Document:

Exhibit 10.90

	Exhibit 10.90

	AMENDMENT NO. 2 TO NOTE PURCHASE AGREEMENT

	          This
AMENDMENT NO. 2 is made as of the 3rd day of May, 2002 (the “Amendment”) by and between
Kevin Kimberlin Partners, L.P., a Delaware limited partnership (“KKP”), The Immune
Response Corporation, a Delaware corporation (“Seller”), and Oshkim Limited Partnership
(“Oshkim”).

	          WHEREAS,
Seller, KKP and Oshkim entered into that certain Note Purchase Agreement dated as of
November 9, 2001, as amended by Amendment No. 1 to Note Purchase Agreement dated as of
February 14, 2002 (the “Agreement”).

	          WHEREAS,
Seller proposes to issue and sell Additional Securities to Oshkim and Oshkim wishes to
purchase Additional Securities (as defined in the Agreement) from Seller.

	          WHEREAS,
the parties desire to amend the Agreement as set forth below.

	          NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants set forth
below, the parties hereby amend the Agreement and agree as follows:

	 	 1. 	Effective as of the date of this Amendment,
      the Agreement is hereby amended as follows:

	 	 a. 	The third recital is hereby amended
      to substitute “$4,000,000” for “$2,000,000”.

	 	 b 	Section 6.2(a) is hereby amended to
      add a new last sentence which shall read in its entirety as follows:

	 	“Notwithstanding the foregoing,
      Seller and Oshkim acknowledge and accept that as of the date of Amendment
      No. 2 to this Agreement Seller does not have reserved and available out
      of its authorized but unissued shares of Common Stock sufficient shares
      of Common Stock for the purpose of issuing Common Stock upon the exercise
      in full of the Warrants issued to Oshkim on May 3, 2002. Seller shall promptly
      take all corporate action as may be necessary to increase its authorized
      but unissued shares of Common Stock to such number of shares as shall be
      sufficient for reserving and making available shares of Common Stock issuable
      upon the exercise in full of the Warrants issued to Oshkim on May 3, 2002.”

	          2.
             Except as specifically provided
      herein, the Agreement, as originally executed by the parties thereto and
      as amended hereby, shall remain in full force and effect.

	          3.
             Any defined terms not defined
      herein shall have the respective meanings set forth in the Agreement.

	          4.
             This Amendment may be executed
      in counterparts, each of which shall be deemed an original, but all of which
      together shall constitute one and the same instrument.

	          5.
             This Amendment shall be governed
      by and construed in accordance with the internal laws of the State of New
      York applicable to agreements made and to be performed entirely within such
      jurisdiction.

 
	 	
-1-	 

 

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

	 	KEVIN KIMBERLIN PARTNERS, L.P. 

      

      

      By:______________________________________

	 	Name: _________________________________
      

      Title: __________________________________ 

	 	OSHKIM LIMITED PARTNERSHIP 

      

      

      By: _____________________________________

	 	Name:_________________________________

      Title:__________________________________

	 	THE IMMUNE RESPONSE CORPORATION 

      

      

      By:______________________________________

	 	Name:__________________________________

      Title:___________________________________Exhibit 10.91

	Exhibit 10.91

	 	THE SECURITIES REPRESENTED HEREBY HAVE BEEN
      ISSUED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
      OR UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE SOLD, TRANSFERRED OR
      PLEDGED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER APPLICABLE
      FEDERAL AND STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY
      TO THE COMPANY THAT THE TRANSFER IS EXEMPT FROM REGISTRATION UNDER APPLICABLE
      FEDERAL AND STATE SECURITIES LAWS.	 

