Document:

Agreement

 Exhibit 10.1 
 AGREEMENT 
 This Agreement, dated as of April 16, 2008 (the “Agreement”), is by
and among The Phoenix Companies, Inc., a Delaware corporation (the “Company”), and the other parties signatory hereto (collectively, the “OPP Investors”). 
 WHEREAS, the OPP Investors beneficially own (as defined below) the number of shares (the “shares”) of common stock, par value
$0.01 per share, of the Company (the “Common Stock”) specified on Schedule A of this Agreement and economically own (as defined below) the same number of shares of Common Stock specified on Schedule A of this
Agreement; 
 WHEREAS, prior to the date hereof the OPP Investors (i) delivered a letter (the “Nomination
Letter”) to the Company, dated as of January 25, 2008, nominating (the “OPP Nomination”) three individuals for election to the Board of Directors of the Company (the “Board”) and (ii) filed a
definitive proxy statement on Schedule 14A with the Securities and Exchange Commission (the “SEC”) related to the matters set forth in the Nomination Letter; 
 WHEREAS, the Company and the OPP Investors have agreed that it is in their mutual interests to enter into this Agreement, which, among other
things, terminates the pending proxy contest for the election of directors at the Company’s 2008 Annual Meeting of Stockholders (the “2008 Annual Meeting”); 
 WHEREAS, the Company has agreed that promptly following the 2008 Annual Meeting without adjournment, but in no event later than the initial Board
meeting following the 2008 Annual Meeting (which is currently scheduled to take place on the date of the 2008 Annual Meeting): (i) the size of the Board will be increased from thirteen to fifteen members, with the class of directors to be
elected at the Company’s 2009 Annual Meeting of Stockholders (the “2009 Annual Meeting”) and the class of directors to be elected at the Company’s 2010 Annual Meeting of Stockholders (the “2010 Annual
Meeting”) each being increased by one director; (ii) Augustus Oliver (the “OPP Appointed Director”) will be appointed to fill such newly created directorship in the class of directors whose term of office will expire
at the 2009 Annual Meeting and (z) Art Weinbach (the “2010 Appointed Director” and together with the OPP Appointed Director, the “Appointed Directors”) will be appointed to fill such newly created directorship
in the class of directors whose term of office will expire at the 2010 Annual Meeting; and 
 WHEREAS, the OPP Investors have agreed,
among other things, to refrain from submitting any stockholder proposal or director nominations at the 2008 Annual Meeting or at any other meetings of stockholders which may be held prior to the end of the Standstill Period (as defined below) and to
vote for the election of the Company’s nominees for directors at any such election occurring prior to the end of the Standstill Period. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as
follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Defined Terms. For purposes of this Agreement: 
 (a) “Affiliate” has the meaning set forth in Rule 12b-2 promulgated by the SEC under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). 
  

 (b) “Associate” has the meaning set forth in Rule 12b-2 promulgated by the SEC under
the Exchange Act. 
 (c) The terms “beneficial owner” and “beneficially own” have the same meanings as set
forth in Rule 13d-3 promulgated by the SEC under the Exchange Act. The terms “economic owner” and “economically own” shall have the same meanings as “beneficial owner” and “beneficially own”,
except that a person will also be deemed to economically own and to be the economic owner of (i) all shares of capital stock of the Company which such person has the right to acquire pursuant to the exercise of any rights in connection with any
securities or any agreement, regardless of when such rights may be exercised and whether they are conditional, and (ii) all shares of capital stock of the Company in which such person has any economic interest, including pursuant to a cash
settled call option or other derivative security, contract or instrument in any way related to the price of shares of Common Stock. 
 (d)
The “Standstill Period” means the period from the date of this Agreement through the earlier of (i) the date on which the Company’s 2010 Annual Meeting concludes without adjournment, and (ii) such date, if any, as the
Company shall have materially breached any of its commitments or obligations set forth hereunder and shall not have cured such breach after 15 days’ written notice from the OPP Investors; provided, that the OPP Investors may terminate
the Standstill Period at any time by written notice to the Company if (w) the Governance Committee of the Board does not deliver to the OPP Investors, on or prior to the date that is 30 days prior to the first day of the notice period specified
in the advance notice bylaw (Section 1.10 of the Company’s By-laws) applicable to the 2009 Annual Meeting, its written commitment to include the OPP Appointed Director (or the applicable replacement nominee agreed pursuant to clause
(z) below) as part of the Company’s slate of nominees for director of the Company for the 2009 Annual Meeting, unless the OPP Appointed Director (or such replacement nominee) refuses to serve, (x) the OPP Appointed Director (or the
applicable replacement nominee pursuant to clause (z) below) resigned prior to the 2009 Annual Meeting, in which case the Standstill Period shall terminate on the later to occur of the date of such resignation or the date that is 30 days prior
to the first day of the notice period specified in the advance notice bylaw (Section 1.10 of the Company’s By-laws) applicable to the 2009 Annual Meeting, (y) the OPP Appointed Director (or the applicable replacement nominee pursuant to
clause (z) below) is included as part of the Company’s slate of nominees for director of the Company for the 2009 Annual Meeting and the OPP Appointed Director (or the applicable replacement nominee agreed pursuant to clause
(z) below) is not elected at the 2009 Annual Meeting or (z) in the event that (1) the OPP Appointed Director is unable to serve as a director of the Company as a result of such OPP Appointed Director’s death or incapacity and
(2) the Company and the OPP Investors fail to agree on a replacement nominee (or the Company fails to appoint such agreed replacement nominee to the Board) within 60 days following the date that such OPP Appointed Director ceased to be a
director of the Company (and in the event that a replacement nominee is so agreed and appointed, references in this Agreement to the OPP Appointed Director shall be deemed to be references to such replacement). In proposing an individual as a
replacement nominee pursuant to clause (z) of the immediately preceding sentence, the OPP Investors shall provide the Company with such information regarding such individual as would be required to nominate such individual as a director
pursuant to Section 1.10 of the Company’s By-laws. 
 Section 1.2 Interpretation. When reference is made in this Agreement
to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by
the words “without limitation.” The words “hereof,” “herein,” “hereby” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement. The word “or” shall not be exclusive. The definitions contained in this Agreement are applicable to the singular as well as the plural form of such terms and to the 
  

