Document:

exv10w191

 

Exhibit 10.191

THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF (THE “CONVERSION SHARES”) HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THESE
SECURITIES MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO (I) AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT COVERING THIS NOTE OR CONVERSION SHARES OR (II) AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT WHERE THE HOLDER HAS FURNISHED TO THE COMPANY AN OPINION OF
ITS COUNSEL THAT AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS AVAILABLE.

THE IMMUNE RESPONSE CORPORATION

8% SENIOR SECURED CONVERTIBLE PROMISSORY NOTE

			
	$ 250,000
	 	February 9, 2006
	(Principal Amount)	 	 

          THE IMMUNE RESPONSE CORPORATION, a Delaware corporation (the “Company”), for value
received, hereby promises to pay to the order of Qubit Holdings, LLC (the “Holder”), on
January 1, 2008 (the “Maturity Date”), the principal sum of Two Hundred Fifty Thousand
Dollars (US $250,000), together with interest at the rate of Eight Percent (8%) per annum
(calculated daily on the basis of a 360-day year and actual calendar days elapsed) from the date
hereof until the entire principal and accrued interest thereon shall become paid or otherwise
satisfied, subject to earlier conversion as set forth below.

          The obligations of the Company under this Note are secured by the grant of a security interest
in all of the assets of the Company pursuant to the terms of a certain Security Agreement dated as
of February 9, 2006 (the “Security Agreement”), by the Company in favor of Hudson Asset
Partners, LLC, a Delaware limited liability company (the “Agent”), as agent of the initial
Holder of this Note and the holders of Bridge Notes (as defined below). Such security interest
shall rank pari passu with the security interests in the Company’s assets granted by the Company in
favor of Cheshire Associates LLC (“Cheshire”), in connection with its certain mortgage note
issued by the Company in April 2005 in the original principal amount of $5,740,928 (the
“Cheshire Note”), Cornell Capital Partners, L.P. (“Cornell” and, collectively with
Cheshire, the “Existing Secured Parties”), in connection with its certain debenture issued
by the Company in August 2005 in the original principal amount of $1,000,000 (the “Cornell
Debenture”) and certain senior secured promissory notes up to an aggregate principal amount of
$5,000,000 to be offered by the Company (the “Offering”), after the date hereof, in a
private placement of such notes (the “Bridge Notes”) pursuant to the terms of an
Intercreditor Agreement dated as of February 9, 2006 (the “Intercreditor Agreement”) by and
among the Company and the Existing Secured Parties in favor of the Agent, as agent of the initial
Holder of this Note and the holders of Bridge Notes, who shall become a party to the Intercreditor
Agreement upon the first closing of the Offering.

          All payments shall be made in lawful money of the United States of America at such place as
the Holder hereof may from time to time designate in writing to the Company, and, in absence of any
designation, shall be paid to the Holder at its address set forth in the Holder’s

 

 

Subscription Agreement and shall be credited first to the accrued interest then due and
payable and the remainder applied to principal. If any payment hereunder falls due on a Saturday,
Sunday or legal holiday, it shall be payable on the next succeeding business day and such
additional time shall be included in the computation of interest.

     1. Interest. Interest shall accrue on the principal amount from the date of issuance
and be paid on the Maturity Date, subject to earlier conversion as set forth herein.

     2. Conversion.

          2.1 Optional Conversion. The Holder may convert the entire unpaid principal amount of
this Note and any accrued interest thereon into Common Stock at any time in whole or from time to
time in part commencing on the date on which the Company files with the Secretary of State of the
State of Delaware an amendment to its certificate of incorporation increasing its authorized shares
of Common Stock to an amount sufficient to allow for conversion of this Note and terminating at
5:00 PM, New York Time, on the Maturity Date (the “Conversion Period”).

          2.2 Mandatory Conversion. The entire unpaid principal amount of this Note and any
accrued interest thereon shall be convertible, at the option of the Company (“Company Mandated
Conversion”), into Common Stock at any time on or after (i) the later of (x) the date that is
six months after the date hereof or (y) the date on which a registration statement filed with the
Securities and Exchange Commission (the “SEC”) registering (either for initial issuance or
for resale) the shares of Common Stock underlying this Note shall have been declared effective by
the SEC and (ii) a Certificate of Amendment to the Company’s Certificate of Incorporation has been
filed with the Delaware Secretary of State, increasing the authorized number of shares of Common
Stock to a number sufficient to permit the reservation of all shares of Common Stock into which all
the Notes are convertible; provided, however, that such conversion shall only be
permitted if (A) the closing price of the Common Stock on the principal exchange or market on which
it is then traded has equaled or exceeded $0.10 per share for the 10 of 15 consecutive trading days
immediately preceding the date of the proposed Company Mandatory Conversion and (ii) the trading
volume of the Common Stock during such period has equaled or exceeded two (2%) percent of the
public float for 10 of the same 15 consecutive trading days in which such closing price of the
Common Stock equaled or exceeded $0.10 per share. If such election is made, the Company shall
provide written notice of the Company Mandated Conversion to the Holder within five (5) business
days of such determination (“Company Mandated Conversion Notice”) by mailing, by first
class mail, postage prepaid, a copy of such notice to the Holder.

          2.3 Conversion Price. The conversion price (the “Conversion Price”) shall
initially be Two Cents ($.02) per share of Common Stock.

          2.4 Method of Conversion. The Holder, at its option, may exercise its conversion
right in whole or in part at any time during the Conversion Period by completing and executing the
Notice of Conversion attached to this Note as Attachment I. The Notice of Conversion,
together with this Note, must be received by the Company on or prior to the termination of the
Conversion Period. To the extent that this Note is converted in part, the Company shall execute
and deliver to the Holder a new note identical to this Note except that the principal amount of the
new note shall be equal to the portion of the unpaid principal amount of this Note not converted.
In lieu of issuing a fractional share upon conversion, the Holder will receive the next highest
whole number of shares. The Company shall, or instruct its transfer agent to, issue and deliver
certificates for the shares of

2

 

Common Stock issuable upon conversion within three (3) business days after receipt of the
Notice of Conversion. Delivery by the Company of a Company Mandated Conversion Notice in the case
of a Company Mandated Conversion, when all conditions have been satisfied, shall have the same
effect as cancellation of the original Note.

