Document:

EXHIBIT
10.2

     

    FORM OF
SUBSCRIPTION AGREEMENT

     

    December
23, 2010

     

    Cleveland
BioLabs, Inc.

    73 High
Street

    Buffalo,
New York 14203

    Attention:  Mr.
Michael Fonstein, CEO & President

    

    Gentlemen:

     

    The
undersigned (the “Investor”) hereby
confirms its agreement with Cleveland BioLabs, Inc., a Delaware corporation (the
“Company”), as
follows:

     

    1.           This
Subscription Agreement, including the Terms and Conditions for Purchase of
Common Stock attached hereto as Annex I (collectively, this
“Agreement”) is
made as of the date set forth below between the Company and the
Investor.

     

    2.           The
Company has authorized the sale and issuance to certain investors of up to a
maximum of ONE MILLION FOUR HUNDRED THOUSAND (1,400,000) shares of common stock,
subject to adjustment by the Company’s Board of Directors or a committee
thereof, of its common stock, par value $0.005 per share (the “Common Stock”), for a
purchase price of $5.99 per share (the “Purchase
Price”)

     

    3.           The
offering and sale of the Common Stock (the “Offering”) are being
made pursuant to (a) an effective Registration Statement on Form S−3, No.
333-167258 (the “Registration
Statement”) filed by the Company with the Securities and Exchange
Commission (the “Commission”),
including the prospectus contained therein (the “Base Prospectus”),
(b) if applicable, certain “free writing prospectuses” (as that term is defined
in Rule 405 under the Securities Act of 1933, as amended (the “Act”)), that have
been or will be filed, if required, with the Commission and delivered to the
Investor on or prior to the date hereof (the “Issuer Free Writing
Prospectus”), containing certain supplemental information regarding the
terms of the Offering and the Company and (c) a final Prospectus Supplement (the
“Prospectus
Supplement” and, together with the Base Prospectus, the “Prospectus”)
containing, among other information, certain supplemental information regarding
the terms of the Offering that will be filed with the Commission and delivered
to the Investor prior to the Closing.

     

    4.           The
Company and the Investor agree that the Investor will purchase from the Company
and the Company will issue and sell to the Investor shares of the Common Stock
set forth below for the aggregate purchase price set forth below.  The
Common Stock shall be purchased pursuant to the Terms and Conditions for
Purchase of Common Stock attached hereto as Annex I and incorporated
herein by this reference as if fully set forth herein.  The Investor
acknowledges that the Offering is not being underwritten by HFP Capital Markets
LLC (the “Placement
Agent”) and that there is no minimum offering amount.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    5.           The
manner of settlement of the Shares purchased by the Investor shall be as
follows:

    

    Delivery
versus payment (“DVP”) through the
Depository Trust Company (“DTC ”) (i.e. , on the
Closing Date, the Company shall instruct Continental Stock Transfer & Trust
Company (the “Transfer
Agent”), to issue the Shares registered in the Investor’s name and
address as set forth below and released by the Transfer Agent to the Investor
through DTC at the Closing directly to the account(s) at the Placement Agent
identified by the Investor; upon receipt of such Shares, the Placement Agent
shall promptly electronically deliver such Shares to the Investor, and
simultaneously therewith payment shall be made by the Placement Agent by wire
transfer to the Company). NO LATER THAN ONE (1) BUSINESS DAY AFTER THE
EXECUTION OF THIS AGREEMENT BY THE INVESTOR AND THE COMPANY, THE INVESTOR
SHALL:

    

    
      	
               
      

            	
              (I)

            	
              NOTIFY THE PLACEMENT AGENT OF
      THE ACCOUNT OR ACCOUNTS AT THE PLACEMENT AGENT TO BE CREDITED WITH THE
      SHARES BEING PURCHASED BY SUCH INVESTOR,
  AND

            

    

    

    
      	
               
      

            	
              (II)

            	
              CONFIRM THAT THE ACCOUNT OR
      ACCOUNTS AT THE PLACEMENT AGENT TO BE CREDITED WITH THE SHARES BEING
      PURCHASED BY THE INVESTOR HAVE A MINIMUM BALANCE EQUAL TO THE AGGREGATE
      PURCHASE PRICE FOR THE UNITS BEING PURCHASED BY THE
      INVESTOR.