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masculine as well as to the feminine and neuter gender of such terms. This Agreement shall be construed without regard to any presumption or rule requiring
construction or interpretation against the party drafting or causing any instrument to be drafted. 
 ARTICLE II 
 COVENANTS 
 Section 2.1 Board of
Directors, Annual Meeting and Related Matters. 
 (a) Board Expansion. Promptly following completion of the 2008 Annual Meeting
without adjournment, but in no event later than the initial Board meeting following the 2008 Annual Meeting (which is currently scheduled to take place on the date of the 2008 Annual Meeting), the Company shall increase the size of the Board from
thirteen to fifteen directors (the “Board Expansion”). 
 (b) Appointment of New Directors. Promptly following the
Board Expansion, the Company agrees that the Board will: 
 (1) appoint the OPP Appointed Director as a director of the
Company whose term shall expire at the 2009 Annual Meeting, and appoint the OPP Appointed Director to serve on the Audit Committee of the Board; and 
 (2) appoint the 2010 Appointed Director as a director of the Company whose term shall expire at the 2010 Annual Meeting (it being understood that in the event that the 2010 Appointed Director were unable or unwilling
to serve prior to his appointment to the Board, a replacement independent director shall be selected with the consent of the OPP Appointed Director, which consent shall not be unreasonably withheld, conditioned or delayed). 
 (c) Role of the Appointed Directors. The Appointed Directors will be governed by the same protections and obligations regarding confidentiality,
conflicts of interests, fiduciary duties, trading and disclosure policies and other governance guidelines, and shall have the same rights and benefits, including with respect to insurance, indemnification, compensation and fees, as are applicable to
all independent directors of the Company. 
 (d) Stock Ownership. If at any time during the Standstill Period the OPP Investors,
collectively with their Affiliates and Associates, fail to beneficially own at least 50% of the number of shares of Common Stock set forth on Schedule A hereto (the “Minimum Share Condition”), the OPP Appointed Director shall
promptly tender his resignation to the Board; provided, however, if the OPP Appointed Director has yet to be appointed to the Board at the time the Minimum Share Condition shall first become unsatisfied, the Company shall no longer be
required to appoint the OPP Appointed Director to the Board pursuant to this Agreement. Promptly following the close of business on the date preceding the 2008 Annual Meeting and, thereafter, within five business days after the Company may request
from time to time, Oliver Press Partners, LLC, on its own behalf and on behalf of the other OPP Investors, shall provide written certification to the Company that the OPP Investors, collectively with their Affiliates and Associates, continue to
beneficially own a sufficient number of shares of Common Stock to satisfy the Minimum Share Condition. In furtherance of this Section 2.1(d), (i) the OPP Investors shall promptly provide written notification to the Company of the failure
of the Minimum Share Condition to be satisfied and (ii) the OPP Appointed Director has on the date hereof delivered an executed irrevocable resignation as director in the form attached hereto as Schedule C (and, in the case of
replacement nominees, such replacement shall deliver his or her executed irrevocable resignation as director in such form prior to being appointed to the Board). For purposes of this Section 2.1(d), to the 

  

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extent a person enters into a transaction for the purpose and with the effect of disposing of such person’s economic interest in shares of the Company,
including pursuant to an option, any hedging transaction or other derivative security, contract or instrument, then such person shall be deemed to have disposed of such person’s beneficial ownership in a ratable portion of such shares.

 (e) Expenses. Within ten business days following receipt of reasonable satisfactory documentation thereof, the Company shall
reimburse the OPP Investors for its reasonable out-of-pocket fees and expenses incurred prior to the date of this Agreement in connection with the OPP Nomination, up to a maximum reimbursement of $3,000,000, and the OPP Investors hereby agree that
such payment shall be in full satisfaction of any claims or rights they may have as of the date hereof for reimbursement of fees, expenses or costs in connection with the OPP Nomination. 
 Section 2.2 Voting Provisions. During the Standstill Period, the OPP Investors, together with their respective Affiliates, will cause all shares
of Common Stock for which they have the right to vote, (or to direct the vote,) as of the record date for any meeting of stockholders to be present for quorum purposes and to be voted at any such meeting or at any adjournments or postponements
thereof, (a) in favor of each director nominated and recommended by the Board for election at any such meeting and (b) against any stockholder nominations for director which are not approved and recommended by the Board for election at any
such meeting. 
 Section 2.3 Other Actions by the OPP Investors. 
 Each of the OPP Investors agrees that, during the Standstill Period, neither it nor any of its Affiliates or Associates will, without the prior written
consent of the Company, directly or indirectly: 
 (a) purchase or cause to be purchased or otherwise acquire or agree to acquire economic
ownership of any Common Stock or other securities issued by the Company, or any securities convertible into or exchangeable for Common Stock or any other equity securities of the Company, if in any such case, immediately after the taking of such
action, the OPP Investors, collectively with their Affiliates and Associates, would, in the aggregate, economically own more than 9.9% of the then outstanding shares of Common Stock; 
 (b) form, join in or in any other way participate in a “partnership, limited partnership, syndicate or other group” within the meaning of
Section 13(d)(3) of the Exchange Act with respect to the Common Stock or deposit any shares of Common Stock in a voting trust or similar arrangement or subject any shares of Common Stock to any voting agreement or pooling arrangement, or grant
any proxy with respect to any shares of Common Stock (other than to a designated representative of the Company pursuant to a proxy statement of the Company), other than solely with other OPP Investors or one or more Affiliates or Associates of an
OPP Investor with respect to the Shares and any other shares of Common Stock acquired in compliance with paragraph (a) above or to the extent such a group may be deemed to result with the Company or any of its Affiliates as a result of this
Agreement; 
 (c) solicit proxies or written consents of stockholders, or conduct any nonbinding referendum with respect to Common Stock, or
make, or in any way participate in, any “solicitation” of any “proxy” within the meaning of Rule 14a-1 promulgated by the SEC under the Exchange Act (but without regard to the exclusion set forth in Rule 14a-1(l)(2)(iv) from the
definition of “solicitation”) to vote any shares of Common Stock with respect to any matter, or become a “participant” in any contested solicitation for the election of directors with respect to the Company (as such terms are
defined or used under the Exchange Act and the Rules promulgated thereunder), other than solicitations or acting as a “participant” in support of all of the Company’s nominees; 
  