	THE IMMUNE RESPONSE CORPORATION 

      8% CONVERTIBLE SECURED PROMISSORY NOTE

	$4,000,000	 New York, New York

      May 3, 2002

	          FOR
the receipt of $1,980,712.33 in cash and the cancellation of $2,000,000 of principal
indebtedness plus $19,287.67 interest represented by the 8% Secured Promissory Note dated
March 20, 2002 from the Issuer to the Purchaser (as defined below), the undersigned, The
Immune Response Corporation, a Delaware corporation (the “Issuer”), hereby
unconditionally promises to pay on the Note Maturity Date (as defined in that certain
Note Purchase Agreement, dated November 9, 2001, by and between the Purchaser, Kevin
Kimberlin Partners, L.P., a Delaware limited partnership, and the Issuer, and as amended
as of February 14, 2002 and further amended as of May 3, 2002 (the “Note Purchase
Agreement”)) to the order of Oshkim Limited Partnership, a Delaware limited partnership
(the “Purchaser”), at the office of the Purchaser located at 535 Madison Avenue, 18th
Floor, New York, New York 10022, or such other address designated by the Purchaser, in
lawful money of the United States of America and in immediately available funds, the
principal amount of (a) Four Million Dollars ($4,000,000) or (b) if less as a result of
any voluntary conversion(s) of this Note in part in accordance with Section 3.4 of the
Note Purchase Agreement, the aggregate unpaid principal amount of this Note. Subject to
Section 3.4 of the Note Purchase Agreement, the Issuer further agrees to pay interest on
the unpaid principal amount outstanding hereunder from time to time, from the date
hereof, in like money, at the rate of eight (8%) percent per annum, as and at the dates
specified in Section 3.3 of the Note Purchase Agreement.

	          This
Note is one of the promissory notes referred to in the Note Purchase Agreement, and is
entitled to the benefits thereof, is secured as provided therein (and as provided in that
certain Intellectual Property Security Agreement, dated November 9, 2001, executed by the
Issuer and as amended as of February 14, 2002) and is subject to conversion as set forth
therein. In the event of any conflict between the Note Purchase Agreement and this Note,
the terms and provisions of the Note Purchase Agreement shall govern.

	          Upon
the occurrence of any one or more of the Events of Default specified in the Note Purchase
Agreement, all amounts then remaining unpaid on this Note shall become, or may be
declared to be, immediately due and payable, all as provided in the Note Purchase
Agreement.

 

 

	          Subject
to the provisions of the legend above, this Note is freely transferable, in whole or in
part, by the Purchaser, and such transferee shall have the same rights hereunder as the
Purchaser. The Issuer may not assign or delegate any of its obligations under this Note
without the prior written consent of the Purchaser (or its successor, transferee or
assignee).

	          All
parties now and hereafter liable with respect to this Note, whether maker, principal,
surety, guarantor, endorser or otherwise, hereby waive presentment, demand, protest and
all other notices of any kind.

	          Subject
to Section 3.3 of the Note Purchase Agreement, the Issuer agrees to pay all of the
Purchaser’s expenses, including reasonable attorneys’ costs and fees, incurred in
collecting sums due under this Note.

	          This
Note shall be subject to prepayment only in accordance with the terms of the Note
Purchase Agreement.

	          This
Note shall be governed by, and construed and interpreted in accordance with, the laws of
the State of New York.

	 	THE IMMUNE RESPONSE CORPORATION

      

      

      By: ______________________________________

	 	Name:__________________________________

      Title:___________________________________ 

 
	 	
-2-Exhibit 10.92

	Exhibit 10.92

	WARRANT AGREEMENT

	          WARRANT
AGREEMENT (this “Agreement”), dated as of May 3, 2002, by and between The Immune Response
Corporation, a Delaware corporation (the “Company”), and Oshkim Limited Partnership, a
Delaware limited partnership (the “Warrant Holder”).

	W I T N E S S E T H

	          WHEREAS,
the parties have entered into that certain Note Purchase Agreement, dated as of November
9, 2001, by and between the Company and Kevin Kimberlin Partners, L.P., as amended by
Amendment No. 1 to the Note Purchase Agreement dated as of February 14, 2002 and
Amendment No. 2 dated as of May 3, 2002, each by and between the Company, Kevin Kimberlin
Partners, L.P. and the Warrant Holder (the “Note Purchase Agreement”); and

	          WHEREAS,
pursuant to the Note Purchase Agreement, the Warrant Holder has agreed to loan to the
Company Four Million ($4,000,000) Dollars (the “Loan Amount”), subject to the issuance by
the Company of a convertible secured promissory note (the “Note”), and the Company has
agreed to issue to the Warrant Holder warrants (the “Warrants”) to purchase 9,276,437
shares of the Company’s common stock, par value $.0025 per share (the “Common Stock”),
which equals the Loan Amount divided by eighty (80%) percent of the Exercise Price (as
defined in Section 1 hereof), subject to the terms set forth herein.

