Document:

EX-10.1

Ex. 10.1

NEITHER THE ISSUANCE AND SALE OF THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE IS CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE
OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933 OR
(B) AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER
SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144, RULE 144A OR OTHER EXEMPTION UNDER SAID ACT.

THE TRANSFER OF THE SECURITIES REPRESENTED HEREBY IS PROHIBITED EXCEPT IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION.

VIASPACE INC.

SENIOR SECURED CONVERTIBLE PROMISSORY NOTE

$17,000.00 August 28, 2013

FOR VALUE RECEIVED, VIASPACE INC., a Nevada corporation (“Company”), promises to pay to Kevin
Schewe (“Holder”), or its registered assigns, in lawful money of the United States of America the
principal sum of SEVENTEEN THOUSAND Dollars ($17,000.00), or such other amount as shall equal the
outstanding principal amount hereof, together with interest from the date of this Note on the
unpaid principal balance at a rate equal to six percent (6.0%) per annum, computed on the basis of
the actual number of days elapsed and a year of 365 days. Unless converted into Common Stock of
Company as set forth in Section 3 and/or Section 8 below, all unpaid principal, together with any
then unpaid and accrued interest, shall be due and payable on the earlier of (i) August 28, 2015
(the “Maturity Date”), (ii) upon prepayment of all amounts due and payable under this Note in
accordance with the terms hereof, or (iii) when, upon or after the occurrence of an Event of
Default (as defined below), such amounts are declared due and payable by Holder or made
automatically due and payable in accordance with the terms hereof. Immediately prior to the
issuance of this Note by Company, Holder acknowledges that it has delivered to Company the sum of
SEVENTEEN THOUSAND Dollars ($17,000.00) reflecting the principal amount under this Note.

This Note is one of a series of notes (the “Notes”) having like tenor and effect (except for
variations necessary to express the name of the holder, the principal amount of each of the Notes
and the date on which each Note is funded) in an aggregate principal amount of up to $1,000,000
issued or to be issued by Company on or about the period from September 2012 to August 2017 (or
such other period as agreed upon by the Company and the Holder) pursuant to the terms of a Loan
Agreement, dated as of September 30, 2012, by and between Company and the Holder (or his designees)
of the Notes (the “Loan Agreement”). The Notes shall rank equally without preference or priority
of any kind over one another, and all payments on account of principal and interest with respect to
any of the Notes shall be applied ratably and proportionately on the outstanding Notes on the basis
of the principal amount of the outstanding indebtedness represented thereby.

The following is a statement of the rights of Holder and the conditions to which this Note is
subject, and to which Company by issuance of this Note, and Holder by the acceptance of this Note,
agree:

1. Definitions. As used in this Note, the following capitalized terms have the
following meanings:

(a) “Common Stock” shall mean the Company’s Common Stock, par value $0.001.

(b) “Collateral” has the meaning given in Section 4 hereof.

(c) “Company” includes the corporation initially executing this Note and any Person which
shall succeed to or assume the obligations of Company under this Note.

(d) “Conversion Notice” has the meaning given in Section 8(e) hereof.

(e) “Conversion Period” shall mean the period from the date of the Note and ending on the
Maturity Date.

(f) “Conversion Price” has the meaning given in Section 8(b) hereof

(g) “Event of Default” has the meaning given in Section 6 hereof.

(h) “Holder” shall mean the Person specified in the introductory paragraph of this Note or any
Person who shall at the time be the registered holder of this Note. “Holders” shall mean the
Persons collectively specified in the introductory paragraph of this Note and the other Notes or
any Persons who shall at the time be the registered holders of this Note and the other Notes.

(i) “Majority Holders” shall mean Holders holding a majority of the aggregate principal amount
of the Notes then outstanding.

(j) “Note” shall mean this Senior Secured Convertible Promissory Note.

(k) “Obligations” shall mean and include all loans, advances, debts, liabilities and
obligations owed by Company to Holder of every kind and description, now existing or hereafter
arising under or pursuant to the terms of this Note including, all interest, fees, charges,
expenses, attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by
Company hereunder.

(l) “Person” shall mean and include an individual, a partnership, a corporation (including a
business trust), a joint stock company, a limited liability company, an unincorporated association,
a joint venture or other entity or a governmental authority.

(m) “Prepayment Amount” has the meaning given in Section 3 hereof

(n) “Prepayment Notice” has the meaning given in Section 3 hereof.

(o) “Sale Transaction” shall mean a transaction or series of related transactions involving
(i) the consolidation or merger of Company with another Person, (ii) a sale of all or substantially
all of the assets of Company, (iii) a purchase, tender or exchange offer that is accepted by the
holders of more than the 50% of the outstanding shares of capital stock of Company, (iv) the
consummation of a stock purchase agreement or other business combination with another Person
whereby such other Person acquires more than the 50% of the outstanding capital stock of Company.

(p) “Securities Act” has the meaning given in Section 5(b) hereof.

(q) “Loan Agreement” has the meaning in the second introductory paragraph of this Note.

(r) “Successor Entity” has the meaning given in Section 10 hereof.

Capitalized term not otherwise defined shall have the meaning set forth in the Loan Agreement.

2. Interest. Unless converted into Common Stock of Company as set forth in Section 8
below, or unless prepaid or converted as set forth in Section 3 below, accrued interest on this
Note shall be payable on the Maturity Date.

3. Prepayment. During the Conversion Period, Company may, at any time and from time
to time, prepay all or any portion of the principal due under this Note, together with accrued
interest, without penalty. Company shall effect such prepayment by providing Holder twenty (20)
days written notice prior to the date of such prepayment (such notice, a “Prepayment Notice”)
indicating the amount of principal and accrued interest Company desires to prepay (the “Prepayment
Amount”). Notwithstanding the foregoing, Holder shall have 10 days following receipt of such
Prepayment Notice to notify Company in writing of its election to convert the Prepayment Amount
into shares of Common Stock, in which case such Prepayment Amount shall be converted into shares of
Common Stock in accordance with the conversion procedures set forth in Section 8(e) hereof
(provided that, with respect to conversions effected pursuant to this Section 3, any references to
the Conversion Amount in Section 8(e) shall refer to the Prepayment Amount). Should Holder elect
to convert the Prepayment Amount into shares of Common Stock, the number of shares of Common Stock
into which such Prepayment Amount will be converted shall be determined by dividing the Prepayment
Amount by the then applicable Conversion Price.

4. Security Interest. As security for the payment and performance of the Obligations
under this Note and the other Notes, Company hereby grants to the holder of this Note and of the
other Notes a first lien security interest in all of Company’s right, title and interest in, to and
under all of its personal property, wherever located and whether now existing or owned or hereafter
acquired or arising, including all accounts, chattel paper, commercial tort claims, deposit
accounts, documents, equipment (including all fixtures), general intangibles, intellectual property
(including all patents and patent applications, all copyrights and applications for copyright, all
state (including common law), federal and foreign trademarks, service marks and trade names, and
applications for registration of such trademarks, service marks and trade names, and all trade
secrets), instruments, inventory, investment property, letter-of-credit rights, money and all
products, proceeds and supporting obligations of any and all of the foregoing (collectively, the
“Collateral”). Notwithstanding the foregoing, the security interest granted herein shall not
extend to any property, rights or licenses to the extent the granting of a security interest
therein would be contrary to applicable law.

5. Representations and Warranties of Holder. Holder represents and warrants to Company
as follows:

(a) Binding Obligation. Holder has full legal capacity, power and authority to execute
and deliver this Note and to perform his obligations hereunder. This Note is a valid and binding
obligation of Holder, enforceable in accordance with its terms, except as limited by bankruptcy,
insolvency or other laws of general application relating to or affecting the enforcement of
creditors’ rights generally and general principles of equity.

(b) Securities Law Compliance. Holder has been advised that this Note has not been
registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state
securities laws and, therefore, cannot be resold unless they are registered under the Securities
Act and applicable state securities laws or unless an exemption from such registration requirements
is available. Holder is aware that Company is under no obligation to effect any such registration
with respect to this Note, or the Common Stock issuable or issued pursuant to the conversion of
this Note, or to file for or comply with any exemption from registration. Holder has not been
formed solely for the purpose of making this investment and is purchasing this Note for its own
account for investment, not as a nominee or agent, and not with a view to, or for resale in
connection with, the distribution thereof. Holder has such knowledge and experience in financial
and business matters that Holder is capable of evaluating the merits and risks of such investment,
is able to incur a complete loss of such investment and is able to bear the economic risk of such
investment for an indefinite period of time.

(c) Accredited Investor. Holder is an “accredited investor” within the meaning of SEC
Rule 501 of Regulation D of the Securities Act, as presently in effect.

