Document:

Exhibit 4.10

 

THE
SECURITIES REPRESENTED HEREBY MAY NOT BE TRANSFERRED UNLESS (I) SUCH
SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF
1933, AS AMENDED, (II) SUCH SECURITIES MAY BE SOLD WITHOUT
RESTRICTION PURSUANT TO RULE 144, OR (III) THE COMPANY HAS RECEIVED AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSFER MAY LAWFULLY
BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933 OR QUALIFICATION
UNDER APPLICABLE STATE SECURITIES LAWS.

 

SUBJECT
TO THE PROVISIONS OF SECTION 10 HEREOF, THIS WARRANT SHALL BE VOID AFTER
5:00 P.M. EASTERN TIME ON JANUARY 28, 2015 (THE “EXPIRATION
DATE”).

 

No.

 

PHARMATHENE, INC.

 

WARRANT TO PURCHASE
              
SHARES OF

 

COMMON STOCK, PAR VALUE $0.0001
PER SHARE

 

For VALUE RECEIVED,
                                        
(“Warrantholder”), is entitled to
purchase, subject to the provisions of this Warrant, from PharmAthene, Inc.,
a Delaware corporation (“Company”), from
and after January 28, 2010 and at any time not later than 5:00 P.M.,
Eastern time, on the Expiration Date (as defined above), at an exercise price
per share equal to $2.50 (the exercise price in effect being herein called the “Warrant Price”),
             shares
(“Warrant Shares”) of the Company’s
Common Stock, par value $0.0001 per share (“Common Stock”).  The number of Warrant Shares purchasable upon
exercise of this Warrant and the Warrant Price shall be subject to adjustment
from time to time as described herein. 
This Warrant is being issued pursuant to the Note and Warrant Purchase
Agreement, dated as of July 24, 2009, as the same may be amended and/or
restated from time to time (the “Purchase Agreement”),
among the Company and the initial holders of the Company Warrants (as defined
below).  Capitalized terms used herein
have the respective meanings ascribed thereto in the Note Warrant and Purchase
Agreement unless otherwise defined herein.

 

Section 1.                                            Registration.  The Company shall maintain books for the
transfer and registration of the Warrant. 
Upon the initial issuance of this Warrant, the Company shall issue and
register the Warrant in the name of the Warrantholder.

 

Section 2.                                            Transfers.  As provided herein, this Warrant may be
transferred only pursuant to a registration statement filed under the Securities
Act of 1933, as amended (the “Securities Act”),
or an exemption from such registration. 
Subject to such restrictions, the Company shall transfer this Warrant
from time to time upon the books to be maintained by the Company for that
purpose, upon surrender hereof for transfer, properly endorsed or accompanied
by appropriate instructions for transfer and such other documents as may be
reasonably required by the Company, including, if required by the Company, an
opinion of its counsel to the effect that such transfer is exempt from the
registration requirements of the Securities Act, to establish that such
transfer is being made in accordance with the terms hereof, and a new Warrant
shall be issued to the transferee and the surrendered Warrant shall be canceled
by the Company.

 

 

Section 3.                                            Exercise of
Warrant.  Subject to the provisions
hereof, the Warrantholder may exercise this Warrant, in whole or in part, at
any time from and after January 28, 2010 and prior to its expiration upon
surrender of the Warrant, together with delivery of a duly executed Warrant
exercise form, in the form attached hereto as Appendix A (the “Exercise Agreement”) and payment by cash, certified check or
wire transfer of funds (or, in certain circumstances, by cashless exercise as
provided below) of the aggregate Warrant Price for that number of Warrant
Shares then being purchased, to the Company during normal business hours on any
business day at the Company’s principal executive offices (or such other office
or agency of the Company as it may designate by notice to the
Warrantholder).  The Warrant Shares so
purchased shall be deemed to be issued to the Warrantholder or the
Warrantholder’s designee, as the record owner of such shares, as of the close
of business on the date on which this Warrant shall have been surrendered (or
the date evidence of loss, theft or destruction thereof and security or
indemnity satisfactory to the Company has been provided to the Company), the
Warrant Price shall have been paid and the completed Exercise Agreement shall
have been delivered.  Certificates for
the Warrant Shares so purchased shall be delivered to the Warrantholder within
a reasonable time, not exceeding three (3) business days, after this
Warrant shall have been so exercised. 
The certificates so delivered shall be in such denominations as may be
requested by the Warrantholder and shall be registered in the name of the
Warrantholder or such other name as shall be designated by the Warrantholder,
as specified in the Exercise Agreement. 
If this Warrant shall have been exercised only in part, then, unless
this Warrant has expired, the Company shall, at its expense, at the time of
delivery of such certificates, deliver to the Warrantholder a new Warrant
representing the right to purchase the number of shares with respect to which
this Warrant shall not then have been exercised.  As used herein, “business day” means a day,
other than a Saturday or Sunday, on which banks in New York City are open for
the general transaction of business.  Each
exercise hereof shall constitute the re-affirmation by the Warrantholder that
the representations and warranties contained in Section 3 of the Purchase
Agreement are true and correct in all material respects with respect to the
Warrantholder as of the time of such exercise.

 

If (1) a certificate representing the Warrant Shares is not
delivered to the Warrantholder within three (3) Business Days of the due
exercise of this Warrant by the Warrantholder and (2) prior to the time
such certificate is received by the Warrantholder, the Warrantholder, or any
third party on behalf of the Warrantholder or for the Warrantholder’s account,
purchases (in an open market transaction or otherwise) shares of Common Stock
to deliver in satisfaction of a sale by the Warrantholder of shares represented
by such certificate (a “Buy-In”), then
the Company shall pay in cash to the Warrantholder (for costs incurred either
directly by such Warrantholder or on behalf of a third party) the amount by
which the total purchase price paid for Common Stock as a result of the Buy-In
(including brokerage commissions, if any) exceeds the proceeds received by such
Warrantholder as a result of the sale to which such Buy-In relates.  The Warrantholder shall provide the Company
written notice indicating the amounts payable to the Warrantholder in respect
of the Buy-In.

 

Section 4.                                            Compliance with
the Securities Act. Except as provided in the Purchase Agreement, the
Company may cause the legend set forth on the first page of this Warrant
to be set forth on each Warrant, and a similar legend on any security issued or
issuable upon exercise of this Warrant, unless counsel for the Company is of
the opinion as to any such security that such legend is unnecessary.

 

2

 

Section 5.                                            Payment of
Taxes.  The Company will pay any
documentary stamp taxes attributable to the initial issuance of Warrant Shares
issuable upon the exercise of this Warrant; provided, however, that the Company
shall not be required to pay any tax or taxes which may be payable in respect
of any transfer involved in the issuance or delivery of any certificates for
Warrant Shares in a name other than that of the Warrantholder in respect of
which such shares are issued, and in such case, the Company shall not be
required to issue or deliver any certificate for Warrant Shares or any Warrant
until the person requesting the same has paid to the Company the amount of such
tax or has established to the Company’s reasonable satisfaction that such tax
has been paid.  The Warrantholder shall
be responsible for income taxes due under federal, state or other law, if any
such tax is due.

 

Section 6.                                            Mutilated or
Missing Warrants.  In case
this Warrant shall be mutilated, lost, stolen, or destroyed, the Company shall
issue in exchange and substitution of and upon surrender and cancellation of
the mutilated Warrant, or in lieu of and substitution for the Warrant lost,
stolen or destroyed, a new Warrant of like tenor and for the purchase of a like
number of Warrant Shares, but only upon receipt of evidence reasonably
satisfactory to the Company of such loss, theft or destruction of the Warrant,
and with respect to a lost, stolen or destroyed Warrant, reasonable indemnity
or bond with respect thereto, if requested by the Company.

 

Section 7.                                            Reservation of
Common Stock.  The Company
hereby represents and warrants that there have been reserved, and the Company
shall at all applicable times keep reserved until issued (if necessary) as
contemplated by this Section 7, out of the authorized and unissued shares
of Common Stock, sufficient shares to provide for the exercise of the rights of
purchase represented by this Warrant. 
The Company agrees that all Warrant Shares issued upon due exercise of
this Warrant shall be, at the time of delivery of the certificates for such
Warrant Shares, duly authorized, validly issued, fully paid and non-assessable
shares of Common Stock of the Company.

 

Section 8.                                            Adjustments.  Subject and pursuant to the provisions of
this Section 8, the Warrant Price and number of Warrant Shares subject to
this Warrant shall be subject to adjustment from time to time as set forth
hereinafter.

