Document:

Exhibit 10.22

 

 

NOTICE OF GRANT OF NON-QUALIFIED STOCK
OPTION AWARD

 

Energous Corporation

2014 Non-Employee Equity Compensation Plan

 

FOR GOOD AND VALUABLE CONSIDERATION, Energous
Corporation (the “Company”) hereby grants, pursuant to the provisions of the Company’s 2014 Non-Employee
Equity Compensation Plan (the “Plan”), to the Grantee designated in this Notice of Grant of Non-Qualified Stock
Option Award (the “Notice”) an option to purchase the number of shares of the Common Stock of the Company set
forth in the Notice (the “Shares”), subject to certain restrictions as outlined below in this Notice and the
additional provisions set forth in the attached Terms and Conditions of Stock Option Award (collectively, the “Agreement”).
The terms and conditions of the Plan are incorporated by reference in their entirety into this Agreement. When used in this Agreement,
the terms which are defined in the Plan shall have the meanings given to them in the Plan, as modified herein (if applicable).

 

	Grantee: 	Date of Grant:  
	Exercise Price per Share: 	Vesting Start Date: 
	Total Number of 

Option Shares:    	

Expiration Date: 
	
        Vesting Schedule:

         

        All of the Option Shares initially shall be unvested shares.
        For so long as you remain continuously a Service Provider to the Company the Option Shares shall become vested and exercisable
        according to the schedule set forth below and you may exercise this Option as to any vested Shares:

         

	Vesting Date	Number of Vested Shares
	
         

         

         

         

         
	 
	 	 
	Notwithstanding the foregoing, effective upon the occurrence of a Change of Control this Option shall vest and become exercisable in full.
	
        Exercise After Separation from Service:

         

        Separation from Service: any non-vested portion of the
        Option expires immediately and any vested portion of the Option remains exercisable until one year following Grantee’s Separation
        from Service; provided, however, that this Option shall not be exercisable subsequent to the expiration date specified above.

         

        In no event may this
        Option be exercised after the Expiration Date as provided above. 

         

	 
	 	 

 

    	 

    	 

    

 

By signing below, the Grantee agrees that this Non-Qualified
Stock Option Award is granted under and governed by the terms and conditions of the Company’s 2014 Non-Employee Equity Compensation
Plan and the attached Terms and Conditions.

 

	Grantee   	Energous Corporation    	 
	 	 	 
	                                                                                                        	 	 
	Rex S. Jackson     	Name:                                                                                               	 
	 	Title:                                                                                                 	 
	 	 	 
	Date:                                                                                                	Date:                                                                                                 	 

 

    	 

    	 

    

   

TERMS AND CONDITIONS OF STOCK OPTION
AWARD

 

		1.	Grant of Option. The Stock Option Award (the “Award”) granted by Energous Corporation (the “Company”)
to the Grantee specified in the Notice of Grant of Non-Qualified Stock Option Award (the “Notice”) to which
these Terms and Conditions of Stock Option Award (the “Terms”) are attached, is subject to the terms and conditions
of the Plan, the Notice, and these Terms. The terms and conditions of the Plan are incorporated by reference in their entirety
into these Terms (the Plan is available upon request). Together, the Notice, all Exhibits to the Notice and these Terms constitute
the “Agreement.” When used in this Agreement, the terms which are defined in the Plan shall have the meanings
given to them in the Plan, as modified herein (if applicable). For purposes this Agreement, any reference to the Company shall
include a reference to any Affiliate.

 

The Board has approved an award of an Options to the
Grantee with respect to a number of shares of the Company’s Common Stock as set forth in the Notice, conditioned upon the
Grantee’s acceptance of the provisions set forth in the Notice and these Terms within 60 days after the Notice and these
Terms are presented to the Grantee for review.

 

The Company intends that this Option not be considered
to provide for the deferral of compensation under Section 409A and that this Agreement shall be so administered and construed.
Further, the Company may modify the Plan and this Award to the extent necessary to fulfill this intent.

 

		2.	Exercise of Option.

 

(a) Right to Exercise.
This Option shall be exercisable, in whole or in part, during its term in accordance with the Vesting Schedule set out in the Notice
and with the applicable provisions of the Plan and this Agreement. No Shares shall be issued pursuant to the exercise of an Option
unless the issuance and exercise comply with applicable laws. Assuming such compliance, for income tax purposes the Shares shall
be considered transferred to the Grantee on the date on which the Option is exercised with respect to such Shares. Until such time
as the Option has been duly exercised and Shares have been delivered, the Grantee shall not be entitled to exercise any voting
rights with respect to such Shares and shall not be entitled to receive dividends or other distributions with respect thereto.
The Board may, in its discretion and pursuant to its administrative authority under Section 3.1 of the Plan, (i) accelerate vesting
of the Option or (ii) extend the applicable exercise period of the Option.

 

(b) Method of Exercise.
The Grantee may exercise the Option by delivering an exercise notice in a form approved by the Company (the “Exercise
Notice”) which shall state the election to exercise the Option, the number of Shares with respect to which the Option
is being exercised, and such other representations and agreements as may be required by the Company. The Exercise Notice shall
be accompanied by payment of the aggregate Exercise Price as to all Shares exercised. This Option shall be deemed to be exercised
upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price.

 

		3.	Method of Payment. If the Grantee elects to exercise the Option by submitting an Exercise Notice under Section 2(b)
of this Agreement, the aggregate Exercise Price (as well as any applicable withholding or other taxes) shall be paid by cash or
check; provided, however, that the Board may consent, in its discretion, to payment in any of the following forms, or a
combination of them:

 

(a) cash or check;

 

    	 

    	 

    

 

(b) a “net exercise”
under which the Company reduces the number of shares of Common Stock issued upon exercise by the largest whole number of shares
with a Fair Market Value that does not exceed the aggregate Exercise Price and any applicable withholding, or such other consideration
received by the Company under a cashless exercise program approved by the Company in connection with the Plan;

 

(c) surrender of other shares
of Common Stock owned by the Grantee which have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price
of the exercised Shares and any applicable withholding; or

 

(d) any other consideration
that the Board deems appropriate and in compliance with applicable law.

