Document:

Exhibit

Exhibit 4.1

CIM INCOME NAV, INC.
SECOND AMENDED AND RESTATED MULTIPLE CLASS PLAN
Effective as of February 28, 2020 
		
	I.
	Introduction

As required by Section 5.2.5 of CIM Income NAV, Inc.’s (the “Corporation”) Second Articles of Amendment and Restatement, as amended (“Charter”), and effective as of the date set forth above, the Corporation’s board of directors (the “Board”) adopted this Amended and Restated Multiple Class Plan (the “Plan”) to establish certain features of the Class D Shares, the Class T Shares, the Class S Shares and the Class I Shares.  Each capitalized term in this Plan not otherwise defined herein has the same meaning as that set forth in the Charter.
In addition to the terms of the Class D Shares, the Class T Shares, the Class S Shares and the Class I Shares described in the Charter, each class of Common Shares shall have the features described below.
		
	II.
	Multiple Class Structure

		
	A.
	Commissions and Fees Payable to the Dealer Manager and Financial Intermediaries

		
	1.
	Upfront Selling Commissions.  

		
	a.
	Each Class T Share issued in an Offering may be subject to a Selling Commission of up to 3.0% of the transaction price of each Class T Share sold in the primary offering.  

		
	b.
	Each Class S Share issued in an Offering may be subject to a Selling Commission of up to 3.5% of the transaction price of each Class S Share sold in the primary offering.

		
	c.
	Stockholders will not pay a Selling Commission on Class D Shares, Class T Shares, Class S Shares or Class I Shares when purchasing shares of any such class pursuant to the Corporation’s distribution reinvestment plan.

		
	d.
	No Class D Share or Class I Share sold in an Offering shall be subject to a Selling Commission.

		
	2.
	Upfront Dealer Manager Fees.  With respect to each Class T Share, CCO Capital, LLC (the “Dealer Manager”) may be entitled to an upfront fee (as described in the Corporation’s Prospectus, the “Dealer Manager Fee”) of 0.5% of the transaction price per Class T Share.  The sum of the Selling Commission and the Dealer Manager Fee with respect to the Class T Shares will not exceed 3.5% of the transaction price. No Class D Share, Class S Share or Class I Share sold in an Offering shall be subject to a Dealer Manager Fee. Stockholders will not pay a Dealer Manager Fee with respect to the Class D Shares, Class T Shares, Class S Shares or Class I Shares when purchasing shares of any such class pursuant to the Corporation’s distribution reinvestment plan. 

		
	3.
	Annual Stockholder Servicing Fees.  

		
	a.
	With respect to the Class D Shares, the Dealer Manager may be entitled to a stockholder servicing fee (as described in the Corporation’s Prospectus, the “Stockholder Servicing Fee”) equal to 0.25% per annum of the aggregate Net Asset Value per Class D Share.

		
	b.
	With respect to the Class T Shares, the Dealer Manager may be entitled to a Stockholder Servicing Fee equal to 0.85% per annum of the aggregate NAV of the Corporation’s outstanding Class T Shares, consisting of an advisor Stockholder Servicing Fee of 0.65% per annum, and a Stockholder Servicing Fee of 0.20% per annum, of the aggregate Net Asset Value per Class T Share.

		
	c.
	With respect to the Class S Shares, the Dealer Manager may be entitled to a Stockholder Servicing Fee equal to 0.85% per annum of the aggregate Net Asset Value per Class S Share.

		
	d.
	No Class I Share sold in an Offering shall be subject to a Stockholder Servicing Fee. 

		
	4.
	Fee Limit.  The Dealer Manager will not be entitled to any additional Stockholder Servicing Fees with respect to any Class D Shares, Class T Shares and Class S Shares held in a stockholder’s account at the end of the month in which the Dealer Manager, in conjunction with the transfer agent, determines that total Selling Commissions, Dealer Manager Fees, and Stockholder Servicing Fees paid with respect to such Common Shares would exceed, 

in the aggregate, 8.75% (or, in the case of Shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Dealer Manager and a participating broker-dealer) of the gross proceeds from the sale of such shares (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto).
		
