Document:

Exhibit 10.1

COMMERCIAL LEASE AGREEMENT

 

	LESSOR:	 	CO-LESSEE:
	ESSEX CAPITAL CORPORATION	 	IMPRIMIS PHARMACEUTICALS, INC.
	1486 EAST VALLEY ROAD	 	12664 EL CAMINO REAL, SUITE 350
	SANTA BARBARA, CA 93108	 	SAN DIEGO, CA 92130
	EMAIL:  ralph@essexcapitalcorp.com	 	EMAIL:  aboll@imprimispharma.com

 

	CO-LESSEE:	 	CO-LESSEE:
	IMPRIMISRXCA, INC.	 	IMPRIMISRXNJ, LLC
	9257 RESEARCH DRIVE	 	1705 ROUTE 46, SUITE 6A
	IRVINE, CA 92618	 	LEDGEWOOD, NJ 07852
	EMAIL:	 	EMAIL:

 

EQUIPMENT LOCATIONS: 1705 Route 46 W,
Suite 6, Ledgewood, New Jersey and 9257 Research Drive, Irvine, California (“Equipment Locations”).

 

EQUIPMENT DESCRIPTION: The Equipment
is sale-leaseback and is more fully described on Addendum I attached hereto and made a part hereof (“Leased Equipment”).
A Bill of Sale in the form of Addendum III must be completed and signed.

 

LEASE DATE: August 9, 2016 (“Lease Date”)

 

ORIGINAL EQUIPMENT COST: $2,000,000

 

	 	 	 	 	 	MONTHLY	 	 	 	 	 	 	 
	LEASE TERM:	 	 	 	 	RENTAL:	 	 	FEES:	 	 	 	 
	36 Months	 	Amount:	 	$	64,444	 	 	Documentation Fee:	 	$	300	 
	 	 	Tax:	 	$	-	 	 	Filing Fee:	 	$	80	 
	 	 	Total	 	 	 	 	 	Other:	 	$	-	 
	 	 	Rentals =	 	$	64,444	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	TOTAL FEES	 	$	380	 

 

FIRST PAYMENT INCLUDING FEE IS DUE WITHIN FIVE (5) DAYS OF FUNDING.

  

THIS
LEASE IS A NON-CANCELABLE LEASE

  

	1. AGREEMENT TO LEASE. Lessor agrees to lease to the Co-Lessees, and the Co-Lessees agree to lease from Lessor, subject to the terms of this lease agreement (“Lease Agreement’ or “Lease”) and any	 	schedules or addenda attached hereto, the Leased Equipment identified above or in the attached schedules or addenda. Lessor may insert in this Lease Agreement the serial numbers, and other identification data, of the

 

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        Leased Equipment when determined
        by Lessor. The Leased Equipment shall be installed at, and shall not be removed from the Equipment Locations identified above without
        Lessor’s written consent. Equipment required to be registered under applicable state vehicle laws shall not be removed from the
        state of registration without the Lessor’s written consent. The lease term shall commence upon the Lease Date and shall continue
        for the thirty-six (36) month term referenced above (the “Initial Term”, and if extended pursuant to the
        terms and conditions herein, the “Term”). Notwithstanding the foregoing, Co-Lessees and Lessor acknowledge
        and agree that the Initial Term shall be increased to a forty-eight (48) month term if the following occur: (a) IMPRIMIS PHARMACEUTICALS,
        INC.’s first-half 2017 revenues exceed Sixteen Million Dollars ($16,000,000); and (b) IMPRIMIS PHARMACEUTICALS, INC.
        EBITDA, defined as Earnings Before Interest, Taxes, Depreciation and Amortization, exceeds Five Hundred Thousand Dollars ($500,000).
        In the event the Initial Term is extended to a forty-eight (48) month term, the Monthly Rentals shall be recalculated based upon
        the then remaining lease balance and a lease rate factor of .0320. This Lease Agreement shall have no effect prior to the execution
        of this Lease Agreement by both parties. This Lease Agreement is not subject to cancellation for any reason.

        2. STATUS OF PARTIES, WARRANTIES
        AND DEFENSES. This is a finance lease (California Uniform Commercial Code Section 10103 (a)(7)). Co-Lessees have selected the
        Leased Equipment from the supplier of the Leased Equipment (the “Supplier”). Lessor has not manufactured
        or supplied the Leased Equipment but is acquiring the same or the right to possession and use of the same
	 	
        solely in connection with this
        Lease Agreement, and at the request of Co- Lessees. Co-Lessees acknowledge that Co- Lessees have received copies of all contracts
        evidencing the purchase of the Leased Equipment and the rights with respect thereto. The liability of each Co-Lessee named in this
        Lease shall be joint and several.

        Co-Lessees’ sole remedy in the
        event of a claimed breach of warranty or other defect in or failure of the Leased Equipment shall be in accordance with the Supplier’s
        warranty. Co-Lessees covenant not to assert any claim against Lessor on account of any alleged defect or failure of the Leased
        Equipment and Co-Lessees may not withhold or fail to pay any installments due to Lessor hereunder.

        LESSOR LEASES THE LEASED EQUIPMENT
        “AS IS,” AND BEING NEITHER THE MANUFACTURER OF THE LEASED EQUIPMENT NOR THE AGENT OF EITHER THE MANUFACTURER OR SELLER,
        LESSOR DISCLAIMS ANY REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, WITH RESPECT TO THE CONDITION OR PERFORMANCE OF
        THE LEASED EQUIPMENT, ITS MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR WITH RESPECT TO PATENT INFRINGEMENTS OR THE LIKE.
        LESSOR SHALL HAVE NO LIABILITY TO CO-LESSEES OR ANY OTHER PERSON FOR ANY CLAIM, LOSS OR DAMAGE OF ANY KIND OR NATURE WHATSOEVER,
        NOR SHALL THERE BE ANY ABATEMENT OF RENTAL FOR ANY REASON INCLUDING CLAIMS ARISING OUT OF OR IN CONNECTION WITH (i) THE DEFICIENCY
        OR INADEQUACY OF THE LEASED EQUIPMENT FOR ANY

 

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        PURPOSE, WHETHER OR NOT KNOWN
        OR DISCLOSED TO LESSOR, (ii) ANY DEFICIENCY OR DEFECT IN THE LEASED EQUIPMENT, (iii) THE USE OR PERFORMANCE OF THE LEASED EQUIPMENT,
        OR (iv) ANY LOSS OF BUSINESS OR OTHER CONSEQUENTIAL LOSS OR DAMAGE, WHETHER OR NOT RESULTING FROM ANY OF THE FOREGOING.