 

		4.	Restrictions on Exercise. This Option may not be exercised until such time as the Plan has been approved by the stockholders
of the Company, or if the issuance of the Shares upon exercise or the method of payment of consideration for those shares would
constitute a violation of any applicable law, regulation or Company policy.

 

		5.	Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws
of descent or distribution and may be exercised during the lifetime of the Grantee only by the Grantee. The terms of the Plan and
this Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Grantee.

 

		6.	Term of Option. This Option may be exercised only within the term set out in the Notice, and may be exercised during
such term only in accordance with the Plan and the terms of this Agreement.

 

		7.	Withholding.

 

(a) The Board shall determine
the amount of any withholding or other tax required by law to be withheld or paid by the Company with respect to any income recognized
by the Grantee with respect to the Option Award.

 

(b) The Grantee shall be required
to meet any applicable tax withholding obligation in accordance with the provisions of Section 17.3 of the Plan.

 

		8.	Grantee Representations. The Grantee hereby represents to the Company that the Grantee has read and fully understands
the provisions of the Notice, these Terms and the Plan, and the Grantee’s decision to participate in the Plan is completely
voluntary. Further, the Grantee acknowledges that the Grantee is relying solely on his or her own advisors with respect to the
tax consequences of this Award. The Grantee releases and holds the Company, and its officers, directors, employees and agents,
harmless from any loss or claim related to or in any way connected with the tax consequences of the Option, including without limitation
the treatment of the Option under Section 409A.

 

		9.	Regulatory Limitations on Exercises. Notwithstanding the other provisions of this Agreement, the Board shall have the
sole discretion to impose such conditions, restrictions and limitations (including suspending the exercise of the Option and the
tolling of any applicable exercise period during such suspension) on the issuance of Common Stock with respect to this Option unless
and until the Board determines that such issuance complies with (i) any applicable registration requirements under the Securities
Act or the Board has determined that an exemption therefrom is available, (ii) any applicable listing requirement of any stock
exchange on which the Common Stock is listed, (iii) any applicable Company policy or administrative rules, and (iv) any other applicable
provision of state, federal or foreign law, including foreign securities laws where applicable.

 

    	 

    	 

    

 

		10.	Right of First Refusal; Company Call Option. The exercise agreement by which the Option is exercised shall include a
right of first refusal and call option in favor of the Company substantially similar to the terms set forth in Annex 1 to
these Terms, applicable at any time prior to an Initial Public Offering.

 

		11.	Market Stand-off Agreement. In connection with an Initial Public Offering and upon request of the Company or the underwriters
managing such Initial Public Offering, the Grantee agrees not to sell, make any short sale of, loan, grant any option for the purchase
of, or otherwise dispose of any Shares without the prior written consent of the Company or such underwriters, as the case may be,
for such period of time from the effective date of such registration as may be requested by the Company or such managing underwriters
and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of an Initial Public Offering.

 

		12.	Miscellaneous.

 

 (a) Notices. Any
notice which either party hereto may be required or permitted to give to the other shall be in writing and may be delivered personally,
by intraoffice mail, by fax, by electronic mail or other electronic means, or via a postal service, postage prepaid, to such electronic
mail or postal address and directed to such person as the Company may notify the Grantee from time to time; and to the Grantee
at the Grantee’s electronic mail or postal address as shown on the records of the Company from time to time, or at such other
electronic mail or postal address as the Grantee, by notice to the Company, may designate in writing from time to time.

 

 (b) Waiver. The
waiver by any party hereto of a breach of any provision of the Notice or these Terms hall not operate or be construed as a waiver
of any other or subsequent breach.

 

 (c) Entire Agreement.
These Terms, the Notice and the Plan constitute the entire agreement between the parties with respect to the subject matter hereof.
Any prior agreements, commitments or negotiations concerning the Award are superseded.

 

 (d) Binding Effect;
Successors. These Terms hall inure to the benefit of and be binding upon the parties hereto and to the extent not prohibited
herein, their respective heirs, successors, assigns and representatives. Nothing in these Terms, express or implied, is intended
to confer on any person other than the parties hereto and as provided above, their respective heirs, successors, assigns and representatives
any rights, remedies, obligations or liabilities.

 

 (e) Governing Law.
The Notice and these Terms shall be governed by and construed in accordance with the laws of the State of Delaware without giving
effect to the principles of conflicts of law.

 

 (f) Headings. The
headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of these Terms.

 

 (g) Conflicts; Amendment.
The provisions of the Plan are incorporated in these Terms in their entirety. In the event of any conflict between the provisions
of these Terms and the Plan, the provisions of the Plan shall control. The Agreement may be amended at any time by the Board, provided
that no amendment may, without the consent of the Grantee, materially impair the Grantee’s rights with respect to the Option.

 

 (h) No Right to Continued
Employment. Nothing in the Notice or these Terms shall confer upon the Grantee any right to continue in the employ or service
of the Company or affect the right of the Company to terminate the Grantee’s employment or service at any time.

 

    	 

    	 

    

 

 (i) Further Assurances.
The Grantee agrees, upon demand of the Company or the Board, to do all acts and execute, deliver and perform all additional documents,
instruments and agreements which may be reasonably required by the Company or the Board, as the case may be, to implement the provisions
and purposes of the Notice and these Terms and the Plan.

