Document:

EX-4.1

 Exhibit 4.1 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL (WHICH MAY BE COMPANY COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE
STATE SECURITIES LAWS. 
 WARRANT AGREEMENT 
 To Purchase Shares of the Common Stock of 
 Cell Therapeutics, Inc.

 Dated as of March 26, 2013 (the “Effective Date”) 

WHEREAS, Cell Therapeutics, Inc., a Washington corporation (the “Company”), has entered into a Loan and Security
Agreement dated March 26, 2013 (as amended and in effect from time to time, the “Loan Agreement”) with Hercules Technology Growth Capital, Inc., a Maryland corporation (the “Warrantholder”); 

WHEREAS, pursuant to the Loan Agreement and as additional consideration to the Warrantholder for, among other things, its agreements in
the Loan Agreement, the Company has agreed to issue to the Warrantholder this Warrant Agreement, evidencing the right to purchase shares of the Company’s Common Stock (this “Warrant” or this “Agreement”);

 NOW, THEREFORE, in consideration of the Warrantholder having executed and delivered the Loan Agreement and provided the
financial accommodations contemplated therein, and in consideration of the mutual covenants and agreements contained herein, the Company and Warrantholder agree as follows: 
 SECTION 1. GRANT OF THE RIGHT TO PURCHASE COMMON STOCK. 
 (a) For value
received, the Company hereby grants to the Warrantholder, and the Warrantholder is entitled, upon the terms and subject to the conditions hereinafter set forth, to subscribe for and purchase, from the Company, up to such number of shares of Common
Stock (as defined below) as determined in Section 1(b) below, at a purchase price per share equal to the Exercise Price (as defined below). The number and Exercise Price of such shares are subject to adjustment as provided in Section 8. As
used herein, the following terms shall have the following meanings: 
 “Act” means the
Securities Act of 1933, as amended. 
 “Charter” means the Company’s Articles of
Incorporation or other constitutional document, as may be amended and in effect from time to time. 

“Common Stock” means the Company’s common stock, no par value per share, as presently constituted
under the Charter, and any class and/or series of Company capital stock for or into which such common stock may be converted or exchanged in a reorganization, recapitalization or similar transaction. 

 “Effective Price” shall mean the quotient determined by
dividing (i) the aggregate gross cash consideration received, or deemed to have been received, by the Company, for the issuance of additional shares of Common Stock by the Company (including, without limitation, shares of Common Stock issuable
upon the conversion or exercise of Convertible Securities (as defined below) issued by the Company) for cash for financing purposes in a single transaction or series of related transactions not registered under the Act (including, without
limitation, a so-called PIPE transaction) after the Effective Date, by (ii) the total number of such additional shares of Common Stock issued or deemed to be issued in such transaction. In the event the Company issues any Convertible Securities
(as defined below) in such transaction, then the calculation of “Effective Price” shall be adjusted as follows: (a) the amount of cash consideration included in the numerator in clause (i) above shall include the amount
determined by multiplying the conversion or exercise price, as applicable, of any shares of Common Stock issuable upon conversion or exercise of any such Convertible Securities (the “Conversion Shares”) by the number of Conversion
Shares; and (b) the number of Conversion Shares shall be included in the denominator in clause (ii) above. 
 “Exercise Price” means $1.1045, subject to adjustment from time to time in accordance with the provisions of this Warrant; provided, that, if at any time and from time to time on
or after the Effective Date and on or before the first anniversary thereof, the Company shall sell and issue shares of Common Stock, or securities, instruments or other rights exercisable for, convertible into or otherwise representing the right to
acquire shares of Common Stock (collectively, “Convertible Securities”) to one or more investors for cash for financing purposes, in a single transaction or series of related transactions not registered under the Act (including,
without limitation, a so-called PIPE transaction), at an Effective Price per share of Common Stock less than the Exercise Price in effect as of immediately prior to the consummation of such sale and issuance, then from and after such consummation,
the Exercise Price shall equal such lower Effective Price, subject to adjustment thereafter from time to time in accordance with the provisions of this Warrant. 
 “Merger Event” means any of the following: (i) a sale, lease or other transfer of all or substantially all assets of the Company, (ii) any merger or consolidation involving the
Company in which the Company is not the surviving entity or in which the outstanding shares of the Company’s capital stock are otherwise converted into or exchanged for shares of preferred stock, other securities or property of another entity,
or (iii) any sale by holders of the outstanding voting equity securities of the Company in a single transaction or series of related transactions of shares constituting a majority of the outstanding combined voting power of the Company.

 “Purchase Price” means, with respect to any exercise of this Warrant, an amount equal to the
then-effective Exercise Price multiplied by the number of shares of Common Stock as to which this Warrant is then exercised. 

(b) Number of Shares. Subject to Section 13, this Warrant shall be exercisable for: (i) 543,232 shares of Common Stock,
plus (ii) from and after such date, if any, as Lender (as defined in the Loan Agreement) makes a Term Loan Advance (as defined in the Loan Agreement) during the Draw Period (as defined in the Loan Agreement) to the Company in any amount, such
number of additional shares of Common Stock as shall equal (x) $150,000, divided by (y) the Exercise Price in effect on and as of such date; and in all cases subject to adjustment from time to time in accordance with the provisions of this
Warrant. 

  
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 SECTION 2. TERM OF THE AGREEMENT. 

Except as otherwise provided for herein, the term of this Agreement and the right to purchase Common Stock as
granted herein shall commence on the Effective Date and shall be exercisable for a period ending upon the fifth
(5th) anniversary of the Effective Date. 

SECTION 3. EXERCISE OF THE PURCHASE RIGHTS. 
 (a) Exercise. The purchase rights set forth in this Agreement are exercisable by the Warrantholder, in whole or in part, at any time, or from time to time, prior to the expiration of the term set
forth in Section 2, by tendering to the Company at its principal office a notice of exercise in the form attached hereto as Exhibit I (the “Notice of Exercise”), duly completed and executed. Promptly upon receipt of the
Notice of Exercise and the payment of the Purchase Price in accordance with the terms set forth below, and in no event later than three (3) days thereafter, the Company shall issue to the Warrantholder a certificate for the number of shares of
Common Stock purchased and shall execute the acknowledgment of exercise in the form attached hereto as Exhibit II (the “Acknowledgment of Exercise”) indicating the number of shares which remain subject to future purchases
under this Warrant, if any. 
 The Purchase Price may be paid at the Warrantholder’s election either (i) by cash or
check, or (ii) by surrender of all or a portion of the Warrant for shares of Common Stock to be exercised under this Agreement and, if applicable, an amended Agreement setting forth the remaining number of shares purchasable hereunder, as
determined below (“Net Issuance”). If the Warrantholder elects the Net Issuance method, the Company will issue shares of Common Stock in accordance with the following formula: 

 

			
	 X = Y(A-B)

A

	 Where:
	  	X = the number of shares of Common Stock to be issued to the Warrantholder.
		
		  	Y = the number of shares of Common Stock requested to be exercised under this Agreement.
		
		  	A = the then-current fair market value of one (1) share of Common Stock at the time of exercise.
		
		  	B = the then-effective Exercise Price.

 For purposes of the above calculation, the current fair market value of shares of Common Stock shall mean
with respect to each share of Common Stock: 
 (i) at all times when the Common Stock shall be traded on a national securities
exchange, inter-dealer quotation system or over-the-counter bulletin board service, the average of the closing prices over a five (5) day period ending three days before the day the current fair market value of the securities is being
determined; 
 (ii) if the exercise is in connection with a Merger Event, the fair market value of a share of Common Stock shall
be deemed to be the per share value received by the holders of the outstanding shares of Common Stock pursuant to such Merger Event as determined in accordance with the definitive transaction documents executed among the parties in connection
therewith; or 

  
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 (iii) in cases other than as described in the foregoing clauses (i) and (ii), the
current fair market value of a share of Common Stock shall be determined in good faith by the Company’s Board of Directors. 
 Upon partial exercise by either cash or, upon request by the Warrantholder and surrender of all or a portion of this Warrant, Net Issuance, prior to the expiration or earlier termination hereof, the
Company shall promptly issue an amended Agreement representing the remaining number of shares purchasable hereunder. All other terms and conditions of such amended Agreement shall be identical to those contained herein, including, but not limited to
the Effective Date hereof. 
 (b) Exercise Prior to Expiration. To the extent this Warrant is not previously exercised as
to all shares subject hereto, and if the then-current fair market value of one share of Common Stock is greater than the Exercise Price then in effect, this Agreement shall be deemed automatically exercised on a Net Issuance basis pursuant to
Section 3(a) (even if not surrendered) as of immediately before its expiration determined in accordance with Section 2. For purposes of such automatic exercise, the fair market value of one share of Common Stock upon such expiration shall
be determined pursuant to Section 3(a). To the extent this Warrant or any portion hereof is deemed automatically exercised pursuant to this Section 3(b), the Company agrees to promptly notify the Warrantholder of the number of shares of
Common Stock if any, the Warrantholder is to receive by reason of such automatic exercise, and to issue a certificate to Warrantholder evidencing such shares. 
 SECTION 4. RESERVATION OF SHARES. 
 During the term of this Agreement, the
Company will at all times have authorized and reserved a sufficient number of shares of its Common Stock to provide for the exercise of the rights to purchase Common Stock as provided for herein. 

SECTION 5. NO FRACTIONAL SHARES OR SCRIP. 
 No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Agreement, but in lieu of such fractional shares the Company shall make a cash payment therefor upon
the basis of the Exercise Price then in effect. 
 SECTION 6. NO RIGHTS AS SHAREHOLDER/STOCKHOLDER. 

Without limitation of any provision hereof, Warrantholder agrees that this Agreement does not entitle the Warrantholder to any voting
rights or other rights as a shareholder/stockholder of the Company prior to the exercise of any of the purchase rights set forth in this Agreement. 
 SECTION 7. WARRANTHOLDER REGISTRY. 
 The Company shall maintain a registry
showing the name and address of the registered holder of this Agreement. Warrantholder’s initial address, for purposes of such registry, is set forth in Section 12(g) below. Warrantholder may change such address by giving written notice of
such changed address to the Company. 
 SECTION 8. ADJUSTMENT RIGHTS. 

The Exercise Price and the number of shares of Common Stock purchasable hereunder are subject to adjustment from time to time, as
follows: 
  

  
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 (a) Merger Event. If at any time there shall be a Merger Event, then, as a part of
such Merger Event, lawful provision shall be made so that the Warrantholder shall thereafter be entitled to receive, upon exercise of this Agreement, the number of shares of preferred stock or other securities or property (collectively,
“Reference Property”) that the Warrantholder would have received in connection with such Merger Event if Warrantholder had exercised this Agreement immediately prior to the Merger Event. In any such case, appropriate adjustment
(as determined in good faith by the Company’s Board of Directors and reasonably acceptable to the Warrantholder) shall be made in the application of the provisions of this Agreement with respect to the rights and interests of the Warrantholder
after the Merger Event to ensure that the provisions of this Agreement (including adjustments of the Exercise Price and adjustments to ensure that the provisions of this Section 8 shall thereafter be applicable, as nearly as possible, to the
purchase rights under this Agreement in relation to any Reference Property thereafter acquirable upon exercise of such purchase rights) shall continue to be applicable in their entirety, and to the greatest extent possible. Without limiting the
foregoing, in connection with any Merger Event, upon the closing thereof, the successor or surviving entity shall assume the obligations of the Company under this Agreement; provided that if the Reference Property includes shares of stock or other
securities and assets of an entity other than the successor or purchasing company, as the case may be, in such Merger Event, then such other entity shall assume the obligations of the Company under this Agreement and any such assumption shall
contain such additional provisions to protect the interests of the Warrantholder as reasonably necessary by reason of the foregoing (as determined in good faith by the Company’s Board of Directors and reasonably acceptable to the
Warrantholder). In connection with a Merger Event and upon Warrantholder’s written election to the Company, this Warrant Agreement shall be exchanged for the consideration that Warrantholder would have received if Warrantholder had chosen
to exercise its right to have shares issued pursuant to the Net Issuance provisions of this Warrant Agreement without actually exercising such right, acquiring such shares and exchanging such shares for such consideration. The provisions of this
Section 8(a) shall similarly apply to successive Merger Events. 
 (b) Reclassification of Shares. Except for Merger
Events subject to Section 8(a), if the Company at any time shall, by combination, reclassification, exchange or subdivision of securities or otherwise, change any of the securities as to which purchase rights under this Agreement exist into the
same or a different number of securities of any other class or classes of securities, this Agreement shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with
respect to the securities which were subject to the purchase rights under this Agreement immediately prior to such combination, reclassification, exchange, subdivision or other change. The provisions of this Section 8(b) shall similarly apply
to successive combination, reclassification, exchange, subdivision or other change. 
 (c) Subdivision or Combination of
Shares. If the Company at any time shall combine or subdivide its Common Stock, (i) in the case of a subdivision, the Exercise Price shall be proportionately decreased and the number of shares for which this Warrant is exercisable shall be
proportionately increased, or (ii) in the case of a combination, the Exercise Price shall be proportionately increased and the number of shares for which this Warrant is exercisable shall be proportionately decreased. 

(d) Stock Dividends. If the Company at any time while this Agreement is outstanding and unexpired shall: 

  
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 (i) pay a dividend with respect to the outstanding shares of Common Stock payable in
additional shares of Common Stock, then the Exercise Price shall be adjusted, to that price determined by multiplying the Exercise Price in effect immediately prior to such date of determination by a fraction (A) the numerator of which shall be
the total number of shares of Common Stock outstanding immediately prior to such dividend or distribution, and (B) the denominator of which shall be the total number of shares of Common Stock outstanding immediately after such dividend or
distribution, and the number of shares of Common Stock for which this Warrant is exercisable shall be proportionately increased; or 
 (ii) make any other dividend or distribution on or with respect to Common Stock, except any dividend or distribution (A) in cash, or (B) specifically provided for in any other clause of this
Section 8, then, in each such case, provision shall be made by the Company such that the Warrantholder shall receive upon exercise or conversion of this Warrant a proportionate share of any such distribution as though it were the holder of the
Common Stock (or other stock for which the Common Stock is convertible) as of the record date fixed for the determination of the shareholders of the Company entitled to receive such distribution. 

(e) Notice of Adjustments. If: (i) the Company shall declare any dividend or distribution upon its outstanding Common Stock,
payable in stock, cash, property or other securities (provided that Warrantholder in its capacity as lender under the Loan Agreement consents to such dividend); (ii) the Company shall offer for subscription pro rata to the holders of its Common
Stock any additional shares of stock of any class or other rights; (iii) there shall be any Merger Event; or (iv) there shall be any voluntary dissolution, liquidation or winding up of the Company; then, in connection with each such event,
the Company shall give the Warrantholder notice thereof at the same time and in the same manner as it gives notice thereof to the holders of Common Stock. 
 SECTION 9. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. 
 (a)
Reservation of Common Stock. The Company covenants and agrees that all shares of Common Stock, if any, that may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be validly issued and outstanding,
fully paid and non-assessable. The Company further covenants and agrees that the Company will, at all times during the term hereof, have authorized and reserved, free from preemptive rights, a sufficient number of shares of Common Stock to provide
for the exercise of the rights represented by this Warrant. If at any time during the term hereof the number of authorized but unissued shares of Common Stock shall not be sufficient to permit exercise of this Warrant in full, the Company will take
such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes. 

(b) Due Authority. The execution and delivery by the Company of this Agreement and the performance of all obligations of the
Company hereunder, including the issuance to Warrantholder of the right to acquire the shares of Common Stock, have been duly authorized by all necessary corporate action on the part of the Company. This Agreement: (1) does not violate the
Company’s Charter or current bylaws; (2) does not contravene any law or governmental rule, regulation or order applicable to it; and (3) except as could not reasonably be expected to have a Material Adverse Effect (as defined in the
Loan Agreement), does not and will not contravene any provision of, or constitute a default under, any indenture, mortgage, contract or other instrument to which it is a party or by which it is bound. This Agreement constitutes a legal, valid and
binding agreement of the Company, enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to 

  
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or affecting creditors’ rights generally (including, without limitation, fraudulent conveyance laws) and by general principles of equity, regardless of whether considered in a proceeding in
equity or at law. 
 (c) Consents and Approvals. No consent or approval of, giving of notice to, registration with, or
taking of any other action in respect of any state, federal or other governmental authority or agency is required with respect to the execution, delivery and performance by the Company of its obligations under this Agreement, except for the filing
of notices pursuant to Regulation D under the Act and any filing required by applicable state securities law, which filings will be effective by the time required thereby. 
 (d) [Intentionally Omitted]. 
 (e) [Intentionally Omitted].