        3.
        PAYMENT. Co-Lessees promise and agree to pay all rental installments on the date designated by Lessor and to pay such
        other charges as are herein provided. Payments of rental installments for each month during the Term shall be payable
        at the office of Lessor, or to such other person and/or at such other place as Lessor may from time to time designate
        in writing. Lessor may apply remittances received to unpaid rental installments and/or charges on a due date basis, remittance
        received being applied to the oldest unpaid rental installment or charge.

        The Lease is a net lease, it being
        the intention of the parties that all costs, expenses and liabilities associated with the Leased Equipment or its lease shall be
        borne by Co-Lessees. Co-Lessees’ agreement to pay all obligations under the Lease, including but not limited to the rental installments,
        is absolute and unconditional and such agreement is for the benefit of Lessor and its assignees. Co-Lessees’ obligations shall
        not be subject to any abatement, deferment, reduction, setoff, defense, counterclaim or recoupment.

        4. 
        FINANCIAL AND EQUIPMENT CONDITION. Lessor
        may inspect the Leased Equipment at any time during business hours upon reasonable notice, and Co-Lessees agree to keep
        the Leased Equipment in good condition and repair (ordinary wear and tear excepted) at Co-
	 	
        Lessees’ expense and house the
        same in suitable shelter, and not to sell or otherwise dispose of the Leased Equipment or any accessories attached hereto. Co-Lessees
        shall cause the Leased Equipment to be maintained and serviced in accordance with the recommendations of the Supplier and otherwise
        in accordance with sound and customary industry practices.

        Co-Lessees agree to furnish Lessor
        current financial statements on a quarterly basis at a minimum and additionally upon Lessor’s request, reflecting the Co-Lessees’
        financial status during the term of the Lease.

        5. OWNERSHIP. The parties
        agree that this Lease Agreement creates a lease of personal property, rather than a security interest, within the meaning of California
        Uniform Commercial Code Section 1203, and that the Initial Term is less than the remaining economic life of the Leased Equipment.
        No title or right in the Leased Equipment shall pass to Co-Lessees except the rights herein expressly granted. Plates or other
        markings may be affixed to or placed on the Leased Equipment by Lessor or at Lessor’s reasonable request, by Co-Lessees at Co-Lessees’
        expense, indicating the Lessor is the owner thereof, and Co-Lessees will not remove the same. Upon the termination of the Initial
        Term, except as provided in paragraph 6 below, Co-Lessees will immediately crate, insure, and ship the Leased Equipment and operating
        manuals to whatever destination Lessor shall direct within the continental United States, all at Co-Lessees’ expense, in as good
        condition as received less normal wear and tear, said destination to be confirmed by Co-Lessees prior to shipment. Co-Lessees agree
        to pay Lessor monthly rent at the rate specified for the Term for any month or part thereof from the end of the Term until the
        Leased Equipment is shipped by Co-Lessees. Said Leased Equipment shall always remain and

 

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        be deemed personal property even
        though attached to realty. Co-Lessees shall maintain each unit of Leased Equipment so that it may be removed from the building
        in which it is placed without material damage to the building. All replacements, accessories, or capital improvements made to or
        placed in or upon said Leased Equipment shall become component parts thereof and title thereto shall immediately vest in Lessor
        and shall be included under the terms hereof. Co-Lessees agree that Lessor is authorized, at its option, to file financing statements
        or amendments thereto without the signature of Co-Lessees with respect to any or all of the Leased Equipment and, if a signature
        is required by law, then Co-Lessees appoint Lessor as Co- Lessees’ attorney-in-fact for the purpose of executing any such financing
        statements and further agree to pay the Lessor a reasonable documentation fee to cover the expense of making such filing(s), not
        to exceed $500 in each case. Co-Lessees further agree to execute such documents and take such action, as Lessor may reasonably
        request to protect Lessor and Lessor’s lenders and carve out the interest from any owner or encumbrancer of the real property on
        which the Leased Equipment shall be installed or located, waiving any claim of interest in the Leased Equipment and consenting
        to its removal upon the expiration or sooner termination of this Lease Agreement.

        If Co-Lessees rent the Equipment
        Locations specified above, Co-Lessees shall obtain a signed waiver from Co-Lessees’ landlord (and, if applicable, from such landlord’s
        mortgagee) in favor of Lessor substantially in the form attached hereto as Addendum II.

        If Co-Lessees have one or more
        secured lenders, Co-Lessees will, upon the request of Lessor, provide Lessor with a release of collateral relating to the Leased
        Equipment executed by each such secured lender and
	 	
        file appropriate UCC financing
        statement amendments to delete the Leased Equipment from the financing statements filed by each such secured lender.

        6. EXPIRATION OF LEASE; PURCHASE
        OPTION. At the expiration of the Initial Term, Co-Lessees shall provide at least one hundred twenty (120) days prior written
        notice to Lessor of Co-Lessees’ intent to either (a) purchase the Leased Equipment for an amount not to exceed Fifteen Percent
        (15%) of the Original Equipment Cost pursuant to the purchase option set forth herein, (b) extend the Lease Agreement for twelve
        (12) months, at a monthly rental rate determined by the Lessor (in its sole discretion) to be the fair market value rental rate
        for the Leased Equipment at such time; or (c) return all the Leased Equipment to the Lessor pursuant to Paragraph 5 above. In the
        event that notice is not given at least one hundred twenty (120) days prior to the expiration of the Initial Term or any renewal
        or extension then in effect, then this Lease Agreement shall continue on a month-to month basis, and Co-Lessees shall continue
        to pay the monthly rent then required hereunder, until Co-Lessees thereafter meet the one hundred twenty (120) day prior written
        notice requirement. Nothing herein shall be deemed or construed as a waiver of Lessor’s rights and remedies upon the expiration
        or termination of the Initial Term.

