Document:

EXHIBIT 10.1

 Exhibit 10.1 

NAVIENT CORPORATION 

DEFERRED COMPENSATION PLAN FOR DIRECTORS 

(As Amended and Restated Effective October 1, 2015) 
  

	ARTICLE I.	INTRODUCTION 

 The Navient Corporation Deferred Compensation Plan for Directors
(the “Plan”) is hereby amended and restated by Navient Corporation (the “Corporation”) effective as of October 1, 2015 (the “Effective Date”). 

The Plan, originally named the Student Loan Marketing Association Deferred Compensation Plan for Directors, was adopted on February 21,
1995, for the benefit of directors of the Student Loan Marketing Association, the predecessor of SLM Corporation. The Plan was later renamed the SLM Corporation Deferred Compensation Plan for Directors, as amended and restated effective
October 1, 2010. The Plan was amended and restated, effective as of May 1, 2014, to reflect an assumption and continuation of the SLM Corporation Deferred Compensation Plan for Directors, a portion of which was spun-off to be maintained by
New BLC Corporation (later renamed SLM Corporation) or an affiliate thereof. Effective May 1, 2014, the Plan was renamed the Navient Corporation Deferred Compensation Plan for Directors. 

This Plan includes certain Grandfathered Accounts (defined below), which shall continue to be subject to, and governed by, the terms of the
Plan as in effect on December 31, 2004. “Grandfathered Account” means the separate memorandum account maintained by the Corporation for a Plan participant to which amounts that were deferred and vested prior to January 1,
2005, and any earnings attributable thereto, are credited. 
 With respect to deferrals after December 31, 2004, the Plan is to be
interpreted as necessary to comply with Section 409A of the Internal Revenue Code of 1986 and Treasury Regulations Section 1.409A-1 et. seq., as they both may be amended from time to time, and other guidance issued by the U.S. Department
of Treasury and U.S. Internal Revenue Service thereunder (“Section 409A”). If an amount credited to a Grandfathered Account becomes subject to Section 409A, such amount shall be deemed governed by the Plan, as amended and
restated herein, and shall be paid in accordance with Section 4.9. 
  

	ARTICLE II.	DEFERRAL OPPORTUNITY 

 Section 2.1. Each year during the annual
enrollment period determined by the Corporation (“Annual Enrollment Period”) any non-employee director (“Director”) of the Corporation may, in accordance with rules,
procedures and forms specified from time to time by the Corporation, elect to defer receipt of either all or a specified part of the Director’s retainer or fees (as set forth in Section 4.3 below) for the following calendar year (the
“Deferral Election”). Any amount so deferred (the “Deferred Amount”), shall be credited to a memorandum account maintained by the Corporation on behalf of the Director (the “Deferred Account”) and
paid out as hereinafter provided. In addition, an individual may make an election prior to commencing 

  
 1 

 
his or her initial term as a member of the Board and such election shall be effective as of the date the Director commences such term or, if permitted by the Corporation in its sole discretion,
such later time as permitted by Section 409A. 
 Section 2.2. A Director who does not file a Deferral Election before the
last day of the calendar year (or any earlier date required by the Corporation) to defer earnings for the following calendar year will be treated as having elected not to defer any amounts for the following calendar year. A Director who does not
file a Deferral Election with respect to a calendar year may file a Deferral Election for a subsequent calendar year in accordance with Article II. 
  

	ARTICLE III.	PARTICIPATION 

 Section 3.1. To participate in this Plan, a Director
shall submit to the Corporation a Deferral Election form relating to all or part of the retainer or fees he or she is entitled to receive as a Director. 
  

	ARTICLE IV.	DEFERRAL ELECTIONS 

 Section 4.1. Content of Deferral Election.
Upon filing a Deferral Election, a Director shall designate the amount to be deferred; elect the deferral period; elect to have such deferred amounts invested in one or more notional investment options offered under the Plan; elect the time and form
of payment; and designate a beneficiary. 
 Section 4.2. Effective Date of Deferral Election. Deferral Elections are
effective on a calendar year basis and become irrevocable no later than the December 31 before the beginning of the calendar year to which the elections relate. 

Section 4.3. Amount to be Deferred. A Director may elect to defer all or a portion of his or her annual retainer, meeting
fees, or per diem payments, whether such amounts otherwise would be payable in the form of cash or equity. Any Deferred Amount shall be credited to the Director’s Deferred Account and paid out as hereinafter provided. 

Section 4.4. Deferral Period. At the election of the Director, the payment of the Deferred Account shall commence as soon
as administratively possible (but no later than 90 days) after: (i) the first day of the tenth month after the Director ceases to be a Director of the Corporation for any reason; (ii) the first day of the tenth month after the Director
ceases to be a Director and attains an age specified by the Director at the time of the Deferral Election; or (iii) the expiration of a period of years not shorter than three years. For the avoidance of doubt, payment shall commence on the
first day of the calendar year elected by the Director; provided, however, that the Director may not elect a calendar year that is earlier than the third calendar year following the date of the Deferral Election. A Director may not designate the
taxable year of distribution except to the extent permitted in subsection (iii) above. 
 For purposes of the Plan, a Director shall
not be considered to cease to be a Director unless the cessation of the Director’s service as a Director constitutes a separation from service within the meaning of Section 409A. A Director shall not be allowed to receive the Deferred
Account before the expiration of the Deferral Period, unless the Director meets the requirements of a hardship as provided in Article VI, nor shall a Director be allowed to defer his or her Deferred Account beyond the Deferral Period. 