 (f) Exempt Transaction. Subject to the accuracy of the Warrantholder’s representations in Section 10, the
issuance of the Common Stock upon exercise of this Agreement will constitute a transaction exempt from (i) the registration requirements of Section 5 of the Act, in reliance upon Section 4(2) thereof, and (ii) the qualification
requirements of the applicable state securities laws. 
 (g) Registration Rights. The Company covenants and agrees with
Warrantholder that if the Company, at any time and from time to time on or after the Effective Date and on or before the expiration or earlier termination of this Warrant, proposes to register under the Act any shares of Common Stock held by one or
more stockholders of the Company for resale by such stockholders, whether on a Form S-3 registration statement or otherwise, the Company shall give written notice thereof to Warrantholder and permit Warrantholder to include any or all of the shares
of Common Stock issuable upon exercise of this Warrant (and any or all shares previously issued to Warrantholder upon any prior exercise(s) hereof) in such registration on a pari passu basis with such other stockholder(s) and on the same
terms and conditions applicable to such other stockholder(s). 
 (h) Information Rights. At all times (if any) prior to
the earlier to occur of (x) the date on which all shares of Common Stock issued on exercise of this Warrant have been sold, or (y) the expiration or earlier termination of this Warrant, when (i) the Company shall not be required to
file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), and/or (ii) the Common Stock is not traded on a national securities exchange, inter-dealer quotation system
or over-the-counter bulletin board service, Warrantholder shall be entitled to the information rights contained in Section 7.1(b) – (f) of the Loan Agreement, and in any such event Section 7.1(b) – (f) of the Loan
Agreement is hereby incorporated into this Agreement by this reference as though fully set forth herein, provided, however, that the Company shall not be required to deliver a Compliance Certificate once all Indebtedness (as defined in the Loan
Agreement) owed by the Company to Warrantholder has been repaid. 
 (i) Rule 144 Compliance. The Company shall, at all
times prior to later to occur of (i) expiration hereof, and (ii) the sale or other disposition by Warrantholder in full of this Warrant or all shares of Common Stock issued on exercise in full of this Warrant, use all commercially
reasonable efforts to timely file all reports required under the 1934 Act and otherwise timely take all actions necessary to permit the Warrantholder to sell or otherwise dispose of this Warrant and the shares of Common Stock issued on exercise
hereof pursuant to Rule 144 promulgated under the Act as amended and in effect from time to time. If the Warrantholder proposes to sell Common Stock issuable upon the exercise of this Agreementin compliance with Rule 144, then, upon
Warrantholder’s written request to the Company, the Company shall furnish to the 

  
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Warrantholder, within five (5) days after receipt of such request, a written statement confirming the Company’s compliance with the filing and other requirements of such Rule.

 SECTION 10. REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER. 

This Agreement has been entered into by the Company in reliance upon the following representations and covenants of the Warrantholder:

 (a) Investment Purpose. This Warrant and the shares issued on exercise hereof will be acquired for investment and not
with a view to the sale or distribution of any part thereof in violation of applicable federal and state securities laws, and the Warrantholder has no present intention of selling or engaging in any public distribution of the same except pursuant to
a registration or exemption. 
 (b) Private Issue. The Warrantholder understands (i) that the Common Stock issuable
upon exercise of this Agreement is not, as of the Effective Date, registered under the Act or qualified under applicable state securities laws, and (ii) that the Company’s reliance on exemption from such registration is predicated on the
representations set forth in this Section 10. 
 (c) Financial Risk. The Warrantholder has such knowledge and
experience in financial and business matters as to be capable of evaluating the merits and risks of its investment, and has the ability to bear the economic risks of its investment. 

(d) Accredited Investor. Warrantholder is an “accredited investor” within the meaning of Rule 501 of Regulation D
promulgated under the Act, as presently in effect. 
 (e) No Short Sales. Warrantholder has not at any time on or prior
to the Effective Date engaged in any short sales or equivalent transactions in the Common Stock. Warrantholder agrees that at all times from and after the Effective Date and on or before the expiration or earlier termination of this Warrant, it
shall not engage in any short sales or equivalent transactions in the Common Stock. 
 SECTION 11. TRANSFERS. 

Subject to compliance with applicable federal and state securities laws, this Agreement and all rights hereunder are transferable, in
whole or in part, without charge to the holder hereof (except for transfer taxes) upon surrender of this Agreement properly endorsed. Each taker and holder of this Agreement, by taking or holding the same, consents and agrees that this Agreement,
when endorsed in blank, shall be deemed negotiable, and that the holder hereof, when this Agreement shall have been so endorsed and its transfer recorded on the Company’s books, shall be treated by the Company and all other persons dealing with
this Agreement as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented by this Agreement. The transfer of this Agreement shall be recorded on the books of the Company upon receipt by the Company of
a notice of transfer in the form attached hereto as Exhibit III (the “Transfer Notice”), at its principal offices and the payment to the Company of all transfer taxes and other governmental charges imposed on such transfer. Until
the Company receives such Transfer Notice, the Company may treat the registered owner hereof as the owner for all purposes. 

SECTION 12. MISCELLANEOUS. 
 (a) Effective Date. The provisions of this Agreement shall be construed and shall be given effect in all respects as if it had been executed and delivered by the Company on the date hereof. This
Agreement shall be binding upon any successors or assigns of the Company. 

  
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 (b) Remedies. In the event of any default hereunder, the non-defaulting party may
proceed to protect and enforce its rights either by suit in equity and/or by action at law, including but not limited to an action for damages as a result of any such default, and/or an action for specific performance for any default where
Warrantholder will not have an adequate remedy at law and where damages will not be readily ascertainable. 
 (c) No
Impairment of Rights. The Company will not, by amendment of its Charter or through any other means, avoid or seek to avoid the observance or performance of any of the terms of this Agreement, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate in order to protect the rights of the Warrantholder against impairment. 
 (d) [Intentionally Omitted] 
 (e) Attorneys’ Fees. In any
litigation, arbitration or court proceeding between the Company and the Warrantholder relating hereto, the prevailing party shall be entitled to attorneys’ fees and expenses and all costs of proceedings incurred in enforcing this Agreement. For
the purposes of this Section 12(e), attorneys’ fees shall include without limitation fees incurred in connection with the following: (i) contempt proceedings; (ii) discovery; (iii) any motion, proceeding or other activity of
any kind in connection with an insolvency proceeding; (iv) garnishment, levy, and debtor and third party examinations; and (v) post-judgment motions and proceedings of any kind, including without limitation any activity taken to collect or
enforce any judgment. 
 (f) Severability. In the event any one or more of the provisions of this Agreement shall for any
reason be held invalid, illegal or unenforceable, the remaining provisions of this Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable provision,
which comes closest to the intention of the parties underlying the invalid, illegal or unenforceable provision. 
 (g)
Notices. Except as otherwise provided herein, any notice, demand, request, consent, approval, declaration, service of process or other communication that is required, contemplated, or permitted under this Agreement or with respect to the
subject matter hereof shall be in writing, and shall be deemed to have been validly served, given, delivered, and received upon the earlier of: (a) personal delivery to the party to be notified, (b) when sent by confirmed telex, electronic
transmission or facsimile if sent during normal business hours of the recipient, if not, then on the next business day, (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or
(d) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt, and shall be addressed to the party to be notified as follows: 

If to Warrantholder: 
 HERCULES TECHNOLOGY GROWTH CAPITAL, INC. 
 Legal Department 

Attention: Chief Legal Officer and Manuel Henriquez 
 400 Hamilton Avenue, Suite 310 
 Palo Alto, CA 94301 

Facsimile: 650-473-9194 
 Telephone: 650-289-3060 

  
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 If to the Company: 
 CELL THERAPEUTICS, INC. 
 Attention: Chief Financial Officer 

3101 Western Avenue, Suite 600 
 Seattle, WA 98121 
 Facsimile: 206-284-6206 

Telephone: 206-282-7100 
 or to such other address as each party may designate for itself by like notice. 

(h) Entire Agreement; Amendments. This Agreement constitutes the entire agreement and understanding of the parties hereto in
respect of the subject matter hereof, and supersedes and replaces in their entirety any prior proposals, term sheets, letters, negotiations or other documents or agreements, whether written or oral, with respect to the subject matter hereof. None of
the terms of this Agreement may be amended except by an instrument executed by each of the parties hereto. 
 (i)
Headings. The various headings in this Agreement are inserted for convenience only and shall not affect the meaning or interpretation of this Agreement or any provisions hereof. 

(j) Advice of Counsel. Each of the parties represents to each other party hereto that it has discussed (or had an opportunity to
discuss) with its counsel this Agreement and, specifically, the provisions of Sections 12(n), 12(o), 12(p), 12(q) and 12(r). 

(k) No Strict Construction. 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. 
 (l) No Waiver. No omission or delay by Warrantholder at any time to
enforce any right or remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof by Warrantholder at any time designated, shall be a waiver of any such right or remedy to which Warrantholder is entitled, nor
shall it in any way affect the right of Warrantholder to enforce such provisions thereafter during the term of this Agreement. 

(m) Survival. All agreements, representations and warranties contained in this Agreement or in any document delivered pursuant
hereto shall be for the benefit of Warrantholder and shall survive the execution and delivery of this Agreement and the expiration or other termination of this Agreement. 
 (n) Governing Law. This Agreement have been negotiated and delivered to Warrantholder in the State of California, and shall have been accepted by Warrantholder in the State of California. Delivery
of Common Stock to Warrantholder by the Company under this Agreement is due in the State of California. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of California, excluding conflict of
laws principles that would cause the application of laws of any other jurisdiction. 
 (o) Consent to Jurisdiction and
Venue. All judicial proceedings arising in or under or related to this Agreement may be brought in any state or federal court of competent jurisdiction located in the State of California. By execution and delivery of this Agreement, each party
hereto generally and unconditionally: (a) consents to personal jurisdiction in Santa Clara County, State of California; (b) waives any objection as to jurisdiction or venue in Santa Clara County, State of

  
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California; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby
in connection with this Agreement. Service of process on any party hereto in any action arising out of or relating to this Agreement shall be effective if given in accordance with the requirements for notice set forth in Section 12(g), and
shall be deemed effective and received as set forth in Section 12(g). Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of either party to bring proceedings in the courts of any
other jurisdiction. 
 (p) Mutual Waiver of Jury Trial. Because disputes arising in connection with complex financial
transactions are most quickly and economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that their disputes be resolved by a
judge applying such applicable laws. EACH OF THE COMPANY AND WARRANTHOLDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY,
“CLAIMS”) ASSERTED BY THE COMPANY AGAINST WARRANTHOLDER OR ITS ASSIGNEE OR BY WARRANTHOLDER OR ITS ASSIGNEE AGAINST THE COMPANY. This waiver extends to all such Claims, including Claims that involve persons or entities other the Company
and Warrantholder; Claims that arise out of or are in any way connected to the relationship between the Company and Warrantholder; and any Claims for damages, breach of contract, specific performance, or any equitable or legal relief of any kind,
arising out of this Agreement. 
 (q) Arbitration. If the Mutual Waiver of Jury Trial set forth in Section 12(p) is
ineffective or unenforceable, the parties agree that all Claims shall be submitted to binding arbitration in accordance with the commercial arbitration rules of JAMS (the “Rules”), such arbitration to occur before one arbitrator, which
arbitrator shall be a retired California state judge or a retired Federal court judge. Such proceeding shall be conducted in Santa Clara County, State of California, with California rules of evidence and discovery applicable to such arbitration. The
decision of the arbitrator shall be binding on the parties, and shall be final and nonappealable to the maximum extent permitted by law. Any judgment rendered by the arbitrator may be entered in a court of competent jurisdiction and enforced by the
prevailing party as a final judgment of such court. 
 (r) Pre-arbitration Relief. In the event Claims are to be resolved
by arbitration, either party may seek from a court of competent jurisdiction identified in Section 12(o), any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted
by law notwithstanding that all Claims are otherwise subject to resolution by binding arbitration. 
 (s) Counterparts.
This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all
of which counterparts shall constitute but one and the same instrument. 
 (t) Specific Performance. The parties hereto
hereby declare that it is impossible to measure in money the damages which will accrue to Warrantholder by reason of the Company’s failure to perform any of the obligations under this Agreement and agree that the terms of this Agreement shall
be specifically enforceable by Warrantholder. If Warrantholder institutes any action or proceeding to specifically enforce the provisions hereof, any person against whom such action or proceeding is brought hereby waives the claim or defense therein
that Warrantholder has 

  
 11 

 
an adequate remedy at law, and such person shall not offer in any such action or proceeding the claim or defense that such remedy at law exists. 

(u) Lost, Stolen, Mutilated or Destroyed Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on
such terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or
destroyed. Any such new Warrant shall constitute an original contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone. 

(v) Legends. To the extent required by applicable laws, this Warrant and the shares of Common Stock issuable hereunder (and the
securities issuable, directly or indirectly, upon conversion of such shares of Common Stock, if any) may be imprinted with a restricted securities legend in substantially the following form: 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT
BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO RULE 144 OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE
STATE SECURITIES LAWS. 
 ACCEPTANCE OF THIS SECURITY IMPOSES OBLIGATIONS ON THE HOLDER. 

SECTION 13. NASDAQ COMPLIANCE. 
 The Company shall not be obligated to issue any shares of Common Stock if such issuance, together with all prior issues that are deemed to be aggregated under the rules of the Nasdaq Stock Market, in the
aggregate would equal or exceed 19.9% of the shares of the Company outstanding as of the date prior to the execution and delivery of the Loan Agreement or (iii) such issuance would otherwise violate the Company’s obligations under the
rules or regulations of the Nasdaq Capital Market. 
 [Remainder of Page Intentionally Left Blank] 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Warrant Agreement to be executed by
its officers thereunto duly authorized as of the Effective Date. 
  

							
	 COMPANY:
	 		 	CELL THERAPEUTICS, INC.
				
		 		 	 By:
	 	 /s/ Louis A. Bianco

		 		 	 Name:
	 	Louis A. Bianco
		 		 	 Title:
	 	EVP, Finance and Administration, and Secretary
			
	 WARRANTHOLDER:
	 		 	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
				
		 		 	 By:
	 	 /s/ Ben Bang

		 		 	 Name:
	 	Ben Bang
		 		 	 Title:
	 	Senior Counsel

 EXHIBIT I 
 NOTICE OF EXERCISE 
  

	To:	[                           
                     ] 

  

	(1)	The undersigned Warrantholder hereby elects to purchase [            ] shares of the Common Stock of
[                    ], pursuant to the terms of the Agreement dated the [    ] day of
[            ,         ] (the “Agreement”) between
[                    ] and the Warrantholder, and tenders herewith payment of the Purchase Price in full, together with all applicable
transfer taxes, if any. [NET ISSUANCE: elects pursuant to Section 3(a) of the Agreement to effect a Net Issuance.] 

  

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

  

	
	  
 (Name)

	
	  
 (Address)

  

							
	WARRANTHOLDER:	 		 	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
				
		 		 	 By:
	 	  

		 		 	 Name:
	 	  

		 		 	 Title:
	 	  

 EXHIBIT II 
  

	1.	ACKNOWLEDGMENT OF EXERCISE 

 The
undersigned
[                                        
], hereby acknowledge receipt of the “Notice of Exercise” from Hercules Technology Growth Capital, Inc., to purchase [            ] shares of the Common Stock of
[            ], pursuant to the terms of the Agreement, and further acknowledges that [            ] shares remain
subject to purchase under the terms of the Agreement. 
  

