Document:

Exhibit 4.1

 

THE SECURITIES REPRESENTED BY THIS WARRANT
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS. THE SECURITIES
HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH SUCH ACT
AND SUCH STATE SECURITIES LAWS. ABSENT AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND SUCH STATE SECURITIES LAWS COVERING
THESE SECURITIES, THE COMPANY MAY, IN ITS REASONABLE DISCRETION, REQUIRE AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE REASONABLY
ACCEPTABLE TO IT, AS A CONDITION TO ANY SUCH SALE, TRANSFER OR DISPOSITION.

 

COMMON STOCK PURCHASE WARRANT

IMMUNE
PHARMACEUTICALS INC.

 

	Warrant Shares: [__________]	 	Initial Exercise Date: January  ___, 2016
	 	 	[six months after the issuance date]

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, [________________] or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after January ___, 2016 (the “Initial Exercise Date”) and on or prior to the close of business on July ____,
2020 (the “Termination Date”), but not thereafter, to subscribe for and purchase from Immune Pharmaceuticals
Inc., a Delaware corporation (the “Company”), up to [____________] shares (as subject to adjustment hereunder,
the “Warrant Shares”) of Common Stock, par value $0.0001 per share, of the Company (the “Common Stock”).
The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section
2(b).

 

Section 1. Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement
(the “Purchase Agreement”), including Annex A thereto, dated March 6, 2014, among the Company and the purchasers
signatory thereto, and as subsequently amended pursuant to that certain Amendment Agreement, dated August 13, 2014.

 

Section 2. Exercise.

 

a) Exercise of the
purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise
Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may
designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of
a duly executed facsimile copy of the Notice of Exercise Form annexed hereto. Within three (3) Trading Days following the date
of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice
of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified
in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required,
nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company. Partial
exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have
the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number
of Warrant Shares purchased. In the event of any dispute or discrepancy, the records of the Holder shall be controlling and determinative
in the absence of manifest error. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased
and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within one (1) Business
Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason
of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant
Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

    	 

    	 

    

  

 

b) Exercise Price.
The exercise price per share of the Common Stock under this Warrant shall be $3.00, subject to adjustment hereunder
(the “Exercise Price”).

 

c) Cashless Exercise.
If at the time of exercise hereof the Effectiveness Deadline has passed and (i) there is no effective registration statement registering,
or (ii) the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant
may be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be
entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = the VWAP on the Trading Day
immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless exercise,” as
set forth in the applicable Notice of Exercise;

 

(B) = the Exercise Price of this
Warrant, as adjusted hereunder; and

 

(X) = the number of Warrant
Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were
by means of a cash exercise rather than a cashless exercise.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the OTC Bulletin Board is not a Trading Market,
the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board,
(c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are
then reported in the “Pink Sheets” published by Pink OTC Markets, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other
cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the
Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

Notwithstanding anything herein to the contrary,
on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).

 

d) Mechanics of
Exercise.

 

i.            Delivery
of Warrant Shares Upon Exercise. The Company shall use best efforts such that Warrant Shares purchased hereunder shall be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company
through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such
system and (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant
Shares by the Holder or (B) the shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant
to Rule 144, and otherwise by physical delivery of a certificate to the address specified by the Holder in the Notice of Exercise
by the end of the day on the date that is three (3) Trading Days after the receipt by the Company of the Notice of Exercise provided
that the Holder has paid the aggregate Exercise Price by such time (such date, the “Warrant Share Delivery Date”).
The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall
be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with
payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder,
if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid. If the Company fails for any reason
to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall
pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise
(based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20
per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant
Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.

 

    	 

    	 

    

  

ii.         Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.

 

iii.         Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i)
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.         Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to an exercise on or before
the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction
or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a
sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including
brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the
number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times
(2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder,
either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in
which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have
been issued had the Company timely complied with its exercise and delivery obligations hereunder. The Holder shall provide the
Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company,
evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to any other remedies available to it hereunder,
at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the
Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms
hereof.