	5.
	Fees Prior to Reclassification.  For sales of the Corporation’s Class W shares, Class A shares and Class I shares prior to the reclassification of such shares on November 27, 2018, for which the Corporation previously agreed to pay the Dealer Manager (i) an ongoing dealer manager fee equal to 0.55% per annum of the aggregate NAV of the outstanding Class W shares, (ii) an ongoing dealer manager fee equal to 0.55% per annum of the aggregate NAV of outstanding Class A shares and a distribution fee equal to 0.50% per annum of the aggregate NAV of the outstanding Class A shares and (iii) an ongoing dealer manager fee equal to 0.25% per annum of the aggregate NAV of the outstanding Class I shares, pursuant to the Second Amended and Restated Dealer Manager Agreement dated as of February 10, 2017 (the “Prior Agreement”), the Corporation and the Dealer Manager agree that the stockholder servicing fees payable to the Dealer Manager with respect to the Shares under the Fourth Amended and Restated Dealer Manager Agreement dated as of the date hereof shall fully satisfy the Corporation’s obligations with respect to the payment of ongoing fees to the Dealer Manager under the Prior Agreement. For the avoidance of doubt, if such stockholder servicing fees do not cover the full amount of the Company’s obligations with respect to the payment of ongoing fees to the Dealer Manager under the Prior Agreement, then the Dealer Manager will not be entitled to any additional compensation in respect of any such fees payable to the Dealer Manager under the Prior Agreement.

		
	B.
	Expense Allocation

		
	1.
	General.  Subject to Part II.B.2. hereof, the officers of the Corporation, or a person duly appointed by the officers of the Corporation, will track all expenses of the Corporation and allocate expenses to a specific class of Common Shares if (i) an expense is actually incurred in a different amount by such class of Common Shares or (ii) such class of Common Shares receives services of a different kind or to a different degree than the other classes of Common Shares (the expenses described in clauses (i) and (ii) shall hereinafter be referred to as “Class Specific Expenses”).  For example, certain organizational and offering expense reimbursements that are Class Specific Expenses will be allocated to the class of Common Shares that incurred such expense.  Such expenses include, but are not limited to, costs to print and mail a prospectus regarding a class of Common Shares, legal costs to authorize a class of Common Shares and legal costs to register a class of Common Shares.  Class Specific Expenses may also include fees and expenses for services for a class of Common Shares such as account setup, maintenance and recordkeeping.  All other expenses that are not Class Specific Expenses will be allocated to each class of Common Shares as described below; provided, however, that no expense not expressly provided for herein shall be treated as a Class Specific Expense if the officers of the Corporation, or a person duly appointed by the officers of the Corporation, determines after consultation with the Corporation’s tax advisors that such treatment as a Class Specific Expense could jeopardize the Corporation’s ability to qualify as a REIT.  In no event shall Class Specific Expenses include expenses described in Part II.B.2. hereof.

		
	2.
	Non-Class Specific Expenses.

		
	a.
	Non-Class Specific organization and offering expense reimbursements.  Organizational and offering expense reimbursements that are not Class Specific Expenses will be allocated to each class of Common Shares on a pro rata basis based on the net asset value attributable to each class of Common Shares.  Such expenses include, but are not limited to, costs to advertise an Offering, costs to print and mail marketing materials, and costs to sponsor broker-dealer educational seminars.

		
	b.
	Advisory fee.  The amount of advisory fee accrued daily, and payable monthly in arrears, to each class of Common Shares will be determined by applying the advisory fee rate to the Net Asset Value of each class of Common Shares.

		
	c.
	Performance fee.  The Advisor will be entitled to a performance fee calculated on the basis of the total return to Stockholders of each class of Common Shares, payable annually in arrears, such that for any year in which the total return on the Stockholders’ capital, which will be calculated separately for each class of Common Shares, exceeds 5.00% per annum, the Advisor will be entitled to 12.50% of the amount by which such total return exceeds any un-recouped total return in previous years, and as more fully described in the Second Amended and Restated Advisory Agreement dated November 27, 2018 by and among the Corporation, CIM Income NAV Operating Partnership, LP and the Advisor. The amount of the performance fee allocated to a 

class of Common Shares will be the amount of the performance fee calculated for such class of Common Shares described in the previous sentence.
		
	d.
	Acquisition and operating expense reimbursements.  All acquisition and operating expense reimbursements, or other fees and expenses related to the management of the Corporation’s assets, will be allocated to each class of Common Shares on a pro rata basis based on the Net Asset Value attributable to each class of Common Shares. 