	          NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants and promises
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

	          1.
          Warrants. The Company hereby grants to the
      Warrant Holder, subject to the terms set forth herein, the right to purchase
      from the Company at any time and from time to time after the date hereof
      until 5:00 p.m., New York City local time, on May 3, 2012 (the “Expiration
      Date”), up to 9,276,437 fully paid and non-assessable shares of Common
      Stock, subject to adjustment pursuant to Section 3 hereof (the “Shares”),
      which number of Shares equals the Loan Amount divided by eighty (80%) percent
      of the Exercise Price. Notwithstanding the foregoing, the Warrants shall
      only be exercisable to the extent that shares of Common Stock issuable on
      exercise of the Warrants, when aggregated with (i) the Company’s outstanding
      shares of Common Stock as of the date hereof and (ii) shares of Common Stock
      issuable on conversion or exercise, as the case may be, of notes, warrants
      and stock options outstanding as of the date hereof, would not exceed the
      number of shares authorized under the Company’s Restated Certificate
      of Incorporation, as amended. The Company shall promptly cause its Restated
      Certificate of Incorporation, as amended, to be further amended to increase
      the number of shares of Common Stock authorized thereunder as shall be sufficient
      for reserving and making available shares of Common Stock issuable upon
      the exercise in full of the Warrants issued to the Warrant holder hereunder.
      For purposes of this Agreement, the “Exercise Price” shall initially
      be $0.54, which is equal to the average of the closing bid prices of the
      Common Stock for the ten (10) consecutive trading days immediately preceding
      the date hereof, subject to any adjustments pursuant to Section 3 hereof.

	          2.
            Exercise of Warrants.

 

 

	                   2.1
          Exercise. The Warrants may be exercised by
      the Warrant Holder, in whole or in part, by delivering the Notice of Exercise
      purchase form, attached as Exhibit A hereto, duly executed by the Warrant
      Holder to the Company at its principal office, or at such other office as
      the Company may designate, accompanied by payment, in cash or by wire transfer
      or check payable to the order of the Company, of the amount obtained by
      multiplying the number of Shares designated in the Notice of Exercise by
      the Exercise Price (the “Purchase Price”). The Purchase Price
      may also be paid, in whole or in part, by delivery of such purchase form
      and of shares of Common Stock owned by the Warrant Holder having a Fair
      Market Value (as defined in Section 2.3 hereof) on the last trading day
      ending the day immediately preceding the Exercise Date (as defined below)
      equal to the portion of the Purchase Price being paid in such shares. In
      addition, the Warrants may be exercised, pursuant to a cashless exercise,
      except as set forth in Section 3.3(4) below, by providing irrevocable instructions
      to the Company, through delivery of the aforesaid purchase form with an
      appropriate reference to this Section 2.1 to issue the number of shares
      of the Common Stock equal to the product of (a) the number of shares as
      to which the Warrants are being exercised multiplied by (b) a fraction,
      the numerator of which is the Fair Market Value of a share of the Common
      Stock on the last business day preceding the Exercise Date less the Exercise
      Price therefore and the denominator of which is such Fair Market Value.
      For purposes hereof, “Exercise Date” shall mean the date on which
      all deliveries required to be made to the Company upon exercise of Warrants
      pursuant to this Section 2.1 shall have been made.

	                   2.2
           Issuance of Certificates. As soon as
      practicable after the exercise of the Warrants (in whole or in part) in
      accordance with Section 2.1 hereof, the Company, at its expense, shall cause
      to be issued in the name of and delivered to the Warrant Holder (i) a certificate
      or certificates for the number of fully paid and non-assessable Shares to
      which the Warrant Holder shall be entitled upon such exercise and (if applicable)
      (ii) a new warrant agreement of like tenor to purchase all of the Shares
      that may be purchased pursuant to the portion, if any, of the Warrants not
      exercised by the Warrant Holder. The Warrant Holder shall for all purposes
      be deemed to have become the holder of record of such Shares on the date
      on which the Notice of Exercise and payment of the Purchase Price in accordance
      with Section 2.1 hereof were delivered and made, respectively, irrespective
      of the date of delivery of such certificate or certificates, except that
      if the date of such delivery, notice and payment is a date when the stock
      transfer books of the Company are closed, such person shall be deemed to
      have become the holder of record of such Shares at the close of business
      on the next succeeding date on which the stock transfer books are open.

