Document:

EX-10.2

 Exhibit 10.2 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of April 12, 2018, by and among Mateon
Therapeutics, Inc., a Delaware corporation with offices at 701 Gateway Boulevard, Suite 210, South San Francisco, California 94080, and the investors signatory hereto (each a “Purchaser” and collectively, the
“Purchasers”). This Agreement is made pursuant to the Subscription Agreement and Investment Letter, dated as of the date hereof, executed by each of the Purchasers and the Company (the “Subscription Agreement”).

 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the
receipt and adequacy of which are hereby acknowledged, the Company and the Purchasers agree as follows: 
 1.    Definitions.
Capitalized terms used and not otherwise defined herein that are defined in the Subscription Agreement shall have the meanings given such terms in the Subscription Agreement. As used in this Agreement, the following terms shall have the respective
meanings set forth in this Section 1. 
 “Affiliate” means any Person that, directly or
indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 144. 

“Business Day” means any day except Saturday, Sunday and any day that shall be a federal legal holiday or a day on which
banking institutions in the State of New York are authorized or required by law or other governmental action to close. 
 “Common
Stock” means the Company’s common stock, $0.01 par value per share. 
 “Effective Date” means the date that
the Registration Statement filed pursuant to Section 2(a) is first declared effective by the Commission. 

“Effectiveness Date” means: (a) with respect to the initial Registration Statement required to be filed to cover the
resale by the Holders of the Registrable Securities, the earlier of: (i) the 90th day following the final Closing Date if the Commission does not review the Registration Statement or
(ii) 120 days following the final Closing Date if the Commission reviews the Registration Statement, and (b) with respect to any additional Registration Statements that may be required pursuant to Sections 2(a) and
(b) hereof, the earlier of: (i) the 90th day following the date on which the Company first knows, or reasonably should have known, that such additional Registration
Statement is required under such Sections or (ii) the fifth trading day following the date on which the Company is notified by the Commission that such additional Registration Statement will not be reviewed or is no longer subject to further
review and comments. “Effectiveness Date” shall also have the meaning specified in Section 2(b). 

“Effectiveness Period” shall have the meaning set forth in Section 2(a). 

“Exchange Act” means the Securities Exchange Act of 1934. 

 “Filing Date” means: (a) with respect to the initial Registration Statement
required to be filed to cover the resale by the Holders of the Registrable Securities, the 60th day following the final Closing Date, and (b) with respect to any additional Registration
Statements that may be required pursuant to Sections 2(a) and (b) hereof, the 60th day following the date on which the Company first knows, or reasonably
should have known, that such additional Registration Statement is required under such Sections. 
 “Holder” or
“Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities. 

“Indemnified Party” shall have the meaning set forth in Section 5(c). 

“Indemnifying Party” shall have the meaning set forth in Section 5(c). 

“Losses” shall have the meaning set forth in Section 5(a). 

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture,
limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or
partial proceeding, such as a deposition), whether commenced or threatened. 
 “Prospectus” means the prospectus included
in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

“Registrable Securities” means the shares of Common Stock included in a Unit and the shares of Common Stock that may be
issued upon the exercise of the Warrants included in a Unit together with any securities issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event, or any Note conversion rate or Warrant exercise
price adjustment with respect thereto. 
 “Registration Statement” means each of the following: (i) an initial
registration statement which is required to register the resale of the Registrable Securities, and (ii) each additional registration statement, if any, contemplated by Sections 2(a) and (b), and including, in each
case, the Prospectus, amendments and supplements to each such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by
reference or deemed to be incorporated by reference in such registration statement. 

  
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 “Rule 144” means Rule 144 promulgated by the Commission
pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Securities Act” means the Securities Act of 1933. 

“Selling Stockholders” shall have meaning defined in Section 3(b)(iii). 

“Transfer Agent” means the transfer agent for the Common Stock. 

“Transaction Documents” means this Agreement, the Subscription Agreement, the Warrants, and any other documents or agreements
executed in connection with the transactions contemplated hereunder and in the Subscription Agreement. 
 “Unit” means a
unit consisting of 250,000 shares of Common Stock and the A Warrants and the B Warrants. 
 “Warrants” means the A Warrants
and the B Warrants each to acquire an aggregate of 125,000 shares of Common Stock at an exercise price of $0.40 per share. 

2.    Registration. 

(a)    Initial Registration Statements. On or prior to each Filing Date, the Company shall prepare and file with the
Commission a Registration Statement covering the resale of all Registrable Securities not already covered by an existing and effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415. The
Registration Statement shall be on Form S-1, or another appropriate form for such purpose, and shall contain (except if otherwise required pursuant to written comments received from the Commission upon a
review of such Registration Statement) the “Plan of Distribution” attached hereto as Annex A. The Company shall cause the Registration Statement to be declared effective under the Securities Act as soon as
possible but, in any event, no later than the Effectiveness Date, and shall use its reasonable best efforts to keep the Registration Statement continuously effective under the Securities Act until the date that is two years after the date that the
Registration Statement is declared effective by the Commission or such earlier date when all Registrable Securities covered by the Registration Statement have been sold or may be sold pursuant to Rule 144(b)(i) as determined by the counsel
to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Transfer Agent and the affected Holders (the “Effectiveness Period”). It is agreed and understood that the Company shall, from time
to time, be obligated to file an additional Registration Statement to cover any Registrable Securities that are not registered for resale pursuant to a pre-existing Registration Statement. 