(d) Restricted Securities. Holder understands that this Note is a “restricted
security” under the federal securities laws inasmuch as it is being acquired from Company in a
transaction not involving a public offering and that under such laws and applicable regulations
such Note may be resold without registration under the Securities Act only in certain limited
circumstances. In the absence of an effective registration statement covering the Note or an
available exemption from registration under the Securities Act, the Note must be held indefinitely.
Holder represents that it is familiar with SEC Rule 144, and understands the resale limitations
imposed thereby and by the Securities Act.

(e) Access to Information. Holder acknowledges that Company has given Holder access
to the corporate records and accounts of Company and to all information in its possession relating
to Company, has made its officers and representatives available for interview by Holder, and has
furnished Holder with all documents and other information required for Holder to make an informed
decision with respect to the purchase of this Note.

6. Events of Default. The occurrence of any of the following shall constitute an
“Event of Default” under this Note:

(a) Failure to Pay. Company shall fail to pay (i) when due any principal or interest
payment on the due date hereunder or (ii) any other payment required under the terms of this Note
on the date due, and (in either case) such payment shall not have been made within twenty (20) days
of Company’s receipt of Holder’s written notice to Company of such failure to pay;

(b) Failure to Perform. Company fails to perform any obligation under this Note and
does not cure that failure within twenty (20) days of Company’s receipt of Holder’s written notice
to Company of such failure to perform; or

(c) Voluntary Bankruptcy or Insolvency Proceedings. Company shall (i) apply for or
consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a
substantial part of its property, (ii) be unable, or admit in writing its inability, to pay its
debts generally as they mature, (iii) make a general assignment for the benefit of its or any of
its creditors, (iv) be dissolved or liquidated, (v) become insolvent (as such term may be defined
or interpreted under any applicable statute), (vi) commence a voluntary case or other proceeding
seeking liquidation, reorganization or other relief with respect to itself or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such
relief or to the appointment of or taking possession of its property by any official in an
involuntary case or other proceeding commenced against it, or (vii) take any action for the purpose
of effecting any of the foregoing; or

(d) Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the appointment
of a receiver, trustee, liquidator or custodian of Company or of all or a substantial part of the
property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization
or other relief with respect to Company or the debts thereof under any bankruptcy, insolvency or
other similar law now or hereafter in effect shall be commenced and an order for relief entered or
such proceeding shall not be dismissed or discharged within thirty (30) days of commencement.

7. Rights of Holder upon Default. Upon the occurrence or existence of any Event of
Default (other than an Event of Default referred to in Sections 6(c) and 6(d)) and at any time
thereafter during the continuance of such Event of Default, the Majority Holders may, by written
notice to Company, declare all outstanding Obligations payable by Company under the Notes to be
immediately due and payable without presentment, demand, protest or any other notice of any kind,
all of which are hereby expressly waived. Upon the occurrence or existence of any Event of Default
described in Sections 6(c) and 6(d), immediately and without notice, all outstanding Obligations
payable by Company under the Notes shall automatically become immediately due and payable, without
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly
waived. In addition to the foregoing remedies, upon the occurrence or existence of any Event of
Default, Holder may exercise any other right power or remedy permitted to him by law, either by
suit in equity or by action at law, or both.

8. Conversion.

(a) Conversion. Holder shall have the right to convert, at any time during the
Conversion Period, all or any portion of the principal amount, together with any unpaid and accrued
interest, then outstanding under this Note into fully paid and non-assessable shares of Common
Stock at a conversion price per share equal to the Conversion Price (as defined below). The number
of shares of Common Stock into which such principal and interest then outstanding under this Note
will be converted shall be determined by dividing the amount of principal, together with all unpaid
and accrued interest, then outstanding under this Note to be converted (the “Conversion Amount”) by
the Conversion Price.

(b) Conversion Price. Subject to Section 8(c), the “Conversion Price” shall be equal
to 80% of the Average Trading Price as reported by the principal trading exchange on which the
Company’s Common Stock is traded for the twenty (20) trading days preceding the date of the Note.

(c) Adjustments to Conversion Price. The Conversion Price shall be subject to
proportional adjustments for stock splits, stock dividends, combinations, consolidations,
reclassifications and the like.

(d) Conversion Procedure. Before Holder shall be entitled to convert the Conversion
Amount then outstanding under this Note into shares of Common Stock, Holder shall surrender this
Note at the office of this Company, and shall give written notice (a form of which is attached to
this Note, the “Conversion Notice”) to Company at its principal corporate office, of the election
to convert the same and shall state therein the total Conversion Amount. Company shall not be
obligated to issue certificates evidencing the shares of Common Stock issuable upon such conversion
unless (i) Holder executes and delivers to Company the Conversion Notice for the converted shares
and (ii) this Note is delivered to Company. Company shall, as soon as practicable after such
delivery, issue and deliver certificates (bearing such legends as are required by applicable state
and federal securities laws in the opinion of counsel to Company and required by this Note and the
Loan Agreement), representing the number of fully paid and non-assessable shares of the Common
Stock into which the Conversion Amount will be converted in accordance with the provisions herein,
and a new promissory note having like tenor as this Note for the principal amount and interest then
outstanding under this Note that are not being so converted. Any conversion pursuant to this
Section 8 shall be deemed to have been made immediately prior to the close of business on the date
of Company’s receipt of the Conversion Notice, so that the rights of Holder under this Note to the
extent of the Conversion Amount shall cease at such time and Holder shall be treated for all
purposes as having become the record holder of such shares of Common Stock at such time.

(e) Fractional Shares; Effect of Conversion. No fractional shares shall be issued
upon conversion of this Note. In lieu of Company issuing any fractional shares to Holder upon the
conversion of this Note, Company shall pay to Holder an amount equal to the product obtained by
multiplying the Conversion Price by the fraction of a share not issued pursuant to the previous
sentence. Upon conversion of this Note in full and the payment of the amounts specified in this
Section 9(f), Company shall be forever released from all its obligations and liabilities under this
Note.

(f) Reservation of Stock Issuable Upon Conversion. Company shall at all times reserve
and keep available out of its authorized but unissued shares of Common Stock solely for the purpose
of effecting the conversion of this Note such number of its shares of Common Stock as shall from
time to time be sufficient to effect the conversion of this Note.

9. Reserved

10. Effect of Sale Transaction. Upon the occurrence of any Sale Transaction, the
Successor Entity (as defined below) shall succeed to, and be substituted for the Company (so that
from and after the date of such Sale Transaction, the provisions of this Note referring to the
“Company” shall refer instead to the Successor Entity), and may exercise every right and power of
the Company and shall assume all of the obligations of the Company under this Note with the same
effect as if such Successor Entity had been named as the Company herein. Upon consummation of the
Sale Transaction, the Successor Entity shall deliver to the Holder confirmation that there shall be
issued upon conversion of this Note at any time after the consummation of the Sale Transaction, in
lieu of the shares of the Common Stock purchasable upon the conversion of the Notes prior to such
Sale Transaction, such shares of common stock (or other securities, cash, assets or other property)
of the Successor Entity. The provisions of this Section shall apply similarly and equally to
successive Sale Transactions and shall be applied without regard to any limitations on the
conversion of this Note. As used in this Section 10, “Successor Entity” means the Person, which
may be the Company, formed by, resulting from or surviving any Sale Transaction, or the parent
entity of such Person, as applicable.

11. Successors and Assigns. Subject to the restrictions on transfer described in
Sections 12 and 13 below, the rights and obligations of Company and Holder of this Note shall be
binding upon and benefit the successors, assigns, heirs, administrators and transferees of the
parties.

12. Waiver and Amendment. Any term of this Note may be amended or waived only with
the written consent of Company and the Majority Holders; provided, however, that any such amendment
or modification which by its terms would not apply equally to all holders of the Notes shall not be
applicable to any holder whose rights under the Notes would be adversely affected by such amendment
or modification in a different manner than other holders thereof without such adversely affected
holder’s written consent.

