Document:

Advisory Services Agreement

 EXHIBIT 10.53 
 Garden State Securities Inc. 
 October 1, 2010 

ImmunoCellular Therapeutics, Ltd. 
 21900
Burbank Boulevard, 3rd Floor 
 Woodland Hills, California 91367 
 ATT: Manish Singh, Ph.D, Chief Executive Officer 
  

	 	Re:	Advisory Services  

 Dear Dr. Singh:

 This letter confirms the engagement of Garden State Securities Inc., a FINRA member firm (“GSS”), as a
non-exclusive financial advisor to ImmunoCellular Therapeutics, Ltd. and its subsidiaries and affiliates (together, referred to as the “Company”) for a period of 12 months commencing on October 1, 2010 (the “Effective
Date”). In this regard, the parties agree to the following terms and conditions: 
 1. Engagement. The Company
hereby engages and retains GSS as a non-exclusive financial advisor for and on behalf of the Company to perform the Services as defined in Section 2. GSS hereby accepts this engagement on the terms and conditions set forth in this Agreement.

 2. Services. In connection with its engagement pursuant to this Agreement, GSS agrees to perform the following
services for the Company: 
 A. Advisory Services. As requested from time to time by the Company, GSS
shall provide financial advisory services to the Company pertaining to the Company’s business affairs. Without limiting the foregoing, GSS will assist the Company in developing, studying and evaluating a financing plan, strategic and financial
alternatives, and merger and acquisition proposals and will assist in negotiations and discussions pertaining thereto. Additionally, GSS will assist the Company in preparing an offering document or presentation materials describing the Company, its
operations, its historical performance and future prospects. 
 B. Business Combinations. GSS will use its
best efforts only upon the written request of the Company to coordinate the introduction of the Company to one or more individuals, firms or other entities (the “Candidates”) that may have an interest in pursuing some form of Business
Combination with the Company and in analyzing, structuring, negotiating and effecting such a Business Combination. As used in this letter, the term “Business Combination” means (i) any merger, consolidation, reorganization or other
business combination pursuant to which any portion of the business of the Company is combined with that of another entity, including without limitation any joint venture, licensing agreement, or product sale or marketing distribution agreement or
(ii) the acquisition, directly or indirectly, of beneficial ownership of more than 50% of any class of capital stock of the Company or substantially all of the assets of the Company. Nothing contained herein shall be deemed or construed as an
agreement by GSS to issue any “fairness opinion” with respect to a Business Combination. In the event that the Company desires GSS to issue a fairness opinion, the parties shall negotiate the terms of a

 
separate agreement with respect thereto. The Company shall have no obligation to enter into or pay any compensation to GSS with respect to any Business Combination, financing or other transaction
structured or presented to the Company by GSS. 
 C. GSS agrees to use its best efforts to make itself available
to the Company’s officers, at such mutually agreed upon place and time during normal business hours for reasonable periods of time for the purpose of advising and assisting the Company in preparing reports, summaries, corporate and/or
transaction profiles, due diligence packages and/or other material and documentation as shall be necessary, in the opinion of GSS. Such availability will be subject to reasonable advance notice and mutually convenient scheduling. In addition, GSS
shall make its Investment Banking personnel available for telephone conferences with the Company’s principal financial sales and/or operating officers during normal business hours upon reasonable advance notice and mutually agreed upon dates
and times to assist with, and evaluate proposals. 
 3. Compensation. As compensation for the services rendered by GSS to
the Company pursuant to this Agreement and in addition to the expense allowance set forth in Section 4 (“Expenses”) below, the Company shall pay to GSS as set forth below: 

Advisory Services. The Company shall issue GSS shares of restricted common stock (“Advisory Stock”) and
warrants (“Warrants”). Upon execution of this Agreement, the Company will deliver to GSS, 24,000 shares of the Advisory Stock and Warrants exercisable into 80,000 shares of the Company’s common stock at an exercise price of $1.00 per
share and Warrants exercisable into 80,000 shares of the Company’s common stock at an exercise price of $2.00 per share, pursuant to GSS’s instructions to designate the Advisory Stock and Warrants to certain GSS employees and affiliates of
GSS. The Advisory Stock shall immediately vest upon delivery and the Warrants shall vest for each Warrant class as to 20,000 shares upon issuance and at a rate of 6,667 for each Warrant class on the 1st day of each of the 4th month through the 11th
month from the Effective Date and 6,664 on the 1st day of the 12th month from the Effective Date. On the 1st day of each of the 4th month through the 12th month from the Effective Date, the Company will deliver to GSS 8,000 shares of vested Advisory
Stock. The Warrants shall provide for cashless exercise and have a 3-year life. The Company shall deliver to GSS and the Company’s transfer agent, legal opinion letters for GSS and for each designee, at the time that the Advisory Stock and the
shares underlying the Warrants are eligible to be sold pursuant to SEC Rule 144, upon GSS’s request and subject to the holder of these shares satisfying all of the requirements of Rule 144 for sale of these shares at that time. 

