Document:

Exhibit 10.6

 

Global
Defense & National Security Systems, Inc.

 

AMENDED
AND RESTATED Subscription Agreement

 

This
AMENDED AND RESTATED Subscription Agreement (this “Agreement”) is made as of
the 19th day of July, 2013, by and between Global Defense & National Security Systems, Inc., a
Delaware corporation (the “Company”), and Global Defense & National Security Holdings LLC, a
Delaware limited liability company (“Purchaser”).

 

Whereas,
the Company and Purchaser desire to amend and restate in its entirety their agreement to sell and purchase shares of the Company;

 

Whereas,
the Company desires to issue and sell, and Purchaser desires to purchase and acquire, shares of common stock of the Company, par
value $0.0001 per share (the “Common Stock”), on the terms and conditions hereinafter set forth;

 

NOW, THEREFORE, for and in consideration
of the promises and mutual covenants set forth herein, it is agreed between the parties as follows:

 

1. Purchase
of Sponsor’s Shares. Purchaser hereby subscribes for and purchases from the Company, and the Company hereby issues
and sells to Purchaser, 2,003,225  shares of Common Stock (the “Sponsor’s Shares”) at a purchase price of
approximately $0.012479876 per share of Common Stock for an aggregate purchase price of
$25,000.00. 

 

2. Payment of Purchase Price. The
purchase price for the Sponsor’s Shares shall be tendered in full on the date hereof.

 

3. Redemption
of Sponsor’s Shares. If the underwriters (the “Underwriters”) in the Company’s initial public
offering (the “IPO”) do not exercise in full their over-allotment option to be granted by the Company pursuant
to an underwriting agreement by and among the Underwriters and the Company, then the Company shall redeem from Purchaser, at
a redemption price equal to approximately $0.012479876 per share of Common Stock, a number of shares of Common Stock equal to
261,290  multiplied by the percentage of the Underwriters’ over-allotment option that remains unexercised as of the
expiration date thereof.

 

4. Limitations on Transfer. Purchaser
shall not assign, hypothecate, donate, encumber or otherwise dispose of any interest in the Sponsor’s Shares during the “Escrow
Period” for the “Sponsor’s Shares” (as such terms are defined in a securities escrow agreement substantially
in the form attached hereto as Exhibit A (the “Securities Escrow Agreement”), dated on or about the effective date
of the IPO to be entered into by and between the Company and an escrow agent to be determined by the Company), except (i) as otherwise
permitted by the Securities Escrow Agreement and (ii) in compliance with applicable securities laws.

 

5. Restrictive Legends. All certificates
representing the Sponsor’s Shares (and any underlying securities thereof) shall have endorsed thereon legends in substantially
the following forms (in addition to any other legend which may be required by other agreements between the parties hereto):

 

(a) “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES
MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES
UNDER SAID ACT OR UNLESS SUCH REGISTRATION IS NOT REQUIRED IN THE OPINION OF COUNSEL FOR THE COMPANY.”

 

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(b) “THE SECURITIES REPRESENTED BY
THIS CERTIFICATE MAY NOT BE ASSIGNED, HYPOTHECATED, DONATED, ENCUMBERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE
WITH THAT CERTAIN SECURITIES ESCROW AGREEMENT DATED ____________, 2013, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION UPON REQUEST
TO THE SECRETARY OF THE COMPANY.”

 

6. No Right or Interest to the Trust
Account. Purchaser agrees not to convert any of the Sponsor’s Shares in connection with a stockholder vote to approve
a proposed initial business combination (a “Business Combination”) or in connection with a tender offer setting forth
the details of a proposed Business Combination. In the event of a liquidation prior to a Business Combination, Purchaser agrees
that the Sponsor’s Shares will not be entitled to receive funds from the trust account established by the Company (the “Trust
Account”). Under no circumstances shall the Sponsor have any right or interest of any kind in or to the Trust Account.