13. Transfer of this Note or Securities Issuable on Conversion Hereof. With respect
to any offer, sale or other disposition of this Note or securities into which such Note may be
converted, Holder will give written notice to Company prior thereto, describing briefly the manner
thereof, together with a written opinion of Holder’s counsel, or other evidence if reasonably
satisfactory to Company, to the effect that such offer, sale or other distribution may be effected
without registration or qualification (under any federal or state law then in effect). Upon
receiving such written notice and reasonably satisfactory opinion, if so requested, or other
evidence, Company, as promptly as practicable, shall notify Holder that Holder may sell or
otherwise dispose of this Note or such securities, all in accordance with the terms of the notice
delivered to Company. If a determination has been made pursuant to this Section 12 that the
opinion of counsel for Holder, or other evidence, is not reasonably satisfactory to Company,
Company shall so notify Holder promptly after such determination has been made. Each Note thus
transferred and each certificate representing the securities thus transferred shall bear a legend
as to the applicable restrictions on transferability in order to ensure compliance with the
Securities Act, unless in the opinion of counsel for Company such legend is not required in order
to ensure compliance with the Securities Act. Company may issue stop transfer instructions to its
transfer agent in connection with such restrictions. Subject to the foregoing, transfers of this
Note shall be registered upon registration books maintained for such purpose by or on behalf of
Company. Prior to presentation of this Note for registration of transfer, Company shall treat the
registered Holder hereof as the owner and Holder of this Note for the purpose of receiving all
payments of principal and interest hereon and for all other purposes whatsoever, whether or not
this Note shall be overdue and Company shall not be affected by notice to the contrary.

14. Notices. Any notices, consents, waivers or other communications required or
permitted to be given under the terms of this Agreement must be in writing and will be deemed to
have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by
facsimile (provided confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party); or (iii) one business day after deposit with an overnight
courier service, in each case properly addressed to the party to receive the same. The addresses
and facsimile numbers for such communications shall be to the respective addresses or facsimile
numbers of the parties as set forth in the Loan Agreement, or at such other address or facsimile
number as such parties shall have furnished in writing.

15. Usury. In the event any interest is paid on this Note which is deemed to be in
excess of the then legal maximum rate, then that portion of the interest payment representing an
amount in excess of the then legal maximum rate shall be deemed a payment of principal and applied
against the principal of this Note.

16. Waivers. Company hereby waives notice of default, presentment or demand for
payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to
this instrument.

17. Governing Law and Forum. This Note and all actions arising out of or in
connection with this Note shall be governed by and construed in accordance with the laws of the
State of Colorado, United States of America, without regard to the conflicts of law provisions of
the State of Colorado, or of any other state. All disputes or controversies relating to or arising
from this Note shall be adjudicated in the state and federal courts located in the state of
Colorado. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION
WITH RESPECT TO THIS NOTE AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS
WAIVER. The Convention on Contracts for the International Sale of Goods shall not apply to this
Note.

[Remainder of Page Intentionally Left Blank]

1

IN WITNESS WHEREOF, Company has caused this Note to be issued as of the date first written
above and Holder agrees to the terms and conditions of this Note.

VIASPACE INC.

By: /S/ CARL KUKKONEN

Name: Carl Kukkonen

Its: CEO

KEVIN SCHEWE

/S/ KEVIN SCHEWE

NOTICE OF CONVERSION

(To be executed by the Registered Holder in order to convert the Note)

The undersigned hereby elects to convert $17,000.00 of the principal and $ 0 of the
interest due on the Note issued by VIASPACE Inc. on August 28, 2013 into Shares of Common Stock of
VIASPACE Inc. (the “Borrower”) according to the conditions set forth in such Note, as of the date
written below.

Date of Conversion:       August 28, 2013      

Conversion Price:      $0.0071      

Shares To Be Delivered:      2,394,366      

Signature: /S/ KEVIN L. SCHEWE

Print Name:       Kevin L. Schewe—

Address:      400 Indiana St., Suite 220, Golden, CO 80401      

2EX-10.1

THIRD AMENDMENT AND CONSENT TO LOAN AND SECURITY AGREEMENT

THIS THIRD AMENDMENT AND CONSENT TO LOAN AND SECURITY AGREEMENT (this “Agreement”) is dated as
of August 23, 2013, by and among IMMUNE PHARMACEUTICALS INC. (f/k/a EpiCept Corporation), a
Delaware corporation (“EpiCept”), MAXIM PHARMACEUTICALS INC., a Delaware corporation (“Maxim”),
CYTOVIA, INC., a Delaware corporation (“Cytovia”, and collectively with EpiCept and Maxim, the
“Borrowers”), MIDCAP FUNDING III, LLC, a Delaware limited liability company in its capacity as
agent (“Agent”) for the lenders under the Loan Agreement (as defined below) (“Lenders”), and the
Lenders.

W I T N E S S E T H:

WHEREAS, Borrowers, Lenders and Agent are parties to that certain Loan and Security Agreement,
dated as of May 27, 2011, as amended by that certain First Amendment to Loan and Security
Agreement, dated as of August 27, 2012 (the “First Amendment”) and that certain Second Amendment
and Waiver to Loan and Security Agreement, dated as of July 31, 2013 (the “Second Amendment”, and
as such Loan and Security Agreement may be further amended, restated, supplemented or otherwise
modified from time to time, the “Loan Agreement”; capitalized terms used herein have the meanings
given to them in the Loan Agreement except as otherwise expressly defined herein), pursuant to
which Lenders have agreed to provide to Borrowers certain loans and other extensions of credit in
accordance with the terms and conditions thereof;

WHEREAS, pursuant to Section 6.10 of the Loan Agreement, Borrowers have requested that Agent
and Lenders consent to EpiCept’s formation of a fully-owned subsidiary, EpiCept Israel Ltd., an
Israeli company in incorporation (“EpiCept Israel”), and Agent and Lenders are willing to grant
such consent subject to, and in accordance with, the terms and conditions set forth herein;

WHEREAS, pursuant to Section 7.2 of the Loan Agreement, Borrowers have requested that Agent
and Lenders consent to the change of EpiCept’s legal name to Immune Pharmaceuticals Inc. (the “Name
Change”), and Agent and Lenders are willing to grant such consent subject to, and in accordance
with, the terms and conditions set forth herein;

WHEREAS, pursuant to Section 7.3 of the Loan Agreement, Borrowers have requested that Agent
and Lenders consent to (a) the merger of EpiCept Israel with and into Immune Pharmaceuticals Ltd.,
an Israeli company (“Immune Israel”) with the surviving corporation (the “Immune Surviving
Corporation”) becoming a wholly-owned Subsidiary of EpiCept, all pursuant to and in accordance with
the terms of that certain Merger Agreement and Plan of Reorganization, dated as of November 7,
2012, by and among EpiCept, EpiCept Israel and Immune Israel and attached hereto as Exhibit A-1, as
amended by that certain Amendment to Merger Agreement and Plan of Reorganization, dated as of
November 27, 2012 and attached hereto as Exhibit A-2, that certain Amendment No. 2 to Merger
Agreement and Plan of Reorganization, dated as of February 11, 2013 and attached hereto as Exhibit
A-3, that certain Amendment No. 3 to Merger Agreement and Plan of Reorganization, dated as of March
14, 2013 and attached hereto as Exhibit A-4, and that certain Amendment No. 4 to Merger Agreement
and Plan of Reorganization, dated as of June 17, 2013 and attached hereto as Exhibit A-5
(collectively with all amendments, supplements or other modifications thereto, but subject to the
restriction on further amendments, supplements or other modifications (other than those attached
hereto as Exhibits A-1 through A-5) set forth in this Agreement and the other Loan Documents, the
“Merger Agreement” and such transactions described therein, the “Immune Merger”) and (b) the Change
in Control that shall occur in connection with the consummation of the Immune Merger, and Agent and
Lenders are willing to grant such consent subject to, and in accordance with, the terms and
conditions set forth herein;

WHEREAS, pursuant to Section 6.1(a) of the Loan Agreement, Borrowers have requested that Agent
and Lenders consent to the dissolution of EpiCept’s fully-owned subsidiary, EpiCept GmbH, a German
company (such dissolution, the “GmbH Dissolution”), and Agent and Lenders are willing to grant such
consent subject to, and in accordance with, the terms and conditions set forth herein;

WHEREAS, pursuant to Section 4 of that certain Deposit Account Control Agreement, dated as of
June 28, 2011, by and among Maxim, as ‘Customer’, Agent, as ‘Creditor’, and Silicon Valley Bank, as
‘Bank’ (the “Maxim DACA”), Borrowers have requested that Agent and Lenders consent to the closure
of the Collateral Accounts numbered 3300246997 and 3300037643, which accounts are subject to the
Maxim DACA (such closure, the “Maxim Account Closure”), and Agent and Lenders are willing to grant
such consent subject to, and in accordance with, the terms and conditions set forth herein; and

WHEREAS, the Borrowers have also requested that the Agent and Lenders amend the Loan Agreement
in certain respects and the undersigned Lenders and the Agent are willing to make such amendments,
all in accordance with, and subject to, the terms and conditions set forth in, this Agreement.

