Document:

Third Amended and Restated Employment Agreement of Sigmund Anderman

 Exhibit 10.32 
 ELLIE MAE, INC. 
 THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 OF SIGMUND ANDERMAN 
 This Third Amended and Restated Employment Agreement (the “Agreement”) is made and entered into by and between Sigmund Anderman (the “Executive”) and Ellie Mae, Inc. (the
“Company”), effective as of the latest date set forth by the signatures of the parties hereto below (the “Effective Date”). 
 WHEREAS, the Company and the Executive entered into an Amended and Restated Employment Agreement dated as of April 30, 2002, as amended from time to time (the “Prior Employment
Agreement”), which provides for the terms and conditions of the Executive’s employment with the Company; 

WHEREAS, the Executive is currently employed by the Company as the Company’s Chief Executive Officer; and 

WHEREAS, the Company and the Executive wish to amend and restate the Prior Employment Agreement in its entirety as set forth in
this Agreement. 
 NOW, THEREFORE, in consideration of the promises and mutual covenants contained in this Agreement, and
other good and valuable consideration, the parties agree as follows: 
 1. Duties and Scope of Employment. 

(a) Positions and Duties. As of the Effective Date, the Executive will continue to serve as Chief Executive Officer of the
Company. The Executive will render such business and professional services in the performance of his duties, consistent with the Executive’s position within the Company, as will reasonably be assigned to him by the Company’s Board of
Directors (the “Board”). 
 (b) Board Membership. The Executive will continue to serve as a member and Chairman
of the Board. 
 (c) Obligations. The Executive will perform his duties faithfully and to the best of his ability and
will devote his full business efforts and time to the Company. While employed by the Company, the Executive agrees not to actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration without the
prior approval of the Board. 
 2. At-Will Employment. The parties agree that the Executive’s employment with the
Company will be “at-will” employment and may be terminated at any time with or without cause or notice. The Executive understands and agrees that neither his job performance nor promotions, commendations, bonuses or the like from the
Company give rise to or in any way serve as the basis for modification, amendment or extension, by implication or otherwise, of his employment with the Company. 

 3. Compensation. 

(a) Base Salary. Effective as of January 1, 2012, the Company will pay the Executive an annual base salary of $365,000 as
compensation for his services (as may be adjusted from time to time, the “Base Salary”). The Base Salary will be paid periodically in accordance with the Company’s normal payroll practices and be subject to the usual, required
withholding. The Executive’s salary will be subject to review and adjustments will be made based upon the Company’s normal performance review practices. 

(b) Bonus. The Executive will be eligible to participate in any bonus plans as may be adopted from time to
time by the Board in its sole discretion. Any bonus payments will be made by the 15th day of the
3rd month following the end of the year to which such
bonus payment relates. 
 (c) Stock Option. The Executive will be eligible to receive stock options and other equity
incentive grants as determined by the Board in its sole discretion. 
 4. Employee Benefits. The Executive will be
entitled to participate in the employee benefit plans currently and hereafter maintained by the Company of general applicability to other senior executives of the Company, including, without limitation, the Company’s group medical, dental,
vision, disability, life insurance and flexible-spending account plans. The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time. 

5. Life Insurance. The Company currently maintains, on behalf of the Executive, a supplemental term life insurance policy in the
amount of $2,000,000. The Company will continue to provide such benefit while the Executive is employed by the Company. The Company will also provide the Executive with cash payments equal to the annual premiums of any life insurance policies
maintained by the Company for the benefit of the Executive and his beneficiaries and dependents. 
 6. Expenses. The
Company will reimburse the Executive for reasonable travel, entertainment or other expenses incurred by the Executive in the furtherance of or in connection with the performance of the Executive’s duties hereunder, in accordance with the
Company’s expense reimbursement policy as in effect from time to time. 

  
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 7. Covered Termination Prior to a Change in Control. If Executive experiences a
Covered Termination prior to a Change in Control having occured, and if Executive executes and fails to revoke during the applicable revocation period a general release of claims against the Company and its affiliates substantially in the form
attached hereto as Exhibit A (a “Release of Claims”) within sixty (60) days following such Covered Termination, then in addition to any accrued but unpaid salary, bonus, vacation and expense reimbursement payable in accordance with
applicable law, the Company shall provide Executive with the following: 
 (a) Severance. Executive shall be entitled to
receive an amount equal to twenty-four (24) months of Executive’s base salary at the rate in effect immediately prior to Executive’s termination of employment, such amount to be payable in a cash lump sum, less applicable
withholdings, as soon as administratively practicable following the date the Release of Claims is not subject to revocation and, in any event, within sixty (60) days following the date of the Covered Termination. 

(b) Continued Healthcare. If Executive elects to receive continued healthcare coverage pursuant to the provisions of the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall directly pay, or reimburse Executive for, the premium for Executive and Executive’s covered dependents through the earlier of (i) the
twenty-four (24) month anniversary of the date of Executive’s termination of employment and (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s
plan(s). After the Company ceases to pay premiums pursuant to the preceding sentence, Executive may, if eligible, elect to continue healthcare coverage at Executive’s expense in accordance the provisions of COBRA. 

8. Covered Termination On or Following a Change in Control. If Executive experiences a Covered Termination on or following a
Change in Control, and if Executive executes and fails to revoke during the applicable revocation period a Release of Claims within sixty (60) days following such Covered Termination, then in addition to any accrued but unpaid salary, bonus,
vacation and expense reimbursement payable in accordance with applicable law, the Company shall provide Executive with the following: 
 (a) Severance. Executive shall be entitled to receive an amount equal to the lesser of (i) twenty-four (24) months of Executive’s base salary at the higher of the rate in effect
immediately prior to Executive’s termination of employment or the Change in Control or (ii) in the event the Company’s common stock is not publicly traded as of immediately prior to the Change in Control, one percent (1%) of the
aggregate consideration payable to the holders of the Company’s Preferred Stock upon a liquidation of the Company. The amount payable under this Section 8(a) shall be paid in a cash lump sum, less applicable withholdings, as soon as
administratively practicable following the date the Release of Claims is not subject to revocation and, in any event, within sixty (60) days following the date of the Covered Termination. 

(b) Equity Awards. In the event the Covered Termination occurs on or prior to the second (2nd) anniversary of the Change in Control, each outstanding equity
award, including, without limitation, each stock option and restricted stock award, held by Executive shall automatically become vested and, if applicable, exercisable and any forfeiture restrictions or rights of repurchase thereon shall immediately
lapse, in each case, with respect to one hundred percent (100%) of the shares subject thereto and, to the extent applicable, the exercisability of such equity award shall be extended to the end of the original term thereof. 

(c) Continued Healthcare. If Executive elects to receive continued healthcare coverage pursuant to the provisions of COBRA, the
Company shall directly pay, or reimburse Executive for, the premium for Executive and Executive’s covered dependents through the earlier of (i) the twenty-four (24) month anniversary of the date of Executive’s termination of

  
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employment and (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s). After the Company
ceases to pay premiums pursuant to the preceding sentence, Executive may, if eligible, elect to continue healthcare coverage at Executive’s expense in accordance the provisions of COBRA. 