		
	3.
	Other expenses.  The Corporation may incur other expenses (the “Other Expenses”) not specifically addressed herein.  In such cases, the officers of the Corporation, or a person duly appointed by the officers of the Corporation, will allocate Other Expenses to a specific class of Common Shares if such expenses are Class Specific Expenses.  Class Specific Expenses will not include advisory or custodial fees or other fees and expenses related to the management of the Corporation’s assets.  Other Expenses that are not Class Specific Expenses will be allocated to each class of Common Shares on a pro rata basis based on the Net Asset Value attributable to each class of Common Shares.

		
	4.
	Timing of Allocation.  Expenses shall be allocated to each class of Common Shares at the same time as all other classes of Common Shares.

III.Amendments
The Plan may not be materially amended unless approved by a majority of the entire Board, including a majority of the Independent Directors.Tonix Pharmaceuticals Holding Corp. 8-K

Exhibit 10.01 

 

February 28, 2020

 

Tonix Pharmaceuticals Holding Corp.

509 Madison Avenue, Suite 1608

New York, New York 10022

Attention: Seth Lederman

Chief Executive Officer

 

Dear Dr. Lederman:

 

This letter
(the “Agreement”) constitutes the agreement between A.G.P./Alliance Global Partners, as exclusive placement
agent (“A.G.P.” or the “Placement Agent”), and Tonix Pharmaceuticals Holding Corp., a company
organized under the laws of the state of Nevada (the “Company”), that the Placement Agent shall serve as the
placement agent for the Company, on a “reasonable best efforts” basis, in connection with the proposed placement (the
“Placement”) of shares of common stock, par value, $0.001 per share (the “Shares”). The
Shares actually placed by the Placement Agent are referred to herein as the “Placement Agent Securities.” The
Placement Agent Securities shall be offered and sold under the Company’s registration statement on Form S-3 (File No. 333-224586)
with respect to the Placement Agent Securities. The documents executed and delivered by the Company and the Purchasers (as defined
below) in connection with the Placement, including, without limitation, a securities purchase agreement (the “Purchase
Agreement”), shall be collectively referred to herein as the “Transaction Documents.” The purchase
price to the Purchasers for each Share is $1.10.  The Placement Agent may retain other brokers or dealers to act as sub-agents
or selected-dealers on its behalf in connection with the Placement. 

 

The terms
of the Placement shall be mutually agreed upon by the Company and the purchasers listed in the Purchase Agreement (each, a “Purchaser”
and collectively, the “Purchasers”), and nothing herein constitutes that the Placement Agent would have the
power or authority to bind the Company or any Purchaser, or an obligation for the Company will issue any Securities or complete
the Placement. The Company expressly acknowledges and agrees that the Placement Agent’s obligations hereunder are on a
reasonable best efforts basis only and that the execution of this Agreement does not constitute a commitment by the Placement
Agent to purchase the Securities and does not ensure the successful placement of the Securities or any portion thereof or the
success of the Placement Agent with respect to securing any other financing on behalf of the Company. Certain affiliates of the
Placement Agent may participate in the Placement by purchasing some of the Placement Agent Securities. The sale of Placement Agent
Securities to any Purchaser will be evidenced by the Purchase Agreement between the Company and such Purchaser, in a form reasonably
acceptable to the Company and the Purchaser. Capitalized terms that are not otherwise defined herein have the meanings given to
such terms in the Purchase Agreement. Prior to the signing of any Purchase Agreement, officers of the Company will be available
to answer inquiries from prospective Purchasers.

 

SECTION 1.        REPRESENTATIONS AND WARRANTIES OF THE COMPANY; COVENANTS OF THE COMPANY.

 

A.         Representations of the Company. With respect to the Placement Agent Securities, each of the representations and warranties (together with any related disclosure schedules thereto) and covenants made by the Company to the Purchasers in the Purchase Agreement in connection with the Placement, is hereby incorporated herein by reference into this Agreement (as though fully restated herein) and is, as of the date of this Agreement and as of the Closing Date, hereby made to, and in favor of, the Placement Agent. In addition to the foregoing, the Company represents and warrants that there are no affiliations with any FINRA member firm among the Company’s officers, directors or, to the knowledge of the Company, any five percent (5.0%) or greater stockholder of the Company.