 

(j) Confidentiality. The Grantee agrees
that the terms and conditions of the Option award reflected in the Notice and these Terms are strictly confidential and, with the
exception of Grantee’s counsel, tax advisor, immediate family, or as required by applicable law, have not and shall not be
disclosed, discussed, or revealed to any other persons, entities, or organizations, whether within or outside Company, without
prior written approval of Company. The Grantee further agrees to take all reasonable steps necessary to ensure that confidentiality
is maintained by any of the individuals or entities referenced above to whom disclosure is authorized.

 

    	 

    	 

    

 

TERMS AND CONDITIONS OF STOCK OPTION
AWARD

 

Annex 1

 

COMPANY’S RIGHT OF FIRST REFUSAL
AND CALL OPTION

 

		1.	Company’s Right of First Refusal. Shares that have previously become vested (“Vested Shares”)
may not be sold or otherwise transferred by the Grantee without the Company’s prior written consent. Before any Vested Shares
held by the Grantee or any permitted transferee of such Shares (either sometimes referred to herein as the “Holder”)
may be sold or otherwise transferred (including, without limitation, a transfer by gift or operation of law), the Company and/or
its assignee(s) will have a right of first refusal to purchase the Vested Shares to be sold or transferred (the “Offered
Shares”) on the terms and conditions set forth in this Section (the “Right of First Refusal”).

 

(a) Notice of Proposed Transfer.
The Holder of the Offered Shares will deliver to the Company a written notice (the “Notice”) stating: (i) the
Holder’s bona fide intention to sell or otherwise transfer the Offered Shares; (ii) the name and address of each proposed
purchaser or other transferee (the “Proposed Transferee”); (iii) the number of Offered Shares to be transferred
to each Proposed Transferee; (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the
Offered Shares (the “Offered Price”); and (v) that the Holder acknowledges this Notice is an offer to sell the
Offered Shares to the Company and/or its assignee(s) pursuant to the Company’s Right of First Refusal at the Offered Price
as provided for in this Exercise Agreement.

 

(b) Exercise of Right of
First Refusal. At any time within thirty days after the date of the Notice, the Company and/or its assignee(s) may, by giving
written notice to the Holder, elect to purchase all (or, with the consent of the Holder, less than all) the Offered Shares proposed
to be transferred to any one or more of the Proposed Transferees named in the Notice, at the purchase price, determined as specified
below.

 

(c) Purchase Price.
The purchase price for the Offered Shares purchased under this Section will be the Offered Price, provided that if the Offered
Price consists of no legal consideration (as, for example, in the case of a transfer by gift) the purchase price will be the fair
market value of the Offered Shares as determined in good faith by the Board. If the Offered Price includes consideration other
than cash, then the value of the non-cash consideration, as determined in good faith by the Board, will conclusively be deemed
to be the cash equivalent value of such non-cash consideration.

 

(d) Payment. Payment
of the purchase price for the Offered Shares will be payable, at the option of the Company and/or its assignee(s) (as applicable),
by check or by cancellation of all or a portion of any outstanding purchase money indebtedness owed by the Holder to the Company
(or to such assignee, in the case of a purchase of Offered Shares by such assignee) or by any combination thereof. The purchase
price will be paid without interest within sixty days after the Company’s receipt of the Notice, or, at the option of the
Company and/or its assignee(s), in the manner and at the time(s) set forth in the Notice.

 

(e) Holder’s Right
to Transfer. If all of the Offered Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased
by the Company and/or its assignee(s) as provided in this Section, then the Holder may sell or otherwise transfer such Offered
Shares to each Proposed Transferee at the Offered Price or at a higher price, provided that (i) such sale or other transfer
is consummated within one hundred twenty days after the date of the Notice, (ii) any such sale or other transfer is effected in
compliance with all applicable securities laws, and (iii) each Proposed Transferee agrees in writing that the provisions of this
Section will continue to apply to the Offered Shares in the hands of such Proposed Transferee. If the Offered Shares described
in the Notice are not transferred to each Proposed Transferee within such one hundred twenty day period, then a new Notice must
be given to the Company pursuant to which the Company will again be offered the Right of First Refusal before any Shares held by
the Holder may be sold or otherwise transferred.

 

    	 

    	 

    

 

(f) Exempt Transfers.
Notwithstanding anything to the contrary in this Section, the following transfers of Vested Shares will be exempt from the Right
of First Refusal: (i) the transfer of any or all of the Vested Shares during Purchaser’s lifetime by gift or on Purchaser’s
death by will or intestacy to a Family Member of Purchaser, provided that each transferee or other recipient agrees in a writing
satisfactory to the Company that the provisions of this Section will continue to apply to the transferred Vested Shares in the
hands of such transferee or other recipient; (ii) any transfer of Vested Shares made pursuant to a statutory merger or statutory
consolidation of the Company with or into another corporation or corporations (except that the Right of First Refusal will continue
to apply thereafter to such Vested Shares, in which case the surviving corporation of such merger or consolidation shall succeed
to the rights of the Company under this Section unless the agreement of merger or consolidation expressly otherwise provides);
or (iii) any transfer of Vested Shares pursuant to the winding up and dissolution of the Company.

 

(g) Termination of Right
of First Refusal. The Right of First Refusal will terminate as to all Shares upon an Initial Public Offering.

 

(h) Encumbrances on Vested
Shares. Purchaser may grant a lien or security interest in, or pledge, hypothecate or encumber Vested Shares only if each party
to whom such lien or security interest is granted, or to whom such pledge, hypothecation or other encumbrance is made, agrees in
a writing satisfactory to the Company that: (i) such lien, security interest, pledge, hypothecation or encumbrance will not apply
to such Vested Shares after they are acquired by the Company and/or its assignees under this Section; and (ii) the provisions of
this Section will continue to apply to such Vested Shares in the hands of such party and any transferee of such party. Purchaser
may not grant a lien or security interest in, or pledge, hypothecate or encumber, any Shares that have not yet become vested.