  
 2 

 Section 4.5. Investment Election. Except as otherwise provided below in
Section 4.7, a Director’s Deferred Account shall be credited with earnings in accordance with the investment options that are offered under the Plan from time to time (“Investment Options”) and elected by the Director. In
the event no investment election is received, a Director’s account shall be deemed invested in an Investment Option that has been designated as a default investment option by the Corporation. 

Section 4.6. Investment Options. The Corporation reserves the right, on a prospective basis, to add, delete, or modify the
Investment Options offered under the Plan. The deemed rate of return, positive or negative, credited under each Investment Option shall be based upon the investment performance of such option, and shall equal the total return of such option, net of
asset based charges, including, without limitation, money management fees, fund expenses and mortality and expense risk insurance contract charges. Notwithstanding that the rates of return credited to a Director’s Deferred Account are based
upon the performance of the Investment Options, the Corporation shall not be obligated to invest any Deferred Amount, or any other amount, in such Investment Options. 

Section 4.7. Navient Stock Fund. Any portion of a Director’s Deferred Account representing a deferral of compensation
that otherwise would have been payable in the form of equity shall be automatically invested in an Investment Option representing shares of the Corporation’s common stock or a successor class of stock (the “Navient Stock
Fund”). All Deferred Amounts that are invested in the Navient Stock Fund shall be converted into a number of shares (or fraction thereof), and such number of shares shall be credited to the Director’s Deferred Account at the time such
Deferred Amount would have been paid but for the Deferral Election. That portion of a Director’s Deferred Account invested in the Navient Stock Fund will be credited with additional shares determined by reference to any dividends paid on or
adjustments to the Corporation’s common stock or a successor class of stock (“Common Stock”) through the date of distribution. The conversion of deferred earnings, dividends, or other cash payments into a number of shares of
Common Stock shall be based on the fair market value of a share of Common Stock at the close of business on the business day immediately preceding the date on which a Director receives a credit to his or her Deferred Account under this Plan, which
shall be the last sale price on the NASDAQ Stock Exchange on such business day, or, if there shall have been no such sale so reported on that business day, on the last preceding business day on which such a sale was so reported. 

Section 4.8. Vesting of Deferred Account. A Director’s Deferred Account shall be 100% vested and non-forfeitable at
all times, with the exception of any portion of the Deferred Account representing a deferral of compensation that otherwise would have been payable in the form of equity, which shall be subject to the vesting conditions (if any) otherwise applicable
to such equity-based compensation. 
 Section 4.9. Form of Payment. A Director may elect to receive his or her Deferred
Account in a lump sum or annual installments, not exceeding 15 installments. Any portion of a Director’s Deferred Account invested in the Navient Stock Fund shall be paid in Common Stock, 

  
 3 

 
and any remaining portion shall be paid in cash. If a Director elects to receive his or her Deferred Account in annual installments, such installments shall equal: (i) the value of the
Deferred Account on the date that payments begin divided by the number of installments elected by the Director, plus (ii) investment earnings credited to the Deferred Account since the payment of the previous installment; and each annual
installment will be paid during the year in which it is due. 
 Section 4.10. Default Time and Form of Payment. If a
Director fails to elect a time and form of distribution, the Director’s Deferred Account will be distributed in the form of a single lump sum payment as soon as administratively possible (but no later than 90 days) after the first day of the
tenth month after the Director ceases to be a Director of the Corporation for any reason. 
 Section 4.11. Death Benefit.
In the event of a Director’s death, the entire balance in the Director’s Deferred Account shall be paid to his or her beneficiary as soon as administratively possible after his or her death but in no event later than the end of the year in
which the Director’s death occurred or, if later, the 15th day of the third calendar month following the Director’s death. 

Section 4.12. Beneficiary Designation. A Director may designate a beneficiary or beneficiaries to receive the balance of
his or her Deferred Account upon his or her death. Any death benefit with respect to a Director who did not designate a beneficiary or who is not survived by a beneficiary shall be paid to the personal representative of the Director. 

 

	ARTICLE V.	TERMINATION/AMENDMENT OF DEFERRAL ELECTION 

 Section 5.1.
Termination of Deferral Election. Once a Deferral Election becomes irrevocable for a calendar year, a Director may not terminate the deferral of his or her earnings during that calendar year. A Director may not modify his or her current
or prior year Deferral Elections, except as provided in this Article 5. 
 Section 5.2. Increase or Decrease in Deferred
Amount. A Director may increase or decrease the amount of retainer or fees that are deferred in a future calendar year by filing a new Deferral Election during the relevant Annual Enrollment Period. Any such election shall be effective only for
the calendar year following the year in which the Corporation receives the new Deferral Election. 
 Section 5.3. Change in
Investment Election. A Director may change his or her investment election with respect to any portion of his or her Deferred Account that is not invested in the Navient Stock Fund, and such change shall be effective on the later of the date that
it is received by the Corporation or the date elected by the Director. A Director may not change his or her investment election with respect to that portion of his or her Deferred Account invested in the Navient Stock Fund. 