        Provided that Co-Lessees have
        complied in all material respects with all the terms and conditions of this Lease Agreement, no default is continuing hereunder,
        and have paid in full all amounts due under this Lease Agreement, including all lease payments and applicable taxes, then Co-Lessees
        shall have the option to purchase the Leased Equipment upon the expiration of the Initial Term or upon the expiration of any renewal
        or extension as provided herein. Upon the

  

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        proper exercise of this
        purchase option, including timely notice under this Paragraph 6, Co-Lessees may purchase all of
        the Leased Equipment for an amount equal to the Leased Equipment’s then installed fair market value, with such fair market
        value not to exceed Fifteen Percent (15%) of the Original Equipment Cost, as determined by a third party appraiser reasonably
        acceptable to both parties, plus any applicable taxes, provided that Lessor receives payment in full on or before the last
        day of the applicable term. Upon any such exercise of this purchase option and payment in full, title to the Leased Equipment
        shall be transferred to Co-Lessees free and clear of all liens, security interests and other encumbrances created by Lessor
        and this Lease Agreement shall then terminate.

        7. 
        ASSIGNMENT. Lessor may assign this Lease
        Agreement, and any such assignee(s) may further assign this Lease Agreement, without notice to or consent of the Co- Lessees,
        however such assignment will not be made to a competitor of the Co-Lessees, as reasonably determined. Any such assignee
        shall succeed to all rights of the Lessor hereunder, and such assignee’s rights shall be free from all defenses, set-offs
        or counter-claims of any kind which Co- Lessees may be entitled to assert against Lessor other than for Co-Lessees’ right
        to use, possession and purchase of the Leased Equipment pursuant to the terms of this Agreement. Co-Lessees hereby waive
        the right to assert any such defense, set-off or counter-claim against any such assignees, it being understood that such
        assignees shall assume the obligations of the Lessor named herein.

        CO-LESSEES SHALL NOT ASSIGN,
        MORTGAGE OR HYPOTHECATE THIS LEASE OR ANY INTEREST HEREIN, WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR AND ANY SUCH
	 	
        TRANSFER OR ASSIGNMENT WITHOUT
        SUCH CONSENT WILL BE VOID. TITLE TO THE LEASED EQUIPMENT SUBJECT TO THIS LEASE IS RETAINED BY THE LESSOR AND CO-LESSEES COVENANT
        THAT THEY WILL NOT PLEDGE OR ENCUMBER THE EQUIPMENT IN ANY MANNER WHATSOEVER, NOR PERMIT ANY LIENS, CHARGES, OR ENCUMBRANCES TO
        ATTACH THERETO.

        The provisions of this Lease Agreement
        apply to and bind the heirs, executors, administration, successors and permitted assigns of the respective parties hereto.

        8. INSURANCE. Co-Lessees
        assume the entire risk of loss or damages to the Leased Equipment, whether or not covered by insurance, and no such loss shall
        relieve Co- Lessees of its obligations hereunder. Co- Lessees agree to keep the Leased Equipment insured and to provide proof of
        insurance to Lessor in the Leased Equipment and to protect all interests of Lessor, at Co- Lessees’ expense, against all risks
        of loss or damage from any cause whatsoever for not less than the unpaid balance of the lease rentals due hereunder or eighty percent
        (80%) of the then current value of said Leased Equipment, whichever is higher. Co- Lessees shall carry public liability insurance,
        both bodily injury and property damage, insuring the Leased Equipment, which shall be of a type, form, in amounts, with companies
        and contain terms and conditions satisfactory to Lessor. During the Term of this Lease Agreement, Lessor and Lessor’s lenders shall
        be named as an additional insured in all such insurance policies provided and as a loss payee in the policies insuring the Leased
        Equipment. Each policy shall expressly provide that said insurance as to Lessor and its assigns shall not be invalidated by any
        acts, omissions or neglect

 

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        of Co-Lessees. Co-Lessees shall
        provide (30) days prior written notice to Lessor of any cancellation of policy. As to each policy, Co-Lessees shall furnish Lessor
        a Certificate of Insurance and copy of policy from the insurer reflecting the coverage required by this paragraph on or before
        the Lease Date. The proceeds of such insurance whether resulting from loss or damage, shall be applied toward the replacement or
        repair of the Leased Equipment or the payment of Co-Lessees’ obligations under this Agreement. If Co-Lessees fail to maintain the
        insurance required by this paragraph, Lessor may, but it is not obligated to, obtain insurance in such forms and amounts as it
        deems reasonable to protect its interests and Co-Lessees agree to reimburse Lessor for all such costs together with interest at
        the rate provided herein upon demand.

        9. INDEMNITY. Co-Lessees
        shall, at their sole cost and expense, indemnify, hold harmless and defend Lessor and its agents, employees, officers and directors
        from and against any and all claims, actions, suits, proceedings, costs, expenses, damages and liabilities, including attorney’s
        fees, arising out of, connected with, resulting from or relating to the Leased Equipment or the condition, delivery, leasing, location,
        maintenance, manufacture, operation, ownership, possession, purchase, repair, repossession, return, sale, selection, service or
        use thereof, including without limitation (a) claims involving latent or other defects (whether or not discoverable by Co-Lessees
        or Lessor), (b) claims for trademark patent or copyright infringement, and (c) claims for injury or death to persons or damage
        to property or loss of business or anticipatory profits, whether resulting from acts or omissions, including negligence, of Co-
        Lessees or Lessor or otherwise, excluding any claims arising from Lessor’s gross negligence or willful misconduct. Co- Lessees
        shall give Lessor prompt written
	 	
        notice of any claims or liability
        covered by this paragraph. The indemnities under this paragraph shall survive the satisfaction of all other obligations of Co-Lessees
        herein and the termination of this Lease Agreement.

        10. 
        TAXES AND FEES. Co-Lessees agree to use,
        operate and maintain the Leased Equipment in accordance with all laws in all material respects; to pay all licensing and
        registration fees for the Leased Equipment; to keep the same free of levies, liens and encumbrances; to show the Leased
        Equipment as “leased equipment” on Co- Lessees’ personal property tax returns; to pay all personal property
        taxes assessed against equipment, which sum Co-Lessees shall remit to the taxing authority; to pay all other federal,
        state and local taxes, assessments, fees and penalties which may be levied or assessed on or in respect to the Leased
        Equipment or its use or any interest therein, or rental payments thereon including but not limited to all sales and use
        taxes, however designated, levied or assessed upon the Co-Lessees and Lessor or either of them or said equipment, or upon
        the sale, ownership, use or operation thereof (other than those measured by Lessor’s net income). Lessor may pay such
        taxes and other amounts and may file such returns on behalf of Co-Lessees if Co-Lessees fail to do so as provided herein.
        Co-Lessees agree to reimburse Lessor for reasonable costs incurred in collecting any charges, taxes, assessments or fees
        for which Co-Lessees are liable hereunder.