9. Other Terminations. If Executive’s service with the Company is terminated by the Company or by Executive for any or no
reason other than by virtue of a Covered Termination, then Executive shall not be entitled to any severance benefits hereunder other than accrued but unpaid salary, bonus, vacation and expense reimbursement in accordance with applicable law and to
elect any continued healthcare coverage as may be required under COBRA or similar state law. 
 10. Definitions. The
following terms referred to in this Agreement shall have the following meanings: 
 (a) Cause. “Cause” means
(i) an act of dishonesty made by the Executive in connection with the Executive’s responsibilities as an employee, (ii) the Executive’s conviction of, or plea of nolo contendere to, a felony, (iii) the
Executive’s gross misconduct or (iv) the Executive’s continued substantial violations of his employment duties after the Executive has received a written demand for performance from the Board which specifically sets forth the factual
basis for the Company’s belief that the Executive has not substantially performed his duties. 
 (b) Change in
Control. “Change in Control” means the consummation of any of the following transactions: (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) is or
becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting
securities; or (ii) a change in the composition of the Board occurring within a two-year period, as a result of which fewer than a majority of the directors are Incumbent Directors (as defined below); or (iii) the date of the consummation
of a merger or consolidation of the Company with any other corporation that has been approved by the shareholders of the Company, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the total voting power represented by the voting securities of the Company or such
surviving entity outstanding immediately after such merger or consolidation, or the shareholders of the Company approve a plan of complete liquidation of the Company; or (iv) the date of the consummation of the sale or disposition by the
Company of all or substantially all the Company’s assets. Notwithstanding the foregoing, a transaction shall not constitute a “Change in Control” unless it also constitutes a “change in control event,” as defined in Treasury
Regulation §1.409A-3(i)(5). “Incumbent Directors” will mean directors who either (A) are directors of the Company as of the date of this Agreement, or (B) are elected, or nominated for election, to the Board with the
affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to
the election of directors to the Company). 

  
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 (c) Constructive Termination. “Constructive Termination” means
Executive’s resignation from employment with the Company after the occurrence, without Executive’s written consent, of any of the following: (i) a material reduction by the Company in the Base Salary of the Executive as in effect
immediately prior to such reduction; (ii) a material breach by the Company of this Agreement or any offer letter or employment agreement between Executive and the Company; (iii) the material relocation of Executive’s principal place
of employment to a facility or a location more than 50 miles from the Executive’s then present principal place of employment; or (iv) a material reduction of the Executive’s duties, authority or responsibilities with respect to the
business of the Company as it existed prior to the Change in Control. The parties acknowledge that either a change in the Executive’s title without a corresponding change in the Executive’s duties, position or responsibilities or a change
in the person or entities to whom the Executive reports are typical changes following a Change in Control and do not alone constitute a Constructive Termination. Notwithstanding the foregoing, a resignation shall not constitute a “Constructive
Termination” unless the event or condition giving rise to such resignation continues more than thirty (30) days following Executive’s written notice of such condition provided to the Company within ninety (90) days of the first
occurrence of such event or condition and such resignation is effective within thirty (30) days following the end of such notice period. 
 (d) Covered Termination. “Covered Termination” shall mean Executive’s Constructive Termination or the termination of Executive’s employment by the Company other than for Cause.

 11. Confidential Information; Non-Solicitation. 

(a) Confidential Information. Executive shall continue to be subject to the Employee Confidential Information and Invention
Assignment Agreement entered into between Executive and the Company (the “Confidential Information Agreement”). 
 (b)
Non-Solicitation. In addition to each Executive’s obligations under the Confidential Information Agreement, Executive shall not for a period of one (1) year following Executive’s termination of employment for any reason, either
on Executive’s own account or jointly with or as a manager, agent, officer, employee, consultant, partner, joint venturer, owner or stockholder or otherwise on behalf of any other person, firm or corporation, directly or indirectly solicit or
attempt to solicit away from the Company any of its officers or employees or offer employment to any person who is an officer or employee of the Company; provided, however, that a general advertisement to which an employee of the Company
responds shall in no event be deemed to result in a breach of this Section 11(b). Executive also agrees not to harass or disparage the Company or its employees, clients, directors or agents or divert or attempt to divert any actual or potential
business of the Company. 

  
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 (c) Survival of Provisions. The provisions of this Section 11 shall survive the
termination or expiration of the applicable Executive’s employment with the Company and shall be fully enforceable thereafter. If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 11 is
excessive in duration or scope or is unreasonable or unenforceable under the laws of that state, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent
permitted by the law of that state. 
 (d) Conditional Nature of Severance Payments. The Executive agrees and
acknowledges that the Executive’s right to receive the severance payments set forth in Sections 7 and 8 (to the extent the Executive is otherwise entitled to such payments) shall be conditioned upon compliance with the restriction in this
Section 11. In the event of any breach of this Section 11, the Company shall be entitled to recover from the Executive, and the Executive shall pay to the Company, the amount equal to the amount paid to the Executive pursuant to
Section 7 or 8. 
 12. Limitation on Payments. Notwithstanding anything in this Agreement to the contrary, if any
payment or distribution Executive would receive pursuant to this Agreement or otherwise (“Payment”) would (a) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as
amended (the “Code”), and (b) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall either be (i) delivered in full, or
(ii) delivered as to such lesser extent which would result in no portion of such Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the
Excise Tax, results in the receipt by Executive on an after-tax basis, of the largest payment, notwithstanding that all or some portion the Payment may be taxable under Section 4999 of the Code. The accounting firm engaged by the Company for
general audit purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made
hereunder. The accounting firm shall provide its calculations to the Company and Executive within fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered (if requested at that time by the Company or
Executive) or such other time as requested by the Company or Executive. Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive. Any reduction in payments and/or
benefits pursuant to this Section 5 will occur in the following order: (1) reduction of cash payments; (2) cancellation of accelerated vesting of equity awards other than stock options; (3) cancellation of accelerated vesting of
stock options; and (4) reduction of other benefits payable to Executive. 
 13. Assignment. This Agreement will be
binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of the Executive upon the Executive’s death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted
for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or
indirectly acquires all or substantially all of the assets or business of the Company. None of the rights of the Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except

  
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by will or the laws of descent and distribution. Any other attempted assignment, transfer, conveyance or other disposition of the Executive’s right to compensation or other benefits will be
null and void. 
 14. Notices. All notices, requests, demands and other communications called for under this Agreement
will be in writing and will be deemed given (i) on the date of delivery if delivered personally, (ii) one day after being sent by a well established commercial overnight service, or (iii) four days after being mailed by registered or
certified mail, return receipt requested, prepaid and addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing: 

If to the Company: 
 Ellie Mae, Inc. 
 4155 Hopyard Road, Suite 200 

Pleasanton, California 94588 
 If to the Executive: 
 Sigmund Anderman 

at the last residential address known by the Company. 
 15. Severability. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement will continue in
full force and effect without said provision. 
 16. Arbitration. 

(a) General. In consideration of the Executive’s service to the Company, its promise to arbitrate all employment related
disputes and the Executive’s receipt of the compensation, pay raises and other benefits paid to the Executive by the Company, at present and in the future, the Executive agrees that any and all controversies, claims or disputes with anyone
(including the Company and any employee, officer, director, shareholder or benefit plan of the Company in their capacity as such or otherwise) arising out of, relating to, or resulting from the Executive’s service to the Company under this
Agreement or otherwise or the termination of the Executive’s service with the Company, including any breach of this Agreement, will be subject to binding arbitration under the Arbitration Rules set forth in California Code of Civil Procedure
Section 1280 through 1294.2, including Section 1283.05 (the “Rules”) and pursuant to California law. Disputes which the Executive agrees to arbitrate, and thereby agrees to waive any right to a trial by jury, include any
statutory claims under state or federal law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older Workers
Benefit Protection Act, the California Fair Employment and Housing Act, the California Labor Code, claims of harassment, discrimination or wrongful termination and any statutory claims. The Executive further understands that this Agreement to
arbitrate also applies to any disputes that the Company may have with the Executive. 

  
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 (b) Procedure. The Executive agrees that any arbitration will be administered by the
American Arbitration Association (the “AAA”) and that a neutral arbitrator will be selected in a manner consistent with its National Rules for the Resolution of Employment Disputes. The arbitration proceedings will allow for discovery
according to the rules set forth in the National Rules for the Resolution of Employment Disputes or California Code of Civil Procedure. The Executive agrees that the arbitrator will have the power to decide any motions brought by any party to
the arbitration, including motions for summary judgment and/or adjudication and motions to dismiss and demurrers, prior to any arbitration hearing. The Executive agrees that the arbitrator will issue a written decision on the merits. The Executive
also agrees that the arbitrator will have the power to award any remedies, including attorneys’ fees and costs, available under applicable law. The Executive understands the Company will pay for any administrative or hearing fees charged by the
arbitrator or the AAA except that the Executive will pay the first $200.00 of any filing fees associated with any arbitration the Executive initiates. The Executive agrees that the arbitrator will administer and conduct any arbitration in a manner
consistent with the Rules and that to the extent that the AAA’s National Rules for the Resolution of Employment Disputes conflict with the Rules, the Rules will take precedence. 