            

    

    

    IT IS THE INVESTOR’S
RESPONSIBILITY TO (A) MAKE THE NECESSARY WIRE TRANSFER OR CONFIRM THE
PROPER ACCOUNT BALANCE IN A TIMELY MANNER AND (B) ARRANGE FOR SETTLEMENT BY
WAY OF DVP IN A TIMELY MANNER. IF THE INVESTOR DOES NOT DELIVER THE AGGREGATE
PURCHASE PRICE FOR THE SHARES OR DOES NOT MAKE PROPER
ARRANGEMENTS FOR SETTLEMENT IN A TIMELY MANNER, THE SHARES MAY NOT BE DELIVERED
AT CLOSING TO THE INVESTOR OR THE INVESTOR MAY BE EXCLUDED FROM THE CLOSING
ALTOGETHER.

     

    6.           The
Investor represents that, except as set forth below, (a) it has had no position,
office or other material relationship within the past three (3) years with the
Company or persons known to it to be affiliates of the Company, (b) it is not a
member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) or an
Associated Person (as such term is defined under the NASD Membership and
Registration Rules Section 1011) as of the Closing or if a member of FINRA or an
Associated Person (as such term is defined under the NASD Membership and
Registration Rules Section 1011) as of the Closing, the Investor is purchasing
in the ordinary course of business and has no agreements or understanding,
directly or indirectly, with any person to distribute the Shares and (c) neither
the Investor nor any group of Investors (as identified in a public filing made
with the Commission) of which the Investor is a part in connection with the
Offering of the Common Stock, acquired, or obtained the right to acquire, 20% or
more of the Common Stock (or securities convertible into or exercisable for
Common Stock) or the voting power of the Company on a post-transaction
basis.  Exceptions:
____________________________________________

     

    (If no
exceptions, write “none.” If left blank, response will be deemed to be
“none.”)

     

    7.           The
Investor represents that it has received (or otherwise had made available to it
by the filing by the Company of an electronic version thereof with the
Commission) the Base Prospectus, dated June 17, 2010, which is a part of the
Company’s Registration Statement and the documents incorporated by reference
therein and any free writing prospectus (collectively, the “Disclosure Package”),
prior to or in connection with the receipt of this Agreement.  The
Investor acknowledges that, prior to the delivery of this Agreement to the
Company, the Investor will receive certain additional information regarding the
Offering, including pricing information (the “Offering
Information”).  Such information may be provided to the
Investor by any means permitted under the Act, including the Prospectus
Supplement, a free writing prospectus and oral communications.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    8.           No
offer by the Investor to buy the Common Stock will be accepted and no part of
the Purchase Price will be delivered to the Company until the Investor has
received the Offering Information and the Company has accepted such offer by
countersigning a copy of this Agreement on the date that the Investor signs this
Agreement, and any such offer may be withdrawn or revoked, without obligation or
commitment of any kind, at any time prior to the Company (or the Placement Agent
on behalf of the Company) sending (orally, in
writing or by electronic mail) notice of its acceptance of such
offer.  An indication of interest will involve no obligation or
commitment of any kind until the Investor has been delivered the Offering
Information and this Agreement is accepted and countersigned by or on behalf of
the Company.  If the Company has not countersigned this Agreement and
delivered such countersigned agreement and the Offering Information to Investor
by 5:00 P.M. Eastern Standard Time on December 23, 2010, this Agreement and the
parties’ obligations hereunder shall automatically terminate.

     

    9.           The
Company acknowledges that the only material, non-public information relating to
the Company it has provided to the Investor in connection with the Offering
prior to the date hereof is the existence of the Offering.

     

    [Remainder
of Page Intentionally Left Blank]

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    Please
confirm that the foregoing correctly sets forth the agreement between us by
signing in the space provided below for that purpose.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	 
      	
                                                    Number
      of Shares of Common Stock:1,400,000

                                                  
	 
      	 
      	 
      
	 
      	
                                                    Purchase
      Price Per Share:  $5.99

                                                  
	 
      	 
      	 
      
	 
      	
                                                    Aggregate
      Purchase Price: $8,386,000

                                                  
	 
      	 
      	 
      
	 
      	
                                                    [INVESTOR]

                                                  
	 
      	 
      	 
      
	 
      	
                                                    INVESTOR

                                                  
	 
      	 
      	 
      
	 
      	
                                                    By:

                                                  	 
      

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      	 
      	
                              Print
      Name:

                            	 
      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      	 
      	
                              Title:

                            	 
      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
          
            
              
                
                  
                    	 
      	
                            Address:

                          	 
      

                  

                

              

            

          

        

      

    

     

    Agreed
and Accepted

    as of the
date first above written:

     

    CLEVELAND
BIOLABS, INC.

     

    
      
        
          
            
              
                
                  	
                          By:

                        	 
      	 
	 
      	
                          Name:

                        	
                          John
      A. Marhofer, Jr.