        11.  
        ADVANCES. All advances made and costs reasonably
        incurred by Lessor to preserve the Leased Equipment or to discharge and pay any taxes, assessments, fees, penalties, liens
        or encumbrances thereon or to insure the Leased Equipment shall be added to the unpaid balance of rentals due hereunder
        and shall be repayable by Co-Lessees to Lessor immediately

 

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        together with interest thereon
        at the rate of one percent (1%)x per month (or, if lower, the highest rate then allowed by law) until paid.

        12. DEFAULT. Co-Lessees
        shall be in default hereunder upon the occurrence of any of the following events (each a “Default”): (a)
        failure of Co-Lessees to pay any rental payment or other amount required hereunder when due which failure continues for five (5)
        business days after becoming due hereunder; (b) failure of any Co-Lessee to perform any other obligation hereunder or observe any
        other term or provision hereunder which failure continues for thirty (30) business days after written notice is delivered by Lessor
        to Co-Lessees; (c) any representation or warranty made to Lessor by a Co-Lessee or by any Guarantor proves to have been false in
        any material respect when made; (d) levy, seizure or attachment or other involuntary transfer of the Leased Equipment; (e) a filing
        by or against a Co- Lessee under the provisions of any federal or state bankruptcy or insolvency law or a Co-Lessee otherwise becomes
        subject to the provisions of such law, or assignment for benefit of creditors or bulk transfer of assets by, or cessation of business,
        termination of existence, death or dissolution of, a Co- Lessee or any Guarantor; or (f) the receipt by Lessor of a written notice
        from the landlord of the Equipment Locations that (i) a Co-Lessee has vacated or abandoned the Equipment Locations, or (ii) any
        default by a Co-Lessee under its real property lease with such landlord has occurred and such landlord intends to retake possession
        of the Equipment Locations. As used herein, the term “Guarantor” shall include any guarantor of this Lease
        Agreement and any

        _______________________

        1 12%, based on
        the underlying rate of 10% plus 2% default rate.
	 	
        owner of any property given as
        security for Co-Lessees’ obligations hereunder.

        13. REMEDIES. If a Default
        hereunder is continuing, Lessor may exercise any one or more of the following remedies without demand or notice to Co-Lessees and
        without terminating or otherwise affecting Co- Lessees’ obligations hereunder; (i) accelerate the obligation of Co-Lessees hereunder
        and, in such event, shall be entitled to recover the sum of (a) delinquent lease payments with interest thereon at the legal rate,
        (b) the lease payments that will become due in the future discounted to present value as of the date of entry of judgment at a
        rate equal to 80% of the New York Prime Rate as published from time to time in the Wall Street Journal as of that date, and (c)
        the anticipated residual value of the Leased Equipment; (ii) require Co- Lessees to assemble the Leased Equipment and make it available
        to Lessor at a place designated by Lessor, in its sole discretion and within the continental United States; (iii) take and hold
        possession of the Leased Equipment from any premise where the same may be located without liability to Co- Lessees for any damage
        caused thereby; (iv) sell or lease the Leased Equipment or any part thereof at public or private sale for cash, on credit or otherwise
        with or without representations or warranties, and upon such commercially reasonable terms as shall be acceptable to Lessor; (v)
        use and occupy the Equipment Locations for the purpose of taking, holding, reconditioning, displaying, selling or leasing the Leased
        Equipment, without cost to Lessor or liability to Co- Lessees; and (vi) demand, sue for and recover from Co-Lessees all sums due
        hereunder. Co-Lessees shall be entitled to credit for net proceeds received by Lessor upon sale or reletting of the Leased Equipment,
        if any, discounted to present value. Co-Lessees shall also be liable for all costs incurred by Lessor in retaking,

  

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        protecting, and disposing of the
        Leased Equipment, including reasonable legal fees and costs.

        14.       LATE CHARGE. In the event a rent payment
        or personal property tax payment is not made when due hereunder, the Co- Lessees promise to pay a late charge to the Lessor
        or its assigns not later than one month thereafter, in an amount calculated at the rate of five cents per one ($1.00)
        dollar of each such delayed payment. The late charge and/or the interest payment set forth in this contract shall apply
        only when permitted by law and, if not permitted by law, the late charges and/or interest payments shall be calculated
        at the maximum rate permissible by law.

        15. 
        OMISSION. The omission by the Lessor at
        any time to enforce any default or right reserved to it, or to require performance of any of the terms, covenants or provisions
        hereof or the Co-Lessees at any time designated, shall not be a waiver of any such default or right to which the Lessor
        is entitled, nor shall it in any way affect the right of the Lessor to enforce such provisions thereafter. The Lessor
        may exercise all remedies simultaneously, pursuant to the terms hereof and such action shall not operate to release the
        Co-Lessees until the full arrival of the rentals due and all other sums to be paid hereunder have been paid.

        16. LESSOR’S
        TAX BENEFITS. Co-Lessees acknowledge that Lessor shall be entitled to claim all tax benefits, credits and
        deductions related to the Leased Equipment for federal and state income tax purposes including, without limitation: (i)
        deductions on Lessor’s cost of the Leased Equipment for each of its tax years during the Term under any method of
        depreciation or other cost recovery formula permitted by the Internal Revenue Code of 1986, as amended
	 	
        (hereinafter called the “Code”),
        and (ii) interest deductions as permitted by the Code on the aggregate interest paid to any assignee (hereinafter collectively
        “Lessor’s Tax Benefits”). Co-Lessees agree to take no action inconsistent with the foregoing or which would result in
        the loss, disallowance, recapture or unavailability to Lessor of Lessor’s Tax Benefits. Co-Lessees hereby indemnify Lessor and
        its assignees from and against (a) any loss, disallowance, unavailability or recapture of Lessor’s Tax Benefits resulting from
        any action or failure to act of Co-Lessees, plus (b) all interest, penalties, costs, (including actual attorney fees), or additions
        to tax resulting from such loss, disallowance, unavailability or recapture.