          2.5 Anti-dilution.

          (a) Change in Capitalization. In case of any stock split (forward or reverse), stock
dividend or similar transaction prior to the date of a conversion (the “Conversion Date”)
which increases or decreases the number of outstanding shares of Common Stock, appropriate
adjustment shall be made by the Board of Directors of the Company to the applicable Conversion
Price.

          (b) Reclassification. In case of any reclassification, capital reorganization or
change of the outstanding Common Stock of the Company (other than as a result of a subdivision,
combination or stock dividend covered by Section 2.5(a)), at any time prior to the Conversion Date,
then, as a condition of such reclassification, reorganization or change, a lawful provision shall
be made, and duly executed documents evidencing the same from the Company or its successor shall be
delivered to the Holder, so that the Holder shall have the right to receive upon conversion
(instead of the original number and type of conversion securities, into which, in fact, this Note
would then no longer be convertible) the kind and amount of shares of Common Stock and other
securities (the “Conversion Shares”) and property receivable upon such reclassification,
reorganization or change, and a change in the Conversion Price, if necessary, that a holder of
Common Stock owning the number of shares of Common Stock which might have been purchased by the
Holder immediately prior to such reclassification, reorganization or change would be entitled to.
In any such case appropriate provisions shall be made in order to respect the rights and interests
of the Holder under this Note.

          (c) Consolidation, Merger and Sale of Assets. In the event of any consolidation of
the Company with or a merger of the Company into another corporation or in case of any sale or
conveyance to another corporation of the property of the Company as an entirety or substantially as
an entirety, whereby (i) the surviving entity is a publicly traded company, and (ii) the
consideration to be received by the holders of the Common Stock includes publicly traded equity
securities in the surviving entity or parent corporation, the Company agrees that a condition of
such transaction will be that the successor or purchasing corporation, as the case may be, shall
assume the obligations of the Company hereunder in writing. In the case of any such consolidation,
merger or sale or conveyance, the Holder shall have the right, until the payment of the entire
principal amount of the Notes and any accrued interest thereon (subject to the right of the Holder
to convert), upon conversion at the applicable Conversion Price in effect immediately prior to such
action, to receive (instead of the original number and type of conversion securities, into which,
in fact, this Note would no longer be convertible) the kind and amount of shares and other
securities and/or property which he would have owned or have been entitled to receive after the
happening of such consolidation, merger, sale or conveyance had this Note been converted
immediately prior to such action, subject to adjustments which shall be as nearly equivalent as may
be practicable to the adjustments provided for in this Section 2. The provisions of this Section
2.5(c) shall similarly apply to successive consolidations, mergers, sales or conveyances.

          (d) Non-Public Successor. In the event of any consolidation of the Company with or a
merger of the Company into another corporation or in case of any sale or conveyance to another
corporation of the property of the Company as an entirety or substantially as an entirety, whereby

3

 

(i) the surviving entity is a non-publicly traded company, or (ii) the consideration to be
received by the Common Stock holders does not include any publicly traded equity securities in the
surviving entity or its parent corporation, the Company agrees that a condition of such transaction
will be that the Company shall mail to the Holder at the earliest applicable time (and, in any
event not less than ten (10) days before any record date for determining the persons entitled to
receive the consideration payable in such transaction) written notice of such record date. Such
notice shall also set forth facts as shall indicate the effect of such action (to the extent such
effect may be known at the date of such notice) on the applicable Conversion Price of and the kind
and amount of Conversion Shares and other securities and property deliverable upon conversion of
this Note. Upon the closing of the transaction referenced in the foregoing notice, the right of
conversion of this Note, shall terminate.

          (e) Exchanges and Distributions With Respect to Common Stock. If the Company shall
exchange for its Common Stock or distribute with respect to its Common Stock other securities
issued by it, the Company shall give notice thereof to the Holder, and the Holder shall have the
right thereafter to convert the Note for (instead of the original number and type of conversion
securities, into which, in fact, this Note would no longer be convertible) the kind and amount of
shares of stock and other securities retained or received by a holder of the number of shares of
Common Stock into which the Note might have been converted immediately prior to such exchange or
distribution, subject to adjustment as provided hereinabove.

          (f) Officer’s Certificate. Whenever the applicable Conversion Price or the number or
type of Conversion Shares is adjusted, the Company shall promptly mail to the Holder a notice of
adjustment. The notice of adjustment shall include a brief statement of the facts requiring the
adjustment and the manner of computing it, and shall be certified by the chief financial officer of
the Company. The determination of the adjustment shall be made by the Company in its sole
discretion and shall be final and binding upon the Holder.

          2.6 Taxes on Conversion. If the Holder converts the Note as described hereunder, the
Company shall pay any documentary, stamp or similar issue or transfer tax due on the issue of
shares of Common Stock upon the conversion. However, the Holder shall pay any such tax which is
due because the shares are issued in a name other than the Holder’s name.

     3. Seniority.

          3.1 Ranking. The Holder’s security interest in the collateral securing the indebtedness
evidenced by this Note and the payment of the principal thereof shall be Senior (as hereinafter
defined) to, and have priority in right of payment over, all other security interests in such
collateral securing other indebtedness of the Company, now outstanding or hereinafter incurred,
except the Bridge Notes, the Cheshire Note and the Cornell Debenture. Pursuant to the
Intercreditor Agreement, the right to receive payment on this Note shall rank equally with the
Bridge Notes, the Cheshire Note and the Cornell Debenture. “Senior,” as used herein, shall be
deemed to mean that, in the event of any default in the payment of the obligations represented by
this Note (after giving effect to “cure” provisions, if any) or of any liquidation, insolvency,
bankruptcy, reorganization, or similar proceedings relating to the Company, all sums payable on
this Note, the Bridge Notes, the Cheshire Note and the Cornell Debenture from such collateral will
first be paid, with interest, if any, before any payment from such collateral is made upon any
other indebtedness, now outstanding or hereinafter incurred, and, in any such event, any payment or
distribution of any character from such collateral which shall be made in respect of any other
indebtedness of the Company, shall be paid

4

 

over to the
Holder, the holders of the Bridge Notes, the holder of the Cheshire Note and the holder of the
Cornell Debenture for application to the payment thereof on a pari passu basis based on all amounts
outstanding under this Note, the Bridge Notes, the Cheshire Note and the Cornell Debenture, unless
and until the obligations under this Notes, the Bridge Notes, the Cheshire Note and the Cornell
Debenture (which shall mean the principal and other obligations arising out of, premium, if any,
interest on, and any costs and expenses payable under such notes and debenture) shall have been
paid and satisfied in full.