							
	 COMPANY:
	 		 	[                           
             ]
				
		 		 	 By:
	 	  

		 		 	 Title:
	 	  

		 		 	 Date:
	 	  

  
 15 

 EXHIBIT III 
 TRANSFER NOTICE 
 (To transfer or assign the foregoing Agreement execute this form and supply
required information. Do not use this form to purchase shares.) 
 FOR VALUE RECEIVED, the foregoing Agreement and all rights evidenced thereby
are hereby transferred and assigned to 
  

							
	                           
                                         
                                         
                                         
       	  	
	(Please Print)	  		  	
		
	whose address is                       
                                         
                                         
                    	  	
		
	                           
                                         
                                         
                                         
       	  	
			
		 	Dated:                          
                                         
                                         
       	  	
			
		 	Holder’s Signature:                      
                                         
                            	  	
			
		 	Holder’s Address:                      
                                         
                              	  	
		
	                            
                                         
                                         
                                         
	  	
		
	Signature Guaranteed:                       
                                         
                                         
         	  	

 NOTE: The signature to this Transfer Notice must correspond with the name as it appears on the face of
the Agreement, without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Agreement.EX-10.1

 Exhibit 10.1 
 LOAN AND SECURITY AGREEMENT 
 THIS LOAN AND SECURITY AGREEMENT is made and
dated as of March 26, 2013 and is entered into by and among CELL THERAPEUTICS, INC., a Washington corporation (“Cell Therapeutics”), and SYSTEMS MEDICINE LLC, a Delaware limited liability company (“Systems
Medicine”; Cell Therapeutics and Systems Medicine are hereinafter referred to individually and collectively, jointly and severally, as “Borrower”), and HERCULES TECHNOLOGY GROWTH CAPITAL, INC., a Maryland corporation
(“Lender”). 
 RECITALS 
 A. Borrower has requested Lender to make available to Borrower two (2) term loans (each a “Term Loan Advance” and collectively, the “Term Loan Advances”) in an aggregate
principal amount of up to Fifteen Million Dollars ($15,000,000) (the “Maximum Term Loan Amount”); 
 B. Lender
is willing to make the Term Loan Advances on the terms and conditions set forth in this Agreement. 
 AGREEMENT

 NOW, THEREFORE, Borrower and Lender agree as follows: 

SECTION 1. DEFINITIONS AND RULES OF CONSTRUCTION 
 1.1 Unless otherwise defined herein, the following capitalized terms shall have the following meanings: 
 “Account Control Agreement(s)” means any agreement entered into by and among the Lender, Borrower and a third party bank or other institution (including a Securities Intermediary) in
which Borrower maintains a Deposit Account or an account holding Investment Property and which grants Lender a perfected first priority security interest in the subject account or accounts. 

“ACH Authorization” means the ACH Debit Authorization Agreement in substantially the form of Exhibit H. 

“Advance(s)” means a Term Loan Advance. 
 “Advance Date” means the funding date of any Advance. 

“Advance Request” means a request for an Advance submitted by Borrower to Lender in substantially the form of Exhibit A.

 “Aequus Biopharma” means AEQUUS BIOPHARMA, INC., a Washington corporation and a Subsidiary of Cell
Therapeutics. 
 “Agreement” means this Loan and Security Agreement, as amended from time to time. 

“Amortization Date” May 1, 2014. 
 “Assignee” has the meaning given to it in Section 11.13. 

“Borrower Products” means all products, software, service offerings, technical data or technology currently being
designed, manufactured or sold by Borrower. 

 “Business Day” means any day excluding Saturday, Sunday and any day which
is a legal holiday under the laws of the State of California or is a day on which banking institutions located in such state are authorized or required by law or other governmental action to close. 

“Cash” means all cash and liquid funds. 
 “Cell Therapeutics” is defined in the preamble hereof. 

“Change in Control” means (i) any reorganization, recapitalization, consolidation or merger (or similar transaction
or series of related transactions) of Cell Therapeutics or sale or exchange of outstanding shares (or similar transaction or series of related transactions) of Cell Therapeutics in which the holders of Cell Therapeutics’ outstanding voting
shares immediately before consummation of such transaction or series of related transactions do not, immediately after consummation of such transaction or series of related transactions, retain shares representing more than fifty percent
(50%) of the voting power of the surviving entity of such transaction or series of related transactions (or the parent of such surviving entity if such surviving entity is wholly owned by such parent), in each case without regard to whether
Cell Therapeutics is the surviving entity, or (ii) the sale or issuance by Cell Therapeutics of equity securities to a “person” or “group”, as defined in Sections 13(s) and 14(d) of the Securities Exchange Act of 1934, as
amended, in a single transaction or series of related transactions not registered under the Securities Act of 1933, as amended, which securities represent, as of immediately following the closing (or, if there be more than one, any closing) thereof,
thirty-five percent (35%) or more of the then outstanding total combined voting power of Cell Therapeutics and, if and to the extent such “person” or “group” has a greater portion of such voting power than any other
“person” or “group” which beneficially owned such securities prior to such sale or issuance. 

“Claims” has the meaning given to it in Section 11.10. 

“Closing Date” means the date of this Agreement. 

“Collaboration Transaction” means any transaction pursuant to which the Borrower or any Subsidiary provides a license or
sublicense of its intellectual property, or transfers, contributes or assigns intellectual property owned or controlled by the Borrower or any Subsidiary and/or provides a right of reference to regulatory filings and applications with governmental
health authorities, and/or provides rights with respect to pre-clinical and clinical data, in each case to one or more third parties in connection with the research, clinical development, regulatory activities, manufacturing, commercialization
and/or marketing of one or more of the Borrower’s or any Subsidiary’s drugs or drug candidates, or similar agreements or arrangements. 
 “Collateral” has the meaning given to it in Section 3.1. 

“Commitment Fee” means Forty-Five Thousand Dollars ($45,000), which fee has been received by Lender prior to the Closing
Date, and shall be deemed fully earned regardless of the early termination of this Agreement. 
 “Confidential
Information” has the meaning given to it in Section 11.12. 
 “Contingent Obligation” means, as
applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to (i) any indebtedness, lease, dividend, letter of credit or other similar obligation of another, including any such obligation
directly or indirectly guaranteed, endorsed, co-made or discounted or sold with recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of
credit or corporate credit cards issued for the account of that Person; and (iii) all net obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or other
agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for
collection or deposit in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is
made or, if not 

 
stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith; provided, however, that such amount shall not in any event
exceed the maximum amount of the obligations under the guarantee or other support arrangement. 
 “Copyright
License” means any written agreement granting any right to use any Copyright or Copyright registration, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“Copyrights” means all copyrights, whether registered or unregistered, held pursuant to the laws of the United States,
any State thereof, or of any other country. 
 “Deposit Accounts” means any “deposit accounts,” as
such term is defined in the UCC, and includes any checking account, savings account, or certificate of deposit. 

“Domestic Subsidiary” means any Subsidiary of the Borrower that was formed under the laws of the United States or any
state of the United States or the District of Columbia. 
 “Draw Period” means the period commencing on
November 30, 2013 and ending on the earlier to occur of (i) December 15, 2013, and (ii) an Event of Default. 
 “ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations. 
 “Event of Default” has the meaning given to it in Section 9. 

“Facility Charge” means one percent (1%) of the Maximum Term Loan Amount. 

“Financial Statements” has the meaning given to it in Section 7.1. 

“Foreign Subsidiary” means a Subsidiary of the Borrower that is organized under the laws of a jurisdiction other than
the United States, any state thereof or the District of Columbia. 
 “GAAP” means generally accepted accounting
principles in the United States of America, as in effect from time to time. 
 “Indebtedness” means
(a) all indebtedness for borrowed money or the deferred purchase price of property or services (excluding trade credit entered into in the ordinary course of business due within one hundred twenty (120) days), including reimbursement and
other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease obligations, and (d) all Contingent Obligations. 

“Insolvency Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other
bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

“Intellectual Property” means all of Borrower’s Copyrights; Trademarks; Patents; Licenses; trade secrets and
inventions; mask works; Borrower’s applications therefor and reissues, extensions, or renewals thereof; and Borrower’s goodwill associated with any of the foregoing, together with Borrower’s rights to sue for past, present and future
infringement of any of the foregoing and the goodwill associated therewith. 
 “Investment” means any
beneficial ownership (including stock, partnership or limited liability company interests) of or in any Person, or any loan, advance or capital contribution to any Person or the acquisition of all, or substantially all, of the assets of another
Person. 
 “Joinder Agreements” means for each Subsidiary, a completed and executed Joinder Agreement in
substantially the form attached hereto as Exhibit G. 

 “Lender” has the meaning given to it in the preamble to this Agreement.

 “License” means any Copyright License, Patent License, Trademark License or other license of rights or
interests in or to Intellectual Property. 
 “Lien” means any mortgage, deed of trust, pledge, hypothecation,
assignment for security, security interest, encumbrance, levy, lien or charge of any kind, whether voluntarily incurred or arising by operation of law or otherwise, against any property, any conditional sale or other title retention agreement, and
any lease in the nature of a security interest. 
 “Loan” means the Advances made under this Agreement.

 “Loan Documents” means this Agreement, the Notes (if any), the ACH Authorization, the Account Control
Agreements, the Joinder Agreements, all UCC Financing Statements, the Warrant, and any other documents executed in connection with the Secured Obligations or the transactions contemplated hereby, as the same may from time to time be amended,
modified, supplemented or restated. 
 “Material Adverse Effect” means a material adverse effect upon:
(i) the business, operations, properties, assets or financial condition of the Borrower, taken as a whole; or (ii) the ability of Borrower, taken as a whole, to perform the Secured Obligations in accordance with the terms of the Loan
Documents, or the ability of Lender to enforce any of its rights or remedies with respect to the Secured Obligations; or (iii) the Collateral, taken as a whole, or Lender’s Liens on the Collateral, taken as a whole, or the priority of such
Liens. 
 “Maximum Term Loan Amount” means Fifteen Million and No/100 Dollars ($15,000,000). 

“Maximum Rate” shall have the meaning assigned to such term in Section 2.2. 

“Note(s)” means a promissory note or promissory notes to evidence Lender’s Loans. 

“Other Lenders” has the meaning given to it in Section 11.3. 

“Patent License” means any written agreement granting any right with respect to any invention on which a Patent is in
existence or a Patent application is pending, in which agreement Borrower now holds or hereafter acquires any interest. 

“Patents” means all letters patent of, or rights corresponding thereto, in the United States or in any other country,
all registrations and recordings thereof, and all applications for letters patent of, or rights corresponding thereto, in the United States or any other country. 
 “Permitted Accounts” is defined in Section 7.12. 

“Permitted Acquisition” means any acquisition by Borrower, whether by purchase, merger or otherwise, of all or
substantially all of the assets of, all of the equity interests of, or a business line or unit or a division of, any Person (“Target”); provided, 
 (i) immediately prior to, and after giving effect thereto, no fact or condition that constitutes (or would, with the passage of time or the giving of notice or both, constitute) an Event of Default shall
have occurred and be continuing or would result therefrom; 
 (ii) all transactions in connection therewith shall be
consummated, in all material respects, in accordance with all applicable laws and in conformity with all applicable governmental authorizations; 
 (iii) in the case of the acquisition of equity interests, all of the equity interests (except for any such equity interests in the nature of directors’ qualifying shares required pursuant to
applicable law) acquired or otherwise issued by such Person or any newly formed Subsidiary of the Borrower that becomes a Borrower under 

 
this Agreement in connection with such acquisition shall be owned 100% by Borrower, and, to the extent Target becomes a Subsidiary, Borrower shall have taken, or caused to be taken, as of the
date such Target becomes a Subsidiary of Borrower, each of the actions set forth in Section 7.13; 
 (iv) Borrower shall
have delivered to Lender at least ten (10) Business Days prior to such proposed acquisition (or such later date as may be approved by Lender) all relevant financial information with respect to such acquired assets, including, without
limitation, the aggregate consideration for such acquisition and any other information reasonably requested by Lender; 
 (vi)
any Person or assets or division as acquired in accordance herewith shall be in the same business or lines of business in which Borrower and/or its Subsidiaries are permitted to engage; 

(vii) the board of directors and (if required by applicable law) the shareholders, or the equivalent thereof, of the business to be
acquired has approved such acquisition; 
 (viii) the total consideration for all such acquisitions: (a) including cash and
assumption of Indebtedness (which Indebtedness shall be subordinated pursuant to a subordination agreement in form and substance acceptable to Lender), shall not exceed $5,000,000 in the aggregate, in any fiscal year of Borrower; and/or
(b) consists of capital stock of Cell Therapeutics, provided that: (1) such acquisition does not result in the occurrence of any Change in Control and (2) any consideration in the form of capital stock (x) is subject to the terms
of Section 7.7 hereof, and (y) may not be redeemed, and no cash dividends may be paid thereon, prior to the payment in full of the Secured Obligations (other than inchoate expense reimbursement and indemnification claims); 

(ix) Borrower shall provide Lender with evidence, reasonably satisfactory to Lender, that upon the consummation of such acquisition,
Borrower will have a positive pro-forma net worth. 
 “Permitted Indebtedness” means: (i) Indebtedness of
Borrower in favor of Lender arising under this Agreement or any other Loan Document; (ii) Indebtedness existing on the Closing Date which is disclosed in Schedule 1A; (iii) Indebtedness of up to $500,000 in principal amount outstanding at
any time secured by a Lien described in clause (vii) of the defined term “Permitted Liens”; (iv) Indebtedness to trade creditors incurred in the ordinary course of business, including Indebtedness incurred in the ordinary course
of business with corporate credit cards; (v) Indebtedness that also constitutes a Permitted Investment; (vi) Subordinated Indebtedness; (vii) reimbursement obligations in connection with letters of credit that are secured by cash or
cash equivalents and issued on behalf of the Borrower or a Subsidiary thereof in a principal amount not to exceed $500,000 in the aggregate at any time outstanding; (viii) Indebtedness of Borrower or any Subsidiary pursuant to interest rate,
currency or commodity swap agreements, interest rate cap agreements, interest rate collar agreements, and other agreements or arrangements designated to protect against fluctuation in interest rates, currency exchange rates or commodity prices and
not for speculative purposes; (ix) Indebtedness in respect of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations, in each case provided in the ordinary course of business, including those
incurred to secure health, safety and environmental obligations in the ordinary course of business; (x) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against
insufficient funds in the ordinary course of business or other cash management services in the ordinary course of business; (xi) other Indebtedness in an amount not to exceed $1,000,000 at any time outstanding; (xii) Collaboration
Transactions, to the extent involving the incurrence of Indebtedness; (xiii) unsecured Indebtedness arising from agreements of Borrower or any Subsidiary providing for indemnification, adjustment of purchase or acquisition price or similar
obligations, in each case, incurred or assumed in connection with Permitted Investments or Permitted Transfers; (xiv) Indebtedness in a principal amount not to exceed $1,000,000 in the aggregate at any time of a Subsidiary acquired after the
Closing Date or an entity merger into or consolidated with Borrower or any Subsidiary acquired after the Closing Date and Indebtedness assumed in connection with the acquisition of assets, which Indebtedness is each case (a) exists at the time
of such acquisition, merger, consolidation or amalgamation and is not created in contemplation of such acquisition, merger, consolidation or amalgamation and (b) is subject to a subordination agreement in form and substance acceptable to
Lender, and (xv) extensions, refinancings and renewals of any items of Permitted Indebtedness, provided that the principal amount is not increased (except by the amount of any reasonable fees and expenses in connection with such extension,
refinancing or renewal) or the terms modified to impose materially more burdensome terms upon Borrower or its Subsidiary, as the case may be. 

 “Permitted Investment” means: (i) Investments existing on the Closing
Date which are disclosed in Schedule 1B; (ii) (a) marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any State thereof maturing within one year from the date of acquisition
thereof, (b) commercial paper maturing no more than one year from the date of creation thereof and currently having a rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or Moody’s Investors Service,
(c) certificates of deposit issued by any bank with assets of at least $500,000,000 maturing no more than one year from the date of investment therein, and (d) money market accounts; (iii) repurchases of stock from former employees,
directors, or consultants of Borrower under the terms of applicable repurchase agreements in an aggregate amount not to exceed $500,000 in any fiscal year, provided that no Event of Default has occurred, is continuing or would exist after giving
effect to the repurchases; (iv) Investments accepted in connection with Permitted Transfers; (v) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in
settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s business; (vi) Investments consisting of notes receivable of, or prepaid royalties and other credit
extensions, to customers and suppliers who are not affiliates, in the ordinary course of business, provided that this subparagraph (vi) shall not apply to Investments of Borrower in any Subsidiary; (vii) Investments consisting of
(a) loans not involving the net transfer on a substantially contemporaneous basis of cash proceeds to employees, officers and directors, (b) the retaining of any of its capital stock by the Borrower, or the reacquisition of any such stock
by the Borrower from an employee, officer or director, in either case as full or partial payment in connection with any award under an employee stock purchase or incentive plan or other similar agreement approved by Borrower’s Board of
Directors (or its delegate), or to satisfy the tax withholding obligations related to any such award, and (c) scholarships to employees and their relatives pursuant to the Jeni Moses Scholarship Program in an aggregate amount not to exceed
$30,000 per fiscal year; (viii) Investments consisting of travel advances in the ordinary course of business; (ix) Investments by (a) any Borrower in any other Borrower, (b) any Subsidiary that is not a Borrower in any Borrower
or in any other Subsidiary that is not a Borrower, (c) any Borrower in any Subsidiary that is not a Borrower (other than Aequus Biopharma) for ordinary operating expenses, provided that no Event of Default has occurred and is continuing or
would exist after giving effect to such Investment, and (d) any Borrower in Aequus Biopharma not to exceed One Million Five Hundred Thousand Dollars ($1,500,000.00) in the aggregate, provided that no Event of Default has occurred and is
continuing or would exist after giving effect to such Investment; (x) Investments in joint ventures or similar arrangements in the ordinary course of Borrower’s business, provided that any such cash Investments do not exceed $1,000,000 in
the aggregate at any time outstanding; (xi) Investments pursuant to interest rate, currency or commodity swap agreements, interest rate cap agreements, interest rate collar agreements, and other agreements or arrangements designated to protect
against fluctuation in interest rates, currency exchange rates or commodity prices and not for speculative purposes; (xii) Investments permitted pursuant to Section 7.9; (xiii) Collaboration Transactions, to the extent constituting
Investments; (xiv) Investments consisting of Permitted Acquisitions; (xv) additional Investments that do not exceed $1,000,000 in the aggregate; and (xvi) Investments by Borrower in an aggregate amount not to exceed $1,000,000 at any
time in any Subsidiary acquired after the Closing Date or of an entity merged into Borrower or merged into or consolidated with a Subsidiary after the Closing Date, subject to the terms of this Agreement. 