        17. NOTICES. Any notice
        or other communication to be given hereunder shall be in writing and shall be (as elected by the party giving such notice): (i)
        personally delivered; (ii) transmitted by postage prepaid registered or certified mail, return receipt requested; (iii) deposited
        prepaid with a nationally recognized overnight courier service; or (iv) transmitted by electronic mail via the Internet (with a
        copy of such transmission delivered promptly thereafter by registered or certified mail or courier). Unless otherwise provided
        herein, all notices shall be deemed to be effective on: (a) if delivered personally or by courier, the date of receipt (or if delivery
        is refused, the date of such refusal); (b) if by electronic mail, the date transmitted to the appropriate electronic mail address
        and an appropriate return receipt or telephone confirmation is received; or (c) if transmitted by registered or certified mail,
        three (3) days after the date of posting. Any notice shall refer to this Agreement, including the specific paragraph under which
        notice is being given. Notice hereunder shall be directed to a party at the address for such party set forth on this first page
        of this Lease Agreement or to such

  

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        other address or to such other
        person as either party shall have last designated by such notice to the other party hereto.

        18. GOVERNING LAW, VENUE, AND
        JURY WAIVER. This Agreement shall be governed and interpreted in accordance with the laws of the state of Lessor’s principal
        office which is the State of California and any suit hereon shall be brought in the county of such office. To the extent permitted
        by law, the parties waive their right to a jury trial.

        19.     INTEGRATION. It is specifically understood
        and agreed that all understandings and agreements heretofore made between the parties hereto relative to this Lease are
        merged in this Lease Agreement (including its addenda and schedules), which contains the entire agreement and understanding
        of the parties hereto, and neither party relies upon any other statement or representation, except for the credit application
        and financial statements of Co-Lessees and any Guarantor provided in connection herewith. This Lease Agreement may not
        be modified or canceled except by an instrument in writing signed by the Co-Lessees and the Lessor.

        4.         COUNTERPARTS. This Lease Agreement (and
        any amendment hereto or any other document delivered pursuant hereto) may be executed in one or more counterparts and,
        at such time as each party has signed and delivered at least one such counterpart to the other parties hereto, each counterpart
        shall be deemed an original and, taken together, the counterparts shall constitute one and the same agreement. The transmission
        of a counterpart signed with an electronic signature and the transmission of a facsimile, including in portable document
        format (PDF), of any original signed counterpart by electronic mail shall both be
	 	
        treated for all purposes as
        the delivery of an original signed counterpart.

        20. LEGAL REPRESENTATION
        AND CONSTRUCTION. Each party hereto has been represented by legal counsel in connection with the negotiation and drafting of
        this Lease Agreement and any related documents. The parties acknowledge that each party and its counsel have reviewed and revised
        this Lease Agreement and related documents, and that the normal rule of construction to the effect that any ambiguities are to
        be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any related documents.
        As used in this Agreement, the terms “includes” or “including” shall mean “including, without limitation.”
        Wherever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter
        forms, and the singular form of nouns or pronouns shall include the plural and vice versa. Time is of the essence of this Lease
        Agreement.

        This Lease is not effective
        nor accepted until signed by Lessor, which is the last act necessary for the effectiveness of this Lease.

        (signatures on following page)

 

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IN WITNESS WHEREOF, each of the parties
has caused this Lease Agreement to be executed by its duly authorized officers.

 

CO-LESSEE: IMPRIMIS PHARMACEUTICALS, INC.

 

	By:	/s/
    Mark L. Baum	Title: Chief Executive Officer                 
	Date:	August 9, 2016	 
	 	 	 
	By:	/s/
    Andrew R. Boll	Title: Chief Financial Officer                         
	Date:	August 9, 2016	 

 

Witness: ___________________________

 

CO-LESSEE: ImprimisRx
CA, INC.

 

	By:	/s/
    Mark L. Baum	Title: Chief Executive Officer                 
	Date:	August 9, 2016	 
	 	 	 
	By:	/s/
    Andrew R. Boll	Title: Chief Financial Officer                         
	Date:	August 9, 2016	 

 

Witness: ___________________________

 

CO-LESSEE: ImprimisRx
NJ, LLC 

 

	By:	/s/
    Mark L. Baum	Title: Chief Executive Officer                 
	Date:	August 9, 2016	 
	 	 	 
	By:	/s/
    Andrew R. Boll	Title: Chief Financial Officer                         
	Date:	August 9, 2016	 

 

Witness: ___________________________

 

Accepted by LESSOR: ESSEX CAPITAL CORPORATION

 

	By:	/s/
    Ralph T. Iannelli	Title:
    President and Chief Executive Officer 
	Date:	August 9, 2016	 

  

[Signature Page to Commercial Lease Agreement]

 

    	10Form of Pipe Warrant

 Exhibit 4.1 

INVESTOR WARRANT 
 THIS WARRANT AND THE
SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD IN ACCORDANCE WITH RULE 144 UNDER SUCH ACT. 

 

			
	WARRANT NO. [     ]	  	NUMBER OF SHARES: [                 ]
	DATE OF ISSUANCE: [                     ]	  	(subject to adjustment hereunder)
	EXPIRATION DATE: [                     ]	  	

 WARRANT TO PURCHASE SHARES 

OF COMMON STOCK OF 
 TAPIMMUNE
INC. 
 This Warrant is issued to [             ], or its registered assigns
(including any successors or assigns, the “Warrantholder”), which is hereby acknowledged in connection with that certain Subscription Agreement, dated as of
[                     ], by and among TapImmune Inc., a Nevada corporation (the “Company”) and each of the those persons and
entities listed as a Purchaser on the Annex A thereto ( the “Purchase Agreement”). 
 1. EXERCISE OF WARRANT. 

(a) Number and Exercise Price of Warrant Shares; Expiration Date. Subject to the terms and conditions set forth herein and set forth in
the Purchase Agreement, the Warrantholder is entitled to purchase from the Company up to [                 ] shares of the Company’s Common Stock, $0.001 par value
per share (the “Common Stock”) (as adjusted from time to time pursuant to the provisions of this Warrant) (the “Warrant Shares”), at a purchase price of
[                 ]1 per share (the “Exercise Price”), on or before 5:00 p.m. New York City time on
the fifth anniversary of the Date of Issuance (the “Expiration Date”) (subject to earlier termination of this Warrant as set forth herein). 

(b) Method of Exercise. While this Warrant remains outstanding and exercisable in accordance with Section 1(a) above, the
Warrantholder may exercise this Warrant in accordance with Section 5 herein, by either: 
 (1) wire transfer to the Company or
cashier’s check drawn on a United States bank made payable to the order of the Company, or 
 (2) exercising of the right to credit
the Exercise Price against the Fair Market Value of the Warrant Shares (as defined below) at the time of exercise (the “Net Exercise”) pursuant to Section 1(c). 

 

	1 	To be inserted at the time of the issuance of the Investor Warrants. The purchase price is the 125% of the Purchase Price of the Securities. 