 

v.           No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

vi.         Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder;
provided, however, that in the event Warrant Shares are to be issued in a name other than the name of the Holder,
this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder
and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental
thereto.

 

vii.         Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof. The Company shall pay all Transfer Agent and DTC fees required for processing of any Notice
of Exercise.

 

    	 

    	 

    

  

e) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of
the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common
Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise
of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock
which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder
or any of its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of
the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in
the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section
13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company
is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder
is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained
in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by
the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of
the Holder and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant
is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this
Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to
verify or confirm the accuracy of such determination and shall have no liability for exercise of the Warrant that are not in compliance
with the Beneficial Ownership Limitation. In addition, a determination as to any group status as contemplated above shall be determined
in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this
Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares
of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the
case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer
Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company
shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.
In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise
of securities of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of
outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 9.99% of the
number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable
upon exercise of this Warrant. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in
strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary
or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor
holder of this Warrant.

 

Section 3. Certain
Adjustments.

 

a) Stock Dividends
and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution
or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common
Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of
reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of
shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

    	 

    	 

    

  

b) Subsequent Rights
Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells
any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders
of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder
had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record
is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record
holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however,
to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the
Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or
beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right
to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the
Holder exceeding the Beneficial Ownership Limitation).

 

c) Fundamental Transaction.
If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions
effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects
any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one
or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by
the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions, effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, (v) the Company, directly or indirectly, in one or more related transactions,
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires 50% or more of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) or (vi) any “person” or “group” (as these terms are used
for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial owner” (as defined
in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% or more of the aggregate ordinary voting power represented
by issued and outstanding Common Shares (each a “Fundamental Transaction”), then, upon any subsequent exercise
of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise
immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation
in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation
or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction that (A) is approved by the board
of directors of the Company and (B) is (1) an all cash transaction, (2) a “Rule 13e-3 transaction” as defined in Rule
13e-3 under the Exchange Act, or (3) a Fundamental Transaction involving a person or entity not traded on a national securities
exchange, including, but not limited to, the Nasdaq Global Select Market, the Nasdaq Global Market, or the Nasdaq Capital Market,
the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently
with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying
to the Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date
of the consummation of such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based
on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”)
determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free
interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement
of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the 100 day volatility
obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable
Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of the price per share being
offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and
(D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction
and the Termination Date. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not
the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this
Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(c) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of
the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares
of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this
Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares
of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction
and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose
of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which
is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor
Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor
Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this
Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

    	 

    	 

    

  

d) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

e) Notice
to Holder.

 

i.            Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of
Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

    	 

    	 

    

  

ii.         Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last
address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or
effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common
Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the
date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or
close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares
of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale,
transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall
not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided
hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

Section 4. Transfer
of Warrant.

 

a) Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment
of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient
to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance
herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial
issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.

 

Section 5. Miscellaneous.

 

a) No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in
Section 3.

 

b) No
Net-Cash Settlement. In no event will the Holder be entitled to receive a net-cash settlement or other consideration in lieu
of physical settlement in securities.

 

    	 

    	 

    

  

c) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

d) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

e) Authorized
Shares.

 

The Company
covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of executing stock certificates to execute and issue the necessary Warrant Shares upon the exercise of the purchase
rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares
may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market
upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise
of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment
for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from
all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer
occurring contemporaneously with such issue).

 

Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions
as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting
the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

 

f) Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

 

    	 

    	 

    

  

g) Restrictions
and Compliance with Securities Laws. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant,
if not registered, and the Holder does not utilize cashless exercise pursuant to Section 2(c) herein, will have restrictions upon
resale imposed by state and federal securities laws. The Holder of this Warrant, by acceptance hereof, acknowledges that this Warrant
and the Warrant Shares to be issued upon exercise hereof are being acquired solely for the Holder’s own account and not as
a nominee for any other party, and for investment, and that the Holder will not offer, sell or otherwise dispose of this Warrant
or any Warrant Shares to be issued upon exercise hereof except under circumstances that will not result in a violation of the Securities
Act or any applicable state securities laws. Upon exercise of this Warrant, the Holder shall deliver the representations required
for the Company’s outside counsel to render a legal opinion to the Company’s transfer agent that the restrictive legend
may be removed from the Warrant Shares pursuant to Rule 144.