  
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 (b)    Additional Registration Statements. If for any reason the
Commission does not permit all of the Registrable Securities to be included in the Registration Statement filed pursuant to Section 2(a), then the Company shall prepare and file as soon as possible after the date on which
the Commission shall indicate as being the first date or time that such filing may be made, but in any event by the 60th day following such date, an additional Registration Statement covering the
resale of all Registrable Securities not already covered by an existing and effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415, on Form S-1 or another
appropriate form for such purpose. Each such Registration Statement shall contain (except if otherwise required pursuant to written comments received from the Commission upon a review of such Registration Statement) the “Plan of
Distribution” attached hereto as Annex A. The Company shall cause each such Registration Statement to be declared effective under the Securities Act as soon as possible (the “Effectiveness Date”) and
shall use its reasonable best efforts to keep such Registration Statement continuously effective under the Securities Act during the entire Effectiveness Period. 

(c)    Issuance of Legal Opinion. 

(i)    Within three business days after the Effectiveness Date of a Registration Statement, the Company shall cause its
counsel to issue a blanket opinion in the form attached hereto as Exhibit A (the “Form Opinion”), to the Transfer Agent stating that the Shares, as defined therein, are subject to an effective registration statement and can
be reissued free of restrictive legend upon notice of a sale by the Purchaser and confirmation by the Purchaser that it has complied with the prospectus delivery requirements, provided that the Company has not advised the Transfer Agent in writing
that the opinion has been withdrawn. Copies of the blanket opinion required by this Section 2(c) shall be delivered to the Purchasers within the time period set forth above. 

(ii)    In connection with Section 2(c)(i), the Company shall obtain confirmation from any new Transfer Agent, as may
be engaged by the Company from time to time, that the Form Opinion shall be sufficient to cause the removal of restrictive legends from the Shares (as defined in the Form Opinion) and the Company shall provide confirmation of the same to the
Purchasers. 
 3.    Registration Procedures. In connection with the Company’s registration obligations hereunder, the
Company shall: 
 (a)    Not less than four trading days prior to the filing of a Registration Statement or any related
Prospectus or any amendment or supplement thereto, furnish to the Holders copies of all such documents proposed to be filed, which documents (other than those incorporated by reference) will be subject to review by such Holders. The Company shall
not file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Holders of a majority of the Registrable Securities shall, in writing, reasonably object in good faith. 

(b)    (i) Prepare and file with the Commission such amendments, including post-effective amendments, to each
Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously effective as to 

  
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the applicable Registrable Securities for its Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order to register for resale under the
Securities Act all of the Registrable Securities; (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; (iii) respond
as promptly as reasonably possible, and in any event within ten trading days, to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably possible, provide the
Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that pertains to the Holders as selling stockholders (the “Selling Stockholders”) but not any comments that
would result in the disclosure to the Holders of material and non-public information concerning the Company; and (iv) comply in all material respects with the provisions of the Securities Act and the
Exchange Act with respect to the Registration Statements and the disposition of all Registrable Securities covered by each Registration Statement. 

(c)    Notify the Holders as promptly as reasonably possible (and, in the case of (i)(A) below, not less than three
trading days prior to such filing) and (if requested by any such Holder) confirm such notice in writing no later than one trading day following the day (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to a
Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will be a “review” of such Registration Statement and whenever the Commission comments in writing on such Registration
Statement (the Company shall provide true and complete copies thereof and all written responses thereto to each of the Holders that pertain to such Holder as a Selling Stockholder or to the Plan of Distribution, but not information which the Company
believes would constitute material and non-public information); and (C) with respect to each Registration Statement or any post-effective amendment, when the same has become effective; (ii) of any
request by the Commission or any other federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional information that pertains to the Holders as Selling Stockholders or the Plan of
Distribution; (iii) of the issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose;
(iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of
any Proceeding for such purpose; and (v) of the occurrence of any event or condition that makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in such Registration Statement
or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such
Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading. 
 (d)    Use its reasonable best efforts to avoid the issuance
of, or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale
in any jurisdiction, at the earliest practicable moment. 

  
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 (e)    Furnish to each Holder, without charge, at least one conformed copy of
each Registration Statement and each amendment thereto and all exhibits to the extent requested by such Holder (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission;
provided, however, that the Company shall have no obligation to provide any document pursuant to this clause that is available on the EDGAR system. 

(f)    Promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (including each
form of prospectus) and each amendment or supplement thereto as such Holder may reasonably request. The Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with
the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto. 

(g)    Prior to any public offering of Registrable Securities, use its reasonable best efforts to register or qualify or
cooperate with the selling Holders in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or Blue Sky laws of those
jurisdictions within the United States set forth on Schedule 3(g) hereto to keep each such registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things necessary
or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statements; provided, however, that the Company shall not be required to qualify generally to do business in any
jurisdiction where it is not then so qualified or subject the Company to any material tax in any such jurisdiction where it is not then so subject or to take such actions in states that require merit review. 

(h)    Cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to the Registration Statements, which certificates shall be free, to the extent permitted by the Subscription Agreement and applicable law, of all restrictive legends, and to enable
such Registrable Securities to be in such denominations and registered in such names as any such Holders may request. The Company shall cause the Transfer Agent to transmit the Registrable Securities to the Holder by crediting the account of the
Holder’s prime broker with the Depository Trust Company through its Deposit Withdrawal Agent Commission system if the Company is then a participant in such system. 