 

		2.	Company’s Call Option. In addition to all other restrictions and conditions applicable under the Plan, this Agreement
and otherwise to Shares issued upon the exercise of the Option, Vested Shares shall be issued subject to the following terms and
conditions:

 

(a) Call Notice. At
any time during the ninety day period beginning on the date of the Grantee’s Separation from Service for any reason, the
Company shall have the right and option (the “Repurchase Option”) to purchase from the Grantee or his or her
heirs or personal representative, all, but not less than all, of the Vested Shares that are outstanding as of the date of Separation
from Service, which right may be exercised by giving written notice of such exercise (a “Call Notice”) to the
Grantee or his or her heirs or personal representative. The purchase price of such Vested Shares shall be the Fair Market Value
of such Vested Shares as of the date of Separation from Service, provided that if the Separation from Service is for Cause,
the purchase price for the Vested Shares shall be for the lesser of (A) the Fair Market Value of such Vested Shares as of the date
of Separation from Service or (B) the purchase price paid by the Grantee to acquire such Vested Shares.

 

    	 

    	 

    

 

(b) Closing. The closing
of a purchase of Vested Shares under this Section shall be held at the principal office of the Company on a date and time specified
in the Call Notice (the “Closing Date”). The Closing Date shall in no event be more than ninety days, or less
than thirty days, after the date of such Call Notice. At the closing, the Company shall deliver to the Grantee or his or her heirs
or personal representative the purchase price in cash and the Grantee shall deliver to the Company (A) such instruments as the
Company shall reasonably request evidencing the transfer of the Vested Shares and (B) if requested by the Company, all necessary
transfer tax stamps.

 

(c) Legends. The Company
may at any time place legends on the certificates representing Vested Shares referencing the restrictions imposed by this Agreement
or require that any Vested Shares be placed in escrow.

 

(d) Termination of Repurchase
Option. The Company’s Repurchase Option shall terminate as to all Shares for which a Closing Date has not yet occurred
upon an Initial Public Offering.Exhibit 10.01

 

ASSET PURCHASE AGREEMENT

 

THIS AGREEMENT is made as of the 18th day
of March, 2014.

 

TONIX PHARMACEUTICALS (BARBADOS)
LTD.,

a company incorporated and duly licenced as an international business company existing under the laws of Barbados

 

(the “Purchaser”)

 

- and -

 

STARLING PHARMACEUTICALS,
INC.,

a company incorporated under the laws of the State of Delaware

 

(the “Vendor”)

 

RECITALS

 

WHEREAS:

 

		A.	The Vendor desires to sell and assign to the Purchaser, and the Purchaser desires to purchase and
assume from the Vendor, the Purchased Assets (as hereinafter defined) pursuant to the terms and subject to the conditions contained
in this agreement;

 

		B.	Tonix Pharmaceuticals Holding Corp (“HoldCo”) is the sole shareholder of Tonix Pharmaceuticals,
Inc. (“Parent”), which is the sole shareholder of the Purchaser; and

 

		C.	HoldCo has agreed to issue and contribute 25,000 shares of its common stock (“Common Shares”)
to Parent, which in turn will contribute such Common Shares to Purchaser for Purchaser to use as partial consideration of the purchase
price to be paid hereunder.

 

NOW THEREFORE, in consideration
of the mutual covenants and agreements contained in this agreement and other good and valuable consideration (the receipt and sufficiency
of which are hereby acknowledged), the parties hereto as follows:

 

Article 1

PRINCIPLES OF INTERPRETATION

 

1.1          
                
Definitions.

 

In this Agreement,
capitalized terms shall have the meanings set out in Appendix 1 hereto.

 

1.2          
                Schedules. The following schedules and appendices are deemed to be an integral part of this Agreement and are attached
hereto and incorporated herein by reference:

 

    	 

    	 

    

 

	Appendices
	 
	1	Definitions
	 	 
	2	Vendor’s Representations and Warranties
	 	 
	3	Purchaser’s Representations and Warranties
	 	 
	Schedules
	 
	1	Intellectual Property

 

1.3          
                Headings and Table of Content. The inclusion of headings and of a table of contents in this Agreement is for convenience
of reference only and shall not affect the construction or interpretation hereof.

 

1.4          
                Gender and Number. In this Agreement, unless the context otherwise requires, words importing the singular include
the plural and vice versa and words importing gender include all genders.

 

1.5          
               
Currency. All amounts in this Agreement are references to U.S. currency.

 

1.6          
                Invalidity of Provisions. Each of the provisions contained in this Agreement is distinct and severable and a declaration
of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the
validity or enforceability of any other provision hereof.

 

1.7          
                Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto pertaining to the subject
matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written. There
are no warranties, conditions or representations (including any that may be implied by statute) and there is no agreement in connection
with such subject matter, except as specifically set forth or referred to in this Agreement. No reliance is placed on any warranty,
representation, opinion, advice or assertion of fact made by any party hereto or its directors, officers, employees, agents or
shareholders, to any other party hereto or its directors, employees, agents or shareholders, except to the extent that the same
has been reduced to writing and included as a term of this Agreement. Accordingly, there shall be no liability assessed in relation
to any such warranty, representation, opinion, advice or assertion of fact, except to the extent aforesaid.

 

1.8          
                Waiver, Amendment. Except as expressly provided in this Agreement, no amendment or waiver of this Agreement shall
be binding unless executed in writing by the parties to be bound thereby. No waiver of any provision of this Agreement shall constitute
a waiver of any other provision nor shall any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise
expressly provided.

