Document:

Exhibit 4.13

 

DESCRIPTION OF THE REGISTRANT’S
COMMON STOCK 

REGISTERED PURSUANT TO SECTION 12 OF
THE 

SECURITIES EXCHANGE ACT OF 1934 

 

General

 

Titan Pharmaceuticals, Inc. has one class of securities, common
stock, registered under Section 12 of the Securities Exchange Act of 1934, as amended. The following is a summary of all material
characteristics of our common stock as set forth in our certificate of incorporation and bylaws. The summary does not purport to
be complete and is qualified in its entirety by reference to our certificate of incorporation and bylaws, all of which are incorporated
by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.13 is a part, and to the provisions of the
Delaware General Corporation Law.

 

Common Stock

 

Our charter authorizes the issuance of up to 125,000,000 shares
of common stock, par value $0.001 per share. Each holder of common stock is entitled to one vote for each share of common stock
held on all matters submitted to a vote of the stockholders, including the election of directors. Our amended and restated certificate
of incorporation and amended and restated bylaws do not provide for cumulative voting rights. Subject to preferences that may be
applicable to any then outstanding preferred stock, the holders of our outstanding shares of common stock are entitled to receive
dividends, if any, as may be declared from time to time by our board of directors out of legally available funds. In the event
of our liquidation, dissolution or winding up, holders of common stock will be entitled to share ratably in the net assets legally
available for distribution to stockholders after the payment of all of our debts and other liabilities, subject to the satisfaction
of any liquidation preference granted to the holders of any outstanding shares of preferred stock. Holders of our common stock
have no preemptive, conversion or subscription rights, and there are no redemption or sinking fund provisions applicable to the
common stock. The rights, preferences and privileges of the holders of common stock are subject to, and may be adversely affected
by, the rights of the holders of shares of any series of our preferred stock that are outstanding or that we may designate and
issue in the future. All of our outstanding shares of common stock are fully paid and nonassessable.

 

Preferred Stock

 

We are authorized to issue 5,000,000 shares of preferred stock,
par value $0.0001 per share, none of which are currently outstanding. Our board of directors is empowered, without stockholder
approval, to issue shares of preferred stock with dividend, liquidation, redemption, voting or other rights which could adversely
affect the voting power or other rights of the holders of common stock. However, the underwriting agreement prohibits us, prior
to a business combination, from issuing preferred stock which participates in any manner in the proceeds of the trust account,
or which votes as a class with the common stock on a business combination. We may issue some or all of the preferred stock to effect
a business combination. In addition, the preferred stock could be utilized as a method of discouraging, delaying or preventing
a change in control of us. Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that
we will not do so in the future.

 

Anti-Takeover Provisions of our Certificate of Incorporation
and Bylaws

 

In addition to our authorized “blank check” preferred
stock, the following provisions contained in our Certificate of Incorporation and our Bylaws could delay or discourage some transactions
involving an actual or potential change in control of our company or management:

 

	•	our board of directors without the assent or vote of the stockholders may make, alter, amend, change, add to or repeal our by-laws; and

 

	
        

        •
	
        our directors may fill any vacancies on our board,
including vacancies resulting from a board resolution to increase the number of directors.

 

     

     

    

 

Our Transfer Agent

 

The transfer agent for our common stock is Continental Stock
Transfer & Trust Company, New York, New York.

 

Stock Exchange Listing

 

Our common stock is listed on the Nasdaq Capital Market under
the symbol “TTNP.”

 

    	 	2Exhibit 10.33 

 

LOAN AMENDMENT AGREEMENT

 

This LOAN AMENDMENT AGREEMENT (this “Agreement”)
is made as of March 12, 2020 by and among Titan Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
L. Molteni & C. Dei Fratelli Alitti Società di Esercizio S.p.a. (“Molteni”) and Horizon Credit II
LLC (“Horizon”).