 

     

     

    
B.         Covenants of the Company. The Company covenants and agrees to continue to retain (i) a firm of independent PCAOB registered public accountants for a period of at least three (3) years after the Closing Date and (ii) a competent transfer agent with respect to the Placement Agent Securities for a period of three (3) years after the Closing Date.

 

SECTION
2.       REPRESENTATIONS OF THE PLACEMENT AGENT. The Placement Agent represents and warrants
that it (i) is a member in good standing of the Financial Industry Regulatory Authority (“FINRA”), (ii) is
registered as a broker/dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), (iii)
is licensed as a broker/dealer under the laws of the United States of America, applicable to the offers and sales of the Placement
Agent Securities by the Placement Agent, (iv) is and will be a corporate body validly existing under the laws of its place of
incorporation, and (v) has full power and authority to enter into and perform its obligations under this Agreement. The Placement
Agent will immediately notify the Company in writing of any change in its status with respect to subsections (i) through (v) above.
The Placement Agent covenants that it will use its reasonable best efforts to conduct the Placement hereunder in compliance with
the provisions of this Agreement and the requirements of applicable law.  

 

SECTION 3.      COMPENSATION.  In consideration of the services to be provided for hereunder, the Company shall pay to the Placement Agent or its respective designees a total cash fee equal to seven percent (7.0%) of gross proceeds from the Placement of the total amount of Placement Agent Securities sold (the “Cash Fee”) and an accountable expense allowance as set forth in Section 4 below. A.G.P. reserves the right to reduce any item of compensation or adjust the terms thereof as specified herein in the event that a determination shall be made by FINRA to the effect that the Placement Agent’s aggregate compensation is in excess of FINRA Rules or that the terms thereof require adjustment.

 

SECTION 4.       EXPENSES.  The Company agrees to pay all costs, fees and expenses incurred by the Company in connection with the performance of its obligations hereunder and in connection with the transactions contemplated hereby, including, without limitation: (i) all expenses incident to the issuance, delivery and qualification of the Securities (including all printing and engraving costs); (ii) all fees and expenses of the registrar and transfer agent of the Shares; (iii) all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the Placement Agent Securities; (iv) all fees and expenses of the Company’s counsel, independent public or certified public accountants and other advisors; (v) all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts), the Base Prospectus and each Prospectus Supplement, and all amendments and supplements thereto, and this Agreement; (vi) all filing fees, reasonable attorneys’ fees and expenses incurred by the Company in connection with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the Securities for offer and sale under the state securities or blue sky laws or the securities laws of any other country; (vii) the fees and expenses associated with including the Securities on the Trading Market; (ix) up to $50,000 for accountable expenses  related to legal fees of counsel to the Placement Agent, IPREO software related expenses, background check expenses, tombstones and marketing related expenses, including road show expenses if they are incurred. Notwithstanding the foregoing, any advance received by the Placement Agent will be reimbursed to the Company to the extent not actually incurred in compliance with FINRA Rule 5110(f)(2)(C). In the event that this Agreement shall not be carried out for any reason whatsoever, within the time specified herein or any extensions thereof pursuant to the terms herein, the Company shall be obligated to pay to the Placement Agent their actual and accountable out-of-pocket expenses related to the transactions contemplated herein then due and payable (including the fees and disbursements of Representative Counsel) up to $20,000 and upon demand the Company shall pay the full amount thereof to the Placement Agent; provided, however, that such expense cap in no way limits or impairs the indemnification and contribution provisions of this Agreement.

 

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SECTION 5.       INDEMNIFICATION.

 

A.          To the extent permitted by law, with respect to the Placement Agent Securities, the Company will indemnify the Placement Agent and its affiliates, stockholders, directors, officers, employees, members and controlling persons (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) against all losses, claims, damages, expenses and liabilities, as the same are incurred (including the reasonable fees and expenses of counsel), relating to or arising out of its activities hereunder or pursuant to this Agreement, except to the extent that any losses, claims, damages, expenses or liabilities (or actions in respect thereof) are found in a final judgment (not subject to appeal) by a court of law to have resulted primarily and directly from the Placement Agent’s willful misconduct or gross negligence in performing the services described herein.