Business Combinations. The form and amount of any compensation payable by the Company to GSS for completed Business
Combinations shall be negotiated by GSS and the Company. 
 4. Expenses. In addition to the compensation in
Section 3, “Compensation” above, the Company agrees to reimburse GSS, upon request made from time to time, for its reasonable out-of-pocket expenses incurred by GSS in connection with its activities under this Agreement; provided,
however, GSS shall not incur any expense in excess of $500 without the prior written consent of the Company. These expenses include but are not limited to long distance phone 

  
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charges, airfare, hotel lodging and meals, transportation, outside consultants, printing, and overnight express mail incurred by GSS in fulfilling its duties under this Agreement. 

5. Confidentiality and Non- Disclosure. The Company is prepared to make available to GSS certain information concerning the
business, financial condition, operations, assets and liabilities of the Company in connection with the performance of its duties hereunder. As a condition to such information being furnished to GSS and its employees or agents, GSS agrees to treat
any information concerning the Company (whether prepared by the Company, its advisors, investors or otherwise and irrespective of the form of communication) which is furnished to GSS or to its employees or agents now or in the future by or on behalf
of the Company (herein collectively referred to as the “Evaluation Material”) in accordance with the provisions of this Agreement, and to take or abstain from taking certain other actions hereinafter set forth. The term
“Evaluation Material” also shall be deemed to include all notes, analyses, compilations, studies, interpretations or other documents prepared by GSS, its employees or agents which contain, reflect or are based upon, in whole or in
part, the information furnished to GSS, its employees or agents pursuant hereto. The term “Evaluation Material” does not include information which (i) is or becomes generally available to the public other than as a result of a
disclosure by GSS, its employees or agents, or (ii) becomes available to GSS on a non-confidential basis from a source other than the Company (including without limitation any of the Company’s directors, officers, employees or agents), or
any of its attorneys, accountants, investors, consultants, bankers and financial advisors (collectively, the “Representatives”), provided that such source is not bound by a confidentiality agreement with or other contractual, legal
or fiduciary obligation of confidentiality to the Company or any other party with respect to such information. 
 GSS hereby
agrees that GSS, its employees and agents shall use the Evaluation Material solely for the purposes contemplated by this Agreement, that the Evaluation Material will be kept confidential and that GSS, its employees and agents will not disclose any
of the Evaluation Material in any manner whatsoever; provided, however, that GSS may make any disclosure of such information to which the Company give its prior written consent. 

However, the Company will not provide GSS or any GSS affiliate with any material non-public information without prior written notice
in which case GSS will only accept receipt of such material non-public information after the signing of a separate non-disclosure agreement between the Company and GSS. 
 6. Indemnification. The Company agrees to indemnify GSS and its affiliates and their respective directors, officers, employees, agents and controlling persons (each such person being an
“Indemnified Party”) from and against any and all losses, claims, damages and liabilities, joint or several, related to or arising out of any Business Combination, or the engagement of GSS pursuant to, and the performance by GSS of the
services contemplated by, this Agreement and will reimburse any Indemnified party for all expenses (including reasonable fees and costs of counsel) as they are incurred in connection with the investigation of, preparation for or defense of any
pending or threatened claim or any action or proceeding arising therefrom, whether or not such Indemnified Party is a party and whether or not such claim, action or proceeding is initiated or brought by or on behalf of the Company, except in the
case of the breach of any provision of this Agreement or negligence or willful misconduct by the 

  
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Indemnified Party. If the indemnification of an Indemnified Party provided for in this Agreement is for any reason held unenforceable, the Company agrees to contribute to the losses, claims,
damages and liabilities for which such indemnification is held unenforceable is such proportion as is appropriate to reflect the relative benefits to the Company, on the one hand, and GSS, on the other hand; provided, however, that in no event shall
the Indemnified Parties be required to contribute an aggregate amount in excess of the aggregate fees actually paid to GSS under this Agreement. The Company agrees that it will not settle, compromise or consent to the entry of any judgment in any
pending or threatened claim, action or proceeding in respect of which indemnification could be sought under the indemnification provision of this Agreement (whether or not GSS or any other Indemnified Party is an actual or potential party to such
claim, action or proceeding), unless such settlement, compromise or consent includes an unconditional release of each Indemnified Party from all liability arising out of such claim, action or proceeding. 