 

h) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant,
which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to
cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

 

i) Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Purchase Agreement.

 

j) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

k) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

l) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

 

m) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

n) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

o) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

********************

(Signature Page Follows)

    	 

    	 

    

  

IN WITNESS WHEREOF, the Company has caused this Warrant to be
executed by its officer thereunto duly authorized.

 

Dated: July___, 2015

 

		IMMUNE
    PHARMACEUTICALS INC.

  

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

  

NOTICE OF EXERCISE

 

To: IMMUNE PHARMACEUTICALS
INC.

 

(1) The undersigned hereby
elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full),
and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2) Payment shall take
the form of (check applicable box):

 

 ̈
in lawful money of the United States; or

 

 ̈
[if permitted] the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

(3) Please issue said
Warrant Shares in the name and address of the undersigned or in such other name as is specified below:

 

_______________________________

_______________________________

_______________________________

 

[If permitted] The Warrant Shares shall be delivered to the
following DWAC Account Number:

_______________________________

_______________________________

_______________________________

 

[SIGNATURE OF HOLDER]

 

	Name of Investing Entity:	 

	Signature of Authorized Signatory of Investing Entity: 	 

	Name of Authorized Signatory:	 

	Title of Authorized Signatory: 	 

	Date:	 

 

    	 

    	 

    

  

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR VALUE RECEIVED, [____]
all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

_______________________________________________ whose address
is

 

_______________________________________________________________

 

_______________________________________________________________

 

Dated: ______________, _______

 

Holder’s Signature: _____________________________

 

Holder’s Address: _____________________________

 

_____________________________

 

Signature Guaranteed: ___________________________________________

 

NOTE: The signature to this Assignment Form must correspond
with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be
guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.Exhibit 10.1

 

Execution Version

 

immune Pharmaceuticals
Inc.

 

securities
Exchange AGREEMENT

 

JULY 16,
2015

 

    	 

    	 

    

 

immune Pharmaceuticals
Inc.

 

securities
Exchange AGREEMENT

 

This Securities Exchange
Agreement (this “Agreement”) is made as of July 16, 2015 (the “Effective Date”)
by and between Immune Pharmaceuticals Inc.,
a Delaware corporation (the “Company”), and ________________ (the “Preferred Holder”).

 

Recitals

Whereas,
the Preferred Holder wishes to exchange an aggregate of _____ shares of the Company’s Series C 8% Convertible Preferred Stock,
par value $0.0001 per share (collectively, the “Preferred Stock”), such shares constituting all of the
Preferred Holder’s shares of Preferred Stock.

 

Whereas,
the Company wishes to issue to the Preferred Holder, pursuant to the exemption from registration provided by Section 3(a)(9) (“Section
3(a)(9)”) under the Securities Act of 1933, as amended (the “Securities Act”), an aggregate
of _____________ shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”)
and a warrant to purchase ___________ shares of Common Stock, at an exercise price of $3.00 per share, exercisable commencing six-month
after the issuance date and ending five years after the issuance date, in exchange for the Preferred Stock and any accrued but
unpaid dividends payable thereon (the “Exchange”) and to cancel the Preferred Stock upon the terms and
conditions set forth herein.