(c) Remedy. Except as provided by the Rules and Sections 16(d) and 16(e) hereof, arbitration will be the sole, exclusive and final
remedy for any dispute between the Executive and the Company. Accordingly, except as provided for by the Rules, neither the Executive nor the Company will be permitted to pursue court action regarding claims that are subject to arbitration.
Notwithstanding the foregoing, the arbitrator will not have the authority to disregard or refuse to enforce any lawful Company policy, and the arbitrator will not order or require the Company to adopt a policy not otherwise required by law which the
Company has not adopted. 
 (d) Availability of Injunctive Relief. In addition to the right under the Rules to petition
the court for provisional relief, the Executive agrees that any party may also petition the court for injunctive relief where either party alleges or claims a violation of this Agreement or the Confidential Information Agreement or any other
agreement regarding trade secrets, confidential information, non-solicitation or Labor Code §2870. In the event either party seeks injunctive relief, the prevailing party will be entitled to recover reasonable costs and attorneys’ fees.

 (e) Administrative Relief. The Executive understands that this Agreement does not prohibit the Executive from pursuing
an administrative claim with a local, state or federal administrative body such as the Department of Fair Employment and Housing, the Equal Employment Opportunity Commission or the workers’ compensation board. This Agreement does, however,
preclude the Executive from pursuing court action regarding any such claim. 
 (f) Voluntary Nature of Agreement. The
Executive acknowledges and agrees that the Executive is executing this Agreement voluntarily and without any duress or undue influence by the Company or anyone else. The Executive further acknowledges and agrees that the Executive has carefully read
this Agreement and that the Executive has asked any questions needed for the Executive to understand the terms, consequences and binding effect of this 

  
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Agreement and fully understand it, including that the Executive is waiving the Executive’s right to a jury trial. Finally, the Executive agrees that the Executive has been provided an
opportunity to seek the advice of an attorney of the Executive’s choice before signing this Agreement. 
 17.
Section 409A. 
 (a) Separation from Service. Notwithstanding any provision to the
contrary in this Agreement, no amount deemed deferred compensation subject to Section 409A of the Code shall be payable pursuant to Section 3 unless Executive’s termination of employment constitutes a “separation from
service” with the Company within the meaning of Section 409A of the Code and the Department of Treasury regulations and other guidance promulgated thereunder (“Separation from Service”) and, except as provided under
Section 17(b) of this Agreement, any such amount shall not be paid, or in the case of installments, commence payment, until the sixtieth (60th) day following Executive’s Separation from Service. Any installment payments that would have been made to
Executive during the sixty (60) day period immediately following Executive’s Separation from Service but for the preceding sentence shall be paid to Executive on the sixtieth (60th) day following Executive’s Separation from Service and the remaining payments shall be made as provided in
this Agreement. 
 (b) Specified Employee. Notwithstanding any provision to the contrary in this Agreement, if Executive
is deemed at the time of his separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the benefits to which Executive is entitled
under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of Executive’s benefits shall not be provided to Executive prior to the earlier of (i) the
expiration of the six (6)-month period measured from the date of the Executive’s Separation from Service or (ii) the date of Executive’s death. Upon the first business day following the expiration of the applicable Code
Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Section 11(b) shall be paid in a lump sum to Executive, and any remaining payments due under this Agreement shall be paid as otherwise provided herein. 

(c) Expense Reimbursements. To the extent that any reimbursements payable pursuant to this Agreement are subject to the provisions of
Section 409A of the Code, any such reimbursements payable to Executive pursuant to this Agreement shall be paid to Executive no later than December 31 of the year following the year in which the expense was incurred, the amount of expenses
reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, and Executive’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 

18. Integration. This Agreement, together with the Confidential Information Agreement represents the entire agreement and
understanding between the parties as to the subject matter in this Agreement and supersedes all prior or contemporaneous agreements whether written or oral. No waiver, alteration or modification of any of the provisions of this Agreement will be
binding unless in writing and signed by duly authorized representatives of the parties to this Agreement. 

  
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 19. Waiver of Breach. The waiver of a breach of any term or provision of this
Agreement, which must be in writing, will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement. 
 20. Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement. 

21. Tax Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable taxes. 

22. Governing Law. This Agreement will be governed by the laws of the State of California (with the exception of its conflict of
laws provisions). 
 23. Acknowledgment. The Executive acknowledges that he has had the opportunity to discuss this
matter with and obtain advice from his private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement. 

24. Counterparts. This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an
original and will constitute an effective, binding agreement on the part of each of the undersigned. 
 [Remainder of Page
Left Blank Intentionally] 

  
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 IN WITNESS WHEREOF, each of the parties has executed this Agreement on the respective dates
set forth below. 
  

			
	ELLIE MAE, INC.
		
	By:	 	 /s/ Edgar Luce

	Title:	 	Chief Financial Officer
	Date:	 	March 27, 2012
	
	EXECUTIVE
	
	 /s/ Sigmund Anderman

	Sigmund Anderman
		
	Date:	 	March 27, 2012

  
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 EXHIBIT A 

FORM RELEASE OF CLAIMS AGREEMENT 
 This Release of Claims Agreement (this “Agreement”) is made and entered into by and between Ellie Mae, Inc. (the “Company”) and Sigmund Anderman (the “Executive”).

 WHEREAS, the Executive was employed by the Company; and 
 WHEREAS, the Company (or the Company’s predecessor) and the Executive have entered into a Third Amended and Restated Employment Agreement effective as of March 27, 2012 (the
“Employment Agreement”). 
 NOW, THEREFORE, in consideration of the promises and mutual covenants contained in this Agreement,
and other good and valuable consideration, the Company and the Executive (collectively referred to as the “Parties”) agree as follows: 
 1. Termination. The Executive’s employment with the Company terminated on
                    , 20    . 
 2. Consideration. Subject to and in consideration of the Executive’s release of claims as provided in this Agreement, the Company has agreed to pay the Executive certain benefits and the
Executive has agreed to provide certain benefits to the Company, both as set forth in the Employment Agreement. 
 3. Payment
of Salary. The Executive acknowledges and represents that the Company has paid all salary, wages, bonuses, accrued vacation and any and all other benefits due to the Executive. 

4. Release of Claims. The Executive agrees that the foregoing consideration represents settlement in full of all outstanding
obligations owed to the Executive by the Company. The Executive, on his own behalf and his respective heirs, family members, executors and assigns, hereby fully and forever releases the Company and its past, present and future officers, agents,
directors, employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, parents, predecessor and successor corporations and assigns from, and agrees not to sue or otherwise institute or cause to be instituted any legal or
administrative proceedings concerning any claim, duty, obligation or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that he may possess arising from any omissions, acts or facts
that have occurred up until and including the Effective Date (as defined below) of this Agreement including, without limitation: 
 (a) any and all claims relating to or arising from the Executive’s employment relationship with the Company and the termination of that relationship; 

(b) any and all claims relating to, or arising from the Executive’s right to purchase, or actual purchase of shares of stock of the
Company including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law and securities fraud under any state or federal law; 