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 (d) seek to call, or request the call of, or call a special meeting of the stockholders of the Company,
or seek to make, or make, a stockholder proposal (whether pursuant to Rule 14a-8 under the Exchange Act or otherwise) at any meeting of the stockholders of the Company, or make a request for a list of the Company’s stockholders or to inspect
the books and records of the Company (including pursuant to any statutory right), or seek election of a nominee to the Board, seek to place a representative on the Board or seek the removal of any director from the Board, or otherwise acting alone,
or in concert with others, seek to control or influence the governance or policies of the Company; 
 (e) seek to have the Company waive,
amend or modify any provisions of the Company’s Certificate of Incorporation or By-laws or waive, amend, modify or terminate the Rights Agreement, dated June 19, 2001, between the Company and EquiServe Trust Company, N.A., as the same may
otherwise be amended from time to time; 
 (f) effect or seek to effect (including by entering into any discussions, negotiations,
agreements or understandings whether or not legally enforceable with any third person), offer or propose (whether publicly or otherwise) to effect, or cause or participate in, or in any way assist or facilitate any other person to effect or seek,
offer or propose (whether publicly or otherwise) to effect or participate in, (i) any acquisition of any securities (or economic ownership thereof), or rights or options to acquire any securities (or economic ownership thereof), or any material
assets or businesses, of the Company or any of its subsidiaries, except pursuant to the limits specified in paragraph (a) of this Section 2.3, (ii) any tender offer or exchange offer, merger, acquisition or other business combination
involving the Company or any of its subsidiaries, or (iii) any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to the Company or any of its subsidiaries or any material portion of its or
their businesses; 
 (g) publicly disclose, or cause or facilitate the public disclosure (including the filing of any document or report
with the SEC or any other governmental agency or any disclosure to any journalist, member of the media or securities analyst) of any intent, purpose, plan or proposal to obtain any waiver, or consent under, or any amendment of, any of the provisions
of Section 2.2 or Section 2.3, or otherwise (i) seek in any manner to obtain any waiver, or consent under, or any amendment of, any provision of this Agreement or (ii) bring any action or otherwise act to contest the validity of
Section 2.2 or this Section 2.3 or seek a release from the restrictions contained in Section 2.2 or this Section 2.3; 
 (h) unless required by law, make or issue or cause to be made or issued any public disclosure, announcement or statement (including the filing of any document or report with the SEC or any other governmental agency or, any disclosure to any
journalist, member of the media or securities analyst) (i) in support of any solicitation described in paragraph (c) above (other than solicitations by the Company), (ii) in support of any matter described in paragraph (d) above
or (iii) concerning any potential matter described in paragraph (e) above; or 
 (i) enter into any discussions, negotiations,
agreements or understandings with any person with respect to the foregoing or advise, assist, encourage or seek to persuade others to take any action with respect to any of the foregoing. 
 Notwithstanding the foregoing, nothing in this Section 2.3, Section 2.5(b) or Section 3.2 shall be deemed to in any way restrict or limit (a) the OPP
Director’s ability to discuss any matter confidentially with the Company, the Board or any of its members or otherwise to take any action at any meeting of the Board or at any meeting of any committee thereof, in each case, solely in his
capacity as a director, (b) the OPP Investors’ ability to take any action required by applicable law (whether or not otherwise restricted by this Section 2.3, Section 2.5(b) or Section 3.2); provided, however,
notwithstanding the foregoing, any such disclosure of Confidential Information, as applicable, shall remain subject to the procedures set forth in 

  

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the second sentence of Section 3.2(c), or (c) the OPP Investors’ ability to communicate, on a confidential basis, with attorneys, accountants
or other advisors (excluding any such advisor who has taken any action that if taken by an OPP Investor would violate this Section 2.3, 2.5(b) or Section 3.2), it being understood that the OPP Investors shall be responsible for ensuring
that such attorneys, accountants or other advisors maintain the confidentiality of such information and communications and shall be responsible for any breach of such confidentiality by any such persons. 
 Section 2.4 Additional Undertakings by the OPP Investors. 
 (a) By executing this Agreement, the OPP Investors hereby irrevocably withdraw their Nomination Letter and any nominations to the Board made prior to the date hereof and agree to terminate the pending proxy contest
with respect to the election of directors at the 2008 Annual Meeting. The OPP Investors agree to promptly take all such actions as are required, or may reasonably be requested by the Company, in furtherance of, and to effectuate, the foregoing.

 (b) As of the date of this Agreement, none of the OPP Investors, or any of their Affiliates or Associates, are a party (other than with
another OPP Investor or an Affiliate or Associate of any OPP Investor and other than the proxies received as a result of the solicitation in connection with the 2008 Annual Meeting (none of which shall be used by the OPP Investors at such meeting))
to any contract, arrangement, understanding or relationship (legal or otherwise) with any person with respect to any securities of the Company, including with respect to transfer or voting of any such securities, finder’s fees, joint ventures,
loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies, or have otherwise pledged or subjected any securities owned by them to a contingency the occurrence of which
would give another person voting power or investment power over such securities. 
 Section 2.5 Publicity. 
 (a) Promptly after the execution of this Agreement, the Company and Oliver Press Partners, LLC will issue a press release in the form attached hereto as
Schedule B. Each of the parties hereto, on behalf of itself and its Affiliates and Associates, agrees not to make, during the Standstill Period, any other press release or other public statement which refers to or describes the terms of this
Agreement or the settlement effected hereby or the proxy contest for the 2008 Annual Meeting, without first consulting with the Company or the OPP Investors, as the case may be, on any such proposed press release or public statement and giving such
person a reasonable prior opportunity to comment thereon. 
 (b) During the Standstill Period, none of the Company, any of the OPP Investors
or any of their respective Affiliates or Associates will, directly or indirectly, make or issue or cause to be made or issued any disclosure, announcement or statement (including the filing of any document or report with the SEC or any other
governmental agency or any disclosure to any journalist, member of the media or securities analyst) concerning the other party or any of its respective past, present or future general partners, directors, officers or employees, which disparages any
such party (including such party’s corporate strategy, business, activities, investment policies or management) or any of such party’s respective past, present or future general partners, directors, officers or employees as individuals
(recognizing that each party will be free to, after consultation with counsel, make any disclosure that it determines in good faith is required to be made under applicable law). 
  