	                   2.3
           Fair Market Value. The “Fair Market
      Value” of a share of Common Stock on any day means: (a) if the principal
      market for the Common Stock is The Nasdaq National Market or any other national
      securities exchange, the last sales price of the Common Stock on such day
      as reported by such exchange or market, or on a consolidated tape reflecting
      transactions on such exchange or market, or (b) if the principal market
      for the Common Stock is not a national securities exchange or The Nasdaq
      National Market and the Common Stock is quoted on the National Association
      of Securities Dealers Automated Quotations System, the mean between the
      closing bid and the closing asked prices for the Common Stock on such day
      as quoted on such System, or (c) if the Common Stock is not quoted on the
      National Association of Securities Dealers Automated Quotations System,
      the mean between the highest bid and lowest asked prices for the Common
      Stock on such day as reported by Pink Sheets LLC; provided, however,
      that if none of (a), (b) or (c) above is applicable, or if no trades have
      been made or no 

 
	 	
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	quotes are available for such day, the Fair
Market Value of the Common Stock shall be reasonably determined, in good faith, by the
Board of Directors of the Company (the “Board of Directors”).

	                   3.
           Adjustments.

	                           3.1
           Stock Splits, Stock Dividends and Combinations.
      If the Company at any time subdivides the outstanding shares of the Common
      Stock or issues a stock dividend (in Common Stock) on the outstanding shares
      of the Common Stock, the Exercise Price in effect immediately prior to such
      subdivision or the issuance of such stock dividend shall be proportionately
      decreased, and the number of Shares subject hereto shall be proportionately
      increased, and if the Company at any time combines (by reverse stock split
      or otherwise) the outstanding shares of Common Stock, the Exercise Price
      in effect immediately prior to such combination shall be proportionately
      increased, and the number of Shares subject hereto shall be proportionately
      decreased, effective at the close of business on the date of such subdivision,
      stock dividend or combination, as the case may be.

	                           3.2
           Merger or Consolidation. In the case
      of any consolidation of the Company with, or merger of the Company with
      or into another entity (other than a consolidation or merger which does
      not result in any reclassification or change of the outstanding capital
      stock of the Company), the entity formed by such consolidation or merger
      shall execute and deliver to the Warrant Holder a supplemental warrant agreement
      providing that the Warrant Holder of the Warrants then outstanding or to
      be outstanding shall have the right thereafter (until the expiration of
      such Warrants) to receive, upon exercise of such Warrants, the kind and
      amount of shares of capital stock and other securities and property receivable
      upon such consolidation or merger by a holder of the number of Shares for
      which such Warrants might have been exercised immediately prior to such
      consolidation or merger. Such supplemental warrant agreement shall contain
      provisions which shall be identical to the adjustments provided in Section
      3.1 hereof and to the provisions of Section 10 hereof. This Section 3.2
      shall similarly apply to successive consolidations or mergers.

	                           3.3     
      The Exercise Price shall also be subject to adjustment as follows:

	                                       (1)
           Special Definitions.  For purposes
      of this Section 3.3, the following definitions shall apply:

	                                              
         (A)      “Options” shall
      mean rights, options or warrants to subscribe for, purchase or otherwise
      acquire Common Stock or Convertible Securities.

	                                                  (B)      
      “Original Issue Date” shall mean the date of this Agreement.

	                                                 
      (C)       “Convertible Securities”
      shall mean any evidence of indebtedness, shares of capital stock (other
      than Common Stock) or other securities convertible into or exchangeable
      for Common Stock.

	                                                  (D)      
      “Additional Shares of Common Stock” shall mean all shares of Common
      Stock issued by the Company on or after the Original Issue Date, other than
      shares of Common Stock issued at any time:

 
	 	
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	                                                                        (i)
        upon exercise of the Warrants (including any additional warrants
      issued to the Warrant Holder or Kevin Kimberlin Partners, L.P. in accordance
      with the terms and provisions of the Note Purchase Agreement);

	                                                                        (ii)
        pursuant to the exercise of options, warrants or other Common
      Stock purchase rights issued (or to be issued) to employees, officers or
      directors of, or consultants or advisors to, or any strategic ally of, the
      Company pursuant to any stock purchase or stock option plan or other arrangement
      approved by the Board of Directors;

	                                                                        (iii)
        pursuant to the exercise of options, warrants or Convertible
      Securities outstanding as of the Original Issue Date; or

	                                                                        (iv)
        in connection with the acquisition of all or part of another
      entity by stock acquisition, merger, consolidation or other reorganization,
      or by the purchase of all or part of the assets of such other entity (including
      securities issued to persons formerly employed by such other entity and
      subsequently hired by the Company and to any brokers or finders in connection
      therewith) where the Company or its stockholders own more than fifty (50%)
      percent of the voting power of the acquired, surviving, combined or successor
      company.