 

1.9          
                Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New
York, as such laws are applied to contracts entered into and to be performed within such state, without regard to any conflicts
of laws provisions. The parties agree to the exclusive jurisdiction of the courts located in New York, New York.

 

    	2

    	 

    

 

1.10          
              Schedules.
Any item disclosed in the schedules attached hereto, under any specific section or schedule number hereof, shall be deemed
to have been disclosed for all purposes of this Agreement in response to every section of this Agreement in respect of which such
disclosure is required. In no event shall any party hereto have any liability by virtue of its failure to disclose in response
to any section of this Agreement items which are disclosed herein in respect to another section of this Agreement.

 

Article 2

PURCHASE AND SALE

 

2.1          
                Agreement to Purchase/Sell. Subject to the terms and conditions of this Agreement, and with effect at the Time of
Closing, the Vendor hereby sells to the Purchaser and the Purchaser hereby purchases from the Vendor all right, title and interest
of the Vendor in and to the worldwide Intellectual Property and Intellectual Property Rights related to inventions described in
the provisional patent application listed on Schedule 1, including such provisional patent application (the “Purchased Assets”).

 

2.2          
                Payment of Purchase Price. The purchase price (the “Purchase Price”) for the Purchased Assets shall be
paid and satisfied by transfer to the Vendor of 25,000 fully paid and non-assessable Common Shares and $125,000 in cash.

 

Article 3

REPRESENTATIONS AND WARRANTIES

 

3.1          
                By the Vendor. The Vendor represents and warrants to the Purchaser (and acknowledges that the Purchaser is relying
upon the following representations and warranties in connection with entering into this Agreement and the transactions contemplated
hereby) as set out in Appendix 2 hereto.

 

3.2          
                By the Purchaser. The Purchaser represents and warrants to the Vendor (and acknowledges that the Vendor is relying
upon the following representations and warranties in connection with entering into this Agreement and the transactions contemplated
hereby) as set out in Appendix 3 hereto.

 

3.3          
                No Finder’s Fees. Each of the Vendor and the Purchaser represents and warrants to the other, in connection
with this Agreement, that it has not taken, and agrees that it will not take, any action that would cause the other to become liable
to any claim or demand for a brokerage commission, finder’s fee, fiscal advisory fee or other similar payment.

 

Article 4

COVENANTS

 

4.1          
                Conduct of the Vendor At Closing. The Vendor covenants and agrees with the Purchaser that at the Time of Closing:

 

		4.1.1	Corporate Authority. The Vendor shall deliver to the Purchaser evidence satisfactory to
the Purchaser’s counsel that all necessary corporate authorizations authorizing and approving the transactions contemplated
herein have been obtained.

 

    	3

    	 

    

 

		4.1.2	Conveyance Documentation. The Vendor shall deliver within one (1) month from Closing to
the Purchaser all necessary deeds, conveyances, bills of sale, transfers, assignments and any other documents necessary or reasonably
required in the opinion of the Purchaser’s counsel to transfer effectively to the Purchaser good and marketable title to
the Purchased Assets, free and clear of all Charges, including evidence satisfactory to the Purchaser’s counsel that the
Vendor has obtained all Required Consents.

 

		4.1.3	Possession of Tangible Assets. The Vendor shall deliver to the Purchaser possession of the
notebooks and data records in respect of the Purchased Assets.

 

4.2          
Conduct of the Purchaser at Closing. The Purchaser covenants and agrees with the Vendor that at the Time of Closing:

 

		4.2.1	Corporate Authority. The Purchaser shall deliver to the Vendor evidence satisfactory to
the Vendor’s counsel that all necessary corporate authorizations authorizing and approving the transactions contemplated
herein have been obtained.

 

		4.2.2	Conveyance Documentation. The Purchaser shall deliver to the Vendor all assignments and
any other documents which require execution by the Purchaser, including a share certificate evidencing 25,000 Common Shares.

 

		4.2.3	Purchase Price. The Purchaser shall transfer its 25,000 Common Shares in satisfaction of
the Purchase Price in the manner set out in Section 2.3 hereof as well as payment of $125,000.

 

Article 5

SURVIVAL OF REPRESENTATIONS, WARRANTIES AND COVENANTS

 

5.1          
                Survival of Representations, Warranties and Covenants. The representations, warranties and covenants contained in
this Agreement and in any document executed and delivered in connection with the completion of the transactions contemplated herein
shall survive the Closing and, notwithstanding such Closing and notwithstanding any investigations made by or on behalf of the
parties hereto, shall continue in full force and effect from and after the Closing Date as follows:

 

		5.1.1	as to all warranties and representations, for a period of 1 year following the Closing Date; and

 

		5.1.2	as to all covenants and obligations of the parties, until performed in full.

 

Without limiting the
generality of Section 5.1.2, the parties hereto agree that all indemnities contained herein, except as otherwise specifically set
forth herein, shall survive for one (1) year from Closing.

 

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Article 6

INDEMNIFICATION

 

6.1          
                Vendor Indemnification. The Vendor hereby agrees to indemnify and save harmless the Purchaser for and from any Losses
suffered by the Purchaser as a result of (i) any breach of representation or warranty on the part of the Vendor contained in this
Agreement or in any agreement, certificate or document delivered pursuant to this Agreement, and (ii) any breach or non-performance
by the Vendor of any covenant to be performed by it that is contained in this Agreement or in any agreement, certificate or document
delivered pursuant to this Agreement. Notwithstanding the foregoing, the total liability of the Vendor pursuant to this section
shall not exceed the Purchase Price.