 

7. Investment Representations. In
connection with the purchase of the Sponsor’s Shares, Purchaser represents to the Company the following:

 

(a) Purchaser has been furnished with all
materials relating to the Company’s business affairs and financial condition and materials related to the offer and sale
of the Sponsor’s Shares that have been requested by Purchaser and has acquired sufficient information about the Company to
reach an informed and knowledgeable decision to acquire the Sponsor’s Shares. Purchaser has been afforded the opportunity
to ask questions of the executive officer and director of the Company. Purchaser understands that its investment in the Sponsor’s
Shares involves a high degree of risk. Purchaser has sought such accounting, legal and tax advice as Purchaser has considered necessary
to make an informed investment decision with respect to Purchaser’s acquisition of the Sponsor’s Shares. Purchaser
has such knowledge and expertise in financial and business matters, knows of the high degree of risk associated with investments
generally and particularly investments in the securities of companies in the development stage such as the Company, is capable
of evaluating the merits and risks of an investment in the Sponsor’s Shares, and is able to bear the economic risk of an
investment in the Sponsor’s Shares in the amount contemplated hereunder. Purchaser has adequate means of providing for its
current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized
by the investment in the Sponsor’s Shares. Purchaser can afford a complete loss of its investment in the Sponsor’s
Shares. Purchaser is purchasing the Sponsor’s Shares for investment for Purchaser’s own account only and not with a
view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933,
as amended (the “Act”). Purchaser understands that the Company is a blank check development stage company recently
formed for the purpose of consummating a Business Combination and understands that there is no assurance as to the future performance
of the Company and that the Company may never effectuate a Business Combination.

 

(b) Purchaser understands that the Sponsor’s
Shares have not been registered under the Act or any state securities law by reason of a specific exemption therefrom, and that
the Company is relying on the truth and accuracy of, and Purchaser’s compliance with, the representations and warranties
and agreements of Purchaser set forth herein to determine the availability of such exemptions and the eligibility of Purchaser
to acquire such Sponsor’s Shares, including, but not limited to, the bona fide nature of Purchaser’s investment intent
as expressed herein.

 

(c) Purchaser further acknowledges and understands
that the Sponsor’s Shares must be held indefinitely unless the Sponsor’s Shares are subsequently registered under the
Act or an exemption from such registration is available. Purchaser understands that the certificate evidencing the Sponsor’s
Shares will be imprinted with a legend which prohibits the transfer of the Sponsor’s Shares unless the Sponsor’s Shares
are registered or such registration is not required in the opinion of counsel for the Company.

 

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(d) Purchaser is familiar with the provisions
of Rule 144 under the Act, as in effect from time to time (“Rule 144”), which, in substance, permit limited public
resale of “restricted securities” acquired, directly or indirectly, from the issuer thereof (or from an affiliate of
such issuer), in a non-public offering subject to the satisfaction of certain conditions. Unless the Company registers the Sponsor’s
Shares under the Act, the Sponsor’s Shares may be resold by Purchaser only in certain limited circumstances subject to the
provisions of Rule 144, which requires, among other things: (i) the availability of certain public information about the Company
and (ii) the resale occurring following the required holding period under Rule 144 after Purchaser has purchased, and made full
payment of (within the meaning of Rule 144), the securities to be sold.

 

(e) Purchaser further understands that at
the time Purchaser wishes to sell the Sponsor’s Shares there may be no public market upon which to make such a sale, and
that, even if such a public market then exists, the Company may not be satisfying the current public information requirements of
Rule 144, and that, in such event, Purchaser would be precluded from selling the Sponsor’s Shares under Rule 144 even if
the minimum holding period requirement had been satisfied. Purchaser further acknowledges that because the Company is a shell company,
Rule 144 will not be available to the Purchaser for the resale of the Sponsor’s Shares until one year following the consummation
of a Business Combination and the filing of the “Form 10 information” (as defined in Rule 144) with the Securities
and Exchange Commission (the “Commission”), despite the release or waiver of any contractual transfer restrictions.

 

(f) Purchaser represents that Purchaser
is an “accredited investor” as that term is defined in Rule 501 of Regulation D promulgated by the Commission under
the Act.