          3.2 Restriction of Indebtedness. The Company shall not incur or guaranty any
indebtedness that would be senior, or grant any security interest that would be senior, to this
Note, other than the Bridge Notes, the Cheshire Note and the Cornell Debenture.

          3.3 Payment of Junior Indebtedness. Until an Event of Default, nothing contained in
this Note shall be deemed to preclude or prohibit the Company from making any required payment of
principal or interest on any debt.

     4. Covenants of the Company. The Company agrees and covenants that, until such time
as this Note has been paid in full, the Company will comply with the following covenants:

          4.1 Payment of Principal and Interest. The Company shall duly and punctually pay the
principal of and interest on this Note in accordance with the terms of this Note.

          4.2 Maintenance of Office or Agency. The Company shall maintain an office in the
State of California and/or New York where this Note may be presented or surrendered for payment,
where this Note may be surrendered for transfer or exchange and where notices and demands to or
upon the Company in respect of this Note may be served. The Company will give prompt written
notice to the Holder of the location, and of any change in the location, of such office.

          4.3 Maintenance of Books and Records. The Company shall, and shall cause any
subsidiary to, keep true books and records in which full and correct entries will be made of all
its business transactions, in accordance with sound business practices, and reflect in its
financial statements adequate accruals and appropriations to reserves, all in accordance with
generally accepted accounting principals.

          4.4 Corporate Existence. The Company will do or cause to be done all things necessary
to preserve and keep in full force and effect its corporate existence, rights (charter and
statutory) and franchise; provided, however, that the Company shall not be required
to preserve any right or franchise if the Board of Directors shall determine that the preservation
thereof is no longer desirable in the conduct of the business of the Company and that the loss
thereof is not disadvantageous in any material respect to the Holder.

          4.5 Compliance. The Company shall timely comply with the filing requirements of the
U.S. Securities and Exchange Commission (“Commission”) and the Over the Counter Bulletin
Board or other market on which the Common Stock is then traded, if applicable, with respect to its
obligations to file periodic reports under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”).

          4.6 Financial Statements and Information. The Company will mail or deliver to the
Holder:

5

 

          (a) Quarterly Statements. Within sixty (60) days after the close of each of the three
interim quarterly accounting periods of the Company, an unaudited balance sheet of the Company as
of the end of such period and the related statements of operations, stockholders’ equity and
changes in the financial position for such period.

          (b) Annual Statements. Within one hundred and twenty (120) days after the close of
the fiscal year of the Company, an audited balance sheet of the Company as of the end of the year
and the related statements of operations, stockholders’ equity and changes in financial position
for the periods then ended.

          (c) Other Statements, Etc. Copies of all such financial statements, reports and proxy
statements as the Company shall send to or make available to its stockholders or which it shall
file with the Commission.

          (d) Compliance. So long as the Company is registered under the Exchange Act, the
obligations under Sections 4.6(a) and (b) shall be satisfied by the filing on the Commission’s
EDGAR system of the Company’s Quarterly Report on Form 10-Q for the quarter then ended and the
Annual Report on Form 10-K for the fiscal year then ended.

          4.7 Common Stock Issuable upon Conversion.

          (a) The Company covenants that all Conversion Shares which may be issued upon conversion of
this Note shall, upon issuance, be fully paid and non-assessable, free from all taxes, liens and
charges with respect to the issue thereof, except restrictions on resale or other transfer imposed
under the Securities Act of 1933, as amended, and the Company’s by-laws and certificate of
incorporation, and as may be hereafter amended or restated.

          (b) The Company covenants that as soon as practicable after the final closing of the Offering
pursuant to which this Note is being issued, the Company shall cause a special meeting of its
stockholders to be held for the purpose of amending the Company’s certificate of incorporation to
increase the Company’s authorized Common Stock, and upon obtaining such approval it will at all
times reserve and keep available out of its authorized but unissued and otherwise unreserved Common
Stock, solely for the purpose of enabling it to issue the shares of Common Stock or other
Conversion Shares upon conversion of the Notes as required hereunder, the number of shares of
Common Stock or other Conversion Shares which are then issuable and deliverable upon the conversion
of (and otherwise in respect of) this entire Note (taking into account the adjustments set forth in
Section 2.5 hereof, free from preemptive rights or any other contingent purchase rights of persons
other than the Holder.

          4.8 Restriction on Payment of Dividends and Stock Repurchases. The Company may not,
directly or indirectly, (i) declare or pay any dividend on, or make any distribution to its
stockholders of, any shares of its Common Stock, or (ii) purchase, redeem or otherwise acquire or
retire for value any shares of outstanding Common Stock, without the consent of the Requisite
Holders (as hereinafter defined) as of the date of such consent, which shall not be unreasonably
withheld or delayed. As used in this Note, the term “Requisite Holders” means the holders
of a majority of the aggregate outstanding principal amount of this Note and the Bridge Notes.

6

 

          4.9 Taxes. The Company shall, and cause any subsidiary to, pay prior to delinquency
all taxes, assessments and governmental levies, federal, state and provincial or local, except as
contested in good faith and by appropriate proceedings.

          4.10 Incurring Certain Additional Indebtedness. Unless otherwise agreed to in writing
by the Requisite Holders, the Company shall not issue any debt securities which provide that such
securities shall rank senior to this Note and the other Bridge Notes, except to the extent
permitted in Section 3.2 hereof.

          4.11 Insurance. The Company shall (i) keep all of its properties adequately insured
at all times with responsible insurance carriers against loss or damage by fire and other hazards,
and (ii) maintain adequate insurance at all times with responsible insurance carriers against
liability on account of damage or injury to persons and property including from product liability
and under all applicable workmen’s compensation laws.