NOW, THEREFORE, in consideration of the premises, the covenants and agreements contained
herein, and other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, Borrowers, Lenders and Agent hereby agree as follows:

1. Acknowledgment of Obligations. Each Borrower acknowledges and agrees that as of
the Third Amendment Effective Date, but without giving effect to this Agreement, the aggregate
principal balance of the Term Loan is at least $4,070,968.00. The foregoing amount does not
include interest, fees, expense and other amounts that are chargeable or otherwise reimbursable
under the Loan Agreement and the other Loan Documents. Borrowers hereby acknowledge, confirm and
agree that all Term Loans made prior to the date hereof, together with interest accrued and
accruing thereon, and fees, costs, expenses and other charges owing by Borrowers to Agent and
Lenders under the Loan Agreement and the other Loan Documents, are unconditionally owing by
Borrowers to Agent and Lenders, without offset, defense or counterclaim of any kind, nature or
description whatsoever except as may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws relating to or affecting creditor’s rights
generally.

2. Consent. Notwithstanding anything to the contrary in the Loan Agreement and/or any
of the other Financing Documents and subject to the terms and conditions of this Agreement,
including, without limitation, Section 9 of this Agreement, Agent and Lenders hereby
consent to (a) EpiCept’s formation of EpiCept Israel; (b) the Name Change; (c) the Immune Merger,
(d) the Change in Control that shall occur in connection with the consummation of the Immune
Merger, (e) the GmbH Dissolution and (f) the Maxim Account Closure, so long as no Default or Event
of Default has occurred and is continuing or, after giving effect to this Agreement, would result
and provided that Borrowers shall not be permitted to amend the Merger Agreement or enter into any
other agreements that have the effect of modifying the terms of the Merger Agreement without the
prior written consent of Agent and Lenders.

3. Third Amendment Effective Date Amendments to the Loan Agreement. Subject to the
terms and conditions of this Agreement, including without limitation fulfillment of the conditions
to effectiveness specified in Section 9 below, on the Third Amendment Effective Date (as
defined below) the Loan Agreement is hereby amended as follows:

(a) Section 5.1 of the Loan Agreement shall be amended by deleting clause (a) of such section
in its entirety and substituting in lieu thereof the following new clause (a) to read in its
entirety as follows:

“(a) Borrower and each of its Subsidiaries (if any) are duly existing and in good standing,
as Registered Organizations in their respective jurisdictions of formation and are qualified
and licensed to do business and are in good standing in any jurisdiction in which the
conduct of their business or their ownership of property requires that they be qualified
except where the failure to do so could not reasonably be expected to have a Material
Adverse Change. Borrower represents and warrants that (i) Borrower’s and each Loan Party’s
exact legal name is that indicated on Schedule 5.1 and on the signature pages to the Third
Amendment; (ii) Borrower and each Loan Party is an organization of the type and is organized
in the jurisdiction set forth on Schedule 5.1; (iii) Schedule 5.1 accurately sets forth
Borrower’s and each Loan Party’s organizational identification number or accurately states
that Borrower or such Loan Party has none; (iv) Schedule 5.1 accurately sets forth
Borrower’s and each Loan Party’s place of business, or, if more than one, its chief
executive office as well as Borrower’s and each Loan Party’s mailing address (if different
than its chief executive office); and (v) Borrower and each Loan Party (and each of their
respective predecessors) has not, in the past five (5) years, changed its jurisdiction of
formation, organizational structure or type, or any organizational number assigned by its
jurisdiction. Further, (y) in connection with this Agreement, Borrower has delivered to
Agent a completed Perfection Certificate signed by Borrower (the “Closing Date Perfection
Certificate”) and (z) in connection with the Third Amendment, Borrower has completed an
updated Perfection Certificate signed by Borrower (the “Third Amendment Perfection
Certificate”; and together with the Closing Date Perfection Certificate, collectively the
“Perfection Certificate”). All other information set forth on the Perfection Certificate
pertaining to Borrower, each other Loan Party and each of their respective Subsidiaries is
accurate and complete (it being understood and agreed that Borrower may from time to time
update certain information in the Perfection Certificate after the Closing Date, to the
extent permitted by one or more specific provisions in this Agreement). If Borrower is not
now a Registered Organization but later becomes one, Borrower shall promptly notify Agent of
such occurrence and provide Agent with Borrower’s organizational identification number.”

(b) The Loan Agreement shall be amended by inserting the following new Section 6.13 to read in
its entirety as follows:

“6.13 Cash Covenant. Together with the other Loan Parties, maintain all cash and
Cash Equivalents in a Collateral Account owned by EpiCept that is located the United States
and subject to a Control Agreement other than cash or Cash Equivalents equal to (a) the
lesser of (i) $500,000 (or an amount equivalent thereto in Shekels) and (ii) an amount equal
to the Three Month Immune Budget (as defined below) plus ten percent (10%) of such amount,
in each case, to be used for the out-of-pocket costs and expenses of Immune Surviving
Corporation in the Ordinary Course of Business, (b) $60,000 (or an amount equivalent thereto
in Shekels), which shall be permitted to be held in a deposit account owned by Immune
Surviving Corporation for purposes of securing the Lien in favor of Bank of Hapoalim
referenced as fixed charge over a money deposit, transaction number 880001 (which, for the
avoidance of doubt, constitutes the Lien with respect to Immune Surviving Corporation’s
guarantee of credit card activity) on Exhibit C to the Charge, (c) $150,000 (or an amount
equivalent thereto in Shekels) which shall be permitted to be held in a deposit account
owned by Immune Surviving Corporation for purposes of securing the Liens in favor of Bank of
Hapoalim referenced as fixed charges over Shekel deposit with a credit balance of NIS 79,500
and 115,000, respectively (which, for the avoidance of doubt, constitute the Liens with
respect to Immune Surviving Corporation’s leasing facilities) on Exhibit C of the Charge, or
any replacement Liens that are solely to secure amounts that are being held as security
deposits for operating leases entered into in the ordinary course of business subject to the
overall cap of $150,000 (or an amount equivalent thereto in shekels) set forth above and (d)
amounts held in a Deposit Account subject to a floating charge in favor of Agent used to pay
costs and expenses required to be paid pursuant to the terms of the Merger Agreement to the
extent such amounts are required to be paid in Shekels.

For purposes hereof, “Three Month Immune Budget” shall mean a budget in form and substance
satisfactory to Agent, reflecting the Loan Parties’ good faith projection of all Ordinary
Course of Business costs and expenses of Immune, on a monthly basis, for the next three
months. The Loan Parties agree to deliver an updated Three Month Immune Budget to Agent
each month by not later than 10 days prior to the beginning of the first month projected in
that Three Month Immune Budget.”

(c) Section 7 of the Loan Agreement shall be amended by deleting the first sentence of such
section in its entirety and substituting in lieu thereof the following new sentence to read in its
entirety as follows:

“Borrower shall not do, or permit any of its Subsidiaries or any other Loan Party to do, any
of the following without the prior written consent of Agent and Required Lenders:”

(d) Section 7.2 of the Loan Agreement shall be amended by deleting such section in its
entirety and substituting in lieu thereof the following new section to read in its entirety as
follows:

“7.2 Change in Business, Management, Ownership or Business Locations. (a) Engage in
or permit any of its Subsidiaries to engage in any business other than the businesses
currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related
thereto; (b) liquidate or dissolve; (c) enter into any transaction or series of related
transactions which would result in a Change in Control unless the documentation for such
transaction requires, as a condition precedent to such transaction, the consent of Agent and
Lenders or the payment in full of the Obligations; (d) add any new offices or business
locations, including warehouses (unless such new offices or business locations contain less
than Twenty Five Thousand Dollars ($25,000) in Borrower’s assets or property and so long as
such new offices or business locations do not contain any Borrower’s Books); (e) change its
jurisdiction of organization; (f) change its organizational structure or type; (g) change
its legal name; or (h) change any organizational number (if any) assigned by its
jurisdiction of organization.”.

(e) Section 7.3 of the Loan Agreement shall be amended by deleting such section in its
entirety and substituting in lieu thereof the following new section to read in its entirety as
follows:

“7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its
Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of
its Subsidiaries to acquire, all or substantially all of the capital stock or property of
another Person; provided, however, that a Subsidiary of Borrower may merge or consolidate
into Borrower, so long as (i) Borrower has provided Agent with prior written notice of such
transaction, (ii) Borrower shall be the surviving legal entity, (iii) Borrower’s tangible
net worth is not thereby reduced, and (iv) as long as no Event of Default is occurring prior
thereto or arises as a result therefrom.”

(f) The Loan Agreement shall be amended by inserting the following new Section 7.12 to read in
its entirety as follows:

“7.12 Amendments to Organization Documents and Material Agreements. Amend, modify or
waive any provision of (a) any Material Agreement, or (b) any of its organizational
documents (other than a change in registered agents or, in the case of Immune Surviving
Corporation, an amendment to its Articles of Association to reflect the Immune Merger and
the fact that EpiCept will become the sole shareholder of Immune Surviving Corporation after
the Immune Merger), in each case, without the prior written consent of Agent. Borrower shall
provide to Agent copies of all such amendments, waivers and modifications.”