(i)    Upon the occurrence of any event contemplated by Section 3(c)(v), as promptly as
reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to the affected Registration Statements or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by
reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

  
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 The Company may require each selling Holder to furnish to the Company a certified statement as to the number of
shares of Common Stock beneficially owned by such Holder and any Affiliate thereof. 
 4.    Registration Expenses. All fees and
expenses incident to the Company’s performance of its obligation under this Agreement (excluding any underwriting discounts and selling commissions and all legal fees and expenses of legal counsel for any Holder) shall be borne by the Company
whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without
limitation, fees and expenses (A) with respect to filings required to be made with the trading market on which the Common Stock is then listed for trading, if any, and (B) in compliance with applicable state securities or Blue Sky laws),
(ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and of printing prospectuses if the printing of prospectuses is reasonably requested by the holders of a majority of the
Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so
desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its
internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the
expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required hereunder. 

5.    Indemnification. 

(a)    Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement,
indemnify and hold harmless each Holder, the officers, directors, agents, attorneys, investment advisors, partners, members, shareholders and employees of each of them, each Person who controls any such Holder (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, agents, attorneys and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses,
claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, arising out of or relating to any untrue or
alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved
Annex A hereto for this purpose) or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that (1) such untrue statements or
omissions are based 

  
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solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such
Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment
or supplement thereto (it being understood that each Holder has approved Annex A hereto for this purpose) or (2) in the case of an occurrence of an event of the type specified in
Section 3(c)(ii)-(v), the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder
of an Advice, as defined in Section 6(c) below, or an amended or supplemented Prospectus, but only if and to the extent that following the receipt of the Advice or the amended or supplemented Prospectus the
misstatement or omission giving rise to such Loss would have been corrected. The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding of which the Company is aware in connection with the transactions
contemplated by this Agreement. 
 (b)    Indemnification by Holders. Each Holder shall, notwithstanding any
termination of this Agreement, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents, attorneys and employees, each Person who controls the Company (within the meaning of Section 15 of the
Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents, attorneys or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising
solely out of or based solely upon: (x) such Holder’s failure to comply with the prospectus delivery requirements of the Securities Act or (y) any untrue statement of a material fact contained in any Registration Statement, any
Prospectus, or any form of prospectus, or in any amendment or supplement thereto, or arising solely out of or based solely upon any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading
to the extent, but only to the extent that, (1) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such
information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in the Registration Statement (it being understood
that each Holder has approved Annex A hereto for this purpose), such Prospectus or such form of Prospectus or in any amendment or supplement thereto or (2) in the case of an occurrence of an event of the type specified
in Section 3(c)(ii)-(v), the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such
Holder of an Advice or an amended or supplemented Prospectus, but only if and to the extent that following the receipt of the Advice or the amended or supplemented Prospectus the misstatement or omission giving rise to such Loss would have been
corrected. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification
obligation. 
 (c)    Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted
against any Person entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the 

  
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“Indemnifying Party”) in writing, and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified
Party and the payment of all fees and expenses incurred in connection with defense thereof; provided, however, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or
liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have
proximately and materially adversely prejudiced the Indemnifying Party. 
 An Indemnified Party shall have the right to employ separate counsel in any such
Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses;
(2) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding
(including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such
Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not
have the right to assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party); provided, however, that the Indemnifying Party shall not be liable for the fees and expenses of more than one separate firm of
attorneys at any time for all Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld. No Indemnifying Party
shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified
Party from all liability on claims that are the subject matter of such Proceeding. 
 All fees and expenses of the Indemnified Party (including reasonable
fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten trading days of written
notice thereof to the Indemnifying Party (regardless of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided, however, that the Indemnifying Party may require such Indemnified
Party to undertake to reimburse all such fees and expenses to the extent it is finally judicially determined that such Indemnified Party is not entitled to indemnification hereunder). 

(d)    Contribution. If a claim for indemnification under Section 5(a) or
5(b) is unavailable to an Indemnified Party (by reason of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as
well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in

  
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question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by,
such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any
Losses shall be deemed to include, subject to the limitations set forth in Section 5(c), any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the
extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms. 

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by
pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d),
no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any
damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. 
 The
indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties. 

6.    Miscellaneous 

(a)    Remedies. In the event of a breach by the Company or by a Holder, of any of their obligations under this
Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this
Agreement. The Company and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of
any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 

(b)    Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of
the Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to the Registration Statement. 

(c)    Discontinued Disposition. Each Holder agrees by its acquisition of such Registrable Securities that, upon
receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3(c), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement
until such Holder’s receipt of the copies of the supplemented Prospectus and/or amended Registration Statement or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be
resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. The Company may provide appropriate stop orders
to enforce the provisions of this paragraph. 