  
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 (c) any and all claims for wrongful discharge of employment, termination in violation of
public policy, discrimination, breach of contract (both express and implied), breach of a covenant of good faith and fair dealing (both express and implied), promissory estoppel, negligent or intentional infliction of emotional distress, negligent
or intentional misrepresentation, negligent or intentional interference with contract or prospective economic advantage, unfair business practices, defamation, libel, slander, negligence, personal injury, assault, battery, invasion of privacy, false
imprisonment and conversion; 
 (d) any and all claims for violation of any federal, state or municipal statute, including, but
not limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, the Fair Labor Standards Act, the Employee Retirement Income
Security Act of 1974, The Worker Adjustment and Retraining Notification Act, the California Fair Employment and Housing Act and Labor Code Section 201, et seq. and Section 970, et seq. and all amendments to each such act as
well as the regulations issued thereunder; 
 (e) any and all claims for violation of the federal or any state constitution;

 (f) any and all claims arising out of any other laws and regulations relating to employment or employment discrimination; and

 (g) any and all claims for attorneys’ fees and costs. 
 The Executive agrees that the release set forth in this Section 4 will be and remain in effect in all respects as a complete general release as to the matters released. This release does not extend
to any obligations incurred under this Agreement. 
 5. Acknowledgment of Waiver of Claims under ADEA. The Executive
acknowledges that he is waiving and releasing any rights he may have under the Age Discrimination in Employment Act of 1967 (“ADEA”) and that this waiver and release is knowing and voluntary. The Executive and the Company agree that this
waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective Date of this Agreement. The Executive acknowledges that the consideration given for this waiver and release agreement is in addition to
anything of value to which the Executive was already entitled. The Executive further acknowledges that he has been advised by this writing that (a) he should consult with an attorney prior to executing this Agreement; (b) he has at
least 21 days within which to consider this Agreement; (c) he has seven days following the execution of this Agreement by the Parties to revoke the Agreement; and (d) this Agreement will not be effective until the revocation period has
expired. Any revocation should be in writing and delivered to the Company by the close of business on the seventh day from the date that the Executive signs this Agreement. 

  
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 6. Civil Code Section 1542. The Executive represents that he is not aware of any
claims against the Company other than the claims that are released by this Agreement. The Executive acknowledges that he has been advised by legal counsel and is familiar with the provisions of California Civil Code Section 1542, which provides
as follows: 
 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER
FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH, IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 
 The Executive, being aware of said code section, agrees to expressly waive any rights he may have thereunder, as well as under any other statute or common law principles of similar effect. 

7. No Pending or Future Lawsuits. The Executive represents that he has no lawsuits, claims or actions pending in his name, or on
behalf of any other person or entity, against the Company or any other person or entity referred to in this Agreement. The Executive also represents that he does not intend to bring any claims on his own behalf or on behalf of any other person or
entity against the Company or any other person or entity referred to in this Agreement. 
 8. Confidentiality. The
Executive agrees to use his best efforts to maintain in confidence the existence of this Agreement, the contents and terms of this Agreement and the consideration for this Agreement (collectively referred to as “Release Information”). The
Executive agrees to take every reasonable precaution to prevent disclosure of any Release Information to third parties and agrees that there will be no publicity, directly or indirectly, concerning any Release Information. The Executive agrees to
take every precaution to disclose Release Information only to those attorneys, accountants, governmental entities and family members who have a reasonable need to know of such Release Information. 

9. No Cooperation. The Executive agrees he will not act in any manner that might damage the business of the Company. The Executive
agrees that he will not counsel or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges or complaints by any third party against the Company and/or any officer, director,
employee, agent, representative, shareholder or attorney of the Company, unless under a subpoena or other court order to do so. 

10. Costs. The Parties will each bear their own costs, expert fees, attorneys’ fees and other fees incurred in connection
with this Agreement. 
 11. Authority. The Company represents and warrants that the undersigned has the authority to act
on behalf of the Company and to bind the Company and all who may claim through it to the terms and conditions of this Agreement. The Executive represents and warrants that he has the capacity to act on his own behalf and on behalf of all who might
claim through him to bind them to the terms and conditions of this Agreement. 
 [Signature page follows]

  
 -14-

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set
forth below. 
  

			
	ELLIE MAE, INC.
		
	By:	 	  

		
	Title:	 	
		
	Date:	 	
	
	EXECUTIVE
	  

	Sigmund Anderman
		
	Date:	 	

  
 -15-Warrant No. 2012-1 in favor of Legend Securities, Inc.

 Exhibit 4.9 
 NEITHER THESE SECURITIES NOR THE SECURITIES FOR WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN
RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. 

GALENA BIOPHARMA, INC. 
 WARRANT 
  

			
	Warrant No. 2012-1	  	Effective Date: February 4, 2012

 Galena Biopharma, Inc., a Delaware corporation (the “Company”), hereby certifies
that, for value received, Legend Securities, Inc., or its registered Permitted Transferees (together, the “Holder”), as registered owner of this warrant (the “Warrant”), is entitled to purchase from
the Company up to a total of 400,000 shares (as adjusted from time to time as provided in Section 10) of Common Stock, at an exercise price equal to $0.66 per share (as adjusted from time to time as provided in Section 10,
the “Exercise Price”), upon such shares becoming Vested Shares, at any time and from time to time from and after the date of this Warrant (the “Initial Exercise Date”) to and including February 4, 2017
(the “Expiration Date” and the period starting with the Initial Exercise Date and ending on the Expiration Date is referred to as the “Term”), and subject to the following terms and conditions:

 1. Definitions. The capitalized terms used herein and not otherwise defined shall have the meanings set forth below:

 “Affiliate” of any specified Person means any other person or entity directly or indirectly
controlling, controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” means the power to direct the management and policies of such Person or firm,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. 

“Commission” means the United States Securities and Exchange Commission. 

“Common Stock” means the common stock of the Company, $0.0001 par value per share. 

  
 1 

 “Eligible Market” means any of the New York Stock Exchange, the
American Stock Exchange or Nasdaq (as defined below), and any successor markets thereto. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
 “Market Price” shall mean
(i) if the principal trading market for such securities is an exchange, the average of the last reported sale prices per share for the last ten previous Trading Days in which a sale was reported, as officially reported on any consolidated tape
or (ii) if clause (i) is not applicable, the average of the closing bid price per share for the last ten previous Trading Days as set forth in the National Quotation Bureau sheet listing for such securities. Notwithstanding the foregoing,
if there is no reported sales price or closing bid price, as the case may be, on any of the ten Trading Days preceding the event requiring a determination of Market Price hereunder, then the Market Price shall be determined in good faith after
reasonable investigation by resolution of the Board of Directors of the Company. 
 “Nasdaq” means the
Nasdaq Global Market or Nasdaq Capital Market, and any successor markets thereto. 
 “Permitted
Transferees” means only Persons who are the directors, officers and employees of the Holder. 

“Person” means any court or other federal, state, local or other governmental authority or other individual or
corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Trading Day” means (a) any day on which the Common Stock is listed or quoted and traded on any Eligible
Market or (b) if the Common Stock is not then quoted and traded on any Eligible Market, then a day on which trading occurs on the Nasdaq Global Market (or any successor thereto). 

“Vested Shares” means Warrant Shares that have become vested as described in and pursuant to
Section 4 hereunder. 
 “Warrant Shares” shall initially mean shares of Common Stock and in
addition may include Other Securities and Substituted Property (as defined in Section 10(e)(x)) issued or issuable from time to time upon exercise of this Warrant. 
 2. Registration of Warrant. 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.

 3. Registration of Transfers. The Company shall register the transfer of any portion of this Warrant in the Warrant
Register, which transfer shall only be made to a Permitted 

  
 2 

 
Transferee and in accordance with applicable securities laws, upon surrender of this Warrant, with the Form of Assignment attached hereto as Appendix A duly completed and signed, to the
Company at its address specified herein. Upon any such registration and transfer, a new warrant in substantially the form of a Warrant (any such new warrant, a “New Warrant”), evidencing the portion of this Warrant so
transferred shall be issued to the Permitted Transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the Permitted
Transferee thereof shall be deemed the acceptance by such Permitted Transferee of all of the rights and obligations of a holder of a Warrant. 
 4. Vesting of Warrant Shares. The Warrant Shares issued hereunder shall vest completely and in favor of Legend in the following installments (the “Installments”) as
described in this Section 4. The first Installment in the amount of 100,000 shares shall vest on the Effective Date of the Investment Banking Agreement, and the three remaining Installments, each in the amount of 100,000 shares, shall vest on
each quarterly anniversary of the Effective Date of the Investment Banking Agreement following unless the letter agreement between Legend Securities and the Company dated February 4, 2012 has been terminated prior to each such date. 