(g) The Loan Agreement shall be amended by inserting the following new Section 7.13 to read in
its entirety as follows:

“7.13 Immune Pharmaceuticals USA Corporation. Permit its fully-owned, indirect
subsidiary, Immune Pharmaceuticals USA Corporation, a Delaware corporation to (a) engage in
any business or (b) own any assets.”

(h) Section 8.2 of the Loan Agreement shall be amended by deleting such section in its
entirety and substituting in lieu thereof the following new section to read in its entirety as
follows:

“8.2 Covenant Default.

(a) Any Loan Party fails or neglects to perform any obligation in Sections 6.1(c), 6.2,
6.4, 6.5, 6.6, 6.7, 6.10, 6.11, 6.12 or 6.13 or violates any covenant in Section 7; or

(b) Any Loan Party or any of its Subsidiaries fails or neglects to perform, keep, or
observe any other term, provision, condition, covenant or agreement contained in this
Agreement or any Loan Documents, and as to any default (other than those specified in this
Section 8) under such other term, provision, condition, covenant or agreement that can be
cured, has failed to cure the default within ten (10) days after the occurrence thereof;
provided, however, that if the default cannot by its nature be cured within the ten (10) day
period or cannot after diligent attempts by the Loan Parties be cured within such ten (10)
day period, and such default is likely to be cured within a reasonable time, then the Loan
Parties shall have an additional period (which shall not in any case exceed thirty (30)
days) to attempt to cure such default, and within such reasonable time period the failure to
cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be
made during such cure period). Grace periods provided under this Section shall not apply,
among other things, to financial covenants or any other covenants set forth in subsection
(a) above; or

(c) Without limiting clauses (a) and (b) of this Section 8.2, Immune Surviving
Corporation breaches any term of or defaults under the Unconditional Guaranty, the Charge or
any other agreement, instrument or document executed in connection therewith or otherwise
executed by Immune Surviving Corporation in connection with this Agreement or any other Loan
Document.”

(i) Each reference to “Borrower” or “Borrower’s” in each of Sections 8.4, 8.5, 8.6, 8.7, 8.8,
8.9, 8.10, 8.11 and 8.13 shall be changed to “any Loan Party” or “any Loan Party’s”, respectively.

(j) The Loan Agreement shall be amended by inserting the following new Section 8.14 to read in
its entirety as follows:

“8.14 Change in Control. (i) A Change in Control occurs or (ii) any Loan Party or
direct or indirect equity owner in a Loan Party shall enter into an agreement which provides
for a Change in Control unless, with respect to clause (ii), such agreement requires as a
condition precedent to the effectiveness of any such transaction either the consent of Agent
and Lenders or the payment in full of the Obligations.”

(k) Section 10 of the Loan Agreement shall be amended by replacing the notice information for
“Agent or Lenders” with the following new notice information:

“MidCap Funding III, LLC

7255 Woodmont Avenue, Suite 200

Bethesda, Maryland 20814

Attention: Portfolio Management- Life Sciences

Fax: (301) 941-1450

E-Mail: lviera@midcapfinancial.com

with a copy to:

MC Serviceco, LLC

7255 Woodmont Avenue, Suite 200

Bethesda, Maryland 20814

Attention: General Counsel

Fax: (301) 941-1450

E-Mail: legalnotices@midcapfinancial.com”

(l) Section 14 of the Loan Agreement shall be amended by deleting the definitions of “Change
in Control”, “Indebtedness”, “Material Adverse Change”, “Permitted Investments”, and “Warrants”, in
each case in its entirety, and substituting in lieu thereof the following new definitions to read
in their entirety as follows:

“‘Change in Control’ means, at any time after the Third Amendment Effective Date and the
consummation of the Immune Merger (as defined in the Third Amendment), any event,
transaction, or occurrence as a result of which (a) any “person” (as such term is defined in
Sections 3(a)(9) and 13(d)(3) of the Exchange Act), other than a trustee or other fiduciary
holding securities under an employee benefit plan of Borrower, is or becomes a beneficial
owner (within the meaning Rule 13d-3 promulgated under the Exchange Act), directly or
indirectly, of securities of EpiCept, representing twenty-five percent (25%) or more of the
combined voting power of Borrower’s then outstanding securities; (b) during any period of
twelve consecutive calendar months, individuals who at the beginning of such period
constituted the board of directors or managers of Borrower (together with any new directors
or managers whose election by the board of directors or managers of Borrower was approved by
a vote of not less than two-thirds of the directors then still in office who either were
directors at the beginning of such period or whose election or nomination for election was
previously so approved) cease for any reason other than death or disability to constitute a
majority of the directors then in office; (c) EpiCept ceases to own and control, directly or
indirectly, all of the economic and voting rights associated with the outstanding securities
of each of its Subsidiaries; (d) the occurrence of any “change in control” or any term of
similar effect under any Subordinated Debt Document; (e) Borrower or any Subsidiary of
Borrower ceases to own and control, directly or indirectly, all of the economic and voting
rights associated with the outstanding voting capital stock (or other voting equity
interest) of each of its Subsidiaries; or (f) either Robert W. Cook or Daniel Teper shall
cease to be involved as Chief Financial Officer and Chief Executive Officer, respectively,
in the day to day operations (including research development) or management of the business
of EpiCept.”

“‘Indebtedness’ means (a) indebtedness for borrowed money (including the Obligations) or the
deferred price of property or services, such as reimbursement and other obligations for
surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or
similar instruments, (c) capital lease obligations, (d) non-contingent obligations of such
Person to reimburse any bank or other Person in respect of amounts paid under a letter of
credit, banker’s acceptance or similar instrument, (e) equity securities of such Person
subject to repurchase or redemption other than at the sole option of such Person, (f)
obligations secured by a Lien on any asset of such Person, whether or not such obligation is
otherwise an obligation of such Person, (g) “earnouts”, purchase price adjustments, profit
sharing arrangements, deferred purchase money amounts and similar payment obligations or
continuing obligations of any nature of such Person arising out of purchase and sale
contracts, (h) all Indebtedness of others guaranteed by such Person, (i) off-balance sheet
liabilities and/or pension plan or multiemployer plan liabilities of such Person, (j)
obligations arising under non-compete agreements, (k) obligations arising under bonus,
deferred compensation, incentive compensation or similar arrangements, other than those
arising in the Ordinary Course of Business, (l) Contingent Obligations and (m) any grant or
similar extension of cash or credit by the Israel Office of Chief Scientist to any Loan
Party.”

“‘Material Adverse Change’ means (a) a material impairment in the perfection or
priority of the Agent’s Lien in the Collateral or in the value of such Collateral; (b) a
material adverse change in the business, operations, or condition (financial or otherwise)
or prospects of any Loan Party that in Agent’s credit judgment may impair the ability of any
Loan Party to repay any of the Obligations; or (c) a material impairment of the prospect of
repayment of any portion of the Obligations.”

“‘Permitted Investments’ means:

(a) Investments existing on the Closing Date and described on Schedule 7.7; and

(b) Investments consisting of Cash Equivalents.”

“‘Warrants’ means, collectively, (i) the Closing Date Warrant and (ii) the Third Amendment
Warrant.”

(m) Section 14 of the Loan Agreement shall be further amended by adding thereto in appropriate
alphabetical order the following definitions:

“‘Charge’ means that certain Debenture of Floating Charge and Fixed Charge, dated as of
August 23, 2013, by and among Immune Surviving Corporation, Agent and Lenders.”

“‘Closing Date Warrant’ means that certain Common Stock Purchase Warrant, dated as of
the Closing Date and executed by Borrower in favor of each Lender or such Lender’s
Affiliates.”

“‘Immune Surviving Corporation’ means Immune Pharmaceuticals Ltd., a company incorporated in
Israel which is the surviving corporation of the merger of EpiCept Israel (as defined in the
Third Amendment) with and into Immune Pharmaceuticals Ltd. pursuant to the terms of the
Immune Merger.”

“‘Material Agreement’ means (i) the agreements listed on Schedule 14 (including, without
limitation, the Merger Agreement (as defined in the Third Amendment)), (ii) each agreement
or contract to which a Credit Party is a party involving the receipt or payment of amounts
in the aggregate exceeding One Hundred Thousand Dollars ($100,000) per year (excluding (a)
any agreement or contract that involves payment by the Borrower to another party for
materials or supplies (but, for the avoidance of doubt, not equipment) and services in the
ordinary course of business, but specifically including all such agreements relating to
licensure of Intellectual Property and (b) employment offers or employment agreements),
(iii) all lease or other occupancy agreements for the principal office or any other business
location of Borrower or its Subsidiaries, and (iv) any agreement or contract to which such
Credit Party or its Subsidiaries is a party the termination of which could reasonably be
expected to result in a Material Adverse Change.”