 

B.           Promptly after receipt by the Placement Agent of notice of any claim or the commencement of any action or proceeding with respect to which the Placement Agent is entitled to indemnity hereunder, the Placement Agent will promptly notify the Company in writing of such claim or of the commencement of such action or proceeding, but failure to so notify the Company shall not relieve the Company from any obligation it may have hereunder, except and only to the extent such failure results in the forfeiture by the Company of substantial rights and defenses. If the Company so elects or is requested by the Placement Agent, the Company will assume the defense of such action or proceeding and will employ counsel reasonably satisfactory to the Placement Agent and will pay the fees and expenses of such counsel. Notwithstanding the preceding sentence, the Placement Agent will be entitled to employ its own counsel separate from counsel for the Company and from any other party in such action if counsel for the Placement Agent reasonably determines that it would be inappropriate under the applicable rules of professional responsibility for the same counsel to represent both the Company and the Placement Agent. In such event, the reasonable fees and disbursements of no more than one such separate counsel will be paid by the Company, in addition to fees of local counsel. The Company will have the right to settle the claim or proceeding, provided that the Company will not settle any such claim, action or proceeding without the prior written consent of the Placement Agent, which will not be unreasonably withheld.

 

C.           The Company agrees to notify the Placement Agent promptly of the assertion against it or any other person of any claim or the commencement of any action or proceeding relating to a transaction contemplated by this Agreement.

 

D.           If for any reason the foregoing indemnity is unavailable to the Placement Agent or insufficient to hold the Placement Agent harmless, then the Company shall contribute to the amount paid or payable by the Placement Agent as a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect not only the relative benefits received by the Company on the one hand and the Placement Agent on the other, but also the relative fault of the Company on the one hand and the liable Placement Agent on the other that resulted in such losses, claims, damages or liabilities, as well as any relevant equitable considerations. The amounts paid or payable by a party in respect of losses, claims, damages and liabilities referred to above shall be deemed to include any legal or other fees and expenses incurred in defending any litigation, proceeding or other action or claim. Notwithstanding the provisions hereof, the liable Placement Agent’s share of the liability hereunder shall not be in excess of the amount of fees actually received, or to be received, by the Placement Agent under this Agreement (excluding any amounts received as reimbursement of expenses incurred by the Placement Agent).

 

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E.           These indemnification provisions shall remain in full force and effect whether or not the transaction contemplated by this Agreement is completed and shall survive the termination of this Agreement, and shall be in addition to any liability that the Company might otherwise have to any indemnified party under this Agreement or otherwise.

 

SECTION 6.       COMPANY LOCK-UP AGREEMENTS.

 

(a) Restriction
on Sales of Capital Stock. The Company, on behalf of itself and any successor entity, agrees that, without the prior written
consent of the Placement Agent, it will not, for a period beginning on the date of this Agreement and ending on the date that
is the 90th day after the date of this Agreement (the “Lock-Up Period”), (i) offer, pledge, sell, contract
to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant
to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or
any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (ii) file or cause
to be filed any registration statement with the Commission relating to the offering of any shares of capital stock of the Company
or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (iii) complete
any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank or (iv) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of capital stock of the Company, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled
by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise.

 

The restrictions
contained in this Section 6(a) (collectively, the “Restrictions”) shall not apply to (i) the Placement Agent
Securities, (ii) the issuance by the Company of securities of the Company pursuant to any documents, agreements or securities
existing or outstanding as of the Closing Date, provided that such existing or outstanding documents, agreements or securities
have not been amended since the date of this Agreement to increase the number of securities or to decrease the exercise price,
exchange price or conversion price of securities (other than in connection with stock splits or combinations) or to extend the
term of such documents, agreements or securities, (iii) the issuance by the Company of any securities of the Company under any
equity compensation plan of the Company for services rendered to the Company; or (iv) the issuance of any securities of the Company
in connection with a merger, joint venture, licensing arrangement or any other similar non-capital raising transaction, provided
that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries,
an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the
Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is
issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities,
provided that in each of (ii) through (iv) above, the securities shall be restricted from sale during the entire Lock-Up Period.