7. Independent Contractor. The Company acknowledges that GSS has been retained to act solely as a financial advisor to the
Company. In such capacity, GSS shall act as an independent contractor, and any duties of GSS arising out of its engagement pursuant to this Agreement shall be owed solely to the Company. GSS shall be responsible for the payment of all federal, state
and local taxes which may be payable in connection with the receipt of compensation hereunder. 
 8. Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of New York. Each of GSS and the Company (a) agrees that any legal suit, action or proceeding arising out of or relating to this Agreement shall be instituted
exclusively in New York State Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, (b) waives any objection which the Company may have now or hereafter to the venue of any such suit,
action or proceeding, and (c) irrevocably consents to the jurisdiction of the foregoing named courts in any such suit, action or procedure. In the event of litigation between the parties arising hereunder, the prevailing party shall be entitled
to costs and reasonable attorney’s fees. 
 9. Term and Termination. This Agreement shall be effective upon its
execution and shall remain in effect for 12 months from the date of acceptance by the Company. Either the Company or GSS may terminate GSS’s engagement and responsibilities hereunder with a 10-day advance written notice, which notice (except in
the case of termination for cause) shall not be effective as of any date prior to 90 days from the Effective Date. However, no termination of this Agreement shall in any way effect the right of GSS to receive the vested Advisory Stock or vested
Warrants for the services rendered hereunder, especially the fees detailed in Section 3 of this Agreement. In addition, Section 6, “Indemnification,” Section 7, “Independent Contractor,” and Section 8,
“Governing Law” shall survive any termination of this Agreement. 
 10. Entire Agreement. This Agreement
contains the entire Agreement and understanding between the parties with respect to its subject matter and supersedes all prior discussion, agreements and understandings between them with respect thereto. This Agreement may not be modified except in
a writing signed by the parties. 

  
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 11. Assignment. Neither this Agreement nor the rights of either party hereunder shall
be assigned by either party without the prior written consent of the other party. 
 12. Counterparts. This Agreement may
be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 13. No Fiduciary Relationship. The Company acknowledges and agrees that: (i) this Agreement is an arm’s-length commercial transaction between the Company and GSS; (ii) in connection
therewith and with the process leading to any subsequent transaction as referred to hereunder, including any offering of securities of the Company, GSS is not acting as a fiduciary of the Company; (iii) GSS has not assumed any fiduciary
responsibility in favor of the Company or any subscriber or investor with respect to any securities offering contemplated hereby or the process leading thereto, including any negotiation related to the pricing of any securities; and (iv) the
Company has consulted its own legal and financial advisors to the extent it has deemed appropriate in connection with this Agreement. 
 14. Press Releases/Public Announcements. Neither party shall issue any press release or public announcement of this Agreement or the terms hereof without the prior consent of the other party;
provided, however, the Company may make filings under applicable federal and state securities laws as required under applicable law but shall provide GSS with a reasonable opportunity to review and comments upon any proposed filing. 

 

					
	Sincerely,
	
	Garden State Securities Inc.
		
	By:	 	/s Ernest Pellegrino
		 	Name:	 	Ernest Pellegrino
		 	Title:	 	Director of Corporate Finance

  

					
	Agreed and Accepted:
	
	Date: October 1, 2010
		
	By:	 	/s/ Manish Singh
		 	Name:	 	Dr. Manish Singh
		 	Title:	 	CEO, ImmunoCellular Therapeutics, Ltd.

  
 5Co-placement Agents Agreement

 EXHIBIT 10.54 

 

 

 January 31, 2011 
 STRICTLY PRIVATE AND CONFIDENTIAL 
 Manish Singh, Ph.D. 