  
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 (d)    Amendments and Waivers. No provision of this Agreement may be
waived or amended except in a written instrument signed by the Company and the Holder or Holders (as applicable) of no less than a majority of the then outstanding Registrable Securities. No waiver of any default with respect to any provision,
condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either
party to exercise any right hereunder in any manner impair the exercise of any such right. 
 (e)    Notices. Any
and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is
delivered via electronic transmission at the or email address specified in this Section prior to 5:00 p.m. (California time) on a Business Day, (ii) the Business Day after the date of transmission, if such notice or communication is
delivered via electronic transmission at the email address specified in this Agreement later than 5:00 p.m. (California time) on any date and earlier than 11:59 p.m. (California time) on such date, (iii) the Business Day following the date of
dispatch, if sent by nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as follows: 

If to the Company: 
 Mateon
Therapeutics, Inc. 
 701 Gateway Boulevard 

Suite 210 
 South San Francisco,
CA 94080 
 Telephone:    (650) 635-7000 

Attention:            Matt Loar, Chief Financial Officer 

If to a Purchaser:         To the address set forth under such Purchaser’s name on the
signature pages hereto. 
 If to any other Person who is then the registered Holder: 

To the address of such Holder as it appears in the stock transfer books of the Company or such other address as may be designated in writing
hereafter, in the same manner, by such Person. 
 (f)    Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit of each Holder. The Company may not assign its rights or obligations hereunder without the prior written consent of each
Holder. Holders may assign their respective rights hereunder in the manner and to the Persons as permitted under the Subscription Agreement. 

(g)    Execution and Counterparts. This Agreement may be executed in any number of counterparts, each of which when
so executed shall be deemed to be an original and, all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile or electronic transmission, such signature shall create a valid
binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile or electronic signature were the original thereof. 

  
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 (h)    Governing Law; Venue. All questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware, without regard to the principles of conflicts of law thereof.
Each party agrees that all Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective Affiliates, employees or agents) may be
commenced in the state and federal courts sitting in San Mateo County, California. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such Proceeding by mailing a copy thereof via
registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing contained herein shall be deemed to limit in any way the right of a party to bring any action or proceeding against another party or its property in the courts of any other jurisdiction or the right of a party to serve
process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any Proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby. If any party shall commence a Proceeding to enforce any provisions of this Agreement, then the prevailing party in such Proceeding shall be reimbursed by the other party for its attorney’s fees and other costs
and expenses incurred with the investigation, preparation and prosecution of such Proceeding. 
 (i)    Cumulative
Remedies. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. 

(j)    Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated,
and the parties hereto shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

(k)    Headings. The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof. 
 (l)    Independent Nature of Purchasers’ Obligations and Rights. The
obligations of each Purchaser hereunder are several and not joint with the obligations of any other Purchaser hereunder, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser hereunder. The
decision of each Purchaser to purchase Units and/or Underlying Securities pursuant to the Transaction Documents has been made independently of any other Purchaser. Nothing contained herein or in any other agreement or document delivered at any
closing, and no action taken by any Purchaser pursuant hereto or 

  
 12 

 
thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way
acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Purchaser acknowledges that no other Purchaser has acted as agent for such Purchaser in connection with making its investment hereunder and
that no Purchaser will be acting as agent of such Purchaser in connection with monitoring its investment in the Units and/or Underlying Securities or enforcing its rights under the Transaction Documents. Each Purchaser shall be entitled to protect
and enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. 

(m)    Gender. The use herein of the masculine pronouns or similar terms shall be deemed to include the feminine and
neuter genders as well and vice versa and the use of the singular pronouns shall be deemed to include the plural as well and vice versa. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 

SIGNATURE PAGES TO FOLLOW] 

  
 13 

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

			
	MATEON THERAPEUTICS, INC.

 
			
		
	By:	 	 

 
			
	Name: William D. Schwieterman
	Title: Chief Executive Officer

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 

SIGNATURE PAGES OF PURCHASER TO FOLLOW] 

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

			
	
	   

		
	By:	 	 

 
			
		
	Name:	 	 

 
			
		
	Title:	 	 

  

			
	 Address for Notice:

	
	   

	
	   

	
	   

 

			
		
	Email Address:	 	 

 
			
		
	Attn.:	 	 

  

			
	 With a copy to:
	 	
	
	   

	
	   

	
	   

		
	Email Address:	 	 

 
			
		
	Attn:EX-10.3

 Exhibit 10.3 
  

 
 February 7, 2018 

Sent via email to: 
 Mateon Therapeutics 

Attn: Matthew M. Loar, Chief Financial Officer 
 Dear Matt: 

The purpose of this letter agreement (this “Engagement Letter” or the “Agreement”) is to set forth the terms and conditions pursuant to
which Divine Capital Markets LLC (“Divine” or the “Placement Agent”), shall serve as the Placement Agent; in that capacity Divine shall introduce Mateon Therapeutics, Inc. (the “Company”) to one or more investors
(each an “Introduced Investor”) in connection with the proposed $3 to $4 million offering (the “Placement” or “Offering”) of securities (“Securities”) of the Company on a “best efforts” basis,
subject to the terms and conditions of this Agreement. 
 The terms of an Offering and the Securities issued in such Offering shall be mutually agreed upon
by the Company and the purchasers in such Offering (each, a “Purchaser” and collectively, the “Purchasers”) and nothing herein enables Divine to bind the Company or any Purchaser; further, the terms and conditions of an Offering
and the Securities issued in such Offering shall be subject to approval by the Company’s Board of Directors. This Agreement and the documents executed and delivered by the Company and the Purchasers in connection with the Placement shall be
collectively referred to herein as the “Transaction Documents.” The materials utilized to offer the Securities shall be referred to as the “Offering Materials.” The date of each of the closings of an Offering shall be referred to
herein as the “Closing Date.” The Company expressly acknowledges and agrees that the Placement Agent’s obligations hereunder are on a reasonable “best efforts” basis only and that the execution of this Agreement does not
constitute a commitment by Divine to purchase or to sell the Securities and does not ensure the successful placement of the Securities or any portion thereof. The identities of the Introduced Investors shall be proprietary information of Divine and
shall not be divulged to third parties by the Company, nor used by the Company outside the scope of the Placement Agent’s engagement as described herein, other than as required by applicable law and to register their shares with the SEC;
provided, however, that nothing in the preceding sentence shall prohibit the Company from communicating with any Purchaser with respect to their investment in the Company. 