 

(b) Restriction on Continuous Offerings. Notwithstanding
the restrictions contained in Section 6(a), the Company, on behalf of itself and any successor entity, agrees that, without the
prior written consent of the Placement Agent, it will not engage, for a period of 90 days after the date of this Agreement, directly
or indirectly in any “at the market” or continuous equity transaction, offer to sell, sell, contract to sell, grant
any option to sell or otherwise dispose of shares of capital stock of the Company or any securities convertible into or exercisable
or exchangeable for shares of capital stock of the Company.

 

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SECTION
7.       ENGAGEMENT TERM. The Placement Agent’s engagement hereunder will
be until the earlier of (i) April 1, 2020 and (ii) the Closing Date. The date of termination of this Agreement is referred to
herein as the “Termination Date.” In the event, however, in the course of the Placement Agent’s performance
of due diligence it deems it necessary to terminate the engagement, the Placement Agent may do so prior to the Termination Date.
The Company may elect to terminate the engagement hereunder for any reason prior to the Termination Date but will remain responsible
for fees pursuant to Section 3 hereof with respect to the Placement Agent Securities if sold in the Placement. Notwithstanding
anything to the contrary contained herein, the provisions concerning the Company’s obligation to pay any fees actually
earned pursuant to Section 3 hereof and the provisions concerning confidentiality, indemnification and contribution contained
herein will survive any expiration or termination of this Agreement. If this Agreement is terminated prior to the completion of
the Placement, all fees due to the Placement Agent as set forth in Section 3 shall be paid by the Company to the Placement Agent
on or before the Termination Date (in the event such fees are earned or owed as of the Termination Date). The Placement Agent
agrees not to use any confidential information concerning the Company provided to the Placement Agent by the Company for any purposes
other than those contemplated under this Agreement.

 

 SECTION 8.      PLACEMENT AGENT INFORMATION. The Company agrees that any information or advice rendered by the Placement Agent in connection with this engagement is for the confidential use of the Company only in their evaluation of the Placement and, except as otherwise required by law, the Company will not disclose or otherwise refer to the advice or information in any manner without the Placement Agent’s prior written consent.

 

SECTION 9.       NO FIDUCIARY RELATIONSHIP. This Agreement does not create, and shall not be construed as creating rights enforceable by any person or entity not a party hereto, except those entitled hereto by virtue of the indemnification provisions hereof. The Company acknowledges and agrees that the Placement Agent is not and shall not be construed as a fiduciary of the Company and shall have no duties or liabilities to the equity holders or the creditors of the Company or any other person by virtue of this Agreement or the retention of the Placement Agent hereunder, all of which are hereby expressly waived.

 

SECTION 10.     CLOSING. The obligations of the Placement Agent, and the closing of the sale of the Placement Agent Securities hereunder are subject to the accuracy, when made and on the Closing Date, of the representations and warranties on the part of the Company contained herein and in the Purchase Agreement, to the performance by the Company of its obligations hereunder, and to each of the following additional terms and conditions, except as otherwise disclosed to and acknowledged and waived by the Placement Agent:

 

A.         All corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each of this Agreement, the Placement Agent Securities, and all other legal matters relating to this Agreement and the transactions contemplated hereby with respect to the Placement Agent Securities shall be reasonably satisfactory in all material respects to the Placement Agent.

 

B.         The Placement Agent shall have received from outside counsels to the Company such counsel’s written opinion with respect to the Placement Agent Securities, addressed to the Placement Agent and dated as of the Closing Date, in form and substance reasonably satisfactory to the Placement Agent.

 

C.         The Shares shall be registered under the Exchange Act. The Company shall have taken no action designed to, or likely to have the effect of terminating the registration of the Common Stock under the Exchange Act or delisting or suspending from trading the Shares from the Trading Market or other applicable U.S. national exchange, nor has the Company received any information suggesting that the Commission or the Trading Market or other U.S. applicable national exchange is contemplating terminating such registration or listing.

 

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D.         No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental agency or body which would, as of the Closing Date, prevent the issuance or sale of the Placement Agent Securities or materially and adversely affect or potentially and adversely affect the business or operations of the Company; and no injunction, restraining order or order of any other nature by any federal or state court of competent jurisdiction shall have been issued as of the Closing Date which would prevent the issuance or sale of the Placement Agent Securities or materially and adversely affect or potentially and adversely affect the business or operations of the Company.