     5. Events of Default; Remedies.

          5.1 Events of Default. “Event of Default,” wherever used herein means any one of the
following events (whatever the reason for such Event of Default and whether it shall be effected by
operation of law pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body):

          (a) the Company shall fail to pay any amounts owed hereunder as required by the terms of this
Note within five (5) business days after such payment becomes due and payable whether at its
maturity or otherwise; or

          (b) the Company shall fail to perform or observe or otherwise breach any covenant, agreement
or provision to be performed or observed by the Company under this Note (other than a covenant or
warranty a default in whose performance or whose breach is elsewhere in this Section specifically
dealt with), and continuance of such default or breach for a period of ten (10) days after notice
of such failure or breach had been received by the Company; or

          (c) an event of default shall have occurred and be continuing in any of the Bridge Notes, the
Cheshire Note or the Cornell Debenture; or

          (d) the entry of a decree or order by a court of competent jurisdiction adjudging the Company
bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under the federal bankruptcy
laws or any other applicable act, law or statute of the United States or any state, district or
territory thereof, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or other
similar official) of the Company or of any substantial part of its property, or ordering the
winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed
and in effect for a period of sixty (60) consecutive days; or

          (e) the institution by the Company of proceedings to be adjudicated bankrupt or insolvent, or
the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the
filing by it of a petition or answer or consent seeking reorganization or relief under the federal
bankruptcy laws or any other applicable act, law or statute of the United States or any state,
district or territory thereof, or the consent by it to the filing of any such petition or to the
appointment of a

7

 

receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the
Company or of any substantial part of its property, or the making by it of an assignment for the
benefit of creditors, or the taking of corporate action by the Company in furtherance of any such
action; or

          (f) the Company shall have entered against it a final judgment by a court of competent
jurisdiction which, if satisfied, would have a material adverse effect on the financial condition
of the Company, and the same shall remain undischarged for a period of twenty (20) days during
which execution shall not be effectively stayed or bonded; or

          (g) the Company shall be in default in the payment in excess of Fifty Thousand Dollars
($50,000) of money borrowed in one or more transactions (excluding money borrowed under the Bridge
Notes, the Cheshire Note or the Cornell Debenture which is covered by Section 5.1(c) hereof), the
lender(s) thereof shall have declared the amount in default and such default shall not have been
cured or contested in good faith for a period of twenty (20) days after such declaration; or

          (h) the Company shall fail to perform or observe or otherwise breach, in any material respect,
any covenant, agreement or provision to be performed or observed by it under the Security Agreement
or the Intercreditor Agreement, and such failure shall not be rectified or cured within ten (10)
days after written notice of such failure or breach has been received by the Company; or

          (i) if the Company shall suspend its operations and such suspension shall remain in effect for
a continuous period exceeding thirty (30) days; or

          (j) any representation or warranty of the Company made to the Holder in, pursuant to or in
connection with this Note, the Security Agreement or the Intercreditor Agreement, shall be false in
any material respect on the date as of which it was made and such breach shall not be rectified or
cured within ten (10) days after written notice thereof by any Holder to the Company; or

          (k) if, after 75 days from the final closing of the Offering of the Bridge Notes, the Company
fails to have available a sufficient number of authorized but unissued and otherwise unreserved
shares of Common Stock available for issuance upon any conversion of the Note.

          5.2 Enforcement of Remedies. In case an Event of Default (other than an Event of
Default described in Section 5.1(d) and 5.1(e) hereof) has occurred and is continuing, the Agent,
or its successor, as agent on behalf of the Holder and the holders of the Bridge Notes, acting upon
the direction of the Requisite Holders by written notice to the Company, may declare the principal
amount of this Note, plus accrued interest, to be immediately due and payable, and upon any such
declaration such principal and accrued interest shall become due and payable immediately without
presentation, protest, further demand or notice of any kind, all of which are hereby expressly
waived by the Company and all endorsers of this Note. In case an Event of Default described in
Sections 5.1(d) or 5.1(e) above occurs, such amounts will become due and payable without any
declaration or any act on the part of the Agent or the Holder and the Company and all endorsers of
this Note hereby expressly waive presentment for payment, protest, further demand or notice of any
kind.

          5.3 Notice to Holders of Record. If a Holder of any of the Bridge Notes shall demand
payment thereof or take any other action of which the Company shall have actual knowledge in
respect of an alleged default under the Bridge Notes, the Company will promptly give written
notice, specifying such action and nature of the alleged default, to the Holder.

8

 

          5.4 Waiver by Company. To the extent permitted by applicable law, the Company hereby
agrees to waive, and does hereby absolutely and irrevocably waive and relinquish the benefit and
advantage of any valuation, stay, appraisement, extension or redemption laws now existing or which
may hereafter exist, which, but for this provision might be applicable to any sale made under the
judgment, order or decree of any court or otherwise, based on this Note or any claim for interest
on this Note or under the Security Agreement or any foreclosure thereunder.

          5.5 Modifications and Waivers. No course of dealing between the Company and the
Holder and no delay on the part of the Holder or the Agent in exercising any of the Holder’s rights
under this Note shall operate as a waiver of the rights of the Holder under this Note. Any
provision of this Note and the Bridge Notes to the contrary notwithstanding, changes in or
additions to this Note and the Bridge Notes may be made, and compliance with any term, covenant,
condition or provision set forth in this Note or the Bridge Notes may be omitted or waived (either
generally or in a particular instance and either retroactively or prospectively), and any default
or Event of Default and the consequences thereof may be waived, by a consent or consents in writing
signed by the Company and the Requisite Holders; provided, however, that (i) the
Company shall deliver copies of the form of such consent or consents to the Holder or any holder of
the Bridge Notes if the Holder or such other holder did not execute the same; (ii) no such consent
shall be effective to reduce the principal of or rate of interest payable on this Note without the
consent of the Holder if this Note is so affected; (iii) no such consent shall be effective to
change the percentage of principal amount of this Note and the Bridge Notes the consent of the
holders of which is required under this Section 5.5; and (iv) no such consent shall extend to or
impair any obligation not expressly waived or impair any right consequent thereon. Any consent may
be given subject to satisfaction of conditions stated therein. A waiver on any occasion shall not
be construed as a bar to or a waiver of any such right or remedy on any future occasion.

