

(ii)              
Except as expressly amended by this Amendment, all of the representations, warranties, terms, covenants, conditions and
other provisions of the Loan Documents shall remain unchanged and shall continue to be, and shall remain, in full force and effect
in accordance with their respective terms. The amendments, consents and modifications set forth herein shall be limited precisely
as provided for herein to the provisions expressly amended herein or otherwise modified or consented to hereby and shall not be
deemed to be an amendment to, waiver of, consent to or modification of any other term or provision of the Credit Agreement or any
other Loan Document or of any transaction or further or future action on the part of any Obligor which would require the consent
of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document.

 

(iii)              The
execution, delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver
of any right, power or remedy of the Administrative Agent or any Lender under any Loan Document or applicable Law.

 

(iv)              This
Amendment shall constitute a Loan Document.

 

B.           Captions.
The captions and section headings appearing herein are included solely for convenience of reference and are not intended to affect
the interpretation of any provision of this Amendment.

 

    7 

     

    

 

C.         
Governing Law. This Amendment and the rights and obligations of the parties hereunder shall be governed by, and construed
in accordance with, the law of the State of New York, without regard to principles of conflicts of laws that would result in the
application of the laws of any other jurisdiction; provided that Section 5-1401 of the New York General Obligations Law
shall apply.

 

D.         
Counterparts. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute
one and the same instrument and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery
of an executed signature page of this Amendment by facsimile transmission or electronic transmission (in PDF format) shall be effective
as delivery of a manually executed counterpart hereof.

 

[Signature Pages Follow]

 

    8 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed and delivered by their respective officers thereunto duly authorized
as of the date first written above.

 

	 	BORROWER:
	 	 
	 	ADMA BIOLOGICS, INC.
	 	 
	 	By /s/ Brian Lenz
	 	      Name: Brian Lenz
	 	      Title: Executive Vice President and CFO
	 	 
	 	 
	 	SUBSIDIARY GUARANTORS:
	 	 
	 	ADMA BIO CENTERS GEORGIA INC.
	 	 
	 	By /s/ Brian Lenz
	 	      Name: Brian Lenz
	 	      Title: Vice President and CFO
	 	 
	 	 
	 	ADMA BIOMANUFACTURING, LLC
	 	 
	 	By /s/ Brian Lenz
	 	      Name: Brian Lenz
	 	      Title: Vice President and CFO
	 	 
	 	 
	 	ADMA PLASMA BIOLOGICS, INC.
	 	 
	 	By /s/ Brian Lenz
	 	      Name: Brian Lenz
	 	      Title: Vice President and CFO

 

     

     

    

 

PERCEPTIVE CREDIT HOLDINGS II, LP, as Administrative
Agent and Lender

 

By Perceptive Credit Opportunities GP, LLC, its
general partner

 

 

	By: /s/ Sandeep Dixit
	       Name: Sandeep Dixit
	       Title:   Chief Credit Officer
	 
	 
	By: /s/ Sam Chawla
	       Name: Sam Chawla
	       Title: Portfolio Manager

 

     

     

    

 

Exhibit A

 

Schedule 1

to Credit Agreement

 

		Commitments

 

	Lender	Commitment	Proportionate Share
	Perceptive Credit Holdings II, LP	$85,000,000	100%
	TOTAL	$85,000,000	100%

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