A change in investment election may apply to amounts previously deferred and/or amounts to be deferred after the effective date of the
modification, as specified by a Director. Any investment election into the Navient Stock Fund shall be subject to the Corporation’s open trading-window policy governing the purchase and sale of its Common Stock (except when the Director has
ceased to be a Director and is no longer subject to such policy). 

  
 4 

 Section 5.4. Change in Deferral Period. A Director may change the Deferral
Period with respect to deferrals in a future calendar year by filing a new Deferral Election during the relevant Annual Enrollment Period. This change shall be effective only for amounts earned in the calendar year following the calendar year in
which the Corporation receives the new Deferral Election. 
 Section 5.5. Change in Form of Payment. A Director may
change the form of payment with respect to deferrals in a future calendar year by filing a new Deferral Election during the relevant Annual Enrollment Period. This change shall be effective only for amounts earned in the calendar year following the
calendar year in which the Corporation receives the new Deferral Election. 
 Section 5.6 Change in Beneficiaries. A
Director may change beneficiaries by filing a written change of beneficiary designation form with the Corporation and such new beneficiary designation shall be effective upon receipt by the Corporation. 

Section 5.7. Cessation of Service. Upon cessation of service as a Director, the terms of this Plan shall continue to govern
a Director’s Deferred Account until the Deferred Account is paid in full. Accordingly, a Director’s Deferred Account shall continue to be credited with investment earnings, and the Deferral Period shall continue in effect. 

 

	ARTICLE VI.	HARDSHIP DISTRIBUTION 

 Section 6.1. In the event of a substantial,
unforeseen hardship, a Director may file a notice with the Chairman of the Nominations and Governance Committee of the Board of Directors (the “Committee”), advising the Committee of the circumstances of the hardship, and requesting
a hardship distribution. Upon approval by the Committee of a Director’s request, the Director’s Deferred Account, or that portion of a Director’s Deferred Account deemed necessary by the Committee to satisfy the hardship (determined
in a manner consistent with Section 409A) plus amounts necessary to pay taxes reasonably anticipated because of the distribution, will be distributed in a single lump sum as soon as administratively possible (but no later than 90 days)
following the date of approval. The Committee, in its sole discretion, shall determine how a Director’s Cash and Common Stock accounts shall be debited for the distribution. No member of the Committee may vote on, or otherwise influence a
decision of the Committee concerning his or her request for a hardship distribution. If the Committee approves a Director’s hardship distribution request, then effective as of the date the request is approved, the Committee shall cancel the
Director’s Deferral Election, if any, for the remainder of the calendar year. A Director whose Deferral Election is cancelled in accordance with this Section 6.1 may file a new Deferral Election for the following calendar year in
accordance with Article II. A hardship distribution by a Director shall have no effect on any amounts remaining in the Plan following the hardship distribution. 

Section 6.2. For purposes of this paragraph, a substantial, unforeseen hardship is a severe financial hardship resulting from
extraordinary and unforeseeable circumstances arising 

  
 5 

 
as a result of events beyond the Director’s control, such as (i) an illness or accident of the Director or the Director’s spouse, the Director’s beneficiary, or the
Director’s dependent (as defined in Internal Revenue Code section 152, without regard to Code sections 152(b)(l), (b)(2), and (d)(1)(B)), (ii) a loss of the Director’s property due to casualty, or (iii) other similar
extraordinary and unforeseeable circumstances, all as determined in the sole discretion of the Committee. A hardship distribution shall not be made to the extent such hardship is or may be relieved (i) through reimbursement or compensation
by insurance or otherwise, (ii) by liquidation of the Director’s assets, to the extent the liquidation of such assets would not itself cause a severe financial hardship, or (iii) by cessation of deferrals under the Plan. Examples of
what are not considered to be unforeseeable hardships include the need to send a Director’s dependent or child to college, or the desire to purchase a home. 
  

	ARTICLE VII.	ACCELERATION OF PAYMENT 

 Section 7.1. The Plan shall not permit the
acceleration of the time or schedule of any payment, except as set forth herein or as otherwise permitted by Section 409A. The Committee may, in a manner that results in Section 409A compliance, determine to accelerate the time of a
Director’s payment if at any time the Plan, as applicable to such Director, fails to meet the requirements of Section 409A. Such amount may not exceed the amount required to be included in income as a result of the failure to comply with
Section 409A. Any such tax liability distribution shall be paid between the date of the Committee’s determination and the end of the calendar year during which the determination occurred, or if later, the 15th day of the third calendar
month following the date of the Committee’s determination. 
  

	ARTICLE VIII.	SECTION 409A 

 Section 8.1. The Plan is intended to comply with
Section 409A, and shall be construed and administered accordingly to the extent Section 409A applies to the Plan. To the extent that a provision of the Plan would cause a conflict with the requirements of Section 409A, or would cause
the administration of the Plan to fail to satisfy Section 409A, such provision shall be deemed null and void to the extent permitted by applicable law. Nothing herein shall be construed as a guarantee of any particular tax treatment to a
Director. 
  