          5.6 Cost and Expense of Collection. The Company and all endorsers of this Note will,
to the extent permitted under applicable law, pay to the Holder all reasonable costs and expenses
of collection and enforcement of this Note, including, without limitation, reasonable fees and
expenses of the attorneys of the Holder.

     6. Lost Note. Upon receipt by the Company of evidence satisfactory to it of the loss,
theft, destruction or mutilation of this Note, and (in case of loss, theft or destruction) of
indemnity satisfactory to it, and upon reimbursement to the Company of all reasonable expenses
incidental thereto, and upon surrender and cancellation of this Note, if mutilated, the Company
will make and deliver a new Note of like tenor in lieu of such Note.

     7. Miscellaneous Provisions.

          7.1 Benefits. This Note shall be binding upon the Company and its successors and
assigns and shall inure to the benefit of the Holder and its heirs, administrators and permitted
assigns and transferees.

          7.2 Notices. All communications provided for herein or with reference to this Note
shall be deemed to have been sufficiently given or served for all purposes if delivered in person,
or three (3) business days after being sent by certified or registered mail, postage and charges
prepaid, or one (1) business day after being sent by recognized overnight courier, to the following
addresses: if to the Company, at its office, 5931 Darwin Court, Carlsbad, California, 92008;

9

 

Attention: President,
or to the Holder at its address set forth in the records of the Company, or at any other
address duly designated by the Company or the Holder to the other.

          7.3 Entire Agreement. This Note, together with the Security Agreement and the
Intercreditor Agreement, sets forth the entire agreement between the Company and the Holder with
respect to the subject matter contained herein. If there is a conflict between the provisions in
this Note and the provisions of the Security Agreement or the Intercreditor Agreement, the
provisions of this Note shall govern.

          7.4 Severable. If any term or provision of this Note shall be held invalid, illegal
or unenforceable, the validity, legality and enforceability of all other terms and provisions
hereof shall in no way be affected thereby.

          7.5 Amendment. Subject to Section 5.5, this Note may not be changed, modified or
amended except by an agreement in writing signed by the Company and the Holder.

          7.6 Governing Law. This Note shall be deemed to be a contract made under, and to be
construed in accordance with, the laws of the State of New York, without giving effect to conflicts
of law.

          7.7 Jurisdiction of Disputes; Waiver of Jury Trial. In the event of any claim under
this Note with respect to any matters described or contemplated herein, the Holder and the Company
agree (i) that any legal suit, action or proceeding arising out of or relating to this Note shall
be instituted exclusively in New York State Supreme Court, County of New York, or in the United
States District Court for the Southern District of New York, (ii) waive any objection which a party
may have now or hereafter to the venue of any such suit, action or proceeding, and (iii)
irrevocably consent to the jurisdiction of the New York State Supreme Court, County of New York,
and the United States District Court for the Southern District of New York in any such suit, action
or proceeding. Each of the Holder and the Company further agrees to accept and acknowledge service
of any and all process which may be served in any such suit, action or proceeding in the New York
State Supreme Court, County of New York, or in the United States District Court for the Southern
District of New York and agree that service of process upon it mailed by certified mail to its
address set forth herein shall be deemed in every respect effective service of process upon it, in
any such suit, action or proceeding. THE HOLDER AND THE COMPANY EACH WAIVES THE RIGHT TO A TRIAL
BY JURY IN ANY PROCEEDING IN CONNECTION WITH THIS NOTE, AND AGREES TO TAKE ANY AND ALL ACTION
NECESSARY OR APPROPRIATE TO EFFECT SUCH WAIVER.

          7.8 Section Headings. The descriptive section headings herein have been inserted for
convenience only and shall not be deemed to limit or otherwise affect the construction of any
provisions hereof.

          7.9 Investment Intent. The Holder represents, by acceptance of this Note and the
associated common stock purchase warrant (the “Warrant”) issued to the Holder in connection with
the issuance of this Note, that it is acquiring this Note, and the Warrant and would acquire the
Common Stock underlying this Note and the Warrant, for its own account for investment and not with
a view to distribution.

10

 

          IN WITNESS WHEREOF, the Company has caused this Note to be signed in its corporate name by its
President, attested by its Secretary, and dated the day and year first above written.

	 	 	 	 	 	 	 
	 	 	THE IMMUNE RESPONSE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Joseph F. O’Neill, CEO & President
	 	 

ATTEST:

	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 

Michael K. Green, Secretary
	 	 	 	 

11

 

ATTACHMENT I

NOTICE OF CONVERSION

OF

8% SENIOR SECURED CONVERTIBLE PROMISSORY NOTE

TO: THE IMMUNE RESPONSE CORPORATION

     Pursuant to the 8% Senior Secured Convertible Promissory Note (the “Note”), attached hereto,
dated February 9, 2006, issued by The Immune Response Corporation, a Delaware corporation (the
“Company”), to the undersigned (the “Holder”), the Holder hereby:

     1) Irrevocably elects to convert the principal and accrued interest under the Note into
Conversion Shares, as defined in the Note, in the amount of ___Dollars ($___)(in the event no
amount is specified, the entire principal and accrued interest outstanding under the Note shall be
converted);

     2) Requests that a certificate for the Conversion Shares be issued in the name of undersigned,
or, in the name and address of another person (the “Assignee”) are specified below provided, that,
if the Conversion Shares are not covered by a registration statement effective under the Securities
Act of 1933, the Assignee shall deliver a representation letter in form satisfactory to the
Company:

	 	 	 	 	 
	 

	 	 

	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	(Name, address and tax identification number of person	 	 
	 

	 	other than undersigned in whose name Conversion Shares	 	 
	 

	 	are to be registered).	 	 

     3) Requests that, if the entire principal and accrued interest outstanding is not hereby
converted into Conversion Shares, a new Note of like tenor for the remaining outstanding balance be
issued and delivered to the undersigned at the address stated below.

	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 
	 

	 	 

	 	 

Signature
	 	 

(This signature must conform in all respects to the name of the Holder as specified on the face of
the Note.)