 

Whereas,
as a condition to the execution of this Agreement, and as an inducement to the Company to the enter into this Agreement, the Preferred
Holder and the Company have entered into a letter agreement (the “Letter Agreement”), dated as of the
date hereof, pursuant to which the Preferred Holder has acknowledged and agreed, among other things, that: (i) it is aware that
there may be material information concerning the Company and/or the Preferred Stock that has not been disclosed, but that the
Preferred Holder nevertheless has decided to continue with the Exchange; (ii) the Preferred Holder has reviewed and sought appropriate
advice, prior to executing the Letter Agreement, with respect to an analysis of the terms of the Preferred Stock, and understands
that there are possible circumstances or transactions under or pursuant to which it could receive more for its shares of Preferred
Stock than it would under this Agreement; (iii) it has waived any and all right to participate in any other transaction that could
yield a higher return for the Preferred Holder; and (iv) the Preferred Holder has released the Company from and against any and
all claims relating to Preferred Stock, including, but not limited to, not having access to any undisclosed information or benefitting
from any possible higher yield with respect to the Preferred Stock.

 

    	2

    	 

    

 

Agreement

 

NOW, THEREFORE,
in order to implement the foregoing and in consideration of the mutual agreements contained herein and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Preferred Holder agree as follows:

 

1.      Exchange;
Delivery. Preferred Holder hereby assigns, sells and transfers the Preferred Stock, plus all claims arising out of or relating
to the Preferred Stock, including, but not limited to, any accrued but unpaid dividends, to the Company in exchange for the issuance
by the Company, effective as of the Effective Date and in full satisfaction of the Company’s obligations to the Preferred
Holder with respect to the Preferred Stock, of an aggregate of ___________ shares (the “Shares”) of the
Company’s Common Stock and a warrant to purchase _____________ shares of Common Stock, at an exercise price
of $3.00 per share, exercisable commencing six-month after the issuance date and ending five years after the issuance date, in
the form attached hereto as Exhibit A (the “Warrants,” and collectively with the Shares, the “Securities”),
to the Preferred Holder. On or within three business days after the Effective Date and provided that the Preferred Holder has delivered
the representations required for the Company’s outside counsel to deliver a legal opinion to the Company’s transfer
agent that the restrictive legend may be removed from the Shares pursuant to Rule 144. The Company shall deliver the Shares to
the Preferred Holder via DWAC to an account timely specified in writing by the Preferred Holder (which shares shall be free of
any legends or restrictions on resale of any kind), and Preferred Holder shall deliver the Preferred Stock to the Company to such
Exchange and the Warrants, registered in the name of the Preferred Holder, to an address timely specified in writing by the Preferred
Holder.

 

2.      Representations
and Warranties of the Company.  The Company hereby represents and warrants to the Preferred Holder that as of the Effective
Date:

 

2.1       Organization.
The Company is duly incorporated and validly existing in good standing under the laws of the State of Delaware.

 

2.2       Due
Authorization. The Company has all requisite corporate power and authority to execute, deliver and perform its obligations
under this Agreement. This Agreement has been duly authorized and validly executed and delivered by the Company and no other corporate
action on the part of the Company, its board of directors or its stockholders is necessary to authorize the execution and delivery
by the Company of this Agreement or the consummation of the transactions contemplated by this Agreement, including, without limitation,
the issuance and delivery of the Securities. Furthermore, the Company’s board of directors has authorized its officers to
execute this Agreement and the transactions contemplated hereunder. This Agreement, assuming due and valid authorization, execution
and delivery hereof and thereof by the Preferred Holder, constitutes a legal, valid and binding agreement of the Company, enforceable
against the Company in accordance with its terms, except as rights to indemnity and contribution may be limited by state or federal
securities laws, 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).

 

    	3

    	 

    

 

2.3       Valid
Issuance; Reservation of Shares. The Shares are duly authorized and, when issued and exchanged in accordance with the terms
hereof, (i) will be duly and validly issued, free and clear of any liens, claims or encumbrances (“Liens”)
imposed by or through the Company or by operation of law of which the Company has knowledge and (ii) will be issued and delivered
in compliance with all applicable federal and state securities laws.

