Document:

Exhibit
10.4

 

Warrant
– No.: [●]

 

THIS
WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND
MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR
AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT.

 

MATEON
THERAPEUTICS, INC. 

 

COMMON
STOCK PURCHASE WARRANT

 

__________________ (Date)

 

THIS
COMMON STOCK PURCHASE WARRANT (this “Warrant”) of Mateon Therapeutics, Inc., a corporation duly organized and
validly existing under the laws of Delaware (the “Company”), is issued to the Holder (as defined below) as
part of a unit purchased by the Holder from the Company pursuant to which the Holder is also purchasing from the Company notes
convertible into shares of its Common Stock, $0.01 par value per share (the “Common Stock”), shares of the
common stock of EdgePoint AI, Inc. (“EdgePoint”), a subsidiary of the Company wholly-owned by it, warrants,
including this Warrant, to purchase shares of Common Stock and warrants to purchase EdgePoint’s common stock, (the “Offering”).

 

FOR
VALUE RECEIVED, the Company hereby certifies that the registered holder hereof, [●], with an address at [●], and the
Holder’s successors and assigns (the “Holder”), is entitled to purchase from the Company [●] duly
authorized, validly issued, fully paid and nonassessable shares of Common Stock, at a purchase price equal to $0.20 per share,
as may be adjusted pursuant to the anti-dilution provisions set forth herein (the “Warrant Price”). The Holder
is registered on the records of the Company regarding registration and transfer of the Warrant (the “Warrant Register”)
and is the owner and Holder thereof for all purposes, except as described in Section 13 hereof.

 

1.
Warrant Exercise. This Warrant shall be immediately exercisable on the date hereof.

 

2.
Expiration or Partial Expiration of Warrant. This Warrant shall expire on the earlier of the date that is three years after
the initial closing date of the Offering or as set forth in the balance of this Section (the “Expiration Date”).
Each time warrants to purchase EdgePoint common stock included in the Offering are exercised a comparable number of Company Warrants,
or parts thereof, will terminate. Accordingly, this Warrant will terminate or partially terminate so that the number of Warrant
Shares issuable upon exercise of this Warrant may be reduced in conformance with that requirement as determined by the Company.
The Company will notify the Holder in the event that this Warrant terminates or is partially terminated based thereon.

 

    	Appendix B-1

    	 

    

 

Common
Stock Purchase Warrant

Issued by Mateon Therapeutics, Inc.

 

3.
Exercise of Warrant. This Warrant shall be exercisable pursuant to the terms of Section 1 and this Section 3
hereof.

 

3.1
Manner of Exercise. This Warrant may only be exercised by the Holder hereof, in accordance with the terms and conditions
hereof, in whole or in part with respect to any portion of this Warrant, into shares of Common Stock (the “Warrant Shares”),
during normal business hours on any day other than a Saturday or a Sunday or a day on which commercial banking institutions in
New York, New York are authorized by law to be closed (a “Business Day”) on or prior to the Expiration Date
with respect to such portion of this Warrant, by surrender of this Warrant to the Company at its office maintained pursuant to
Section 12.2(a) hereof, accompanied by an exercise notice (the “Exercise Notice”) in substantially the
form attached to this Warrant as Exhibit A (or a reasonable facsimile thereof) duly executed by the Holder, together with
the payment of the Warrant Price.

 

Anything
to the contrary notwithstanding, in no event shall the Holder be entitled to exercise any portion of this Warrant in excess of
that portion of this Warrant upon exercise of which the sum of (1) the number of shares of Common Stock beneficially owned by
the Holder and the Holder’s affiliates (other than shares of Common Stock which may be deemed beneficially owned through
the ownership of the unexercised portion of the Warrant or the unexercised or unconverted portion of any other of the Company’s
securities subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number
of shares of Common Stock issuable upon the exercise of the portion of this Warrant with respect to which the determination of
this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 9.99% of the outstanding
shares of Common Stock (the “Ownership Limitation”). Beneficial ownership shall be determined in accordance
with Section 13(d) of the Securities Exchange Act of 1934 (the “Exchange Act”), and Regulations 13D - G thereunder;
provided, further, that the limitations on exercised may be waived by the Holder upon, at the election of the Holder,
not less than 61 days’ prior notice to the Company, and the provisions of the exercise limitation shall continue to apply
until such 61st day (or such later date, as determined by the Holder, as may be specified in such notice of waiver).

 

3.2
When Exercise Effective. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close
of business on the Business Day on which this Warrant shall have been surrendered to the Company as provided in Section 3.1
hereof, and, at such time, the corporation, association, partnership, organization, business, individual, government or political
subdivision thereof or a governmental agency (a “Person” or the “Persons”) in whose name
or names any certificate or certificates for shares of Common Stock shall be issuable upon exercise as provided in Section
3.3 hereof shall be deemed to have become the holder or holders of record thereof.

 

    	Appendix B-2

    	 

    

 

Common
Stock Purchase Warrant

Issued by Mateon Therapeutics, Inc.

 

3.3 Delivery
of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the Company’s
transfer agent (the “Transfer Agent”) to the Holder by crediting the account of the Holder’s prime
broker with the Depository Trust Company through its Deposit Withdrawal Agent Commission (“DWAC”) system
if the Company is then a participant in such system and there is an effective Registration Statement permitting the issuance
of the Warrant Shares to or resale of the Warrant Shares by the Holder, and otherwise by physical delivery to the address
specified by the Holder in the Exercise Notice by the date that is three Business Days after the latest of (A) the delivery
to the Company of the Exercise Notice, (B) surrender of this Warrant and (C) payment of the aggregate Exercise Price as set
forth above (such date, the “Warrant Share Delivery Date”). If the Company fails for any reason to deliver
to the Holder certificates evidencing the Warrant Shares via the DWAC system or a certificate, or certificates, subject to an
Exercise Notice by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and
not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the closing price of the Common Stock
on the date of the applicable Exercise Notice), $10 per Business Day (increasing to $20 per Business Day on the fifth
Business Day after such liquidated damages begin to accrue) for each Business Day after such Warrant Share Delivery Date
until such certificates are delivered or the Holder rescinds such exercise.

 

3.4
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit the Warrant Shares to the Holder via the
DWAC system or a certificate or certificates representing the Warrant Shares pursuant to Section 3.3 by the Warrant Share
Delivery Date, then the Holder will have the right to rescind such exercise.

 

3.5
Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause the Transfer Agent to transmit the Warrant Shares to the Holder via the DWAC system
or a certificate or certificates representing the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery
Date as provided in Section 3.3 above, and if after such date the Holder is required by its broker to purchase (in an open
market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in
satisfaction of a sale by the Holder of the Warrant Shares that the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price
(including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying
(1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue
times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored
(in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would
have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder
purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares
of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately
preceding sentence, the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, reasonable evidence of
the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder,
at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the
Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of the Warrant as required
pursuant to the terms hereof.

 

    	Appendix B-3

    	 

    

 

Common
Stock Purchase Warrant

Issued by Mateon Therapeutics, Inc.

 

3.6
Partial Exercise. In case exercise is in part only, a new Warrant of like tenor, dated the date hereof and calling in the
aggregate on the face thereof for the number of Warrant Shares equal to the number of Warrant Shares called for on the face of
this Warrant minus the number of Warrant Shares designated by the Holder upon exercise as provided in Section 3.1 hereof
(without giving effect to any adjustment thereof).

 

3.7
Company to Reaffirm Obligations. The Company will, at the time of each exercise of this Warrant and upon the written request
of the Holder hereof, acknowledge in writing its continuing obligation to afford to the Holder all rights (including without limitation
any rights to registration of the Warrant Shares issued upon exercise) to which the Holder shall continue to be entitled after
exercise in accordance with the terms of this Warrant; provided, however, that if the Holder shall fail to make
a request, the failure shall not affect the continuing obligation of the Company to afford the rights to such Holder.

 

4.
Warrant Adjustments.

 

The
Warrant Price and the number of shares purchasable upon exercise of this Warrant shall be subject to adjustment with respect to
events after the date hereof as follows:

 

(a)
Adjustment for Change in Capital Stock. Except as provided in Subsection 4(b) below, if the Company shall (i) declare
a dividend on its outstanding Common Stock in shares of its capital stock, (ii) subdivide its outstanding Common Stock, or (iii)
issue any shares of its capital stock by reclassification of its Common Stock (including any such reclassification in connection
with a consolidation or merger in which the Company is the continuing corporation), then in each such case the Warrant Price in
effect immediately prior to such action shall be adjusted so that if this Warrant is thereafter exercised, the Holder may receive
the number and kind of shares which it would have owned immediately following such action if it had exercised this Warrant immediately
prior to such action. Such adjustment shall be made successively whenever such an event shall occur. The adjustment shall become
effective immediately after the record date in the case of a dividend or distribution and immediately after the effective date
in the case of a subdivision or reclassification. If after an adjustment the Holder upon exercise of this Warrant may receive
shares of two or more classes of capital stock of the Company, the Company’s Board of Directors, in good faith, shall determine
the allocation of the adjusted Warrant Price between the classes of capital stock. After such allocation, the Warrant Price of
each class of capital stock shall thereafter be subject to adjustment on terms comparable to those applicable to Common Stock
in this Section 4.