President and Chief Executive Officer 

ImmunoCellular Therapeutics, Ltd. 
 21900
Burbank Boulevard, 3rd Floor 
 Woodland Hills, California 91367 
 Dear Manish: 
 1. ImmunoCellular Therapeutics, Ltd. (together with any present and
future subsidiaries and affiliates of ImmunoCellular Therapeutics, Ltd., the “Company”) hereby retains Summer Street Research Partners (“Summer Street”) and Dawson James Securities, Inc. (“Dawson”) and, together with
Summer Street, (the “Agents”) to serve as exclusive co-placement agents for the Company on the terms and conditions set forth in this letter agreement (this “Agreement”) for the purpose of raising up to $25 million. 

2. In such capacity, the Agents shall be available for advice, and shall advise the Company with respect to such financial matters as the
Company shall from time to time request, including without limitation, matters relating to (a) the Company’s business, operations, properties, financial condition and prospects, and (b) the preparation of materials (collectively, the
“Documents”) that include select business and financial information about the Company and other relevant information for purposes of investor presentations and meetings with current or potential investors and as investors or other
interested parties may request. The Agents shall serve as exclusive co-placement agents to the Company for a capital raising transaction, whether from institutional, retail or other investors or lenders or from the private placement or public
offering of debt instruments or equity securities, including, without limitation, a rights offering (a “Financing”). The Agents are being retained to serve as Agents solely to the Company, and it is agreed that the engagement of the Agents
is not, and shall not be deemed to be, on behalf of, and is not intended to confer rights or benefits upon any shareholder or creditor of the Company or upon any other person or entity. No one other than the Company is authorized to rely upon this
engagement of the Agents or any statements, conduct or advice of the Agents, and no one other than the Company is intended to be a beneficiary of this engagement. All opinions, advice or other assistance (whether written or oral) given by the Agents
in connection with this engagement are intended solely for the benefit 

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 January 31, 2011 
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and use of the Company and will be treated by the Company as confidential, and no opinion, advice or other assistance of the Agents shall be used for any other purpose or reproduced,
disseminated, quoted or referred to at any time, in any manner or for any purpose, nor shall any public or other references to the Agents (or to such opinions, advice or other assistance) be made without the express prior written consent of the
Agents, unless required by an applicable law or regulation. 
 3. The Company will furnish the Agents with all information and
material concerning the Company which the Agents reasonably request in connection with the performance of their obligations hereunder. The Company represents and warrants that all information made available to the Agents by the Company will, at all
times during the period of the engagement of the Agents hereunder, be complete and correct in all material respects and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein not misleading in light of the circumstances under which such statements are made and it will continue to ensure that all such information is current and accurate in all material respects. The Company further represents and
warrants that any projections provided to the Agents will have been prepared in good faith and will be based upon assumptions which, in light of the circumstances under which they are made, are reasonable. The Company acknowledges and agrees that in
rendering its services hereunder the Agents will be using and relying upon, without any independent investigation or verification thereof, all information that is or will be furnished to the Agents by or on behalf of the Company and on publicly
available information, and the Agents will not in any respect be responsible for the accuracy or completeness of any of the foregoing kinds of information. The Company understands that in rendering services hereunder the Agents do not provide
accounting, legal or tax advice and will rely upon the advice of counsel to the Company and other advisors to the Company as to accounting, legal, tax and other matters relating to any services or transactions (including any potential Financing)
contemplated by this Agreement. 
 In connection with the Agents’ activities on behalf of the Company, the Company will
furnish the Agents with all financial and other information regarding the Company that the Agents reasonably believe appropriate to their assignment (all such information so furnished by the Company, whether furnished before or after the date of
this Agreement, being referred to herein as the “Information”). The Company will provide the Agents with reasonable access to the officers, directors, employees, independent accountants, legal counsel and other advisors and consultants for
the Company. The Agents will maintain the confidentiality of the Information and, unless and until such information shall have been made publicly available by the Company or by 

  