The subscription proceeds for any Securities sold in the Offering will be deposited in a non-interest bearing escrow
account established by the Company and Divine at U.S. Bank, or another mutually acceptable federally chartered bank, in accordance with the requirements of Rule 15c2-4 under the Securities Exchange Act of
1934, as amended (the “Exchange Act”), and the interpretations relating thereto issued by the Financial Industry Regulatory Authority (“FINRA”). Upon Closing of the Offering, the proceeds will be released upon the joint
authorization and direction of the Company and the Placement Agent; notwithstanding the foregoing, Divine will authorize, at the direction of the Company, the release of any and all proceeds attributable to investors who are not

  
 DIVINE CAPITAL MARKETS LLC 

NEW YORK I CHICAGO 
 39 Broadway, 36’’’ Floor, New
York, NY 10006     |     tel 212 344 5867     |     fax 212 509 5867     |     www.divinecapitaLcom
    |     Membel FINRA sine MSFIN 

 
Introduced Investors; upon termination of the Offering without any Closings, the escrow agreement governing the account shall provide that the escrow agent shall promptly return such proceeds,
without the payment of interest and without deduction, to the subscribers. 
 SECTION 1.    COMPENSATION AND OTHER FEES. 

(A)    Commission. As compensation for Divine’s services hereunder, Divine shall be entitled to a selling commission in cash equal to
ten percent (10.0%) of the gross proceeds from the sale of Securities as a part of the Offering to Introduced Investors consummated at each Closing, which commission will be due and payable upon the receipt by the Company of the net proceeds thereof
from the escrow described in the preceding paragraph (each an “Escrow Closing”). 
 (B)    Warrants. As additional compensation
for the Services to be provided by Divine in connection with the Offering, at the relevant Escrow Closing the Company shall issue to Divine or its designees warrants (the “Divine Warrants”) to purchase that number of Securities equal to
ten percent (10.0%) of the aggregate number of Securities sold to Introduced Investors in the relevant Closing; in determining the number of Securities for purposes of issuing Divine Warrants, “Securities” shall take into consideration
securities underlying any convertible Securities issued in the Offering for which the Company receives cash proceeds on the Closing Date. Divine Warrants shall have an exercise price equal to 100% of the price at which Securities are issued to
Investors, and an exercise period of five years. The Divine Warrants shall be issued to Divine contemporaneously with an Escrow Closing and shall contain customary terms, including, without limitation, provisions for cashless exercise, anti-dilution
protections in the event of stock splits and similar events, and registration rights consistent with the registration rights granted to the investors in the Offering. 

(C)    Non-Accountable Expense. Upon each closing, the Company also shall pay to Divine a Non-Accountable expense reimbursement equal to three percent (3.0%) of the aggregate gross proceeds received by the Company from the sale of its securities to Introduced Investors. 

(D)    Divine shall take any and all steps necessary to ensure that its compensation to be paid for services hereunder complies with any
applicable rules and regulations of FINRA. 
 SECTION 2.    SERVICES TO BE RENDERED BY DIVINE. 

Without limiting the generality of the foregoing, Divine will: 

(A)    Introduce the Company to potential investors for the Placement; 

(B)    Divine agrees to furnish advice to Company in connection with the identification of individual and institutional sources of
financing; arrangement of appropriate introductions to such parties; and marketing of financing proposals. Divine will also assist in preparation of the Transaction Documents and Offering Materials. Divine shall also render such other financial
consulting and/or investment banking services as may from time to time be agreed upon by Divine and Company. 

  
 DIVINE CAPITAL MARKETS LLC 

NEW YORK I CHICAGO 
 39 Broadway, 36’’’ Floor, New
York, NY 10006     |     tel 212 344 5867     |     fax 212 509 5867     |     www.divinecapitaLcom
    |     Membel FINRA sine MSFIN 

 (C)    Divine will update the Company on at least a weekly basis on progress of milestones.

 SECTION 3.    COMPANY REPRESENTATIONS AND WARRANTIES. 

The Company represents and warrants to, and agrees with, Divine that: 

(A)    The Offering Memorandum (and any documents that accompany it) as amended or supplemented will comply in all material respects with
the Securities Act of 1933, as amended, and the applicable Rules and Regulations thereunder. The Offering Memorandum (and any documents to accompany it) as amended or supplemented will not contain as of the date thereof any untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. Any incorporated documents (the “Incorporated Documents”), when
filed with the Securities and Exchange Commission (the “Commission”), conformed when filed in all material respects to the requirements of the Exchange Act and the applicable Rules and Regulations, and none of such documents, when they
were or are filed with the Commission, contained any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein (with respect to Incorporated Documents incorporated by reference in the Offering
Memorandum as amended or supplemented, in light of the circumstances under which they were made not misleading); and any further documents subsequently incorporated by reference in the Offering Memorandum, as amended or supplemented, when such
documents are filed with the Commission, will conform in all material respects to the requirements of the Exchange Act and the applicable Rules and Regulations, as applicable, and will not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(B)    In communicating with the Introduced Investors, the Company will not, without the prior consent of the Placement Agent, prepare, use
or refer to, any Offering Memorandum or other offering materials. 
 (C)    The Company will furnish promptly to Divine all information
and material concerning the Company and the Offering that Divine reasonably requests in connection with the performance of its obligations hereunder. The Company represents and warrants that all information made available to Divine by the Company
will, at all times during the period of the engagement of Divine hereunder, be complete and correct in all material respects and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein not misleading in light of the circumstances under which such statements are made. The Company further represents and warrants that any financial or other projections or forecasts provided to Divine will have been prepared in good
faith and will be based upon assumptions which, in light of the circumstances under which they are made, are reasonable. The Company acknowledges and agrees that in rendering its services hereunder Divine will be using and relying upon, without any
independent investigation or verification thereof, all information that is or will be furnished to Divine by or on behalf of the Company and on publicly available information, and Divine will not in any respect be responsible for the accuracy or
completeness of any of the 