 

(b)
Number of Shares. Upon each adjustment of the Warrant Price as a result of the calculations made in Subsection 4(a)
above, this Warrant shall thereafter evidence the right to purchase, at the adjusted Warrant Price, that number of shares
(calculated to the nearest one- hundredth) obtained by dividing (i) the product obtained by multiplying the number of shares issuable
upon exercise of this Warrant prior to adjustment of the number of shares by Warrant Price in effect prior to adjustment of the
Warrant Price by (ii) the Warrant Price in effect after such adjustment of the Warrant Price.

 

    	Appendix B-4

    	 

    

 

Common
Stock Purchase Warrant

Issued by Mateon Therapeutics, Inc.

 

(c)
Transactions Not Requiring Adjustments. No adjustment need be made for a transaction referred to in Subsection 4(a)
if the Holder is permitted to participate in the transaction on a basis no less favorable than any other party and at a level,
which would preserve the Holder’s percentage equity participation in the Common Stock upon exercise of this Warrant.

 

(d)
Action to Permit Valid Issuance of Common Stock. Before taking any action which would cause an adjustment reducing the
Warrant Price below the then par value, if any, of the shares of Common Stock issuable upon exercise of this Warrant, the Company
will take all corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and
legally issue shares of such Common Stock at such adjusted Warrant Price.

 

(e)
Minimum Adjustment. No adjustment in the Warrant Price shall be required if such adjustment is less than $0.05; provided,
however, that any adjustments, which by reason of this Subsection 4 (e) are not required to be made, shall be carried forward
and taken into account in any subsequent adjustment. All calculations under this Section 4 shall be made to the nearest
cent or to the nearest one-hundredth of a share, as the case may be. Anything to the contrary notwithstanding, the Company shall
be entitled to make such reductions in the Warrant Price, in addition to those required by this Subsection 4(e), as it
in its discretion shall determine to be advisable in order that any stock dividends, subdivision of shares, distribution of rights
to purchase stock or securities, or distribution of securities convertible into or exchangeable for stock hereafter made by the
Company to its stockholders shall not be taxable.

 

(f)
Referral of Adjustment. In any case in which this Section 4 shall require that an adjustment in the Warrant Price
be made effective as of a record date for a specified event (the “Exercise Event”), if this Warrant shall have been
exercised after such record date, the Company may elect to defer until the occurrence of the Exercise Event issuing to the Holder
the shares, if any, issuable upon the Exercise Event over and above the shares, if any, issuable upon such exercise on the basis
of the Warrant Price in effect prior to such adjustment; provided, however, that the Company shall deliver to the
Holder a due bill or other appropriate instrument evidencing the Holder’ right to receive such additional shares upon the
occurrence of the Exercise Event.

 

(g)
Number of Shares. Upon each adjustment of the Warrant Price as a result of the calculations made in Subsection 4(a),
this Warrant shall thereafter evidence the right to purchase, at the adjusted Warrant Price, that number of shares (calculated
to the nearest thousandth) obtained by dividing (i) the product obtained by multiplying the number of shares purchasable upon
exercise of this Warrant prior to adjustment of the number of shares by the Warrant Price in effect prior to adjustment of the
Warrant Price by (ii) the Warrant Price in effect after such adjustment of the Warrant Price.

 

(h)
Notice of Adjustments. Whenever the Warrant Price is adjusted, the Company shall promptly mail to the Holder a notice of
the adjustment together with a certificate from the Company’s Chief Financial Officer or Treasurer briefly stating (i) the
facts requiring the adjustment, (ii) the adjusted Warrant Price and the manner of computing it, and (iii) the date on which such
adjustment becomes effective. The certificate shall be prima facia evidence that the adjustment is correct, absent manifest error.

 

    	Appendix B-5

    	 

    

 

Common
Stock Purchase Warrant

Issued by Mateon Therapeutics, Inc.

 

(i)
Reorganization of Company. If the Company is a party to a merger, consolidation or a transaction in which (i) the Company
transfers or leases substantially all of its assets; (ii) the Company reclassifies or changes its outstanding Common Stock; or
(iii) the Common Stock is exchanged for securities, cash or other assets, the Person who is the transferee or lessee of such assets
or is obligated to deliver such securities, cash or other assets shall assume the terms of this Warrant. If the issuer of securities
deliverable upon exercise of this Warrant is an affiliate of the surviving, transferee or lessee corporation, that issuer shall
join in such assumption. The assumption agreement shall provide that the Holder may exercise this Warrant into the kind and amount
of securities, cash or other assets which it would have owned immediately after the consolidation, merger, transfer, lease or
exchange if it had exercised this Warrant immediately before the effective date of the transaction. The assumption agreement shall
provide for adjustments that shall be as nearly equivalent as may be practical to the adjustments provided for in this Section
4. The successor company shall mail to the Holder a notice briefly describing the assumption agreement. If this Subsection
4(i) applies, Subsection 4(a) above does not apply. Notwithstanding the forgoing, in the event of a reorganization
of the Company, the Company shall have the right to purchase this Warrant equal to the difference between the exercise price,
as adjusted, if any, and the equivalent value of share of Common Stock determined in the Reorganization by the Company’s
Board of Directors.

 

(j)
Dissolution, Liquidation. In the event of the dissolution or total liquidation of the Company, then after the effective
date thereof, this Warrant and all rights thereunder shall expire.

 

(k)
Notices. If (i) the Company takes any action that would require an adjustment in the Warrant Price pursuant to this Section
4; or (ii) there is a liquidation or dissolution of the Company, the Company shall mail to the Holder a notice stating the
proposed record date for a distribution or effective date of a reclassification, consolidation, merger, transfer, lease, liquidation
or dissolution. The Company shall mail the notice at least 15 days before such date. Failure to mail the notice or any defect
in it shall not affect the validity of the transaction.

 

5.
Fractional Shares. If the number of Warrant Shares purchasable upon the exercise of this Warrant is adjusted pursuant to
Section 4 hereof, the Company shall nevertheless not be required to issue fractions of shares upon exercise of this Warrant
or otherwise, or to distribute certificates that evidence fractional shares. Instead the Company will issue cash in the amount
equal to the fractional share times the Current Market Price calculated to the nearest penny.

 

6.
Right to Registration. The Holder has the right to require the Company to register the Warrant Shares under the Securities
Act of 1933 (the “Act”) in accordance with the terms of an agreement (the “Registration Rights Agreement”)
dated as of the date hereof between the Company and the Holders. The date on which the first Registration Statement filed pursuant
to the Registration Rights Agreement is declared effective by the Commission is herein referred to as the “Effective Date.”

 

7.
No Dilution or Impairment.

 

    	Appendix B-6

    	 

    

 

Common
Stock Purchase Warrant

Issued by Mateon Therapeutics, Inc.

 

7.1
Actions to Permit Issuance of Warrant Shares. The Company will not, by amendment of its certificate of incorporation or
through any consolidation, merger, reorganization, transfer of assets, 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 the Warrants, but will at all times in good
faith assist in the carrying out of all of the terms and in the taking of all actions necessary or appropriate in order to protect
the rights of the Holder. Without limiting the generality of the foregoing, the Company (a) will not permit the par value of any
shares of Common Stock receivable upon the exercise of the Warrants to exceed the amount payable therefor upon exercise, (b) will
take all actions necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable
shares of Common Stock on the exercise of the Warrants, and (c) will not take any action which results in any adjustment of the
Warrant Price if the total number of shares of Common Stock issuable after the action upon the exercise of the Warrant would exceed
the total number of shares of Common Stock then authorized by the Company’s certificate of incorporation and available for the
purpose of issuance upon exercise.

 

7.2
Acknowledgement of Company’s Obligations. The Company acknowledges that its obligation to issue shares of Common
Stock issuable upon exercise of the Warrants is binding upon it and enforceable regardless of the dilution that such issuance
may have on the ownership interests of other stockholders.

 

8.
Chief Financial Officer’s Report as to Adjustments. In the case of any adjustment or re-adjustment in the shares
of Common Stock issuable upon the exercise of the Warrants, the Company at its expense will promptly compute the adjustment or
re-adjustment in accordance with the terms of the Warrants and cause its Chief Financial Officer or Treasurer to certify the computation
(other than any computation of the fair value of property as determined in good faith by the Board of Directors of the Company)
and prepare a report setting forth the adjustment or re-adjustment and showing in reasonable detail the method of calculation
thereof and the facts upon which the adjustment or re-adjustment is based, including a statement of (a) the number of shares of
Common Stock outstanding or deemed to be outstanding and (b) the Warrant Price in effect immediately prior to the deemed issuance
or sale and as adjusted and re-adjusted (if required by Section 4 hereof) on account thereof. The Company will forthwith
mail a copy of each report to the Holder and will, upon the written request at any time of the Holder, furnish to the Holder a
like report setting forth the Warrant Price at the time in effect and showing in reasonable detail how it was calculated. The
Company will also keep copies of all reports at its office maintained pursuant to Section 12.2(a) hereof and will cause
them to be available for inspection at the office during normal business hours upon reasonable notice by the Holder or any prospective
purchaser of the Warrants designated by the Holder.