“Permitted Liens” means any and all of the following: (i) Liens in favor of Lender; (ii) Liens existing on the
Closing Date which are disclosed in Schedule 1C; (iii) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate proceedings; provided, that Borrower
maintains adequate reserves therefor in accordance with GAAP; (iv) Liens securing claims or demands of materialmen, artisans, mechanics, carriers, warehousemen, landlords and other like Persons arising in the ordinary course of Borrower’s
business and imposed without action of such parties; provided, that the payment thereof is not yet required; (v) Liens arising from judgments, decrees or attachments in circumstances which do not constitute an Event of Default hereunder;
(vi) the following deposits, to the extent made in the ordinary course of business: deposits under worker’s compensation, unemployment insurance, social security and other similar laws, or to secure the performance of bids, tenders or
contracts (other than for the repayment of borrowed money) or to secure indemnity, performance or other similar bonds for the performance of bids, tenders or contracts (other than for the repayment of borrowed money) or to secure statutory
obligations (other than liens arising under ERISA or environmental liens) or surety or appeal bonds, or to secure indemnity, performance or other similar bonds; (vii) Liens on Equipment or software or other intellectual property constituting
purchase money liens and liens in connection with capital leases securing Indebtedness permitted in clause (iii) of “Permitted Indebtedness”; (viii) Liens incurred in connection with Subordinated Indebtedness; (ix) leasehold
interests in leases or subleases and licenses granted in the ordinary course of business and not interfering in any material respect with the business of 

 
the licensor; (x) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of custom duties that are promptly paid on or before the date they become
due; (xi) Liens on insurance proceeds securing the payment of financed insurance premiums that are promptly paid on or before the date they become due (provided that such Liens extend only to such insurance proceeds and not to any other
property or assets); (xii) statutory and common law rights of set-off and other similar rights as to deposits of cash and securities in favor of banks, other depository institutions and brokerage firms; (xiii) easements, zoning
restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business so long as they do not materially impair the value or marketability of the related property; (xiv) Liens on cash
or cash equivalents securing obligations permitted under clause (vii) of the definition of Permitted Indebtedness; (xv) Liens securing Indebtedness permitted in clause (xi) and (xiv) of “Permitted Indebtedness” pursuant
to a subordination agreement in form and substance acceptable to Lender; (xvi) Liens for taxes, assessments or other governmental charges or levies not yet delinquent or that are being contested in compliance with Section 7.10;
(xvii) Liens that are contractual rights of set off (a) relating to the establishment of depository relations with banks, (b) relating to pooled deposit or sweep accounts of the Borrower or any Subsidiary to permit satisfaction of
overdraft or similar obligations incurred in the ordinary course of business of the Borrower or any Subsidiary or (c) relating to purchase orders and other agreements entered into with customers of the Borrower or any Subsidiary in the ordinary
course of business; (xviii) Liens arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set off or similar rights; (xvix) other Liens securing obligations in an aggregate principal
amount not to exceed $500,000 at any time outstanding; and (xvx) Liens incurred in connection with the extension, renewal or refinancing of the indebtedness secured by Liens of the type described in clauses (i) through (xvx) above;
provided, that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness being extended, renewed or refinanced (as may have been reduced by any payment
thereon) does not increase. 
 “Permitted Transfers” means (i) sales of Inventory in the normal course of
business, (ii) leases, non-exclusive licenses, or subleases or non-exclusive sublicenses of any real or personal property in the ordinary course of business, (iii) dispositions of worn-out, obsolete or surplus Equipment at fair market
value in the ordinary course of business, (iv) Transfers consisting of Permitted Investments, (v) Transfers consisting of Permitted Liens, (vi) the sale of defaulted receivables in the ordinary course of business and not as part of an
accounts receivables financing transaction, (vii) sales, leases or other dispositions of Inventory of the Borrower and its Subsidiaries determined by the management of the Borrower to be no longer useful or necessary in the operation of the
business of the Borrower or any of its Subsidiaries for fair market value, (viii) Collaboration Transactions to the extent constituting Transfers, (ix) other Transfers of assets having a fair market value of not more than $750,000 in the
aggregate in any fiscal year provided that 100% of the net cash proceeds of the Transfers described in this clause (ix) shall be applied as provided in Section 2.4(c), and (x) the sale or offering by Aequus Biopharma of equity
securities that may result in the dilution of Cell Therapeutics’ ownership interest in Aequus Biopharma. 

“Person” means any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization,
association, corporation, limited liability company, institution, other entity or government. 
 “Prepayment
Charge” shall have the meaning assigned to such term in Section 2.4. 
 “Prime Rate” means the
“prime rate” as reported in The Wall Street Journal, and if not reported, then the prime rate most recently reported in The Wall Street Journal. 
 “Secured Obligations” means Borrower’s obligations under this Agreement and any Loan Document, including any obligation to pay any amount now owing or later arising hereunder or
thereunder. 
 “Subordinated Indebtedness” means Indebtedness subordinated to the Secured Obligations in
amounts and on terms and conditions satisfactory to Lender in its sole discretion. 
 “Subsidiary” means an
entity, whether corporate, partnership, limited liability company, joint venture or otherwise, in which Borrower owns or controls 50% or more of the outstanding voting securities, including each entity listed on Schedule 1 hereto. 

“Systems Medicine” is defined in the preamble hereof. 

 “Term Loan Advance” is defined in Recital A hereof. 

“Term Loan Interest Rate” means for any day, a floating rate per annum rate equal to the greater of either
(i) twelve and one-quarter of one percent (12.25%), or (ii) the sum of (A) twelve and one-quarter of one percent (12.25%), plus (B) the Prime Rate minus three and one quarter of one percent (3.25%). The Term Loan Interest Rate
will change from time to time on the day the Prime Rate changes. 
 “Term Loan Maturity Date” means
October 1, 2016. 
 “Trademark License” means any written agreement granting any right to use any
Trademark or Trademark registration, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Trademarks” means all trademarks (registered, common law or otherwise) and any applications in connection therewith, including registrations, recordings and applications in the United
States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof. 
 “Transfer” means, with respect to any property or asset, to transfer, sell, lease, license, lend or in any other manner convey any equitable, beneficial or legal interest in such property
or asset. 
 “UCC” means the Uniform Commercial Code as the same is, from time to time, in effect in the State
of California; provided, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, Lender’s Lien on any Collateral is governed by the Uniform
Commercial Code as the same is, from time to time, in effect in a jurisdiction other than the State of California, then the term “UCC” shall mean the Uniform Commercial Code as in effect, from time to time, in such other jurisdiction
solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions. 
 “Warrant” means the warrant entered into in connection with the Loan. 
 Unless otherwise specified, all references in this Agreement or any Annex or Schedule hereto to a “Section,” “subsection,” “Exhibit,” “Annex,” or
“Schedule” shall refer to the corresponding Section, subsection, Exhibit, Annex, or Schedule in or to this Agreement. Unless otherwise specifically provided herein, any accounting term used in this Agreement or the other Loan Documents
shall have the meaning customarily given such term in accordance with GAAP, and all financial computations hereunder shall be computed in accordance with GAAP, consistently applied. Unless otherwise defined herein or in the other Loan Documents,
terms that are used herein or in the other Loan Documents and defined in the UCC shall have the meanings given to them in the UCC. 
 SECTION 2. THE LOAN 
 2.1 Term Loan. 

(a) Advances. Subject to the terms and conditions of this Agreement, Lender will make, and Borrower agrees to draw, an initial
Term Loan Advance in the amount of Ten Million Dollars ($10,000,000) on the Closing Date. During the Draw Period, Borrower may request an additional Term Loan Advance in an amount of up to Five Million Dollars ($5,000,000). The aggregate outstanding
Term Loan Advances shall not exceed the Maximum Term Loan Amount. Proceeds of any Advance shall be deposited into an account that is subject to a perfected security interest in favor of Lender. 

(b) Advance Request. To obtain a Term Loan Advance, Borrower shall complete, sign and deliver to Lender an Advance Request (in the
case of any Advance made after the Closing Date, at least five (5) Business Days before the Advance Date). Lender shall fund the Term Loan Advance in the manner requested by the Advance Request provided that each of the conditions precedent to
such Term Loan Advance is satisfied as of the requested Advance Date. 

 (c) Interest. The principal balance of each Term Loan Advance shall bear interest
thereon from such Advance Date at the Term Loan Interest Rate based on a year consisting of 360 days, with interest computed daily based on the actual number of days elapsed. The Term Loan Interest Rate will float and change on the day the Prime
Rate changes from time to time. 
 (d) Payment. Borrower will pay interest on each Term Loan Advance on the first
business day of each month, beginning the month after the Advance Date. Commencing on the Amortization Date, and continuing on the first business day of each month thereafter, Borrower shall repay the aggregate principal balance of Term Loan
Advances that are outstanding on the Amortization Date in 30 equal monthly installments of principal and interest (mortgage style). The entire principal balance of the Term Loan Advances and all accrued but unpaid interest hereunder, and all other
Secured Obligations then outstanding with respect to the Term Loan Advances, shall be due and payable on Term Loan Maturity Date. Borrower shall make all payments under this Agreement without setoff, recoupment or deduction and regardless of any
counterclaim or defense. Lender will initiate debit entries to the Borrower’s account as authorized on the ACH Authorization on each payment date of all periodic obligations payable to Lender under each Term Loan Advance. Once repaid, a Term
Loan Advance or any portion thereof may not be reborrowed. 
 2.2 Maximum Interest. Notwithstanding any provision in this
Agreement or any other Loan Document, it is the parties’ intent not to contract for, charge or receive interest at a rate that is greater than the maximum rate permissible by law that a court of competent jurisdiction shall deem applicable
hereto (which under the laws of the State of California shall be deemed to be the laws relating to permissible rates of interest on commercial loans) (the “Maximum Rate”). If a court of competent jurisdiction shall finally determine that
Borrower has actually paid to Lender an amount of interest in excess of the amount that would have been payable if all of the Secured Obligations had at all times borne interest at the Maximum Rate, then such excess interest actually paid by
Borrower shall be applied as follows: first, to the payment of the Secured Obligations consisting of the outstanding principal of the Term Loan Advances; second, after all principal is repaid, to the payment of Lender’s accrued interest, costs,
expenses, professional fees and any other Secured Obligations; and third, after all Secured Obligations are repaid, the excess (if any) shall be refunded to Borrower. 
 2.3 Default Interest. In the event any payment is not paid on the scheduled payment date, an amount equal to three percent (3%) of the past due amount shall be payable on demand. In addition,
upon the occurrence and during the continuation of an Event of Default hereunder, all Secured Obligations, including principal, interest, compounded interest, and professional fees, shall bear interest at a rate per annum equal to the rate set forth
in Section 2.1(c), plus three percent (3%) per annum. In the event any interest is not paid when due hereunder, delinquent interest shall be added to principal and shall bear interest on interest, compounded at the rate set forth in
Section 2.1(c). 
 2.4 Prepayment. 
 (a) At its option upon at least 3 Business Days prior notice to Lender, Borrower may prepay all or any portion of the outstanding Advances by paying the entire principal balance or any portion thereof,
all accrued and unpaid interest through the prepayment date, all unpaid Lender’s fees and expenses accrued to the date of the repayment (including, in the case of a prepayment in full, the end of term charge) and a prepayment charge on the
portion so repaid equal to the following percentage of the Advance amount being prepaid: if such Advance amounts are prepaid in any of the first twelve (12) months following the Advance Date, three percent (3%); after twelve (12) months
but prior to twenty four (24) months, two percent (2%); and after twenty four (24) months but prior to the Term Loan Maturity Date one percent (1%) (each, a “Prepayment Charge”). Borrower agrees that the Prepayment Charge is
a reasonable calculation of Lender’s lost profits in view of the difficulties and impracticality of determining actual damages resulting from an early repayment of the Advances. 

(b) Borrower shall prepay the outstanding amount of all principal and accrued interest through the prepayment date and all unpaid
Lender’s fees and expenses accrued to the date of the repayment (including the end of term charge) together with a Prepayment Charge upon the occurrence of a Change in Control. 

(c) Borrower shall apply 100% of the net cash proceeds of any Transfer made pursuant to clause (ix) of the definition of Permitted
Transfers consummated after the Closing Date to either (1) prepay the Advances, 

 
together with all accrued interest through the payment date and the applicable Prepayment Charge, in an aggregate amount equal to such net cash proceeds or (2), so long as no Event of Default has
occurred and is continuing, reinvest, directly or indirectly through any of its Subsidiaries, all or any portion of such proceeds in assets that are used or useful in the business of Borrower (x) within 365 days following the date of such
Transfer or (y) if Borrower or any of its Subsidiaries enters into a legally binding commitment to use such proceeds before the expiration of the 365-day period referred to in preceding clause (x), within 180 days after the end of such 365-day
period. 
 2.5 End of Term Charge. On the earliest to occur of (i) the Term Loan Maturity Date, (ii) the date
that Borrower prepays the outstanding Secured Obligations in full, or (iii) the date that the Secured Obligations become due and payable in full, Borrower shall pay Lender a charge of One Million Two Hundred Seventy-Five Thousand Dollars
($1,275,000). Notwithstanding the required payment date of such charge, it shall be deemed earned by Lender as of the Closing Date. 
 2.6 Notes. If so requested by Lender by written notice to Borrower, then Borrower shall execute and deliver to Lender (and/or, if applicable and if so specified in such notice, to any person who is
an assignee of Lender pursuant to Section 11.13) (promptly after the Borrower’s receipt of such notice) a Note or Notes to evidence Lender’s Loans. 
 SECTION 3. SECURITY INTEREST 
 3.1 As security for the prompt,
complete and indefeasible payment when due (whether on the payment dates or otherwise) of all the Secured Obligations, Borrower grants to Lender a security interest in all of Borrower’s right, title, and interest in and to the following
personal property whether now owned or hereafter acquired (collectively, the “Collateral”): (a) Receivables; (b) Equipment; (c) Fixtures; (d) General Intangibles (except as described below); (e) Inventory;
(f) Investment Property; (g) Deposit Accounts; (h) Cash; (i) Goods; and all other tangible and intangible personal property of Borrower whether now or hereafter owned or existing, leased, consigned by or to, or acquired by,
Borrower and wherever located, and any of Borrower’s property in the possession or under the control of Lender; and, to the extent not otherwise included, all Proceeds of each of the foregoing and all accessions to, substitutions and
replacements for, and rents, profits and products of each of the foregoing. Notwithstanding anything in this Agreement or any other Loan Document to the contrary, in no event shall the Collateral include, and the Borrower shall not be deemed to have
granted a security interest in: (i) Intellectual Property; provided, however, that the Collateral shall include all Accounts and General Intangibles (other than Intellectual Property) that consist of rights to payment and proceeds from the
sale, licensing or disposition of all or any part, or rights in, the Intellectual Property (the “Rights to Payment”); (ii) equity interests in any Foreign Subsidiary in excess of 65% of the voting equity interests of such Foreign
Subsidiary; or (iii) any of the Borrower’s rights or interests in or under, any license, contract, permit, instrument, security or franchise to which the Borrower is a party or any of its rights or interests thereunder to the extent, but
only to the extent, that such a grant would, under the terms of such license, contract, permit, instrument, security or franchise, result in a breach of the terms of, or constitute a default under, such license, contract, permit, instrument,
security or franchise (other than to the extent that any such term would be rendered ineffective pursuant to the UCC or any other applicable law (including the United States Bankruptcy Code) or principles of equity); provided, that immediately upon
the ineffectiveness, lapse or termination of any such provision the Collateral shall include, and the Borrower shall be deemed to have granted a security interest in, all the rights and interests described in the foregoing clause (iii) as if
such provision had never been in effect. Notwithstanding the foregoing, if a judicial authority (including a U.S. Bankruptcy Court) holds that a security interest in the underlying Intellectual Property is necessary to have a security interest in
the Rights to Payment, then the Collateral shall automatically, and effective as of the date of this Agreement, include the Intellectual Property to the extent necessary to permit perfection of Lender’s security interest in the Rights to
Payment. 
 SECTION 4. CONDITIONS PRECEDENT TO LOAN 

The obligation of Lender to make the Term Loan Advances hereunder is subject to the satisfaction by Borrower of the following conditions:

 4.1 Initial Advance. On or prior to the Closing Date, Borrower shall have delivered to Lender the following:

 (a) executed originals of the Loan Documents, Account Control Agreements, a legal opinion of
Borrower’s counsel, and all other documents and instruments reasonably required by Lender to effectuate the transactions contemplated hereby or to create and perfect the Liens of Lender with respect to all Collateral, in all cases in form and
substance reasonably acceptable to Lender; 
 (b) certified copy of resolutions of Borrower’s board of directors evidencing
approval of (i) the Loan and other transactions evidenced by the Loan Documents; and (ii) the Warrant and transactions evidenced thereby; 
 (c) certified copies of the Certificate of Incorporation and the Bylaws, as amended through the Closing Date, of Borrower; 
 (d) a certificate of good standing for Borrower from its state of incorporation and similar certificates from all other jurisdictions in which it does business and where the failure to be qualified would
have a Material Adverse Effect; 
 (e) payment of the Facility Charge and reimbursement of Lender’s current expenses
reimbursable pursuant to this Agreement, which amounts may be deducted from the initial Advance; and 
 (f) such other documents
as Lender may reasonably request. 
 4.2 All Advances. On each Advance Date: 

(a) Lender shall have received an Advance Request for the relevant Advance as required by Section 2.1(b), duly executed by
Borrower’s Chief Executive Officer, Chief Financial Officer or any other duly authorized officer of Borrower. 
 (b) The
representations and warranties set forth in this Agreement (including Section 5) and in the Warrant shall be true and correct in all material respects on and as of the Advance Date with the same effect as though made on and as of such date,
except to the extent such representations and warranties expressly relate to an earlier date. 
 (c) Borrower shall be in
compliance with all the terms and provisions set forth herein and in each other Loan Document on its part to be observed or performed, and at the time of and immediately after such Advance no Event of Default shall have occurred and be continuing.