                        	 
	 
      	
                          Title:

                        	
                          Chief
      Financial Officer

                        	 

                

              

            

          

        

      

    

     

    
      [Signature Page – Subscription
Agreement]
 

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    ANNEX I

     

    Terms and
Conditions for Purchase of Common Stock

     

    1.           Authorization and Sale of Common
Stock.  Subject to the terms and conditions of this Agreement,
the Company has authorized the sale of the Common Stock.

     

    2.           Agreement to Sell and Purchase of
Common Stock; Placement Agent.

     

    2.1.         At
the Closing (as defined in Section 3.1), the
Company will sell to the Investor, and the Investor will purchase from the
Company, upon the terms and conditions set forth herein, the number of shares of
Common Stock set forth on the last page of the Agreement to which these Terms
and Conditions for Purchase of Common Stock are attached as Annex I (the “Signature Page”) for
the aggregate purchase price therefor set forth on the Signature
Page.

     

    2.2.         Intentionally
Left Blank.

     

    2.3.         Investor
acknowledges that the Company has agreed to pay (i) the Placement Agent a cash
fee of not more than four percent (4.0%) of the gross proceeds of the offering,
and (ii) Rodman & Renshaw, LLC a cash fee of not more than two percent
(2.0%) (collectively, the “Placement Fee”), in
respect to the sale of Shares to the Investor.

     

    2.4.         The
Company has entered into a Placement Agent Agreement, dated December 23, 2010
(the “Placement
Agreement”), with the Placement Agent that contains certain
representations, warranties, covenants and agreements of the Company that may be
relied upon by the Investor, which shall be a third party beneficiary
thereof.

     

    3.           Closing and Delivery of the Shares of
Common Stock and Funds.

     

    3.1.         Closing.  The
completion of the purchase and sale of the Common Stock (the “Closing”) shall occur
at a place and time (the “Closing Date”) to be
specified by the Company and the Placement Agent of which the Investors will be
notified in advance by the Placement Agent, in accordance with Rule 15c6-1
promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”).  At the Closing, (a) the Company shall cause the
Transfer Agent to deliver to the Investor the number of shares of Common Stock
set forth on the Signature Page registered in the name of the Investor or, if so
indicated on the Investor Questionnaire attached hereto as Exhibit A, in the name of a
nominee designated by the Investor and (b) the aggregate purchase price for the
Common Stock being purchased by the Investor will be delivered by or on behalf
of the Investor to the Company.

     

    3.2.         Conditions to the
Obligations of the Parties.

     

    (a)         Conditions to the Company’s
Obligations.  The Company’s obligation to issue and sell the
Common Stock to the Investor shall be subject to: (i) the receipt by the Company
of the purchase price for the shares of Common Stock being purchased hereunder
as set forth on the Signature Page and (ii) the accuracy of the representations
and warranties made by the Investor and the fulfillment of those undertakings of
the Investor to be fulfilled prior to the Closing Date.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    (b)         Conditions to the Investor’s
Obligations.  The Investor’s obligation to purchase the shares
of Common Stock will be subject to (i) the representations and warranties made
by the Company in the Agreements and the Placement Agreement, which shall be
true and correct as of the date hereof and as of the Closing Date, and the
Company shall have fulfilled those undertakings of the Company required to be
fulfilled prior to the Closing Date, including without limitation, those
contained in the Placement Agreement, and (ii) that the Placement Agent shall
not have: (A) terminated the Placement Agreement pursuant to the terms thereof
or (B) determined that the conditions to the closing in the Placement Agreement
have not been satisfied.  The Investor understands and agrees that, in
the event that the Placement Agent in its sole discretion determines that the
conditions to closing in the Placement Agreement have not been satisfied or if
the Placement Agreement may be terminated for any other reason permitted by such
Agreement, then the Placement Agent may, but shall not be obligated to,
terminate such Agreement, which shall have the effect of terminating this
Subscription Agreement pursuant to Section 14
below.  The Placement Agent shall not have the authority to amend or
modify the Company’s representations and warranties set forth in Section 3 of
the Placement Agreement or the closing conditions contained in Section 7 of the
Placement Agreement in a manner adverse to the Investor or waive any provisions
or conditions contained therein without the consent of the
Investor.