5. Exercise and Duration of Warrant. 
 (a) The Vested Shares under this Warrant shall be exercisable, either in its entirety or for a portion of the number of Vested Shares, by the registered Holder at any time and from time to time from and
after the Initial Exercise Date to and including the Expiration Date. At 5:00 P.M. Boston, Massachusetts time on the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value, and the
Holder hereof shall have no right to purchase any additional Warrant Shares hereunder. 
 (b) A Holder may exercise this Warrant
by delivering to the Company, in accordance with Section 13, this Warrant, together with (i) an exercise notice, in the form attached hereto as Appendix B (the “Exercise Notice”), appropriately
completed and duly signed, and (ii) (A) payment of the Exercise Price for the number of Warrant Shares as to which this Warrant is being exercised pursuant to a Cash Exercise (as set forth in Section 5(c) below) or (B) if
available pursuant to Section 5(d) below, by notifying the Company that this Warrant is being exercised pursuant to a Cashless Exercise (as set forth in Section 5(d) below), and the date such items are received by the Company
is an “Exercise Date.” Execution and delivery of an Exercise Notice in respect of less than all of the Warrant Shares issuable upon exercise of this Warrant shall result in the cancellation of the original Warrant and
issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares. 
 (c) Cash Exercise.
In the event the Holder has elected to pay the Exercise Price in cash, it shall pay the Exercise Price by certified bank check payable to the order of the Company or by wire transfer of immediately available funds in accordance with the
Company’s instructions (a “Cash Exercise”). 

  
 3 

 (d) Cashless Exercise. Notwithstanding anything contained herein to the contrary, the
Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Exercise Price, elect instead to receive upon
such exercise the “Net Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”): 
  

					
	Net Number	 	=	 	(A*B) – (A*C)
	 	 	          B

 For purposes of the foregoing formula, 
 A = the total number of shares with respect to which this Warrant is then being exercised. 
 B = the closing price per share of the Common Stock (as reported by Bloomberg) on the Trading Day immediately preceding the date of the Exercise Notice. 

C = the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise. 

(e) Except as otherwise provided for herein, this Warrant shall not entitle the Holder to any voting rights or other rights as a
stockholder of the Company by virtue of the ownership hereof. 
 6. Delivery of Warrant Shares. 

(a) Upon exercise of this Warrant, the Company shall promptly issue or cause to be issued and deliver or cause to be delivered to the
Holder, in such name or names as the Holder may designate, a certificate for the Warrant Shares issuable upon such exercise (the “Certificate”) bearing no restrictive legends. The Holder, or any Person so designated by the
Holder to receive the Warrant Shares, shall be deemed to have become holder of record of such Warrant Shares as of the Exercise Date. 
 (b) Neither these securities nor the securities for which these securities are exercisable have been registered with the Commission or the securities commission of any state in reliance upon an exemption
from registration under the Securities Act of 1933 (the “Securities Act”), and, accordingly, may not be offered or sold except pursuant to an effective registration statement under the Securities Act or pursuant to an
available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in accordance with applicable state securities laws. The Holder acknowledges and agrees that the Warrant may be sold only pursuant
to an applicable exemption from the registration requirements of the Securities Act and that the Warrant Shares may only be sold pursuant to an effective registration statement under the Securities Act or in accordance with any applicable exemption
from the registration requirements of the Securities Act. 

  
 4 

 (c) This Warrant is exercisable, either in its entirety or, from time to time, for a portion
of the number of Warrant Shares. Upon surrender of this Warrant following one or more partial exercises, the Company shall issue or cause to be issued, at its expense, a New Warrant evidencing the right to purchase the remaining number of Warrant
Shares. 
 7. Charges, Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise
of this Warrant shall be made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the
Company; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issue, delivery or registration of any certificates for Warrant Shares or Warrant in a
name other than that of the Holder and that the Holder will be required to pay any tax with respect to cash received in lieu of fractional shares. The Holder shall be responsible for all other tax liability that may arise as a result of holding or
transferring this Warrant or receiving Warrant Shares upon exercise hereof. 
 8. Replacement of Warrant. If this Warrant
is mutilated, lost, stolen or destroyed, the Company, at the sole expense of the Holder (such expenses, if any imposed by the Company to be reasonable), shall issue or cause to be issued in exchange and substitution for and upon cancellation hereof,
or in lieu of and in substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable indemnity, if requested by the Company.

 9. Reservation of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of
the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares which are then issuable
and deliverable upon the exercise of this entire Warrant, free from all taxes, liens, claims, encumbrances with respect to the issuance of such Warrant Shares and will not be subject to any pre-emptive rights or similar rights (taking into account
the adjustments and restrictions of Section 10 hereof). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly
and validly authorized, issued, fully paid and nonassessable. The Company will take all such action as may be necessary to assure that such shares of Common Stock may be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of any securities exchange or automated quotation system upon which the Common Stock may be listed or quoted, as the case may be; provided, however, that such actions shall only require the Company’s
best efforts (or other specified standard) to the extent specifically provided for in this Warrant. 
 10. Certain
Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 10. 

(a) Stock Dividends. If the Company, at any time while this Warrant is outstanding, pays a dividend on its Common Stock payable in
additional shares of Common 

  
 5 

 
Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, then in each such case the Exercise Price shall be multiplied by a fraction,
(A) the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to the opening of business on the day after the record date for the determination of stockholders entitled to receive such dividend or
distribution and (B) the denominator of which shall be the number of shares of Common Stock outstanding immediately after the distribution date of such dividend or distribution. Any adjustment made pursuant to this Section 10(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution; provided, however, that if following such record date the Company rescinds or modifies such
dividend or distribution, the Exercise Price shall be appropriately adjusted (as of the date that the Company effectively rescinds or modifies such dividend or distribution) to take into account the effect of such rescinded or modified dividend or
distribution on the Exercise Price pursuant to this Section 10(a). 
 (b) Stock Splits. If the Company, at
any time while this Warrant is outstanding, (i) subdivides outstanding shares of Common Stock into a larger number of shares, or (ii) combines outstanding shares of Common Stock into a smaller number of shares, then in each such case the
Exercise Price shall be multiplied by a fraction, (A) the numerator of which shall be the number of shares of Common Stock outstanding immediately before such event and (B) the denominator of which shall be the number of shares of Common
Stock outstanding immediately after such event. Any adjustment pursuant to this Section 10(b) shall become effective immediately after the effective date of such subdivision or combination. 

(c) Reclassifications. A reclassification of the Common Stock (other than any such reclassification in connection with a merger or
consolidation to which Section 10(e) applies) into shares of any other class of stock shall be deemed: 
 (i) a
distribution by the Company to the holders of its Common Stock of such shares of such other class of stock for the purposes and within the meaning of this Section 10; and 

(ii) if the outstanding shares of Common Stock shall be changed into a larger or smaller number of shares of Common Stock as part of
such reclassification, such change shall be deemed a subdivision or combination, as the case may be, of the outstanding shares of Common Stock for the purposes and within the meaning of Section 10(b). 