	 	 	 	 	 
	 

Tax Identification Number

	 	 

Printed Name
	 	 

Address:exv10w192

 

Exhibit 10.192

THE SECURITIES REPRESENTED BY THIS WARRANT HAVE BEEN ACQUIRED FOR INVESTMENT AND
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF
SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER THE SECURITIES ACT OR UNDER STATE
SECURITIES LAWS. THIS WARRANT MAY NOT BE SOLD, ASSIGNED, TRANSFERRED OR OTHERWISE
DISPOSED OF EXCEPT PURSUANT TO THE EXPRESS PROVISIONS OF THIS WARRANT, AND NO SALE,
ASSIGNMENT, TRANSFER, OR OTHER DISPOSITION OF THIS WARRANT SHALL BE VALID OR
EFFECTIVE UNLESS AND UNTIL SUCH PROVISIONS SHALL HAVE BEEN COMPLIED WITH.

Date of Issuance: February 9, 2006

THE IMMUNE RESPONSE CORPORATION

STOCK PURCHASE WARRANT

     The Immune Response Corporation, a Delaware corporation (the “Company”), for value received,
hereby certifies and agrees that Qubit Holdings, LLC or its registered assigns (the “Registered
Holder”), is entitled, subject to the terms set forth below, to purchase Thirty-Seven Million Five
Hundred Thousand (37,500,000) duly authorized, validly issued, fully paid and nonassessable shares
of common stock, par value $0.0025 per share, of the Company (the “Common Stock”) from the Company.
This Warrant is exercisable at any time or from time to time in two equal tranches as follows:

	 	(A)	 	with respect to the first 18,750,000 shares of Common Stock on or after the
first business day following the date on which an amendment to the certificate of
incorporation of the Company is filed with the Secretary of State of the State of
Delaware increasing the authorized shares of the Common Stock in an amount sufficient
to provide for the exercise hereof and shall expire with respect to the first
18,750,000 shares of Common Stock at 5:00 p.m. New York time on the later of (i) May
31, 2006 or (ii) the date that is forty-five (45) days after the Company has notified
the Registered Holder of either (a) the effectiveness of a registration statement filed
with the Securities and Exchange Commission registering (either for initial issuance or
resale) the shares of Common Stock issuable upon exercise of this Warrant or (b) a
reorganization, reclassification, consolidation, merger or disposition of assets of the
Company pursuant to Section 5(b) of this Warrant (the “First Exercise Period”); and
	 
	 	(B)	 	with respect to the second 18,750,000 shares of Common Stock, during the period
commencing seventy (70) days following the expiration of the First Exercise Period (the
“Second Exercise Date”) and expiring at 5:00pm New York time on the date that is
forty-five (45) days following the expiration of the Second Exercise Date (the “Second
Exercise Period” and collectively with the First

 

 

	 	 	 	Exercise Period, the “Exercise
Period”); provided, however, that the Company, in its sole discretion
and upon notice to the Registered Holder, may extend either the First Exercise Period
or Second Exercise Period; provided, further, that in no event whatever
may this Warrant be exercised after April 30, 2011. The initial exercise price per
Warrant Share (as defined below) is equal to $0.02 per share, subject to adjustment in
certain cases as described herein. The shares purchasable upon exercise of this
Warrant, and the purchase price per share, are hereinafter referred to as the “Warrant
Shares” and the “Exercise Price,” respectively. The term “Warrant” as used herein shall
include this Warrant and any other warrants delivered in substitution or exchange
therefor, as provided herein.

     1. Method of Exercise

          (a) This Warrant may be exercised (but only during the First Exercise Period or the Second
Exercise Period, as applicable) by the Registered Holder, in whole or in part, by surrendering this
Warrant, with a Notice of Exercise in the form of Annex A hereto (the “Notice of Exercise”)
duly executed by such Registered Holder or by such Registered Holder’s duly authorized attorney, at
the principal office of the Company set forth on the signature page hereto, or at such other office
or agency as the Company may designate in writing (the “Company’s Office”), accompanied by payment
in full, in lawful money of the United States, of the Exercise Price payable in respect of the
number of shares of Warrant Shares purchased upon such exercise.

          (b) Each exercise of this Warrant shall be deemed to have been effected immediately prior to
the close of business on the day on which the Notice of Exercise, together with this Warrant and
payment in full of the Exercise Price, shall be dated and directed to the Company (as evidenced by
the applicable postmark or other evidence of transmittal) as provided in Section 1(a) hereof. At
such time, the person or persons in whose name or names any certificates for Warrant Shares shall
be issuable upon such exercise as provided in Section 1(c) hereof shall be deemed to have become
the holder or holders of record of the Warrant Shares represented by such certificates.

          (c) As soon as practicable after the exercise of this Warrant, in full or in part, and in any
event within ten (10) days thereafter, the Company, at its expense, will cause to be issued in the
name of, and delivered to, the Registered Holder, or as such Registered Holder (upon payment by
such Registered Holder of any applicable transfer taxes) may direct:

               (i) a certificate or certificates for the number of full Warrant Shares to which such
Registered Holder shall be entitled upon such exercise plus, in lieu of any fractional share to
which such Registered Holder would otherwise be entitled, cash in an amount determined pursuant to
Section 3 hereof; and

               (ii) in case such exercise is in part only, a new warrant or warrants (dated the date hereof)
of like tenor, representing in the aggregate on the face or faces thereof the number of Warrant
Shares equal (without giving effect to any adjustment therein) to the number of such shares called
for on the face of this Warrant minus the number of such shares purchased by the Registered Holder
upon such exercise (after reversing the effects of any prior adjustments made).

2

 

     2. Shares to be Fully Paid; Reservation of Shares. The Company covenants and agrees
that all shares of Common Stock which may be issued upon the exercise of the rights represented by
this Warrant will, upon issuance by the Company, be validly issued, fully paid and nonassessable,
and free from preemptive rights and free from all taxes, liens and charges with respect thereto.
The Company further covenants and agrees that, subsequent to the issuance of this Warrant, the
Company shall cause a special meeting of its stockholders to be held for the purpose of amending
the Company’s certificate of incorporation to increase the Company’s authorized Common Stock, and
upon obtaining such approval it will at all times reserve and keep available out of its authorized
but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue
the shares of Common Stock upon exercise of this Warrant as required hereunder, the number of
shares of Common Stock which are then issuable and deliverable upon the exercise of (and otherwise
in respect of) this entire Warrant (taking into account the adjustments set forth in Section 5
hereof), free from preemptive rights or any other contingent purchase rights of persons other than
the Registered Holder of this Warrant.