     

    4.           The
manner of settlement of the Shares purchased by the Investor shall be as
follows:

    

    DVP
through the DTC ( i.e. , on the Closing Date, the Company shall
instruct the Transfer Agent, to issue the Shares registered in the Investor’s
name and address as set forth below and released by the Transfer Agent to the
Investor through DTC at the Closing directly to the account(s) at the Placement
Agent identified by the Investor; upon receipt of such Shares, the Placement
Agent shall promptly electronically deliver such Shares to the Investor, and
simultaneously therewith payment shall be made by the Placement Agent by wire
transfer to the Company). NO LATER THAN ONE (1) BUSINESS DAY AFTER THE
EXECUTION OF THIS AGREEMENT BY THE INVESTOR AND THE COMPANY, THE INVESTOR
SHALL:

    

    
      	
               
      

            	
              (I)

            	
              NOTIFY
      THE PLACEMENT AGENT OF THE ACCOUNT OR ACCOUNTS AT THE PLACEMENT AGENT TO
      BE CREDITED WITH THE SHARES BEING PURCHASED BY SUCH INVESTOR,
      AND

            

    

    

    
      	
               
      

            	
              (II)

            	
              CONFIRM THAT THE ACCOUNT OR
      ACCOUNTS AT THE PLACEMENT AGENT TO BE CREDITED WITH THE SHARES BEING
      PURCHASED BY THE INVESTOR HAVE A MINIMUM BALANCE EQUAL TO THE AGGREGATE
      PURCHASE PRICE FOR THE UNITS BEING PURCHASED BY THE
      INVESTOR.

            

    

    

    IT IS THE INVESTOR’S
RESPONSIBILITY TO (A) MAKE THE NECESSARY WIRE TRANSFER OR CONFIRM THE
PROPER ACCOUNT BALANCE IN A TIMELY MANNER AND (B) ARRANGE FOR SETTLEMENT BY
WAY OF DVP IN A TIMELY MANNER. IF THE INVESTOR DOES NOT DELIVER THE AGGREGATE
PURCHASE PRICE FOR THE SHARES OR DOES NOT MAKE PROPER
ARRANGEMENTS FOR SETTLEMENT IN A TIMELY MANNER, THE SHARES MAY NOT BE DELIVERED
AT CLOSING TO THE INVESTOR OR THE INVESTOR MAY BE EXCLUDED FROM THE CLOSING
ALTOGETHER.

    4.1.

    
      
         

      

      
        A-2

        
          

        

      

      
         

      

    

    5.           Representations, Warranties and
Covenants of the Investor.

     

    The
Investor acknowledges, represents and warrants to, and agrees with the Company
and the Placement Agent (as to itself), that:

     

    5.1.         The
Investor (a) is knowledgeable, sophisticated and experienced in making, and is
qualified to make decisions with respect to, investments in securities
presenting an investment decision like that involved in the purchase of the
Common Stock, including investments in securities issued by the Company and
investments in comparable companies, (b) has answered all questions on the
Signature Page and the Investor Questionnaire and the answers thereto are true
and correct as of the date hereof and will be true and correct as of the Closing
Date and (c) in connection with its decision to purchase the number of shares of
Common Stock set forth on the Signature Page, has received and is relying only
upon the Disclosure Package and the documents incorporated by reference therein
and the Offering Information.

     

    5.2.         (a)
No action has been or will be taken in any jurisdiction outside the United
States by the Company or the Placement Agent that would permit an offering of
the Common Stock, or possession or distribution of offering materials in
connection with the issue of the shares of Common Stock in any jurisdiction
outside the United States where action for that purpose is required, (b) if the
Investor is outside the United States, it will comply with all applicable laws
and regulations in each foreign jurisdiction in which it purchases, offers,
sells or delivers shares of Common Stock or has in its possession or distributes
any offering material, in all cases at its own expense and (c) the Placement
Agent is not authorized to make and has not made any representation, disclosure
or use of any information in connection with the issue, placement, purchase and
sale of the Common Stock,
except as set forth or incorporated by reference in the Base Prospectus, the
Prospectus Supplement or any free writing prospectus.

     

    5.3.         (a)
The Investor has full right, power, authority and capacity to enter into this
Agreement and to consummate the transactions contemplated hereby and has taken
all necessary action to authorize the execution, delivery and performance of
this Agreement, and (b) this Agreement constitutes a valid and binding
obligation of the Investor enforceable against the Investor in accordance with
its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors’ and
contracting parties’ rights generally and except as enforceability may be
subject to general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law) and except as
to the enforceability of any rights to indemnification or contribution that may
be violative of the public policy underlying any law, rule or regulation
(including any federal or state securities law, rule or
regulation).

     

    5.4.         The
Investor understands that nothing in this Agreement, the Prospectus, the
Disclosure Package, the Offering Information or any other materials presented to
the Investor in connection with the purchase and sale of the Common Stock
constitutes legal, tax or investment advice.  The Investor has
consulted such legal, tax and investment advisors and made such investigation as
it, in its sole discretion, has deemed necessary or appropriate in connection
with its purchase of the Common Stock.