 

(g) Purchaser has all necessary limited
liability company power and authority to enter into this Agreement and to consummate the transactions contemplated hereby. All
limited liability company action necessary to be taken by Purchaser to authorize the execution, delivery and performance of this
Agreement and all other agreements and instruments delivered by Purchaser in connection with the transactions contemplated hereby
has been duly and validly taken, and this Agreement has been duly executed and delivered by Purchaser. Subject to the terms and
conditions of this Agreement, this Agreement constitutes the valid, binding and enforceable obligation of Purchaser, enforceable
in accordance with its terms, except as enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer or similar laws of general application now or hereafter in effect affecting the rights and remedies
of creditors and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity);
and (ii) the applicability of the federal and state securities laws and public policy as to the enforceability of the indemnification
provisions of this Agreement. The purchase by Purchaser of the Sponsor’s Shares does not conflict with the organizational
documents of Purchaser or with any material contract by which Purchaser or its property is bound, or any laws or regulations or
decree, ruling or judgment of any court applicable to Purchaser or its property. The principal place of business of Purchaser is
as set forth on the signature page hereto.

 

(h) Purchaser did not decide to enter into
this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) of the Securities
Act.

 

(i) Purchaser understands that no United States
federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement
of the Sponsor’s Shares or the fairness or suitability of the investment in the Sponsor’s Shares, nor have such authorities
passed upon or endorsed the merits of the offering of the Sponsor’s Shares.

 

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8. Company Representations and Warranties.
The Company hereby represents and warrants to Purchaser that the Company has all necessary corporate power and authority to enter
into this Agreement and to consummate the transactions contemplated hereby. All corporate action necessary to be taken by the Company
to authorize the execution, delivery and performance of this Agreement and all other agreements and instruments delivered by the
Company in connection with the transactions contemplated hereby has been duly and validly taken and this Agreement has been duly
executed and delivered by the Company. Subject to the terms and conditions of this Agreement, this Agreement constitutes the valid,
binding and enforceable obligation of the Company, enforceable in accordance with its terms, except as enforceability may be limited
by (i) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or similar laws of general application
now or hereafter in effect affecting the rights and remedies of creditors and by general principles of equity (regardless of whether
enforcement is sought in a proceeding at law or in equity); and (ii) the applicability of the federal and state securities laws
and public policy as to the enforceability of the indemnification provisions of this Agreement. The sale by the Company of the
Sponsor’s Shares does not conflict with the certificate of incorporation or by-laws of the Company or any material contract
by which the Company or its property is bound, or any federal or state laws or regulations or decree, ruling or judgment of any
United States or state court applicable to the Company or its property.

 

9.  Indemnification. Purchaser hereby
agrees to indemnify and hold harmless the Company and the Company’s officers, directors, stockholders, employees, agents,
and attorneys against any and all losses, claims, demands, liabilities and expenses (including reasonable legal or other expenses
incurred by each such person in connection with defending or investigating any such claims or liabilities, whether or not resulting
in any liability to such person or whether incurred by the indemnified party in any action or proceeding between the indemnitor
and indemnified party or between the indemnified party and any third party) to which any such indemnified party may become subject,
insofar as such losses, claims, demands, liabilities and expenses (a) arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact made by Purchaser and contained herein, or (b) arise out of or are based upon any material
breach by Purchaser of any representation, warranty or agreement made by Purchaser contained herein.

 

10. Miscellaneous.

 

(a) Notices. All notices required
or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be
notified, (ii) when sent by confirmed facsimile if sent during normal business hours of the recipient, and if not during normal
business hours of the recipient, then on the next business day, (iii) five calendar days after having been sent by certified mail,
return receipt requested, postage prepaid, or (iv) one business day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt. All communications shall be sent to the other party hereto
at such party’s address at 11921 Freedom Drive, Suite 550, Two Fountain Square, Reston, Virginia 20190 (the “Business
Address”), or at such other address as such party may designate by ten days advance written notice to the other party hereto.

 

(b) Successors and Assigns. This
Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer
herein set forth, shall be binding upon Purchaser and Purchaser’s successors and assigns.

 

(c) Attorneys’ Fees; Specific Performance.
Purchaser shall reimburse the Company for all costs incurred by the Company in enforcing the performance of, or protecting its
rights under, any part of this Agreement, including reasonable costs of investigation and attorneys’ fees.

 

(d) Governing Law; Venue. This Agreement
shall be governed by and construed in accordance with the laws of the State of New York without regard to the principles of conflicts
of law thereof. The parties agree that any action brought by either party to interpret or enforce any provision of this Agreement
shall be brought in, and each party agrees to, and does hereby, submit to the jurisdiction and venue of, the appropriate state
or federal court for the district encompassing New York, New York.