     3. Fractional Shares. The Company shall not be required upon the exercise of this
Warrant to issue any fractional shares, but shall pay to the Registered Holder an amount in cash
equal to the value of such fractional share for each such fractional share of the Company’s Common
Stock which would be issuable upon exercise of this Warrant.

     4. Requirements for Transfer.

          (a) Warrant Register. The Company will maintain a register (the “Warrant Register”)
containing the names and addresses of the Registered Holder or Registered Holders. Any Registered
Holder of this Warrant or any portion thereof may change its address as shown on the Warrant
Register by written notice to the Company requesting such change, and the Company shall promptly
make such change. Until this Warrant is transferred on the Warrant Register of the Company, the
Company may treat the Registered Holder as shown on the Warrant Register as the absolute owner of
this Warrant for all purposes, notwithstanding any notice to the contrary; provided,
however, that if and when this Warrant is properly assigned in blank, the Company may, but
shall not be obligated to, treat the bearer hereof as the absolute owner hereof for all purposes,
notwithstanding any notice to the contrary.

          (b) Transfer. Subject to the provisions of this Section 4, this Warrant and all rights
hereunder are transferable, in whole or in part, upon the surrender of this Warrant with a properly
executed Assignment Form in substantially the form attached hereto as Annex B (the
“Assignment”) at the Company’s Office; provided, however, that in no event shall
this warrant be transferable to any person who is not an “accredited investor” as such term is
defined in Rule 501 of Regulation D promulgated under Section 4(2) of the Securities Act of 1933,
as amended.

          (c) Exchange of Warrant Upon a Transfer. On surrender of this Warrant for exchange,
properly endorsed on the Assignment and subject to the provisions of this Warrant and with the
limitations on assignments and transfers as contained in this Section 4, the Company at its expense
shall issue to or on the order of the Registered Holder a new warrant or warrants of like tenor, in
the name of the Registered Holder or as the Registered Holder (on payment by the Registered Holder
of any applicable transfer taxes) may direct, for the number of shares issuable upon exercise
hereof.

3

 

     5. Adjustment.

          (a) Adjustments of Exercise Price and Number of Warrant Shares. The number and kind
of securities purchasable upon the exercise of this Warrant and the Exercise Price shall be subject
to adjustment from time to time upon the happening of any of the following. In case the Company
shall (i) pay a dividend in shares of Common Stock or make a distribution in shares of Common Stock
to holders of its outstanding Common Stock, (ii) subdivide its outstanding shares of Common Stock
into a greater number of shares, (iii) combine its outstanding shares of Common Stock into a
smaller number of shares of Common Stock, or (iv) issue any shares of its capital stock in a
reclassification of the Common Stock, then the number of Warrant Shares purchasable upon exercise
of this Warrant immediately prior thereto shall be adjusted so that the Holder shall be entitled to
receive upon exercise of this Warrant (instead of the prior kind and number of Warrant Shares or
other securities, into which, in fact, this Warrant would then no longer be exercisable) the kind
and number of Warrant Shares or other securities of the Company which it would have owned or have
been entitled to receive had such Warrant been exercised in advance thereof. Upon each such
adjustment of the kind and number of Warrant Shares or other securities of the Company which are
purchasable hereunder, the Holder shall thereafter be entitled to purchase the number of Warrant
Shares or other securities resulting from such adjustment at an Exercise Price per Warrant Share or
other security obtained by multiplying the Exercise Price in effect immediately prior to such
adjustment by the number of Warrant Shares purchasable pursuant hereto immediately prior to such
adjustment and dividing by the number of Warrant Shares or other securities of the Company that are
purchasable pursuant hereto immediately after such adjustment. An adjustment made pursuant to this
paragraph shall become effective immediately after the effective date of such event retroactive to
the record date, if any, for such event.

          (b) Reorganization, Reclassification, Merger, Consolidation or Disposition of Assets.
In case the Company shall reorganize its capital, reclassify its capital stock, consolidate or
merge with or into another corporation (where the Company is not the surviving corporation or where
there is a change in or distribution with respect to the Common Stock of the Company), or be
acquired by reverse triangular merger, or sell, transfer or otherwise dispose of all or
substantially all its property, assets or business to another corporation (including by way of a
spin-off) and, pursuant to the terms of such reorganization, reclassification, merger,
consolidation or disposition of assets, shares of common stock of the successor or acquiring
corporation, or any cash, shares of stock or other securities or property of any nature whatsoever
(including warrants or other subscription or purchase rights) in addition to or in lieu of common
stock of the successor or acquiring corporation (“Other Property”), are to be received by or
distributed to the holders of Common Stock of the Company, then the Holder shall have the right
thereafter to receive upon exercise of this Warrant (instead of the prior kind and number of
Warrant Shares or other securities, into which, in fact, this Warrant would then no longer be
exercisable), the number of shares of common stock of the successor or acquiring corporation or
shares of Common Stock of the Company, if it is the surviving corporation, and Other Property
receivable upon or as a result of such reorganization, reclassification, merger, consolidation or
disposition of assets by a Holder of the number of shares of Common Stock for which this Warrant is
exercisable immediately prior to such event. In case of any such reorganization, reclassification,
merger, consolidation or disposition of assets, the successor or acquiring corporation (if other
than the Company) shall expressly assume the due and punctual observance and performance of each
and every covenant and condition of this Warrant to be performed and

4

 

observed by the Company and
all the obligations and liabilities hereunder, subject to such modifications as may be deemed
appropriate (as determined in good faith by resolution of the Board of Directors of the Company) in
order to provide for adjustments of Warrant Shares for which this Warrant is exercisable which
shall be as nearly equivalent as practicable to the adjustments provided for in this Section 5(b).
For purposes of this Section 5(b), “common stock of the successor or acquiring corporation” shall
include stock of such corporation of any class which is not preferred as to dividends or assets
over any other class of stock of such corporation and which is not subject to redemption and shall
also include any evidences of indebtedness, shares of stock or other securities which are
convertible into or exchangeable for any such stock, either immediately or upon the arrival of a
specified date or the happening of a specified event and any warrants or other rights to subscribe
for or purchase any such stock. The foregoing provisions of this Section 5(b) shall similarly
apply to successive reorganizations, reclassifications, mergers, consolidations or disposition of
assets.