 (d) Each Advance Request shall be deemed to constitute a representation and warranty by Borrower on the relevant Advance Date
as to the matters specified in paragraphs (b) and (c) of this Section 4.2 and as to the matters set forth in the Advance Request. 
 4.3 No Default. As of the Closing Date and each Advance Date, (i) no fact or condition exists that constitutes (or would, with the passage of time, the giving of notice, or both constitute) an
Event of Default and (ii) no event that has had or could reasonably be expected to have a Material Adverse Effect has occurred and is continuing. 
 SECTION 5. REPRESENTATIONS AND WARRANTIES OF BORROWER 
 Borrower
represents and warrants that: 
 5.1 Corporate Status. Cell Therapeutics is a corporation duly organized, legally
existing and in good standing under the laws of the State of Washington, and is duly qualified as a foreign corporation in all jurisdictions in which the nature of its business or location of its properties require such qualification except where
the failure to be so qualified could not reasonably be expected to have a material adverse effect on such Borrower’s business. Systems Medicine is a limited liability company duly organized, legally existing and in good standing under the

 
laws of the State of Delaware, and is duly qualified as a foreign organization in all jurisdictions in which the nature of its business or location of its properties require such qualification
except where the failure to be so qualified could not reasonably be expected to have a material adverse effect on such Borrower’s business. Borrower’s present name, former names (if any), locations, place of formation, tax identification
number, organizational identification number and other information are correctly set forth in Exhibit C, as may be updated by Borrower in a written notice (including any Compliance Certificate) provided to Lender after the Closing Date. 

5.2 Collateral. Borrower owns the Collateral and the Intellectual Property, free of all Liens, except for Permitted Liens.
Borrower has the power and authority to grant to Lender a Lien in the Collateral as security for the Secured Obligations. 
 5.3
Consents. Borrower’s execution, delivery and performance of the Notes (if any), this Agreement and all other Loan Documents to which it is party, and Borrower’s execution of the Warrant, (i) have been duly authorized by all
necessary corporate action or other organizational action, as applicable, of Borrower, (ii) will not result in the creation or imposition of any Lien upon the Collateral, other than Permitted Liens and the Liens created by this Agreement and
the other Loan Documents, (iii) do not violate any provisions of Borrower’s Certificate or Articles of Incorporation (as applicable), bylaws, or, any, law, regulation, order, injunction, judgment, decree or writ to which Borrower is
subject and (iv) except as described on Schedule 5.3, do not violate any material contract or material agreement or require the consent or approval of any other Person. The individual or individuals executing the Loan Documents and the Warrant
on behalf of Borrower are duly authorized to do so. 
 5.4 Material Adverse Effect. No event that has had or could
reasonably be expected to have a Material Adverse Effect has occurred and is continuing. Borrower is not aware of any event likely to occur that is reasonably expected to result in a Material Adverse Effect. 

5.5 Actions Before Governmental Authorities. Except as described on Schedule 5.5 or as disclosed in writing by Borrower to Lender,
there are no actions, suits or proceedings at law or in equity or by or before any governmental authority now pending or, to the knowledge of Borrower, threatened in writing against or affecting Borrower or its property which, if adversely
determined against Borrower or its property, would reasonably be expected to result in liability in excess of $250,000. 
 5.6
Laws. Borrower is not in violation of any law, rule or regulation, or in default with respect to any judgment, writ, injunction or decree of any governmental authority, where such violation or default is reasonably expected to result in a
Material Adverse Effect. Borrower is not in default in any material respect under any provision of any material agreement or instrument evidencing indebtedness, or any other material agreement to which it is a party or by which it is bound.

 5.7 Information Correct and Current. No information, report, Advance Request, financial statement, exhibit or schedule
(in each case excluding financial or business projections and other forward-looking information) furnished, by or on behalf of Borrower to Lender in connection with any Loan Document or included therein or delivered pursuant thereto contained,
contains or will contain any material misstatement of fact or omitted, omits or will omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were, are or will be made, not
misleading at the time such statement was made or deemed made. Additionally, any and all financial or business projections provided by Borrower to Lender shall be provided in good faith and based on the then most current data and information
available to Borrower, it being recognized by Lender that such projections are not to be viewed as facts and that actual results during the period or periods covered by any such projections may differ from the projected results. 

5.8 Tax Matters. Except as described on Schedule 5.8 or as disclosed in writing by Borrower to Lender, (a) Borrower has filed
all material federal, state and local tax returns that it is required to file, (b) Borrower has duly paid or fully reserved for all taxes or installments thereof (including any interest or penalties) as and when due, which have or may become
due pursuant to such returns, and (c) Borrower has paid or fully reserved for any tax assessment received by Borrower for the three (3) years preceding the Closing Date, if any (including any taxes being contested in good faith and by
appropriate proceedings). 

 5.9 Intellectual Property Claims. Borrower is the sole owner of, or otherwise has the
right to use, the Intellectual Property. Except as described on Schedule 5.9 or as disclosed in writing by Borrower to Lender, (i) to the knowledge of Borrower, each of the material issued or registered Copyrights, Trademarks and Patents is
valid and enforceable, (ii) no material part of the Intellectual Property owned by Borrower has been judged invalid or unenforceable, in whole or in part, other than a rejection by the United States Patent and Trademark Office or any
corresponding foreign office or agency with respect to applications for any Patents or Trademarks, and (iii) no written claim has been made to Borrower that any material part of the Intellectual Property violates the rights of any third party,
which claim, if adversely determined against Borrower, would reasonably be expected to result in liability in excess of $250,000. Exhibit D is a true, correct and complete list of each of Borrower’s Patents, registered Trademarks, registered
Copyrights, and material agreements under which Borrower licenses intellectual property from third parties (other than shrink-wrap software licenses and other licenses for over-the-counter software), together with application or registration
numbers, as applicable, owned by Borrower or any Subsidiary, in each case as of the Closing Date. Borrower is not in material breach of, nor has Borrower failed to perform any material obligations under, any of the foregoing contracts, licenses or
agreements and, to Borrower’s knowledge, no third party to any such contract, license or agreement is in material breach thereof or has failed to perform any material obligations thereunder. 

5.10 Intellectual Property. Except as described on Schedule 5.10 or as disclosed in writing by Borrower to Lender, to the
knowledge of Borrower, Borrower has, or in the case of any proposed business, will have, all material rights with respect to the Intellectual Property necessary in the operation or conduct of Borrower’s business as currently conducted and
proposed to be conducted by Borrower. Without limiting the generality of the foregoing, and in the case of Licenses, except for restrictions that are unenforceable under Division 9 of the UCC, Borrower has the right, to the extent required to
operate Borrower’s business, to freely transfer, license or assign all material rights with respect to the Intellectual Property without condition, restriction or payment of any kind (other than license payments in the ordinary course of
business) to any third party, and, to the knowledge of Borrower, Borrower owns or has the right to use, pursuant to valid licenses, all software development tools, library functions, compilers and all other third-party software and other items that
are used in the design, development, promotion, sale, license, manufacture, import, export, use or distribution of Borrower Products. 
 5.11 Borrower Products. Except as described on Schedule 5.11 or as disclosed in writing by Borrower to Lender, no Intellectual Property owned by Borrower or Borrower Product is subject to any
actual or, to the knowledge of Borrower, threatened litigation, proceeding (except for any proceeding in the United States Patent and Trademark Office or any corresponding foreign office or agency involving a pending application for any Patents,
Trademarks or Copyrights) or outstanding decree, order, judgment, settlement agreement or stipulation that restricts in any material manner Borrower’s use, transfer or licensing thereof or that may materially affect the validity, use or
enforceability thereof. There is no decree, order, judgment, agreement, stipulation, arbitral award or other provision entered into in connection with any litigation or proceeding that obligates Borrower to grant licenses or ownership interest in
any future Intellectual Property related to the operation or conduct of the business of Borrower or Borrower Products. Borrower has not received any written notice or claim, or, to the knowledge of Borrower, oral notice or claim, challenging or
questioning Borrower’s ownership in any of the Intellectual Property purportedly owned by Borrower (or written notice of any claim challenging or questioning the ownership in any licensed Intellectual Property of the owner thereof) or
suggesting that any third party has any claim of legal or beneficial ownership with respect thereto which, if adversely determined against Borrower or its property, would reasonably be expected to result in liability in excess of $250,000, nor, to
Borrower’s knowledge, is there a reasonable basis for any such claim. To the knowledge of Borrower, neither Borrower’s use of its Intellectual Property nor the production and sale of Borrower Products infringes the intellectual property or
other rights of others. 
 5.12 Financial Accounts. Exhibit E, as may be updated by the Borrower in a written notice
provided to Lender after the Closing Date, is a true, correct and complete list of (a) all banks and other financial institutions at which Borrower or any Subsidiary (other than Aequus Biopharma) maintains Deposit Accounts (other than payroll
accounts, employee benefit accounts and trust accounts) and (b) all institutions at which Borrower or any Subsidiary (other than Aequus Biopharma) maintains an account holding Investment Property, and such exhibit correctly identifies the name,
address and telephone number of each bank or other institution, the name in which the account is held, a description of the purpose of the account, and the complete account number therefor. 

 5.13 Employee Loans. Borrower has no outstanding loans to any employee, officer or
director of the Borrower nor has Borrower guaranteed the payment of any loan made to an employee, officer or director of the Borrower by a third party, in each case except as permitted under this Agreement. 

5.14 Capitalization and Subsidiaries. Borrower’s capitalization as of the Closing Date is set forth on Schedule 5.14 annexed
hereto. Borrower does not own any stock, partnership interest or other securities of any Person, except for Permitted Investments. Attached as Schedule 5.14, as may be updated by Borrower in a written notice provided after the Closing Date, is a
true, correct and complete list of each Subsidiary. 
 SECTION 6. INSURANCE; INDEMNIFICATION 

6.1 Coverage. Borrower shall cause to be carried and maintained commercial general liability insurance, on an occurrence form,
against risks customarily insured against in Borrower’s line of business. Such risks shall include the risks of bodily injury, including death, property damage, personal injury, advertising injury, and contractual liability per the terms of the
indemnification agreement found in Section 6.3. Borrower must maintain a minimum of $2,000,000 of commercial general liability insurance for each occurrence. Borrower has and agrees to maintain a minimum of $2,000,000 of directors’ and
officers’ insurance for each occurrence and $5,000,000 in the aggregate. So long as there are any Secured Obligations outstanding, Borrower shall also cause to be carried and maintained insurance upon the Collateral, insuring against all risks
of physical loss or damage howsoever caused, in an amount not less than the full replacement cost of the Collateral, provided that such insurance may be subject to standard exceptions and deductibles. Borrower shall also carry and maintain a
fidelity insurance policy in an amount not less than $100,000. 
 6.2 Certificates. Borrower shall deliver to Lender
certificates of insurance that evidence Borrower’s compliance with its insurance obligations in Section 6.1 and the obligations contained in this Section 6.2. Borrower’s insurance certificate shall state Lender is an additional
insured for commercial general liability, a loss payee for all risk property damage insurance, subject to the insurer’s approval, a loss payee for fidelity insurance, and a loss payee for property insurance and additional insured for liability
insurance for any future insurance that Borrower may acquire from such insurer. Attached to the certificates of insurance will be additional insured endorsements for liability and lender’s loss payable endorsements for all risk property damage
insurance and fidelity. Any failure of Lender to scrutinize such insurance certificates for compliance is not a waiver of any of Lender’s rights, all of which are reserved. 

6.3 Indemnity. Borrower agrees to indemnify and hold Lender and its officers, directors, employees, agents, in-house attorneys,
representatives and shareholders harmless from and against any and all claims, costs, expenses, damages and liabilities (including such claims, costs, expenses, damages and liabilities based on liability in tort, including strict liability in tort),
including reasonable attorneys’ fees and disbursements and other costs of investigation or defense (including those incurred upon any appeal), that may be instituted or asserted against or incurred by Lender or any such Person as the result of
credit having been extended, suspended or terminated under this Agreement and the other Loan Documents or the administration of such credit, or in connection with or arising out of the transactions contemplated hereunder and thereunder, or any
actions or failures to act in connection therewith, or arising out of the disposition or utilization of the Collateral, excluding in all cases claims, costs, expenses, damages and liabilities to the extent resulting from Lender’s gross
negligence or willful misconduct. Borrower agrees to pay, and to save Lender harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all excise, sales or other similar taxes (excluding taxes imposed on
or measured by the net income of Lender) that may be payable or determined to be payable with respect to any of the Collateral or this Agreement. 
 SECTION 7. COVENANTS OF BORROWER 
 Borrower agrees as follows:

 7.1 Financial Reports. Borrower shall furnish to Lender the financial statements and reports listed hereinafter (the
“Financial Statements”): 

 (a) as soon as practicable (and in any event within 30 days) after the end of each month,
unaudited interim and year-to-date financial statements as of the end of such month (prepared on a consolidated basis), including balance sheet and related statements of income and cash flows, all certified by Borrower’s Chief Executive Officer
or Chief Financial Officer to the effect that they have been prepared in accordance with GAAP, except (i) for the absence of footnotes, (ii) that they are subject to normal year-end and quarter-end adjustments, (iii) they do not
contain certain non-cash items that are customarily included in quarterly and annual financial statements, and (iv) such other exceptions as are consistent with Borrower’s normal practice; 

(b) as soon as practicable (and in any event within 45 days) after the end of each fiscal quarter, unaudited interim and year-to-date
financial statements as of the end of such calendar quarter (prepared on a consolidated basis), including balance sheet and related statements of income and cash flows, certified by Borrower’s Chief Executive Officer or Chief Financial Officer
to the effect that they have been prepared in accordance with GAAP, except (i) for the absence of footnotes, and (ii) that they are subject to normal year-end adjustments; as well as the most recent capitalization table for Borrower,
including the weighted average exercise price of employee stock options (it being understood that the delivery by the Borrower of quarterly reports on Form 10 Q of the Borrower and its consolidated Subsidiaries shall satisfy the requirements of this
Section 7.1(b) except as to such capitalization table); 
 (c) as soon as practicable (and in any event within one hundred
fifty (150) days) after the end of each fiscal year, unqualified audited financial statements as of the end of such year (prepared on a consolidated basis), including balance sheet and related statements of income and cash flows, and setting
forth in comparative form the corresponding figures for the preceding fiscal year, certified by a firm of independent certified public accountants selected by Borrower and reasonably acceptable to Lender (it being agreed that Marcum LLP is
acceptable to Lender), accompanied by any management report from such accountants (it being understood that the delivery by the Borrower of annual reports on Form 10 K of the Borrower and its consolidated Subsidiaries shall satisfy the requirements
of this Section 7.1(c) except as to such management report); 
 (d) as soon as practicable (and in any event within 30
days) after the end of each month, a Compliance Certificate in the form of Exhibit F; 
 (e) promptly after the sending or
filing thereof, as the case may be, copies of any proxy statements, financial statements or reports that Borrower has made available to holders of its capital stock and copies of any regular, periodic and special reports or registration statements
that Borrower files with the Securities and Exchange Commission or any governmental authority that may be substituted therefor, or any national securities exchange; and 
 (f) no later than ninety (90) days after the start of each fiscal year commencing from and after January 1, 2014, annual financial and business projections (in a form reasonably acceptable to
Lender) promptly following their approval by Borrower’s Board of Directors. 
 Borrower shall not make any change in its
(a) accounting policies or reporting practices (except as required by GAAP or recommended by Borrower’s certified public accounts), or (b) fiscal years or fiscal quarters. The fiscal year of Borrower shall end on December 31.