(d) Other Distributions. If the Company, at any time while this Warrant is outstanding, distributes to holders of Common Stock
(i) evidences of its indebtedness, (ii) shares of any class of capital stock, (iii) rights or warrants to subscribe for or purchase any shares of any class of capital stock or (iv) any other asset, other than a distribution of
Common Stock covered by Section 10(a), (in each case, “Distributed Property”), then in each such case the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders
entitled to receive such distribution (and the Exercise Price thereafter applicable) shall be adjusted (effective on and after such record date) to equal the product of such Exercise Price multiplied by a fraction, (A) the numerator of which
shall be Market Price on such record date 

  
 6 

 
less the then fair market value of the Distributed Property distributed in respect of one outstanding share of Common Stock, which, if the Distributed Property is other than cash or marketable
securities, shall be as determined in good faith by the Board of Directors of the Company whose determination shall be described in a board resolution, and (B) the denominator of which shall be the Market Price on such record date; provided,
however, that if following the record date for such distribution the Company rescinds or modifies such distribution, the Exercise Price shall be appropriately adjusted (as of the date that the Company effectively rescinds or modifies such
distribution) to take into account the effect of such rescinded or modified distribution on the Exercise Price pursuant to this Section 10(d). 
 (e) Fundamental Transactions. If, at any time following the Initial Exercise Date, (i) the Company effects any merger or consolidation of the Company with or into another Person, (ii) the
Company effects any sale of all or substantially all of its assets in one or a series of related transactions or (iii) there shall occur any merger of another Person into the Company whereby the Common Stock is cancelled, converted or
reclassified into or exchanged for other securities, cash or property (in any such case, a “Fundamental Transaction”), then, as a condition to the consummation of such Fundamental Transaction, the Company shall (or, in the
case of any Fundamental Transaction in which the Company is not the surviving entity, the Company shall take all reasonable steps to cause such other Person to) shall, at its election in its sole discretion: 

(I) execute and deliver to the Holder of this Warrant a written instrument providing that: 

(x) so long as this Warrant remains outstanding, upon the exercise hereof at any time on or after the consummation of such Fundamental
Transaction and on such terms and subject to such conditions as shall be nearly equivalent as may be practicable to the provisions set forth in this Warrant, this Warrant shall be exercisable into, in lieu of Common Stock issuable upon such exercise
prior to such consummation, the securities or other property (the “Substituted Property”) that would have been received in connection with such Fundamental Transaction by a holder of the number of shares of Common Stock into
which this Warrant was exercisable immediately prior to such Fundamental Transaction, assuming such holder of Common Stock: 

(A) is not a Person with which the Company consolidated or into which the Company merged or which merged into the Company or to which
such sale or transfer was made, as the case may be (a “Constituent Person”), or an Affiliate of a Constituent Person; and 
 (B) failed to exercise such Holder’s rights of election, if any, as to the kind or amount of securities, cash and other property receivable in connection with such Fundamental Transaction
(provided, however, that if the kind or amount of securities, cash or other property receivable in connection with such Fundamental Transaction is not the same for each share of Common Stock held immediately prior to such Fundamental
Transaction by a Person other than a Constituent Person or an Affiliate thereof and in respect of which such rights of election shall not have been exercised (a “Non-Electing Share”), then, for the purposes of this

  
 7 

 
Section 10(e), the kind and amount of securities, cash and other property receivable in connection with such Fundamental Transaction by each Non-Electing Share shall be deemed to be
the kind and amount so receivable per share by a plurality of the Non-Electing Shares); and 
 (y) the rights and obligations
of the Company (or, in the event of a transaction in which the Company is not the surviving Person, such other Person) and the Holder in respect of Substituted Property shall be as nearly equivalent as may be practicable to the rights and
obligations of the Company and Holder in respect of Common Stock hereunder. 
 Such written instrument shall provide for
adjustments which, for events subsequent to the effective date of such written instrument, shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 10. The above provisions of this
Section 10(e) shall similarly apply to successive Fundamental Transactions, or 
 (II) cause to be delivered to the
Holder, as soon as practicable following the closing of the Fundamental Transaction, the Substituted Property less such portion of the Substituted Property with a value (determined in good faith by the Board of Directors of the Company or the other
Person in the Fundamental Transaction) equal to the aggregate Exercise Price of this Warrant. 
 (f) Adjustment of Warrant
Shares. Simultaneously with any adjustment to the Exercise Price pursuant to paragraphs (a) through (d) of this Section 10, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased
or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant Shares shall be the same as the aggregate Exercise Price payable for the Warrant Shares
immediately prior to such adjustment. 
 (g) Calculations. All calculations under this Section 10 shall be
made to the nearest cent or the nearest 1/100th of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company, and the disposition of any
such shares shall be considered an issue or sale of Common Stock. 
 (h) Adjustments. Notwithstanding any provision of
this Section 10, no adjustment of the Exercise Price shall be required if such adjustment is less than $0.01; provided, however, that any adjustments which by reason of this Section 10(h) are not required to be made
shall be carried forward and taken into account for purposes of any subsequent adjustment required to be made hereunder. 
 (i)
Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 10, the Company will promptly deliver to the Holder a certificate executed by the Company’s Chief Financial Officer setting forth, in
reasonable detail, the event requiring such adjustment and the method by which such adjustment was calculated, the adjusted Exercise Price and the adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant
(as applicable). The Company will retain at its office copies of all such certificates and cause the same to be available for inspection at said office during normal business hours by the Holder or any prospective purchaser of the Warrant designated
by the Holder. 

  
 8 

 (j) Notice of Corporate Events. If the Company (i) declares a dividend or any
other distribution of cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants to subscribe for or purchase any capital stock of the Company or any subsidiary of the
Company, (ii) authorizes, approves, enters into any agreement contemplating, or solicits stockholder approval for, any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the
Company, then the Company shall deliver to the Holder a notice describing the material terms and conditions of such transaction at least 10 calendar days prior to the applicable record or effective date on which a Person would need to hold Common
Stock in order to participate in or vote with respect to such transaction, and the Company will take all steps reasonably necessary in order to ensure that the Holder is given the practical opportunity to exercise this Warrant prior to such time so
as to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action required to be described in such
notice. 
 11. Registration Rights. 
 (a) General. If at any time after the date hereof the Company proposes to register any of its Common Stock under the Securities Act in connection with the public offering of such securities for the
accounts of shareholders other than Holder, solely for cash on a form that would also permit the registration of the Warrant Shares, the Company shall, each such time, promptly give Holder written notice of such determination. Upon the written
request of Holder given within fifteen (15) days after the giving of any such notice by the Company, the Company shall, subject to the limitations set forth in Section 11(e), use its best efforts to cause to be registered under the
Securities Act all of the Warrant Shares that Holder has requested be registered; provided, that the Company shall have the right to postpone or withdraw any registration statement relating to an offering in which the Holder is eligible to
participate under this Section 11 without any liability or obligation to the Holder under this Section 11. For the avoidance of doubt, the Company shall not be obligated to effect any registration of Warrant Shares under this
Section 11 incidental to the registration of any of its securities in connection with the Company’s Registration Statement on Form S-3 (Registration Statement No. 333-167025) filed with the SEC by the Company in connection with
the shelf registration of the Company’s Common Stock. 
 (i) Other Contractual Obligations of the Company. Each
exercise of all or part of the Warrant by the Holder pursuant to Section 5 herein shall serve as Holder’s acknowledgment and acceptance that the Holder’s rights under this Section 11 as to the Warrant Shares
received as the result of such exercise are subject to the contractual obligations of the Company as of the Effective Date, including the Company’s obligations to CytRx Corporation set out in the Contribution Agreement dated as of
April 30, 2007 between CytRx Corporation and the Company, as amended on July 28, 2008. 

  
 9 

 (b) Obligations of the Company. Whenever required under this Section 11
to use its best efforts to effect the registration of any Warrant Shares, the Company shall, as expeditiously as reasonably possible: 
 (i) Prepare and file with the SEC a registration statement with respect to such Warrant Shares and use its best efforts to cause such registration statement to become effective, and, upon the request of
the Holder, keep such registration statement effective for a period of up to one (1) year or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one
(1) year period shall be extended for a period of time equal to the period the Holder refrains from selling any securities included in such registration at the request of an underwriter of Common Stock (or other securities) of the Company; and
(ii) in the case of any registration of Warrant Shares on Form S-3 which are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one (1) year period shall be extended for up
to ninety (90) days, if necessary, to keep the registration statement effective until all such Warrant Shares are sold. 