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others without breach of a confidentiality agreement, shall disclose the Information only as authorized in writing by the Company or as required by law, rule or regulation, including NASD Rule
2711, or by order of a governmental authority or court of competent jurisdiction. In the event that any Financial Advisor is legally required to make disclosure of any of the Information, such Financial Advisor will give written notice to the
Company prior to such disclosure, to the extent that such Financial Advisor can practically do so. 
 4. The Company agrees as
compensation for their services under this Agreement to pay the Agents as follows: 
 (a) (i) if a Financing is consummated
during the term of this Agreement with or without the Agents, or (ii) the Company enters into a definitive agreement with respect to a Financing, during the term of this Agreement or during the Residual Period, then the Company shall pay to the
Agents, upon each closing or consummation of the Financing, a cash placement fee (the “Financing Fee”) equal to seven percent (7.0%) on any gross proceeds received by the Company at such closing or consummation in connection with the
sale of securities sold in the Financing to any investor who were introduced to the Company during the term of this Agreement as evidenced by a list of persons and entities prepared by the Agents and approved in writing by the Company (the
“Financial Advisor Investors”). In addition, the Company shall issue to the Agents or their designees at the closing, warrants (the “Placement Agent Warrants”) to purchase that number of shares of common stock of the Company
(“Shares”) equal to an aggregate of four percent (4.0%) of the aggregate number of Shares issued or issuable to Financial Advisor Investors in connection with the Financing (the “Financing Shares”), including, without
limitation, upon exercise or conversion of securities placed in the Financing. The Placement Agent Warrants (i) shall have a 5-year term, (ii) shall have a per share exercise price equal to the exercise or conversion price per share paid
(or to be paid) upon exercise or conversion of any warrants or convertible securities placed in the Financing (or 125% of the price paid for the Shares if no warrants or convertible securities are placed in the Financing), (iii) may be
exercised via cashless exercise (at any time that the Financing Shares are not registered); (iv) shall have the same registration rights with respect to the underlying Shares as the Shares issued or issuable in the Financing. The Financing Fee
and the Placement Agent Warrants shall be allocated between the Agents as follows: 70% to Summer Street and 30% to Dawson and shall be paid directly by the Company to Summer Street and Dawson, respectively, as per the aforementioned allocation. Any
Financing Fee shall be due and payable immediately upon closing or consummation of a Financing. The Financing Fee shall be deemed earned when paid and shall be non-refundable. The Financing Fee is not negotiable or subject to any reduction, set-off,

  

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counterclaim or refund for any reason or matter whatsoever. If the Company fails to pay the Agents any fee due and payable pursuant to this Agreement in full on the date payable, the Company will
pay interest thereon at a rate of 1.5% per month (or such lesser maximum amount that is permitted to be paid by applicable law) to the Agents, accruing daily from the date such fees are due until such amounts, plus all such interest thereon,
are paid in full. 
 (b) In addition to the fees described in this Section 4 and the obligation of the Company to pay
certain expenses set forth in Sections 5 and 7 and whether or not any Financing is consummated, the Company will pay all of the Agents’ reasonable out-of-pocket expenses directly to each Financial Advisor (including, without limitation,
expenses relating to document and presentation materials, travel, external database and communications services, courier and delivery services, and the fees and expenses of each Financial Advisor’s outside legal counsel), incurred by the Agents
in connection with this engagement. Such out-of-pocket expenses shall be payable as they are incurred upon request by the Agents. Any such individual expense in excess of $2,000 shall be subject to prior approval by the Company. Total expenses not
to exceed $25,000 without prior approval by the Company. If any compensation or expenses payable to the Agents pursuant to this Agreement are not fully paid when due, the Company agrees to pay all costs of collection or other enforcement of the
Agents’ rights hereunder, including but not limited to attorneys’ fees and expenses, whether collected or enforced by suit or otherwise. 
 5. In connection with engagements of the nature covered by this Agreement, it is the Agents’ practice to provide for indemnification, contribution, and limitation of liability. By signing this
Agreement, the Company agrees to the provisions attached to this Agreement (Attachment A), which provisions are expressly incorporated by reference herein. 
 6. The Company represents and warrants to the Agents that this Agreement has been duly authorized and represents the legal, valid, binding and enforceable obligation of the Company and that neither this
Agreement nor the consummation of any Financing contemplated hereby requires the approval or consent of any governmental or regulatory agency or violates any law, regulation, contract or order binding on the Company. 