	                  (2)     
      Issuance of Options and Convertible Securities. Subject to Section
      3.3(1)(D) hereof, in the event the Company at any time or from time to time
      after the Original Issue Date shall issue any Options or Convertible Securities,
      then the number of shares of Common Stock actually issued upon the exercise
      of such Options or, in the case of Convertible Securities, the actual conversion
      or exchange of such Convertible Securities, shall be Additional Shares of
      Common Stock.

	                  (3)     
      Adjustment of Exercise Price Upon Issuance of Additional Shares of Common
      Stock. In the event the Company, after the Original Issue Date, shall
      issue Additional Shares of Common Stock without consideration or for a consideration
      per share less than the then-applicable Exercise Price, then and in such
      event, such Exercise Price shall be reduced, concurrently with such issue,
      to a price (calculated to the nearest cent) determined by multiplying the
      then-applicable Exercise Price by a fraction, (i) the numerator of which
      shall be the number of shares of Common Stock issued and outstanding (on
      a fully-diluted basis) immediately prior to such issuance plus the quotient
      obtained by dividing (x) the aggregate consideration received by the Company
      for the total number of Additional Shares of Common Stock so issued by (y)
      the Conversion Price, and (ii) the denominator of which shall be the number
      of shares of Common Stock issued and outstanding (on a fully-diluted basis)
      immediately prior to such issuance plus the number of Additional Shares
      of Common Stock so issued. Upon each such adjustment of the then-applicable
      Exercise Price pursuant to the provisions of this Section 3.3(3), the number
      of Warrant Shares purchasable upon the exercise of each Warrant shall be
      adjusted to the nearest full amount by multiplying a number equal to the
      Exercise Price in effect immediately prior to such adjustment by the number
      of Warrant Shares purchasable upon the exercise of each Warrant immediately
      prior to such adjustment and dividing the product so obtained by the adjusted
      Exercise Price.

	                (4)     
      Adjustment of Exercise Price Upon Adverse Market Conditions. Notwithstanding
      anything to the contrary contained herein, if at any time after the Original
      Issue 

 
	 	
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	Date, the average of the closing bid prices of
the Common Stock for any ten (10) consecutive trading days (the “Ten-Day Average”) shall
be less than the product obtained by multiplying (x) seventy-five (75%) percent times (y)
the Exercise Price otherwise then in effect (the “Adverse Market Price”), then such
Ten-Day Average may, subject to the terms of this Section 3.3(4), become and constitute
the adjusted Exercise Price (the “Adjusted Exercise Price”), and the Warrants may be
exercised, in whole or in part, by the Warrant Holder at the Adjusted Exercise Price. To
exercise all or any portion of the Warrants at the Adjusted Exercise Price, the Warrant
Holder shall (i) deliver written notice (the “Adverse Market Price Notice”) of such
intent to the Company during such time as the Ten-Day Average shall remain equal to or
below the Adverse Market Price and (ii) provide payment by cash or wire transfer of
immediately available funds in respect of such Warrants to be exercised to the Company
within five (5) trading days after delivery of the Adverse Market Price Notice. The
Ten-Day Average based on the ten (10) consecutive trading days ending on the date that
the Adverse Market Price Notice shall have been delivered by the Warrant Holder shall be
the Adjusted Exercise Price, unless (A) the Warrant Holder shall not deliver the
applicable payment by cash or wire transfer within the five (5) trading days following
delivery of the Adverse Market Price Notice or (B) the Warrant Holder shall have provided
a new Adverse Market Price Notice during such five (5) trading days period, in which case
the Adjusted Exercise Price shall be adjusted based on the Ten-Day Average preceding such
new Adverse Market Price Notice. The provisions of this Section 3.3(4) shall continue
until all of the Warrants shall have been exercised. The number of Warrant Shares shall
not be adjusted as a result of any adjustment of the then-applicable Exercise Price
pursuant to the provisions of this Section 3.3(4).

	                 (5)     
      Determination of Consideration. For purposes of this Section 3, the
      consideration received by the Company for the issue of any Additional Shares
      of Common Stock shall be computed as follows:

	                            (A)
           Cash and Property. Such consideration
      shall:

	                                         (i)    
      insofar as it consists of cash, be computed at the net amount of cash received
      by the Company excluding expenses, discounts and commissions payable by
      the Company in connection with such issuance or sale and amounts paid or
      payable for accrued interest.