 Notwithstanding anything herein to the contrary, the Warrantholder shall not be required to
physically surrender this Warrant to the Company until the Warrantholder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Warrantholder shall surrender this Warrant to the
Company for cancellation within three (3) trading days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Warrantholder and the Company shall maintain records showing the
number of Warrant Shares purchased and the date of such purchases. 
 (c) Net Exercise. If the Company shall receive written notice
from the Warrantholder at the time of exercise of this Warrant that the holder elects to Net Exercise the Warrant, the Company shall deliver to such Warrantholder (without payment by the Warrantholder of any exercise price in cash) that number of
Warrant Shares computed using the following formula:  
  
 

 
 Where 
  

			
	X =	  	The number of Warrant Shares to be issued to the Warrantholder.
		
	Y =	  	The number of Warrant Shares purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being cancelled (at the date of such calculation).
		
	A =	  	The Fair Market Value of one (1) share of Common Stock on the trading date immediately preceding the date on which Warrantholder elects to exercise this Warrant.
		
	B =	  	The Exercise Price (as adjusted hereunder).

 The “Fair Market Value” of one share of Common Stock shall mean (x) the last reported sale
price and, if there are no sales, the last reported bid price, of the Common Stock on the business day prior to the date of exercise on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg Financial Markets
(or a comparable reporting service of national reputation selected by the Company and reasonably acceptable to the holder if Bloomberg Financial Markets is not then reporting sales prices of the Common Stock)

  
 -2- 

 
(collectively, “Bloomberg”), (y) if the foregoing does not apply, the last sales price of the Common Stock in the over-the-counter market on the pink sheets or bulletin board for
such security as reported by Bloomberg, and, if there are no sales, the last reported bid price of the Common Stock as reported by Bloomberg or, (z) if fair market value cannot be calculated as of such date on either of the foregoing bases, the
price determined in good faith by the Company’s Board of Directors. 
 “OTC Markets” shall mean either OTC QX or OTC
QB of the OTC Markets Group, Inc. 
 “Trading Market” shall mean any of the following markets or exchanges on which the
Common Stock is listed or quoted for trading on the date in question: the NYSE MKT, the NASDAQ Capital Market, the NASDAQ Global Market, the NASDAQ Global Select Market, the New York Stock Exchange or the OTC Markets (or any successors to any of the
foregoing). 
 (d) Deemed Exercise. In the event that immediately prior to the close of business on the Expiration Date, the
Fair Market Value of one share of Common Stock (as determined in accordance with Section 1(c) above) is greater than the then applicable Exercise Price, this Warrant shall be deemed to be automatically exercised on a net exercise issue basis
pursuant to Section 1(c) above, and the Company shall deliver the applicable number of Warrant Shares to the Warrantholder pursuant to the provisions of Section 1(c) above and this Section 1(d). 

2. CERTAIN ADJUSTMENTS. 
 (a)
Adjustment of Number of Warrant Shares and Exercise Price. The number and kind of Warrant Shares purchasable upon exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows: 

(1) Subdivisions, Combinations and Other Issuances. If the Company shall at any time after the Date of Issuance but prior to the
Expiration Date subdivide its shares of capital stock of the same class as the Warrant Shares, by split-up or otherwise, or combine such shares of capital stock, or issue additional shares of capital stock as a dividend with respect to any shares of
such capital stock, the number of Warrant Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a
combination. Appropriate adjustments shall also be made to the Exercise Price payable per share, but the aggregate Exercise Price payable for the total number of Warrant Shares purchasable under this Warrant (as adjusted) shall remain the
same. Any adjustment under this Section 2(a)(1) shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date
is fixed, upon the making of such dividend. 
 (2) Reclassification, Reorganizations and Consolidation. In case of any
reclassification, capital reorganization or change in the capital stock of the Company (other than as a result of a subdivision, combination or stock dividend provided for in Section 2(a)(1) above) that occurs after the Date of Issuance,
then, as a condition of such reclassification, reorganization or change, lawful provision shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Warrantholder, so that the

  
 -3- 

 
Warrantholder shall thereafter have the right at any time prior to the expiration of this Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind
and amount of shares of stock and/or other securities or property (including, if applicable, cash) receivable in connection with such reclassification, reorganization or change by a holder of the same number and type of securities as were
purchasable as Warrant Shares by the Warrantholders immediately prior to such reclassification, reorganization or change. In any such case appropriate provisions shall be made with respect to the rights and interest of the Warrantholder so that the
provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities or property deliverable upon exercise hereof, and appropriate adjustments shall be made to the Exercise Price payable hereunder, provided the
aggregate Exercise Price shall remain the same (and, for the avoidance of doubt, this Warrant shall be exclusively exercisable for such shares of stock and/or other securities or property from and after the consummation of such reclassification or
other change in the capital stock of the Company).2 
 (b) Notice to
Warrantholder. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other distribution of cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of
rights or warrants to subscribe for or purchase any capital stock of the Company or any subsidiary, (ii) authorizes or approves, enters into any agreement contemplating or solicits stockholder approval for any Change of Control or
(iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company, then the Company shall deliver to the Warrantholder a notice of such transaction at least ten (10) business days prior to the applicable record
or effective date on which a person would need to hold Common Stock in order to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein shall not affect the validity
of the corporate action required to be described in such notice. 
 (c) Calculations. All calculations under this Section 2
shall be made to the nearest cent or the nearest whole share, as the case may be. For purposes of this Section 2, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number
of shares of Common Stock (excluding treasury shares, if any) issued and outstanding. 
 (d) Treatment of Warrant upon a Change of
Control.
 (1) If, at any time while this Warrant is outstanding, the Company consummates a Change of Control, then a holder shall have
the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Change of Control if it had been, immediately prior to
such Change of Control, a holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant (the “Alternate Consideration”). The Company shall not effect any such Change of Control unless prior to or
simultaneously with the consummation thereof, any successor to the Company, surviving entity or the corporation purchasing or otherwise acquiring such assets or other appropriate corporation or entity shall 

 

	2 	 Clause 3 relating to adjustments upon subsequent equity sales deleted – not part of terms expressed in the
Katalyst term sheet provided to TapImmune and approved by the TI Board. 