 

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(e) Further Execution. The parties
agree to take all such further action(s) as may reasonably be necessary to carry out and consummate this Agreement as soon as practicable,
and to take whatever steps may be necessary to obtain any governmental approval in connection with or otherwise qualify the issuance
of the securities that are the subject of this Agreement.

 

(f) Independent Counsel. Purchaser
acknowledges that this Agreement has been prepared on behalf of the Company by Skadden, Arps, Slate, Meagher & Flom LLP, counsel
to the Company and that Skadden, Arps, Slate, Meagher & Flom LLP does not represent, and is not acting on behalf of, Purchaser.
Purchaser has been provided with an opportunity to consult with Purchaser’s own counsel with respect to this Agreement.

 

(g) Entire Agreement; Amendment. This
Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes and merges
all prior agreements or understandings, whether written or oral. This Agreement may not be amended, modified or revoked, in whole
or in part, except by an agreement in writing signed by each of the parties hereto.

 

(h) Severability. If one or more
provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision
in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision,
then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such
provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.

 

(i) Counterparts. This Agreement
may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute
one instrument. This Agreement or any counterpart may be executed via facsimile or electronic mail transmission, and any such executed
facsimile or electronic mail copy shall be treated as an original.

 

(j) Survival. The representations
and warranties contained herein will survive the delivery of, and the payment for, the Sponsor’s Shares.

 

(k) Waiver of Jury Trial. Each party
hereto hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim or other proceeding
(whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement, the transactions
contemplated hereby, or the actions of Purchaser in the negotiation, administration, performance or enforcement hereof.

 

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In
Witness Whereof, the parties hereto have executed this Agreement as of the day and year first above written.

 

	 	COMPANY:

 

		GLOBAL Defense & National
    Security Systems, Inc.

 

 

		By: /s/ Craig Dawson

	 	Name: Craig Dawson

	 	Title: Director

 

	 	Address:

	 	Business Address

 

 

 

	 	PURCHASER:

 

		GLOBAL DEFENSE & NATIONAL
    SECURITY HOLDINGS LLC

 

 

		By: /s/ Frederic Cassis 

	 	Name: Frederic Cassis

	 	Title: Director

 

	 	Address:

	 	Business Address

 

 

    	 

    	 

    

 

Exhibit A

 

Form of Securities Escrow AgreementExhibit 4.1

 

THIS CONVERTIBLE PROMISSORY NOTE AND THE
SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE
BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION
MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

 

CONVERTIBLE PROMISSORY NOTE

 

	$______	September 11, 2013
	 	Rockville, Maryland

 

For value received,
RegeneRx Biopharmaceuticals, Inc., a Delaware corporation (the “Company”), promises to pay to _________
(the “Holder”), the principal sum of $_______. Interest shall accrue from the date of this Convertible
Promissory Note (this “Note”) on the unpaid principal amount at a rate equal to five percent (5%) per annum.
 This Note is one of a series of Convertible Promissory Notes containing substantially identical terms and conditions issued
pursuant to that certain Convertible Note Purchase Agreement dated as of September 11, 2013. Such Notes are referred to herein
as the “Notes” and the holders thereof are referred to herein as the “Holders”. This Note
is subject to the following terms and conditions.

 

1.           Maturity.
Unless converted or repaid pursuant to Section 2 or Section 3, the entire unpaid principal sum of this Note, together with accrued
and unpaid interest thereon, will be payable upon the written demand of the Holder at any time after September 10, 2018 (the “Maturity
Date”). Subject to Section 3, interest shall accrue on this Note but shall not be due and payable until the written demand
of the Holder on or after the Maturity Date.  Notwithstanding the foregoing, the entire unpaid principal sum of this Note,
together with accrued and unpaid interest thereon, shall become immediately due and payable upon the commission of any act of bankruptcy
by the Company, the execution by the Company of a general assignment for the benefit of creditors, the filing by or against the
Company of a petition in bankruptcy or any petition for relief under the federal bankruptcy act or the continuation of such petition
without dismissal for a period of ninety (90) days or more, or the appointment of a receiver or trustee to take possession of the
property or assets of the Company.