7. In the event of a Financing, the Company shall make or cause to be made state “blue sky” applications in such states and
jurisdictions as shall be required by law in connection with a Financing. It shall be the Company’s obligation to bear all blue sky counsel fees and expenses. 
 8. The Company agrees to comply with all applicable federal and state securities laws in connection with any Financing contemplated by this 

  

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Agreement. The Financial The Agents’ engagement shall automatically expire ninety (90) days from the date of this Agreement, unless extended in writing by the Agents and the Company.
Either Summer Street (on behalf of the Agents) or the Company may terminate this Agreement, with or without cause, upon thirty (30) days’ written notice to the other party. The provisions of Sections 2, 3, 4, 5 (including, without
limitation, Attachment A), 6, 7, 9, 10, 11, and 12 hereof shall survive any termination of this Agreement. Notwithstanding the foregoing, Summer Street (on behalf of the Agents) may immediately terminate this Agreement at any time if (each a
“Summer Street Unilateral Termination”) (i) it reasonably determines that results from its due diligence review of the Company’s business, management and future prospects are unsatisfactory or (ii) its internal approval
committee does not approve proceeding with the Financing. A “Residual Period” shall extend for twelve (12) months from the date of termination or automatic expiration of this Agreement with respect to participants in any Financing
that were introduced by the Agents or their assignees to the Company during the term of this Agreement , as evidenced by a list of such persons and entities prepared by the Agents and approved in writing by the Company (the “Financial Advisor
Investors”); provided, however, a Residual Period shall not be triggered as a result of a Summer Street Unilateral Termination. 
 9. The Company agrees that, following any future closing or consummation of any Financing, if any,, the Agents have the right to place advertisements in financial and other newspapers and journals at
their own expense, describing their services to the Company and a general description of the Financing provided that the Agents will submit a copy of any such advertisements to the Company for its prior approval, which approval shall not be
unreasonably withheld or delayed. In addition, the Company agrees to include in any press release or public announcement announcing a Financing, if any, a reference to the Agents’ role as financial advisor and placement agents to the Company
with respect to such Financing, provided that the Company will submit a copy of any such press release or public announcement to the Agents for their prior approval, which approval shall not be unreasonably withheld or delayed. 

10. The Company represents and warrants that there are no brokers, representatives or other persons which have an interest in any
compensation due to the Agents from any advice or proposed Financing contemplated herein. The Company acknowledges and agrees that each Financial Advisor is a full-service securities firm and as such from time-to-time may effect transactions for its
own account or the accounts of its customers and hold long or short positions in debt or equity securities of the companies which may be the subject of a potential Financing. It is understood that the Agents’ obligation under any definitive
agreement as placement agents is to 

  

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use their commercially reasonable efforts throughout the period for which they act as the Company’s exclusive agents as described herein, including to use their best efforts to complete any
proposed Financing contemplated by this Agreement. The Agents’ engagement is not intended to provide the Company or any other person or entity with any assurances that any Financing or other transaction will be consummated, and in no event will
a Financial Advisor or any of its affiliates be obligated to purchase securities of the Company for its own account or the accounts of its customers. 
 11. The terms and provisions of this Agreement are solely for the benefit of the Company and the Agents and the other Indemnified Persons and their respective successors, assigns, heirs and personal
representatives, and no other person or entity shall acquire or have any right by virtue of this Agreement. The Company and the Agents acknowledge and agree that each Financial Advisor is acting as an independent contractor, and is not a fiduciary
of, nor will its engagement hereunder give rise to fiduciary duties to, the Company or its board of directors. This Agreement represents the entire understanding between the Company and the Agents with respect to the Agents’ engagement
hereunder, and all prior discussions are merged herein. This Agreement may be executed in two or more counterparts (including fax or electronic counterparts), all of which together will be considered a single instrument. THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO SUCH STATE’S PRINCIPLES OF CONFLICTS OF LAWS, AND MAY BE AMENDED, MODIFIED OR SUPPLEMENTED ONLY BY WRITTEN INSTRUMENT EXECUTED BY EACH OF THE
PARTIES HERETO. 
 12. Dispute Resolution. 
 (a) All disputes, claims, or controversies arising out of or relating to this Agreement or the transactions contemplated hereby that are not resolved by mutual agreement shall be resolved solely and
exclusively by binding arbitration to be conducted before JAMS, The Resolution Experts, or its successor (“JAMS”). The arbitration shall be held in New York City, New York before three arbitrators, one chosen by the Company, one chosen by
Summer Street (on behalf of the Agents) and one reasonably agreed upon between the Company and Summer Street (on behalf of the Agents). The arbitration shall be conducted in accordance with the rules and regulations promulgated by JAMS unless
specifically modified herein. 
 The parties covenant and agree that they will participate in the arbitration in good faith and
that they will share equally its costs, except as otherwise provided herein. The arbitrators may in their discretion assess costs and expenses (including the reasonable legal fees and expenses of the prevailing party) against any party to a
proceeding. Any party refusing to comply with an order of the arbitrators shall be liable for costs and 