  
 DIVINE CAPITAL MARKETS LLC 

NEW YORK I CHICAGO 
 39 Broadway, 36’’’ Floor, New
York, NY 10006     |     tel 212 344 5867     |     fax 212 509 5867     |     www.divinecapitaLcom
    |     Membel FINRA sine MSFIN 

 
foregoing information, and that Divine will not undertake to make an independent appraisal of any of the assets or of the business of the Company. The Company understands that in rendering
services hereunder Divine does not provide accounting, legal or tax advice and will rely upon the advice of the Placement Agent’s counsel and advisers. 

(D)    At its next Annual Meeting of Stockholders, the Company will seek stockholder approval to increase its pool of authorized shares of
common stock. At this Annual Meeting of Stockholders, the Company acknowledges and agrees that it will not seek stockholder approval to enact a reverse split of its common stock, unless the Company receives the express written approval of Divine
Capital Markets. 
 SECTION 4.    REPRESENTATIONS AND WARRANTIES. 

Divine shall be entitled to rely upon any and all representations and warranties of the Company included in the purchase agreements entered into by the Company
and the Purchasers in connection with the Placement, subject to the qualifications and limitations therein, including, but not limited to, any disclosure set forth on an applicable schedule. 

SECTION 5.    ENGAGEMENT TERM & SURVIVAL. 

Divine’s engagement under this Agreement shall be exclusive for a period of six months from the date hereof, or the date of the final placement Closing
(the “Term”). Notwithstanding anything to the contrary contained herein, the Company’s representations and warranties; the provisions concerning confidentiality, indemnification, contribution, choice of law and venue; and the
Company’s obligations to pay fees earned and payable pursuant to Section 1 hereof, will survive any expiration or termination of this Agreement. Divine agrees not to use any confidential information concerning the Company provided to them
by the Company for any purposes other than those contemplated under this Agreement. 
 SECTION 6.    CONFIDENTIALITY. 

Each Party agrees that any written or oral information including advice rendered by Divine, given in connection with this engagement is for the confidential
use of the receiving party only in its evaluation of the transaction and preparation of the Offering Materials and, except as otherwise required by law, each party will not disclose or otherwise refer to the information given that party by the other
party in any manner without prior written consent of the providing party. 
 SECTION 7.    NO FIDUCIARY RELATIONSHIP. 

This Agreement does not create, and shall not be construed as creating rights enforceable by any person or entity that is not a party hereto, except those
entitled hereto by virtue of the indemnification provisions hereof. The Company acknowledges and agrees that Divine is not and shall not be construed as a fiduciary of the Company and that Divine shall not have any duties or liabilities to the
equity holders or the creditors of the Company or to any other person by virtue of this Agreement or the retention of Divine hereunder, all of which are hereby expressly waived. 

  
 DIVINE CAPITAL MARKETS LLC 

NEW YORK I CHICAGO 
 39 Broadway, 36’’’ Floor, New
York, NY 10006     |     tel 212 344 5867     |     fax 212 509 5867     |     www.divinecapitaLcom
    |     Membel FINRA sine MSFIN 

 SECTION 8.    CLOSING. 

The obligations of Divine and the Purchasers, and the Closing(s) of the sale of the Securities hereunder, are subject to the accuracy, when made and on the
respective Closing Date, of the representations and warranties of the Company contained or incorporated herein, to the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to the performance by the
Company of its obligations hereunder, and to each of the following additional terms and conditions: 
 (A)    No stop order relating to
the Offering shall have been issued by any federal or state agency. 
 (B)    Divine shall not have discovered on or prior to the Closing
Date that the Offering Memorandum or any amendment or supplement thereto or any Incorporated Documents, contains an untrue statement of a fact which, in the opinion of the Placement Agent, is material or omits to state any fact which, in the opinion
of the Placement Agent, is material and is required to be stated therein or is necessary to make the statements therein not misleading. 

(C)    All corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each of
this Agreement, the Securities, the Offering Memorandum as amended or supplemented, the Transaction Documents, and all other legal matters relating to this Agreement and the transactions contemplated hereby shall be reasonably satisfactory in all
material respects to Divine and its counsel, and the Company shall have furnished to Divine and to its counsel all documents and information that they may reasonably request to enable them to pass upon such matters. 