  
 -4- 

 
assume the obligation to deliver to the holder, such Alternate Consideration as, in accordance with the foregoing provisions, the holder may be entitled to purchase, and the other obligations
under this Warrant. 
 (2) As used in this Warrant, a “Change of Control” shall mean (i) a merger or consolidation of the
Company with another corporation (other than a merger effected exclusively for the purpose of changing the domicile of the Company), (ii) the sale, assignment, transfer, conveyance or other disposal of all or substantially all of the properties or
assets or all or a majority of the outstanding voting shares of capital stock of the Company, (iii) a purchase, tender or exchange offer accepted by the holders of a majority of the outstanding voting shares of capital stock of the Company, or (iv)
a “person” or “group” (as these terms are used for purposes of Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) is or shall become the “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly at least a majority of the voting power of the capital stock of the Company. 

3. NO FRACTIONAL SHARES. No fractional Warrant Shares or scrip representing fractional shares will be issued upon exercise of this
Warrant. In lieu of any fractional shares which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied by the Fair Market Value of one Warrant Share. 

4. NO STOCKHOLDER RIGHTS. Until the exercise of this Warrant or any portion of this Warrant, the Warrantholder shall not have, nor
exercise, any rights as a stockholder of the Company (including without limitation the right to notification of stockholder meetings or the right to receive any notice or other communication concerning the business and affairs of the Company) except
as provided in Section 8 below. 
 5. MECHANICS OF EXERCISE.

(a) Delivery of Warrant Shares Upon Exercise. This Warrant may be exercised by the holder hereof, in whole or in part, by
delivering to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Warrantholder at the address of the Warrantholder appearing on the books of the Company) of a duly executed copy of
the Notice of Exercise in the form attached hereto as Exhibit A by facsimile or e-mail attachment and paying the Exercise Price (unless the Warrantholder has elected to Net Exercise) then in effect with respect to the number of Warrant Shares
as to which the Warrant is being exercised. This Warrant shall be deemed to have been exercised immediately prior to the close of business on the date of the delivery to the Company of the Notice of Exercise as provided above, and the person
entitled to receive the Warrant Shares issuable upon such exercise shall be treated for all purposes as the holder of such shares of record as of the close of business on such date. Warrant Shares purchased hereunder shall be transmitted by the
Company’s transfer agent to the holder by crediting the account of the holder’s prime broker with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a
participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the holder or (B) the shares are eligible for resale by the holder without
volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by physical delivery to the address specified by the holder in 

  
 -5- 

 
the Notice of Exercise by the end of the day on the date that is three (3) trading days from the delivery to the Company of the Notice of Exercise and payment of the aggregate Exercise Price
(unless exercised by means of a cashless exercise pursuant to Section 1(c)). The Warrant Shares shall be deemed to have been issued, and the holder or any other person so designated to be named therein shall be deemed to have become a
holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price (or by Net Exercise) and all taxes required to be paid by the holder, if any, prior to the issuance of
such shares, having been paid. 
 (b) Rescission Rights. If the Company fails to cause the transfer agent to transmit to the
Warrantholder the Warrant Shares pursuant to Section 5(a) by the Warrant Share Delivery Date, then the Warrantholder will have the right to rescind such exercise. 

(c) Warrantholder’s Exercise Limitations. A holder shall not have the right to exercise this Warrant, pursuant to Section
1 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the holder (together with the holder’s affiliates, and any other persons acting as a group together
with the holder or any of the holder’s affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the aggregate number of shares of Common Stock
beneficially owned by the holder and its affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common
Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the holder or any of its affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any other
securities of the Company (including, without limitation, any other convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by
the holder or any of its affiliates. Except as set forth in the preceding sentence, for purposes of this section, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder, it being acknowledged by the holder that the Company is not representing to the holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the holder is solely responsible for any schedules
required to be filed in accordance therewith. To the extent that the limitation contained in this Section 5(c) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the holder
together with any affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the holder, and the submission of a Notice of Exercise shall be deemed to be the holder’s determination of whether this Warrant
is exercisable (in relation to other securities owned by the holder together with any affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no
obligation to verify or confirm the accuracy of such determination and shall have no liability for exercise of the Warrant that are not in compliance with the Beneficial Ownership Limitation. In addition, a determination as to any group status
as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 5(c), in determining the number of outstanding shares of
Common Stock, a holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the U.S. Securities and 

  
 -6- 

 
Exchange Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Company’s transfer agent setting forth
the number of shares of Common Stock outstanding. Upon the written request of a holder, the Company shall within two (2) trading days confirm in writing to the holder the number of shares of Common Stock then outstanding. In any case, the
number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the holder or its affiliates since the date as of which such number of
outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common
Stock issuable upon exercise of this Warrant. Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in
strict conformity with the terms of this Section 5(c) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 

6. CERTIFICATE OF ADJUSTMENT. Whenever the Exercise Price or number or type of securities issuable upon exercise of this Warrant is
adjusted, as herein provided, the Company shall, at its expense, promptly deliver to the Warrantholder a certificate of an officer of the Company setting forth the nature of such adjustment and showing in detail the facts upon which such adjustment
is based. 
 7. COMPLIANCE WITH SECURITIES LAWS. 

(a) The Warrantholder understands that this Warrant and the Warrant Shares are characterized as “restricted securities” under the
federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations this Warrant and the Warrant Shares may be resold without registration
under the Securities Act only in certain limited circumstances. In this connection, the Warrantholder represents that it is familiar with Rule 144 under the Securities Act, as presently in effect, and understands the resale limitations imposed
thereby and by the Securities Act. 
 (b) Prior and as a condition to the sale or transfer of the Warrant Shares issuable upon exercise of
this Warrant, the Warrantholder shall furnish to the Company such certificates, representations, agreements and other information, including an opinion of counsel, as the Company or the Company’s transfer agent reasonably may require to confirm
that such sale or transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, unless such Warrant Shares are being sold or transferred pursuant to an effective
registration statement. 

  
 -7- 

 (c) The Warrantholder acknowledges that the Company may place a restrictive legend on the Warrant
Shares issuable upon exercise of this Warrant in order to comply with applicable securities laws, in substantially the following form and substance, unless such Warrant Shares are otherwise freely tradable under Rule 144 of the Securities Act: 

“THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, HYPOTHECATED OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO A TRANSACTION
WHICH IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.” 