  

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expenses, including attorneys’ fees, incurred by the other party in enforcing the award. This Section 12 applies equally to requests for temporary, preliminary or permanent injunctive
relief, except that in the case of temporary or preliminary injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding immediate and irreparable harm. The provisions of this Section 12 shall
be enforceable in any court of competent jurisdiction. 
 The parties shall bear their own attorneys’ fees, costs and
expenses in connection with the arbitration; provided, however, the parties agree that the prevailing party shall be entitled to, and the arbitrator shall award to the prevailing party, its attorneys fees, costs and expenses in the event such party
completely prevails or prevails in all material respects in the arbitration decision as determined by the arbitrator. The parties will share equally in the fees and expenses charged by JAMS. 

(b) Each of the parties hereto irrevocably and unconditionally consents to the exclusive jurisdiction of JAMS to resolve all disputes,
claims or controversies arising out of or relating to this Agreement or the transactions contemplated hereby and further consents to the jurisdiction of the courts of New York for the purposes of enforcing the arbitration provisions of
Section 12(a) of this Agreement. Each party further irrevocably waives any objection to proceeding before JAMS based upon lack of personal jurisdiction or to the laying of venue and further irrevocably and unconditionally waives and agrees not
to make a claim in any court that arbitration before JAMS has been brought in an inconvenient forum. Each of the parties hereto hereby consents to service of process by registered mail at the address to which notices are to be given. Each of the
parties hereto agrees that its or his submission to jurisdiction and its or his consent to service of process by mail is made for the express benefit of the other parties hereto. 

13. The Agents may assign, with the prior written consent of the Company, all or a portion of their duties hereunder to one or more
investment banks or Agents. Notwithstanding any other entity’s participation in any Financing hereunder as a result of such assignment, compensation detailed in Section 4 of this Agreement will be solely due and payable by the Company to
the Agents on the proportional basis detailed in Section 4 of this Agreement , unless otherwise agreed. The Agents will compensate any such investment bank or financial advisor directly pursuant to arrangements between the Agents and such
investment bank or financial advisor. 
 If the foregoing correctly sets forth the entire understanding and agreement between the Agents and the
Company, please so indicate in the space provided for that purpose below and return an executed copy to us, whereupon this 

  

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letter shall constitute a binding agreement as of the date first above written. 
  

					
	Very truly yours,
	
	SUMMER STREET RESEARCH PARTNERS
		
	By:	 	/s/ Al Sollami
		 	Name:	 	Al Sollami
		 	Title:	 	CEO
	
	DAWSON JAMES SECURITIES, INC.
		
	By:	 	/s/ Albert J. Poliak
		 	Name:	 	Albert J. Poliak
		 	Title:	 	President

  

			
	AGREED:
	
	IMMUNOCELLULAR THERAPEUTICS, LTD.
		
	By:	 	/s/ Manish Singh
		 	Manish Singh, Ph.D.
		 	President and Chief Executive Officer

  

 ATTACHMENT A 
 INDEMNIFICATION, CONTRIBUTION AND 
 LIMITATION OF LIABILITY PROVISIONS 

 

	(a)	The Company agrees to indemnify and hold harmless each Financial Advisor and its affiliates and their respective officers, directors, employees and agents, and any
persons controlling any Financial Advisor or any of its affiliates within the meaning of Section 15 of the Securities Act of 1933 or Section 20 of the Securities Exchange Act of 1934 (each Financial Advisor and each such other person or
entity being referred to herein as an “Indemnified Person”), from and against all claims, liabilities, losses or damages (or actions in respect thereof) or other expenses which are related to or arise out of (i) actions taken or
omitted to be taken (including any untrue statements made or any statements omitted to be made) by the Company or its affiliates, (ii) actions taken or omitted to be taken by an Indemnified Person with the consent or in conformity with the
actions or omissions of the Company or its affiliates, or (iii) either Financial Advisor’s activities on behalf of the Company as contemplated by this Agreement. The Company will not be responsible, however, for any losses, claims,
damages, liabilities or expenses to the extent they are finally determined by a court or arbitral tribunal of competent jurisdiction to have resulted from such Indemnified Person’s bad faith, gross negligence or willful misconduct. In addition,
the Company agrees to reimburse each Indemnified Person for all out-of-pocket expenses (including reasonable fees and expenses of counsel) as they are incurred by such Indemnified Person and which are necessary for the defense of any such action or
claim. In the event an Indemnified Person is forced to litigate against the Company to enforce rights under this Agreement and such Indemnified Person is finally determined by a court or arbitral tribunal of competent jurisdiction to be entitled to
such enforcement, then the Company shall be obligated to pay such Indemnified Person’s reasonable counsel fees and expenses. 