 

    	 

    	 

    

 

2.           Conversion.

 

(a)          Optional
Conversion. At any time prior to repayment of this Note, the outstanding principal amount of this Note and accrued but
unpaid interest on this Note (the “Conversion Amount”) may, at the option of the Holder, be voluntarily converted
into shares of common stock, $0.001 par value per share (the “Common Stock”) of the Company or such other securities
or property for which this Note may become convertible as a result of any adjustment described in Section 2(b). The number of shares
of Common Stock to be issued upon such conversion shall be equal to (i) the Conversion Amount divided by (ii) the Conversion Price
(as defined below). The Conversion Price shall initially be equal to $0.06 per share.

 

(b)          Adjustment.

 

(i)          So
long as this Note is outstanding, if the Company shall issue any Common Stock (including any accompanying warrant) prior to the
complete conversion or payment of this Note, for a consideration per share that is less than the Conversion Price that would be
in effect at the time of such issue, then, and thereafter successively upon each such issuance, the Conversion Price shall be reduced
to such other lower issue price and Note Holder shall also receive a warrant, if any, on the same terms (including, but not limited
to, ratio of shares under the warrant to dollars invested and exercise price) as the participants in the lower price transaction
triggering the Conversion Price adjustment.  For purposes of this adjustment, the issuance of any security or debt instrument
of the Company carrying the right to convert such security or debt instrument into Common Stock shall result in an adjustment to
the Conversion Price upon the issuance of the above-described security if such issuance is at a price lower than the then applicable
Conversion Price.

 

(ii)          In
the event of changes in the outstanding Common Stock of the Company by reason of stock dividends, split-ups, recapitalizations,
reclassifications, combinations or exchanges of shares, separations, reorganizations, liquidations, consolidation, acquisition
of the Company, or the like, the number, class and type of shares available upon conversion of this Note and the Conversion Price
shall be correspondingly adjusted to give the Holder of the Note, on conversion for the same aggregate Conversion Amount, the total
number, class, and type of shares or other property as the Holder would have owned had the Note been converted prior to the event
and had the Holder continued to hold such shares until the event requiring adjustment. The form of this Note need not be changed
because of any such adjustment.

 

    	 

    	 

    

 

(iii)          If
at any time following delivery by Holder to the Company of a Notice of Conversion but prior to issuance of the applicable shares
upon conversion, the holders of Common Stock of the Company (or any shares of stock or other securities at the time receivable
upon the conversion of this Note) shall have received or become entitled to receive, without payment therefor:

 

(A)         Common
Stock or any shares of stock or other securities which are at any time directly or indirectly convertible into or exchangeable
for Common Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend
or other distribution (other than a dividend or distribution covered in Section 2(b)(i) above),

 

(B)         any
cash paid or payable otherwise than as a cash dividend, or

 

(C)         Common
Stock or additional stock or other securities or property (including cash) by way of spinoff, split-up, reclassification, combination
of shares or similar corporate rearrangement (other than shares of Common Stock pursuant to Section 2(b)(i) above),

 

then and in each such case, the Holder
hereof will be entitled to receive, in addition to the number of shares of Common Stock receivable pursuant to the Notice of Conversion,
and without payment of any additional consideration therefor, the amount of stock and other securities and property (including
cash in the cases referred to in clauses (B) and (C) above) which such Holder would hold on the date of such exercise had such
Holder been the holder of record of such Common Stock as of the date on which holders of Common Stock received or became entitled
to receive such shares or all other additional stock and other securities and property.

 

(iv)        Upon
the occurrence of each adjustment pursuant to this Section 2(b), the Company at its expense will, at the written request of the
Holder, promptly compute such adjustment in accordance with the terms of this Note and prepare a certificate setting forth such
adjustment, including a statement of the adjusted Conversion Price and adjusted number or type of shares or other securities issuable
upon conversion of this Note (as applicable), describing the transactions giving rise to such adjustments and showing in detail
the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate
to the Holder.