 The executed Compliance Certificate may be sent via facsimile to Lender at (650) 473-9194 or via e-mail to
BJadot@HTGC.com. All Financial Statements required to be delivered pursuant to clauses (a), (b) and (c) shall be sent via e-mail to financialstatements@herculestech.com with a copy to BJadot@HTGC.com and BBang@HTGC.com provided,
that if e-mail is not available or sending such Financial Statements via e-mail is not possible, they shall be sent via facsimile to Lender at: (866) 468-8916, attention Chief Credit Officer. 

7.2 Management Rights. Borrower shall permit any representative that Lender authorizes, including its attorneys and accountants,
to inspect the Collateral and examine and make copies and abstracts of the books of account and records of Borrower at reasonable times and upon reasonable notice during normal business hours; provided that, unless an Event of Default has occurred
and is continuing, no more than two (2) such inspections shall be required in any fiscal year of Borrower. No more than twice each fiscal year of Borrower, any such representative shall have the right to meet with management and officers of
Borrower to discuss such books of 

 
account and records. In addition, subject to the confidentiality provision contained in this Agreement, Lender shall be entitled at reasonable times and intervals to consult with and advise the
management and officers of Borrower concerning significant business issues affecting Borrower. Such consultations shall not unreasonably interfere with Borrower’s business operations. The parties intend that the rights granted Lender shall
constitute “management rights” within the meaning of 29 C.F.R Section 2510.3-101(d)(3)(ii), but that any advice, recommendations or participation by Lender with respect to any business issues shall not be deemed to give Lender, nor be
deemed an exercise by Lender of, control over Borrower’s management or policies. Information provided or to be provided to Lender or its representatives pursuant to this Section 7.2 is subject to the confidentiality provisions contained in
this Agreement. 
 7.3 Further Assurances. Borrower shall from time to time execute, deliver and file, alone or with
Lender, any financing statements, security agreements, collateral assignments, notices, control agreements, or other documents to perfect or give the highest priority (subject to Permitted Liens) to Lender’s Lien on the Collateral. Borrower
shall from time to time procure any instruments or documents as may be reasonably requested by Lender, and take all further action that may be necessary or desirable, or that Lender may reasonably request, to perfect and protect the Liens granted
hereby and thereby. In addition, and for such purposes only, Borrower hereby authorizes Lender to execute and deliver on behalf of Borrower and to file such financing statements, collateral assignments, notices, control agreements, security
agreements and other documents without the signature of Borrower either in Lender’s name or in the name of Lender as agent and attorney-in-fact for Borrower. Borrower shall use commercially reasonable efforts to protect and defend
Borrower’s title to the Collateral and Lender’s Lien thereon against all Persons claiming any interest adverse to Borrower or Lender other than Permitted Liens. 
 7.4 Indebtedness. Borrower shall not create, incur, assume, guarantee or be or remain liable with respect to any Indebtedness, or permit any Subsidiary so to do, other than Permitted Indebtedness,
or prepay Indebtedness or take any actions which impose on Borrower an obligation to prepay any Indebtedness, except for the conversion of Indebtedness into equity securities and the payment of cash in lieu of fractional shares in connection with
such conversion. 
 7.5 Collateral. Borrower shall at all times keep the Collateral, the Intellectual Property and all
other property and assets used in Borrower’s business or in which Borrower now or hereafter holds any interest free and clear from any Liens whatsoever (except for Permitted Liens), and shall give Lender prompt written notice of any legal
process affecting the Collateral, the Intellectual Property, such other property and assets, or any Liens (except for Permitted Liens) thereon. Borrower shall cause its Subsidiaries to use commercially reasonable efforts to protect and defend such
Subsidiary’s title to its assets from and against all Persons claiming any interest adverse to such Subsidiary, and Borrower shall cause its Subsidiaries at all times to keep such Subsidiary’s property and assets free and clear from any
Liens whatsoever (except for Permitted Liens), and shall give Lender prompt written notice of any legal process affecting such Subsidiary’s assets. Borrower shall not agree with any Person other than Lender not to encumber its property other
than (i) any agreement evidencing an asset sale permitted hereunder, as to the assets being sold, (ii) any agreement evidencing Indebtedness secured by Permitted Liens, as to the assets securing such Indebtedness, and (iii) any
Collaboration Transactions. 
 7.6 Investments. Borrower shall not directly or indirectly acquire or own, or make any
Investment in or to any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments. 
 7.7
Distributions. Borrower shall not, and shall not allow any Subsidiary to, (a) repurchase or redeem any class of stock or other equity interest other than (i) pursuant to employee, director or consultant repurchase plans or other
similar agreements in an aggregate amount not to exceed $500,000 per fiscal year of the Borrower, (ii) noncash repurchases of equity interests deemed to occur upon exercise of stock options if such equity interests represent a portion of the
exercise price of such options or (iii) the retaining of any of its capital stock by the Borrower, or the reacquisition of any such stock by the Borrower from an employee, officer or director, in either case as full or partial payment in
connection with any award under an employee stock purchase or incentive plan or other similar agreement approved by Borrower’s Board of Directors (or its delegate), or to satisfy the tax withholding obligations related to any such award, or
(b) declare or pay any cash dividend or make a cash distribution on any class of stock or other equity interest, except that (i) a Subsidiary may pay dividends or make distributions to Borrower or any Subsidiary that is a direct or
indirect parent of such Subsidiary (and, in the case of non-wholly owned Subsidiaries, to each other owner of equity interests of such Subsidiary on a pro rata basis (or 

 
more favorable basis from the perspective of the Borrower or such Subsidiary) based on their relative ownership interests, except to the extent non pro rata payments of such dividend or
distribution are required by law or under the terms of any agreement in effect on the Closing Date) and (ii) Borrower may make payments in cash, in lieu of the issuance of fractional shares, upon the exercise of warrants or upon the conversion
or exchange of equity interests of the Borrower, or (c) lend money to any employees, officers or directors or guarantee the payment of any such loans granted by a third party in excess of $500,000 in the aggregate at any time outstanding or
(d) waive, release or forgive any indebtedness owed by any employees, officers or directors in excess of an aggregate amount of $200,000 during any fiscal year of Borrower. 

7.8 Transfers. Except for Permitted Transfers, Borrower shall not Transfer any material portion of its assets. 

7.9 Mergers or Acquisitions. Borrower shall not merge or consolidate, or permit any of its Subsidiaries to merge or consolidate,
with or into any other business organization (other than mergers or consolidations of (a) a Subsidiary that is not a Borrower into another Subsidiary that is not a Borrower or (b) any Subsidiary into Borrower), or acquire, or permit any of
its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person (other than Permitted Investments). 
 7.10 Taxes. Borrower and its Subsidiaries shall pay when due all material taxes, fees or other governmental charges of any nature whatsoever (together with any related interest or penalties) now or
hereafter imposed or assessed by any against Borrower, Lender or the Collateral or upon Borrower’s ownership, possession, use, operation or disposition thereof or upon Borrower’s rents, receipts or earnings arising therefrom. Borrower
shall file on or before the due date therefor all material personal property tax returns in respect of the Collateral. Notwithstanding the foregoing, Borrower may contest, in good faith and by appropriate proceedings, taxes for which Borrower
maintains adequate reserves therefor in accordance with GAAP. 
 7.11 Corporate Changes. Borrower shall not change its
corporate name, legal form or jurisdiction of formation without twenty (20) days’ prior written notice to Lender. Borrower shall not relocate its chief executive office or its principal place of business unless: (a) it has provided
prior written notice to Lender; and (b) such relocation shall be within the United States. No Borrower shall relocate any item of tangible Collateral (other than (x) sales of Inventory in the ordinary course of business,
(y) relocations of Equipment having an aggregate value of up to $300,000 in any fiscal year, and (z) relocations of Collateral from a location described on Exhibit C to another location described on Exhibit C) unless (i) it has
provided prompt written notice to Lender, (ii) such relocation is within the continental United States and, (iii) if such relocation is to a third party bailee with respect to Collateral with a fair market value in excess of $250,000, it
has used commercially reasonable efforts to deliver a bailee agreement in form and substance reasonably acceptable to Lender. 

7.12 Deposit Accounts. Borrower shall not maintain any Deposit Accounts (other than payroll accounts, employee benefit accounts,
trust accounts, and Permitted Accounts (as defined herein)), or accounts holding Investment Property, except with respect to which Lender has an Account Control Agreement. Notwithstanding the foregoing: (i) Cell Therapeutics may maintain
Deposit Accounts located outside the United States provided that the aggregate balance of all such accounts does not exceed Four Hundred Thousand Dollars ($400,000) at any time; provided that if such aggregate balance exceeds Four Hundred Thousand
Dollars ($400,000) due to the receipt of a tax refund, Cell Therapeutics may maintain an aggregate balance in excess of such amount for no longer than five (5) Business Days; and (ii) any Foreign Subsidiary that is not a Borrower or a
guarantor of the Secured Obligations may maintain Deposit Accounts located outside the United States provided that the aggregate balance of all such accounts does not exceed Two Million Two Hundred Fifty Thousand Dollars ($2,250,000) at any time
(together with the accounts described in clause (i), collectively, the “Permitted Accounts”). 
 7.13
Subsidiaries. Borrower shall notify Lender of each Subsidiary formed subsequent to the Closing Date and, within 15 days of formation, at the election of Lender, shall cause any such Subsidiary to execute and deliver to Lender a Joinder
Agreement. 
 SECTION 8. [RESERVED] 
 SECTION 9. EVENTS OF DEFAULT 

 The occurrence of any one or more of the following events shall be an Event of Default:

 9.1 Payments. Borrower fails to pay (i) any principal amount due under this Agreement or any other Loan Documents
on the due date or (ii) any other amount due under this Agreement or any other Loan Documents within three (3) days, provided that such late payment is due to an administrative error in connection with the ACH Authorization; or 

9.2 Covenants. Borrower breaches or defaults in the performance of any covenant or Secured Obligation under this Agreement or any
of the other Loan Documents, and (a) with respect to a default under any covenant under this Agreement (other than under Sections 6, 7.5, 7.6, 7.7, 7.8 or 7.9) such default continues for more than fifteen (15) days after the earlier of the
date on which (i) Lender has given notice of such default to Borrower and (ii) Borrower has actual knowledge of such default or (b) with respect to a default under any of Sections 6, 7.5, 7.6, 7.7, 7.8 or 7.9, the occurrence of such
default; or 
 9.3 Material Adverse Effect. A circumstance has occurred that would reasonably be expected to have a
Material Adverse Effect; or 
 9.4 Other Loan Documents. The occurrence of any default under any Loan Document or any
other agreement between Borrower and Lender and such default continues for more than fifteen (15) days after the earlier of (a) Lender has given notice of such default to Borrower, or (b) Borrower has actual knowledge of such default;
or 
 9.5 Representations. Any representation or warranty made by Borrower in any Loan Document shall have been false or
misleading in any material respect; or 
 9.6 Insolvency. Borrower (A) (i) shall make an assignment for the
benefit of creditors; or (ii) shall be unable to pay its debts as they become due, or be unable to pay or perform under the Loan Documents, or shall become insolvent; or (iii) shall file a voluntary petition in bankruptcy; or
(iv) shall file any petition, answer, or document seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation pertinent to such
circumstances; or (v) shall seek or consent to or acquiesce in the appointment of any trustee, receiver, or liquidator of Borrower or of all or any substantial part (i.e., 33-1/3% or more) of the assets or property of Borrower; or
(vi) shall cease operations of its business as its business has normally been conducted (provided that the normal conduct of business shall include the business conducted by the Borrower as of the date hereof and reasonable extensions thereof
and businesses ancillary or complimentary thereto), or terminate substantially all of its employees; or (vii) Borrower or its directors or majority shareholders shall take any action initiating any of the foregoing actions described in clauses
(i) through (vi); or (B) either (i) forty-five (45) days shall have expired after the commencement of an involuntary action against Borrower seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any present or future statute, law or regulation, without such action being dismissed or all orders or proceedings thereunder affecting the operations or the business of Borrower being stayed; or (ii) a stay of any such
order or proceedings shall thereafter be set aside and the action setting it aside shall not be timely appealed; or (iii) Borrower shall file any answer admitting or not contesting the material allegations of a petition filed against Borrower
in any such proceedings; or (iv) the court in which such proceedings are pending shall enter a decree or order granting the relief sought in any such proceedings; or (v) forty-five (45) days shall have expired after the appointment,
without the consent or acquiescence of Borrower, of any trustee, receiver or liquidator of Borrower or of all or any substantial part of the properties of Borrower without such appointment being vacated; or 

9.7 Attachments; Judgments. Any portion of Borrower’s assets is attached or seized, or a levy is filed against any such
assets, or a judgment or judgments is/are entered for the payment of money, individually or in the aggregate, of at least $500,000, which judgment or judgments is/are not discharged or effectively waived or stayed for a period of thirty
(30) consecutive days; or Borrower is enjoined or in any way prevented by court order from conducting any all or substantially all of its business; or 
 9.8 Other Obligations. The occurrence of any default under any agreement or obligation of Borrower involving any Indebtedness (or commitment thereof) in excess of $750,000, or the occurrence of any
other default under any such agreement or obligation involving any Indebtedness (or commitment thereof) in excess of $750,000 enables or permits (with all applicable grace periods having expired) the holder or holders of any such Indebtedness

 
or any trustee or agent on its or their behalf to cause any such Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled
maturity. 
 9.9 Post-Closing Deliverables. Borrower fails to deliver to Lender (a) within fifteen
(15) Business Days after the Closing Date, (i) a fully-executed Account Control Agreement, in form and substance reasonably acceptable to Lender, for Borrower’s Deposit Account(s) maintained with Bank of America, and (ii) a
fully-executed Account Control Agreement, in form and substance reasonably acceptable to Lender, for Borrower’s accounts(s) maintained with National Securities Corporation, and (b) within fifteen (15) Business Days after the Closing
Date, additional insured endorsements which provide that Lender is an additional insured under Borrower’s commercial general liability policy. 
 SECTION 10. REMEDIES 
 10.1 General. Upon and during the
continuance of any one or more Events of Default, (i) Lender may, at its option, accelerate and demand payment of all or any part of the Secured Obligations together with a Prepayment Charge and declare them to be immediately due and payable
(provided, that upon the occurrence of an Event of Default of the type described in Section 9.6, all of the Secured Obligations shall automatically be accelerated and made due and payable, in each case without any further notice or act), and
(ii) Lender may notify any of Borrower’s account debtors to make payment directly to Lender, compromise the amount of any such account on Borrower’s behalf and endorse Lender’s name without recourse on any such payment for
deposit directly to Lender’s account. Lender may exercise all rights and remedies with respect to the Collateral under the Loan Documents or otherwise available to it under the UCC and other applicable law, including the right to release, hold,
sell, lease, liquidate, collect, realize upon, or otherwise dispose of all or any part of the Collateral and the right to occupy, utilize, process and commingle the Collateral. All Lender’s rights and remedies shall be cumulative and not
exclusive. 
 10.2 Collection; Foreclosure. Upon the occurrence and during the continuance of any Event of Default,
Lender may, at any time or from time to time, apply, collect, liquidate, sell in one or more sales, lease or otherwise dispose of, any or all of the Collateral, in its then condition or following any commercially reasonable preparation or
processing, in such order as Lender may elect. Any such sale may be made either at public or private sale at its place of business or elsewhere. Borrower agrees that any such public or private sale may occur upon ten (10) calendar days’
prior written notice to Borrower. Lender may require Borrower to assemble the Collateral and make it available to Lender at a place designated by Lender that is reasonably convenient to Lender and Borrower. The proceeds of any sale, disposition or
other realization upon all or any part of the Collateral shall be applied by Lender in the following order of priorities: 
 First, to Lender in an amount sufficient to pay in full Lender’s costs and professionals’ and advisors’ fees and expenses as described in Section 11.11; 

Second, to Lender in an amount equal to the then unpaid amount of the Secured Obligations (including principal, interest,
and the Default Rate interest), in such order and priority as Lender may choose in its sole discretion; and 

Finally, after the full, final, and indefeasible payment in Cash of all of the Secured Obligations, to any creditor
holding a junior Lien on the Collateral, or to Borrower or its representatives or as a court of competent jurisdiction may direct. 
 Lender shall be deemed to have acted reasonably in the custody, preservation and disposition of any of the Collateral if it complies with the obligations of a secured party under the UCC. 