  

	(b)	 If for any reason the foregoing indemnity is unavailable to an Indemnified Person or insufficient to hold an Indemnified Person harmless, then the
Company shall contribute to the amount paid or payable by such Indemnified Person as a result of such claim, liability, loss, damage or expense in such proportion as is appropriate to reflect not only the relative benefits received by the Company on
the one hand and the Agents on the other, but also the relative fault of the Company and the Agents, as well as any relevant equitable considerations, subject to the limitation that in any event the aggregate contribution of all Indemnified Persons
to all losses, claims, liabilities, damages and expenses shall not exceed the amount of fees actually received by the Agents pursuant to this Agreement. It is hereby further agreed that

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the relative benefits to the Company on the one hand and the Agents on the other with respect to any Financing or proposed Financing contemplated by this Agreement shall be deemed to be in the
same proportion as (i) the total value the Financing bears to (ii) the fees paid to the Agents with respect to such Financing. 

  

	(c)	No Indemnified Person shall have any liability to the Company or any other person in connection with the services rendered pursuant to this Agreement, except to the
extent any liability for losses, claims, damages or liabilities has been finally determined by a court or arbitral tribunal of competent jurisdiction to have resulted from such Indemnified Person’s bad faith, gross negligence or willful
misconduct. 

  

	(d)	If indemnification is to be sought hereunder by any Indemnified Person, then such Indemnified Person shall notify the Company of the commencement of any action or
proceeding in respect thereof; provided, however, that the failure so to notify the Company shall not relieve the Company from any liability that it may otherwise have to such Indemnified Person except and only to the extent that the Company is
materially adversely affected by such Indemnified Person’s failure to provide notice. Following such notification, the Company may elect in writing to assume the defense of such action or proceeding, and, upon such election, it shall not be
liable for any legal costs subsequently incurred by such Indemnified Person (other than reasonable costs of investigation) in connection therewith, unless (i) the Company has failed to provide counsel of recognized standing and reasonably
satisfactory to such Indemnified Person in a timely manner or (ii) representation of such Indemnified Person by counsel provided by the Company could present such counsel with a conflict of interest. 

 

	(e)	The Company agrees that it will not settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in
respect of which indemnification may be sought from the Company by any Indemnified Person (whether any Indemnified Person is an actual or potential party to such claim, action, suit or proceeding) unless such settlement, compromise or consent
includes an unconditional release of Indemnified Persons hereunder from all liability arising out of such claim, action, suit or proceeding. 

  

	(f)	 To the extent officers or employees of any Financial Advisor appear as witnesses, are deposed, or otherwise are involved in or assist with any action,
hearing or proceeding related to or arising from any Financing or proposed Financing contemplated by this Agreement or the Agents’ engagement hereunder, or in a situation where such appearance, involvement or assistance results from the
Agents’ engagement hereunder, 

  

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 January 31, 2011 
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the Company will pay such Financial Advisor, in addition to the fees set forth above, such Financial Advisor’s reasonable and customary per diem charges. In addition, if any Indemnified
Person appears as a witness, is deposed or otherwise is required to be involved in any action relating to or arising from any Financing or proposed Financing contemplated by this Agreement or the Agents’ engagement hereunder, or in a situation
where such appearance, involvement or assistance results from the Agents’ engagement hereunder, the Company will reimburse such Indemnified Person for all expenses (including reasonable fees and expenses of counsel) incurred by it by reason of
it or any of its personnel being involved in any such action. 

  

	(g)	Both parties waive any right to a trial by jury with respect to any claim or action arising out of this Agreement or the actions of the Agents, and consents to personal
jurisdiction, service of process and venue in any court in which any claim covered by the provisions of this Attachment A may be brought against an Indemnified Person. 

 

	(h)	The provisions of this Attachment A shall be in addition to any liability the Company may have to any Indemnified Person at common law or otherwise, and shall survive
the termination of this Agreement and the closing or consummation of any Financing or proposed Financing contemplated by this Agreement.

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