 

(a)                                  If the Company
shall, at any time or from time to time while this Warrant is outstanding, pay
a dividend or make a distribution on its Common Stock in shares of Common
Stock, subdivide its outstanding shares of Common Stock into a greater number
of shares or combine its outstanding shares of Common Stock into a smaller
number of shares or issue by reclassification of its outstanding shares of
Common Stock any shares of its capital stock (including any such
reclassification in connection with a consolidation or merger in which the
Company is the continuing corporation), then (i) the Warrant Price in
effect immediately prior to the date on which such change shall become
effective shall be adjusted by multiplying such Warrant Price by a fraction,
the numerator of which shall be the number of shares of Common Stock
outstanding immediately prior to such change and the denominator of which shall
be the number of shares of Common Stock outstanding immediately after giving
effect to such change and (ii) the number of Warrant Shares purchasable
upon exercise of this Warrant shall be adjusted by multiplying the number of
Warrant Shares purchasable upon exercise of this Warrant immediately prior to
the date on which such change shall become effective by a fraction, the
numerator of which is shall be the Warrant Price in effect immediately prior to
the date on which such change shall become effective and the denominator of
which shall be the 

 

3

 

Warrant
Price in effect immediately after giving effect to such change, calculated in
accordance with clause (i) above. 
Such adjustments shall be made successively whenever any event listed
above shall occur.

 

(b)                                 If any capital
reorganization, reclassification of the capital stock of the Company,
consolidation or merger of the Company with another corporation in which the
Company is not the survivor, or sale, transfer or other disposition of all or
substantially all of the Company’s assets to another corporation shall be
effected, then, as a condition of such reorganization, reclassification,
consolidation, merger, sale, transfer or other disposition, lawful and adequate
provision shall be made whereby each Warrantholder shall thereafter have the
right to purchase and receive upon the basis and upon the terms and conditions
herein specified and in lieu of the Warrant Shares immediately theretofore
issuable upon exercise of this Warrant, such shares of stock, securities or
assets as would have been issuable or payable with respect to or in exchange
for a number of Warrant Shares equal to the number of Warrant Shares
immediately theretofore issuable upon exercise of this Warrant, had such
reorganization, reclassification, consolidation, merger, sale, transfer or
other disposition not taken place, and in any such case appropriate provision
shall be made with respect to the rights and interests of each Warrantholder to
the end that the provisions hereof (including, without limitation, provision
for adjustment of the Warrant Price) shall thereafter be applicable, as nearly
equivalent as may be practicable in relation to any shares of stock, securities
or assets thereafter deliverable upon the exercise hereof.  The Company shall not effect any such
consolidation, merger, sale, transfer or other disposition unless prior to or
simultaneously with the consummation thereof the successor corporation (if
other than the Company) resulting from such consolidation or merger, or the
corporation purchasing or otherwise acquiring such assets or other appropriate
corporation or entity shall assume the obligation to deliver to the
Warrantholder, at the last address of the Warrantholder appearing on the books
of the Company, such shares of stock, securities or assets as, in accordance
with the foregoing provisions, the Warrantholder may be entitled to purchase,
and the other obligations under this Warrant. 
The provisions of this paragraph (b) shall similarly apply to
successive reorganizations, reclassifications, consolidations, mergers, sales,
transfers or other dispositions.

 

(c)                                  In case the
Company shall fix a payment date for the making of a distribution to all
holders of Common Stock (including any such distribution made in connection
with a consolidation or merger in which the Company is the continuing
corporation) of evidences of indebtedness or assets (other than cash dividends
or cash distributions payable out of consolidated earnings or earned surplus or
dividends or distributions referred to in Section 8(a)), or subscription
rights or warrants, the Warrant Price to be in effect after such payment date
shall be determined by multiplying the Warrant Price in effect immediately
prior to such payment date by a fraction, the numerator of which shall be the
total number of shares of Common Stock outstanding multiplied by the Market
Price (as defined below) per share of Common Stock immediately prior to such payment
date, less the fair market value (as determined by the Company’s Board of
Directors in good faith) of said assets or evidences of indebtedness so
distributed, or of such subscription rights or warrants, and the denominator of
which shall be the total number of shares of Common Stock outstanding
multiplied by such Market Price per share of Common Stock immediately prior to
such payment date.  “Market Price”
as of a particular date (the “Valuation Date”)
shall mean the following: (a) if the Common Stock is then listed on the
NYSE Amex or any other national stock exchange, the closing sale price of one
share of Common Stock on such exchange on the last trading day prior to the
Valuation Date; (b) if the 

 

4

 

Common
Stock is then quoted on the National Association of Securities Dealers, Inc.
OTC Bulletin Board (the “Bulletin Board”)
or such similar quotation system or association, the closing sale price of one
share of Common Stock on the Bulletin Board or such other quotation system or
association on the last trading day prior to the Valuation Date or, if no such
closing sale price is available, the average of the high bid and the low asked
price quoted thereon on the last trading day prior to the Valuation Date; or (c) if
the Common Stock is not then listed on a national stock exchange or quoted on
the Bulletin Board or such other quotation system or association, the fair
market value of one share of Common Stock as of the Valuation Date, as
determined in good faith by the Board of Directors of the Company and the
Warrantholder.  If the Common Stock is
not then listed on a national securities exchange, the Bulletin Board or such
other quotation system or association, the Board of Directors of the Company
shall respond promptly, in writing, to an inquiry by the Warrantholder prior to
the exercise hereunder as to the fair market value of a share of Common Stock
as determined by the Board of Directors of the Company.  In the event that the Board of Directors of
the Company and the Warrantholder are unable to agree upon the fair market
value in respect of subpart (c) of this paragraph, the Company and the
Warrantholder shall jointly select an appraiser, who is experienced in such
matters.  The decision of such appraiser
shall be final and conclusive, and the cost of such appraiser shall be borne
equally by the Company and the Warrantholder. 
Such adjustment shall be made successively whenever such a payment date
is fixed.

 

(d)                                 An adjustment
to the Warrant Price shall become effective immediately after the payment date
in the case of each dividend or distribution and immediately after the
effective date of each other event which requires an adjustment.

 

(e)                                  In the event
that, as a result of an adjustment made pursuant to this Section 8, the
Warrantholder shall become entitled to receive any shares of capital stock of
the Company other than shares of Common Stock, the number of such other shares
so receivable upon exercise of this Warrant shall be subject thereafter to adjustment
from time to time in a manner and on terms as nearly equivalent as practicable
to the provisions with respect to the Warrant Shares contained in this Warrant.

 

(f)                                    To the extent
permitted by applicable law and the listing requirements of any stock market or
exchange on which the Common Stock is then listed, the Company from time to
time may decrease the Warrant Price by any amount for any period of time if the
period is at least twenty (20) days, the decrease is irrevocable during the
period and the Board shall have made a determination that such decrease would
be in the best interests of the Company, which determination shall be
conclusive.  Whenever the Warrant Price
is decreased pursuant to the preceding sentence, the Company shall provide
written notice thereof to the Warrantholder at least five (5) days prior
to the date the decreased Warrant Price takes effect, and such notice shall
state the decreased Warrant Price and the period during which it will be in
effect.

 

Section 9.                                            Fractional
Interest.  The Company
shall not be required to issue fractions of Warrant Shares upon the exercise of
this Warrant.  If any fractional share of
Common Stock would, except for the provisions of the first sentence of this Section 9,
be deliverable upon such exercise, the Company, in lieu of delivering such
fractional share, shall pay to the exercising Warrantholder an amount in cash
equal to the Market Price of such fractional share of Common Stock on the date
of exercise.

 

5

 

Section 10.                                      Extension of
Expiration Date.  If the
Company fails to cause any Registration Statement covering Registrable
Securities (as defined in the Registration Rights Agreement) to be declared
effective prior to the applicable dates set forth therein, or if any of the
events specified in Section 2(c)(ii) of the Registration Rights
Agreement occurs, and the Blackout Period (as defined in the Registration
Rights Agreement) (whether alone, or in combination with any other Blackout
Period) continues for more than 60 days in any 12 month period, or for more
than a total of 90 days, then the Expiration Date of this Warrant shall be
extended one day for each day beyond the 60-day or 90-day limits, as the case
may be, that the Blackout Period continues.

 

Section 11.                                      Benefits.  Nothing in this Warrant shall be construed to
give any person, firm or corporation (other than the Company and the
Warrantholder) any legal or equitable right, remedy or claim, it being agreed
that this Warrant shall be for the sole and exclusive benefit of the Company
and the Warrantholder.

 

Section 12.                                      Notices to
Warrantholder.  Upon the
happening of any event requiring an adjustment of the Warrant Price, the
Company shall promptly give written notice thereof to the Warrantholder at the
address appearing in the records of the Company, stating the adjusted Warrant
Price and the adjusted number of Warrant Shares resulting from such event and
setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based.  Failure
to give such notice to the Warrantholder or any defect therein shall not affect
the legality or validity of the subject adjustment.

 

Section 13.                                      Identity of
Transfer Agent.  The
Transfer Agent for the Common Stock is Continental Stock Transfer and Trust
Company.  Upon the appointment of any
subsequent transfer agent for the Common Stock or other shares of the Company’s
capital stock issuable upon the exercise of the rights of purchase represented
by the Warrant, the Company will mail to the Warrantholder a statement setting
forth the name and address of such transfer agent.