 

9.
Reservation of Shares. The Company shall at all times reserve and keep available out of its authorized but unissued shares
of Common Stock, free from all taxes, liens and charges with respect to the issue thereof and not be subject to preemptive rights
or other similar rights of stockholders of the Company, solely for the purpose of effecting the exercise of the Warrants, such
number of its shares of Common Stock as shall from time to time be sufficient to effect the exercise thereof, and if at any time
the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the exercise of the Warrants, in
addition to such other remedies as shall be available to the Holder, the Company will take such corporate action as may, in the
opinion of its counsel, be necessary to increase the number of authorized but unissued shares of Common Stock to such number of
shares as shall be sufficient for such purposes, including without limitation, using its best efforts to obtain the requisite
stockholder approval necessary to increase the number of authorized shares of the Company’s Common Stock. All shares of
Common Stock issuable upon exercise of the Warrants shall be duly authorized and, when issued upon exercise, shall be validly
issued and, in the case of shares, fully paid and nonassessable and free from all preemptive or similar rights, taxes, liens and
charges with respect to the issue thereof, and that upon issuance such shares shall be listed on each securities exchange, if
any, on which the other shares of outstanding Common Stock of the Company are then listed.

 

    	Appendix B-7

    	 

    

 

Common
Stock Purchase Warrant

Issued by Mateon Therapeutics, Inc.

 

10.
Listing. The Company shall at all times comply in all respects with the Company’s reporting, filing and other obligations
under the by-laws or rules of each national securities exchange or inter-dealer quotation system, if any, upon which shares of
Common Stock are then listed and shall list the shares issuable upon the exercise of the Warrants on such national securities
exchange or inter-dealer quotation system, if any, it being understood that the Company’s Common Stock is currently traded
on the OTCQX and the Company has no current plans to list its securities on any other exchange.

 

11.
Investment Representations: Restrictions on Transfer.

 

11.1
Investment Representations. The Holder acknowledge that the Warrants and the Warrant Shares have not been and, except as
otherwise provided herein, will not be registered under the Act or qualified under applicable state securities laws and that the
transferability thereof is restricted by the registration provisions of the Act as well as such state laws. The Holder represents
that it is acquiring this Warrant and will acquire the Warrant Shares for its own account, for investment purposes only and not
with a view to resale or other distribution thereof, nor with the intention of selling, transferring or otherwise disposing of
all or any part of such securities for any particular event or circumstance, except selling, transferring or disposing of them
upon full compliance with all applicable provisions of the Act, the Exchange Act, the Rules and Regulations promulgated by the
Commission thereunder, and any applicable state securities laws. The Holder further understands and agrees that (i) neither the
Warrants nor the Warrant Shares may be sold or otherwise transferred unless they are subsequently registered under the Act and
qualified under any applicable state securities laws or, in the opinion of counsel reasonably satisfactory to the Company, an
exemption from such registration and qualification is available; (ii) any routine sales of the Company’s securities made in reliance
upon Rule 144 promulgated by the Commission under the Act, can be effected only pursuant to the terms and conditions of that Rule,
including applicable holding periods and timely filing requirements with the Commission for the Company; and (iii) except as otherwise
set forth herein, the Company is under no obligation to register the Warrants or the Warrant Shares on its behalf or to assist
it in complying with any exemption from registration under the Act. The Holder agrees that each certificate representing any Warrant
Shares for which the Warrants may be exercised will bear on its face a legend in substantially the following form:

 

These
securities have not been registered under the Securities Act of 1933 or qualified under any state securities laws. They may not
be sold, hypothecated or otherwise transferred in the absence of an effective registration statement under that Act or qualification
under applicable state securities laws without an opinion counsel reasonably acceptable to the Company that such registration
and qualification are not required.

 

    	Appendix B-8

    	 

    

 

Common
Stock Purchase Warrant

Issued by Mateon Therapeutics, Inc.

 

11.2
Notice of Proposed Transfer; Opinion of Counsel. Prior to any transfer of any securities that are not registered under
an effective registration statement under the Act (“Restricted Securities”), the Holder will give written notice
to the Company of the Holder’s intention to affect a transfer and to comply in all other respects with this Section 11.2.
Each notice (a) shall describe the manner and circumstances of the proposed transfer, and (b) shall designate counsel for the
Holder giving the notice (who may be in-house counsel for the Holder). The Holder giving notice will submit a copy thereof to
the counsel designated in the notice. The following provisions shall then apply:

 

(i)
If in the opinion of counsel for the Holder reasonably satisfactory to the Company the proposed transfer (i.e. private
sale of Restricted Securities) may be effected without registration of Restricted Securities under the Act (which opinion shall
state the bases for the legal conclusions reached therein), the Holder shall thereupon be entitled to transfer the Restricted
Securities in accordance with the terms of the notice delivered by the Holder to the Company. Each certificate representing the
Restricted Securities issued upon or in connection with any transfer shall bear the restrictive legends required by Section
11.1 hereof.

 

(ii)
If the opinion called for in (i) above is not delivered, the Holder shall not be entitled to transfer the Restricted Securities
until either (x) receipt by the Company of a further notice from such Holder pursuant to the foregoing provisions of this Section
11.2 and fulfillment of the provisions of clause (i) above, or (y) such Restricted Securities have been effectively registered
under the Act.

 

11.3 Termination
of Restrictions. The restrictions imposed by this Section 11 upon the transferability of Restricted Securities
shall cease and terminate as to any particular Restricted Securities: (a) which Restricted Securities shall have been
effectively registered under the Act, or (b) when, in the opinions of both counsel for the holder thereof and counsel for the
Company, which opinion shall not be unreasonably withheld, such restrictions are no longer required in order to insure
compliance with the Act or Section 11 hereof. Whenever such restrictions shall cease and terminate as to any
Restricted Securities, the holder thereof shall be entitled to receive from the Company, without expense (other than
applicable transfer taxes, if any), new securities of like tenor not bearing the applicable legends required by Section
11.1 hereof.

 

12.
Ownership, Transfer and Substitution of Warrant.

 

12.1
Ownership of Warrant. The Company may treat the Holder, in whose name this Warrant is registered to in the Warrant Register
maintained pursuant to Subsection 12.2(b) hereof, as the owner and holder thereof for all purposes, notwithstanding any
notice to the contrary, except that, if and when any Warrant is properly assigned by a notice in substantially the form attached
to this Warrant as Exhibit B (or a reasonable facsimile thereof) duly executed by the holder thereof in blank, the Company
shall treat the bearer thereof as the owner of such Warrant for all purposes, notwithstanding any notice to the contrary. Subject
to Section 11 hereof, this Warrant, if properly assigned, may be exercised by a new holder without a new Warrant first
having been issued.

 

    	Appendix B-9

    	 

    

 

Common
Stock Purchase Warrant

Issued by Mateon Therapeutics, Inc.

 

12.2
Office; Transfer and Exchange of Warrant.

 

(a)
The Company will maintain an office (which may be an agency maintained at a bank) at 29397 Agoura Road, Suite 107, Agoura Hills,
California 91301 (until the Company notifies the Holder of any change of location of the office) where notices, presentations
and demands in respect of the may be made upon it.

 

(b)
The Company shall cause to be kept at its office maintained pursuant to Subsection 12.2(a) hereof a Warrant Register for
the registration and transfer of the Warrants. The names and addresses of holders of the Warrants, the transfers thereof and the
names and addresses of transferees of the Warrants shall be registered in such Warrant Register. The Person in whose name any
Warrant shall be so registered shall be deemed and treated as the owner and holder thereof for all purposes of such Warrant, and
the Company shall not be affected by any notice or knowledge to the contrary.

 

(c)
Upon the surrender of a Warrant, properly endorsed, for registration of transfer or for exchange at the office of the Company
maintained pursuant to Subsection 12.2(a) hereof, the Company at its expense will (subject to compliance with Section
11 hereof, if applicable) execute and deliver to or upon the order of the Holder thereof a new Warrant of like tenor, in the
name of such holder or as such holder (upon payment by such holder of any applicable transfer taxes) may direct, calling in the
aggregate on the face thereof for the number of shares of Common Stock called for on the face of the Warrant so surrendered.

 

12.3
Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of a Warrant and, in the case of any such loss, theft or destruction of a Warrant, upon delivery of indemnity reasonably
satisfactory to the Company in form and amount or, in the case of any mutilation, upon surrender of a Warrant for cancellation
at the office of the Company maintained pursuant to Subsection 12.2(a) hereof, the Company at its expense will execute
and deliver, in lieu thereof, a new Warrant of like tenor and dated the date hereof.

 

13.
No Rights or Liabilities as Stockholder. Except as may otherwise be provided herein, no Holder shall be entitled to vote
or receive dividends or be deemed the holder of any shares of Common Stock or any other securities of the Company which may at
any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the
Holder, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon
any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon
any recapitalization, issuance of stock, reclassification of stock, change of par value, consolidation, merger, conveyance, or
otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until such Holder’s
Warrant shall have been exercised and the shares of Common Stock purchasable upon the exercise hereof shall have become deliverable,
as provided herein. The Holder will not be entitled to share in the assets of the Company in the event of liquidation, dissolution
or the winding up of the Company.

 

    	Appendix B-10

    	 

    

 

Common
Stock Purchase Warrant

Issued by Mateon Therapeutics, Inc.

 

14.
Notices. Any notice or other communication in connection with this Warrant shall be deemed to be given if in writing addressed
as hereinafter provided and actually delivered at such address: (a) if to any Holder, at the registered address of such holder
as set forth in the Warrant Register kept at the office of the Company maintained pursuant to Subsection 12.2(a) hereof,
or (b) if to the Company, to the attention of its Chief Financial Officer at its office maintained pursuant to Subsection 12.2(a)
hereof; provided, however, that the exercise of any Warrant shall be effective in the manner provided in Section
3 hereof.