 

WHEREAS, the Company, Molteni and Horizon
are parties to an Amended and Restated Venture Loan and Security Agreement dated March 21, 2018 (as amended on September 10, 2019,
the “Loan Agreement”) pursuant to which the Company issued Molteni a promissory note in the principal amount
of $2,400,000 (as amended in the “Note”); and

 

WHEREAS, the Company and Molteni desire
to amend the definition of “Qualified Equity Financing” set forth in Section 1.1 of the Loan Agreement (the “Amendment”)
in order to facilitate the conversion by Molteni of a portion of the Note into equity of the Company; and

 

WHEREAS, pursuant to the provisions of Section
12.4(c) of the Loan Agreement, the Amendment requires the consent of Horizon; and

 

NOW, THEREFORE, for and in consideration
of the premises and the mutual covenants hereinafter set forth, the parties hereto do hereby agree as follows:

 

I.                 AMENDMENT TO LOAN AGREEMENT. 

 

1.1             
Definitions. Section 1.1 of the Loan Agreement is hereby amended effective as of December 31, 2019 by replacing the
definition of Qualified Equity Financing with the following:

 

“Qualified Equity Financing”
means the sale of shares of common stock of the Borrower pursuant to which the Borrower receives, prior to December 31, 2019, gross
cash proceeds of at least $9,000,000.

 

1.2             
Effect of Agreement. On and after the date hereof, each reference to the Loan Agreement shall mean the Loan Agreement
as amended by the Amendment. Except as amended above, the Loan Agreement and each Note (as defined therein) remain in full force
and effect.

 

II.               MISCELLANEOUS

 

2.1             
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party; provided that a facsimile signature shall be considered due execution and shall be binding upon the signatory thereto with
the same force and effect as if the signature were an original, not a facsimile signature.

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written above.

 

TITAN PHARMACEUTICALS, INC.

 

By: ___________/s/ Sunil Bhonsle________________

Sunil Bhonsle, Chief Executive Officer

 

L. MOLTENI & C. DEI F.LLI ALITTI
SOCIETÀ DI ESERCIZIO S.P.A.

 

By: ___/s/ Gaetano Ieovelella____________________

Gaetano Ieovelella, Chief Financial Officer

 

The undersigned hereby consents to the Amendment
set forth in Section I above.

 

HORIZON CREDIT II LLC

 

By: _______/s/ Robert D. Pomeroy, Jr._____________

Robert D. Pomeroy, Jr., Chief Executive OfficerExhibit 10.1

 

FIRST AMENDMENT TO 

 

EXECUTIVE AGREEMENT

 

THIS FIRST AMENDMENT TO EXECUTIVE AGREEMENT
(“Amendment”) is entered into on March 27, 2020 and effective on April 1, 2020 (the “Effective Date”) by
and between Penn National Gaming, Inc., a Pennsylvania corporation (the “Company”), and Jay A. Snowden, an individual
(“Executive”), with respect to the following facts and circumstances:

 

RECITALS

 

The Company and Executive entered into an
Executive Agreement on July 31, 2019 (the “Agreement”).

 

The Company and Executive desire to amend
the Agreement pursuant to the terms set forth herein.

 

NOW, THEREFORE, in consideration of the
mutual promises, covenants and agreements set forth herein, the parties hereto agree as follows:

 

AMENDMENTS

 

1.                  
As of the Effective Date, the salary and insurance components only of Section 1(a) and (b) of the Agreement (Employment)
are hereby deleted and replaced with the following new Section 1(a) and (b) of the Agreement (Employment):

 

“1.                Employment.        The
Company and Executive hereby agree to extend Executive’s employment beyond the term of his current June 21, 2017 employment
agreement (“Earlier Agreement”) in connection with his new role as Chief Executive Officer and President on January 1,
2020, all in the manner described herein. Effective January 1, 2020 (“Trigger Date), the Earlier Agreement will be deemed
terminated and superseded by this Agreement.  Upon the Trigger Date, Executive’s new compensation will begin as follows
and include: (a) (i) $1,400,000 as base salary and a target bonus of 150% of base salary received beginning on the Trigger
Date until March 31, 2020 and (ii) $1,050,000 as base salary effective on April 1, 2020 and a target bonus of 150% of base salary
effective on April 1, 2020 and thereafter; provided that the Compensation Committee and the Board of Directors of the Company shall
have discretion to restore or increase the base salary during the term of this Agreement; (b) Executive will be entitled to
life insurance in the amount of three times Executive’s base salary which shall be the greater of (i) the base salary under
Section 1(a)(i) or (ii) such base salary as approved by the Compensation Committee and the Board of Directors of the Company.”