(D)    Divine shall have received from outside counsel to the Company such counsel’s written opinion, addressed to each of Divine and
the Purchasers dated as of the Closing Date, in form and substance reasonably satisfactory to the Placement Agent. 
 (E)    Neither the
Company nor any of its Subsidiaries (i) shall have sustained since the date of the latest audited or, in the case if an audit has not been completed, unaudited financial statements included or incorporated by reference in the Offering
Memorandum, as amended or supplemented, any loss or interference with its business from fire, explosion, flood, terrorist act or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or
decree, otherwise than as set forth in or contemplated by the Offering Memorandum, as amended or supplemented, and (ii) since such date there shall not have been any material change in the capital stock or long-term debt of the Company or any
of its Subsidiaries or any change, or any development involving a prospective change, in or affecting the business, general affairs, management, financial position, stockholders’ equity, results of operations or prospects of the Company and its
Subsidiaries, other than losses in the Company’s ordinary course of business incurred in connection with the development of investigational drugs for oncology indications, otherwise than as set forth in or contemplated by the Offering
Memorandum, as amended or supplemented, the effect of which, in any such case described in clause (i) or (ii), is, in the judgment of the Placement Agent, so material and adverse as to make it impracticable or inadvisable to proceed with the
sale or delivery of the Securities on the terms and in the manner contemplated by the Offering Memorandum, as amended or supplemented. 

  
 DIVINE CAPITAL MARKETS LLC 

NEW YORK I CHICAGO 
 39 Broadway, 36’’’ Floor, New
York, NY 10006     |     tel 212 344 5867     |     fax 212 509 5867     |     www.divinecapitaLcom
    |     Membel FINRA sine MSFIN 

 (F)    Subsequent to the execution and delivery of this Agreement, there shall not have
occurred any of the following: (i) trading in securities generally on the New York Stock Exchange, the Nasdaq Global Market or the NYSE American or in the
over-the-counter market, or trading in any securities of the Company on any exchange or in the
over-the-counter market, shall have been suspended or minimum or maximum prices or maximum ranges for prices shall have been established on any such exchange or such
market by the Commission, by such exchange or by any other regulatory body or governmental authority having jurisdiction, (ii) a banking moratorium shall have been declared by federal or state authorities or a material disruption has occurred
in commercial banking or securities settlement or clearance services in the United States, (iii) the United States shall have become engaged in hostilities in which it is not currently engaged, the subject of an act of terrorism, there shall
have been an escalation in hostilities involving the United States, or there shall have been a declaration of a national emergency or war by the United States, or (iv) there shall have occurred any other calamity or crisis or any change in
general economic, political or financial conditions in the United States or elsewhere, if the effect of any such event in clause (iii) or (iv) makes it, in the sole judgment of the Placement Agent, impracticable or inadvisable to proceed with
the sale or delivery of the Securities on the terms and in the manner contemplated by Offering Memorandum, as amended or supplemented. 

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

(H)    The Company shall be obligated following Closing to prepare and file with the Commission a Current Report on Form 8-K with respect to the Placement. 
 (I)    The Company shall have entered into subscription
agreements with each of the Purchasers and such agreements shall be in full force and effect and shall contain representations and warranties of the Company as agreed between the Company and the Purchasers. 

(J)    Prior to the Closing Date, the Company shall have furnished to Divine such further information, certificates and documents as either
of Divine or its counsel shall request. 
 (K)    The terms of the Offering and of the Securities shall be acceptable to the Placement
Agent. 
 (L)    The Transaction Documents shall be acceptable in form and substance to the Placement Agent. 

  
 DIVINE CAPITAL MARKETS LLC 

NEW YORK I CHICAGO 
 39 Broadway, 36’’’ Floor, New
York, NY 10006     |     tel 212 344 5867     |     fax 212 509 5867     |     www.divinecapitaLcom
    |     Membel FINRA sine MSFIN 

 (M)    The Company shall have paid or made arrangements for the prompt payment of all
Offering out of pocket expenses (not to exceed $25,000), including the Blue Sky fees and expenses relating Blue Sky services to be performed by counsel to the Placement Agent. Out of pocket expenses in excess shall be submitted to the Company in
advance for approval, which approval shall not be unreasonably withheld. 
 All opinion letters, evidence and certificates mentioned above or elsewhere in
this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Placement Agent. 

SECTION 9.    INDEMNIFICATION. 
 The
parties agree to the terms of Divine’s standard indemnification agreement, which is attached hereto as Appendix A and incorporated herein by reference. The provisions of this Section 9 shall survive any termination of this Agreement. 

SECTION 10. ANNOUNCEMENTS. 
 The Company grants to Divine
the right to place customary announcement(s) of the Placement in certain newspapers and to mail announcement(s) to persons and firms selected by Placement Agent subject to the Company’s prior written approval, which shall not be unreasonably
withheld, and all costs of such announcement(s) will be borne by Divine. 
 SECTION 11. GOVERNING LAW. 

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

  
 DIVINE CAPITAL MARKETS LLC 

NEW YORK I CHICAGO 
 39 Broadway, 36’’’ Floor, New
York, NY 10006     |     tel 212 344 5867     |     fax 212 509 5867     |     www.divinecapitaLcom
    |     Membel FINRA sine MSFIN 

 SECTION 12. ENTIRE AGREEMENT/MISC. 

This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings, relating to
the subject matter hereof. If any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect such provision in any other respect or any other provision of this Agreement, which will
remain in full force and effect. This Agreement may not be amended or otherwise modified or waived except by an instrument in writing signed by each of Divine and the Company. The representations, warranties, agreements and covenants contained
herein shall survive the closing of the Placement and delivery and/or exercise of the Securities, as applicable. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile transmission or a .pdf format file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or .pdf signature
page were an original thereof. 
 SECTION 13. NOTICES. 

Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and
effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified on the signature pages attached hereto prior to 6:30 p.m. (New York time) on a business day,
(b) the next business day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number on the signature pages attached hereto on a day that is not a business day or later than 6:30 p.m. (New
York time) on any business day, (c) the business day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The
address for such notices and communications shall be as set forth on the signature pages hereto. 
 Please confirm that the foregoing correctly sets forth
our agreement by signing and returning an executed copy of this Agreement to the Placement Agent. 

  
 DIVINE CAPITAL MARKETS LLC 

NEW YORK I CHICAGO 
 39 Broadway, 36’’’ Floor, New
York, NY 10006     |     tel 212 344 5867     |     fax 212 509 5867     |     www.divinecapitaLcom
    |     Membel FINRA sine MSFIN 

 
			
	Very truly yours,
	
	DIVINE CAPITAL MARKETS, LLC
		
	By:    	 	/s/ Steven Charest
		 	Name: Steven Charest
		 	Title: Managing Director

 Signatures continued next page 

Address for notice: 
 Divine Capital Markets LLC 

39 Broadway 36th Floor 

New York, NY 10003 
 Accepted and Agreed to as of 

The date first written above: 
  

			
	MATEON THERAPEUTICS, INC.
		
	By:    	 	/s/ Matthew M. Loar
		 	Name: Matthew M. Loar
		 	Title: Chief Financial Officer

 Address for notice: 
 701 Gateway
Blvd., Suite 210 
 South San Francisco, CA 94080 

  
 DIVINE CAPITAL MARKETS LLC 

NEW YORK I CHICAGO 
 39 Broadway, 36’’’ Floor, New
York, NY 10006     |     tel 212 344 5867     |     fax 212 509 5867     |     www.divinecapitaLcom
    |     Membel FINRA sine MSFIN 

 APPENDIX A — INDEMNIFICATION PROVISIONS 

(A)    The Company agrees to indemnify and hold harmless Divine and its affiliates and their respective officers, directors, employees,
agents, counsel, advisers and consultants, and any persons controlling Divine or any of its affiliates within the meaning of Section 15 of the Securities Act of 1933 or Section 20 of the Securities Exchange Act of 1934 (Divine and each
such other person or entity being referred to herein as an “Indemnified Person”), from and against all claims, liabilities, losses or damages (or actions in respect thereof) or other expenses which (A) are related to or arise out of
(i) actions taken or omitted to be taken (including any untrue statements made or any statements omitted to be made) by the Company or its respective affiliates or (ii) actions taken or omitted to be taken by an Indemnified Person with the
consent or in conformity with the actions or omissions of the Company or their respective affiliates or (iii) any investigation, litigation, or inquiry by a regulatory or self-regulatory agency or authority involving the Company or any
transaction arising under any agreements between the Company and Divine or (B) are otherwise related to or arise out of the Placement Agent’s activities on behalf of the Company or its respective affiliates pursuant to this Agreement or
(C) in any way involving or alleged to involve the Company, the Offering or the Securities. The Company will not be responsible, however, for any losses, claims, damages, liabilities or expenses pursuant to clause (B) of the preceding
sentence which are resulted from such Indemnified Person’s violation of law, gross negligence or willful misconduct. In addition, the Company agrees to advance (and in the absence of advancement required hereunder) to promptly reimburse each
Indemnified Person for all out-of-pocket expenses (including fees and expenses of counsel) as they are incurred by such Indemnified Person in connection with
investigating, preparing, conducting or defending any such action or claim, whether or not in connection with litigation in which any Indemnified Person is a named party, or in connection with enforcing the rights of such Indemnified Person under
this Agreement. 
 (B)    Promptly after receipt by Divine of notice of any claim or the commencement of any action or proceeding with
respect to which Divine is entitled to indemnity hereunder, Divine will notify the Company in writing of such claim or of the commencement of such action or proceeding, and the Company will assume the defense of such action or proceeding and will
employ counsel reasonably satisfactory to Divine and will pay the fees and expenses of such counsel. Notwithstanding the preceding sentence, Divine will be entitled to employ counsel separate from counsel for the Company and from any other party in
such action if counsel for Divine determines that to do so would be in the best interests of the Placement Agent. In such event, the reasonable fees and disbursements of no more than one such separate counsel will be paid by the Company. The Company
will have the exclusive right to settle the claim or proceeding at its sole expense provided (i) such settlement includes an unconditional release of each Indemnified Party from any liabilities arising out of such action and does not include
any findings of fact or admissions of culpability as to the Indemnified Party and (ii) the parties agree that the terms of such Settlement shall remain confidential. 

(C)    The Company agrees to notify Divine promptly of the assertion against it or any other person of any claim or the commencement of any
action or proceeding relating to a transaction contemplated by this engagement letter. 

  
 DIVINE CAPITAL MARKETS LLC 

NEW YORK I CHICAGO 
 39 Broadway, 36’’’ Floor, New
York, NY 10006     |     tel 212 344 5867     |     fax 212 509 5867     |     www.divinecapitaLcom
    |     Membel FINRA sine MSFIN 

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

  
 DIVINE CAPITAL MARKETS LLC 

NEW YORK I CHICAGO 
 39 Broadway, 36’’’ Floor, New
York, NY 10006     |     tel 212 344 5867     |     fax 212 509 5867     |     www.divinecapitaLcom
    |     Membel FINRA sine MSFIN

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