“‘Third Amendment’ means that certain Third Amendment and Consent to Loan and Security
Agreement, dated as of August 23, 2013, by and among Borrower, Lenders and Agent.”

“‘Third Amendment Effective Date’ means August 23, 2013.”

“‘Third Amendment Warrant’ means that certain Common Stock Purchase Warrant, required to be
delivered in connection with the Third Amendment and executed by Borrower in favor of each
Lender or such Lender’s Affiliates.”

“‘Unconditional Guaranty’ means that certain Unconditional Guaranty, dated as of August 23,
2013, by and between Immune Surviving Corporation and Agent.”

(n) Section 14 of the Loan Agreement shall be further amended by (i) deleting the word “and”
appearing at the end of clause (e) of the definition of “Permitted Indebtedness”; (ii) replacing
the period at the end of clause (f) of the definition of “Permitted Indebtedness” with the language
“; and”; and (iii) inserting the following new clause (g) at the end of the definition of
“Permitted Indebtedness” to read in its entirety as follows:

“(g) amounts owing to the Israel Office of Chief Scientist by Immune Surviving Corporation
(i) in an amount not to exceed $500,000 in Dollars on the Third Amendment Effective Date and
(ii) in such additional amounts as may be approved from time to time by Agent in writing
(which writing may be given by e-mail).”

(o) Section 14 of the Loan Agreement shall be further amended by (i) deleting the word “and”
appearing at the end of clause (k) of the definition of “Permitted Liens”; (ii) replacing the
period at the end of clause (l) of the definition of “Permitted Liens” with a semicolon; and (iii)
inserting the following new clauses (m) and (n) at the end of the definition of “Permitted Liens”
to read in its entirety as follows:

“(m) Liens listed on Exhibit C of the Charge; and

(n) Liens in favor of the Israel Office of the Chief Scientist with respect to Indebtedness
permitted pursuant to clause (g) of the definition of Permitted Indebtedness.”

(p) Schedule 5.1 is hereby deleted in its entirety and replaced with the new Schedule 1
attached hereto as Exhibit B-2 (which schedule has been prepared for the Loan Parties, after giving
effect to the Immune Merger).

(q) Schedule 5.2 is hereby deleted in its entirety and replaced with the new Schedule 1
attached hereto as Exhibit B-3 (which schedule has been prepared for the Loan Parties, after giving
effect to the Immune Merger).

(r) Schedule 5.3 is hereby deleted in its entirety and replaced with the new Schedule 1
attached hereto as Exhibit B-4 (which schedule has been prepared for the Loan Parties, after giving
effect to the Immune Merger).

(s) Schedule 5.11 is hereby deleted in its entirety and replaced with the new Schedule 1
attached hereto as Exhibit B-5 (which schedule has been prepared for the Loan Parties, after giving
effect to the Immune Merger).

(t) A new Schedule 14 shall be incorporated into the Loan Agreement in form and substance as
attached hereto as Exhibit C (which schedule has been prepared for the Loan Parties, after giving
effect to the Immune Merger).

4. Post-Closing Effective Amendments to the Loan Agreement. Subject to the terms and
conditions of this Agreement, including without limitation fulfillment of the conditions to
effectiveness specified in Section 9 below, upon Agent’s confirmation in writing that the
post-closing obligations set forth in Section 10(a) – (g) of this Agreement have
been satisfied within the time periods permitted to so satisfy, but only so long as no Default or
Event of Default has occurred and is continuing as of such date, and all representations and
warranties of the Loan Parties under the Loan Documents are true and correct in all material
respects as of such date (the certification of which may be evidenced by an officer’s certificate
executed by a Responsible Officer of the Loan Parties, in Agent’s sole discretion)(the date the
foregoing conditions are satisfied, the “Additional Third Amendment Effective Date”), the Loan
Agreement shall be amended as follows:

(a) Section 2.2(a) of the Loan Agreement shall be deleted in its entirety and the following
revised Section 2.2(a) shall be substituted in lieu thereof:

“(a) Availability. Subject to the terms and conditions of this Agreement, during
the Draw Period, the Lenders agree, severally and not jointly, to make one or more term
loans to Borrower in an aggregate amount up to FIVE MILLION, SEVENTY THOUSAND, NINE HUNDRED
SIXTY-EIGHT AND NO/100 Dollars ($5,070,968.00) according to each Lender’s Term Loan
Commitment as set forth on Schedule 1 hereto (such term loans are hereinafter referred to
individually as a “Term Loan”, and collectively as the “Term Loans”). After repayment, no
Term Loan may be reborrowed. The Term Loans shall be available in two tranches. The first
tranche (“Tranche One”) shall be in an amount equal to FOUR MILLION, FOUR HUNDRED FORTY-ONE
THOUSAND, NINE HUNDRED SIXTY-EIGHT AND NO/100 Dollars ($4,441,968.00), of which (i) FOUR
MILLION, SEVENTY THOUSAND, NINE HUNDRED SIXTY-EIGHT AND NO/100 Dollars ($4,070,968.00) was
advanced on the Closing Date and (ii) THREE HUNDRED SEVENTY-ONE THOUSAND AND NO/100 Dollars
($371,000.00) (which represents the Capitalized Final Payment (as defined in the Third
Amendment)) shall be deemed advanced as of the Additional Third Amendment Effective Date;
provided that notwithstanding the foregoing, each Lender’s Term Loan
Commitment with respect to Tranche One and the Tranche One Term Loan amount as of the
Additional Third Amendment Effective Date shall be reduced by any principal payments with
respect to the Term Loan made after the Third Amendment Effective Date and prior to the
Additional Third Amendment Effective Date (any such reduction, the “Tranche One Reduction”).
For the avoidance of doubt, as of the Additional Third Amendment Effective Date, after
giving effect to the Third Amendment, the Tranche One Term Loan has been advanced and the
principal balance of the Tranche One Term Loan is FOUR MILLION, FOUR HUNDRED FORTY-ONE
THOUSAND, NINE HUNDRED SIXTY-EIGHT AND NO/100 Dollars ($4,441,968.00) less any
Tranche One Reduction. The second tranche (“Tranche Two”) shall be in an amount equal to
but not less than ONE MILLION AND NO/100 Dollars ($1,000,000.00) and shall be available to
be advanced in a single advance during the Draw Period, but only after the Tranche Two
Eligibility Date.”

(b) Section 2.2(b) of the Loan Agreement shall be deleted in its entirety and the following
revised Section 2.2(b) shall be substituted in lieu thereof:

“(b) Interest Payments and Repayment. Commencing on the first (1st)
Payment Date following the Additional Third Amendment Effective Date, and continuing on the
Payment Date of each successive month thereafter through and including the Maturity Date,
Borrower shall make monthly payments of interest to each Lender in accordance with its
respective Pro Rata Share, in arrears, and calculated as set forth in Section 2.3. In
addition to the interest payments in accordance with the immediately preceding sentence,
commencing on the Amortization Date, and continuing on the Payment Date of each successive
month thereafter through and including the Maturity Date, Borrower shall make consecutive
monthly payments of principal to each Lender in accordance with its respective Pro Rata
Share, as calculated by Agent based upon: (i) the amount of such Lender’s Term Loans, (ii)
the effective rate of interest, as determined in Section 2.3, and (iii) a straight-line
amortization schedule ending on the Maturity Date. All unpaid principal and accrued interest
with respect to the Term Loans is due and payable in full on the Maturity Date. The Term
Loans may be prepaid only in accordance with Sections 2.2(c) and 2.2(d).”

(c) The Loan Agreement shall be amended by inserting the following new Section 3.5 to read in
its entirety as follows:

“3.5 Condition Precedent to Making of the Tranche Two Term Loan. Each Lender’s
obligation to make the Tranche Two Term Loan is subject to the condition precedent that
Agent shall have received Borrower’s duly executed signature pages to the Tranche Two
Warrant. ”

(d) Section 14 of the Loan Agreement shall be amended by deleting the definitions of
“Amortization Date”, “Draw Period”, “Draw Period Termination Date”, “Final Payment”, “Maturity
Date”, “Prepayment Fee” and “Tranche Two Eligibility Date”, in each case in its entirety, and
substituting in lieu thereof the following new definitions to read in their entirety as follows:

“‘Amortization Date’ means (a) December 1, 2013, or (b) if, on or before November 15  ̧ 2013,
EpiCept shall have received into a Collateral Account located in the United States, owned by
EpiCept and subject to a Control Agreement net cash proceeds in an amount not less than five
million and no/100 dollars ($5,000,000.00) pursuant to one or more Qualifying Transactions,
June 1, 2014, which proceeds shall be maintained in such Collateral Account and used solely
for working capital purposes in accordance with this Agreement.”