	ARTICLE IX.	CREDITOR STATUS 

 Section 9.1. The rights of a Director in his or her
Deferred Account shall be only as a general, unsecured creditor of the Corporation. Any amount of cash or number of shares of Common Stock payable under this Plan shall be paid solely from the general assets or authorized Common Stock of the
Corporation and a Director shall have no rights, claim, interest or lien in any property which the Corporation may have, acquire, or otherwise identify to assist the Corporation in fulfilling its obligation to any and all Directors under the Plan.

  

	ARTICLE X.	ADMINISTRATION AND TERMINATION 

 Section 10.1. The Secretary of the
Corporation shall provide a copy of this Plan to each Director. 

  
 6 

 Section 10.2. The Board may, at any time and in its sole discretion, terminate or
amend the Plan in accordance with Section 409A; provided, however, that no such termination or amendment shall reduce or in any manner adversely affect the rights of any Director with respect to benefits that are payable or become payable under
the Plan as of the effective date of such amendment or termination. In the event of termination, existing Deferred Accounts shall be paid in accordance with the terms of the Plan except to the extent the Plan is terminated in accordance with the
requirements of Section 409A, in which event the existing Deferred Accounts shall be paid in accordance with Section 409A. 

IN WITNESS WHEREOF, Navient Corporation has caused this amended and restated Plan to be duly executed in its name and on its behalf as
of the 30th day of July, 2015. 
  

			
	NAVIENT CORPORATION
		
	By:	 	 /s/ MARK L. HELEEN

	Name:	 	Mark L. Heleen
	Title:	 	Secretary

  
 7Exhibit 10.28

 

Peregrine
Pharmaceuticals, Inc.

 

 

 

 

 

 

 

Common Stock

Purchase Agreement

 

 

 

18,518,518
Shares of Common Stock

 

 

 

 

October 30,
2015 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

     

    

 

COMMON STOCK PURCHASE AGREEMENT

 

This Common Stock Purchase
Agreement (this “Agreement”) is made and entered into as of October 30, 2015 (the “Effective Date”), by
and between Peregrine Pharmaceuticals, Inc., a Delaware corporation (the “Company”) and Eastern Capital Limited (the
“Investor”).

 

RECITALS

 

WHEREAS, the
Company has filed with the Securities and Exchange Commission (“SEC”) a Shelf Registration Statement on Form S-3 No.
333-201245, which was declared effective by the SEC on January 15, 2015 (the “Shelf Registration Statement”);

 

WHEREAS, pursuant
to the Shelf Registration Statement, the Company may offer to the public from time to time shares of its common stock, par value
$0.001 per share (the “Common Stock”), for aggregate gross proceeds of up to $150,000,000; and

 

WHEREAS, the
Company desires to sell and issue to the Investor under the Form S-3 a number of shares of Common Stock for aggregate gross proceeds
of $20,000,000, all in the manner described below.

 

NOW, THEREFORE,
in consideration of the covenants, agreements and considerations herein contained, the Company and Investor agree as follows:

 

1.PURCHASE AND
SALE OF SHARES

 

1.1Purchase
and Sale of Shares. Subject to the terms and conditions hereof, the Company hereby agrees to sell to the Investor, and the
Investor hereby agrees to purchase from the Company, 18,518,518 shares of Common Stock (the “Shares”), in consideration
for the Investor’s payment on the Closing Date (as defined below) of the Purchase Price (as defined below).

 

1.2Purchase
Price. As full consideration for the sale of the Shares to Investor, the Investor agrees to pay to the Company within one (1)
business day of the Effective Date the purchase price of $1.08 per Share for an aggregate purchase price of Twenty Million Dollars
($20,000,000) (the “Purchase Price”).

 

Within one (1) business
day following the Closing Date (defined below) the Company shall deliver to the Investor or its designee the shares via DWAC or
a stock certificate representing the Shares. The Shares shall be delivered free of restrictive legends and stop transfer instructions.

 

2.CLOSING

 

The Closing of the
purchase and sale of the Shares shall occur on the date which is one (1) day following the Effective Date (the “Closing Date”).
On the Closing Date, the Investor shall deliver to the Company the Purchase Price by wire transfer of immediately available funds.

 

3. REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

 

Except as set forth
below, the Company makes no representations or warranties of any nature or kind.

 

3.1Organization,
Standing and Power. The Company is a corporation duly organized, validly existing and in good standing under the laws of the
State of Delaware. The Company has the corporate power to own its properties and to carry on its business as now being conducted
and is duly qualified to do business and is in good standing in each jurisdiction in which the failure to be so qualified would
have a material adverse effect on the business, assets or condition (financial or otherwise) of the Company and its subsidiaries,
taken as a whole.

 

    	1

     

    

3.2Capitalization.
The authorized capital stock of the Company consists of 500,000,000 shares of Common Stock and 5,000,000 shares of preferred stock,
$0.001 par value per share, of which 2,000,000 shares have been designated 10.5% Series E Preferred Stock (the “Series E
Preferred”). The capitalization of the Company as of October 28, 2015 is as set forth on the attached Exhibit A. The
Company is not a party to any voting trust agreements or understandings with respect to the voting common stock of the Company.
There are no preemptive or similar rights to purchase or otherwise acquire shares of capital stock of the Company pursuant to any
provision of law, the Restated Certificate of Incorporation, the bylaws of the Company or any agreement to which the Company is
a party

 

3.3Authorization.