(ii) Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement. 

(iii) Furnish to the Holder such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the
requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of such Warrant Shares owned by it. 
 (iv) Use its best efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably
appropriate for the distribution of the securities covered by the registration statement, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to
service of process in any such states or jurisdictions, and further provided that (anything in this Section 11 to the contrary notwithstanding with respect to the bearing of expenses) if any jurisdiction in which the securities shall be
qualified shall require that expenses incurred in connection with the qualification of the securities in that jurisdiction be borne by shareholders, then such expenses shall be payable by the Holder to the extent required by such jurisdiction.

 (v) Provide a transfer agent for the Common Stock no later than the effective date of the first registration of any Warrant
Shares. 
 (vi) Otherwise use its best efforts to comply with all applicable rules and regulations of the SEC. 

(vii) Use its best efforts to cause all such Warrant Shares to be listed on a national securities exchange (if such securities are
not already so listed) and on each additional national securities exchange on which similar securities issued by the Company are then listed, if the listing of such securities is then permitted under the rules of such exchange. 

  
 10 

 (viii) Use every reasonable effort to prevent the issuance of any stop order suspending the
effectiveness of such registration statement or of any order preventing or suspending the use of any preliminary prospectus and, if any such order is issued, to obtain the lifting thereof at the earliest reasonable time. 

(c) Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this
Section 11 with respect to the registration of any of the Holder’s Warrant Shares that the Holder shall take such actions and furnish to the Company such information regarding itself, the Warrant Shares held by it, and the intended
method of disposition of such securities, as the Company shall reasonably request and as shall be required in connection with any registration, qualification or compliance referred to in this agreement, including, without limitation (i) in
connection with an underwritten offering, enter into an appropriate underwriting agreement containing terms and provisions then customary in agreements of that nature, (ii) enter into such custody agreements, powers of attorney and related
documents at such time and on such terms and conditions as may then be customarily required in connection with such offering and (iii) distribute the Warrant Shares only in accordance with and in the manner of the distribution contemplated by
the applicable registration statement and prospectus. In addition, the Holder shall promptly notify the Company of any request by the Commission or any state securities commission or agency for additional information or for such registration
statement or prospectus to be amended or supplemented. 
 (d) Registration Expenses. All expenses (excluding
underwriters’ discounts and commissions) incurred in connection with any registration pursuant to this Section 11 including, without limitation, any additional registration and qualification fees and any additional fees and
disbursements of counsel to the Company that result from the inclusion of securities held by the Holder in such registration, shall be borne by the Company whether or not the registration statement to which such registration expenses relate becomes
effective. 
 (e) Underwriting Requirements. 
 (i) In connection with any offering under this Section 11 involving an underwriting of shares being issued by the Company, the Company shall not be required to include any Warrant Shares in
such underwriting unless the Holder accepts the terms of the underwriting as agreed upon between the Company and the underwriters selected by it, and then only in such quantity as will not, in the sole discretion of the underwriters, jeopardize the
success of the offering by the Company. If the total amount of securities that the Holder requests to be included in an underwritten offering under this Section 11 exceeds the amount of securities that the underwriters reasonably believe
compatible with the success of the offering, the Company may exclude some or all of the Warrant Shares from such registration and underwriting. 
 (ii) With respect to any underwritings of shares to be registered under this Section 11, the Company shall have the right to designate the managing underwriter or underwriters. 

  
 11 

 (f) Delay of Registration. The Holder shall not have any right to take any action to
restrain, enjoin, or otherwise delay any registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 11. 

(g) Indemnification. In the event any Warrant Shares are included in a registration statement under this Section 11:

 (i) To the extent permitted by law, in connection with any registration statement in which Warrant Shares are included, the
Company will indemnify and hold harmless the Holder and its officers, directors and stockholders, legal counsel and accountants for the Holder, any underwriter (as defined in the Securities Act) for the Holder and each person, if any, who controls
the Holder or underwriter within the meaning of the Securities Act or the 1934 Act, against any losses, claims, damages or liabilities, joint or several, to which they may become subject under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based on (i) any untrue or alleged untrue statement of any material fact contained in such registration statement, including, without limitation, any prospectus
or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading or
(iii) any violation by the Company of any rule or regulation promulgated under the Securities Act applicable to the Company and relating to action or inaction required of the Company in connection with any such registration; and will promptly
reimburse the Holder, and any underwriter, controlling person or other aforementioned person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or
action, provided, however, that the indemnity agreement contained in this Section 11g(i) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the
consent of the Company (which consent shall not be unreasonably withheld or delayed) nor shall the Company be liable to the Holder, or any underwriter, controlling person or other aforementioned person in any such case for any such loss, claim,
damage, liability or action to the extent that it (i) arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in connection with such registration statement, preliminary prospectus,
final prospectus, or amendments or supplements thereto, in reliance upon and in conformity with written information furnished to the Company expressly for use in connection with such registration by or on behalf of the Holder, or any underwriter,
controlling person or other aforementioned person, (ii) is caused by the failure of the Holder to deliver a copy of the final prospectus relating to such Warrant Shares, as then amended or supplemented, in connection with a purchase, if the
Company had previously furnished copies thereof to the Holder or (iii) is caused by the Holder’s disposition of Warrant Shares during any period during which the Holder is obligated to discontinue any disposition of Warrant Shares under
Section 11(j). 
 (ii) To the extent permitted by law, the Holder will indemnify and hold harmless the Company,
each of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Securities Act, and any underwriter (within the meaning of the Securities Act) for the
Company against any 

  
 12 

 
losses, claims, damages or liabilities to which the Company or any such director, officer, controlling person or underwriter may become subject, under the Securities Act or otherwise, insofar as
such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in such registration statement, including any
prospectus or final prospectus contained therein or any amendments or supplements thereto or (ii) the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information relating to and furnished to
the Company by the Holder expressly for use in connection with such registration; and will promptly reimburse the Company or any such director, officer, controlling person or underwriter for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this Section 11(g)(ii) shall not apply to amounts paid in settlement of any such
loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld or delayed) and provided further that the Holder shall not have any liability under this
Section 11(g)(ii) in excess of the net proceeds actually received by the Holder in the relevant public offering. 

(iii) Promptly after receipt by an indemnified party under this Section 11(g) of notice of the commencement of any action,
such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 11(g), notify the indemnifying party in writing 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 the defense thereof with counsel mutually satisfactory to the parties. The failure to notify an
indemnifying party promptly of the commencement of any such action, if prejudicial to his ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this Section 11(g), but the
omission so to notify the indemnifying party will not relieve him of any liability that he may have to any indemnified party otherwise than under this Section 11(g). 

(iv) If the indemnification provided for in this Section 11(g) is required by its terms but is for any reason held to be
unavailable to or otherwise insufficient to hold harmless an indemnified party under Section 11(g)(i) or Section 11(g)(ii) in respect of any losses, claims, damages, liabilities or expenses referred to herein, then each
applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of any losses, claims, damages, liabilities or expenses referred to herein in such proportion as is appropriate to reflect the
relative fault of the Company and the Holder in connection with the statements or omissions described in such Section 11(g)(i) or Section 11(g)(ii) which resulted in such losses, claims, damages, liabilities or expenses, as
well as any other relevant equitable considerations. The relative fault of the Company and the Holder shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the Company or the Holder and the parties’ relative intent, knowledge, access to information and 

  
 13 

 
opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be
deemed to include, subject to the limitations set forth in this Section 11(g), any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. The provisions set
forth in Section 11(g)(iii) with respect to notice of commencement of any action shall apply if a claim for contribution is to be made under this Section 11(g)(iv); provided, however, that no additional notice shall be
required with respect to any action for which notice has been given under Section 11(g)(iii) for purposes of indemnification. The Company and the Holder agree that it would not be just and equitable if contribution pursuant to this
Section 11(g) were determined solely by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in this paragraph. Notwithstanding the provisions of this
Section 11(g)(iv), the Holder shall not be required to contribute an amount in excess of the net proceeds actually received by the Holder in the relevant public offering. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 (h) Payment of Expenses. The Company shall pay all reasonable expenses of the Holder (including the reasonable expenses of legal counsel for such Holder) incurred in connection with each
registration of Warrant Shares requested pursuant to this Section 11, other than underwriting discount and commission, if any, and applicable transfer taxes, if any. 