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 ARTICLE III 
 OTHER PROVISIONS 
 Section 3.1 Representations and Warranties. 
 (a) Representations and Warranties of the Company. The Company hereby represents and warrants that this Agreement and the performance by the
Company of its obligations hereunder (i) has been duly authorized, executed and delivered by it, and is a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, (ii) does not require the
approval of the stockholders of the Company and (iii) does not and will not violate any law, any order of any court or other agency of government, the Amended and Restated Certificate of Incorporation of the Company or the By-Laws of the
Company, as amended, or any provision of any indenture, agreement or other instrument to which the Company or any of its properties or assets is bound, or conflict with, result in a breach of or constitute (with due notice or lapse of time or both)
a default under any such indenture, agreement or other instrument, or result in the creation or imposition of, or give rise to, any lien, charge, restriction, claim, encumbrance or adverse penalty of any nature whatsoever pursuant to any such
indenture, agreement or other instrument. 
 (b) Representations and Warranties of the OPP Investors. Each of the OPP Investors
represents and warrants that this Agreement and the performance by each such OPP Investor of its obligations hereunder (i) has been duly authorized, executed and delivered by such OPP Investor, and is a valid and binding obligation of such OPP
Investor, enforceable against such OPP Investor in accordance with its terms, (ii) does not require approval by any owners or holders of any equity interest in such OPP Investor (except as has already been obtained) and (iii) does not and
will not violate any law, any order of any court or other agency of government, the charter or other organizational documents of such OPP Investor, as amended, or any provision of any agreement or other instrument to which such OPP Investor or any
of its properties or assets is bound, or conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any such agreement or other instrument, or result in the creation or imposition of, or give rise
to, any lien, charge, restriction, claim, encumbrance or adverse penalty of any nature whatsoever pursuant to any such agreement or instrument. The OPP Investors hereby further represent and warrant that, as of the date hereof, they and their
Affiliates and Associates are, collectively, the beneficial owners of such number of shares of Common Stock as are set forth on Schedule A of this Agreement and the economic owners of such number of shares of Common Stock as are set forth on
Schedule A of this Agreement. 
 Section 3.2 Confidentiality. 
 (a) In connection with discussions between the OPP Investors and their representatives and the Company and its representatives, the Company or its
representatives may disclose orally or in writing to the OPP Investors or their representatives information that is confidential to the Company. To protect the confidentiality of such information, and as a condition to the furnishing of such
information, the OPP Investors agree, as set forth below, to treat confidentially all such information furnished to or otherwise received by the OPP Investors or their representatives from the Company or on its behalf (herein collectively referred
to as the “Confidential Information”). For purposes of this Agreement, the phrase “Confidential Information” will not include information which (i) becomes lawfully available to the public other than as a result of a
disclosure by the OPP Investors or its representatives in violation of this Agreement or any other Agreement the OPP Investors may have with the Company, (ii) was lawfully available to the OPP Investors on a non-confidential basis prior to the
disclosure to the OPP Investors or its representatives by the Company or on its behalf or (iii) lawfully becomes available to the OPP Investors on a non-confidential basis from a source other than the Company 

  

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or the Company’s representatives or agents, provided that such source is not bound by a confidentiality agreement with the Company of which the OPP
Investors have been made aware. 
 (b) The Company has no obligation to furnish Confidential Information to the OPP Investors or its
representatives by virtue of this Agreement except for Confidential Information provided to the OPP Appointed Director in his capacity as director of the Company. The Company shall use its reasonable efforts not to provide Confidential Information
to the OPP Investors unless requested or consented to by the OPP Investors; provided that the parties acknowledge that the provision of Confidential Information to the OPP Appointed Director shall not violate this provision. Each of the OPP
Investors hereby acknowledges that it is aware that the United States securities laws prohibit any person who has material, non-public information with respect to the Company from transacting in the securities of the Company or from communicating
such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to transact in such securities. 
 (c) The Confidential Information will not be disclosed by the OPP Investors or their representatives, except to the extent the Company has given its prior written consent. Notwithstanding anything to the contrary
contained in this Section 3.2, the OPP Investors and its representatives shall be permitted to disclose any Confidential Information to the extent the disclosure of such information is required in any court proceeding, by any governmental
authority or by applicable law; provided, however, that the OPP Investors and its representatives shall use their reasonable best efforts to give the Company reasonable advance notice of such required disclosure to enable the Company,
at its sole expense, to prevent or limit such disclosure. This Section 3.2 will survive the termination of this Agreement. 
 (d)
Notwithstanding the foregoing, the Company understands that the OPP Appointed Director may from time to time provide Confidential Information to the other OPP Investors and that such OPP Investors shall be subject to the restrictions contained in
this Section 3.2 as if such information had been disclosed to such OPP Investors directly. Each such OPP Investor further agrees that it will be subject to the same trading policies of the Company to which the OPP Appointed Director is subject.

 Section 3.3 Remedies. 
 (a) Each party hereto hereby acknowledges and agrees, on behalf of itself and its Affiliates, that irreparable harm would occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms
or were otherwise breached. It is accordingly agreed that the parties will be entitled to specific relief hereunder, including an injunction or injunctions to prevent and enjoin breaches of the provisions of this Agreement and to enforce
specifically the terms and provisions hereof in any state or federal court in the State of New York, in addition to any other remedy to which they may be entitled at law or in equity. Any requirements for the securing or posting of any bond with
such remedy are hereby waived. 
 (b) Each party hereto agrees, on behalf of itself and its Affiliates, that any actions, suits or
proceedings arising out of or relating to this Agreement or the transactions contemplated hereby will be brought solely and exclusively in any state or federal court in the State of New York (and the parties agree not to commence any action, suit or
proceeding relating thereto except in such courts), and further agrees that service of any process, summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 3.5 will be effective service of process
for any such action, suit or proceeding brought against any party in any such court. Each party, on behalf of itself and its Affiliates, irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding
arising out of this Agreement or the transactions contemplated hereby, in the state or 

  

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federal courts in the State of New York, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that
any such action, suit or proceeding brought in any such court has been brought in an improper or inconvenient forum. 
 Section 3.4 Entire
Agreement. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and may be amended only by an agreement in writing executed by the parties hereto. 
 Section 3.5 Notices. 
 All notices,
consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, if (a) given by telecopy, when such telecopy
is transmitted to the telecopy number set forth below and the appropriate confirmation is received or (b) if given by any other means, when actually received during normal business hours at the address specified in this subsection: 