	                                         (ii)
          insofar as it consists of property other than cash,
      be computed at the fair value thereof at the time of such issue, as reasonably
      determined in good faith by the Board of Directors net of expenses as set
      forth in clause (i) above; and

	                                         (iii)    
      in the event Additional Shares of Common Stock are issued together with
      other shares or securities or other assets of the Company for consideration
      that covers both cash and property other than cash, the proportion of such
      consideration so received, computed as provided in clauses (i) and (ii)
      above, shall be as reasonably determined in good faith by the Board of Directors.

	                              (B)    
      Options and Convertible Securities. The consideration per share received
      by the Company for Additional Shares of Common Stock issued pursuant to
      Section 3.3(2), relating to Options and Convertible Securities, shall be
      determined by dividing:

 
	 	
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	                                                                        (i)
        the total amount, if any, received by the Company as consideration
      for the issuance of such Options or Convertible Securities, plus the aggregate
      amount of additional consideration paid to the Company upon the exercise
      of such Options or the conversion or exchange of such Convertible Securities,
      or in the case of Options for Convertible Securities, the exercise of such
      Options for Convertible Securities and the conversion or exchange of such
      Convertible Securities (subject to any adjustments in the exercise price
      thereof), by

	                                                                        (ii)
        the number of shares of Common Stock issued upon the exercise
      of such Options or the conversion or exchange of such Convertible Securities
      or, in the case of Options for Convertible Securities, the exercise of such
      Options for Convertible Securities and the conversion or exchange of such
      Convertible Securities.

	                                 3.4
          Certificate as to Adjustments. Upon the occurrence
      of each adjustment or readjustment of the Exercise Price pursuant to this
      Section 3, the Company, at its expense, shall promptly compute such adjustment
      or readjustment of the Exercise Price in accordance with the terms hereof
      and furnish to each Holder of Warrants a certificate setting forth such
      adjustment or readjustment and showing in detail the facts upon which such
      adjustment or readjustment is based, including a statement of (i) the consideration
      received or deemed to be received by the Company for any Additional Shares
      of Common Stock issued or deemed to have been issued, (ii) the Exercise
      Price in effect immediately prior to such adjustment or readjustment, (iii)
      the number of Additional Shares of Common Stock issued or deemed to have
      been issued and (iv) the number of shares of Common Stock and the amount,
      if any, of other securities or property that at the time would be received
      upon the exercise of the Warrants. The Company shall, upon the written request
      at any time of any Holder of Warrants, furnish or cause to be furnished
      to such Holder a like certificate setting forth (x) all adjustments and
      readjustments of the Exercise Price since the Original Issue Date and (y)
      the Exercise Price then in effect.

	                                3.5    
      Assurances With Respect to Exercise Rights. The Company shall not,
      by amendment of its Certificate of Incorporation or By-laws or through any
      reorganization, transfer of assets, consolidation, merger, dissolution,
      issue or sale of securities or any other voluntary action, avoid or seek
      to avoid the observance or performance of any of the terms to be observed
      or performed hereunder by the Company, but shall at all times, in good faith,
      assist in the carrying out of all the provisions of this Agreement and in
      taking of all such actions as may be necessary or appropriate in order to
      protect the exercise rights of the Warrant Holder against impairment or
      dilution.

	                     4.
            Transfers.

	                                4.1     
      Unregistered Securities. The Warrant Holder hereby acknowledges and
      agrees that the Warrants and the Shares have not been registered under the
      Securities Act of 1933, as amended (the “Securities Act”), and
      are “restricted securities” under the Securities Act inasmuch
      as they are being acquired in a transaction not involving a public offering,
      and the Warrant Holder agrees not to sell, pledge, distribute, offer for
      sale, transfer or otherwise dispose of the Warrants or any Shares issued
      upon exercise of the Warrants in the absence of (a) an effective registration
      statement under the Act as to the Warrants or such Shares and registration
      and/or qualification of the Warrants or such Shares under any applicable
      Federal or state 

 
	 	
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	securities law then in effect or (b) an opinion
of counsel, reasonably satisfactory to the Company, that such registration and
qualification are not required.

	                                4.2     
      Transferability. Subject to the provisions of Section 4.1 hereof,
      the rights under this Agreement are freely transferable, in whole or in
      part, by the Warrant Holder, and such transferee shall have the same rights
      hereunder as the Warrant Holder.