 

Section 14.                                      Notices.  Unless otherwise provided, any notice
required or permitted under this Warrant shall be given in writing and shall be
deemed effectively given as hereinafter described (i) if given by personal
delivery, then such notice shall be deemed given upon such delivery, (ii) if
given by telex or facsimile, then such notice shall be deemed given upon
receipt of confirmation of complete transmittal, (iii) if given by mail,
then such notice shall be deemed given upon the earlier of (A) receipt of
such notice by the recipient or (B) three days after such notice is
deposited in first class mail, postage prepaid, and (iv) if given by an
internationally recognized overnight air courier, then such notice shall be
deemed given one business day after delivery to such carrier.  All notices shall be addressed as follows: if
to the Warrantholder, at its address as set forth in the Company’s books and
records and, if to the Company, at the address as follows, or at such other
address as the Warrantholder or the Company may designate by ten days’ advance
written notice to the other:

 

6

 

If
to the Company:

 

PharmAthene, Inc.

One Park Place, Suite 450

Annapolis, MD 21401

Attention:  President

Fax:  (410) 269-2601

 

With
a copy to:

 

Sonnenschein Nath & Rosenthal LLP

101 JFK Parkway

Short Hills, NJ 07078

Attention:  Jeffrey A. Baumel

Fax:  (973) 912-7172

 

Section 15.                                      Registration
Rights.  The initial Warrantholder is
entitled to the benefit of certain registration rights with respect to the
shares of Common Stock issuable upon the exercise of this Warrant as provided
in the Registration Rights Agreement, and any subsequent Warrantholder may be
entitled to such rights.

 

Section 16.                                      Successors.  All the covenants and provisions hereof by or
for the benefit of the Warrantholder shall bind and inure to the benefit of its
respective successors and permitted assigns hereunder.

 

Section 17.                                      Governing Law;
Consent to Jurisdiction; Waiver of Jury Trial.  This Warrant shall be governed by, and
construed in accordance with, the internal laws of the State of Delaware,
without reference to the choice of law provisions thereof.  The Company and, by accepting this Warrant,
the Warrantholder, each irrevocably submits to the exclusive jurisdiction of
the courts of the State of Delaware and the United States District Court for
the District of Delaware for the purpose of any suit, action, proceeding or
judgment relating to or arising out of this Warrant and the transactions
contemplated hereby.  Service of process
in connection with any such suit, action or proceeding may be served on each
party hereto anywhere in the world by the same methods as are specified for the
giving of notices under this Warrant. 
The Company and, by accepting this Warrant, the Warrantholder, each
irrevocably consents to the jurisdiction of any such court in any such suit,
action or proceeding and to the laying of venue in such court.  The Company and, by accepting this Warrant,
the Warrantholder, each irrevocably waives any objection to the laying of venue
of any such suit, action or proceeding brought in such courts and irrevocably
waives any claim that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum.  EACH OF THE COMPANY AND, BY ITS ACCEPTANCE
HEREOF, THE WARRANTHOLDER HEREBY WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN
ANY LITIGATION WITH RESPECT TO THIS WARRANT AND REPRESENTS THAT COUNSEL HAS
BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

Section 18.                                      Cashless
Exercise. 
Notwithstanding any other provision contained herein to the contrary,
from and after the six-month anniversary of the Closing Date and so long as the
Company is required under the Registration Rights Agreement to have effected
the registration

 

7

 

of
the Warrant Shares for resale to the public pursuant to a Registration
Statement (as such term is defined in the Registration Rights Agreement), if
the Warrant Shares may not be freely sold to the public for any reason
(including, but not limited to, the failure of the Company to have effected the
registration of the Warrant Shares or to have a current prospectus available
for delivery or otherwise, but excluding the period of any Allowed Delay (as
defined in the Registration Rights Agreement), the Warrantholder may elect to
receive, without the payment by the Warrantholder of the aggregate Warrant
Price in respect of the shares of Common Stock to be acquired, shares of Common
Stock of equal value to the value of this Warrant, or any specified portion hereof,
by the surrender of this Warrant (or such portion of this Warrant being so
exercised) together with a Net Issue Election Notice, in the form annexed
hereto as Appendix B, duly executed, to the Company.  Thereupon, the Company shall issue to the
Warrantholder such number of fully paid, validly issued and nonassessable
shares of Common Stock as is computed using the following formula:

 

X = Y (A - B)

     A

 

where

 

X
=                             the number of
shares of Common Stock to which the Warrantholder is entitled upon such cashless
exercise;

 

Y
=                              the total
number of shares of Common Stock covered by this Warrant for which the
Warrantholder has surrendered purchase rights at such time for cashless
exercise (including both shares to be issued to the Warrantholder and shares as
to which the purchase rights are to be canceled as payment therefor);

 

A
=                            the “Market
Price” of one share of Common Stock as at the date the net issue election is
made; and

 

B =                              the Warrant
Price in effect under this Warrant at the time the net issue election is made.

 

Section 19.             [Intentionally Omitted].

 

Section 20.             No Rights as Shareholder.  Prior to the exercise of this Warrant, the
Warrantholder shall not have or exercise any rights as a shareholder of the
Company by virtue of its ownership of this Warrant.

 

Section 21.             Amendment; Waiver;
Termination.  This
Warrant is one of a series of Warrants of like tenor issued by the Company
pursuant to the Purchase Agreement and initially covering an aggregate of up to
2,572,775 shares of Common Stock (collectively, the “Company
Warrants”).  Any term of this
Warrant may be amended or waived (including the adjustment provisions included
in Section 8 of this Warrant) and the Warrant may be terminated upon the
written consent of the Company and the holders of Company Warrants representing
at least a majority of the number of shares of Common Stock then subject to all
outstanding Company Warrants; provided, that (x) any such amendment
or waiver or termination must apply to all Company Warrants; and (y) except
as provided in the adjustment provisions of this Warrant, the number of Warrant
Shares subject to this Warrant, the Warrant Price and the Expiration Date 

 

8

 

may
not be amended, and the right to exercise this Warrant may not be altered or
waived, without the written consent of the Warrantholder.

 

Section 22.                                      Section Headings.  The section headings in this Warrant are for
the convenience of the Company and the Warrantholder and in no way alter,
modify, amend, limit or restrict the provisions hereof.

 

9

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed, as of the        day of July, 2009.

 

	
   

  	
  PHARMATHENE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

10

 

APPENDIX A

PHARMATHENE, INC.

WARRANT EXERCISE FORM

 

To PharmAthene, Inc.:

 

The undersigned hereby irrevocably elects to exercise the right of
purchase represented by the within Warrant (“Warrant”)
for, and to purchase thereunder by the payment of the Warrant Price and
surrender of the Warrant,
                              
shares of Common Stock (“Warrant Shares”)
provided for therein, and requests that certificates for the Warrant Shares be
issued as follows:

 

	
   

  	
   

  	
   

  
	
   

  	
  Name

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Federal Tax ID or Social Security No.

  	
   

  

 

and delivered by                                           (certified mail
to the above address, or

(electronically (provide DWAC 

Instructions:                                      ),
or

(other (specify):

                                                                                       ).

 

and,
if the number of Warrant Shares shall not be all the Warrant Shares purchasable
upon exercise of the Warrant, that a new Warrant for the balance of the Warrant
Shares purchasable upon exercise of this Warrant be registered in the name of
the undersigned Warrantholder or the undersigned’s Assignee as below indicated
and delivered to the address stated below.

 

Dated:
                                      ,

 

	
   

  	
  Signature:

  	
   

  
	
  Note: 
  The signature must correspond with the name of the Warrantholder as
  written on the first page of the Warrant in every particular, without
  alteration or enlargement or any change whatever, unless the Warrant has been
  assigned.

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name (please print)

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Federal Identification or

  
	
   

  	
   

  	
  Social Security No.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Assignee:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
				

 

 

APPENDIX B

PHARMATHENE, INC.

NET ISSUE ELECTION NOTICE

 

To:
PharmAthene, Inc.

 

Date:[                                                  ]

 

The
undersigned hereby elects under Section 18 of this Warrant to
surrender the right to purchase
[                        ]
shares of Common Stock pursuant to this Warrant and hereby requests the
issuance of
[                          ]
shares of Common Stock.  The certificate(s) for
the shares issuable upon such net issue election shall be issued in the name of
the undersigned or as otherwise indicated below.

 

 

	
   

  	
   

  
	
  Signature

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Name for Registration

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Mailing AddressExhibit 10.50

 

Execution
Version

 

NOTE AND WARRANT PURCHASE AGREEMENT

 

This Note and Warrant
Purchase Agreement (this “Agreement”), dated as of July 24, 2009,
is made by and among PharmAthene, Inc., a Delaware corporation (the “Company”),
and the investors identified on Annex
I and Annex II
(together with their respective successors and permitted assigns, the “Investors”;
the Investors are each individually referred to herein as an “Investor”).