 

			
	if to the Company:	  	 The Phoenix Companies, Inc.
 One American Row

P.O. Box 5056
 Hartford, CT 06102-5056
 Facsimile: (860) 403-7899
 Attention: General Counsel

		
	with a copy to:	  	 Simpson Thacher & Bartlett LLP
 425 Lexington Avenue

 New York, New York 10017
 Facsimile: (212) 455-2502

Attention: John Finley

		
	if to the OPP Investors:	  	 Oliver Press Partners, LLP
 152 West 57th Street 46th Floor
 New York, New York 10019
 Facsimile: (212) 974-1860
 Attention: Augustus K. Oliver and Clifford Press

		
	with a copy to:	  	 Lowenstein Sandler PC
 65 Livingston Avenue
 Roseland, New Jersey 07068
 Facsimile: (973) 597-2400
 Attention: Allen B. Levithan and Jeffrey M. Shapiro

 Section 3.6 Governing Law. This Agreement shall be governed by and construed and enforced
in accordance with the laws of the State of New York. 
 Section 3.7 Further Assurances. Each party agrees to take or cause to be
taken such further actions, and to execute, deliver and file or cause to be executed, delivered and filed such further documents and instruments, and to obtain such consents, as may be reasonably required or requested by the other party in order to
effectuate fully the purposes, terms and conditions of this Agreement. 
  

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 Section 3.8 Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding
upon the parties hereto and their respective successors and assigns, and nothing in this Agreement is intended to confer on any person other than the parties hereto or their respective successors and assigns, any rights, remedies, obligations or
liabilities under or by reason of this Agreement. 
 Section 3.9 Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 [Remainder of Page Left Blank Intentionally] 
  

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 IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement, or caused the same to be
executed by its duly authorized representative as of the date first above written. 
 THE PHOENIX COMPANIES, INC. 

 By:  /s/  Dona D.
Young                                     
         Name: Dona D. Young 
         Title: Chairman, President and Chief Executive 
                   Officer 
 OPP INVESTORS: 
 OLIVER PRESS PARTNERS, LLC 
 By:  /s/  Augustus K.
Oliver                                 
         Name: Augustus K. Oliver 
         Title: Managing Member 
 OLIVER PRESS INVESTORS, LLC 
 By:  /s/  Clifford
Press                                        

         Name: Clifford Press 
         Title: Managing Member 
 AUGUSTUS K. OLIVER 
 /s/  Augustus K.
Oliver                                       
  
 Name: Augustus K. Oliver 
 CLIFFORD PRESS 
 /s/  Clifford
Press                                       
            
 Name: Clifford Press 
  

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 DAVENPORT PARTNERS, L.P. 
 By: Oliver Press Partners, LLC, Investment Manager 
 By:  /s/  Clifford
Press                                       
      
         Name: Clifford Press 
         Title: Managing Member 
 JE PARTNERS, L.P. 
 By: Oliver Press Partners, LLC, Investment Manager 
 By:  /s/  Clifford
Press                                       
      
         Name: Clifford Press 
         Title: Managing Member 
 OLIVER PRESS MASTER FUND, L.P. 
 By: Oliver Press Partners, LLC, Investment Manager 
 By:  /s/  Augustus K.
Oliver                                     
         Name: Augustus K. Oliver 
         Title: Managing Member 
  

 12 

 SCHEDULE A 
 As of April 16, 2008, the OPP Investors together with their Affiliates and Associates collectively beneficially own an aggregate of 5,688,206 shares of Common Stock. 
 The 5,688,206 shares of Common Stock collectively beneficially owned in the aggregate by the OPP Investors together with their Affiliates and Associates
represents 76,860 shares of Common Stock held by Davenport Partners, L.P. (“Daveport”), 4,908,375 shares of Common Stock held by JE Partners, L.P. (“JE”) and 702,971 shares of Common Stock held by Oliver Press Master Fund, L.P.
(“OPM”). Oliver Press Partners, LLC, as the investment adviser to Davenport, JE and OPM has the power to vote and to dispose of all of the shares that they hold. Oliver Press Investors, LLC, as the general partner of Davenport, JE and OPM,
and Augustus K. Oliver and Clifford Press, as the Managing Members of Oliver Press and Oliver Press Investors, share the power to vote and to dispose of all of such shares. 
  

 13 

 SCHEDULE B 
 [Form of Press Release] 
  
  

 

 14 

 NEWS RELEASE 
  
 Phoenix and Oliver Press Partners Settle Proxy Contest 
 Augustus Oliver and Arthur Weinbach to Join Expanded Board of Directors 
 Hartford, CT, April 16, 2008
– The Phoenix Companies (NYSE:PNX) and Oliver Press Partners LLC, jointly announced today that they have reached an agreement under which Augustus Oliver, a principal of Oliver Press Partners LLC, and Arthur Weinbach, a new, independent
director who currently serves as Chairman of the Board of Broadridge Financial Solutions, Inc., a leading full-service outsourcing provider to the global financial industry, will be appointed to the Phoenix Board of Directors effective after the
initial organizational board meeting following the Company’s 2008 Annual Meeting, which is expected to take place on May 2, 2008. 
 The size of
the Phoenix Board will be increased from 13 to 15 directors. As a condition of the agreement, Oliver Press will end its efforts to elect a slate of three nominees to the Phoenix Board and will vote its shares in support of the Company’s slate
of nominees. 
 “We believe this agreement is in the best interests of our Company, our shareholders and our policyholders because it enables us to
focus all our energies and attention on continuing to move the company forward to realize its significant potential,” said Dona D. Young, Phoenix chairman, president and chief executive officer. “We look forward to these new individuals
serving on our Board.” 
 “We are pleased that we were able to reach this constructive resolution with Phoenix. We have always stated our
confidence in the Company’s fundamental strengths and prospects and I look forward to working closely with the Board and management on behalf of all of its shareholders and policyholders,” Mr. Oliver said. 
  