	                                4.3     
      Warrant Register. The Company will maintain a register containing
      the names and addresses of the Warrant Holders of the Warrants. Until any
      transfer of Warrants in accordance with this Agreement is reflected in the
      warrant register, the Company may treat the Warrant Holder as the absolute
      owner hereof for all purposes. Any Warrant Holder may change such Warrant
      Holder’s address as shown on the warrant register by written notice
      to the Company requesting such change.

	              5.     
      No Fractional Shares. Any adjustment in the number of Shares purchasable
      hereunder shall be rounded to the nearest whole share.

	              6.     
      Investment Representations. The Warrant Holder agrees and acknowledges
      that it is acquiring the Warrants and will be acquiring the Shares for its
      own account and not with a view to any resale or distribution other than
      in accordance with Federal and state securities laws. The Warrant Holder
      is an “accredited investor” within the meaning of Rule 501(a)
      of Regulation D promulgated under the Securities Act.

	              7.     
      Covenants as to the Shares. The Company covenants and agrees that,
      subject to Sections 6.2(a) of the Note Purchase Agreement, the shares of
      Common Stock issuable upon exercise of the Warrants, will, upon issuance
      in accordance with the terms hereof, be duly and validly issued and outstanding,
      fully paid and nonassessable, with no personal liability attaching to the
      ownership thereof, and free from all taxes, liens and charges with respect
      to the issuance thereof imposed by or through the Company; provided, however,
      that the Company shall not be required to pay any tax that may be payable
      in respect of any transfer involved in the issuance and delivery of any
      certificates in respect of such shares in a name other than that of the
      Warrant Holder and the Company shall not be required to issue or deliver
      such certificates unless or until the person(s) requesting the issuance
      thereof shall have paid to the Company the amount of such tax or it shall
      be established to the satisfaction of the Company that such tax has been
      paid. The Company further covenants and agrees that the Company will at
      all times have authorized and reserved, free from preemptive rights imposed
      by or through the Company, a sufficient number of shares of Common Stock
      to provide for the exercise of the rights represented under this Agreement.

	               8.     
      Legend. Any certificate evidencing the Shares issuable upon exercise
      hereof will bear a legend indicating that such securities have not been
      registered under the Securities Act or under any state securities laws and
      may not be sold or offered for sale in the absence of an effective registration
      statement as to the securities under the Securities Act and any applicable
      state securities law or an opinion of counsel reasonably satisfactory to
      the Company that such registration is not required.

	               9.     
      Rights Applicable to the Warrant Shares.The parties hereby acknowledge
      and agree that the Shares, when issued in accordance with the terms hereof,
      shall be entitled to all of

 
	 	
7	 

 

	the same rights and privileges provided to the
Company’s capital stock issued upon conversion of the Note, as set forth in the Note
Purchase Agreement.

	              10.     
      Dividends and Other Distributions. In the event that the Company
      shall, at any time prior to the exercise of all Warrants, declare a dividend
      (other than a dividend consisting solely of shares of Common Stock) or otherwise
      distribute to its stockholders any assets, properties, rights, evidence
      of indebtedness, securities (other than shares of Common Stock), whether
      issued by the Company or by another, or any other thing of value, the Warrant
      Holder shall thereafter be entitled, in addition to the shares of Common
      Stock or other securities and property receivable upon the exercise thereof,
      to receive, upon the exercise of such Warrants, the same property, assets,
      rights, evidences of indebtedness, securities or any other thing of value
      that the Warrant Holder would have been entitled to receive at the time
      of such dividend or distribution as if the Warrants had been exercised immediately
      prior to such dividend or distribution. At the time of any such dividend
      or distribution, the Company shall make (and maintain) appropriate reserves
      to ensure the timely performance of the provisions of this Section 10.

	              11.
           Miscellaneous.

	                         11.1     
      Waivers and Amendments. This Agreement or any provisions hereof may
      be changed, waived, discharged or terminated only by a statement in writing
      signed by the Company and by the Warrant Holder.

	                          11.2
           Governing Law. This Agreement shall
      be governed by and construed and enforced in accordance with the laws of
      the State of New York.