 

WHEREAS, the Company and the Investors are executing and delivering
this Agreement in reliance upon the exemption from securities registration
afforded by the provisions of Regulation D (“Regulation D”), as
promulgated by the U.S. Securities and Exchange Commission (the “Commission”)
under the Securities Act of 1933, as amended (the “Act”); and

 

WHEREAS, the Investors wish to purchase from the Company, and
the Company wishes to sell and issue to the Investors, upon the terms and
conditions stated in this Agreement, (i) senior unsecured convertible
notes in the form attached hereto as Exhibit A in the initial
aggregate Principal amount of up to $19,272,928.08 (the “Notes”), and (ii) warrants
to purchase an aggregate of up to 2,569,724 shares of the Company’s common
stock, $0.0001 per share (the “Common Stock”), at an exercise price per
share equal to the closing price of the Common Stock on the NYSE Amex
immediately preceding the execution of this Agreement, in the form attached
hereto as Exhibit B (the “Warrants,” and together with the
Notes, the “Closing Securities”); and

 

WHEREAS, contemporaneous with the sale of the
Closing Securities, the parties hereto will execute and deliver a Registration
Rights Agreement, in the form attached hereto as Exhibit C (the “Registration
Rights Agreement”), pursuant to which the Company will agree to provide
certain registration rights under the Act, and the rules and regulations
promulgated thereunder, and applicable state securities laws.

 

NOW,
THEREFORE, in
consideration of the mutual promises, representations, warranties and covenants
herein contained, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and the Investors
mutually agree as follows.  Capitalized
terms used and not otherwise defined herein shall have the meanings given such
terms in the Notes.

 

ARTICLE 1

PURCHASE OF NOTES AND WARRANTS

 

1.1           Issuance
of Closing Securities in Exchange for Old Notes.

 

(a)           Subject
to the terms and conditions of this Agreement, on the Closing Date (as defined
below), each of the Investors listed in Annex I (each, an “Existing
Investor,” and collectively, the “Existing Investors”) shall
severally, and not jointly, purchase, and the Company shall sell and issue to
each Existing Investor, the Closing Securities in the respective amounts set
forth opposite each such Existing Investor’s name on Annex I in
exchange (the 

 

 

“Exchange”)
for the Company’s existing senior unsecured convertible notes held by each such
Existing Investor as set forth on Annex I (collectively, the “Old Notes”).

 

(b)           As
a result of the Exchange, the Old Notes are hereby cancelled and cease to be
outstanding obligations of the Company and all rights of the Existing Investors
under the Old Notes, including all rights to payment of principal and interest
thereon, are hereby cancelled and terminated in full.

 

1.2           Issuance
of Closing Securities in Exchange for Cash Payment.  Subject to the terms and conditions of this
Agreement, on the Closing Date, each of the Investors listed in Annex II
(each, a “New Investor,” and collectively, the “New Investors”)
shall severally, and not jointly, purchase, and the Company shall sell and
issue to each of the New Investors, the Closing Securities in the respective
amounts set forth opposite each such New Investor’s name on Annex II
in exchange for the purchase price set forth opposite each such New Investor’s
name on Annex II.

 

1.3           Closing.  The closing (the “Closing”) of the
purchase and sale of the Closing Securities shall take place simultaneously
with the execution of this Agreement or such other time as the Company and the
Required Holders may mutually agree (the date on which the Closing occurs, the “Closing
Date”) at the offices of Edwards Angell Palmer & Dodge LLP, 111
Huntington Avenue, Boston, Massachusetts, 02199, or at such other location as
the Company and the Required Holders shall mutually agree.  At the Closing, the Company shall deliver to
each Investor a Note and Warrant, each registered in such name or names as each
Investor may designate.  On the Closing
Date, each Existing Investor shall deliver to the Company its Old Note(s) for
cancellation and each New Investor shall pay to the Company an amount equal to
the purchase price set forth opposite such New Investor’s name on Annex II
(payable by wire transfer in same day funds to an account specified by the
Company in writing).

 

ARTICLE 2

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company represents
and warrants to each of the Investors that, except as set forth on the Schedule
of Exceptions attached hereto (the “Schedule of Exceptions”) the
statements contained in this Article II are true and correct as of the
Closing Date as though made as of the Closing Date, except to the extent such
representations and warranties are specifically made as of a particular date
(in which case such representations and warranties are true and correct as of
such date).  The Schedule of Exceptions
shall be arranged in sections and subsections corresponding to the numbered and
lettered sections and subsections contained in this Article II, but any
information disclosed under any section or subsection of the Schedule of
Exceptions shall be deemed to be disclosed into any other section or subsection
where such disclosure would be reasonably apparent.

 

2.1           Organization, Qualifications and Corporate Power.  The Company is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Delaware and, except as set forth in
Schedule 2.1, is duly licensed or qualified to transact 

 

2

 

business
as a foreign corporation and is in good standing in each jurisdiction in which
the nature of the business transacted by it or the character of the properties
owned or leased by it requires such licensing or qualification.  The Company and each of its Subsidiaries has
the corporate power and authority to own and hold its properties and to carry
on its business as now conducted and as proposed to be conducted, and in the
case of the Company, to execute, deliver and perform the Transaction Documents
to which it is a party.  The Company has
the corporate power and authority to issue, sell and deliver the Closing
Securities, to issue and deliver the shares of Common Stock issuable upon
conversions of the Notes (the “Note Shares”) and to issue and deliver
the shares of Common Stock issuable upon exercise of the Warrants (the “Warrant
Shares”).

 

2.2           Authorization
of Agreements, Etc.

 

(a)           The
execution and delivery by the Company of the Transaction Documents to which
it is a party, the performance by the Company of its obligations
thereunder, the issuance, sale and delivery of the Closing Securities by the
Company and the reservation of the Note Shares and Warrant Shares by the
Company have been duly authorized by all requisite corporate action and will
not violate any provision of law, any order of any court or other agency of
government, the Certificate of Incorporation of the Company, as amended to date
(the “Charter”), or the By-laws of the Company, as amended to date (the “By-laws”),
or any provision of any indenture, agreement or other instrument to which the
Company or any of its Subsidiaries 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 any lien, charge,
restriction, claim or encumbrance of any nature whatsoever upon any of the
properties or assets of the Company or any of its Subsidiaries.

 

(b)           The
Closing Securities have been duly authorized and, when issued and delivered
pursuant to this Agreement, will have been duly executed, issued and delivered
and will constitute valid and legally binding obligations of the Company,
enforceable in accordance with their terms, subject as to enforcement, to
bankruptcy, insolvency, reorganization and other laws of general applicability
relating to or affecting creditors’ rights and to general equity principles.

 

(c)           The
Company has an authorized capitalization and outstanding shares of capital
stock as set forth in Schedule 2.2(c), and all of the issued shares of capital
stock of the Company have been duly authorized and validly issued and are fully
paid and non-assessable; the Note Shares and Warrant Shares initially issuable
upon conversion of the Notes and exercise of the Warrants, respectively, have
been duly authorized and reserved for issuance and, when issued, delivered and
paid for in accordance with the provisions of the Notes and the Warrants,
respectively, will be validly issued, fully paid and non-assessable; and the
issuance of Note Shares and Warrant Shares upon conversion of the Notes and
exercise of the Warrants, respectively, will not be subject to any preemptive or
similar rights except as set forth in Schedule 2.2(c).

 

3

 

(d)           The
designations, powers, preferences, rights, qualifications, limitations and
restrictions in respect of each class and series of authorized capital stock of
the Company are as set forth in the Company’s Charter, and all such
designations, powers, preferences, rights, qualifications, limitations and
restrictions are valid, binding and enforceable and in accordance with all
applicable laws.  Except as set forth in
Schedule 2.2(d), (i) no Person owns of record or is known to the Company
to own beneficially any share of Common Stock, (ii) no subscription,
warrant, option, convertible security, or other right (contingent or other) to
purchase or otherwise acquire equity securities of the Company or any of its
Subsidiaries is authorized or outstanding and (iii) there is no commitment
by the Company or any of its Subsidiaries to issue shares, subscriptions,
warrants, options, convertible securities, or other such rights or to
distribute to holders of any of its equity securities any evidence of
indebtedness or asset.  Except as
provided for in the Company’s Charter or as set forth in the attached
Schedule 2.2(d), neither the Company nor any of its Subsidiaries has any
obligation (contingent or other) to purchase, redeem or otherwise acquire any
of its equity securities or any interest therein or to pay any dividend or make
any other distribution in respect thereof. 
Except as set forth in the attached Schedule 2.2(d), to the best of
the Company’s knowledge there are no voting trusts or agreements, stockholders’
agreements, pledge agreements, buy-sell agreements, rights of first refusal,
preemptive rights or proxies relating to any securities of the Company or any
of its Subsidiaries (whether or not the Company or such Subsidiaries is a party
thereto).  The warrants issued by the
Company in its initial public offering have not been extended or modified since
the date of issuance thereof.  All of the
outstanding securities of the Company were issued in compliance with all
applicable federal and state securities laws.

 

(e)           The
outstanding shares of Common Stock are listed on the NYSE Amex and the Note
Shares and the Warrant Shares will have been approved for listing on the NYSE
Amex, subject to notice of issuance, on or before the Closing Date.  The transactions contemplated by the
Transaction Documents do not require shareholder approval under the rules of
the NYSE Amex.