 

15.
Payment of Taxes. The Company will pay all documentary stamp taxes attributable to the issuance of shares of Common Stock
underlying this Warrant upon exercise of this Warrant; 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 registration of any certificate for shares of Common
Stock underlying this Warrant in a name other that of the Holder. The Holder is responsible for all other tax liability that may
arise as a result of holding or transferring this Warrant or receiving shares of Common Stock underlying this Warrant upon exercise
hereof.

 

16.
Warrant Agent. The Company shall serve as warrant agent for the Warrants. Upon 30 days’ notice to the Holder, the
Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any
corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation
to which the Company or any new warrant agent transfers substantially all of its corporate trust or stockholders services business
shall be 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.

 

17.
Miscellaneous. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument
in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. This Warrant
shall be construed and enforced in accordance with and governed by the laws of the State of California applicable to contracts
made and to be performed entirely within such State. Any action, suit or proceeding in connection with this Warrant maybe brought
in a federal or state court of record located in Orange County in the State of California, and the Holder and the Company each
agrees to submit to the personal jurisdiction of such court and waives any objection which either may have, based on improper
venue or forum non conveniens, to the conduct of any proceeding in any such court and waives personal service of any and
all process upon it, and consents that all such service of process be made by mail or messenger directed to it at the address
referred to in Section 15 above and that service so made shall be deemed to be completed upon the earlier of actual receipt
or five days after the same shall have been posted to its address. The section headings in this Warrant are for purposes of convenience
only and shall not constitute a part hereof. The use herein of the masculine pronouns or similar terms shall be deemed to include
the feminine and neuter genders as well and vice versa and the use of the singular pronouns shall be deemed to include the plural
as well and vice versa.

 

(signature
page to follow)

 

    	Appendix B-11

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Common Stock Purchase Warrant to be duly executed as of the date first above written.

 

	MATEON THERAPEUTICS, INC.	 
	 	 	 
	By:	          	 
	Name:	 	 
	Title:
    	President
    and Chief Executive Officer	 

 

Agreed
and Accepted:

 

 

Name: ______________

 

    	Appendix B-12

    	 

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

To
Be Executed by the Holder In Order to Exercise Warrants

 

TO:
Mateon Therapeutics, Inc.

 

(1)
The undersigned hereby elects to purchase _______ Warrant Shares of the Company pursuant to the terms of the attached
Warrant, 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

 

(3)
Please issue a certificate or certificates representing the 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:

 

 

 

 

 

	Dated: _________________	 
	 	 
	 	 
	 	 
	 	 
	 	Address
	 	 
	 	 
	 	Taxpayer
    Identification Number
	 	 
	 	 
	 	Signature

 

    	Appendix B-13

    	 

    

 

EXHIBIT
B

 

[FORM
OF ASSIGNMENT]

 

To
be executed by the registered holder if such holder desires to transfer the Warrant Certificate.

 

FOR
VALUE RECEIVED ________________________________ hereby sells, assigns and transfers unto

 

 

(Please
print name and address of transferee)

 

this
Warrant Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint
____________ Attorney, to transfer the within Warrant Certificate on the books of the within-named Company, with full power
of substitution.

 

Dated: ______________

 

	 	Signature ________________________________________
	 	(Signature
    must conform in all respects to name of holder as specified on the face of the Warrant Certificate.)
	

         
	 
	 	 
	 	(Insert
    Social Security or Other Identifying Number of Holder)
	 	 
	 	 
	 
	Signature
    Guaranteed

 

    	Appendix B-14

    	 

    

 

Appendix
CExhibit
10.5

 

Registered
#

 

MATEON
THERAPEUTICS,, INC.

16%
CONVERTIBLE UNSECURED NOTE DUE ________, 2021

 

	$____________	__________
    (Date)

 

THIS
NOTE IS ISSUED PURSUANT TO AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933 (THE “ACT”)
AND QUALIFICATION PROVISIONS OF APPLICABLE STATE SECURITIES LAWS. NEITHER IT NOR THE SHARES OF COMMON STOCK INTO WHICH IT CAN
BE CONVERTED CAN BE SOLD, HYPOTHECATED OR OTHERWISE TRANSFERRED UNLESS REGISTERED PURSUANT TO THE ACT AND QUALIFIED UNDER APPLICABLE
STATE LAW OR, IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO MAKER, AN EXEMPTION THEREFROM IS AVAILABLE.

 

FOR
VALUE RECEIVED, the undersigned, Mateon Therapeutics, Inc., a Delaware corporation with offices at 29397
Agoura Road,, Suite 107, Agoura Hills, CA 91301 (“Maker”), promises to pay to _____________(“Payee”),
with                              an
address at ____________________on 2020, except as otherwise provided herein (the “Maturity Date”), the principal
amount of ______________________________ ($___________) Dollars in lawful money of the United States of America (the “Principal”)
together with all accrued interest.

 

    	Appendix A-1

    	MateonTherapeutics, Inc.
16% Convertible Note
Page 2

    

 

 

NOTE
HOLDER NAME

 

This
Note is one of a series of notes (collectively the “Notes”), all with the same terms and conditions as those set forth
herein, which may be issued by Maker up to the aggregate principal amount of Two Million, Five Hundred Thousand ($2,500,000.00)
Dollars. Each Note is part of an offering (the “Offering”) of up to One Hundred (100) units (the “Units”)
being conducted by Maker. Each Unit consists of one Note in the principal amount of Twenty Five Thousand ($25,000.00) Dollars,
25,000 shares of the Common Stock of EdgePoint AI, Inc., a Delaware corporation, (“EdgePoint”) Maker’s wholly
owned subsidiary, 50,000 three year Warrants (the “EdgePoint Warrants”) each to purchase one share of EdgePoint’s
Common Stock at $1.00 per share and 50,000 three year Warrants (the “Mateon Warrants”) each to purchase one share
of Mateon’s Common Stock at $0.18 per share, each Warrant subject to certain anti dilution provisions. Maker covenants to
Payee that it will invest the entire proceeds of the Offering after all of the Offering expenses are paid in EdgePoint. The Offering
will terminate on the sooner of the sale of all of the Units or June 30, 2020 unless extended at the option of Maker and the placement
agent in the Offering).

 

This
Note is (i) convertible into Maker’s ordinary shares, no par value per share (“Maker’s Common Stock”)
and EdgePoint’s common stock (“EdgePoint’s Common Stock” collectively, with Maker’s Common Stock
the “Common Stock); and (ii) is unsecured all as set forth below. It bears simple interest (the “Interest”)
at the annual rate of sixteen percent (16%), payable, in arrears, on the Interest Payment Dates (as defined in Section 1 below),
until the Principal and all accrued Interest thereon (collectively the “Obligations”) shall be paid in full, or converted
to Common Stock.

 

1.
Interest. Maker will pay Interest on the thirtieth day of each September, December, March, and June, (the “Interest
Payment Dates”) commencing on July 15, 2020. Interest on this Note will accrue from the most recent date to which Interest
has been paid or, if no Interest has been paid, from the date of delivery of this Note. If an Interest Payment Date falls on a
date that is not a Business Day, the Interest shall be payable on the next succeeding Business Day. Interest will be computed
on the basis of a 360-day year of twelve 30-day months. A “Business Day” is any day other than a Saturday, a Sunday
or a day on which commercial banking institutions in New York, New York are authorized by law to be closed.

 

2.
Method of Payment. Maker will pay Principal and Interest in money of the United States that at the time of payment is legal
tender for the payment of public and private debts. Maker may, however, pay Principal and Interest by its check, subject to collection,
payable in such money. It may mail an Interest check to Payee’s address as it first appears on this Note or such other address
as Payee shall give by notice to Maker. Payee must surrender this Note to Maker to collect Principal payments or to convert to
Common Stock. If less than the then outstanding Principal is paid or converted, this Note shall be surrendered only for notation
by Maker of the Principal payment made or converted and returned to Payee. Anything to the contrary notwithstanding, in the event
that Payee converts this Note as provided in Section 3 below, at Payee’s option, Maker shall pay all then accrued
but unpaid Interest in cash or in Common Stock, at the sole discretion of the Maker at the then existing Conversion Rate, as defined
in Section 3(a) below.

 

    	Appendix A-2

    	MateonTherapeutics, Inc.
16% Convertible Note
Page 3

    

 

 

NOTE
HOLDER NAME

 

3.
Conversion.

 

(a)
Payee’s right to Convert. Except as provided in Paragraph 3(g)(iii) below, Payee shall have the right, at any time commencing
on the date that Maker shall issue this Note to Payee until the close of business on the day the Obligations are paid in full,
to cause the conversion (a “Conversion”) of all or any portion (if such portion is Five Thousand ($5,000) Dollars
or a whole multiple of Five Thousand ($5,000) Dollars) of the Principal, and Interest as provided in Section 2 above, outstanding
at the time such Conversion is effected (the “Convertible Obligations”) into shares of Common Stock (the “Underlying
Shares”). The price for Conversion, subject to adjustment as provided in Section 4 below, shall be Eighteen ($0.18)
Cents per share for Maker’s Common Stock and One ($1.00) Dollar per share for EdgePoint’s Common Stock (the “Conversion
Rate”), subject to adjustment as provided below. Neither Maker nor EdgePoint will issue a fractional share of Common
Stock upon Conversion but will round any fractional share to the nearest share so that if the fraction is less than 0.5 no share
shall be issued and if the fraction is 0.5 or higher Maker shall issue one full share.