 

3.3.1The Company
has full legal right, power and capacity to enter into, execute, deliver and perform this Agreement and all attendant documents
and instruments contemplated hereby.

 

3.3.2This Agreement
has been duly executed and delivered and constitutes the legal, valid and binding obligation of the Company and is enforceable
with respect to the Company in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, priority
or other laws or court decisions relating to or affecting generally the enforcement of creditors' rights or affecting generally
the availability of equitable remedies.

 

3.3.3The execution
and delivery of this Agreement by the Company, and the consummation of the transactions contemplated hereby by the Company in accordance
with the terms hereof shall not conflict with or result in a breach of, violation of, or default under (or constitute an event
that with notice, lapse of time, or both, would constitute a breach or default under), or result in the termination of, or accelerate
the performance required by, or result in the creation of any liens or other encumbrances upon any of the properties or assets
of the Company under any of the terms, conditions or provisions of the Certificate of Incorporation or Bylaws, any provision of
the laws of the State of California or the State of Delaware, or any note, bond, mortgage, indenture, deed of trust, license, lease,
credit agreement or other agreement, document, instrument or obligation to which the Company is a party or by which any of its
assets or properties are bound.

 

3.3.4Neither the
execution and delivery of this Agreement by the Company, nor the consummation of the transactions, contemplated hereunder by the
Company will violate or conflict with any judgment, order, decree, statute, rule or regulation applicable to the Company or its
assets or properties.

 

3.4Valid Issuance
of Common Stock.

 

3.4.1The Shares being
purchased by the Investor hereunder, when issued, sold and delivered in accordance with the terms hereof or thereof, for the consideration
expressed herein or therein, will be duly and validly issued, fully paid and nonassessble and will be issued in compliance with
all applicable federal and state securities laws.

 

3.4.2The outstanding
shares of Common Stock are all duly and validly authorized and issued, fully paid and nonassessable, and were issued in compliance
with all applicable federal and state securities laws.

 

3.4.3The Company
has full power, right and authority to transfer, convey and sell to the Investor on the Closing Date the Shares and upon consummation
of the transactions contemplated by this Agreement, and Investor will have acquired good and marketable title to the Shares purchased
by such Investor, free and clear of claims, liens, restrictions on transfer or voting or encumbrances.

 

    	2

     

    

3.5Litigation.
Except as referred to in the SEC Documents, as defined below, there are no claims, suits, actions or proceedings pending or, to
the knowledge of the Company, threatened against, relating to or affecting the Company or any of its subsidiaries, before any court,
governmental department, commission, agency, instrumentality or authority, or any arbitrator that would reasonably be expected,
either alone or in the aggregate with all such claims, actions or proceedings, to have a material adverse effect on the Company’s
business or financial condition or the transactions contemplated hereunder. Except as referred to in the Company’s SEC Documents,
neither the Company nor any of its subsidiaries is subject to any judgment, decree, injunction, rule or order of any court, governmental
department, commission, agency, instrumentality or authority, or any arbitrator which prohibits or restricts the consummation of
the transactions contemplated hereby or would have a material adverse effect on the Company’s business or financial condition
or the transactions contemplated hereunder.

 

3.6SEC Documents;
the Company’s Financial Statements. The Company is a reporting company under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), and files annual and periodic reports (the "SEC Documents") with the Securities
and Exchange Commission (the "SEC"). As of their respective filing dates, the SEC Documents complied in all material
respects with the requirements of the Exchange Act applicable to the Company and to the knowledge of the Company none of the SEC
Documents contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or
necessary to make the statements made therein, in light of the circumstances in which they were made, not misleading, except to
the extent corrected by a subsequently filed document with the SEC. The SEC Documents contain an audited consolidated balance sheet
of the Company as of the end of the last completed fiscal year (the “Balance Sheet”) and the related audited consolidated
statements of income and cash flow for the year then ended (collectively, the “Financials”). The Financials have been
prepared in accordance with GAAP applied on a basis consistent through the periods indicated and consistent with each other. The
Financials present fairly the consolidated financial condition and operating results and cash flows of the Company and its subsidiaries
as of the dates and during the periods indicated therein. Since the date of the last periodic filing on Form 10-Q and until the
date of this Agreement, there has not occurred any material adverse change in the business, assets or condition (financial or otherwise)
of the Company and its subsidiaries, taken as a whole, which has not been reflected in the SEC Documents.