 

(f)            There has not been any change, effect,
event or occurrence resulting in a material adverse effect on the business,
financial condition or results of operations of the Company that has not been
disclosed in the Company’s reports filed with the Commission prior to the date
of this Agreement.

 

(g)           Except
as set forth in Schedule 2.2(g), there are no actions, suits or proceedings at
law or in equity or by or before any governmental instrumentality or other
agency or regulatory authority now pending, or, to the knowledge of the
Company, threatened against the Company which, if adversely determined, would
materially and adversely affect the business, assets, operations or condition,
financial or otherwise, of the Company. 
There is no action, suit or proceeding by the Company currently pending
or that the Company currently intends to initiate.

 

4

 

ARTICLE 3

REPRESENTATIONS AND WARRANTIES OF THE INVESTORS

 

Each Investor, severally
and not jointly, represents and warrants to the Company that, the statements
contained in this Article III are true and correct as of the Closing Date
as though made as of the Closing Date, except to the extent such
representations and warranties are specifically made as of a particular date
(in which case such representations and warranties are true and correct as of
such date).

 

3.1           Investor is an “accredited investor”
as defined by Rule 501 of Regulation D, and Investor is capable of
evaluating the merits and risks of its investment in the Closing Securities and
has the ability and capacity to protect its interests.  If Investor is a resident of Canada or
otherwise subject to the provincial securities laws of Canada, such Investor is
an “accredited investor” (as that term is defined in National Instrument 45
106), was not formed for the specific purpose of and is not being used
primarily for the purpose of purchasing and holding the Closing Securities, and
is neither a “Limited States Person” (as that term is defined in Rule 902
of Regulation S under the Act) nor purchasing the Closing Securities for the
account of a Limited States Person or for resale to a United States person or
to a person in the United States.

 

3.2           Investor understands that, except as
provided in the Registration Rights Agreement, the Closing Securities, the Note
Shares and the Warrant Shares have not been registered under the Act on the
ground that the issuance thereof is exempt under Section 4(2) of the
Act and/or Regulation D as a transaction by an issuer not involving any public
offering and that, in the view of the Commission, the statutory basis for the
exception claimed would not be present if any of the representations and
warranties of Investor contained in this Agreement are untrue or,
notwithstanding the Investor’s representations and warranties, the Investor
currently has in mind acquiring any of the Closing Securities for resale upon
the occurrence or non-occurrence of some predetermined event.

 

3.3           Investor is purchasing the Closing
Securities and, in the event that the Investor should acquire any Note Shares
or Warrant Shares, will be acquiring such Note Shares or Warrant Shares, as
applicable, as principal for its own account, and not for the benefit of any
other Person, for investment purposes and not with a view to distribution or
resale, nor with the intention of selling, transferring or otherwise disposing
of all or any part thereof for any particular price, or at any particular time,
or upon the happening of any particular event or circumstance, except selling,
transferring, or disposing of the Closing Securities, Note Shares and Warrant
Shares, as applicable, in full compliance with all applicable provisions of the
Act, the rules and regulations promulgated by the Commission thereunder,
and applicable state securities laws; and that an investment in the Closing
Securities, Note Shares and Warrant Shares is not a liquid investment.

 

3.4           Investor confirms that Investor has
had the opportunity to ask questions of, and receive answers from, the Company
or any authorized Person acting on its behalf concerning the Company and its
business and to obtain any additional information, to the extent possessed by
the Company (or to the extent it could have been acquired by the Company
without unreasonable effort or expense) necessary to verify the accuracy of the
information received by Investor.  In 

 

5

 

connection therewith,
Investor acknowledges that Investor has had the opportunity to discuss the
Company’s business, management and financial affairs with the Company’s
management or any authorized Person acting on its behalf.  Investor has received and reviewed all the
information concerning the Company and the Closing Securities, both written and
oral, that Investor desires.  Without
limiting the generality of the foregoing, Investor has been furnished with or
has had the opportunity to acquire, and to review: all information, both
written and oral, that Investor desires with respect to the Company’s business,
management, financial affairs and prospects. 
In determining whether to make this investment, Investor has relied
solely on Investor’s own knowledge and understanding of the Company and its
business based upon Investor’s own due diligence investigations and the Company’s
filings with the Commission.

 

3.5           If the Investor is a resident of
Canada or otherwise subject to the provincial securities laws of Canada, such
Investor understands and acknowledges that (i) the Closing Securities have
not been, and that the Note Shares and Warrant Shares will not be, qualified
for distribution under provincial securities laws, (ii) the Closing
Securities will be distributed to such Investor pursuant to exemptions from the
registration and prospectus filing requirements of applicable provincial
securities laws, and (iii) the Closing Securities and if acquired, the
Note Shares and Warrant Shares, must be held by such Investor indefinitely
unless a subsequent distribution thereof is qualified for distribution under
the applicable provincial securities laws, or is exempt from the prospectus
registration requirements thereof.

 

3.6           Investor has all requisite legal and
other power and authority to execute and deliver this Agreement and to carry
out and perform its obligations under the terms of this Agreement.  This Agreement constitutes a valid and
legally binding obligation of Investor enforceable in accordance with its
terms, subject as to enforcement, to bankruptcy, insolvency, reorganization and
other laws of general applicability relating to or affecting creditors’ rights
and to general equity principles.

 

3.7           Investor has carefully considered and
has discussed with its legal, tax, accounting and financial advisors, to the
extent the Investor has deemed necessary, the suitability of this investment
and the transactions contemplated by this Agreement for the Investor’s
particular federal, state, provincial, local and foreign tax and financial
situation and has independently determined that this investment and the
transactions contemplated by this Agreement are a suitable investment for the
Investor.  Investor understands that it
(and not the Company) shall be responsible for Investor’s own tax liability
that may arise as a result of the investment in the Closing Securities or the
transactions contemplated by this Agreement, except as provided in Section 6.1(b).

 

3.8           Investor acknowledges that an
investment in the Closing Securities is speculative and involves a high degree
of risk and that Investor can bear the economic risk of the acceptance of the
Closing Securities, including a total loss of its investment.  Investor recognizes and understands that no
federal, state, provincial or foreign agency has recommended or endorsed the
purchase of the Closing Securities. 
Investor acknowledges that it has such knowledge and experience in
financial and business matters that Investor is capable of evaluating the
merits and risks of an investment in the Closing Securities and of making an
informed investment decision with respect thereto.

 

6

 

3.9           Because of the legal restrictions
imposed on resale or transfer of the Closing Securities, Investor understands
that the Company shall have the right to note stop-transfer instructions in its
records, and Investor has been informed of the Company’s intention to do
so.  Any sales, transfers, or other
dispositions of the Closing Securities by Investor, if any, will be made in
compliance with the Act and any other applicable securities laws, and all
applicable rules and regulations promulgated thereunder and the terms of
this Agreement.

 

3.10         Investor acknowledges that Investor has
not assigned or transferred any interest or rights under the Old Notes.

 

3.11         The residency of Investor (or, in the
case of a partnership, limited liability company or corporation, such entity’s
principal place of business) is correctly set forth below Investor’s name on Annex
I or Annex II, as applicable.

 

ARTICLE 4

CONDITIONS RELATING TO THE CLOSING

 

4.1           Conditions
to the Obligations of the Investors at the Closing.  The several obligations of each Investor to
consummate the transactions to be performed by it in connection with the
Closing Date are, unless otherwise indicated, subject to the satisfaction of
the following conditions as of the Closing Date, unless such conditions are
waived by such Investor with respect to the Closing Date:

 

(a)           Approval
by Disinterested Directors.  This
Agreement, the Transaction Documents and the transactions contemplated hereby
and thereby shall have been approved by a committee of the Company’s Board of
Directors consisting solely of one or more disinterested directors.

 

(b)           Approval
and Participation by Holders of Old Notes.

 

(i)            Holders of not less than two-thirds
(2/3) of the aggregate principal amount of Old Notes shall have approved this
Agreement and the transactions contemplated hereby; and

 

(ii)           Holders of not less than fifty
percent (50%) of the aggregate principal amount of the Old Notes shall be
Existing Investors, and such Existing Investors shall collectively exchange not
less than fifty percent (50%) of the aggregate principal amount of the Old
Notes outstanding for Notes.

 

(c)           Consents,
Permits, and Waivers.  The Company
shall have obtained any and all approvals, consents, permits and waivers
necessary or appropriate for consummation of the transactions contemplated by
this Agreement and the other Transaction Documents.

 

(d)           Authorizations.  All authorizations, approvals or permits, if
any, of any governmental authority or regulatory body that are required in
connection with the lawful 

 

7

 

issuance
and sale of the Closing Securities pursuant to this Agreement shall have been
duly obtained and shall be effective on and as of the Closing Date.

 

(e)           Representations,
Warranties and Covenants.  The
representations and warranties made by the Company in Article II hereof
and in the other Transaction Documents shall be true and correct when made, and
shall be true and correct as of the Closing Date with the same force and effect
as if they had been made on and as of that date.  The Company shall have performed and complied
in all material respects with all covenants and agreements required by this
Agreement to be performed or complied with by it on or prior to the Closing
Date.  As of the Closing Date, Company
shall have delivered a certificate to the foregoing effect to the Investors.