 

(b)
Manner of Conversion. Payee may exercise Payee’s Conversion right by completing, executing and sending to Maker a completed
and executed Note Conversion Form appended hereto as Annex A (the “Conversion Notice”) setting forth the amount of
the Convertible Obligations to be converted and providing the other information required in the Conversion Notice. Maker shall
issue the number of Underlying Shares into which the Convertible Obligations are to be converted in accordance with the Conversion
Rate. If required by applicable federal or state securities laws or regulations, Payee shall represent in writing to Maker prior
to the receipt of the Underlying Shares that such Shares will be acquired by Payee for investment only and not for resale or with
a view to the distribution thereof, and shall agree that any certificates representing the Shares may bear a legend, conspicuously
noting such restriction, as Maker shall deem reasonably necessary or desirable to enable it to comply with any applicable federal
and/or state laws or regulations.

 

    	Appendix A-3

    	MateonTherapeutics, Inc.
16% Convertible Note
Page 4

    

 

 

NOTE
HOLDER NAME

 

(c)
Delivery of Certificates Upon Conversion. Certificates for Underlying Shares to be issued upon Conversion shall be transmitted
by Maker’s transfer agent (the “Transfer Agent”) to Payee (A) by crediting the account of Payee’s
prime broker with the Depository Trust Company through its Deposit Withdrawal Agent Commission (“DWAC”) system if
Maker or EdgePoint, as the case maybe, is then a participant in such system and there is either (1) an effective Registration
Statement, as defined in Section 5 below, permitting the issuance of the Underlying Shares to or resale of the Underlying
Shares by Payee or (2) the Underlying Shares are eligible for resale by Payee without volume or manner-of-sale limitations pursuant
to Rule 144 under the Act, or (B) if Maker or EdgePoint, as the case maybe, is not then a participant in the DWAC system and there
is not an effective Registration Statement as aforesaid, by physical delivery of the certificates, bearing the restrictive legends
required by Section 3(b) above if the Underlying Shares are otherwise not publicly tradable or without such restrictive
legends if the Underlying Shares are otherwise publicly tradable or eligible for resale by Payee without volume or manner-of-sale
limitations pursuant to Rule 144, to the address specified by Payee in the Conversion Notice by the date that is three (3) Business
Days after the later of (i) the delivery to Maker of the Conversion Notice or (ii) surrender of this Note (such date, the “Underlying
Share Delivery Date”).

 

(d)
Rescission Rights. If Maker fails to cause the Transfer Agent to transmit to Payee a certificate or the certificates representing
the Underlying Shares pursuant to Paragraph 3.(c) above by the Underlying Share Delivery Date, then, Payee will have the
right to rescind such Conversion, which will terminate on the earlier of the actual delivery of the Underlying Shares or three
(3) Business Days after the Underlying Share Delivery Date.

 

(e)
Partial Conversion. If only a portion of the Convertible Obligations then outstanding is converted, Maker shall deliver to Payee,
together with the aforesaid certificate(s), a new note, in form and substance identical to this Note, except that the principal
amount thereof shall equal that portion of the Obligations then outstanding which has not been converted.

 

    	Appendix A-4

    	MateonTherapeutics, Inc.
16% Convertible Note
Page 5

    

 

 

NOTE
HOLDER NAME

 

(f)
Taxes on Shares Issued. The issue of stock certificates on Conversions of this Note shall be made without charge to Payee for
any tax in respect of such issue. Maker shall not, however, be required to pay any tax which may be payable in respect of any
transfer involved in the issue and delivery of Common Stock in any name other than that of Payee, and Maker shall not be required
to issue or deliver any certificates representing such Common Stock unless and until the person or persons requesting the issue
thereof shall have paid to Maker the amount of such tax or shall have established to the satisfaction of Maker that such tax has
been paid.

 

(g)
Covenants of Maker Relating to Conversion. Maker covenants and agrees that from and after the date hereof and until the date of
repayment of all of the Obligations, or Conversion of all of the Convertible Obligations:

 

(i)
It shall reserve, free from preemptive rights, out of its and EdgePoint’s, as the case may be, authorized but unissued shares,
or out of shares held in its and EdgePoint’s treasury, sufficient shares to provide for the Conversion of this Note from
time to time as this Note is presented for Conversion;

 

(ii)
All Underlying Shares that may be issued upon Conversion of this Note will upon issue be validly issued, fully paid and non-assessable,
free from all taxes, liens and charges with respect to the issue thereof, and will not be subject to the preemptive rights of
any stockholder of Maker or EdgePoint, as the case may be;

 

(iii)
If any Underlying Shares to be provided for the purpose of Conversion of the Convertible Obligations require registration with
or approval of any governmental authority under any federal or state law before such shares may be validly issued upon Conversion,
Maker will in good faith and as expeditiously as possible endeavor to secure such registration or approval, as the case may be,
and Maker’s obligation to deliver shares of the Common Stock upon Conversion of the Convertible Obligations shall be abated
until such registration or approval is obtained; provided, however, that this Note and the Obligations shall remain
outstanding unless paid in full until Maker delivers the Underlying Shares and any then accrued but unpaid Interest to Payee and
in no event shall this Note be converted until Maker effects such delivery; and

 

(iv)
If, and thereafter so long as Maker’s Common Stock shall be or EdgePoint’s Common Stock shall become listed on any
securities exchange, market or other quotation system, Maker will, if permitted by the rules of such exchange, market or other
quotation system, list and keep listed and for sale so long as such Common Stock shall be so listed on such exchange, market or
other quotation system, upon official notice of issuance, all Underlying Shares issuable upon Conversion of the Convertible Obligations.

 

    	Appendix A-5

    	MateonTherapeutics, Inc.
16% Convertible Note
Page 6

    

 

 

NOTE
HOLDER NAME

 

4.
Adjustment in Conversion Rate.

 

(a)
Adjustment for Change in Capital Stock. Except as provided in Paragraph 4 (l) below, if Maker or EdgePoint, as the case may
be, shall (i) declare a dividend on its outstanding Common Stock in shares of its capital stock, (ii) subdivide its
outstanding Common Stock, (iii) combine its outstanding Common Stock into a smaller number of shares, or (iv) issue any
shares of its capital stock by reclassification of its Common Stock (including any such reclassification in connection with a
consolidation or merger in which Maker or EdgePoint, as the case may be, is the continuing corporation), then in each such
case the Conversion privilege and the Conversion Rate in effect immediately prior to such action shall be adjusted so that if
this Note is thereafter converted, Payee may receive the number and kind of shares which Payee would have owned immediately
following such action if Payee had converted this Note immediately prior to such action. Such adjustment shall be made
successively whenever such an event shall occur. The adjustment shall become effective immediately after the record date in
the case of a dividend or distribution and immediately after the effective date in the case of a subdivision, combination or
reclassification. If after an adjustment Payee upon Conversion of this Note may receive shares of two or more classes of
capital stock of Maker or EdgePoint, as the case may be, Maker’s Board of Directors shall determine, in good faith, the
allocation of the adjusted Conversion Rate between or among, as the case may be, the classes of capital stock. After such
allocation, the conversion privilege and conversion rate of each class of capital stock shall thereafter be subject to
adjustment on terms comparable to those applicable to Common Stock in this Section 4.

 

(b)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 4(a) above, if at any time Maker or EdgePoint,
as the case may be, grants, issues or sells any rights to purchase stock, warrants, securities or other property pro rata to the
record holders of any class of shares of Common Stock (the “Purchase Rights”), then Payee will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which Payee could have acquired if Payee had
held the number of shares of Common Stock acquirable upon complete conversion of this Note (without regard to any limitations
on exercise hereof), immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights,
or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the
grant, issue or sale of such Purchase Rights.

 

Action
to Permit Valid Issuance of Common Stock. Before taking any action that would cause an adjustment reducing the Conversion Rate
below the then par value, if any, of the shares of Common Stock issuable upon conversion of the Notes, Maker or EdgePoint, as
the case may be, will take all corporate action which may, in the opinion of its counsel, be necessary in order that Maker or
EdgePoint, as the case may be, may validly and legally issue shares of such Common Stock at such adjusted Conversion Rate.

 

(c)
Minimum Adjustment. No adjustment in the Conversion Rate shall be required if such adjustment is less than 2% of the then existing
Conversion Rate; provided, however, that any adjustments which by reason of this Paragraph 4 (d) are not
required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this
Section 4 shall be made to the nearest cent or to the nearest one- hundredth of a share, as the case may be. Anything to
the contrary notwithstanding, Maker or EdgePoint, as the case may be, shall be entitled to make such reductions in the Conversion
Rate, in addition to those required by this Paragraph 4 (d), as it in its discretion shall determine to be advisable in
order that any stock dividends, subdivision of shares, distribution of rights to purchase stock or securities, or distribution
of securities convertible into or exchangeable for stock hereafter made by Maker or EdgePoint, as the case may be, to its stockholders
shall not be taxable.

 

    	Appendix A-6

    	MateonTherapeutics, Inc.
16% Convertible Note
Page 7

    

 

 

NOTE
HOLDER NAME

 

(d)
Referral of Adjustment. In any case in which this Section 4 shall require that an adjustment in the Conversion Rate be
made effective as of a record date for a specified event (the “Conversion Event”), if this Note shall have been converted
after such record date, Maker or EdgePoint, as the case may be, may elect to defer until the occurrence of the Conversion Event
issuing to Payee the shares, if any, issuable upon the Conversion Event over and above the shares, if any, issuable upon such
Conversion Event on the basis of the Conversion Rate in effect prior to such adjustment; provided, however, that
Maker or EdgePoint, as the case may be, shall deliver to Payee a due bill or other appropriate instrument evidencing Payee’s
right to receive such additional shares upon the occurrence of the event requiring such adjustment.