“‘Draw Period’ means the period of time commencing upon the Additional Third Amendment
Effective Date and continuing through the earliest to occur of (a) the Draw Period
Termination Date, (b) an Event of Default, and (c) the existence of any Default.”

“‘Draw Period Termination Date’ means August 1, 2014.”

“‘Final Payment’ means a payment (in addition to and not a substitution for the regular
monthly payments of principal plus accrued interest) due on the earlier to occur of (a) the
Maturity Date, (b) the acceleration of any Term Loan, and (c) the prepayment of a Term Loan
pursuant to Section 2.2(c) or (d), equal to (i) if Tranche Two has been advanced, one
hundred seventy-seven thousand, five hundred and no/100 dollars ($177,500) or (ii) if
Tranche Two has not been advanced, one hundred forty-two, four hundred ninety-seven and
no/100 dollars ($142,497).”

“‘Maturity Date’ means August 1, 2016 for each Term Loan.”

“‘Prepayment Fee’ means with respect to any Term Loan subject to prepayment prior to the
Maturity Date, whether by mandatory or voluntary prepayment, acceleration or otherwise, an
additional fee payable to the Lenders in an amount equal to:

(a) for a prepayment made on or after the Additional Third Amendment Effective Date
through and including the date which is twelve (12) months after the Additional Third
Amendment Effective Date, five percent (5.0%) multiplied by the original Term Loan
Commitments;

(b) for a prepayment made after the date which is twelve (12) months after the
Additional Third Amendment Effective Date through and including the date which is
twenty-four (24) months after the Additional Third Amendment Effective Date, three percent
(3.0%) multiplied by the original Term Loan Commitments; and

(c) for a prepayment made after the date which is twenty-four (24) months after the
Additional Third Amendment Effective Date and prior to the Maturity Date, one percent (1.0%)
multiplied by the original Term Loan Commitments.”

“‘Tranche Two Eligibility Date’ means the date (if such date occurs prior to the Draw Period
Termination Date) on which Agent determines, pursuant to such documentation and other
evidence satisfactory to Agent in its sole discretion, that EpiCept has received into a
Collateral Account located in the United States, owned by EpiCept and subject to a Control
Agreement net cash proceeds of at least seventeen million, five hundred thousand and no/100
dollars ($17,500,000.00) pursuant to one or more Qualifying Transactions, which proceeds
shall be maintained in such Collateral Account and used solely for working capital purposes
in accordance with this Agreement.”

“‘Warrants’ means, collectively, (i) the Closing Date Warrant, (ii) the Third Amendment
Warrant and (iii) the Tranche Two Warrant.”

(e) Section 14 of the Loan Agreement shall be further amended by deleting the definition of
“Final Payment Percentage” in its entirety.

(f) Section 14 of the Loan Agreement shall be further amended by adding thereto in appropriate
alphabetical order the following definitions:

“‘Additional Third Amendment Effective Date’ has the meaning given to such term in the Third
Amendment.”

“‘Qualifying Transaction’ means (i) an equity contribution arising from the issuance of new
            shares of EpiCept’s common stock or (ii) such other equity contribution in form and
substance and pursuant to documentation acceptable to Agent and Lenders in their sole and
absolute discretion.”

“‘Tranche Two Warrant’ means that certain Common Stock Purchase Warrant in substantially the
same form as the Third Amendment Warrant for a number of shares to be determined based on
eighty thousand (80,000) divided by the exercise price (which shall be the
same exercise price as specified in the Third Amendment Warrant), executed by Borrower in
favor of each Lender or such Lender’s Affiliates.”

(g) Schedule 1 is hereby deleted in its entirety and replaced with the new Schedule 1 attached
hereto as Exhibit B-1.

5. Additional Agreements.

(a) Agent agrees that the requirement set forth in Section 6.2(a)(i) of the Loan Agreement
that Borrower deliver to Agent a company prepared consolidated balance sheet, income statement and
cash flow statement covering Borrower’s consolidated operations within forty (40) days of the last
day of each month is hereby waived for each of the months ending August 31, 2013, September 30,
2013, October 31, 2013, November 30, 2013 and December 31, 2013.

(b) Beginning with the month ending August 31, 2013, as soon as available, but no later than
ten (10) days after the last day of such month and each month ending thereafter, Borrower covenants
and agrees to deliver to Agent copies of all of Borrower’s bank statements and reports, each of
which shall be in a form satisfactory to Agent in its sole discretion.

6. Final Payment Fee. Borrowers acknowledge and agree that, (a) as of the Additional
Third Amendment Effective Date, the Final Payment fee of $371,000.00 due under the Loan Agreement
prior to giving effect to this Agreement (the “Capitalized Final Payment”) is hereby deemed
due and payable and shall be capitalized and become a part of the principal balance of the Tranche
One Term Loan and (b) such Capitalized Final Payment is separate and apart from the Final Payment
set forth in the Loan Agreement after giving effect to this Agreement, which
notwithstanding any of the amendments or other modifications set forth herein or in any other
documentation or correspondence related to the Loan Agreement or Loan Documents, or any other
action taken by Borrower, Agent or any Lender, remains due and payable, in full and without
counterclaim or offset of any kind, on the Maturity Date.

7. No Other Amendments or Consents, Waivers, Etc.; Reservation of Rights. Except for
the amendments and other modifications set forth and referred to in Sections 2 thru
5 above, the Loan Agreement and the other Loan Documents shall remain unchanged and in full
force and effect. Nothing in this Agreement is intended, or shall be construed, to constitute a
novation or an accord and satisfaction of any of Borrowers’ Obligations or to modify, affect or
impair the perfection or continuity of Agent’s security interests in, security titles to or other
liens, for the benefit of itself and the Lenders, on any Collateral for the Obligations. Without
limiting the foregoing, except as expressly set forth herein, the execution, delivery and
effectiveness of this Agreement shall not directly or indirectly (i) create any obligation to make
any further loans, advances or other financial accommodations or to continue to defer any
enforcement action after the occurrence of any Default or Event of Default, whether such Default or
Event of Default has occurred or occurs in the future, (ii) constitute a consent or waiver of any
past, present or future violations of any provisions of the Loan Agreement or any other Loan
Documents nor constitute a novation of any of the Obligations under the Loan Agreement or other
Loan Documents, (iii) amend, modify or operate as a waiver of any provision of the Loan Agreement
or any other Loan Documents or any right, power or remedy of any Lender, (iv) constitute a consent
to any merger or other transaction or to any sale, restructuring or refinancing transaction or (v)
constitute a course of dealing or other basis for altering any Obligations or any other contract or
instrument. Except as expressly set forth herein, each Lender reserves all of its rights, powers,
and remedies under the Loan Agreement, the other Loan Documents and applicable law. All of the
provisions of the Loan Agreement and the other Loan Documents, including, without limitation, the
time of the essence provisions, are hereby reiterated, and if ever waived, are hereby reinstated.

8. Representations and Warranties. To induce Agent and Lenders to enter into this
Agreement, each Borrower does hereby warrant, represent and covenant to Agent and Lenders that (i)
each representation or warranty of Borrowers set forth in the Loan Agreement is hereby restated and
reaffirmed as true and correct in all material respects on and as of the date hereof as if such
representation or warranty were made on and as of the date hereof (except to the extent that any
such representation or warranty expressly relates to a prior specific date or period) and (ii) each
Borrower has the power and is duly authorized to enter into, deliver and perform this Agreement and
this Agreement is the legal, valid and binding obligation of each Borrower enforceable against such
Borrower in accordance with its terms.