 

(f)            Opinion
of Counsel to the Company.  The
Investors shall have received an opinion of counsel to the Company reasonably
satisfactory to the Investors.

 

ARTICLE 5

 

COVENANTS

 

5.1           Board
of Directors and Committee Designation Rights; Voting Agreement.

 

(a)           The Company shall maintain a Board of
Directors consisting of no more than nine (9) individuals and each of the
Compensation Committee and Nominating Committee (or other committees serving
similar functions) shall have no more than three (3) members.  The Designators (as defined below) shall have
the right, but not the obligation, to collectively designate up to two (2) Noteholder
Directors who shall have the right but not the obligation to serve as members
of each such committee of the Company’s Board of Directors.  At the election of the Designators, all
Subsidiaries of the Company shall maintain a Board of Directors which shall
include the Noteholder Directors and have no more than nine (9) individuals,
except to the extent otherwise required by the laws of the jurisdiction of each
Subsidiary’s organization.

 

(b)           Each Investor agrees to vote all of
his, her or its voting securities (including, but not limited to, the Notes,
Note Shares and Warrant Shares) in the Company, whether now owned or hereafter
acquired or which such Investor may be empowered to vote (together the “Voting
Securities”), from time to time and at all times, in whatever manner shall
be necessary to ensure that at each meeting of Investors at which an election
of directors is held or pursuant to any written consent of Investors, the
following persons (each a “Noteholder Director”) shall be elected to the
Company’s Board of Directors pursuant to Section B of ARTICLE SIXTH of the
Company’s Charter:

 

(i)            one individual designated by
HealthCare Ventures VII, L.P. (or any recipient of all of the Notes held by
HealthCare Ventures VII, L.P. as of the date hereof) (the “HCV Designator”),
which individual shall initially be James Cavanaugh; and

 

(ii)           one individual designated by MPM
BioVentures III, L.P. (or any recipient of all of the Notes held by MPM
BioVentures III, L.P. as of the date hereof) (the 

 

8

 

“MPM Designator”
and together with the HCV Designator, the “Designators”), which
individual shall initially be Steven St. Peter.

 

(c)           The
Board of Directors of the Company shall nominate such Noteholder Directors and
recommend that the Investors vote to elect such Noteholder Directors as
directors of the Company and shall fill any vacancies that may arise upon the
resignation of any of the Noteholder Directors with a new Noteholder Director
designated in accordance with the foregoing Section 5.1.

 

(d)           The
Company shall provide at least thirty (30) days’ prior written notice of all
intended mailings of notices to the Investors for a meeting at which directors
are to be elected (or an action by written consent pursuant to which directors
are to be elected) to each Designator, and each Designator shall notify the
Company in writing, at least ten (10) days prior to such mailing, of the
person(s) so designated as nominees for election as directors in
accordance with this Section 5.1. 
If any Designator shall fail to give notice to the Company as provided
above, it shall be deemed that such Designator’s Noteholder Director then
serving as director shall be such Designator’s nominee for reelection.

 

(e)           Each
Investor also agrees to vote all of his, her or its Voting Securities from time
to time and at all times in whatever manner as shall be necessary to ensure
that (i) no director elected pursuant to this Section 5.1 of this
Agreement may be removed from office other than for cause unless (A) such
removal is directed or approved by the Designator entitled under this Section 5.1
to designate that director or (B) the Designator originally entitled to
designate such director pursuant to this Section 5.1 is no longer so
entitled to designate such director; (ii) any vacancies created by the
resignation, removal or death of a Noteholder Director shall be filled pursuant
to the provisions of this Section 5.1; and (iii) upon the request of
the Designator entitled to designate a director pursuant to this Section 5.1
to remove such director, such director shall be removed.  All Investors agree to execute any written
consents required to effectuate the obligations of this Agreement, and the
Company agrees at the request of any Designator to call a special meeting of
Investors for the purpose of electing directors.

 

(f)            The
Company shall take such action as is necessary to convene meetings of its Board
of Directors and meetings of the Investors for the election of the directors
(or to act by written consent) in order to elect and re-elect the Noteholder
Directors in accordance with this Section 5.1.

 

(g)           The
Company hereby represents and warrants that as of the date hereof the
transactions contemplated hereby are not inconsistent with the Company’s
Charter or By-laws and agrees that until such time as the obligations under
this Section 5.1 have expired, the Company will not take any action or
amend its Charter or By-laws in a manner inconsistent with or in derogation of
this Agreement.  The Company shall at the
next meeting of stockholders of the Company recommend that the Charter be
amended to implement the provisions of this Article V, including, without
limitation, to: (A) set a maximum board size of nine members; (B) provide
that only two (2) members of the Board are to be elected by at least a
majority of the Principal amount of the Notes outstanding, voting as a separate
class; and (C) 

 

9

 

provide
that the Company’s Board of Directors shall nominate the Noteholder Directors,
as designated by the Designators, pursuant to the terms of this Agreement.  Each Investor hereby agrees to vote its
Voting Securities in favor of such amendments to the Charter.  The Company shall take such action as is
reasonably necessary to amend its By-laws to implement the provisions of this Article V
and the Charter amendments described in this Section 5.1(g).

 

(h)           The
Notes shall not be transferred unless the recipient of such Notes agrees in
writing to be bound by the terms hereof.

 

(i)            Each
Investor hereby grants to the Secretary of the Company, in the event that such
Investor fails to vote its Voting Securities as required by this Agreement, a
proxy coupled with an interest in all Voting Securities beneficially owned by
such Investor to vote such Voting Securities in accordance with this Section 5.1,
which proxy is irrevocable until this Agreement terminates pursuant to its
terms or is amended to remove such grant of proxy in accordance with Section 5.1
of this Agreement.

 

(j)            The
provisions of this Section 5.1 shall remain in effect at all times while
at least thirty percent (30%) of the aggregate Principal amount of the Notes
remain outstanding. Upon the date that this Section 5.1 ceases to be in
force or effect, the Company shall have the right, without further action or
consent by the Investors, to amend its Charter to remove any and all such
provisions related to the subject matter of this Section 5.1.

 

5.2           No Liability for
Designation or Election of Directors.  No Investor, nor any affiliate of any
Investor, shall have any liability as a result of designating a person for
election as a director for any act or omission by such designated person in his
or her capacity as a director of the Company, nor shall any Investor have any
liability as a result of voting for any such designee in accordance with the
provisions of this Agreement.

 

5.3           Observer Rights.  Until the earlier of (a) twelve (12)
months following the Closing Date and (b) the date on which Baker Brothers
Investments and its affiliates (“Baker”) no longer holds Notes with an
aggregate Principal amount of at least five million dollars ($5,000,000), one
representative (an “Observer”) to be appointed by Baker shall be
entitled to notice of and to attend all meetings of the Company’s Board of
Directors (which Observer shall be entitled to have expenses reimbursed by the
Company as if such Observer were a director of the Company) in a nonvoting
observer capacity and, in this respect, the Company shall provide to such
Observer copies of all notices, minutes, consents and other materials that it
provides to the members of the Board of Directors at the same time and in the
same manner as provided to such members (“Observer Rights”); provided,
however, that such Observer shall agree to hold in confidence and trust
and to act in a fiduciary manner with respect to all information so provided;
and, provided further, that the Company reserves the right to withhold any
information and to exclude such Observer from any meeting or portion thereof if
access to such information or attendance at such meeting could adversely affect
the attorney-client privilege between the Company and its counsel or result in
a conflict of interest.

 

5.4           Registration Rights.  The Investors shall have the registration
rights set forth in the Registration Rights Agreement, the Warrants and the
Notes.

 

10

 

5.5           Listing.  Immediately prior to or on the Closing Date,
the Company shall secure the listing of all of the Registrable Securities (as
defined in the Registration Rights Agreement) upon each national securities
exchange and automated quotation system, if any, upon which the Common Stock is
then listed (subject to official notice of issuance) and shall maintain such
listing of all Registrable Securities from time to time issuable under the
terms of the Transaction Documents.  The
Company shall maintain the Common Stock’s authorization for quotation on the
principal exchange or market in which it is listed.  Neither the Company nor any of its
Subsidiaries shall take any action which would be reasonably expected to result
in the delisting or suspension of the Common Stock on the principal market in
which it is listed.  The Company shall
pay all fees and expenses in connection with satisfying its obligations under
this Section 5.5.

 

5.6           No Extension or Modification of
Warrants.  From and after the
Closing, the Company shall not extend or modify, or agree to extend or modify,
the warrants issued by the Company in its initial public offering until they
are exercised or expire according to their terms.

 

5.7           Incurrence of Indebtedness.  From and after the Closing, the Company will
not, and will not permit any Subsidiary to, create, incur, assume or permit to
exist any Indebtedness for borrowed money in an aggregate amount in excess of
ten million dollars ($10,000,000) (the “Indebtedness Limit”) without the
prior written approval of the Required Holders; provided, that (i) Indebtedness
that is subordinated in right of payment to the Notes and (ii) customary
trade payables incurred in the ordinary course of business shall not be subject
to the limitation set forth in this Section 5.7.