 About Phoenix 
 With
roots dating to 1851, The Phoenix Companies, Inc. helps individuals and institutions solve their often highly complex personal financial and business planning needs through its broad array of life insurance, annuities and investments. In 2007,
Phoenix had annual revenues of $2.6 billion and total assets of $30.2 billion. For more information, visit Phoenix’s Web site, www.phoenixwm.com. 
 FORWARD-LOOKING STATEMENTS 
 The discussion in this release may contain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. We intend for these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws relating to forward-looking statements. These include statements relating to trends
in, or representing management’s beliefs about our future strategies, operations and financial results, as well as other statements including, but not limited to, words such as “anticipate,” “believe,” “plan,”
“estimate,” “expect,” “intend,” “may,” “should” and other similar expressions. Forward-looking statements are made based upon management’s current expectations and beliefs concerning trends and
future developments and their potential effects on us. They are not guarantees of future performance. Actual results may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among
others: (i) changes in general market and business conditions, interest rates and the debt and equity markets; (ii) the possibility that mortality rates, persistency rates or funding levels may differ significantly from our pricing
expectations; (iii) the availability, pricing and terms of reinsurance coverage generally and the inability or unwillingness of our reinsurers to meet their obligations to us specifically; (iv) our dependence on non-affiliated distributors
for our product sales, (v) downgrades in our debt or financial strength ratings; (vi) our dependence on third parties to maintain critical business and administrative functions; (vii) the ability of independent trustees of our mutual
funds and closed-end funds, intermediary program sponsors, managed account clients and institutional asset management clients to terminate their relationships with us; (viii) our ability to attract and retain key personnel in a competitive
environment; (ix) the poor relative investment performance of some of our asset management strategies and the resulting outflows in our assets under management; (x) the possibility that the goodwill or intangible assets associated with our
asset management business could 
  

 -more- 
 become impaired, requiring a charge to earnings; (xi) the strong competition we face in our business from mutual fund companies, banks, asset management firms and other insurance companies; (xii) our reliance, as a holding
company, on dividends and other payments from our subsidiaries to meet our financial obligations and pay future dividends, particularly since our insurance subsidiaries’ ability to pay dividends is subject to regulatory restrictions;
(xiii) the potential need to fund deficiencies in our Closed Block; (xiv) tax developments that may affect us directly, or indirectly through the cost of, the demand for or profitability of our products or services; (xv) other
legislative or regulatory developments; (xvi) legal or regulatory actions; (xvii) changes in accounting standards; (xviii) the potential effects of the spin-off of our asset management subsidiary on our expense levels, liquidity and
third-party relationships; and (xix) other risks and uncertainties described herein or in any of our filings with the SEC. We undertake no obligation to update or revise publicly any forward-looking statement, whether as a result of new
information, future events or otherwise. 
 IMPORTANT INFORMATION REGARDING THE SOLICITATION AND PARTICIPANTS THEREIN 
 In connection with Phoenix’s 2008 Annual Meeting, Phoenix has filed a definitive proxy statement, BLUE proxy card and other materials with the U.S. Securities and
Exchange Commission. The Phoenix Companies, Inc. and its directors and executive officers are deemed to be participants in the solicitation of proxies from its shareholders in connection with our upcoming annual meeting and the notice we received
from one of our shareholders. Information regarding the special interests of the directors and executive officers in the proposals that are the subject of the meeting is included in the proxy statement that Phoenix has filed. Phoenix’s
shareholders are strongly advised to read the proxy statement filed in connection with the annual meeting carefully before making any voting or investment decision, as it contains important information. Shareholders are able to obtain this proxy
statement, any amendments or supplements to the proxy statement, along with the annual, quarterly and special reports Phoenix files, for free at the web site maintained by the Securities and Exchange Commission at www.sec.gov or at Phoenix’s
Web site at www.phoenixwm.com, in the Investor Relations section. In addition, copies of the proxy materials may be requested by 

 
contacting Phoenix’s proxy solicitor, Morrow & Co., LLC, toll-free at (800) 414-4313. Banks and Brokers may call collect at
(203) 658-9400. 
 -more- 
 CONTACTS:

 The Phoenix Companies, Inc.: 
 (Media Relations) Alice S.
Ericson, 860-403-5946 
 alice.ericson@phoenixwm.com 
 or

 (Investor Relations) Ronald Aldridge, 860-403-6494 
 ronald.aldridge@phoenixwm.com 
 Oliver Press Partners, LLC: 
 Augustus K. Oliver 
 Managing Member 
 goliver@oliverpressllc.com
 or 
 Clifford Press

 Managing Member 
 cpress@oppllc.com 
 or 
 Sard Verbinnen & Co. 
 Stephanie Pillersdorf/Jane Simmons 
 (212) 687-8080 
 # # # 
  

 SCHEDULE C 
 [Form of Irrevocable Resignation] 
 [Date] 
 Attention: Chairperson of the Board of Directors 
 Reference is made to the
Agreement, dated as of April 16, 2008 (the “Agreement”), by and among The Phoenix Companies, Inc. (the “Company”) and the OPP Investors. Capitalized terms used but not defined herein (and terms otherwise
defined in the Agreement and used herein) shall have the meanings assigned to such terms in the Agreement. 
 In accordance with Section 2.1(d) of the
Agreement, regarding stock ownership of the OPP Investors, collectively with their Affiliates and Associates, I hereby tender my conditional resignation as a director of the Board, provided that this resignation shall only be effective upon the
Board’s acceptance of this resignation, and only in the event that (i) at any time during the Standstill Period the OPP Investors, collectively with their Affiliates and Associates, fail to collectively satisfy the Minimum Share Condition
or (ii) either (x) within five business days after the Company has requested a written certification or (y) promptly following the close of business on the date preceding the 2008 Annual Meeting, Oliver Press Partners, LLC, on its own
behalf and on behalf of the OPP Investors, fails to provide written certification to the Company that the OPP Investors, collectively with their Affiliates and Associates, continue to beneficially own a sufficient number of shares of common stock to
satisfy the Minimum Share Condition. 
 This resignation may not be withdrawn by me at any time during which it is effective. 
 Very truly yours, 
 ______________________________________ 
 DirectorRegistration Agreement, between Molecular Discoveries LLC and ImmunoCellular

 EXHIBIT 10.24 
 REGISTRATION RIGHTS AGREEMENT 
 RECITALS 
 A. On February 14, 2008, the Company and the Investor entered into an agreement pursuant to which the Company issued 800,000 shares of the
Company’s common stock to the Investor and agreed to register these shares with the Securities and Exchange Commission. 
 B. The
Company and the Investor wish to enter into this Agreement to provide for the rights and responsibilities of the parties in connection with the registration of the Investor’s shares of the Company’s common stock. 
 1. Certain Definitions. This Registration Rights Agreement, dated as of April 14, 2008 (the “Agreement”) is made by and between
ImmunoCellular Therapeutics, Ltd., a Delaware corporation (the “Company”) and Molecular Discoveries LLC, a New York limited liability company (“Investor”) with reference to the following facts: 
 The following terms shall have the following respective meanings: 
 “Commission” means the United States Securities and Exchange Commission or any other federal agency at the time administering the Securities Act. 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, or any similar federal rule or statute and the rules
and regulations of the Commission thereunder, all as the same shall be in effect at the time. 
 “Holder” and
“Holders” means (i) the Investor, and (ii) any person holding Registrable Securities to whom the registration rights under this Agreement have been validly transferred. 
 “Registrable Securities” means (i) the shares of the Company’s common stock issued to the Investor pursuant to the
February 14, 2008 agreement between the Company and the Investors, and (ii) any common stock of the Company issued or issuable in respect of the foregoing shares of the Company’s common stock upon any stock split, stock dividend,
recapitalization, or similar event; provided, however, that securities shall only be treated as Registrable Securities if and so long as they have not been registered or sold to or through a broker or dealer or underwriter in a public distribution
or a public securities transaction. 
 The terms “register,” “registered” and
“registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement. 