 

2.4       Non-Contravention.
The execution and delivery of this Agreement, the issuance of the Securities and the consummation of the transactions contemplated
hereby and thereby will not, (a) conflict with or constitute a material violation of or default (with the passage of time or otherwise)
under or give rise to any right of termination, material amendment, cancellation or acceleration or loss of any material rights
under: (i) any material contracts to which the Company is a party; or (ii) the certificate of incorporation or the bylaws of the
Company or any similar organizational document of the Company; or (b): (i) result in the creation or imposition (or the obligation
to create or impose) of any material lien, encumbrance, claim, security interest, pledge, charge or restriction of any kind upon
any of the properties or assets of the Company; or (ii) result in an acceleration of indebtedness pursuant to any obligation, agreement
or condition contained in agreement or document to which the Company is a party or is bound, other than with respect to the Preferred
Stock; or (c) to the Company’s knowledge, violate any order or decree applicable to the Company, or by which it or any of
its operations are bound, and no such violation or default currently exists. No consent, approval, authorization or other order
of, or registration, qualification or filing with, any regulatory body, administrative agency or other governmental body in the
United States is required for the execution and delivery of the Agreement and the valid issuance of the Securities prior to the
Effective Date except for any securities filings required to be made under state securities laws or any filings required by The
NASDAQ Capital Market.

 

2.5       Exchange
Act Compliance. The documents that the Company filed under the Securities Exchange Act of 1934 (the “Exchange Act”)
since December 31, 2014 (including all exhibits included therein and documents incorporated by reference therein hereinafter being
referred to as the “Required Documents”) complied in all material respects with the requirements of the
Exchange Act, and the rules and regulations of the Commission promulgated thereunder as of their respective filing dates, and none
of the Required Documents, when filed, contained any untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading.

 

2.6       Non-Public
Information. Other than information concerning the Exchange and this Agreement, which will be disclosed to the public pursuant
to Section 5.11, the Company is not in possession of any material non-public information as of the execution of this Agreement,
and the Company has not disclosed any material non-public information to the Preferred Holder.

 

    	4

    	 

    

 

2.7       Exemption
from Registration. The Exchange is exempt from the registration requirements of the Securities Act pursuant to the provisions
of Section 3(a)(9) thereof. The Company has complied in all material respects with such provisions and, without limiting the generality
thereof, has not paid to any person, directly or indirectly, any commission or other remuneration for soliciting the Exchange.
Neither the Company nor any of its Affiliates, nor any person acting on its or their behalf: (i) has engaged in any form of general
solicitation or general advertising (within the meaning of Regulation D) in connection with the Exchange; (ii) in the three months
prior to Effective Date, has, other than the transactions contemplated with respect to the Preferred Stock and pursuant to this
Agreement, directly or indirectly, made any offers or sales of any security or solicited any offers to buy or exchange any security,
under any circumstances that would require registration of the Securities under the Securities Act; or (iii) has issued any shares
of Common Stock or shares of any series of preferred stock or other securities or instruments convertible into, exchangeable for
or otherwise entitling the holder thereof to acquire shares of Common Stock which would be integrated with the Exchange or the
issuance of the Securities for purposes of the Securities Act or of any applicable stockholder approval provisions, nor will the
Company or any of its affiliates take any action or steps that would require registration of the Securities under the Securities
Act.

 

2.8       No
Reliance. In entering into this Agreement, the Company: (i) is not relying on any advice or representation of the Preferred
Holder or any of its affiliates (other than the representations of the Preferred Holder contained herein), other than the Letter
Agreement; (ii) has not received from the Preferred Holder or any of its affiliates any assurance or guarantee as to the merits
(whether legal, regulatory, tax, financial or otherwise) of the Exchange or entering into this Agreement; (iii) has consulted with
its own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent that it has deemed necessary;
and (iv) has entered into this Agreement based on its own independent judgment and on the advice of its advisors as it has deemed
necessary, and not on any view (whether written or oral) expressed by the Preferred Holder or any of its affiliates. Neither the
Preferred Holder nor any of its affiliates is now or has ever been a financial advisor, or other fiduciary, with respect to the
Company.

 

2.9       Valid
Issuance. The Shares and Warrants are duly authorized and, when issued in accordance with the terms hereof, will be validly
issued, fully paid and non-assessable. The shares of Common Stock issuable upon exercise of the Warrants, when exercised and paid
for in accordance with the terms of the Warrants, shall be validly issued, fully paid and non-assessable. The Company has reserved
from its duly authorized capital stock a sufficient number of shares of Common Stock for issuance of all of the Warrant Shares.