10.3 No Waiver. Lender shall be under no obligation to marshal any of the Collateral for the benefit of Borrower or any other
Person, and Borrower expressly waives all rights, if any, to require Lender to marshal any Collateral. 

 10.4 Cumulative Remedies. The rights, powers and remedies of Lender hereunder shall
be in addition to all rights, powers and remedies given by statute or rule of law and are cumulative. The exercise of any one or more of the rights, powers and remedies provided herein shall not be construed as a waiver of or election of remedies
with respect to any other rights, powers and remedies of Lender. 
 SECTION 11. MISCELLANEOUS 

11.1 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective only to the extent and duration of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement. 
 11.2 Notice. Except as otherwise provided
herein, any notice, demand, request, consent, approval, declaration, service of process or other communication (including the delivery of Financial Statements) that is required, contemplated, or permitted under the Loan Documents or with respect to
the subject matter hereof shall be in writing, and shall be deemed to have been validly served, given, delivered, and received upon the earlier of: (i) the day of transmission by facsimile or hand delivery or delivery by an overnight express
service or overnight mail delivery service; or (ii) the third calendar day after deposit in the United States mails, with proper first class postage prepaid, in each case addressed to the party to be notified as follows: 

 

			
	 If to Lender:
	 	 HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
 Legal Department
 Attention: Chief Legal Officer and Mr. Bryan Jadot

400 Hamilton Avenue, Suite 310
 Palo Alto,
California 94301
 Facsimile: 650-473-9194
 Telephone: 650-289-3060

		
	 If to Borrower:
	 	 CELL THERAPEUTICS, INC.

SYSTEMS MEDICINE LLC
 Attention: Chief Financial
Officer
 3101 Western Avenue, Suite 600

Seattle, Washington 98121
 Facsimile:
206-284-6206
 Telephone: 206-282-7100

		
	 With a copy to:
	 	 O’Melveny & Myers LLP
 Attention: C. Brophy Christensen
 Two Embarcadero Center, 28th Floor
 San Francisco, CA 94111
 Facsimile: 415-984-8701

Telephone: 415-984-8793

 or to such other address as each party may designate for itself by like notice. 

11.3 Entire Agreement; Amendments. This Agreement and the other Loan Documents constitute the entire agreement and understanding
of the parties hereto in respect of the subject matter hereof and thereof, and supersede and replace in their entirety any prior proposals, term sheets, non-disclosure or confidentiality agreements, letters, negotiations or other documents or
agreements, whether written or oral, with respect to the subject matter hereof or thereof (including Lender’s proposal letter dated February 11, 2013). None of the terms of this Agreement or any of the other Loan Documents may be amended,
modified or waived except by an instrument executed by each of the parties hereto; provided that, to the extent Lender assigns, transfers or endorses its right to approve any amendments or modifications to or waivers of this Agreement or any other
Loan Document to any other Person (each such Person, together with Lender, collectively, “Other Lenders”), such instrument must be executed by each of (i) Borrower and (ii) Other Lenders having or holding more than 50% of
outstanding Advances; provided, further, that (a) the consent of Other Lenders directly affected thereby shall be required for any amendment, modification, 

 
termination or waiver that would (1) reduce the principal amount of any outstanding Advance, (2) postpone the scheduled final maturity date of any Advance, or postpone the date or
reduce the amount of any scheduled payment (but not prepayment) of principal of any Advance, (3) postpone the date on which any interest or any fees are payable, or (4) decrease the interest rate borne by any Advance (other than any waiver
of any increase in the interest rate applicable to any Advance pursuant to Section 2.3) or the amount of any fees payable hereunder, and (b) the consent of each Other Lender shall be required to (I) change in any manner any provision
of this Agreement that, by its terms, expressly requires the approval or concurrence of all Other Lenders, or (II) change in any manner or waive the provisions contained in this Section 11.3. 

11.4 No Strict Construction. 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. 
 11.5 No Waiver. The powers conferred upon Lender by this Agreement are
solely to protect its rights hereunder and under the other Loan Documents and its interest in the Collateral and shall not impose any duty upon Lender to exercise any such powers. No omission or delay by Lender at any time to enforce any right or
remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof by Borrower at any time designated, shall be a waiver of any such right or remedy to which Lender is entitled, nor shall it in any way affect the
right of Lender to enforce such provisions thereafter. 
 11.6 Survival. All agreements, representations and warranties
contained in this Agreement and the other Loan Documents or in any document delivered pursuant hereto or thereto shall be for the benefit of Lender and shall survive the execution and delivery of this Agreement and the expiration or other
termination of this Agreement. 
 11.7 Successors and Assigns. The provisions of this Agreement and the other Loan
Documents shall inure to the benefit of and be binding on Borrower and its permitted assigns (if any). Borrower shall not assign its obligations under this Agreement or any of the other Loan Documents without Lender’s express prior written
consent, and any such attempted assignment shall be void and of no effect. Lender may assign, transfer, or endorse its rights hereunder and under the other Loan Documents without prior notice to Borrower, and all of such rights shall inure to the
benefit of Lender’s successors and assigns. Notwithstanding the foregoing, prior to the occurrence of an Event of Default, Lender shall not assign any interest in the Loan Documents to any competitor of Borrower, or any Person or group of
Persons that, individually or collectively and directly or indirectly, control any competitor of Borrower. 
 11.8 Governing
Law. This Agreement and the other Loan Documents have been negotiated and delivered to Lender in the State of California, and shall have been accepted by Lender in the State of California. Payment to Lender by Borrower of the Secured Obligations
is due in the State of California. This Agreement and the other Loan Documents (other than as expressly set forth in any other Loan Document) shall be governed by, and construed and enforced in accordance with, the laws of the State of California,
excluding conflict of laws principles that would cause the application of laws of any other jurisdiction. 
 11.9 Consent to
Jurisdiction and Venue. All judicial proceedings (to the extent that the reference requirement of Section 11.10 is not applicable) arising in or under or related to this Agreement or any of the other Loan Documents may be brought in any
state or federal court located in the State of California. By execution and delivery of this Agreement, each party hereto generally and unconditionally: (a) consents to nonexclusive personal jurisdiction in Santa Clara County, State of
California; (b) waives any objection as to jurisdiction or venue in Santa Clara County, State of California; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably
agrees to be bound by any judgment rendered thereby in connection with this Agreement or the other Loan Documents. Service of process on any party hereto in any action arising out of or relating to this Agreement shall be effective if given in
accordance with the requirements for notice set forth in Section 11.2, and shall be deemed effective and received as set forth in Section 11.2. Nothing herein shall affect the right to serve process in any other manner permitted by law or
shall limit the right of either party to bring proceedings in the courts of any other jurisdiction. 

 11.10 Mutual Waiver of Jury Trial / Judicial Reference. 

(a) Because disputes arising in connection with complex financial transactions are most quickly and economically resolved by an
experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that their disputes be resolved by a judge applying such applicable laws. EACH OF BORROWER AND LENDER
SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY BORROWER AGAINST LENDER OR ITS ASSIGNEE OR BY
LENDER OR ITS ASSIGNEE AGAINST BORROWER. This waiver extends to all such Claims, including Claims that involve Persons other than Borrower and Lender; Claims that arise out of or are in any way connected to the relationship between Borrower and
Lender; and any Claims for damages, breach of contract, tort, specific performance, or any equitable or legal relief of any kind, arising out of this Agreement any other Loan Document. 

(b) If the waiver of jury trial set forth in Section 11.10(a) is ineffective or unenforceable, the parties agree that all Claims
shall be resolved by reference to a private judge sitting without a jury, pursuant to Code of Civil Procedure Section 638, before a mutually acceptable referee or, if the parties cannot agree, a referee selected by the Presiding Judge of the
Santa Clara County, California. Such proceeding shall be conducted in Santa Clara County, California, with California rules of evidence and discovery applicable to such proceeding. 

(c) In the event Claims are to be resolved by judicial reference, either party may seek from a court identified in Section 11.9, any
prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by law notwithstanding that all Claims are otherwise subject to resolution by judicial reference. 

11.11 Professional Fees. Borrower promises to pay Lender’s reasonable and documented out-of-pocket fees and expenses
necessary to finalize the loan documentation, including but not limited to reasonable attorneys’ fees, UCC searches, filing costs, and other miscellaneous expenses. In addition, Borrower promises to pay any and all reasonable and documented
out-of-pocket attorneys’ and other professionals’ fees and expenses incurred by Lender after the Closing Date in connection with or related to: (a) the Loan; (b) the administration, collection, or enforcement of the Loan;
(c) the amendment or modification of the Loan Documents; (d) any waiver, consent, release, or termination under the Loan Documents; (e) the protection, preservation, sale, lease, liquidation, or disposition of Collateral or the
exercise of remedies with respect to the Collateral; (f) any legal, litigation, administrative, arbitration, or out of court proceeding in connection with or related to Borrower or the Collateral, and any appeal or review thereof; and
(g) any bankruptcy, restructuring, reorganization, assignment for the benefit of creditors, workout, foreclosure, or other action related to Borrower, the Collateral, the Loan Documents, including representing Lender in any adversary proceeding
or contested matter commenced or continued by or on behalf of Borrower’s estate, and any appeal or review thereof. 
 11.12
Confidentiality. Lender acknowledges that certain items of Collateral and information provided to Lender by Borrower are confidential and proprietary information of Borrower, if and to the extent such information either (x) is marked as
confidential by Borrower at the time of disclosure, or (y) should reasonably be understood to be confidential (the “Confidential Information”). Accordingly, Lender agrees that any Confidential Information it may obtain in the course
of acquiring, administering, or perfecting Lender’s security interest in the Collateral, or otherwise pursuant to Section 7.2 hereof, shall not be disclosed to any other person or entity in any manner whatsoever, in whole or in part,
without the prior written consent of Borrower, except that Lender may disclose any such information: (a) to its own directors, officers, employees, accountants, counsel and other professional advisors and to its affiliates if Lender in its sole
discretion determines that any such party should have access to such information in connection with such party’s responsibilities in connection with the Loan or this Agreement and, provided that such recipient of such Confidential Information
either (i) agrees to be bound by the confidentiality provisions of this paragraph or (ii) is otherwise subject to confidentiality restrictions that reasonably protect against the disclosure of Confidential Information; (b) if such
information is generally available to the public; (c) if required or appropriate in any report, statement or testimony submitted to any governmental authority having or claiming to have jurisdiction over Lender; (d) if required or
appropriate in response to any summons or subpoena or in connection with any litigation, to the extent permitted or deemed advisable by Lender’s counsel; (e) to comply with any legal requirement or law applicable to Lender; (f) to the
extent reasonably necessary in connection with the 

 
exercise of any right or remedy under any Loan Document, including Lender’s sale, lease, or other disposition of Collateral after default; (g) to any participant or assignee of Lender
or any prospective participant or assignee; provided, that such participant or assignee or prospective participant or assignee agrees in writing to be bound by this Section prior to such disclosure; or (h) otherwise with the prior consent of
Borrower; provided, that any disclosure made in violation of this Agreement shall not affect the obligations of Borrower or any of its affiliates or any guarantor under this Agreement or the other Loan Documents. 

11.13 Assignment of Rights. Borrower acknowledges and understands that, subject to the terms and conditions set forth in
Section 11.7, Lender may sell and assign all or part of its interest hereunder and under the Loan Documents to any person or entity (an “Assignee”). After such assignment the term “Lender” as used in the Loan Documents shall
mean and include such Assignee, and such Assignee shall be vested with all rights, powers and remedies of Lender hereunder with respect to the interest so assigned; but with respect to any such interest not so transferred, Lender shall retain all
rights, powers and remedies hereby given. No such assignment by Lender shall relieve Borrower of any of its obligations hereunder. Lender agrees that in the event of any transfer by it of the Note(s) (if any), it will endorse thereon a notation as
to the portion of the principal of the Note(s), which shall have been paid at the time of such transfer and as to the date to which interest shall have been last paid thereon. 
 11.14 Revival of Secured Obligations. This Agreement and the Loan Documents shall remain in full force and effect and continue to be effective if any petition is filed by or against Borrower for
liquidation or reorganization, if Borrower becomes insolvent or makes an assignment for the benefit of creditors, if a receiver or trustee is appointed for all or any significant part of Borrower’s assets, or if any payment or transfer of
Collateral is recovered from Lender. The Loan Documents and the Secured Obligations and Collateral security shall continue to be effective, or shall be revived or reinstated, as the case may be, if at any time payment and performance of the Secured
Obligations or any transfer of Collateral to Lender, or any part thereof is rescinded, avoided or avoidable, reduced in amount, or must otherwise be restored or returned by, or is recovered from, Lender or by any obligee of the Secured Obligations,
whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment, performance, or transfer of Collateral had not been made. In the event that any payment, or any part thereof, is rescinded,
reduced, avoided, avoidable, restored, returned, or recovered, the Loan Documents and the Secured Obligations shall be deemed, without any further action or documentation, to have been revived and reinstated except to the extent of the full, final,
and indefeasible payment to Lender in Cash. 
 11.14 Counterparts. This Agreement and any amendments, waivers, consents
or supplements hereto may be executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall constitute but one and
the same instrument. 
 11.15 No Third Party Beneficiaries. No provisions of the Loan Documents are intended, nor will be
interpreted, to provide or create any third-party beneficiary rights or any other rights of any kind in any person other than Lender and Borrower unless specifically provided otherwise herein, and, except as otherwise so provided, all provisions of
the Loan Documents will be personal and solely between the Lender and the Borrower. 
 11.16 Publicity. Borrower consents
to the publication and use by Lender and any of its member businesses and affiliates of (i) Borrower’s name (including a brief description of the relationship between Borrower and Lender) and logo and a hyperlink to Borrower’s web
site, separately or together, in Lender’s written and oral presentations, advertising, promotional and marketing materials, client lists, public relations materials or on its web site (together, the “Lender Publicity Materials”);
(ii) the names of officers of Borrower in the Lender Publicity Materials; and (iii) Borrower’s name, trademarks or servicemarks in any news release concerning Lender. 

11.17 Borrower Liability. Each Borrower hereunder shall be jointly and severally obligated to repay all Term Loan Advances made
hereunder, regardless of which Borrower actually receives said Term Loan Advance, as if each Borrower hereunder directly received all Term Loan Advances. Each Borrower waives (a) any suretyship defenses available to it under the UCC or any
other applicable law, including, without limitation, the benefit of California Civil Code Section 2815 permitting revocation as to future transactions and the benefit of California Civil Code Sections 1432, 2809, 2810, 2819, 2839, 2845, 2847,
2848, 2849, 2850, and 2899 and 3433, and (b) any right to require Lender to: (i) proceed against any Borrower or any other person; 

 
(ii) proceed against or exhaust any security; or (iii) pursue any other remedy. Lender may exercise or not exercise any right or remedy it has against any Borrower or any security
it holds (including the right to foreclose by judicial or non-judicial sale) without affecting any Borrower’s liability. Notwithstanding any other provision of this Agreement or other related document, each Borrower agrees, until the
Secured Obligations (other than inchoate indemnification or expense reimbursement claims) have been paid in full to subordinate and withhold exercise of all rights that it may have at law or in equity (including, without limitation, any law
subrogating Borrower to the rights of Lender under this Agreement) to seek contribution, indemnification or any other form of reimbursement from any other Borrower, or any other Person now or hereafter primarily or secondarily liable for any of the
Secured Obligations, for any payment made by Borrower with respect to the Secured Obligations in connection with this Agreement or otherwise and all rights that it might have to benefit from, or to participate in, any security for the Secured
Obligations as a result of any payment made by Borrower with respect to the Secured Obligations in connection with this Agreement or otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under
this Section shall be null and void. If any payment is made to a Borrower in contravention of this Section, such Borrower shall hold such payment in trust for Lender and such payment shall be promptly delivered to Lender for application to the
Secured Obligations, whether matured or unmatured. 
 (SIGNATURES TO FOLLOW) 

 IN WITNESS WHEREOF, Borrower and Lender have duly executed and delivered this Loan and
Security Agreement as of the day and year first above written. 
  