“Registration Expenses” shall mean all expenses incurred by the Company in complying with Section 2.1, including without
limitation, all registration, qualification and filing fees, printing expenses, fees and disbursements of counsel for the Company, blue sky fees and expenses, the expense of any special audits incident to or required by any such registration (but
excluding the compensation of regular employees of the Company which shall be paid in any event by the Company). 
 “Rule
144” and “Rule 145” shall mean Rules 144 and 145, respectively, promulgated under the Securities Act, or any similar federal rules thereunder, all as the same shall be in effect at the time. 
 “Securities Act” shall mean the United States Securities Act of 1933, as amended, or any similar federal rule or statute and the rules
and regulations of the Commission thereunder, all as the same shall be in effect at the time. 

 “Selling Expenses” shall mean all underwriting discounts and selling commissions
applicable to the securities registered by the Holders. 
 2. Registration 
 2.1 Registration Filing. 
 (a) Filing for Registrable Securities. The Company shall file with the Commission by no later than April 30, 2008, a registration statement for the resale of all of the Registrable Securities. 

(b) Inclusion of Other Shares. The Company may, at its option, include shares held by other stockholders of the Company in any
such registration statement filed under this Section 2.1. 
 2.2 Expenses of Registration. All Registration
Expenses incurred in connection with a registration pursuant to Section 2.1 shall be borne by the Company; provided, however, that the Company shall have no obligation to pay or otherwise bear (i) any portion of the fees or
disbursements of counsel for the Holders in connection with the registration of their Registrable Securities, (ii) any portion of any underwriter’s commissions or discounts, expense allowance or fees or stock transfer taxes attributable to
the Registrable Securities being offered and sold by the Holders of Registrable Securities, or (iii) any of such expenses if the payment of such expenses by the Company is prohibited by the laws of a state in which such offering is qualified
and only to the extent so prohibited. Unless otherwise stated, all Selling Expenses relating to securities registered on behalf of the Holders shall be borne by the Holders of such securities pro rata on the basis of the number of shares so
registered or proposed to be so registered. 
 2.3 Registration Procedures. In the case of the registration effected by
the Company pursuant to this Agreement, the Company will keep each Holder advised in writing as to the initiation of such registration and as to the completion thereof. The Company will: 
 (a) Prepare and file with the Commission a registration statement and such amendments and supplements as may be necessary and use its
commercially reasonable efforts to cause such registration statement to become and remain effective until (i) the third anniversary following the date the registration statement is declared effective, (ii) all of the Registrable Securities
included in the registration statement have been sold or returned by the Holders to the Company for cancellation or (iii) all of the Registrable Securities included in the registration statement are eligible to be sold under Rule 144 without
restrictions, whichever comes first, except that the Company shall be permitted to suspend the use of the registration statement during certain periods as set forth below in this Section 2.3; and 
 (b) Furnish to the Holders participating in such registration and to the underwriters of the securities being registered such reasonable
number of copies of the registration statement, preliminary prospectus, final prospectus and such other documents as such underwriters may reasonably request in order to facilitate the public offering of such securities. 
 Notwithstanding the foregoing, the Company shall notify each Holder whose securities are included in a registration of the happening of any event which
makes any statement made in the registration statement or related prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or which requires the making of any changes in the
registration statement or prospectus so that, in the case of the registration statement, it will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading, and that in the case of the prospectus, it will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading. In such event, the Company may suspend use of the prospectus on written notice to each participating Holder, in which case each participating Holder shall not dispose of Registrable Securities covered by the
registration statement or prospectus until copies of a supplemented or amended prospectus are distributed to the participating Holders or until the participating Holders are advised in writing by the Company that the use of the applicable prospectus
may be resumed (the period of such suspension shall be a “Blackout Period”). The Company shall ensure that the use of the prospectus may be resumed as soon as is reasonably practicable. The 

  

 2 

 
Company shall, upon the occurrence of any event contemplated by this paragraph, prepare a supplement or post-effective amendment to the registration
statement or a supplement to the related prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, such
prospectus will not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. In the event that the Company
declares one or more Blackout Periods, the three-year anniversary period set forth in Section 2.3(a) shall be extended by the number of days that constitute any such Blackout Periods. 
 2.4 Indemnification. 
 (a) The Company will indemnify each Holder, each of its officers and directors and partners, and each person controlling such Holder within the meaning of Section 15 of the Securities Act, with respect to which
registration has been effected pursuant to this Agreement, against all expenses, claims, losses, damages and liabilities (or actions in respect thereof), including any of the foregoing incurred in settlement of any litigation, commenced or
threatened, arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, offering circular or other document, or any amendment or supplement thereto, incident
to any such registration, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading, or any violation by the Company of the Securities Act, the Exchange Act, state securities laws or any rule or regulation promulgated under such laws applicable to the Company in connection with any such registration, and the Company will
reimburse each such Holder, each of its officers and directors, and each person controlling such Holder, for any legal and any other expenses reasonably incurred, as such expenses are incurred, in connection with investigating, preparing or
defending any such claim, loss, damage, liability or action, provided that the Company will not be liable in any such case to the extent that any such claim, loss, damage, liability or expense arises out of or is based on any untrue statement or
omission or alleged untrue statement or omission, made in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Holder for use therein. 
 (b) Each Holder will, if Registrable Securities held by such Holder are included in the securities as to which such registration is being
effected, indemnify the Company, each of its officers and directors, each person who controls the Company within the meaning of Section 15 of the Securities Act, each other holder of the Company’s securities covered by such registration
statement, and each such holder’s officers and directors and each person controlling such holder within the meaning of Section 15 of the Securities Act, against all claims, losses, damages and liabilities (or actions in respect thereof)
arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any such registration statement, prospectus, offering circular or other document, or any omission (or alleged omission) to state therein a
material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by the Holder of the Securities Act, the Exchange Act, state securities laws or any rule or regulation promulgated under such
laws applicable to the Holder, and will reimburse the Company, such other holders, such officers, directors, or control persons for any legal or any other expenses reasonably incurred, as such expenses are incurred, in connection with investigating
or defending any such claim, loss, damage, liability or action, but in the case of the Company or the other holders or their officers, directors, or control persons, only to the extent that such untrue statement (or alleged untrue statement) or
omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with information furnished to the Company in writing by such Holder. Notwithstanding the
foregoing, the liability of each Holder under this Section 2.4(b) shall be limited to an amount equal to the net proceeds from the offering received by such Holder. A Holder will not be required to enter into any agreement or undertaking in
connection with any registration under this Section 2 providing for any indemnification or contribution on the part of such Holder greater than the Holder’s obligations under this Section 2.4(b). 
  