 

(e)
Number of Shares. Upon each adjustment of the Conversion Rate as a result of the calculations made in Paragraphs 4(a) and
(b) above, this Note shall thereafter evidence the right to purchase, at the adjusted Conversion Rate, that number
of shares (calculated to the nearest one-hundredth) obtained by dividing (i) the product obtained by multiplying the number of
shares issuable upon Conversion of this Note prior to adjustment of the number of shares by the Conversion Rate in effect prior
to adjustment of the Conversion Rate by (ii) the Conversion Rate in effect after such adjustment of the Conversion Rate.

 

(f)
When No Adjustment Required. No adjustment need be made for a transaction referred to in Paragraphs 4(a) and (b)
above if Payee is permitted to participate in the transaction on a basis no less favorable than any other party and at a level
that would preserve Payee’s percentage equity participation in the Common Stock upon Conversion of this Note. No adjustment
need be made for sales of Common Stock pursuant to a plan by Maker or EdgePoint, as the case may be, for reinvestment of dividends
or interest, the granting of options and/or the exercise of options outstanding under any of Maker’s or EdgePoint’s,
as the case may be, currently existing stock option plans, the exercise of any other of Maker’s or EdgePoint’s, as
the case may be, currently outstanding options, or any currently authorized warrants, whether or not outstanding. No adjustment
need be made for a change in the par value of the Common Stock, or from par value to no par value or no par value to par value.
If this Note becomes convertible solely into cash, no adjustment need be made thereafter. Interest will not accrue on the
cash.

 

(g)
Notice of Adjustment. Whenever the Conversion Rate is adjusted, Maker shall promptly mail to Payee a notice of the adjustment
together with a certificate from Maker’s Chief Financial Officer briefly stating (i) the facts requiring the adjustment, ( ii) the adjusted Conversion Rate and the manner of computing it, and (iii) the date on which such adjustment
becomes effective. The certificate shall be evidence that the adjustment is correct , absent manifest
error.

 

(i)
Voluntary Reduction. Maker from time to time may reduce the Conversion Rate by any a mount for any period of time if the
period is at least twenty (20) days and if the reduction is irrevocable during the period. Whenever the Conversion Rate is
reduced, Maker shall mail to Payee a notice of the reduction. Maker shall mail the notice at least fifteen (15) days before
the date the reduced Conversion Rate takes effect. The notice shall state the reduced Conversion Rate and the period it will
be in effect. A reduction of the Conversion Rate does not change or adjust the Conversion Rate otherwise in effect for
purposes of Paragraphs 4 (a) and (b) above. Anything to the contrary notwithstanding, this Paragraph 4(i) shall
be void and of no effect if it violates the rules and/or regulations of any exchange or inter-dealer quotation system on
which the Common Stock is then listed for trading.

 

    	Appendix A-7

    	MateonTherapeutics, Inc.
16% Convertible Note
Page 8

    

 

 

NOTE
HOLDER NAME

 

(h)
Prohibition against Certain Reductions of Conversion Rate. Anything to the contrary notwithstanding, in no event shall the Conversion
Rate be reduced below the par value of the Common Stock.

 

(i)
Notice of Certain Transactions. If (i) Maker or EdgePoint, as the case may be, takes any action that would require an adjustment
in the Conversion Rate pursuant to this Section 4; or (ii) there is a liquidation or dissolution of Maker, or EdgePoint,
as the case may be, Maker shall mail to Payee a notice stating the proposed record date for a distribution or effective date of
a reclassification, consolidation, merger, transfer, lease, liquidation or dissolution. Maker shall mail the notice at least fifteen
(15) days before such date. Failure to mail the notice or any defect in it shall not affect the validity of the transaction.

 

(j)
Reorganization of Maker. If Maker and/or the holders of Common Stock are parties to a merger, consolidation or a transaction
in which (i) Maker transfers or leases substantially all of its assets; (ii) Maker reclassifies or changes its outstanding
Common Stock; or (iii) the Common Stock is exchanged for securities, cash or other assets; the person who is the transferee
or lessee of such assets or is obligated to deliver such securities, cash or other assets shall assume the terms of this
Note. If the issuer of securities deliverable upon Conversion of this Note is an affiliate of the surviving, transferee or
lessee corporation, that issuer shall join in such assumption. The assumption agreement shall provide that the Payee may
convert the Convertible Obligations into the kind and amount of securities, cash or other assets that Payee would have owned
immediately after the consolidation, merger, transfer, lease or exchange if Payee had converted this Note immediately before
the effective date of the transaction. The assumption agreement shall provide for adjustments that shall be as nearly
equivalent as may be practical to the adjustments provided for in this Section 4. The successor company shall mail to
Payee a notice briefly describing the assumption agreement. If this Paragraph applies, Paragraph 4 (a) above does not
apply.

 

    	Appendix A-8

    	MateonTherapeutics, Inc.
16% Convertible Note
Page 9

    

 

 

NOTE
HOLDER NAME

 

(k)
Adjustment Upon Issuance of Shares of Common Stock. If and whenever on or after the date hereof, EdgePoint issues or sells, or
in accordance with this section is deemed to have issued or sold, any shares of Common Stock (including the issuance or sale of
shares of Common Stock owned or held by or for the account of the Company, but excluding any Exempt Issuance issued or sold or
deemed to have been issued or sold) for a consideration per share (the “New Issuance Price”) less than a price
equal to the Conversion Rate in effect immediately prior to such issue or sale or deemed issuance or sale (such Conversion Rate
then in effect is referred to as the “Applicable Price”) (the foregoing a “Dilutive Issuance”),
then immediately after such Dilutive Issuance, the Conversion Rate then in effect shall be reduced to the New Issuance Price.
For all purposes of the foregoing (including, without limitation, determining the adjusted Conversion Rate and consideration per
share under this section), the following shall be applicable:

 

i.
Issuance of Common Stock Equivalents. If EdgePoint in any manner issues or sells any securities of EdgePoint or any subsidiary
which would entitle the holder thereof to acquire at any time EdgePoint Common Stock, including, without limitation, any
debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable
for, or otherwise entitles the holder thereof to receive, Edge Point Common Stock (collectively, “EdgePoint Common Stock
Equivalents”) (other than EdgePoint Common Stock Equivalents that qualify as Exempt Issuances) and the lowest price
per share for which one share of Common Stock is issuable upon the conversion, exercise or exchange thereof is less than the Applicable
Price, then such share of EdgePoint Common Stock shall be deemed to be outstanding and to have been issued and sold by the EdgePoint
at the time of the issuance or sale of such EdgePoint Common Stock Equivalents for such price per share. For the purposes of this
section, the “lowest price per share for which one share of EdgePoint Common Stock is issuable upon the conversion, exercise
or exchange thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received
or receivable by EdgePoint with respect to one share of Edge Point Common Stock upon the issuance or sale of the EdgePoint Common
Stock Equivalent and upon conversion, exercise or exchange of such EdgePoint EdgePoint Common Stock Equivalent and (y) the lowest
conversion price set forth in such EdgePoint Common Stock Equivalent for which one share of EdgePoint Common Stock is issuable
upon conversion, exercise or exchange thereof minus (2) the sum of all amounts paid or payable to the holder of such EdgePoint
Common Stock Equivalent (or any other person) upon the issuance or sale of such EdgePoint Common Stock Equivalent plus the value
of any other consideration received or receivable by, or benefit conferred on, the holder of such EdgePoint Common Stock Equivalent
(or any other Person). Except as contemplated below, no further adjustment of the Conversion Rate shall be made upon the actual
issuance of such shares of EdgePoint Common Stock upon conversion, exercise or exchange of such EdgePoint Common Stock Equivalents.

 

    	Appendix A-9

    	MateonTherapeutics, Inc.
16% Convertible Note
Page 10

    

 

 

NOTE
HOLDER NAME

 

ii.
Change in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any options, the additional consideration,
if any, payable upon the issue, conversion, exercise or exchange of any EdgePoint Common Stock Equivalents, or the rate at which
any EdgePoint Common Stock Equivalents are convertible into or exercisable or exchangeable for shares of EdgePoint Common Stock
increases or decreases at any time, the EdgePoint Conversion Rate in effect at the time of such increase or decrease shall be
adjusted to the EdgePoint Conversion Rate which would have been in effect at such time had such options or EdgePoint Common Stock
Equivalents provided for such increased or decreased purchase price, additional consideration or increased or decreased conversion
rate, as the case may be, at the time initially granted, issued or sold. For purposes of this section, if the terms of any EdgePoint
Common Stock Equivalent that was outstanding as of the date of issuance of this Note are increased or decreased in the manner
described in the immediately preceding sentence, then such EdgePoint Common Stock Equivalent and the shares of Common Stock deemed
issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such increase or
decrease. No adjustment pursuant to this section shall be made if such adjustment would result in an increase of the Conversion
Rate then in effect.