 

6.2          
                Purchaser Indemnification. The Purchaser hereby agrees to indemnify and save harmless the Vendor for and from any
Losses suffered by the Vendor as a result of (i) any breach of representation or warranty on the part of the Purchaser contained
in this Agreement or in any agreement, certificate or document delivered pursuant to this Agreement, and (ii) any breach or non-performance
by the Purchaser of any covenant to be performed by it that is contained in this Agreement or in any agreement, certificate or
document delivered pursuant to this Agreement. The remaining provisions of this Article setting out the terms and conditions of
the indemnity of the Vendor in favour of the Purchaser shall apply to the Purchaser’s indemnity of the Vendor, mutatis mutandis.

 

6.3          
                Notice of Claim. A Party (the “Indemnitee”) shall promptly give notice to the other Party (the
“Indemnitor”) of any claim for indemnification pursuant to Article 6 (a “Claim”, which term
shall include more than one Claim). Such notice shall specify with reasonable particularity (to the extent that the information
is available):

 

		6.3.1	the factual basis for the Claim; and

 

		6.3.2	the amount of the Claim, or, if an amount is not then determinable, an approximate and reasonable
estimate of the likely amount of the Claim.

 

Any Claim arising as
a result of a breach of a representation or warranty contained in Appendix 2 or Appendix 3 shall be made not later than
the date on which, pursuant to Section 5.1, such representation or warranty terminated.

 

6.4          
Procedure for Indemnification.

 

		6.4.1	Investigation of Claim. Following receipt of notice from the Indemnitee of a Claim, the
Indemnitor shall have 30 days to make such investigation of the Claim as the Indemnitor considers necessary or desirable. For the
purpose of such investigation, the Indemnitee shall make available to the Indemnitor the information relied upon by the Indemnitee
to substantiate the Claim.

 

		6.4.2	Third Party Claims. With respect to any Third Party Claim, the Indemnitee shall have the
right, at its own expense, to participate in, or assume control of, the negotiation, settlement or defence of such Third Party
Claim at its discretion.

 

    	5

    	 

    

 

		6.4.3	Cooperation. The Indemnitor and the Indemnitee shall cooperate fully with each other with
respect to Third Party Claims and shall keep each other fully informed with respect thereto (including supplying copies of all
relevant documentation promptly as it becomes available).

 

6.5          
                Interest on Claims. The amount of any Claim submitted under Section 6.1 shall bear interest from and including the
date the Indemnitee is required to make payment in respect thereof at the prime lending rate of interest expressed at a rate per
annum which Royal Bank of Canada establishes as a reference rate of interest for commercial demand loans in Canadian dollars, calculated
from and including such date to but excluding the date reimbursement of such Claim by the Indemnitor is made, and the amount of
such interest shall be deemed to be part of such Claim.

 

6.6          
                Purchase Price Adjustment. The parties hereto agree that any amount paid pursuant to this Article for any breach
of representation or warranty on the part of either the Vendor or the Purchaser contained in this Agreement or in any agreement,
certificate or document delivered pursuant to this Agreement shall constitute an adjustment to the Purchase Price.

 

6.7          
                Exclusive Remedy. From and after Closing, no party hereto shall be liable or responsible in any manner whatsoever
to the other parties, whether for indemnification or otherwise, except for indemnity expressly provided in this Article, which
provide the exclusive remedies and causes of action of the parties hereto with respect to any matter arising out of or in connection
with this Agreement or any agreement, certificate or other document delivered pursuant hereto.

 

Article 7

GENERAL MATTERS

 

7.1          
                Location and Time of Closing. The closing of the transactions contemplated by this Agreement shall take place at
the Time of Closing at the offices of the Purchaser’s counsel.

 

7.2          
                Assignment. No party may assign its rights or benefits under this Agreement, without the prior written consent of
the other party hereto (such consent not to be unreasonably withheld or delayed). In the event of an assignment contemplated above,
any reference in this Agreement to the assignor shall be deemed to include the assignee. Subject to the foregoing, this Agreement
shall enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

 

7.3          
                Expenses. Except as provided in this Agreement, each of the parties hereto shall be responsible for the expenses
(including fees and expenses of legal advisers, accountants and other professional advisers) incurred by it, respectively, in connection
with the negotiation and settlement of this Agreement and the completion of the transactions contemplated hereby.

 

7.4          
                Notices. Any notice or other communication required or permitted to be given hereunder shall be in writing and shall
be given by prepaid first-class mail, by facsimile or other means of electronic communication or by hand-delivery as hereinafter
provided. Any such notice or other communication, if mailed by prepaid first-class mail at any time other than during a general
discontinuance of postal service due to strike, lock-out or otherwise, shall be deemed to have been received on the fourth Business
Day after the post-marked date thereof, or if sent by facsimile or other means of electronic communication, shall be deemed to
have been received on the Business Day following the sending, or if delivered by hand shall be deemed to have been received at
the time it is delivered to the applicable address noted below either to the individual designated below or to an individual at
such address having apparent authority to accept deliveries on behalf of the addressee. Notice of change of address shall also
be governed by this section. In the event of a general discontinuance of postal service due to strike, lock-out or otherwise, notices
or other communications shall be delivered by hand or sent by facsimile or other means of electronic communication and shall be
deemed to have been received in accordance with this section. Notices and other communications shall be addressed as follows:

 

    	6

    	 

    

 

		(a)	if to the Purchaser:

 

Tonix Pharmaceuticals (Barbados)
Ltd.

c/o Chancery Corporate Services
Limited

Chancery House

High Street, Bridgetown

St. Michael BB11128

Barbados, W.I.

 

Attention: Jamar Arthur-Selman

Telephone No.: 1-246 431-0070

Facsimile No.:1-246 431-0076

Email:jarthurselman@ccslbb.com

 

 

		(b)	if to the Vendor:

 

Starling Pharmaceuticals, Inc.