					
		 	BORROWER:
		
		 	CELL THERAPEUTICS, INC.
			
		 	Signature:	 	 /s/ Louis A. Bianco

		 	Print Name:	 	Louis A. Bianco
		 	Title:	 	EVP, Finance and Administration, and Secretary
			
		 	BORROWER:	 	
		
		 	SYSTEMS MEDICINE LLC
		
		 	By: Cell Therapeutics, Inc., as Sole Member
			
		 	Signature:	 	 /s/ Louis A. Bianco

		 	Print Name:	 	Louis A. Bianco
		 	Title:	 	EVP, Finance and Administration, and Secretary
	Accepted in Palo Alto, California:	 		 	
		 	LENDER:
		
		 	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
			
		 	Signature:	 	 /s/ Ben Bang

		 	Print Name:	 	Ben Bang
		 	Title:	 	Senior Counsel

 Table of Addenda, Exhibits and Schedules 

 

			
	 Exhibit A:
	  	Advance Request
		  	Attachment to Advance Request
		
	 Exhibit B:
	  	Note
		
	 Exhibit C:
	  	Name, Locations, and Other Information for Borrower
		
	 Exhibit D:
	  	Borrower’s Patents, Trademarks, Copyrights and Licenses
		
	 Exhibit E:
	  	Borrower’s Deposit Accounts and Investment Accounts
		
	 Exhibit F:
	  	Compliance Certificate
		
	 Exhibit G:
	  	Joinder Agreement
		
	 Exhibit H:
	  	ACH Debit Authorization Agreement
		
	 Schedule 1
	  	Subsidiaries
	 Schedule 1A
	  	Existing Permitted Indebtedness
	 Schedule 1B
	  	Existing Permitted Investments
	 Schedule 1C
	  	Existing Permitted Liens
	 Schedule 5.3
	  	Consents, Etc.
	 Schedule 5.5
	  	Actions Before Governmental Authorities
	 Schedule 5.8
	  	Tax Matters
	 Schedule 5.9
	  	Intellectual Property Claims
	 Schedule 5.10
	  	Intellectual Property
	 Schedule 5.11
	  	Borrower Products
	 Schedule 5.14
	  	Capitalization

 EXHIBIT A 
 ADVANCE REQUEST 
  

					
	 To:
	  	Lender:	  	Date:             , 2013
		  	 Hercules Technology Growth Capital, Inc.
 400 Hamilton Avenue, Suite 310
 Palo Alto, CA 94301

Facsimile: 650-473-9194
 Attn:
	  	

 Cell Therapeutics, Inc., a Washington corporation (“Cell Therapeutics”) and Systems Medicine
LLC, a Delaware limited liability company, (“Systems Medicine”; Cell Therapeutics and Systems Medicine are hereinafter referred to individually and collectively, jointly and severally, as “Borrower”) hereby requests from Hercules
Technology Growth Capital, Inc. (“Lender”) an Advance in the amount of             Dollars ($            ) on
                    ,             (the “Advance Date”) pursuant to the Loan and
Security Agreement between Borrower and Lender (the “Agreement”). Capitalized words and other terms used but not otherwise defined herein are used with the same meanings as defined in the Agreement. 

Please: 
  

			
	 (a)
	  	 Issuea check payable to Borrower
            

		
	or	  	
		
	 (b)
	  	 WireFunds to Borrower’s account
            

		
		  	
Bank:                       
                                         
                                         
                                         
                                         
  

		
		  	
Address:                       
                                         
                                         
                                         
                                       

		
		  	                             
                                         
                                         
                                         
                                         
      
		
		  	
ABA Number:                     
                                         
                                         
                                         
                                

		
		  	
Account Number:                    
                                         
                                         
                                         
                            

		
		  	
Account Name:                     
                                         
                                         
                                         
                              

 Borrower represents that the conditions precedent to the Advance set forth in the Agreement are satisfied
and shall be satisfied upon the making of such Advance, including but not limited to: (i) that no event that has had or could reasonably be expected to have a Material Adverse Effect has occurred and is continuing; (ii) that the
representations and warranties set forth in the Agreement and in the Warrant are and shall be true and correct in all material respects on and as of the Advance Date with the same effect as though made on and as of such date, except to the extent
such representations and warranties expressly relate to an earlier date; (iii) that Borrower is in compliance with all the terms and provisions set forth in each Loan Document on its part to be observed or performed; and (iv) that as of
the Advance Date, no fact or condition exists that constitutes (or would, with the passage of time, the giving of notice, or both) constitute an Event of Default under the Loan Documents. 

Borrower hereby represents that Borrower’s corporate status and locations have not changed since the date of the Agreement or, if
the Attachment to this Advance Request is completed, are as set forth in the Attachment to this Advance Request. 
 Borrower
agrees to notify Lender promptly before the funding of the Loan if any of the matters which have been represented above shall not be true and correct on the Borrowing Date and if Lender has received no such notice before the Advance Date then the
statements set forth above shall be deemed to have been made and shall be deemed to be true and correct as of the Advance Date. 

[Borrower hereby supplements [Schedule(s) 5.5, 5.8, 5.9, 5.10, 5.11 and 5.14 and Exhibit(s) C and E] as provided in Annex A attached
hereto] 

 Executed as of
[                    ], 2013. 
  

	
	 BORROWER:

	
	 CELL THERAPEUTICS, INC.

	
	
SIGNATURE:                      
                                         
           

	
TITLE:                       
                                         
                        

	 PRINT
NAME:                                        
                                

	
	 SYSTEMS MEDICINE LLC

	
	 By: Cell Therapeutics, Inc., as Sole Member

	
	
SIGNATURE:                      
                                         
           

	
TITLE:                       
                                         
                        

	 PRINT
NAME:                                        
                                

 ATTACHMENT TO ADVANCE REQUEST 

Dated:                     

 Borrower hereby represents and warrants to Lender that Borrower’s current name and organizational status is as follows:

  

			
	Name:	  	Cell Therapeutics, Inc.
		
	Type of organization:	  	Corporation
		
	State of organization:	  	[                    ]
		
	Organization file number:	  	
		
	Name:	  	Systems Medicine LLC
		
	Type of organization:	  	Limited liability company
		
	State of organization:	  	[                    ]
		
	Organization file number:	  	

 Borrower hereby represents and warrants to Lender that the street addresses, cities, states and postal
codes of its current locations are as follows: 

 EXHIBIT B 
 PROMISSORY NOTE 
  

			
	 $[    ],000,000
	  	Advance Date:             , 20[    ]
		  	Maturity Date:             , 20[    ]

 FOR VALUE RECEIVED, CELL THERAPEUTICS, INC., a Washington corporation (“Cell
Therapeutics”) and SYSTEMS MEDICINE LLC, a Delaware limited liability company (“Systems Medicine”; Cell Therapeutics and Systems Medicine are hereinafter referred to individually and collectively, jointly and severally, as
“Borrower”), hereby promises to pay to the order of Hercules Technology Growth Capital, Inc., a Maryland corporation or the holder of this Note (the “Lender”) at 400 Hamilton Avenue, Suite 310, Palo Alto, CA 94301 or such
other place of payment as the holder of this Secured Term Promissory Note (this “Promissory Note”) may specify from time to time in writing, in lawful money of the United States of America, the principal amount of [ ] Million Dollars ($[
],000,000) or such other principal amount as Lender has advanced to Borrower, together with interest at a floating rate equal to a floating rate per annum equal to the greater of either (i) twelve and one-quarter of one percent (12.25%), or
(ii) the sum of (A) twelve and one-quarter of one percent (12.25%), plus (B) the Prime Rate minus three and one quarter of one percent (3.25%) based upon a year consisting of 360 days, with interest computed daily based on the
actual number of days in each month. 
 This Promissory Note is the Note referred to in, and is executed and delivered in
connection with, that certain Loan and Security Agreement dated [            ], 2013, by and between Borrower and Lender (as the same may from time to time be amended, modified or
supplemented in accordance with its terms, the “Loan Agreement”), and is entitled to the benefit and security of the Loan Agreement and the other Loan Documents (as defined in the Loan Agreement), to which reference is made for a statement
of all of the terms and conditions thereof. All payments shall be made in accordance with the Loan Agreement. All terms defined in the Loan Agreement shall have the same definitions when used herein, unless otherwise defined herein. An Event of
Default under the Loan Agreement shall constitute a default under this Promissory Note. 
 Borrower waives presentment and
demand for payment, notice of dishonor, protest and notice of protest under the UCC or any applicable law. Borrower agrees to make all payments under this Promissory Note without setoff, recoupment or deduction and regardless of any counterclaim or
defense. This Promissory Note has been negotiated and delivered to Lender and is payable in the State of California. This Promissory Note shall be governed by and construed and enforced in accordance with, the laws of the State of California,
excluding any conflicts of law rules or principles that would cause the application of the laws of any other jurisdiction. 
  

							
	 BORROWER:
	 		 	CELL THERAPEUTICS, INC.
				
		 		 	 By:
	 	
		 		 	 Title:
	 	
			
		 		 	 SYSTEMS MEDICINE LLC

				
		 		 	By:	 	 Cell Therapeutics, Inc., as Sole Member

				
		 		 	 By:
	 	
		 		 	 Title:
	 	

 EXHIBIT F 
 COMPLIANCE CERTIFICATE 
 Hercules Technology Growth Capital, Inc. 

400 Hamilton Avenue, Suite 310 
 Palo Alto, CA
94301 
 Reference is made to that certain Loan and Security Agreement dated
[            ], 2013 and all ancillary documents entered into in connection with such Loan and Security Agreement all as may be amended from time to time, (hereinafter referred to
collectively as the “Loan Agreement”) between Hercules Technology Growth Capital, Inc., a Maryland corporation, as Lender, and Cell Therapeutics, Inc., a Washington corporation (“Cell Therapeutics”) and Systems Medicine LLC, a
Delaware limited liability company (“Systems Medicine”; Cell Therapeutics and Systems Medicine are hereinafter referred to individually and collectively, jointly and severally, as “Borrower”) as Borrower. All capitalized terms
not defined herein shall have the same meaning as defined in the Loan Agreement. 
 The undersigned is an Officer of the
Borrower, knowledgeable of all Borrower’s financial matters, and is authorized to provide certification of information regarding the Borrower; hereby certifies that in accordance with the terms and conditions of the Loan Agreement, the Borrower
is in compliance for the period ending             of all covenants, conditions and terms and hereby reaffirms that all representations and warranties contained therein are true and correct
in all material respects on and as of the date of this Compliance Certificate with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date. Attached are the
required documents supporting the above certification. The undersigned further certifies that the financial statements attached hereto are prepared in accordance with GAAP (except for the absence of footnotes with respect to unaudited financial
statement and subject to normal year-end adjustments in the case of monthly and quarterly financial statements and, in the case of monthly financial statements, normal quarter-end adjustments and such other exceptions as are consistent with
Borrower’s normal practice) and are consistent from one period to the next except as explained below. 
  

					
			
	 REPORTING REQUIREMENT
	 	REQUIRED	 	CHECK IF ATTACHED
			
	Interim Financial Statements	 	Monthly within 30 days	 	
			
	Interim Financial Statements	 	Quarterly within 45 days	 	
			
	Audited Financial Statements	 	FYE within 150 days	 	

 [Borrower hereby supplements [Schedule(s) 5.5, 5.8, 5.9, 5.10, 5.11 and 5.14 and Exhibit(s) C and E] as
provided in Annex A attached hereto] 
  

			
	 Very Truly Yours,

	 CELL THERAPEUTICS, INC.

		
	 By:
	 	  

	 Name:
	 	  

	 Its:
	 	  

	
	 SYSTEMS MEDICINE LLC

	 By: Cell Therapeutics, Inc., as Sole Member

		
	 By:
	 	  

	 Name:
	 	  

	 Its:
	 	  

 EXHIBIT G 
 FORM OF JOINDER AGREEMENT 
 This Joinder Agreement (the “Joinder
Agreement”) is made and dated as of [            ], 20[     ], and is entered into by and between
            , a             corporation (“Subsidiary”), and HERCULES TECHNOLOGY GROWTH CAPITAL, INC., a Maryland
corporation, as a Lender. 
 RECITALS 
 A. Subsidiary’s Affiliate, Cell Therapeutics, Inc., a Washington corporation (“Cell Therapeutics”) and Systems Medicine LLC, a Delaware limited liability company (“Systems
Medicine”; Cell Therapeutics and Systems Medicine are hereinafter referred to individually and collectively, jointly and severally, as “Borrower”) have entered into that certain Loan and Security Agreement dated March [ ], 2013, with
Lender, as such agreement may be amended (the “Loan Agreement”), together with the other agreements executed and delivered in connection therewith; 
 B. Subsidiary acknowledges and agrees that it will benefit both directly and indirectly from Cell Therapeutics’ execution of the Loan Agreement and the other agreements executed and delivered in
connection therewith; 
 AGREEMENT 
 NOW THEREFORE, Subsidiary and Lender agree as follows: 
 1. The recitals set forth
above are incorporated into and made part of this Joinder Agreement. Capitalized terms not defined herein shall have the meaning provided in the Loan Agreement. 
 2. By signing this Joinder Agreement, Subsidiary shall be bound by the terms and conditions of the Loan Agreement the same as if it were the Borrower (as defined in the Loan Agreement) under the Loan
Agreement, mutatis mutandis, provided however, that Lender shall have no duties, responsibilities or obligations to Subsidiary arising under or related to the Loan Agreement or the other agreements executed and delivered in connection therewith.
Rather, to the extent that Lender has any duties, responsibilities or obligations arising under or related to the Loan Agreement or the other agreements executed and delivered in connection therewith, those duties, responsibilities or obligations
shall flow only to Borrower and not to Subsidiary or any other person or entity. By way of example (and not an exclusive list): (a) Lender’s providing notice to Borrower in accordance with the Loan Agreement or as otherwise agreed between
Borrower and Lender shall be deemed provided to Subsidiary; (b) a Lender’s providing an Advance to Borrower shall be deemed an Advance to Subsidiary; and (c) Subsidiary shall have no right to request an Advance or make any other
demand on Lender. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 [SIGNATURE PAGE TO JOINDER AGREEMENT] 

 

							
	 SUBSIDIARY:
	  	
	  
	 	 .
	  	
				
		 	 By:
	 		  	
		 	 Name:
	 		  	
		 	 Title:
	 		  	
		 	 Address:
	 		  	
				
		 	 Telephone:
	 	  
	  	
		 	 Facsimile:
	 	  
	  	
		
	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.	  	
			
		 	
By:                       
                                         
                                
	  	
		 	
Name:                       
                                         
                          
	  	
		 	
Title:                       
                                         
                             
	  	
			
		 	 Address:
 400
Hamilton Ave., Suite 310
 Palo Alto, CA 94301
 Facsimile: 650-473-9194
 Telephone: 650-289-3060
	  	

  

 EXHIBIT H 
 ACH DEBIT AUTHORIZATION AGREEMENT 
 Hercules Technology Growth Capital, Inc. 

400 Hamilton Avenue, Suite 310 
 Palo Alto, CA
94301 
  

	 	Re:	Loan and Security Agreement dated             , 2013 between Cell Therapeutics, Inc., a Washington
corporation (“Cell Therapeutics”) and Systems Medicine LLC, a Delaware limited liability company (“Systems Medicine”; Cell Therapeutics and Systems Medicine are hereinafter referred to individually and collectively, jointly and
severally, as “Borrower”) and Hercules Technology Growth Capital, Inc., a Maryland corporation (“Lender”) (the “Agreement”) 

 In connection with the above referenced Agreement, the Borrower hereby authorizes the Lender to initiate debit entries for the periodic payments due under the Agreement to the Borrower’s account
indicated below. The Borrower authorizes the depository institution named below to debit to such account. 
  

			
		
	 DEPOSITORY NAME
	 	BRANCH
		
	 CITY
	 	STATE AND ZIP CODE
		
	 TRANSIT/ABA NUMBER
	 	ACCOUNT NUMBER

 This authority will remain in full force and effect so long as any amounts are due under the Agreement. 

 
  

			
	  
 (Borrower)(Please Print)

		
	 By:
	 	              

	 Date:

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