 

5.8           Right of First Refusal of Senior
Indebtedness.  From and after the
Closing and subject to Section 5.7 hereof, in the event that the Company,
or any of its Subsidiaries, wishes to create, incur or assume any Indebtedness
for borrowed money that is senior or “pari passu” in right of payment to the
Notes (“Senior Indebtedness”), the Company shall deliver a written
notice (the “Indebtedness Notice”) to the Investors disclosing in
reasonable detail the terms and conditions of the proposed Senior
Indebtedness.  For ten (10) days
following receipt by the Investors of the Indebtedness Notice (the “ROFR
Period”), the Investors shall have the option to provide all or part of the
proposed Senior Indebtedness up to a maximum aggregate amount of ten million
dollars ($10,000,000) under the terms and conditions set forth in the
Indebtedness Notice, on a pro rata basis based on the ownership of the then
outstanding Principal amount of the Notes. 
The Company, or any of its Subsidiaries, as applicable, shall have
ninety (90) days from the expiration of the ROFR Period to incur or assume the
Senior Indebtedness specified in the relevant Indebtedness Notice that is not
provided by the Investors, but only upon terms and conditions (including,
without limitation, principal amounts, maturity dates and interest rates) that
are not more favorable to the providers of such Senior Indebtedness or less
favorable to the Company than those set forth in the Indebtedness Notice.

 

11

 

ARTICLE 6

 

MISCELLANEOUS

 

6.1           Expenses.

 

(a)           The Company
will pay, and save the Investors harmless against (i) all liability for
the payment of the reasonable costs and expenses, including without limitation
the legal expenses of Edwards Angell Palmer & Dodge LLP of up to
$60,000 as counsel to the Designators, incurred by the Designators in
connection with the transactions contemplated by this Agreement, and (ii) all
liability for the payment of the reasonable costs and expenses, including without
limitation the reasonable fees and expenses of one counsel selected by the
Designators, incurred by the Investors in connection with the ownership of the
Closing Securities including, without limitation, any amendment or waiver of,
or enforcement of, any Transaction Document relating to the transactions
contemplated hereby.

 

(b)           The Company further agrees that they
will pay, and will save each Investor harmless from, any and all Liabilities
with respect to any stamp or similar taxes which may be determined to be
payable in connection with the execution and delivery and performance of the
Transaction Documents or any modification, amendment or alteration of the terms
or provisions of the Transaction Documents (excluding any taxes on the income
or gain of the Investor).

 

6.2           Further Assurances.  The Company shall duly execute and deliver,
or cause to be duly executed and delivered, at its own cost and expense, such
further instruments and documents and to take all such action, in each case as
may be necessary or proper in the reasonable judgment of the Investors to carry
out the provisions and purposes of this Agreement and the other Transaction
Documents.

 

6.3           Remedies.  In case any one or more of the
representations, warranties, covenants and/or agreements set forth in this
Agreement or any other Transaction Documents shall have been breached by a
party, the other parties may proceed to protect and enforce its rights either
by suit in equity and/or by action at law, including an action for damages as a
result of any such breach and/or an action for specific performance of any such
covenant or agreement contained in this Agreement or any of the other
Transaction Documents, and may exercise all remedies under the Closing
Securities.

 

6.4           Survival.  The representations, warranties, covenants
and agreements made herein shall survive any investigation made by any party
hereto, the execution and delivery of this Agreement and the closing of the
transactions contemplated hereby.

 

6.5           Successors and Assigns.  This Agreement shall bind and inure to the
benefit of the Company and the Investors and their respective successors and
permitted assigns.  Subject to applicable
federal, state and provincial securities laws and regulations, the Investors
may freely assign either this Agreement or any of their rights, interests, or
obligations hereunder without the prior written approval of the other parties,
except (a) to a Competitor as defined in the Notes and (b) subject to
the provisions set forth in Section 17 thereof.

 

6.6           Entire Agreement.  This Agreement and the other writings
referred to herein or delivered pursuant hereto (including the other
Transaction Documents) which form a part hereof contain the entire agreement
among the parties with respect to the subject matter hereof and thereof and
supersede all prior and contemporaneous arrangements or understandings with 

 

12

 

respect thereto
including, without limitation, the Note Exchange Agreement dated August 3,
2007 by and among the Company and the holders of the Old Notes.

 

6.7           Notices.  All notices, requests, demands, claims,
consents and other communications delivered hereunder (whether or not required
to be delivered hereunder) shall be deemed to be sufficient and duly given if
contained in a written instrument (a) personally delivered, (b) sent
by fax, (c) sent by nationally-recognized overnight courier guaranteeing
next business day delivery or (d) sent by first class registered or
certified mail, postage prepaid, return receipt requested, in each case
addressed as follows:

 

(i)                                  if to the Company, to:

 

PharmAthene, Inc.

One Park Place

Suite 450

Annapolis, MD 21401

Attention:  David P. Wright

Fax:  (410) 269-2601

 

with a copy to:

 

Jeffrey A. Baumel, Esq.

Sonnenschein Nath &
Rosenthal LLP

101 JFK Parkway

Short Hills, NJ 07078

Fax:  (973) 912-7199;

 

and

 

(ii)           if
to an Investor, to him, her or it at his, her or its address set forth on such
Investor’s signature block hereto,

 

with a copy to:

 

James T. Barrett, Esq.

Edwards Angell Palmer & Dodge LLP

111 Huntington Avenue

Boston, MA 02199-7613

Fax:  (617) 227-4420

 

or to such other address
as the party to whom such notice or other communication is to be given may have
furnished to each other party in writing in accordance herewith.  Any such notice or communication shall be
deemed to have been received (A) when delivered, if personally delivered, (B) when
sent, if sent by telecopy on a business day (or, if not sent on a business day,
on the next business day after the date sent by telecopy), (C) on the next
business day after dispatch, if sent by nationally recognized, overnight
courier guaranteeing next business day 

 

13

 

delivery, and (D) on
the fifth (5th) business day following the date on
which the piece of mail containing such communication is posted, if sent by
mail.

 

6.8           Amendments, Modifications,
Terminations and Waivers.  The terms
and provisions of this Agreement and the Closing Securities may not be
modified, amended or terminated, nor may any of the provisions hereof be
waived, temporarily or permanently, except (i) prior to the Closing,
pursuant to a written instrument executed by the Company and those parties to
this Agreement that have agreed to purchase at least a majority of the Closing
Securities, which parties must include both of the Designators, or (ii) after
the Closing, pursuant to a written instrument executed by the Company and the
Required Holders.

 

6.9           Governing
Law; Waiver of Jury Trial.

 

(a)           All
questions concerning the construction, interpretation and validity of this
Agreement shall be governed by and construed and enforced in accordance with
the domestic laws of the State of Delaware without giving effect to any choice
or conflict of law provision or rule (whether in the State of Delaware or
any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of Delaware. 
In furtherance of the foregoing, the internal law of the State of
Delaware will control the interpretation and construction of this Agreement,
even if under such jurisdiction’s choice of law or conflict of law analysis,
the substantive law of some other jurisdiction would ordinarily or necessarily
apply.

 

(b)           BECAUSE
DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST
QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE
PARTIES WISH APPLICABLE LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE
PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH
APPLICABLE LAWS.  THEREFORE, TO ACHIEVE
THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION,
THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR
PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS
AGREEMENT OR ANY DOCUMENTS RELATED HERETO.

 

6.10         No Third Party Reliance.  Anything contained herein to the contrary
notwithstanding, the representations and warranties of the Company contained in
this Agreement (a) are being given by the Company as an inducement to the
Investors to enter into this Agreement and the other Transaction Documents (and
the Company acknowledges that the Investors have expressly relied thereon) and (b) are
solely for the benefit of the Investors. 
Accordingly, no third party (including, without limitation, any holder
of capital stock of the Company) or anyone acting on behalf of any holder
thereof other than the Investors, and each of them, shall be a third-party or
other beneficiary of such representations and warranties and no such third
party shall have any rights of contribution against the Investors or the
Company with respect to such representations or warranties or any matter
subject to or resulting in indemnification under this Agreement or otherwise.

 

14

 

6.11         Publicity.  Neither the Investors nor the Company shall
issue any press release or make any public disclosure regarding the
transactions contemplated hereby unless such press release or public disclosure
is approved by the Required Holders and those parties mentioned in such press
release or public disclosure in advance. 
Notwithstanding the foregoing, each of the parties hereto may, in
documents required to be filed by it with the Commission or other regulatory
bodies, make such statements with respect to the transactions contemplated
hereby as each may be advised by counsel is legally necessary or advisable.