245 E. 93rd St. 14E

New York, NY 10128

 

Attention:Mr. Seth Lederman

Telephone No.:1-212-980-9155
x103

Facsimile No.1-212-923-5700

EmailSeth.Lederman@TonixPharma.com

 

7.5          
                Time of Essence. Time is of the essence of this Agreement.

 

7.6          
                Further Assurances. Each of the parties hereto shall promptly do, make, execute, deliver, or cause to be done, made,
executed or delivered, all such further acts, documents and things as any other party hereto may reasonably require from time to
time for the purpose of giving effect to this Agreement.

 

7.7          
                Counterparts. This Agreement may be signed in counterparts and each such counterpart shall constitute an original
document and such counterparts, taken together, shall constitute one and the same instrument.

 

Signature Page to Follow

 

    	7

    	 

    

 

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

  

	 	TONIX PHARMACEUTICALS (BARBADOS) LTD.
	 	 	 
	 	By: 	/s/ TREVOR A. CARMICHAEL	 
	 	 	Name: Sir Trevor A. Carmichael	 
	 	 	Title: Director	 
	 	 	 	 
	 	By: 	 /s/ SETH LEDERMAN	 
	 	 	Name: Dr. Seth Lederman	 
	 	 	Title: Director	 
	 	 	 	 
	 	By:	 	 
	 	 	CHANCERY CORPORATE SERVICES LIMITED	 
	 	 	Title: Director	 
	 	 	 	 
	 	 	Per: /s/ JAMAR ARTHUR-SELMAN	 
	 	 	Jamar Arthur-Selman	 
	 	 	Director	 
	 	 	 	 
	 	STARLING PHARMACEUTICALS, INC.
	 	 	 
	 	By: 	By: /s/ SETH LEDERMAN	 
	 	 	Name: Seth Lederman	 
	 	 	Title: Director	 

 

    	 

    	 

    

 

APPENDIX 1

 

DEFINITIONS

 

“Agreement”
means this Agreement and all schedules attached to this Agreement, in each case as they may be amended or supplemented from time
to time, and the expressions “hereof”, “herein”, “hereto”, “hereunder”,
“hereby” and similar expressions refer to this Agreement; and unless otherwise indicated, references to Articles and
sections are to Articles and sections in this Agreement;

 

“Business Day”
means any day, other than Saturday, Sunday or any statutory holiday in the State of Delaware;

 

“Charge”
means any charge, encumbrance, hypothec, lien, mortgage, pledge, privilege, prior claim, security interest or title retention agreement
of any nature or kind.

 

“Claim”
has the meaning attributed to such term in Section 6.3;

 

“Closing”
means the closing of the transactions contemplated by this Agreement;

 

“Closing Date”
means March 18, 2014, or such other date as may be agreed upon by the parties hereto;

 

“Common Shares”
means the common shares in the capital of the HoldCo;

 

“Constating
Documents” means, in respect of a corporation, its articles of incorporation, its by-laws and all amendments thereto;

 

“HoldCo”
means Tonix Pharmaceuticals Holding Corp;

 

“including”
means “including without limitation” and shall not be construed to limit any general statement which it follows to
the specific or similar items or matters immediately following it;

 

“Indemnitee”
has the meaning attributed to such term in Section 6.3;

 

“Indemnitor”
has the meaning attributed to such term in Section 6.3;

 

“Intellectual
Property” means all intangible or intellectual property of any kind, including: (i) any registered or unregistered
mark, trade-mark, service mark, business or trade name, domain name, distinguishing guise, logo, insignia, seal, design or symbol,
including all goodwill associated therewith; (ii) works of authorship, including drawings and software; (iii) industrial or utility
designs; (iv) inventions, discoveries, improvements; (v) integrated circuit topographies and mask works; and (vi) trade secrets,
confidential information, ideas, formulas, compositions, know-how, processes, procedures, methodologies, techniques, formulae,
calculations, designs, research and development information, data, specifications, analyses, plans, maintenance information and
all other technical, research or design information;

 

    	 

    	 

    

 

“Intellectual
Property Rights” means all rights to Intellectual Property existing under: (i) trademark law; (ii) copyright law;
(iii) design patent or industrial design law; (iv) patent law; (v) semi-conductor chip or mask work law; or (vi) any other statutory
provision or common law principle relating to such subject matter including trade secret law; including all grants and registrations
worldwide in connection with the foregoing and all other rights with respect thereto existing other than pursuant to grant or registration;
all applications for any such grant or registration, all rights to make such applications and the right to control their prosecution,
rights or priority under international conventions, and all amendments, continuations, divisions and continuations-in-part of such
applications, and all corrections, reissues, patents of addition, extensions and renewals of any such grant, registration or right.

 

“Losses”
means in respect of any matter, all claims, demands, proceedings, losses, damages, liabilities, deficiencies, costs and expenses
(including all reasonable legal and other professional fees and disbursements, interest, penalties and amounts paid in settlement)
arising as a consequence of such matter;

 

“Parent”
means Tonix Pharmaceuticals, Inc.;

 

“Person”
means any individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship, company or corporation with
or without share capital, unincorporated association, trust, trustee, executor, administrator or other legal personal representative,
regulatory body or agency, government or governmental agency, authority or entity however designated or constituted;

 

“Purchase Price”
has the meaning attributed to such term in Section 2.2;

 

“Purchased Assets”
has the meaning attributed to such term in Section 2.1;

 

“Purchaser”
has the meaning attributed to such term in the preamble to this Agreement;

 

“Purchaser’s
Claim” has the meaning attributed to such term in Section 6.3;

 

“Required Consents”
means, collectively, all consents required from any Third Party in order to assign and transfer any of the Purchased Assets;

 

“Purchaser”
has the meaning attributed to such term in the preamble to this Agreement.