	                          11.3
           Notices. All notices and other communications
      hereunder shall be in writing and shall be deemed to have been given when
      delivered by hand or by facsimile transmission, when telexed, or upon receipt
      when mailed by registered or certified mail (return receipt requested),
      postage prepaid, to the parties at the following addresses (or at such other
      address for a party as shall be specified by like notice):

	 	 (i) 	If to the Company:

      

      The Immune Response Corporation 

      5935 Darwin Court 

      Carlsbad, CA 92008 

      Attention: President

      Facsimile: (760) 431-8636

	 	 	With a copy (which copy shall not
      constitute notice) to:

	 	 	Pillsbury Winthrop LLP 

      50 Fremont Street

      San Francisco, CA 94105 

      Attention: Thomas E. Sparks, Esq. 

      Facsimile: (415) 983-7396

 
	 	
8	 

 

	 	 (ii) 	If to the Warrant Holder:

	 	 	Oshkim Limited Partnership 

      535 Madison Avenue 

      New York, NY 10022 

      Attention: Kevin Kimberlin and Bruno Lerer, Esq.

      Facsimile:  (212) 486-7392

	 	With a copy (which copy shall not constitute
      notice) to:

	 	Kirkpatrick & Lockhart LLP 

      1251 Avenue of the Americas, 45th Floor 

      New York, NY 10020-1104 

      Attention: Stephen R. Connoni, Esq./Sandip Kakar, Esq. 

      Facsimile: (212) 536-3901

	                         11.4
           Headings. The headings in this Agreement
      are for convenience of reference only, and shall not limit or otherwise
      affect the terms hereof.

	                         11.5
           Closing of Books. The Company will
      at no time close its transfer books against the transfer of any Shares issued
      or issuable upon the exercise of the Warrants in a manner that interferes
      with the timely exercise of the Warrants.

	                         11.6
           No Rights or Liabilities as a Stockholder.
      Subject to Section 6.2(a) of the Note Purchase Agreement, this Agreement
      shall not entitle the Warrant Holder hereof to any voting rights or other
      rights as a stockholder of the Company with respect to the Shares prior
      to the exercise of the Warrants. No provision of this Agreement, in the
      absence of affirmative action by the Warrant Holder to purchase the Shares,
      and no mere enumeration herein of the rights or privileges of the Warrant
      Holder, shall give rise to any liability of such Holder for the Exercise
      Price or as a stockholder of the Company, whether such liability is asserted
      by the Company or by creditors of the Company.

	                         11.7
           Successors. All the covenants and provisions
      of this Agreement shall be binding upon and inure to the benefit of the
      parties hereto and their respective successors and permitted assigns and
      transferees.

	                         11.8     
      Severability. If any provision of this Agreement shall be held to
      be invalid and unenforceable, such invalidity or unenforceability shall
      not affect any other provision of this Agreement.

	[SIGNATURE PAGE FOLLOWS]

 
	 	
9	 

 

	          IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date
first written above.

	 	THE IMMUNE RESPONSE CORPORATION

      

      By: _____________________________________________

	 	Name:_________________________________________

      Title:__________________________________________ 

	 	OSHKIM LIMITED PARTNERSHIP

      

      By: ______________________________________________ 

	 	Name:_________________________________________

      Title:__________________________________________

 
	 	
10	 

 

	EXHIBIT A

	NOTICE OF EXERCISE

	(To be signed only on exercise of any of the
      Warrants)

                    
	                   Dated:________________________
                   

	                   To:
      The Immune Response Corporation 

	                    The
undersigned, pursuant to the provisions set forth in the attached Warrant Agreement,
hereby irrevocably elects to (check one of the following):

	                    [_]
          purchase ____________ shares of Common Stock covered
      by such Warrant Agreement and herewith makes a cash payment of $_____________,
      representing the full purchase price for such shares at the price per share
      provided for in such Warrant Agreement.

	                    [_]    
      purchase ____________ shares of Common Stock covered by such Warrant Agreement
      and herewith delivers ___________ shares of Common Stock having a Fair Market
      Value (as defined in such Warrant Agreement) as of the last trading day
      preceding the date hereof, of $______, representing the full purchase price
      for such shares at the price per share provided for in such Warrant Agreement.

	                    [_]
          acquire in a cashless exercise _____ shares of Common
      Stock pursuant to the terms of Section 2.1 of such Warrant Agreement.

	                    Please
issue a certificate or certificates representing such shares of Common Stock in the name
of the undersigned or in such other name as is specified below.

	Signature:___________________________

	Name (print):________________________

	Title (if applicable):____________________

	Company (if applicable):_________________

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