     

    5.5.         Since
the date on which the Placement Agent first contacted the Investor about the
Offering, the Investor has not disclosed any information regarding the Offering
to any third parties (other than its legal, accounting and other advisors) and
has not engaged in any purchases or sales involving the securities of the
Company (including, without limitation, any Short Sales involving the Company’s
securities).  The Investor covenants that it will not engage in any
purchases or sales in the securities of the Company (including Short Sales)
prior to the time that the transactions contemplated by this Agreement are
publicly disclosed.  The Investor agrees that it will not use any of
the shares of Common Stock acquired pursuant to this Agreement to cover any
short position in the Common Stock if doing so would be in violation of
applicable securities laws.  For purposes hereof, “Short Sales”
include, without limitation, all “short sales” as defined in Rule 200
promulgated under Regulation SHO under the Exchange Act, whether or not against
the box, and all types of direct and indirect stock pledges, forward sales
contracts, options, puts, calls, short sales, swaps, “put equivalent positions”
(as defined in Rule 16a−1(h) under the Exchange Act) and similar arrangements
(including on a total return basis), and sales and other transactions through
non-U.S. broker dealers or foreign regulated brokers but shall not be deemed to
include the location and/or reservation of borrowable shares of Common
Stock.

    
      
         

      

      
        A-3

        
          

        

      

      
         

      

    

    6.           Survival of Representations,
Warranties and Covenants; Third Party
Beneficiary.  Notwithstanding any investigation made by any
party to this Agreement or by the Placement Agent, all covenants, agreements,
representations and warranties made by the Company and the Investor herein will
survive the execution of this Agreement, the delivery to the Investor of the
shares of Common Stock being purchased and the payment therefor.  The
Placement Agent shall be a third party beneficiary with respect to the
representations, warranties and covenants of the Investor in Section 5
hereof.

     

    7.           Notices.  All
notices, requests, consents and other communications hereunder will be in
writing, will be mailed (a) if within the domestic United States by first-class
registered or certified airmail, or nationally recognized overnight express
courier, postage prepaid, or by facsimile or (b) if delivered from outside the
United States, by International Federal Express or facsimile, and (c) will be
deemed given (i) if delivered by first-class registered or certified mail
domestic, three (3) business days after so mailed, (ii) if delivered by
nationally recognized overnight carrier, one (1) business day after so mailed,
(iii) if delivered by International Federal Express, two (2) business days after
so mailed and (iv) if delivered by facsimile, upon electronic confirmation of
receipt and will be delivered and addressed as follows:

     

    (a)     
    if to the Company, to:

     

    Cleveland
BioLabs, Inc.

    73 High
Street

    Buffalo,
New York 14203

    Attention:
Mr. Michael Fonstein, CEO & President

    Facsimile:  (716)
849-6820

    

    with
copies (which shall not constitute notice) to:

     

    Mintz,
Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

    666 Third
Avenue

    New York,
NY 10017

    Attention:
Jeffrey Schultz, Esq.

    Facsimile:
(212) 983-3115

    

    (b)  
       if to the Investor, at its address on
the Signature Page hereto, or at such other address or addresses as may have
been furnished to the Company in writing.

     

    8.           Changes.  This
Agreement may not be modified or amended except pursuant to an instrument in
writing signed by the Company and the Investor.

     

    9.           Headings.  The
headings of the various sections of this Agreement have been inserted for
convenience of reference only and will not be deemed to be part of this
Agreement.

     

    10.         Severability.  In
case any provision contained in this Agreement should be invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein will not in any way be affected or
impaired thereby.

    
      
         

      

      
        A-4

        
          

        

      

      
         

      

    

    11.         Governing Law.  This
Agreement will be governed by, and construed in accordance with, the internal
laws of the State of New York.

     

    12.         Counterparts.  This
Agreement may be executed in two or more counterparts, each of which will
constitute an original, but all of which, when taken together, will constitute
but one instrument, and will become effective when one or more counterparts have
been signed by each party hereto and delivered to the other
parties.  The Company and the Investor acknowledge and agree that the
Company shall deliver its counterpart to the Investor along with the Prospectus
Supplement (or the filing by the Company of an electronic version thereof with
the Commission).

     

    13.         Confirmation of
Sale.  The Investor acknowledges and agrees that such
Investor’s receipt of the Company’s signed counterpart to this Agreement,
together with the Prospectus Supplement (or the filing by the Company of an
electronic version thereof with the Commission), shall constitute written
confirmation of the Company’s sale of the Common Stock to such
Investor.