9. Condition Precedent to Effectiveness of this Agreement. This Agreement shall
become effective as of August 23, 2013 (the “Third Amendment Effective Date”) upon which Agent
shall have received the following, each in form and, in form and substance satisfactory to Agent
and Lenders:

(a) one or more counterparts of this Agreement duly executed and delivered by Borrowers, Agent
and Lenders;

(b) evidence that, on or prior to the Third Amendment Effective Date, Borrowers have received
at least $1,000,000 in unrestricted net cash proceeds in connection with the Immune Merger;

(c) current UCC lien, judgment and tax lien search results demonstrating that there are no
other security interests on the Collateral, other than Permitted Liens;

(d) a fully executed Unconditional Guaranty (as defined in the Loan Agreement, as amended by
this Agreement), executed by Immune Surviving Corporation;

(e) a fully executed Charge (as defined in the Loan Agreement, as amended by this Agreement),
executed by Immune Surviving Corporation, Agent and Lenders;

(f) a fully executed Third Amendment Perfection Certificate (as defined in the Loan Agreement,
as amended by this Agreement);

(g) a fully-executed secretary’s certificate for each Borrower, together with the following
attachments: (a) the Operating Documents of such Borrower certified by the Secretary of State of
the State of organization of Borrower as of a date no earlier than thirty (30) days prior to the
Third Amendment Effective Date, (b) completed Borrowing Resolutions for such Borrower and (c) good
standing certificates dated as of a date no earlier than thirty (30) days prior to the Third
Amendment Effective Date to the effect that such Borrower is qualified to transact business in all
states in which the nature of Borrower’s business so requires;

(h) a fully-executed “Pledge Amendment” supplement to the Pledge Agreement, together with all
original certificates or other documentation representing the pledge of one hundred percent (100%)
of the outstanding shares of Immune Surviving Corporation;

(i) a fully-executed secretary’s certificate for Immune Surviving Corporation, together with
appropriate corporate documentation, good standing certificates and incumbency certificates, each
in accordance with Israeli law; and

(j) such other documents, instruments, agreements and opinions as the Agent shall request.

10. Post-Closing Obligations. The Loan Parties shall satisfy and complete each of the
following obligations, or provide Agent each of the items listed below, as applicable, on or before
the date indicated below, all to the satisfaction of Agent in its sole and absolute discretion (the
date upon which Agent determines, in its sole and absolute discretion:

(a) By not later than August 29, 2013, deliver to Agent evidence in form and substance
satisfactory to Agent that the board of directors of Immune Surviving Corporation have ratified and
approved the execution by Immune Surviving Corporation of the Unconditional Guaranty (as defined in
the Loan Agreement, as amended by this Agreement) and the Charge (as defined in the Loan Agreement,
as amended by this Agreement);

(b) By not later than August 30, 2013, deliver to Agent an updated Schedule 5.2(d) to the Loan
Agreement, which schedule shall list the Loan Parties’ Intellectual Property after giving effect to
the Immune Merger;

(c) By not later than August 30, 2013, deliver to Agent a fully-executed secretary’s
certificate for Immune Surviving Corporation, together with appropriate corporate documentation,
resolutions and good standing certificates, each in accordance with Israeli law;

(d) By not later than August 23, 2013, deliver to Agent Borrowers’ duly executed original
signature page to the Third Amendment Warrant;

(e) By not later than twenty (20) days after the effective date of the Unconditional Guaranty
and Charge, Borrowers and each Loan Party shall take such steps as are required to perfect Agent’s
Liens in connection with such Unconditional Guaranty and Charge and any other Guarantor Documents
(as defined in the Unconditional Guaranty (as defined in the Loan Agreement, as amended by this
Agreement));

(f) By not later than thirty (30) days after the Third Amendment Effective Date, Borrowers and
each Loan Party shall deliver to Agent evidence in form and substance satisfactory to Agent that
the Indebtedness of Immune Surviving Corporation in favor of Bank Hapoalim has been satisfied in
full and any Liens in favor of Bank Hapoalim have been discharged;

(g) By not later than twenty (20) days after the Third Amendment Effective Date, execute any
further instruments and take further actions as Agent reasonably requests to perfect or continue
Agent’s Lien in the Collateral or to effect the purposes of the Loan Agreement and this Agreement;

(h) As soon as any remaining legal requirements with respect thereto have been satisfied,
Borrowers shall take such steps as are required to dissolve Immune Surviving Corporation’s
fully-owned subsidiary, Immune Pharmaceuticals USA Corporation, a Delaware corporation.

The Loan Parties’ failure to complete and satisfy any of the above obligations on or before the
date indicated above, or the Loan Parties’ failure to deliver any of the above listed items on or
before the date indicated above, shall constitute an immediate and automatic Event of Default.

11. Release.

(a) In consideration of the agreements of Agent and Lenders contained herein and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each
Borrower, on behalf of itself and its successors, assigns, and other legal representatives, hereby
absolutely, unconditionally and irrevocably releases, remises and forever discharges Agent and each
Lender and their respective successors and assigns, and their respective present and former
shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys,
employees, agents and other representatives (Agent, Lenders and all such other persons being
hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”), of and
from all demands, actions, causes of action, suits, covenants, contracts, controversies,
agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other
claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever
(individually, a “Claim” and collectively, “Claims”) of every name and nature, known or unknown,
suspected or unsuspected, both at law and in equity, which any Borrower or any of its successors,
assigns, or other legal representatives may now or hereafter own, hold, have or claim to have
against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or
thing whatsoever which arises at any time on or prior to the Third Amendment Effective Date,
including, without limitation, for or on account of, or in relation to, or in any way in connection
with the Loan Agreement or any of the other Loan Documents or transactions thereunder or related
thereto.

(b) Each Borrower understands, acknowledges and agrees that its release set forth above may be
pleaded as a full and complete defense and may be used as a basis for an injunction against any
action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the
provisions of such release.

(c) Each Borrower agrees that no fact, event, circumstance, evidence or transaction which
could now be asserted or which may hereafter be discovered shall affect in any manner the final,
absolute and unconditional nature of the release set forth above.

12. Covenant Not To Sue. Each Borrower, on behalf of itself and its successors,
assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably,
covenants and agrees with and in favor of each Releasee that it will not sue (at law, in equity, in
any regulatory proceeding or otherwise) any Releasee on the basis of any Claim released, remised
and discharged by Borrowers pursuant to Section 11 above. If any Borrower or any of its
successors, assigns or other legal representatives violates the foregoing covenant, Borrowers, for
themselves and their successors, assigns and legal representatives, agree to pay, in addition to
such other damages as any Releasee may sustain as a result of such violation, all attorneys’ fees
and costs incurred by any Releasee as a result of such violation.

13. Indemnification. Each Borrower hereby agrees to indemnify, defend and hold
harmless Agent and each Lender in accordance with Section 12.2 of the Loan Agreement, the terms of
which are incorporated herein by reference.

14. Advice of Counsel. Each of the parties represents to each other party hereto that
it has discussed this Agreement with its counsel.

15. Severability of Provisions. In case any provision of or obligation under this
Agreement shall be invalid, illegal or unenforceable in any applicable jurisdiction, the validity,
legality and enforceability of the remaining provisions or obligations, or of such provision or
obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

16. Counterparts. This Agreement may be executed in multiple counterparts, each of
which shall be deemed to be an original and all of which when taken together shall constitute one
and the same instrument.

17. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE INTERNAL LAWS OF THE STATE OF MARYLAND APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH
STATE WITHOUT REGARD TO THE PRINCIPLES THEREOF REGARDING CONFLICTS OF LAWS.

18. Entire Agreement. The Loan Agreement and the other Loan Documents as and when
modified through this Agreement embody the entire agreement between the parties hereto relating to
the subject matter thereof and supersede all prior agreements, representations and understandings,
if any, relating to the subject matter thereof.

19. No Strict Construction, Etc. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly by the parties
hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any provisions of this Agreement. Time is of the essence for this
Agreement.

20. Loan Document. For the avoidance of doubt, this Agreement constitutes a Loan
Document.

21. Costs and Expenses. Each Borrower absolutely and unconditionally agrees to pay or
reimburse upon demand for all reasonable fees, costs and expenses incurred by Agent and the Lenders
that are Lenders on the Closing Date in connection with the preparation, negotiation, execution and
delivery of this Agreement and any other Loan Documents or other agreements prepared, negotiated,
executed or delivered in connection with this Agreement or transactions contemplated hereby.

[Remainder of page intentionally blank; signature pages follow.]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the day and year specified at the beginning hereof.

BORROWERS:

IMMUNE PHARMACEUTICALS INC. (f/k/a EpiCept
Corporation)

By:        (SEAL)

Name:       

Title:       

MAXIM PHARMACEUTICALS INC.

By:        (SEAL)

Name:       

Title:       

CYTOVIA, INC.

By:        (SEAL)

Name:       

Title:       

AGENT AND LENDER:

MIDCAP FUNDING III, LLC

By:       (SEAL)

Name:       

Title: Authorized Signatory

ACKNOWLEDGEMENT, CONSENT AND AGREEMENT BY GUARANTOR

The undersigned hereby acknowledges and consents to the entering into of this Third Amendment
and Consent to Loan and Security Agreement (this “Agreement”) by the Borrowers and agrees and
acknowledges its rights and obligations under the Loan Agreement (as amended by this Agreement) and
the other Loan Documents, as applicable, remain in full force and effect notwithstanding the
execution of this Agreement and further agrees to be bound by and comply with the terms of this
Agreement.

IMMUNE PHARMACEUTICALS LTD.

By:        (SEAL)

Name:       

Title:

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