 

2.10     Tacking
of Securities. The Company represents that the holding period of the Securities (and shares underlying the Warrants upon cashless
exercise thereof) tacks to the holding period of the Preferred Stock for Rule 144 purposes. The Company agrees not to take a position
contrary to this paragraph. If requested by the Preferred Holder, the Company shall promptly, and in any event within 3 Business
Days of such request, provide a legal opinion of outside counsel opining to the immediate availability of Rule 144 for the resale
of the Securities (and shares underlying the Warrants upon cashless exercise thereof), provided that the Preferred Holder is no
an affiliate of the Company.

 

2.11     Release.
As of the Effective Date, the Company, on behalf of itself and its affiliates, agents, representatives, attorneys, advisors, insurers,
successors and assigns, hereby irrevocably releases and forever discharges the Preferred Holder and its parents, subsidiaries,
affiliates, agents, representatives, directors, employees, attorneys, advisors, successors and assigns of and from any and all
claims, counterclaims, demands, actions, causes of action, damages, liabilities, losses, payments, obligations, costs and expenses
(including, without limitation, attorneys’ fees and costs) of any kind or nature, past, present or future, fixed or contingent,
direct or indirect, in law or equity, several or otherwise, known or unknown, suspected or unsuspected, that arise from or relate
in any way to any act prior to the Effective Date. The foregoing release is expressly intended to cover and include, without limitation,
all claims, past, present or future, known or unknown, suspected or unsuspected, which can or may ever be asserted by successors
or otherwise, as the result of the matters herein released, or the effects or consequences thereof.

 

    	5

    	 

    

 

3.      Representations,
Warranties and Covenants of the Preferred Holder. The Preferred Holder hereby represents and warrants to the Company and agrees
as follows:

 

3.1       Due
Authorization. The Preferred Holder has all requisite corporate or other entity power and authority to execute, deliver and
perform its obligations under this Agreement and the Letter Agreement, and this Agreement and the Letter Agreement have been duly
authorized and validly executed and delivered by the Preferred Holder and no other corporate or other action on the part of the
Preferred Holder is necessary to authorize the execution and delivery by the Preferred Holder of this Agreement or the Letter Agreement.
This Agreement and the Letter Agreement constitute the legal, valid and binding agreements of the Preferred Holder, enforceable
against the Preferred Holder in accordance with their respective 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).

 

3.2       No
Legal, Tax or Investment Advice. The Preferred Holder understands that nothing in this Agreement or any other materials presented
to the Preferred Holder by or on behalf of the Company in connection with the Exchange constitutes legal, tax or investment advice
and represents and warrants to the Company that it has consulted such legal, regulatory, accounting, tax and investment advisors
as it, in its sole discretion, has deemed necessary or appropriate in connection with the Exchange or determining the merits thereof.

 

3.3       Affiliate
Status; 20% Holder Status.

 

(a)      As
of Effective Date, the Preferred Holder represents and warrants that the Preferred Holder is not an Affiliate of the Company, and
has not been an Affiliate of the Company for the three months preceding the Effective Date.

 

(b)     The Preferred Holder further represents and warrants that, immediately after the consummation of the transactions
contemplated herein, the Preferred Holder will not beneficially own: (i) any shares of Preferred Stock; and (ii) no more than
19.99% of the Company’s issued and outstanding Common Stock, based on the total shares of Common Stock outstanding as
set forth in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2015.

 

3.4       Ownership.
The Preferred Holder is the sole beneficial owner of the Preferred Stock, free and clear of all Liens, and upon execution of this
Agreement, the Company will take title to the Preferred Stock, free and clear of all Liens. There are no actions, suits or proceedings
against the Preferred Holder affecting the title of any of the Preferred Stock or the right of the Preferred Holder to execute,
deliver and perform this Agreement.