     

    14.         Press Release.  The
Company and the Investor agree that the Company shall, (a) prior to the opening
of the financial markets in New York City on the business day immediately after
the date hereof, issue a press release announcing the Offering and disclosing
all material information regarding the Offering and (b) file a Current Report on
Form 8-K with the Securities and Exchange Commission including a form of this
Agreement as an exhibit thereto within the time period required by rules and
regulations of the Securities and Exchange
Commission.  Notwithstanding the foregoing, the Company and its
agents, including, but not limited to, the Placement Agent and Rodman &
Renshaw, LLC, shall not publicly disclose the name of the Investor or any
affiliate or investment adviser of the Investor, or include the name of the
Investor or any affiliate or investment adviser of any Investor in any press
release or filing with the Securities and Exchange Commission or any regulatory
agency or trading market, without the prior written consent of such Investor,
except (i) as required by federal securities law and (ii) to the extent such
disclosure is required by law or trading market regulations, in which case the
Company shall provide the Investor with prior written notice of such disclosure
permitted under this sub-clause (ii).  From and after the issuance of
the press release described above, the Investor shall not be in possession of
any material, non public information received from the Company, any subsidiary
of the Company, any of their respective officers, directors or employees or any
of the Company’s agents including, but not limited to, the Placement Agent and
Rodman & Renshaw, LLC.

     

    15.         Termination.  In the
event that the Placement Agreement is terminated by the Placement Agent pursuant
to the terms thereof, this Agreement shall terminate without any further action
on the part of the parties hereto.  The Investor shall have the right
to terminate this agreement if the Closing has not occurred on or before
December 31, 2010.

    
      
         

      

      
        A-5

        
          

        

      

      
         

      

    

    Exhibit
A

     

    Cleveland
BioLabs, Inc.

     

    Investor
Questionnaire

     

    Pursuant
to Section 3 of
Annex I to the
Agreement, please provide us with the following information:

     

    
      
        	
                1.

              	
                The
      exact name that your shares of Common Stock are to be registered
      in.  You may use a nominee name if appropriate:

              	
                _________________

              
	 
      	 
      	 
      
	
                2.

              	
                The
      relationship between the Investor and the registered holder listed in
      response to item 1 above:

              	
                _________________

              
	 
      	 
      	 
      
	
                3.

              	
                The
      mailing address of the registered holder listed in response to item 1
      above:

              	
                _________________

              
	 
      	 
      	 
      
	 
      	 
      	
                _________________

              
	 
      	 
      	 
      
	
                4.

              	
                The
      Social Security Number or Tax Identification Number of the registered
      holder listed in the response to item 1 above:

              	
                _________________

              
	 
      	 
      	 
      
	
                5.

              	
                Name
      and Contact Information of DTC Participant (broker-dealer
    at

              	
                _________________

              
	 
      	
                which
      the account or accounts to be credited with the shares of

              	
                _________________

              
	 
      	
                Common
      Stock are maintained) (i.e. telephone number and email

              	
                _________________

              
	 
      	
                address):

              	
                _________________

              
	 
      	 
      	 
      
	
                6.

              	
                DTC
      Participant Number:

              	
                _________________

              
	 
      	 
      	 
      
	
                7.

              	
                Name
      of Account at DTC Participant being credited with the shares of Common
      Stock:

              	
                _________________

              
	 
      	 
      	 
      
	
                8.

              	
                Account
      Number at DTC Participant being credited with the shares of Common
      Stock:

              	
                _________________EXHIBIT
10.3

     

    FORM
OF AMENDMENT TO SECURITIES PURCHASE AGREEMENT

     

    This Amendment to Securities Purchase
Agreement (the “Amendment”), dated as
of December 23, 2010, is entered into by and among Cleveland BioLabs, Inc., a
Delaware corporation (the “Company”), and each
person identified on the signature pages hereto (such persons, the “Amending
Purchasers”). This Amendment amends certain provisions under that certain
Securities Purchase Agreement, dated as of February 25, 2010 (the “Securities Purchase
Agreement”), between the Company and each Purchaser (as defined
therein).  Capitalized terms used in this Amendment not otherwise
defined herein shall have the meanings ascribed to such terms in the Securities
Purchase Agreement.

     

    RECITALS:

     

    WHEREAS, the Company is contemplating
issuing shares of its Common Stock to certain investors (such issuance, the
“Common Stock
Transaction”) and the Company has delivered to each of the Purchasers all
required notices pursuant to Section 4.11 of the Securities Purchase Agreement
in respect of the Common Stock Transaction;

     

    WHEREAS, Section 5.5 of the Securities
Purchase Agreement provides that the Securities Purchase Agreement may be
amended pursuant to a written instrument signed by the Company and Purchasers
having original Subscription Amounts totaling at least 75% of the aggregate
original Subscription Amounts at Closing (the “Requisite Subscription
Amount”); and

     

    WHEREAS, the Amending Purchasers,
representing at least the Requisite Subscription Amount, desire to amend the
Securities Purchase Agreement in accordance with this Amendment.