 

iii.
“Exempt Issuance” means the issuance of (a) shares of EdgePoint Common Stock and options to officers, employees,
or directors of Maker issued pursuant to plans that have been approved by a majority of the board of directors of Maker, (b) securities
upon the exercise or exchange of or conversion of any securities issued in the Offering and/or other securities exercisable or
exchangeable for or convertible into shares of EdgePoint Common Stock issued and outstanding on the date immediately prior to
the initial closing of this Offering, provided that such securities and any term thereof have not been amended since such date
to increase the number of such securities or to decrease the issue price, exercise price, exchange price or conversion price of
such securities, (c) full or partial consideration in connection with a strategic merger, acquisition, consolidation or purchase
of substantially all of the securities or assets of a corporation or other entity which holders of such securities or debt are
not at any time granted any registration rights but shall not include a transaction in which EdgePoint is issuing securities primarily
for the purpose of raising capital or to an entity whose primary business is investing in securities, and (d) securities in connection
with strategic license agreements and other partnering arrangements so long as such issuances are not primarily for the purpose
of raising capital and which holders of such securities or debt are not at any time granted registration rights.

 

5.
Right to Registration. Payee has the right to require Maker to register the resale of the Underlying Shares and the shares
issuable upon exercise of the Warrants owned by Payee (the “Warrant Shares”) under the Act pursuant to a registration
statement (a “Registration Statement”) filed with the Securities and Exchange Commission (the “Commission”)
in accordance with the terms of an agreement (the “Registration Rights Agreement”) dated as of the date hereof among
Maker, Payee and the holders of the other Notes. The date that the first Registration Statement filed pursuant to the Registration
Rights Agreement is declared effective by the Commission is herein referred to as the “Effective Date.”

 

    	Appendix A-10

    	MateonTherapeutics, Inc.
16% Convertible Note
Page 11

    

 

 

NOTE
HOLDER NAME

 

6.
Covenants. Maker covenants and agrees that from and after the date hereof and until the date of repayment or conversion
to Common Stock in full of the Obligations it shall comply with the following conditions:

 

(i)
Maintenance of Existence and Conduct of Business. Maker shall cause EdgePoint and each of its other subsidiaries, if any, to (A)
do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and rights;
and (B) continue to conduct its business so that the business carried on in connection therewith may be properly and advantageously
conducted at all times.

 

(ii)
Books and Records. Maker shall cause EdgePoint and each of its other subsidiaries, if any, to keep adequate books and records
of account with respect to its business activities.

 

(iii)
Insurance. Maker shall cause EdgePoint and each of its subsidiaries, if any, to maintain insurance policies insuring such risks
as are customarily insured against by companies engaged in businesses and/or with property similar to those operated and/or owned
or leased by Maker, EdgePoint or any such other subsidiaries, as the case may be, including but not limited to, insurance policies
covering real property. All such policies are to be carried with reputable insurance carriers and shall be in such amounts as
are customarily insured against by companies with similar assets and properties engaged in a similar business.

 

(iv)
Compliance with Law. Maker shall cause EdgePoint and each of its other subsidiaries, if any, to comply in all material respects
with all federal, state, local and foreign laws and regulations applicable to it or such subsidiaries, as the case may be, which,
if breached, would have a material adverse effect on Maker’s, EdgePoint’s or such other subsidiaries’, as the
case may be, business, prospects, operations, properties, assets or condition (financial or otherwise).

 

(v)
Compliance with Material Agreements, Leases, Licenses and Financial Obligations. All of the terms of each of Maker’s, EdgePoint’s
and/or its other subsidiaries’, if any, and affiliates’, material agreements, leases, licenses and financial obligations
shall be complied with, and each of them shall be kept in full force and effect in accordance with their respective terms.

 

7.
Reorganization of Maker. If Maker is party to a merger, consolidation or a transaction in which it is not the surviving
or continuing entity or transfers or leases all or substantially all of its assets, the person who is the surviving or continuing
entity or is the transferee or lessee of such assets shall assume the terms of this Note and the Obligations.

 

8.
Representations and Warranties of Maker. Maker represents and warrants that: (i) it, EdgePoint and each of its other subsidiaries,
if any, is a corporation or other entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization and has all requisite power to carry on its business as now conducted and to own its properties and assets
it now owns; (ii) it, EdgePoint and each of its other subsidiaries, if any, is duly qualified or licensed to do business as a
foreign corporation or other entity in good standing in the jurisdictions in which ownership of property or the conduct of its
business requires such qualification except jurisdictions in which the failure to qualify to do business will have no material
adverse effect on its business, prospects, operations, properties, assets or condition (financial or otherwise); (iii) it, EdgePoint
and each of its other subsidiaries, if any, and/or affiliates thereof, holds all licenses and otherwise complies with all laws,
rules and regulations required to permit it to own its property and conduct its business in the jurisdictions in which it owns
its property and conducts its business; (iv) it has full power and authority to execute and deliver this Note, and that the execution
and delivery of this Note will not result in the breach of or default under, with or without the giving of notice and/or the passage
of time, any other agreement, financial instrument, arrangement or indenture to which it is a party or by which it or EdgePoint
may be bound, or the violation of any law, statute, rule, decree, judgment or regulation binding upon it; (v) it, and each of
its subsidiaries, if any, is in material compliance with all of its financial obligations and all of its material agreements;
(vi) there is no action, suit, proceeding, or investigation pending or currently threatened against it, EdgePoint or any of its
other subsidiaries, if any; and (vii) it has taken and will take all acts required, including but not limited to authorizing the
signatory hereof on its behalf to execute this Note, so that upon the execution and delivery of this Note, it shall constitute
the valid and legally binding obligation of Maker enforceable against Maker in accordance with the terms thereof.

 

    	Appendix A-11

    	MateonTherapeutics, Inc.
16% Convertible Note
Page 12

    

 

 

NOTE
HOLDER NAME

9.
Defaults and Remedies.

 

(a)
Events of Default. The occurrence or existence of any one or more of the following events or conditions (regardless of the reasons
therefor) shall constitute an “Event of Default” hereunder:

 

(i)
Maker shall fail to make any payment of Principal or Interest when due and payable or declared due and payable pursuant to the
terms hereof and such failure shall remain uncured for a period of thirty (30) days thereafter;

 

(ii)
Maker shall fail at any time to be in material compliance with any of the covenants set forth in Section 3(c) or Section
7 of this Note, or, except as provided in Section 3(h) above, shall fail at any time to be in material compliance with
or neglect to perform, keep or observe any of the provisions of this Note to be complied with, performed, kept or observed by
Maker and such failure shall remain uncured for a period of thirty (30) days after notice thereof has been given by Payee to Maker;

 

(iii)
Any representation or warranty made in this Note by Maker shall be untrue or incorrect in any material respect as of the date
when made or deemed made;

 

(iv)
Maker shall commit an Event of Default in any of the other Notes as that term is defined therein;

 

(v)
Any money judgment, writ or warrant of attachment, or similar process not covered by insurance in excess of Fifty Thousand ($50,000)
Dollars in the aggregate shall be entered or filed against Maker, EdgePoint or any of its other subsidiaries, if any, or any of
their properties or other assets and shall remain unpaid, unvacated, unbonded or unstayed for a period of thirty (30) days;

 

(vi)
Maker, EdgePoint or any of its other subsidiaries, if any, shall make an assignment for the benefit of creditors or shall be unable
to pay its debts as they become due;

 

(vii)
Maker, EdgePoint or any of its other subsidiaries, if any, shall have received a written notice of default related to any material
agreement to which it is a party and such act of default shall remain uncured after any applicable cure period;

 

    	Appendix A-12

    	MateonTherapeutics, Inc.
16% Convertible Note
Page 13

    

 

 

NOTE
HOLDER NAME

 

(viii)
A case or proceeding shall have been commenced against Maker, EdgePoint or any of its other subsidiaries, if any, (each a “Proceeding
Company”) in a court having competent jurisdiction seeking a decree or order in respect of a Proceeding Company (A) under
Title 11 of the United States Code, as now constituted or hereafter amended, or any other applicable federal, state or foreign
bankruptcy or other similar law; (B) appointing a custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar
official) of a Proceeding Company, or any of its properties; or (C) ordering the winding-up or liquidation of the affairs of a
Proceeding Company, and such case or proceeding shall remain unstayed or un- dismissed for a period of sixty (60) consecutive
days or such court shall enter a decree or order granting the relief sought in such case or proceeding; or

 

(ix)
A Proceeding Company shall (A) file a petition seeking relief under Title 11 of the United States Code, as now constituted or
hereafter amended, or any other applicable federal, state or foreign bankruptcy or other similar law; or (B) consent to the institution
of proceedings there under or to the filing of any such petition or to the appointment of or the taking of possession by a custodian,
receiver, liquidator, assignee, trustee or sequestrator (or similar official) of such Proceeding Company, or any of its properties.

 

(b)
Remedies. Upon the occurrence of an Event of Default specified in Paragraphs 9(a) (viii) and (ix) above, all Obligations
then remaining unpaid hereunder shall immediately become due and payable in full, plus interest on the unpaid portion of the Obligations
at the highest rate permitted by applicable law, without notice to Maker and without presentment, demand, protest or notice of
protest, all of which are hereby waived by Maker together with all reasonable costs and expenses of the collection and enforcement
of this Note, including reasonable attorney’s fees and expenses, all of which shall be added to the amount due under this
Note. Upon the occurrence of any other Event of Default, the holders of no less than 50.1% in principal amount of the Notes may
thereafter, at their option immediately by notice to Maker, declare all Obligations then remaining unpaid or converted to Common
Stock hereunder immediately due and payable, whereupon the same shall forthwith mature and become due and payable, without any
further notice to Maker and without presentment, demand, protest or notice of protest, all of which are hereby waived by Maker.
Upon a declaration of acceleration, the entire Obligations then remaining unpaid or not converted to Common Stock hereunder shall
become immediately due and payable in full plus interest on the unpaid portion of the Obligations at the highest rate permitted
by applicable law and all reasonable costs and expenses of the collection and enforcement of this Note, including reasonable attorney’s
fees and expenses, all of which shall be added to the amount due under this Note. The rights, powers, privileges and remedies
of Payee pursuant to the terms hereof are cumulative and not exclusive of any other rights, powers, privileges and remedies that
Payee may have under this Note or any other instrument or agreement.