 

2.                
As of the Effective Date, Section 5(a) of the Agreement (Amount of Post-Employment Base Salary) and Section 5(b) of the
Agreement (Amount of Post-Employment Bonus) are hereby deleted in their entirety and replaced with the following new Section 5(a)
(Amount of Post-Employment Base Salary) and new Section 5(b) of the Agreement (Amount of Post-Employment Bonus): 

 

“(a)
      Amount of Post-Employment Base
Salary. Subject to Sections 5(e) and 22, the Company shall pay to Executive an amount equal to 24 months (the
 “Severance Period”) of base salary at a rate equal to the greater of (i) the base salary set forth in Section
1(a)(i) or (ii) the base salary in effect on the date of Executive’s separation from service (the “Termination
Date”). Such amount shall be paid over the Severance Period in accordance with the Company’s regular payroll
procedures for similarly situated executives following the Termination Date.

 

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(b)      Amount
of Post-Employment Bonus. In addition to the Post-Employment Base Salary provided under Section 5(a) above, and subject
to Section 5(e), the Company shall pay to Executive an amount equal to the product of 1.5 times the targeted amount of an annual
cash bonus, at the rate in effect on the Termination Date.   Such amount paid to Executive under this Section 5(b) shall
be paid on the date annual bonuses are paid to similarly-situated executives after the Termination Date.”

 

3.               
As of the Effective Date, Section 10(b) of the Agreement (Payments) is hereby deleted in its entirety and replaced with
the following new Section 10(b) (Payments): 

 

“10.           Payments. 
In the event of a Change of Control, and either (A) Executive’s employment is terminated without Cause within 24 months
after the effective date of the Change of Control or (B) Executive resigns from employment for Post-COC Good Reason (as such
term is defined in subsection (f) below) within 24 months after the effective date of the Change of Control (the effective
date of such termination or resignation, the “Activation Date”), subject to Section 10(d), Executive shall be
entitled to receive on the sixtieth day following the employment termination date a cash payment in an amount equal to the product
of two times the sum of the Executive’s: (i) base salary which shall be determined based on the greater of (a) the base
salary set forth in Section 1(a)(i) or (b) the base salary in effect on the Termination Date; and (ii) targeted amount of
annual cash bonus, at the rate in effect coincident with the Change of Control or the Activation Date, whichever is greater; provided,
however, that if the Change of Control is not a “change in control event” for purposes of Code Section 409A, then
only those amounts that do not constitute non-qualified deferred compensation under Section 409A shall be paid in a lump sum
and the remaining payments shall be paid over the Severance Period in accordance with the Company’s regular payroll procedures
for similarly situated executives. Such payment shall be in lieu of any payment to which Executive would be entitled under Section 5(a)-(b),
provided that Executive shall also be entitled to receive the benefits set forth in Section 5(c).”

 

4.               
Except as modified herein, all other terms of the Agreement shall remain in full force and effect. In the event of a conflict
between the terms of the Agreement and this Amendment, the terms of this Amendment shall apply. No modification may be made to
the Agreement or this Amendment except in writing and signed by both the Company and Executive.

 

[SIGNATURES APPEAR ON
THE FOLLOWING PAGE]

  

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

 

	EXECUTIVE	PENN NATIONAL GAMING, INC.

 

 

	/s/ Jay A. Snowden	 	By: 	/s/ Carl Sottosanti
	Jay A. Snowden	 	 	Carl Sottosanti,
	 	 	 	Executive Vice President, General Counsel and Secretary

  

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