 

    	 

    	 

    

 

(c)          Mechanics
and Effect of Conversion. No fractional shares of the Company’s Common Stock will be issued upon conversion of this
Note. In lieu of any fractional share to which the Holder would otherwise be entitled, the Company will pay to the Holder in cash
the amount of the unconverted principal and interest balance of this Note that would otherwise be converted into such fractional
share. Upon conversion of this Note pursuant to this Section 2, the Holder shall surrender this Note at the principal offices of
the Company, along with a duly executed Conversion Notice in the form attached as Appendix A hereto. At its expense, the Company
will, as soon as practicable thereafter, cause to be issued and delivered to such Holder a certificate or certificates for the
number of shares to which such Holder is entitled upon such conversion, together with a check payable to the Holder for any cash
amounts payable as described herein. Upon conversion of this Note, the Company will be forever released from all of its obligations
and liabilities under this Note with regard to that portion of the principal amount and accrued interest being converted including
without limitation the obligation to pay such portion of the principal amount and accrued interest.

 

3.           Payment
Terms. All payments shall be made in lawful money of the United States of America at such place as the Holder hereof may
from time to time designate in writing to the Company. Payment shall be credited first to the accrued interest then due and payable
and the remainder applied to principal. Prepayment of this Note may be made only upon the written consent of a Majority in Interest
(as defined below); provided, that all of the Notes shall be prepaid on a pro rata basis.

 

4.           Transfer;
Successors and Assigns. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties. Notwithstanding the foregoing, the Holder may not assign, pledge, or otherwise transfer
this Note without the prior written consent of the Company, except for transfers to affiliates. Subject to the preceding sentence,
this Note may be transferred only upon surrender of the original Note for registration of transfer, duly endorsed, or accompanied
by a duly executed written instrument of transfer in form satisfactory to the Company. Thereupon, a new convertible promissory
note for the same principal amount and interest will be issued to, and registered in the name of, the transferee. Interest and
principal are payable only to the registered holder of this Note.

 

5.           Governing
Law. This Note and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall
be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles
of conflicts of law.

 

6.           Notices.
Any notice required or permitted by this Note shall be in writing and shall be deemed sufficient upon receipt, when delivered personally
or by courier, overnight delivery service or confirmed facsimile or e-mail, or forty-eight (48) hours after being deposited in
the U.S. mail as certified or registered mail with postage prepaid, if such notice is addressed to the party to be notified at
such party’s address, facsimile number or e-mail as set forth below or as subsequently modified by written notice.

 

7.           Amendments
and Waivers. Any term of this Note may be amended or waived only with the written consent of the Company and the holders
of a majority of the aggregate principal amount of the Notes then outstanding (a “Majority in Interest”).
Any amendment or waiver effected in accordance with this Section 7 shall be binding upon the Company, the Holder and each
transferee of this Note.

 

    	 

    	 

    

 

8.           Stockholders,
Officers and Directors Not Liable. In no event shall any stockholder, officer or director of the Company be liable for
any amounts due or payable pursuant to this Note.

 

9.           Counterparts.
This Note may be executed in two or more counterparts, all of which together shall constitute one and the same instrument. This
Note may also be executed and delivered by facsimile or other electronic delivery of signature.

 

10.          Titles
and Subtitles. The titles and subtitles used in this Note are used for convenience only and are not to be considered
in construing or interpreting this Note.

 

[Signature Page Follows]

 

    	 

    	 

    

 

This Note is executed
and delivered as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	REGENERX BIOPHARMACEUTICALS, INC.
	 	 	 
	 	By:	 
	 	 	J. J. Finkelstein
	 	 	President and Chief Executive Officer
	 	 	 
	 	 	RegeneRx Biopharmaceuticals, Inc.
	 	 	15245 Shady Grove Road
	 	 	Suite 470
	 	 	Rockville, MD 20850

 

	AGREED TO AND ACCEPTED:	 
	 	 
	 	 
	 	 
	 	 
	(signature)	 
	 	 
	Address:	 

 

    	 

    	 

    

 

Appendix
A

 

Conversion
Notice

 

To convert this Note in accordance with Section 2(a), check
this box:  ̈

 

If you want the stock certificate made out in another person’s
name fill in the form below:

 

	Print or type other person’s name, address and zip code:	 	 
	 	 	 
	 	 	 
	 	 	 

 

	Date:  	 	 	Your signature:	 	 
	 	 	 	(Sign exactly as your name appears on the Note)

 

Deliver this Notice with the original Note to the offices of
the Company in accordance with Section 2(c) of the Note.

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