          (c) Notice of Adjustment. Upon the occurrence of any event which requires any
adjustment of the Exercise Price, then and in each such case the Company shall give notice thereof
to the Registered Holder, which notice shall state the Exercise Price resulting from such
adjustment and the increase or decrease, if any, in the number of Warrant Shares purchasable at
such price upon exercise, setting forth in reasonable detail the method of calculation and the
facts upon which such calculation is based.

          (d) No Adjustment of Exercise Price in Certain Cases. No adjustment of the Exercise
Price shall be made if the amount of said adjustment shall be less than one cent ($0.01) per
security issuable upon exercise of this Warrant; provided, however, that in such
case any adjustment that would otherwise be required then to be made shall be carried forward and
shall be made at the time of and together with the next subsequent adjustment which, together with
any adjustment so carried forward, shall amount to at least one cent ($0.01) per security issuable
upon exercise of this Warrant.

     6. No Rights of Stockholders. Subject to other Sections of this Warrant, the
Registered Holder shall not be entitled to vote, to receive dividends or subscription rights, nor
shall anything contained herein be construed to confer upon the Registered Holder, as such, any of
the rights of a stockholder of the Company, including without limitation any right to vote for the
election of directors or upon any matter submitted to stockholders, to give or withhold consent to
any corporate action (whether upon any recapitalization, issuance of stock, reclassification of
stock, change of par value or change of stock to no par value, consolidation, merger, conveyance,
or otherwise), to receive notices, or otherwise, until the Warrant shall have been exercised as
provided herein.

     7. Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant and (in the case of loss,
theft or destruction) upon delivery of an indemnity agreement reasonably satisfactory to the
Company, or (in the case of mutilation) upon surrender and cancellation of this Warrant, the
Company will issue, in lieu thereof, a new Warrant of like tenor.

     8. Mailing of Notices, Etc. All notices and other communications from the Company to
the Registered Holder of this Warrant shall be mailed by first-class certified or registered mail,

5

 

postage prepaid, to the address furnished to the Company in writing by the last Registered Holder
of this Warrant who shall have furnished an address to the Company in writing. All notices and
other communications from the Registered Holder of this Warrant or in connection herewith to the
Company shall be mailed by first-class certified or registered mail, postage prepaid, to the
Company at its principal office set forth below. Notice so mailed shall be deemed effective two
(2) business days after being deposited with the United States Postal Service. If the Company
should at any time change the location of its principal office to a place other than as set forth
below, then it shall give prompt written notice to the Registered Holder of this Warrant and
thereafter all references in this Warrant to the location of its principal office at the particular
time shall be as so specified in such notice.

     9. Change or Waiver. Any term of this Warrant may be changed or waived only by an
instrument in writing signed by the party against which enforcement of the change or waiver is
sought.

     10. Headings. The headings in this Warrant are for purposes of reference only and
shall not limit or otherwise affect the meaning of any provision of this Warrant.

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

     12. Governing Law and Submission to Jurisdiction. This Warrant will be governed by,
and construed in accordance with, the laws of the State of New York without regard to principles of
conflict or choice of laws of any jurisdiction. The parties hereby agree that any action,
proceeding or claim against it arising out of, or relating in any way to this Warrant shall be
brought and enforced in the courts of the State of New York, and irrevocably submit to such
jurisdiction, which jurisdiction shall be exclusive.

     13. Supplements and Amendments. The Company and the Registered Holder may from time
to time supplement or amend this Warrant in order to cure any ambiguity, to correct or supplement
any provision contained herein which may be defective or inconsistent with any provision herein, or
to make any other provisions in regard to matters or questions arising hereunder which the Company
and the Holder may deem necessary or desirable.

     14. Successors. All the covenants and provisions of this Warrant shall be binding
upon and inure to the benefit of the Company and the Registered Holder and their respective
successors and assigns hereunder.

     15. Benefits of this Warrant. Nothing in this Warrant shall be construed to give to
any person, entity or corporation other than the Company and the Registered Holder of this Warrant
any legal or equitable right, remedy or claim under this Warrant; and this Warrant shall be for the
sole and exclusive benefit of the Company and the Registered Holder of this Warrant.

6

 

          IN WITNESS WHEREOF, The Immune Response Corporation has caused this Warrant to be signed by
its duly authorized officers and to be dated on the day and year first written above.

	 	 	 	 	 	 	 
	 	 	THE IMMUNE RESPONSE CORPORATION
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	Name:
	 	 	 	 	Title:
	 
	 	 	 	 	 	 
	 	 	Principal Office:
	 
	 	 	 	 	 	 
	 	 	 	 	5931 Darwin Court
	 	 	 	 	Carlsbad, California 92008

7

 

ANNEX A

NOTICE OF EXERCISE FORM

	 	 	 	 	 	 	 
	To:

	 	The Immune Response Corporation

5931 Darwin Court
	 	 	 	Dated:                        
	 

	 	Carlsbad, California 92008	 	 	 	 

The undersigned, pursuant to the provisions set forth in the attached Warrant, hereby
irrevocably elects to purchase                                          shares of Common Stock covered by such Warrant and
herewith makes payment of  $                                         , representing the full purchase price for shares at
the exercise price per share provided for in such Warrant.

	 	 	 	 	 
	 

	 	Signature:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Print Name:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Address:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

 

 

ANNEX B

ASSIGNMENT FORM

          FOR VALUE RECEIVED,                                                              hereby sells, assigns and transfers all
of the rights of the undersigned under the attached Warrant with respect to the number of shares of
Common Stock covered thereby set forth below, unto:

Name of Assignee

Address

No. of Shares

	 	 	 	 	 
	 

	 	Dated:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Signature:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Dated:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Witness:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00101-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00101-of-00352.parquet"}]]