 

    	Appendix A-13

    	MateonTherapeutics, Inc.
16% Convertible Note
Page 14

    

 

 

NOTE
HOLDER NAME

 

10.
Maker’s Right to Convert Note. On or after the earlier of the Effective Date as long as a Registration Statement
remains effective or the date on which the Underlying Shares may otherwise be sold publicly without restriction pursuant to Rule
144 of the Act, Maker may, at its option, convert all of this Note, but not any portion thereof, in accordance with the provisions
of Section 3 above at any time on not less than thirty (30) days’ prior written notice, provided that the daily average
weighted trading price of Maker’s Common Stock equals or exceeds either $2.00 per share regarding EdgePoint or $0.50 per
share regarding Mateon for a period of thirty (30) consecutive trading days (which period must commence after the Effective Date)
ending one trading day prior to the notice of redemption. If this Note is converted pursuant to the terms of this Section 10
then all of the Notes must be converted.

 

11.
Acknowledgment of Payee’s Investment Representations. By accepting this Note, Payee acknowledge that this Note has
not been and will not be registered under the Act or qualified under any state securities laws and that the transferability thereof
is restricted by the registration provisions of the Act as well as the qualification provisions of such state laws. Based upon
the representations and agreements being made by Payee herein, this Note is being issued to Payee pursuant to an exemption from
such registration provided by Section 4 (2) of the Act and Rule 506 promulgated there under, and such applicable state securities
law qualification exemptions. Payee represents that Payee is acquiring this Note for Payee’s own account, for investment
purposes only and not with a view to resale or other distribution thereof, or with the intention of selling, transferring or otherwise
disposing of all or any part of it for any particular event or circumstance, except selling, transferring or disposing of it only
upon full compliance with all applicable provisions of the Act, the Securities Exchange Act of 1934, the Rules and Regulations
promulgated by the Commission there under, and any applicable state securities laws. Payee further understands and agree that
no transfer of this Note shall be valid unless made in compliance with the restrictions set forth on the front of this Note, effected
on Maker’s books by the registered holder hereof, in person or by an attorney duly authorized in writing, and similarly
noted hereon. Maker may charge Payee a reasonable fee for any re registration, transfer or exchange of this Note.

 

12.
Limitation of Interest Payments. Nothing contained in this Note or in any other agreement between Maker and Payee requires
Maker to pay or Payee to accept Interest in an amount that would subject Maker to any penalty or forfeiture under applicable law.
In no event shall the total of all charges payable hereunder, whether of Interest or of such other charges that may or might be
characterized as interest, exceed the maximum rate permitted to be charged under the laws of the states of California or New York.
Should Payee receive any payment, which is or would be in excess of that permitted to be charged under such laws, such payment
shall have been and shall be deemed to have been made in error and shall automatically be applied to reduce the Principal outstanding
on this Note.

 

13.
Miscellaneous.

 

(a)
Effect of Forbearance. No forbearance, indulgence, delay or failure to exercise any right or remedy by Payee with respect to this
Note shall operate as a waiver or as an acquiescence in any default.

 

    	Appendix A-14

    	MateonTherapeutics, Inc.
16% Convertible Note
Page 15

    

 

 

NOTE
HOLDER NAME

 

(b)
Effect of Single or Partial Exercise of Right. No single or partial exercise of any right or remedy by Payee shall preclude any
other or further exercise thereof or any exercise of any other right or remedy by Payee.

 

(c)
Governing Law; Venue. This Note shall be construed and enforced in accordance with, and the rights of the parties shall be governed
by, the internal laws of the State of California applicable to contracts made and to be performed entirely within such State.
Any action, suit or proceeding in connection with this Note may be brought against Maker in a federal or state court of record
located in Orange County, California, and Maker and Payee each agrees to submit to the personal jurisdiction of such court and
waives any objection which either may have, based on improper venue or forum non conveniens, to the conduct of any proceeding
in any such court and waives personal service of any and all process upon it, and consents that all such service of process be
made by mail or messenger directed to it at the address referred to in Paragraph 13(g) below and that service so made shall
be deemed to be completed upon the earlier of actual receipt or five (5) days after the same shall have been posted to its address.

 

(d)
Headings. The headings and captions of the various paragraphs herein are for convenience of reference only and shall in no way
modify any of the terms or provisions of this Note.

 

(e)
Loss, Theft, Destruction or Mutilation. Upon receipt by Maker of evidence reasonably satisfactory to it of loss, theft, destruction
or mutilation of this Note, Maker shall make and deliver or caused to be made and delivered to Payee a new Note of like date and
tenor in lieu of this Note.

 

(f)
Modification of Note or Waiver of Terms Thereof. No modification or waiver of any of the provisions of this Note shall be effective
unless in writing and signed by Maker and Payee and then only to the extent set forth in such writing, or shall any such modification
or waiver be applicable except in the specific instance for which it is given. This Note may not be discharged orally but only
in writing duly executed by Payee.

 

(g)
Notice. All offers, acceptances, notices, requests, demands and other communications under this Note shall be in writing and,
except as otherwise provided herein, shall be deemed to have been given only: (i) when delivered in person; (ii) one (1) day after
deposit with a nationally recognized overnight courier service; or, (iii) five (5) days after having been mailed by certified
or registered mail prepaid, to the parties at their respective addresses first set forth above, or at such other address as may
be given in writing in future by either party to the other. Notice may also be given via electronic or facsimile transmission
to a party who provides such party’s fax number or email address to the other party and shall be deemed to have been given
if receipt thereof is confirmed by the recipient.

 

(h)
Transfer. This Note shall be transferable only on the books of Maker upon delivery thereof duly endorsed by Payee or by Payee’s
duly authorized attorney or representative, or accompanied by proper evidence of succession, assignment, or authority to transfer.
In all cases of transfer by an attorney, executor, administrator, guardian, or other legal representative, duly authenticated
evidence of his, her or its authority shall be produced. Upon any registration of transfer, Maker shall deliver a new Note or
Notes to the person entitled thereto. Notwithstanding the foregoing, Maker shall have no obligation to cause Notes to be transferred
on its books to any person if, in the reasonable opinion of counsel to Maker, such transfer does not comply with the provisions
of the Act and the rules and regulations there under and/or applicable state securities laws.

 

(i)
Successors and Assigns. This Note shall be binding upon Maker, its successors, assigns and transferees, and shall inure to the
benefit of and be enforceable by Payee and Payee’s successors and assigns.

 

(j)
Severability. If one or more of the provisions or portions of this Note shall be deemed by any court or quasi-judicial authority
to be invalid, illegal or unenforceable in any respect, the invalidity, illegality or unenforceability of the remaining provisions,
or portions of provisions contained herein shall not in any way be affected or impaired thereby.

 

(k)
Gender. The use herein of the masculine pronouns or similar terms shall be deemed to include the feminine and neuter genders as
well and vice versa and the use of the singular pronouns shall be deemed to include the plural as well and vice versa.

 

(signature
page to follow)

 

    	Appendix A-15

    	MateonTherapeutics, Inc.
16% Convertible Note
Page 16

    

 

 

NOTE
HOLDER NAME

 

IN
WITNESS WHEREOF, Maker has caused this Note to be executed on its behalf by an officer thereunto duly authorized as of the date
set forth above.

 

	 	Mateon Therapeutics, Inc. a Delaware corporation
	 	 	 
	 	By:	                      
	 	 	Vuong Trieu, President and CEO

 

ATTEST:___________________________

_________________,
Secretary

 

    	Appendix A-16

    	MateonTherapeutics, Inc.
16% Convertible Note
Page 17

    

 

 

NOTE
HOLDER NAME

 

ANNEX
A

 

NOTICE
OF CONVERSION

 

The
undersigned hereby elects to convert principal under the 16% Convertible Subordinated Unsecured Note due June 30, 2021 of Mateon
Therapeutics, Inc., a Delaware corporation (the “Company”), into shares of common stock (the “Common
Stock”), of __________________________according to the conditions hereof, as of the date written below. If shares
of Common Stock are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes
payable with respect thereto and is delivering herewith such certificates and opinions as reasonably requested by the Company
in accordance therewith. No fee will be charged to the holder for any conversion, except for such transfer taxes, if any.

 

The
undersigned agrees to comply with the delivery requirements set forth in the Subscription Agreement and Investment Letter to which
this Notice of Conversion is appended as Annex A under the applicable securities laws in connection with any transfer of the aforesaid
shares of Common Stock.

 

Conversion
calculations:

Date
to Effect Conversion:

 

Principal
Amount of Debenture to be Converted: Number of shares of Common Stock to be issued:

 

Signature:

 

Name:

 

Address
for Delivery of Common Stock

 

Certificates:

 

Or

 

DWAC
Instructions:

 

Broker
No:________________

Account No:_______________

 

    	Appendix A-17

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