 

3.7Shelf Registration
Statement. The Company has delivered to Investor a copy of the Shelf Registration Statement. The Company represents and warrants
that the Shelf Registration Statement is effective under the Securities Act of 1933, as amended (the “Securities Act”)
and no stop order suspending the effectiveness of the Shelf Registration Statement has been issued under the Securities Act and
no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated by the
SEC, and any request on the part of the SEC for additional information has been complied with. The Company is not aware of any
event, fact or circumstance, which would cause the Shelf Registration Statement to contain a material misstatement or require the
filing of an amendment thereto. The Company, at the time of the initial filing of the Shelf Registration Statement and as of the
date hereof, was and is eligible for use of a Form S-3 in connection with a primary offering. The Company agrees to timely file
(i) a Form 8-K disclosing the execution of this Agreement, if and when required, (ii) all periodic reports required to be filed
under the Exchange Act in order to keep the Shelf Registration Statement effective under the Securities Act, and (iii) any amendments,
if necessary, and deliver to the Investor a copy of any such amendment. The Shelf Registration Statement (including the information
or documents incorporated by reference therein), as of the time it was declared effective, and any amendments or supplements thereto,
each as of the time of filing, did not contain any untrue statement of material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein not misleading. In addition, the Company hereby agrees to file
with the SEC, as required, no later than two business days from the Effective Date, either an amendment or a prospectus supplement
in accordance with Rule 424(b)(2) of the Securities Act. The Shelf Registration Statement registers the issuance of the Shares
to the Investor and, when issued to the Investor, the Shares shall be freely tradeable by the Investor.

 

    	3

     

    

3.8No Consents.
The execution, delivery and performance by the Company of this Agreement and the offer, issuance and sale of the Shares require
no consent of, action by or in respect of, or filing with, any individual or entity, governmental body, agency, or official other
than filings that have been made pursuant to applicable state securities laws and post-sale filings pursuant to applicable state
and federal securities laws which the Company undertakes to file within the applicable time periods.

 

3.9Regulatory
Compliance. The Company is not in violation of any applicable law, regulation, judgment, order or consent decree (of any governmental
or non-governmental regulatory or self-regulatory agency or any organized exchange, including without limitation, the SEC, any
state or local securities or insurance regulatory body, or the Internal Revenue Service), which violation is likely to have a material
adverse effect on the Company’s business, financial condition, or the transactions contemplated by this Agreement.

 

3.10Regulatory
Proceedings, Investigations and Inquiries. The Company has not been the subject of any material regulatory proceeding, examination,
investigation or inquiry (known to the Company), including any pending or threatened regulatory proceeding, investigation or inquiry
(known to the Company) (including without limitation any by governmental or non-governmental regulatory or self-regulatory agency
or any organized exchange) relating to the Company.

 

3.11Compliance
with Nasdaq Continued Listing Requirements. The Company is in compliance with applicable Nasdaq Stock Market continued listing
requirements. There are no proceedings pending or, to the Company’s knowledge, threatened against the Company relating to
the continued listing of the Common Stock on the Nasdaq Capital Market and the Company has not received any currently effective
notice of, nor to the Company’s knowledge is there any basis for, the delisting of the Common Stock from the Nasdaq Capital
Market. The Shares have been approved for listing on the Nasdaq stock market.

 

4.REPRESENTATIONS
AND WARRANTIES OF THE INVESTOR

 

The Investor hereby represents and warrants
to the Company the following:

 

4.1Authority.
Investor has full legal right, power and capacity to enter into, execute, deliver and perform this Agreement and all attendant
documents and instruments contemplated hereby. This Agreement has been duly executed and delivered and constitutes the legal, valid
and binding obligation of Investor and is enforceable with respect to Investor in accordance with its terms, except as enforcement
may be limited by bankruptcy, insolvency, priority or other laws or court decisions relating to or affecting generally the enforcement
of creditors’ rights or affecting generally the availability of equitable remedies.

 

4.2No Violation
of Agreements. Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereunder
by Investor will violate or conflict with any judgment, order, decree, statute, rule or regulation applicable to Investor or its
assets or properties.

 

4.3Disclosure
of Information. Subject in part to the truth and accuracy of the representations and warranties of the Company, the Investor
believes that it has received all the information that it considers necessary or appropriate for deciding whether to purchase the
Shares. The Investor further represents that it has had an opportunity to review the SEC Documents and the Shelf Registration Statement,
and had sufficient opportunity to ask questions and receive answers from the Company and its directors and officers regarding the
terms and conditions of the offering of the Shares and the business and operations of the Company. The foregoing, however, does
not limit or modify the representations and warranties of the Company in Section 3 of this Agreement or the right of the Investor
to rely thereon.

 

    	4

     

    

5.CONDITIONS PRECEDENT
TO OBLIGATIONS OF THE COMPANY

 

The obligations of
the Company to consummate this Agreement shall be subject to the satisfaction of each of the conditions set forth below, any or
all of which may be waived by the Company in whole or in part without prior notice; provided, however, that no such waiver of a
condition shall constitute a waiver by the Company of any other condition or of any of the Company’s rights or remedies,
at law or in equity, if the Investor shall be in default or breach of any of its representations, warranties or agreements under
this Agreement:

 

5.1Purchase
Price. Investor shall deliver the Purchase Price on the date specified in Section 1.2.

 

5.2Accuracy
of Representations and Warranties. The representations and warranties of the Investor contained in this Agreement shall be
accurate and complete on and as of the date hereof and the Closing Date with the same effect as though such representations and
warranties had been made on or as of such date.