8. REPLACEMENT OF WARRANTS. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Warrant and, in the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of any such mutilation, on surrender and
cancellation of such Warrant, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant of like tenor. 
 9. NO
IMPAIRMENT. Except to the extent as may be waived by the holder of this Warrant, the Company will not, by amendment of its charter or through a Change of Control, dissolution, sale of assets or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the
rights of the Warrantholder against impairment. 
 10. TRADING DAYS. If the last or appointed day for the taking of any action or the
expiration of any right required or granted herein shall be other than a day on which the Common Stock is traded on the Trading Market, then such action may be taken or such right may be exercised on the next succeeding day on which the Common Stock
is so traded. 
 11. TRANSFERS; EXCHANGES.

(a) Subject to compliance with applicable federal and state securities laws and Section 7 hereof, this Warrant may be transferred by
the Warrantholder to any Affiliate (as defined below) with respect to any or all of the Warrant Shares purchasable hereunder (a “Permitted Transfer”). For a transfer of this Warrant as an entirety by the Warrantholder, upon

  
 -8- 

 
surrender of this Warrant to the Company, together with the Notice of Assignment in the form attached hereto as Exhibit B duly completed and executed on behalf of the Warrantholder, the
Company shall issue a new Warrant of the same denomination to the assignee. For a transfer of this Warrant with respect to a portion of the Warrant Shares purchasable hereunder, upon surrender of this Warrant to the Company, together with the
Notice of Assignment in the form attached hereto as Exhibit B duly completed and executed on behalf of the Warrantholder, the Company shall issue a new Warrant to the assignee, in such denomination as shall be requested by the Warrantholder,
and shall issue to the Warrantholder a new Warrant covering the number of shares in respect of which this Warrant shall not have been transferred. The term “Affiliate” as used herein means, with respect to any person, any other
person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, and any officers, employees or partners of the Warrantholder. 

(b) Upon any Permitted Transfer, this Warrant is exchangeable, without expense, at the option of the Warrantholder, upon presentation and
surrender hereof to the Company for other warrants of different denominations entitling the holder thereof to purchase in the aggregate the same number of shares of Common Stock purchasable hereunder. This Warrant may be divided or combined
with other warrants that carry the same rights upon presentation hereof at the principal office of the Company together with a written notice specifying the denominations in which new warrants are to be issued to the Warrantholder and signed by the
Warrantholder hereof. The term “Warrants” as used herein includes any warrants into which this Warrant may be divided or exchanged. 

12. AUTHORIZED SHARES. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and
unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute
full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure
that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be quoted or listed. The Company covenants that all
Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly
authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 13. MISCELLANEOUS.
 (a)
This Agreement shall be governed by and construed in accordance with the laws of the United States of America and the State of New York, both substantive and remedial, without regard to New York conflicts of law principles. Any judicial
proceeding brought under this Agreement or any dispute arising out of this Agreement or any matter related hereto shall be brought in the courts of the State of New York, New York County, or in the United States District Court for the Southern
District of New York. 

  
 -9- 

 (b) All notices, requests, consents and other communications hereunder shall be in writing, shall
be sent by confirmed facsimile or electronic mail, or mailed by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, and shall be deemed given when so sent in the case of facsimile or
electronic mail transmission, or when so received in the case of mail or courier, and addressed as follows: (a) if to the Company, at TapImmune Inc., 50 North Laura Street, Suite 2500, Jacksonville, FL 32202 Attn: Mr. Glynn Wilson, Ph.D.,
e-mail: gwilson@tapimmune.com; with a copy to (which shall not constitute notice) Shumaker, Loop & Kendrick, LLP, 101 East Kennedy Blvd., Ste 2800, Tampa, FL 33602, Attn: Mark A. Catchur, Esq.,
e-Mail: mcatchur@slk-law.com, and (b) if to the Warrantholder, at such address or addresses (including copies to counsel) as may have been furnished by the Warrantholder to the Company in writing.

(c) The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provisions.

 [Signature Page Follows] 

  
 -10- 

 IN WITNESS WHEREOF, this Common Stock Purchase Warrant is issued effective as of the date first
set forth above. 
  

			
	TAPIMMUNE INC.
		
	By:	 	  

	Name:	 	Mr. Glynn Wilson, Ph.D
	Title:	 	Chief Executive Officer

 [Signature Page to Warrant No. [    ] 

 EXHIBIT A 

NOTICE OF EXERCISE 
 (To be signed
only upon exercise of Warrant) 
 To: TapImmune Inc. 

The undersigned, the Warrantholder of the attached Warrant, hereby irrevocably elects to exercise the purchase right represented by such
Warrant for, and to purchase thereunder,                     
(                ) shares of Common Stock of TapImmune Inc. and (choose one) 

                     herewith makes
payment of          Dollars ($        ) thereof 
 or 

                     elects to Net
Exercise the Warrant pursuant to Section 1(b)(2) thereof. 
 The undersigned requests that the certificates or book entry position
evidencing the shares to be acquired pursuant to such exercise be issued in the name of, and delivered to                     , whose address is
                                        . 

By its signature below the undersigned hereby represents and warrants that it is an “accredited investor” as defined in Rule 501(a)
of Regulation D promulgated under the Securities Act of 1933, as amended, and agrees to be bound by the terms and conditions of the attached Warrant as of the date hereof, including Section 7 thereof. 

 

			
	DATED:	 	  

  

			
	(Signature must conform in all respects to name of the Warrantholder as specified on the face of the Warrant)
	
	  

	[                    ]
	Address:	 	  

	  

	  

 EXHIBIT B 

NOTICE OF ASSIGNMENT FORM 
 FOR
VALUE RECEIVED, [                    ] (the “Assignor”) hereby sells, assigns and transfers all of the rights of the undersigned
Assignor under the attached Warrant with respect to the number of shares of common stock of TapImmune Inc. (the “Company”) covered thereby set forth below, to the following “Assignee” and, in connection with such
transfer, represents and warrants to the Company that the transfer is in compliance with Section 7 of the Warrant and applicable federal and state securities laws: 
  

									
	NAME OF ASSIGNEE	 		 	ADDRESS/FAX NUMBER
					
	Number of shares:	 	  
	 		 		 	

													
					
	Dated:	 	  
	 		 	Signature:	 	  

													
						
		 		 		 		 	Witness:	 	  

 ASSIGNEE ACKNOWLEDGMENT 

The undersigned Assignee acknowledges that it has reviewed the attached Warrant and by its signature below it hereby represents and warrants
that it is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended, and agrees to be bound by the terms and conditions of the Warrant as of the date hereof, including
Section 7 thereof. 
  

			
	 Signature:
	 	
 

			
		
	 By:
	 	
 

			
	 Its:
	 	  

  

	
	Address:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}]]