(i) No Transfer of Registration Rights. The registration rights and obligations of the Holder under this Exhibit with respect to
any Warrant Shares may not be transferred to any third party other than any acquirer of all or substantially all of the assets or outstanding shares of stock of the Holder or any entity that merges with or into the Holder. 

(j) Future Events. If the Holder is at the time participating in a registration of Warrant Shares requested pursuant to this
Section 11, the Company will notify the Holder of the occurrence of any of the following events of which the Company is actually aware, and when so notified, the Holder will immediately discontinue any disposition of Warrant Shares until
notified by the Company that such event is no longer applicable: 
 (i) the issuance by the Commission or any state securities
commission or agency of any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings for that purpose (in which case the Company will make reasonable efforts to obtain the withdrawal of any such
order or the cessation of any such proceedings); or 
 (ii) the existence of any fact which makes untrue any material statement
made in the registration statement or prospectus or any document incorporated therein by reference or which requires the making of any changes in the registration statement or prospectus or any document incorporated therein by reference in order to
make the statements therein not misleading (in which case the Company will make reasonable efforts to amend the applicable document to correct the deficiency). 

  
 14 

 (k) Termination of Rights. The rights of the Holder pursuant to this Section 11
shall terminate and be of no further force and effect on the earlier of (i) the date that all Warrant Shares have been sold by the Holder or (ii) the date that all Warrant Shares may be sold in any three month period pursuant to Rule
144(b) promulgated under the Securities Act of 1933, as amended. 
 12. Fractional Shares. The Company shall not be
required to issue or cause to be issued fractional Warrant Shares on the exercise of this Warrant. If any fraction of a Warrant Share would, except for the provisions of this Section 12, be issuable upon exercise of this Warrant, the Company
shall make a cash payment to the Holder equal to (a) such fraction multiplied by (b) the Market Price on the Exercise Date of one full Warrant Share. 
 13. Remedies. The Company stipulates that the remedies at law of the Holder of this Warrant in the event of any default or threatened default by the Company in the performance of or compliance with any of
the terms of this Warrant are not and will not be adequate, and that such terms may be specifically enforced by a decree for the specific performance of any agreement contained herein or by an injunction against a violation of any of the terms
hereof or otherwise. 
 14. Notices. Any and all notices or other communications or deliveries hereunder (including without
limitation any Exercise Notice) shall be in writing and shall be mailed by certified mail, return receipt requested, or by a nationally recognized courier service or delivered (in person or by facsimile), against receipt to the party to whom such
notice or other communication is to be given. Any notice or other communication given by means permitted by this Section 14 shall be deemed given at the time of receipt thereof. The address for such notices or communications shall be as set
forth below: 
  

	
	If to the Company:
	
	Mark J. Ahn
	President and Chief Executive Officer
	Galena Biopharma, Inc.
	310 N. State Street, Suite 208
	Lake Oswego, Oregon 97034
	Fax: 855-883-7422
	
	If to the Holder:
	
	Legend Securities, Inc.
	Attention: Salvatore C. Caruso
	45 Broadway 32nd Floor
	New York, New York 10006
	Phone: 212-344-5747 ext 231
	Fax: 212-898-1224

 Or such other address as is provided to such other party in accordance with this Section 14. 

  
 15 

 15. Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon a
prompt written notice to the Holder, the Company may appoint a new warrant agent. Any Person into which any new warrant agent may be merged, any Person resulting from any consolidation to which any new warrant agent shall be a party or any Person to
which any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause
notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register. 
 16. Miscellaneous. 
 (a) This Warrant may not be assigned by the Holder except to
a Permitted Transferee. This Warrant may not be assigned by the Company, except to a successor in the event of a Fundamental Transaction. This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective permitted
successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder any legal or equitable right, remedy or cause of action under this Warrant. This
Warrant may be amended only in writing signed by the Company and the Holder and their permitted successors and assigns. 
 (b)
The Company will not, by amendment of its governing documents 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 action as may be necessary or appropriate in order to protect the rights of the Holder
against impairment. Without limiting the generality of the foregoing, the Company (i) will not increase the par value of any Warrant Shares above the amount payable therefor upon exercise thereof, and (ii) will take all such action as may
be reasonably necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares on the exercise of this Warrant, free from all taxes, liens, claims and encumbrances and (iii) will not
close its shareholder books or records in any manner which interferes with the timely exercise of this Warrant. 
 (c) This
Warrant shall be governed by and construed and enforced in accordance with the laws of the Commonwealth of Massachusetts. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and Federal courts sitting in the City of
Boston, Massachusetts, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding
that it is not personally subject to the jurisdiction of any such court or that such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit,
action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall
constitute 

  
 16 

 
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. THE PARTIES
HEREBY WAIVE ALL RIGHTS TO A TRIAL BY JURY. 
 (d) Neither party shall be deemed in default of any provision of this Warrant, to
the extent that performance of its obligations or attempts to cure a breach hereof are delayed or prevented by any event reasonably beyond the control of such party, including, without limitation, war, hostilities, acts of terrorism, revolution,
riot, civil commotion, national emergency, strike, lockout, unavailability of supplies, epidemic, fire, flood, earthquake, force of nature, explosion, embargo, or any other Act of God, or any law, proclamation, regulation, ordinance, or other act or
order of any court, government or governmental agency, provided that such party gives the other party written notice thereof promptly upon discovery thereof and uses reasonable efforts to cure or mitigate the delay or failure to perform.

 (e) The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit
or affect any of the provisions hereof. 
 (f) In case any one or more of the provisions of this Warrant shall be deemed invalid
or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will attempt in good faith to agree upon a valid and
enforceable provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK, 
 SIGNATURE PAGE FOLLOWS] 

  
 17 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its
authorized officer as of the date first indicated above. 
  

			
	GALENA BIOPHARMA, INC.
		
	By:	 	 /s/ Mark J. Ahn

		 	Mark J. Ahn, President and Chief Executive Officer
	
	Acknowledged and Agreed:
	
	 /s/ Salvatore C. Caruso
 Salvatore C. Caruso, Legend Securities, Inc.

  
 18 

 APPENDIX A 
 FORM OF ASSIGNMENT 
 (to be completed and signed only upon transfer of Warrant)

 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                 the right represented by the within Warrant to purchase              shares of
Common Stock of Galena Biopharma, Inc. to which the within warrant relates and appoints                         attorney to
transfer said right on the books of Galena Biopharma, Inc. with full power of substitution in the premises. 
  

			
	Dated:                     	 	  

		 	(Signature must conform in all respects to name of Holder as specified on face of the Warrant)
		
		 	Address of Transferee:
		
		 	 Legend Securities, Inc.

		
		 	 Attention: Salvatore C. Caruso

		
		 	 45 Broadway, 32nd Floor

		
		 	 New York, NY 10006

 

	
	In the presence of:
	
	  

 APPENDIX B 
 NOTICE OF EXERCISE 
 TO: GALENA BIOPHARMA, 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 a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified below: 

 

	
	  

 The Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

  
  

 
  

 
  
 [SIGNATURE OF HOLDER] 
  

			
	Name of Investing Entity:	 	  

			
	Signature of Authorized Signatory of Investing Entity:	 	  

			
	Name of Authorized Signatory:	 	  

			
	Title of Authorized Signatory:	 	  

			
	Date:

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