 

E.         The Company shall have entered into a Purchase Agreement with each of the Purchasers of the Placement Agent Securities and such agreements shall be in full force and effect and shall contain representations, warranties and covenants of the Company as agreed upon between the Company and the Purchasers.

 

F.         FINRA shall have raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement. In addition, the Company shall, if requested by the Placement Agent, make or authorize Placement Agent’s counsel to make on the Company’s behalf, any filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110 with respect to the Placement and pay all filing fees required in connection therewith.

 

If any of the conditions specified in this Section 9 shall not have been fulfilled when and as required by this Agreement, all obligations of the Placement Agent hereunder may be cancelled by the Placement Agent at, or at any time prior to, the Closing Date. Notice of such cancellation shall be given to the Company in writing or orally. Any such oral notice shall be confirmed promptly thereafter in writing.

 

SECTION 11.     GOVERNING LAW. This Agreement will be governed by, and construed in accordance with, the laws of the State of New York applicable to agreements made and to be performed entirely in such State, without regard to principles of conflicts of law. This Agreement may not be assigned by either party without the prior written consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns. Any right to trial by jury with respect to any dispute arising under this Agreement or any transaction or conduct in connection herewith is waived. Any dispute arising under this Agreement may be brought into the courts of the State of New York or into the Federal Court located in New York, New York and, by execution and delivery of this Agreement, the Company hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of aforesaid courts. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by delivering a copy thereof via overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If either party shall commence an action or proceeding to enforce any provisions of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney’s fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

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SECTION 12.     ENTIRE AGREEMENT/MISCELLANEOUS. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings, relating to the subject matter hereof. If any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect such provision in any other respect or any other provision of this Agreement, which will remain in full force and effect. This Agreement may not be amended or otherwise modified or waived except by an instrument in writing signed by the Placement Agent and the Company. The representations, warranties, agreements and covenants contained herein shall survive the Closing Date of the Placement and delivery of the Placement Agent Securities. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or a .pdf format file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or .pdf signature page were an original thereof.

 

SECTION 13.     NOTICES. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is sent to the email address specified on the signature pages attached hereto prior to 6:30 p.m. (New York City time) on a business day, (b) the next business day after the date of transmission, if such notice or communication is sent to the email address on the signature pages attached hereto on a day that is not a business day or later than 6:30 p.m. (New York City time) on any business day, (c) the third business day following the date of mailing, if sent by U.S. internationally recognized air courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages hereto.

 

SECTION 14.     Press Announcements. The Company agrees that the Placement Agent shall, on and after the Closing Date, have the right to reference the Placement and the Placement Agent’s role in connection therewith in the Placement Agent’s marketing materials and on its website and to place advertisements in financial and other newspapers and journals, in each case at its own expense.

 

[The remainder of this page has been intentionally left blank.]

 

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Please confirm that the foregoing correctly sets forth our agreement by signing and returning to the Placement Agent the enclosed copy of this Agreement.

 

	
 

	
Very truly yours,

	
 

	
 

	
 

	
A.G.P./ALLIANCE GLOBAL PARTNERS

	
 

	
 

	
 

	
By:        

	
/s/ Thomas T. Higgins

	
 

	
 

	
Name: Thomas T. Higgins

	
 

	
 

	
Title:   Managing Director

	
 

	
 

	
 

	
Address for notice:

	
 

	
590 Madison Avenue 36th Floor

New York, New York 10022

Attn: Thomas Higgins

Email: thiggins@allianceg.com

 

[Signature Page to Placement Agency Agreement.]

 

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Accepted and Agreed to as of

the date first written above:

 

	
TONIX PHARMACEUTICALS HOLDING CORP.

	
 

	
By:

	
/s/ Seth Lederman

	
 

	
Name: Seth Lederman

	
 

	
Title:   Chief Executive Officer

	
 

	
Address for notice:

	
 

509 Madison Avenue, Suite 1608

New York, New York 10022

Attention: Seth Lederman

Chief Executive Officer

 

[Signature Page to Placement Agency Agreement.]

 

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