 3 

 (c) Each party entitled to indemnification under this Section 2.4 (the
“Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be
sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom, provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be
approved by the Indemnified Party (whose approval shall not unreasonably be withheld), and the Indemnified Party may participate in such defense at such party’s expense, and provided further that the failure of any Indemnified Party to give
notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Agreement unless the failure to give such notice is materially prejudicial to an Indemnifying Party’s ability to defend such action and provided
further, that the Indemnifying Party shall not assume the defense for matters as to which there is a conflict of interest or there are separate and different defenses. No Indemnifying Party, in the defense of any such claim or litigation, shall,
except with the consent of each Indemnified Party (whose consent shall not be unreasonably withheld), consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. 
 (d)
Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with an underwritten public offering are in conflict with the foregoing
provisions, the provisions in the underwriting agreement shall control. 
 3. Transfer of Rights. The rights granted under
Section 2 of this Agreement may be assigned to any transferee or assignee in connection with any transfer or assignment by the Holder of such Holder’s Registrable Securities, provided that: (i) such transfer is otherwise effected in
accordance with applicable securities laws and the terms of this Agreement; (ii) written notice is promptly given to the Company; and (iii) such transferee or assignee agrees in writing to be bound by the provisions of this Agreement and
by any other agreement reasonably necessary to ensure compliance with United States, state, and foreign securities laws. 
 4. No Monetary
Damages. So long as the Company has used its commercially reasonable efforts to comply with its registration-related obligations that are described in this Agreement, in no event will the Investor or any other Holder be entitled to receive any
monetary damages or other damages from the Company (i) if the Registrable Securities are not registered with the Commission pursuant to an effective registration statement, (ii) if a current prospectus relating to the resale of the
Registrable Securities is not on file with the Commission, or (iii) if the effectiveness of such registration statement is not maintained for the two-year period described in this Agreement. 
 5. Miscellaneous. 
 5.1
Consent to Jurisdiction. The Company and the Investor (i) hereby irrevocably submit to the exclusive jurisdiction of the United States District Court and the courts of the State of California located in Los Angeles, California, for the
purposes of any suit, action or proceeding arising out of or relating to this Agreement, and (ii) hereby waive, and agree not to assert in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
such court, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper. The Company and the Investor consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing in this Section 5.1 shall
affect or limit any right to serve process in any other manner permitted by law. 
 5.2 Entire Agreement; Amendments and
Waivers. This Agreement, together with the February 14, 2008 agreement between the Company and the Investor, constitutes the entire agreement between the parties with respect to the subject matter contained herein. The provisions of this
Agreement, including the provisions of 

  

 4 

 
this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the
same shall be in writing and signed by the Company and a majority in interest of the Holders. 
 5.3 Notices. Any and
all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earlier of (i) the date of transmission, if such notice or communication is
delivered via facsimile at the facsimile telephone number specified for notice prior to 5:00 p.m., Eastern Standard Time, on a business day, (ii) the first business day after the date of transmission, if such notice or communication is
delivered via facsimile at the facsimile telephone number specified for notice later than 5:00 p.m., Eastern Standard Time, on any date and earlier than 11:59 p.m., Eastern Standard Time, on such date, (iii) the business day following
the date of mailing, if sent by nationally recognized overnight courier service, or (iv) actual receipt by the party to whom such notice is required to be given. 
  

			
	(x)	  	if to the Company:
		
		  	 ImmunoCellular Therapeutics, Ltd.
 Attention: Manish
Singh, Ph.D.
 President and Chief Executive Officer
 21900
Burbank Boulevard, 3rd Floor
 Woodland Hills, California 91367
 Fax: (818) 992-2908
 E-Mail: manish.singh@imuc.com

		
	(y)	  	if to the Investor:
		
		  	 Molecular Discoveries LLC
 c/o C. Leonard
Gordon
 1400 Fifth Avenue
 New York, New York 10026
 Fax: (212) 599-4496
 E-mail:
lgordon@Moleculardiscoveries.com

 or to such other address or addresses or facsimile number or numbers as any such party may most
recently have designated in writing to the other parties hereto by such notice. 
 5.4 Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. 
 5.5
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, and all of which taken together shall constitute one and the same Agreement. In the event that any
signature is delivered by facsimile transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature
were the original thereof. 
 5.6 Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of California, without regard to principles of conflicts of law thereof. This Agreement shall not be interpreted or construed with any presumption against the party causing this Agreement to be drafted. 
 5.7 Severability. If any term, provision, covenant or restriction of this Agreement is held to be invalid, illegal, void or
unenforceable in any respect, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the
parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
  

 5 

 5.8 Headings. The headings herein are for convenience only, do not constitute a
part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 
 IN WITNESS WHEREOF, the undersigned have
executed this Agreement as of the date first set forth above. 
  

			
	IMMUNOCELLULAR THERAPEUTICS, LTD.
		
	 By:
	 	 /s/    MANISH
SINGH        

	Name:	 	Manish Singh, Ph.D.
	Title:	 	President and Chief Executive Officer
	
	MOLECULAR DISCOVERIES LLC
		
	 By:
	 	 /s/    C. LEONARD
GORDON        

	Name:	 	C. Leonard Gordon
	Title:	 	Managing Member

  

 6

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