 

5.3Performance
of Agreements. Each and all of the conditions precedent and agreements of the Investor subject to satisfaction on or before
the Closing Date pursuant to the terms of this Agreement shall have been performed or satisfied.

 

6.CONDITIONS PRECEDENT
TO OBLIGATIONS OF INVESTOR

 

The obligations of
the Investor to consummate the transactions contemplated by this Agreement shall be subject to the satisfaction of each of the
conditions set forth below, any or all of which may be waived by each Investor in whole or in part without prior notice; provided,
however, that no such waiver of a condition shall constitute a waiver by such Investor of any other condition or of any of the
Investor’s rights or remedies, at law or in equity, if the Company shall be in default or breach of any of its representations,
warranties or agreements under this Agreement:

 

6.1Accuracy
of Representations and Warranties. The representations and warranties of the Company contained in this Agreement shall be accurate
and complete on and as of the date hereof and the Closing Date with the same effect as though such representations and warranties
had been made on or as of such date.

 

6.2Performance
of Agreements. Each and all of the conditions precedent and agreements of the Company subject to satisfaction on or before
the Closing Date pursuant to the terms of this Agreement shall have been performed or satisfied.

 

6.3No Adverse
Events. Between the date hereof and the Closing Date, neither the business, assets or condition, financial or otherwise, of
the Company taken as a whole shall have been materially adversely affected in any manner.

 

7.INDEMNIFICATION

 

7.1To the extent
permitted by law, the Company will indemnify and hold harmless, the Investor, the directors and officers, if any, of the Investor,
and each person, if any, who controls the Investor within the meaning of the Securities Act or the Exchange Act (each, an "Indemnified
Person"), against any losses, claims, damages, liabilities or expenses (joint or several) incurred (collectively, "Claims")
to which any of them may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Claims (or actions
or proceedings, whether commenced in respect thereof) arise out of or are based upon: (i) any untrue statement or untrue statement
of a material fact contained in the Shelf Registration Statement or any post-effective amendment thereof or the omission or omission
to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii)
any untrue statement or untrue statement of a material fact contained in the final prospectus (as amended or supplemented, if the
Company files any amendment thereof or supplement thereto with the SEC) or the omission or omission to state therein any material
fact necessary to make the statements made therein, in the light of the circumstances under which the statements therein were made,
not misleading or (iii) any violation or violation by the Company of the Securities Act, the Exchange Act, any state securities
law or any rule or regulation under the Securities Act, the Exchange Act or any state securities law (the matters in the foregoing
clauses (i) through (iii) being collectively referred to as "Violations"). The Company shall reimburse the Investor promptly
as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them
in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification
agreement contained in this Section 7 shall not (i) apply to any Claims arising out of or based upon a Violation which occurs in
reliance upon and in conformity with information furnished in writing to the Company by or on behalf of any Indemnified Person
expressly for use in connection with the preparation of the Shelf Registration Statement or any such amendment thereof or supplement
thereto,  (ii) be available to the extent such Claim is based on a failure of the Investor to deliver or cause to be delivered
the prospectus made available by the Company; or (iii) apply to amounts paid in settlement of any Claim if such settlement is effected
without the prior written consent of the Company, which consent shall not be unreasonably withheld. The Investor will indemnify
the Company, its officers, directors and agents (including legal counsel) (each an "Indemnified Person") against any
claims arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing
to the Company, by or on behalf of the Investor, expressly for use in connection with the preparation of the Shelf Registration
Statement, subject to such limitations and conditions set forth in this Section 7. Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of the Indemnified Person or Indemnified Party, and shall survive the
sale of the Shares by the Investor.

 

    	5

     

    

7.2Promptly after
receipt by an Indemnified Person under this Section of notice of the commencement of any action (including any governmental action),
such Indemnified Person shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section, deliver
to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate
in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume
control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person, as the
case may be; provided, however, that an Indemnified Person shall have the right to retain its own counsel with the
reasonable fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying
party, the representation by such counsel of the Indemnified Person and the indemnifying party would be inappropriate due to actual
or potential differing interests between such Indemnified Person and any other party represented by such counsel in such proceeding.
The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action
shall not relieve such indemnifying party of any liability to the Indemnified Person under this Section except to the extent
that the indemnifying party is prejudiced in its ability to defend such action. The indemnification required by this Section shall
be made by periodic payments of the amount thereof during the course of the investigation or defense, as such expense, loss, damage
or liability is incurred and is due and payable.

 

7.3To the extent
any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum
contribution with respect to any amounts for which it would otherwise be liable under Section 7 to the fullest extent permitted
by law.

 

8.MISCELLANEOUS

 

8.1Expenses, Commissions
and Taxes. Each party shall bear and pay its own expenses, including legal, accounting and other professional fees, and taxes incurred
in connection with the transactions referred to in this Agreement. The party responsible under applicable law shall bear and pay
in their entirety all other taxes and registration and transfer fees, if any, payable by reason of the sale and conveyance of the
Shares.