 

    	6

    	 

    

 

3.5       No
Brokerage Fees. The Preferred Holder has incurred no obligation or liability, contingent or otherwise, for brokerage or finders’
fees or agents’ commissions or other similar payments in connection with this Agreement.

 

4.      Release.
As of the Effective Date, the Preferred Holder, on behalf of itself and its affiliates, agents, representatives, attorneys, advisors,
insurers, successors and assigns, hereby irrevocably releases and forever discharges the Company and its parents, subsidiaries,
affiliates, agents, representatives, directors, employees, attorneys, advisors, successors and assigns of and from any and all
claims, counterclaims, demands, actions, causes of action, damages, liabilities, losses, payments, obligations, costs and expenses
(including, without limitation, attorneys’ fees and costs) of any kind or nature, past, present or future, fixed or contingent,
direct or indirect, in law or equity, several or otherwise, known or unknown, suspected or unsuspected, that arise from or relate
in any way to any act prior to the Effective Date. The foregoing release is expressly intended to cover and include, without limitation,
all claims, past, present or future, known or unknown, suspected or unsuspected, which can or may ever be asserted by successors
or otherwise, as the result of the matters herein released, or the effects or consequences thereof. The foregoing release shall
not apply to the Company’s obligations required to be performed under this Agreement or under the Warrants.

 

5.      Amendment
and Waiver. No provision of this Agreement may be amended or modified except upon the written consent of the Company
and the Preferred Holder, and no provision hereof may be waived other than by a written instrument signed by the party against
whom enforcement of any such waiver is sought.

 

6.      Miscellaneous.

 

6.1       Headings;
Construction. The headings of the various sections of this Agreement have been inserted for convenience of reference
only and shall not be deemed to be part of this Agreement. The language used in this Agreement is and will be deemed to be the
language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any
party.

 

6.2       Pronouns.
All pronouns contained herein, and any variations thereof, shall be deemed to refer to the masculine, feminine or neutral, singular
or plural, as to the identity of the parties hereto may require.

 

6.3       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 shall not in any way be affected or impaired thereby.

 

6.4       Governing
Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York, without
giving effect to the principles of conflicts of law. The parties agree that any action brought by either party under or in relation
to this Agreement, including without limitation to interpret or enforce any provision of this Agreement, shall be brought in, and
each party agrees to and does hereby submit to the jurisdiction and venue of, any state or federal court located in New York.

 

    	7

    	 

    

 

6.5       Entire
Agreement. This Agreement and the Letter Agreement constitute the full and entire understanding and agreement between the parties
with regard to the subject matter hereof, and no party shall be liable or bound to any other in any manner by any oral or written
representations, warranties, covenants and agreements except as specifically set forth herein. Each party expressly represents
and warrants that it is not relying on any oral or written representations, warranties, covenants or agreements outside of this
Agreement.

 

6.6       Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall constitute an original, but all of which,
when taken together, shall constitute but one (1) instrument, and shall become effective when one (1) or more counterparts have
been signed by each party hereto and delivered to the other parties.

 

6.7       Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns.

 

6.8       No
Third Party Beneficiaries.  This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assignees, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

6.9       Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

6.10     Form
8-K. The Company agrees that it will, on or before 9:30 a.m., Eastern Time, on the business day immediately following the date
on which this Agreement is executed and delivered by the Company and the Preferred Holder, file with the Commission a Current Report
on Form 8-K disclosing the material terms of this Agreement and the transactions contemplated hereby, including the issuance of
the Securities; provided, however, that the Preferred Holder shall have a reasonable opportunity to review and comment on any such
Form 8-K prior to the filing thereof.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	8

    	 

    

 

In
Witness Whereof, the parties hereto have executed this Securities Exchange
Agreement as of the date set forth in the first paragraph hereof.

 

	COMPANY:	 	PREFERRED HOLDERS:

  

	Immune Pharmaceuticals Inc.	 	 	 

 

	By:	 	 	By:	 
	 	 	 	 	 
	Name:	 	 	Name:	 
	 	 	 	 	 
	Title:	 	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]