 

6.12         Severability.  It is the desire and intent of the parties
that the provisions of this Agreement be enforced to the fullest extent
permissible under the law and public policies applied in each jurisdiction in
which enforcement is sought. 
Accordingly, in the event that any provision of this Agreement would be
held in any jurisdiction to be invalid, prohibited or unenforceable for any
reason, such provision, as to such jurisdiction, shall be ineffective, without
invalidating the remaining provisions of this Agreement or affecting the
validity or enforceability of such provision in any jurisdiction.  Notwithstanding the foregoing, if such
provision could be more narrowly drawn so as to not be invalid, prohibited or
unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so
narrowly drawn, without invalidating the remaining provisions of this Agreement
or affecting the validity or enforceability of such provision in any other
jurisdiction.

 

6.13         Independence of Agreements,
Covenants, Representations and Warranties. 
All agreements and covenants hereunder shall be given independent effect
so that if a certain action or condition constitutes a default under a certain
agreement or covenant, the fact that such action or condition is permitted by
another agreement or covenant shall not affect the occurrence of such default,
unless expressly permitted under an exception to such covenant.  In addition, all representations and
warranties hereunder shall be given independent effect so that if a particular
representation or warranty proves to be incorrect or is breached, the fact that
another representation or warranty concerning the same or similar subject
matter is correct or is not breached will not affect the incorrectness of or a
breach of a representation and warranty hereunder.  The annexes, exhibits and schedules attached
hereto are hereby made part of this Agreement in all respects.

 

6.14         Counterparts; Facsimile and
Electronic Signatures.  This
Agreement may be executed in any number of counterparts, and each such
counterpart hereof shall be deemed to be an original instrument, but all such
counterparts together shall constitute but one agreement.  Counterpart signatures to this Agreement
delivered by facsimile or other electronic transmission shall be acceptable and
binding.

 

6.15         Headings.  The section and paragraph headings contained
in this Agreement are for reference purposes only and shall not affect in any
way the meaning or interpretation of this Agreement.

 

*    *   
*    *    *

 

15

 

IN
WITNESS WHEREOF,
each of the undersigned has duly executed this Note and Warrant Purchase
Agreement as of the date first written above.

 

	
   

  	
  PHARMATHENE, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  David P. Wright

  
	
   

  	
   

  	
  Title:

  	
  President and CEO

  

 

[Signature page to Note and
Warrant Purchase Agreement]

 

 

	
   

  	
  INVESTORS:

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

[Signature page to Note and
Warrant Purchase Agreement]

 

 

Amendment
No. 1 to

Note
and Warrant Purchase Agreement

Dated
as of July 26, 2009

 

Pursuant to Section 6.8
of the Note and Warrant Purchase Agreement dated as of July 24, 2009 by
and among PharmAthene, Inc. and the Investors listed in Annex I and Annex
II thereof (the “Agreement”), the Company and the parties to the
Agreement that have agreed to purchase at least a majority of the Closing
Securities, including both of the Designators, hereby agree and consent to
amend the Agreement as follows:

 

1.             The second recital of the Agreement is deleted in its
entirety and replaced with the following:

 

“WHEREAS, the
Investors wish to purchase from the Company, and the Company wishes to sell and
issue to the Investors, upon the terms and conditions stated in this Agreement,
(i) senior unsecured convertible notes in the form attached hereto as Exhibit A
in the initial aggregate Principal amount of up to $19,294,123.84 (the “Notes”),
and (ii) warrants to purchase an aggregate of up to 2,572,550 shares of
the Company’s common stock, $0.0001 per share (the “Common Stock”), at
an exercise price per share equal to the closing price of the Common Stock on
the NYSE Amex immediately preceding the execution of this Agreement, in the
form attached hereto as Exhibit B (the “Warrants,” and
together with the Notes, the “Closing Securities”);”

 

2.             Annex I and Annex II of the Agreement are
deleted in their entirety and replaced with the Annex I and Annex II
set forth in Exhibit A hereto, for the purpose of adding the
additional Investors listed therein.

 

This Amendment No. 1
to Note and Warrant Purchase Agreement (this “Amendment”)  may be executed in any number of
counterparts, and each such counterpart hereof shall be deemed to be an
original instrument, but all such counterparts together shall constitute but
one agreement.  Counterpart signatures to
this Amendment delivered by facsimile or other electronic transmission shall be
acceptable and binding.  Capitalized terms used and not defined herein
have the meaning ascribed to such terms in the Agreement.

 

[Signature Pages Follow]

 

 

IN
WITNESS WHEREOF,
each of the undersigned has duly executed this Amendment No. 1 to Note and
Warrant Purchase Agreement as of the date first written above.

 

 

	
   

  	
  PHARMATHENE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  David P. Wright

  
	
   

  	
   

  	
  Title:

  	
  President and CEO

  

 

 

	
   

  	
  INVESTORS:

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

 

Amendment No. 2 to

Note and Warrant Purchase Agreement

Dated as of July 28, 2009

 

Pursuant
to Section 6.8 of the Note and Warrant Purchase Agreement dated as of July 24,
2009 by and among PharmAthene, Inc. and the Investors listed in Annex I
and Annex II thereof, as amended as of July 26, 2009 by Amendment No. 1
to Note and Warrant Purchase Agreement (as so amended, the “Agreement”),
the Company and the parties to the Agreement that have agreed to purchase at
least a majority of the Closing Securities, including both of the Designators,
hereby agree and consent to amend the Agreement as follows:

 

1.             The second recital of the Agreement
is deleted in its entirety and replaced with the following:

 

“WHEREAS, the Investors wish to purchase from the Company,
and the Company wishes to sell and issue to the Investors, upon the terms and
conditions stated in this Agreement, (i) senior unsecured convertible
notes in the form attached hereto as Exhibit A in the initial
aggregate Principal amount of up to $19,295,801.83 (the “Notes”), and (ii) warrants
to purchase an aggregate of up to 2,572,775 shares of the Company’s common
stock, $0.0001 per share (the “Common Stock”), at an exercise price per
share equal to the closing price of the Common Stock on the NYSE Amex immediately
preceding the execution of this Agreement, in the form attached hereto as Exhibit B
(the “Warrants,” and together with the Notes, the “Closing Securities”);”.

 

2.             Article 2.2(e) of the
Agreement is deleted in its entirety and replaced with the following:

 

“The
outstanding shares of Common Stock are listed on the NYSE Amex and the Note
Shares and the Warrant Shares will have been approved for listing on the NYSE
Amex, subject to notice of issuance, not later than thirty (30) days
following the Closing Date.  The Company
or its representatives or agents have had conversations and correspondence with
representatives of the NYSE Amex in which they described in reasonable detail
the terms and conditions of and the transactions contemplated by the Transaction
Documents (the “Amex Conversations”), and based on the Amex
Conversations, the Company (i) reasonably believes that the Note Shares
and the Warrant Shares will be listed on the NYSE Amex within thirty (30) days following
the Closing Date and (ii) is not aware of any reason that the Note Shares
and the Warrant Shares will not be so listed. 
The transactions contemplated by the Transaction Documents do not
require shareholder approval under the rules of the NYSE Amex.”

 

3.             Article 5.5 of the Agreement
is deleted in its entirety and replaced with the following:

 

“Listing.  The Company shall use its best efforts to
obtain the written approval for listing on the NYSE Amex, subject to notice of
issuance, of the Note Shares and the Warrant Shares as promptly as possible,
but in no event later than thirty (30) days after the Closing Date (the date on
which such shares are listed, the “Listing Date”).  From and after the Listing Date, the 

 

 

Company
shall maintain the listing of all of the Registrable Securities (as defined in
the Registration Rights Agreement) from time to time issuable under the terms
of the Transaction Documents upon each national securities exchange and
automated quotation system, if any, upon which the Common Stock is then listed.  The Company shall maintain the Common Stock’s
authorization for listing on the principal exchange or market in which it is
listed.  Neither the Company nor any of
its Subsidiaries shall take any action which would be reasonably expected to
result in the delisting or suspension of the Common Stock on the principal
market in which it is listed.  The
Company shall pay all fees and expenses in connection with satisfying its
obligations under this Section 5.5.”

 

4.             Annex I of the
Agreement is deleted in its entirety and replaced with the Annex I set
forth in Exhibit A hereto.

 

5.             The
Schedule of Exceptions is amended and restated as attached hereto.

 

This
Amendment No. 2 to Note and Warrant Purchase Agreement (this “Amendment”)  may be executed in any number of counterparts,
and each such counterpart hereof shall be deemed to be an original instrument,
but all such counterparts together shall constitute but one agreement.  Counterpart signatures to this Amendment
delivered by facsimile or other electronic transmission shall be acceptable and
binding.  Capitalized terms used and not defined herein have the meaning ascribed
to such terms in the Agreement.

 

[Signature Pages Follow]

 

 

IN WITNESS WHEREOF, each of the undersigned
has duly executed this Amendment No. 2 to Note and Warrant Purchase
Agreement as of the date first written above.

 

 

	
   

  	
  PHARMATHENE,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  David
  P. Wright

  
	
   

  	
   

  	
  Title:

  	
  President
  and CEO

  

 

[Signature
Page to Amendment No. 2 to Note and Warrant Purchase Agreement]

 

 

	
   

  	
  INVESTORS:

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:
  

  	
   

  
	
   

  	
   

  	
  Title:

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