 

8.2Entire Agreement;
Modifications; Waiver. This Agreement, together with the related agreements or certificates referenced herein, constitutes
the final, exclusive and complete understanding of the parties with respect to the subject matter hereof and supersedes any and
all prior understandings and discussions with respect thereto. No variation or modification of this Agreement and no waiver of
any provision or condition hereof, or granting of any consent contemplated hereby, shall be valid unless in writing and signed
by the party against whom enforcement of any such variation, modification, waiver or consent is sought.

 

8.3Further Assurances.
The parties hereto shall use their best efforts, and shall cooperate with one another, to secure all necessary consents, approvals,
authorizations, exemptions and waivers from third parties as shall be required in order to consummate the transactions contemplated
hereby, and shall otherwise use their best efforts to cause such transactions to be consummated in accordance with the terms and
conditions hereof. At any time or from time to time after the Closing Date, each party hereto, shall execute and deliver any further
instruments or documents and take all such further action as such requesting party may reasonably request in order to consummate
and document the transactions contemplated hereby.

 

8.4Captions.
The captions in this Agreement are for convenience only and shall not be considered a part of or affect the constructing or interpretation
of any provision of this Agreement.

 

8.5Section References.
Unless otherwise noted, all section references herein are to sections of this Agreement.

 

    	6

     

    

8.6Counterparts.
This Agreement may be executed in any number of counterparts, including electronically transmitted counterparts, each of which
when so executed shall constitute an original copy hereof, but all of which together shall constitute one agreement.

 

8.7Successors
and Assigns. Neither party shall have the right to assign this Agreement.

 

8.8Parties in
Interest. Nothing in this Agreement, whether express or implied, is intended to confer any rights or remedies under or by reason
of this Agreement on any persons other than the parties to it and their respective successors and assigns, nor is anything in this
Agreement intended to relieve or discharge the obligation or liability of any third persons to any party to this Agreement, nor
shall any provision give any third persons any right of subrogation or action over against any party to this Agreement.

 

8.9Notices.
All notices, requests, demands and other communications hereunder (“Notices”) shall be in writing and shall be deemed
to have been duly given if delivered by hand or by registered or certified mail or upon fax notice with confirmation of receipt,
as follows:

 

	If to Investor:	Eastern Capital Limited
	 	10 Market St., #773 Camana Bay
	 	Grand Cayman, Cayman Islands KY1-9006
	 	Attn.:  William Sullivan
	 	 
	 	 
	If to the Company:	Peregrine Pharmaceutical, Inc.
	 	14282 Franklin Avenue
	 	Tustin, California  92780
	 	Attn.:  Paul Lytle

 

 

or to such other address as any party may
have furnished to the others in writing in accordance herewith, except that notices of change of address shall only be effective
upon receipt. All Notices shall be deemed received on the date of delivery or, if mailed, on the date appearing on the return receipt
therefor.

 

8.10Law Governing.
This Agreement shall be governed by, and construed and enforced in accordance with the laws of the State of California, without
regard to its choice-of-laws or conflicts-of-law rules.

 

8.11Survival.
The representations and warranties contained in this Agreement shall survive the Closing Date indefinitely.

 

Signature page to follow

 

 

 

    	7

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed, all as of date first above written.

 

	 	“The Company”
	 	Peregrine Pharmaceuticals, Inc.,
	 	a Delaware corporation
	 	 
	 	By:  /s/ Paul Lytle
	 	 
	 	Name: Paul Lytle  
	 	 
	 	Title: Chief Financial Officer
	 	 
	 	 
	 	 “Investor”
	 	Eastern Capital Limited
	 	 
	 	By:  /s/ Mark VanDevelde
	 	 
	 	Name:   Mark VanDevelde
	 	 
	 	Title: Director

 

    	8

     

    

 

EXHIBIT A

 

CAPITALIZATION

 

 

As of October 28, 2015, the Company’s outstanding capital
stock was as follows:

 

 

	Common Stock	206,953,869 (1)
	 	 
	Series E Preferred Stock	1,577,440

 

_________

		(1)	Shares outstanding total excludes the following shares of common stock reserved for issuance as of October 28, 2015:

 

		·	39,622,557 shares of common stock reserved for issuance under outstanding option grants and available for issuance under our
stock incentive plans;

		·	2,443,056 shares of common stock reserved for and available for issuance under our Employee Stock Purchase Plan;

		·	273,280 shares of common stock issuable upon exercise of outstanding warrants; and

		·	45,745,760 shares of common stock issuable upon conversion of our outstanding 10.50% Series E Convertible Preferred Stock (2).

	 	 

		(2)	The Series E Preferred Stock is convertible into a number of shares of common stock determined by dividing the liquidation
preference of $25.00 per share by the conversion price, currently $3.00 per share. If all outstanding Series E Preferred Stock
were converted at the $3.00 per share conversion price, the holders of Series E Preferred Stock would receive an aggregate of 13,145,333
shares of our common stock. However, we have reserved the maximum number of shares of our common stock that could be issued upon
a change of control event assuming our shares of common stock are acquired for consideration of $0.855 per share or less. In this
scenario, each outstanding share of Series E Preferred Stock could be converted into a maximum of 29 shares of common stock, as
further described in the Certificate of Designations, filed as Exhibit 3.11 to the Company’s Form 8-A filed with the SEC
on February 12, 2014.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00250-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00250-of-00352.parquet"}]]