     

    AGREEMENT:

     

    NOW, THEREFORE, in consideration of the
foregoing and the promises and covenants contained herein, and for other good
and valuable consideration, the receipt of which is hereby acknowledged, the
parties hereto agree to amend the Securities Purchase Agreement as
follows:

     

    1.           Amendment to Section 4.11 of
Securities Purchase Agreement.  Section 4.11 to the Securities
Purchase Agreement is hereby deleted in its entirety and replaced with the
following text:

     

    4.11        Participation in Future
Financing.

     

    (a)         From
the Common Stock Transaction Effective Time (as defined in Section 2 of the
Amendment to Securities Purchase Agreement dated as of December 23, 2010)
through the earlier of (i) the first (1st)
Trading Day immediately following the date on which the Company consummates a
Subsequent Financing (as defined below) or a series of Subsequent Financings
pursuant to which the Company receives via wire transfer gross proceeds in
excess of $15,000,000 in the aggregate and (ii) December 31, 2011 (4:00 p.m. New
York time on such earlier day is referred to herein as the “Termination Time”),
upon any issuance, directly or indirectly, by the Company or any of its
Subsidiaries of any securities (including, without limitation, Common Stock or
Common Stock Equivalents), Indebtedness or any combination thereof (each a
“Subsequent
Financing”), each Purchaser, or its designated assignees, shall have the
right to participate, in accordance with the terms of this Section 4.11, in up
to an amount of the Subsequent Financing equal to 100% of the Subsequent
Financing (the “Participation
Maximum”) on the same terms, conditions and price provided for in the
Subsequent Financing.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    (b)         At
least five (5) Trading Days prior to the closing of the Subsequent Financing,
the Company shall deliver to each Purchaser a written notice of its intention to
effect a Subsequent Financing (a “Pre-Notice”), which
Pre-Notice shall not contain any information other than: (i) a statement that
the Company is considering a Subsequent Financing, and (ii) a statement
informing such Purchaser that it is entitled to receive a Subsequent Financing
Notice (as defined below) with respect to such Subsequent Financing upon its
written request. Upon the written request of a Purchaser within three (3)
Trading Days after the delivery of such Pre-Notice, and only upon a written
request by such Purchaser, the Company shall promptly, but no later than one (1)
Trading Day after such request, deliver to such Purchaser an irrevocable written
notice (a “Subsequent
Financing Notice”) of such Subsequent Financing, which shall describe in
reasonable detail the proposed terms of such Subsequent Financing, the amount of
proceeds intended to be raised thereunder and the Person or Persons through or
with whom such Subsequent Financing is proposed to be effected and shall include
a term sheet or similar document relating thereto as an
attachment.  Upon a Purchaser’s receipt of a requested Subsequent
Financing Notice, such Purchaser shall keep the existence and terms of the
Subsequent Financing so described in such requested Subsequent Financing Notice
confidential (except that such Purchaser may disclose both the existence and
terms of such Subsequent Financing to its representatives (including without
limitation, legal counsel and brokers)) and shall not use such information
except in connection with its evaluations of such Subsequent Financing and/or
such Purchaser’s participation therein, in each case, until the earlier to occur
of (i) the public disclosure of such Subsequent Financing or (ii) the fifth
(5th)
Business Day after such Purchaser’s receipt of such requested Subsequent
Financing Notice (it being expressly understood and agreed that on such earlier
date such confidentiality obligation of such Purchaser shall become null and
void and such Purchaser shall be free to use all such information for any
purpose).

     

    (c)         Any
Purchaser desiring to participate in such Subsequent Financing must provide
written notice to the Company by not later than 5:30 p.m. (New York City time)
on the third (3rd)
Trading Day after such Purchaser has received such Subsequent Financing Notice
that the Purchaser is willing to participate in such Subsequent Financing, the
amount of the Purchaser’s participation, and representing and warranting that
the Purchaser has such funds ready, willing, and available for investment on the
terms set forth in such Subsequent Financing Notice. If the Company receives no
such notice from a Purchaser as of such fifth (5th)
Trading Day, such Purchaser shall be deemed to have notified the Company that it
does not elect to participate. 

     

    (d)         If
by 5:30 p.m. (New York City time) on the fifth (5th)
Trading Day after all of the Purchasers requesting a Subsequent Financing Notice
have received such Subsequent Financing Notices, notifications by the Purchasers
of their willingness to participate in the Subsequent Financing (or to cause
their designees to participate) is, in the aggregate, less than the total amount
of the Subsequent Financing, then the Company may effect the remaining portion
of such Subsequent Financing on the terms and with the Persons set forth in the
Subsequent Financing Notice.