 

    	 

    	 

    

 

APPENDIX 2

 

VENDOR’S REPRESENTATIONS AND
WARRANTIES

 

2.1          
                Incorporation and Status. The Vendor is duly incorporated and validly existing under the laws of the State of Delaware.

 

2.2          
                Due Authorization. The execution and delivery of this Agreement and all other agreements, the execution of which
by the Vendor is herein contemplated, have been duly authorized by all necessary corporate action and the Vendor has all requisite
corporate power and authority to enter into all such agreements and to perform and discharge its obligations thereunder in accordance
with their respective terms.

 

2.3          
                Execution and Binding Effect. This Agreement has been duly and validly executed and delivered by the Vendor and constitutes
a valid and binding obligation of the Vendor enforceable against it in accordance with its terms, except as enforcement may be
limited by bankruptcy, insolvency and other laws affecting creditors’ rights generally and except that equitable remedies
may be granted only in the discretion of a court of competent jurisdiction.

 

2.4          
                No
Contravention. The execution and delivery of this Agreement and all other agreements, the execution of which is contemplated
hereby by the Vendor and the observance and performance of the terms and provisions of any such agreements on its part to be observed
and performed and the completion of the transactions provided for in this Agreement: (i) do not constitute a violation of applicable
law or a violation or breach of the Constating Documents or, subject to obtaining the Required Consents, any provision of any
contract, indenture, trust deed, bond, debenture, security agreement, agreement or other instrument to which the Vendor is a party
or by which it is bound, or any order, writ, injunction, decree, statute, rule, by-law or regulation applicable to it; (ii) subject
to obtaining the Required Consents, would not constitute a default (nor would with the passage of time or the giving of notice
or both or otherwise, constitute a default) under any contract, indenture, trust deed, bond, debenture, security agreement or
other instrument to which the Vendor is a party or by which it is bound; and (iii) would not result in the creation or imposition
of any Charge on any of the property or assets of the Vendor.

 

2.5          
                Approvals, Consents and Notices Relating to the Vendor. Except for the Required Consents, no authorization, consent
or approval of, or filing with, or notice to any court or other Person is required to be obtained or given by the Vendor in connection
with the execution, delivery or performance of this Agreement by the Vendor.

 

2.6          
                Purchased Assets. The Vendor owns the Purchased Assets with good and marketable title thereto, free and clear of
any Charge and of any rights or privileges capable of becoming a Charge.

 

2.7          
                Intellectual Property. Schedule 1 contains a complete list of the Purchased Assets. The Vendor is authorized to assign
the Intellectual Property to the Purchaser. The Vendor has not granted any right, title or interest in and to the Intellectual
Property used by it to any other Person. The Vendor has not received any notice claiming that the development, manufacture, commercialization,
sale, distribution or other use of the Purchased Assets infringes upon Intellectual Property Rights of any other Person, and is
not aware of any such infringement.

 

2.8          
                No Other Representations and Warranties. Other than as set forth in this Appendix 2, the Vendor is not making any
representations or warranties.

 

    	 

    	 

    

 

APPENDIX 3

 

PURCHASER’S REPRESENTATIONS AND
WARRANTIES

 

3.1          
                Incorporation and Status. The Purchaser is a subsisting corporation validly incorporated and organized under the laws of
Barbados.

 

3.2          
                Due Authorization. The execution and delivery of this Agreement and all other agreements, the execution of which by the
Purchaser is herein contemplated, have been duly authorized by all necessary corporate action and the Purchaser has all requisite
corporate power and authority to enter into all such agreements and to perform and discharge its obligations thereunder in accordance
with their respective terms.

 

3.3          
                Execution and Binding Effect. This Agreement has been duly and validly executed and delivered by the Purchaser and
constitutes a valid and binding obligation of the Purchaser enforceable against it in accordance with its terms, except as enforcement
may be limited by bankruptcy, insolvency and other laws affecting creditors’ rights generally and except that equitable remedies
may be granted only in the discretion of a court of competent jurisdiction.

 

3.4          
                No Contravention. The execution and delivery of this Agreement and all other agreements, the execution of which is contemplated
hereby by the Purchaser and the observance and performance of the terms and provisions of any such agreements on its part to be
observed and performed and the completion of the transactions provided for in this Agreement: (i) do not constitute a violation
of applicable law or a violation or breach of the Constating Documents or any provision of any contract, indenture, trust deed,
bond, debenture, security agreement, agreement or other instrument to which the Purchaser is a party or by which it is bound,
or any order, writ, injunction, decree, statute, rule, by-law or regulation applicable to it; (ii) would not constitute a default
(nor would with the passage of time or the giving of notice or both or otherwise, constitute a default) under any contract, indenture,
trust deed, bond, debenture, security agreement or other instrument to which the Purchaser is a party or by which it is bound;
and (iii) would not result in the creation or imposition of any Charge on any of the property or assets of the Purchaser.

 

3.5          
                Approvals, Consents and Notices Relating to the Purchaser. No authorization, consent or approval of, or filing with,
or notice to any court or other Person is required to be obtained or given by the Purchaser in connection with the execution, delivery
or performance of this Agreement by the Purchaser.

 

3.6          
                Transfer of Common Shares. The transfer of Common Shares to Vendor is being made free and clear of any Charge.

 

3.7          
                No Other Representations and Warranties. Other than as set forth in this Appendix 3, the Purchaser is not making any representations
or warranties.

 

    	 

    	 

    

 

SCHEDULE 1

 

INTELLECTUAL PROPERTY

 

US Provisional Patent Number 61786728 – Radio and Chemo
Protective Agents and all other patent applications claiming priority thereof, including US Nonprovisional Patent Application No.
14203733.

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