     

    (e)         If
by 5:30 p.m. (New York City time) on the fifth (5th)
Trading Day after all of the Purchasers requesting a Subsequent Financing Notice
have received such Subsequent Financing Notices, the Company receives responses
to Subsequent Financing Notices from Purchasers seeking to purchase more than
the aggregate amount of the Participation Maximum, each such Purchaser shall
have the right to purchase its Pro Rata Portion (as defined below) of the
Participation Maximum. “Pro Rata Portion”
means the ratio of (x) the Subscription Amount of Securities purchased on the
Closing Date by a Purchaser participating under this Section 4.11 and (y) the
sum of the aggregate Subscription Amounts of Securities purchased on the Closing
Date by all Purchasers participating under this Section 4.11.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (f)     
    The Company must provide the Purchasers with a second
Subsequent Financing Notice, and the Purchasers will again have the right of
participation set forth above in this Section 4.11, if the Subsequent Financing
subject to the initial Subsequent Financing Notice is not consummated for any
reason on the terms set forth in such Subsequent Financing Notice within thirty
(30) Trading Days after the date of the initial Subsequent Financing Notice. The
Company shall not be permitted to deliver more than two Subsequent Financing
Notices to any Purchaser in any sixty (60) day period.

     

    (h)    
    Notwithstanding the foregoing, this Section 4.11 shall
not apply in respect of an Exempt Issuance. The Company acknowledges and agrees
that the right set forth in this Section 4.11 is a right granted by the Company,
separately, to each Purchaser.”

     

    2.           Effective
Time.  This Amendment shall become effective as of time at
which the shares of Common Stock to be issued pursuant to the Common Stock
Transaction have been issued and all consideration in respect of such issuance
has been paid (such date and time, the “Common Stock Transaction
Effective Time”).

     

    3.           Termination.  If
this Amendment has not become effective pursuant to Section 2 hereof on or prior
to January 31, 2011, this Amendment shall automatically terminate and be without
effect, without further action by the parties.

     

    4.           Effect of
Amendment.  Except as expressly modified by this Amendment, the
Securities Purchase Agreement shall remain unmodified and in full force and
effect.

     

    5.           Governing
Law.  This Amendment shall be governed by and construed under
the laws of the State of New York.

     

    6.           Severability. If any
provision of this Amendment shall be or shall be held or deemed by a final order
by a competent authority to be invalid, inoperative or unenforceable, such
circumstance shall not have the effect of rendering any other provision or
provisions herein contained invalid, inoperative or unenforceable, but this
Amendment shall be construed as if such invalid, inoperative or unenforceable
provision had never been contained herein so as to give full force and effect to
the remaining such terms and provisions.

     

    7.           Counterparts.  This
Amendment may be executed in any number of counterparts and signatures delivered
by facsimile, each of which shall be deemed an original, but all of which
together shall constitute one instrument.

     

    [Signature Pages
Follow]

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    [Company Signature
Page]

     

    IN WITNESS HEREOF, the parties hereto
have executed this Amendment as of the date first written above.

     

    
      
        
          
            
              	
                      COMPANY:

                    	 
	 
      	 
      	 
	
                      CLEVELAND
      BIOLABS, INC.

                    	 
	 
      	 
      	 
	
                      By:

                    	 
      	 
	 
      	
                      Name:  John
      A. Marhofer, Jr.

                    	 
	 
      	
                      Title:    Chief
      Financial Officer

                    	 

            

          

        

      

    

    

    [Amending
Purchaser Signature Pages Follow]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    [Amending Purchaser Signature Page]

    

    AMENDING
PURCHASER:

    

    
      
        	
                Name
      of Amending Purchaser:

              	  

      

    

     

    
      
        	
                Signature of
      Authorized Signatory of Amending
      Purchaser:

              	  

      

    

     

    
      
        	
                Name
      of Authorized Signatory:

              	  

      

    

     

    
      
        	
                Email
      Address of Authorized Signatory:

              	  

      

    

     

    
      
        	
                Facsimile
      Number of Authorized Signatory:

              	  

      

    

     

    
      
        	
                Address
      for Notice of Amending Purchaser:

              	  

      

    

    
       

      
        
          	
                                    
      

                	  

        

      

      
        
           

          
            
              	
                                        
      

                    	  

            

          

          
            
               

              
                
                  	
                                            
      

                        	  

                

              

              
                 

              

            

          

        

      

    

    
      
        Subscription
Amount: $ ______________________

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