Document:

Exhibit 10.3

 

MANAGEMENT
SERVICES AGREEMENT

 

THIS MANAGEMENT SERVICES
AGREEMENT (this “Agreement”) is made as of March 17, 2015, by and between Checkpoint Therapeutics, Inc. a Delaware
corporation (the “Company”), and Fortress Biotech, Inc., a Delaware corporation (the “Manager”
and individually a “Party” or collectively the “Parties”).

 

WHEREAS, on the terms
and subject to the conditions contained in this Agreement, the Company desires to obtain certain management, advisory and consulting
services from the Manager, and the Manager has agreed to perform such management, advisory and consulting services;

 

WHEREAS, the Parties
are also entering into as of the date hereof the Founders Agreement for the transfer of the Assets (as defined in the Founders
Agreement), and the execution of this Agreement is a condition to the willingness of the Manager to transfer the Assets.

 

WHEREAS, this Agreement
has been approved by the Company’s Board of Directors.

  

NOW, THEREFORE, in
consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties hereto agree as follows:

 

1.            Management, Advisory
and Consulting Services.

 

1.1           Board of Directors
Supervision. The activities of the Manager to be performed under this Agreement shall be subject to the supervision of the
Board of Directors (“Board”) and subject to reasonable policies not inconsistent with the terms of this Agreement
adopted by the Board and in effect from time-to-time. Where not required by applicable law or regulation, the Manager shall not
require the prior approval of the Board to perform its duties under this Agreement. Notwithstanding the foregoing, the Manager
shall not have the authority to bind the Company, and nothing contained herein shall be construed to create an agency relationship
between the Company and the Manager.

 

1.2           Services.
Subject to any limitations imposed by applicable law or regulation, the Manager shall render or cause to be rendered management,
advisory and consulting services to the Company, which services may include advice and assistance concerning any and all aspects
of the operations, clinical trials, financial planning and strategic transactions and financings of the Company and conducting
relations on behalf of the Company with accountants, attorneys, financial advisors and other professionals (collectively, the
“Services”). The Manager shall provide and devote to the performance of this Agreement such employees, Affiliates
and agents of the Manager as the Manager shall deem appropriate to the furnishing of the Services hereunder. Additionally, at
the request of Manager, the Company will utilize clinical research services, medical education, communication and marketing services
and investor relations/public relation services of companies or individuals designated by Manager, including Affiliates, employees
or consultants of Manager, provided those services are offered at market prices. “Affiliate” means a person or entity
that controls, is controlled by or is under common control with a party, but only for so long as such control exists. For the
purposes of this Section 1.1, the word “control” (including, with correlative meaning, the terms “controlled
by” or “under common control with”) means the actual power, either directly or indirectly through one or more
intermediaries, to direct the management and policies of such person or entity, whether by the ownership of at least 50% of the
voting stock of such entity, or by contract or otherwise.

 

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1.3         Non-exclusivity,
Freedom to Pursue Opportunities and Limitation on Liability.

 

1.3.1 Non Exclusivity.
The Manager shall devote such time and efforts to the performance of Services contemplated hereby as the Manager deems reasonably
necessary or appropriate; provided, however, that no minimum number of hours is required to be devoted by the Manager on a weekly,
monthly, annual or other basis. The Company acknowledges that the Manager’s Services are not exclusive to the Company and
that the Manager will render similar Services to other persons and entities.

 

1.3.2  Freedom to
Pursue Opportunities. In recognition that the Manager and its Affiliates currently have, and will in the future have or will
consider acquiring, investments in numerous companies with respect to which the Manager or its Affiliates may serve as an advisor,
a director or in some other capacity, and in recognition that the Manager and its Affiliates have a myriad of duties to various
investors, and in anticipation that the Company and the Manager (or one or more Affiliates or clients of the Manager) may engage
in the same or similar activities or lines of business and have an interest in the same areas of corporate opportunities, and in
recognition of the benefits to be derived by the Company hereunder and in recognition of the difficulties that may confront any
manager who desires and endeavors fully to satisfy such manager’s duties in determining the full scope of such duties in
any particular situation, the provisions of this Section 1.3.2 are set forth to regulate, define and guide the conduct of
certain affairs of the Company as they may involve the Manager.

 

Except as the Manager
may otherwise agree in writing after the date hereof:

 

(i) the Manager will
have the right: (A) to directly or indirectly engage in any business including, without limitation, any business activities or
lines of business that are the same as or similar to those pursued by, or competitive with, any of the Company’s, (B) to
directly or indirectly do business with any client or customer of the Company, (C) to take any other action that the Manager believes
in good faith is necessary to or appropriate to fulfill its obligations as described in the first sentence of this Section 1.3.2,
and (D) not to present potential transactions, matters or business opportunities to the Company, and to pursue, directly or indirectly,
any such opportunity for itself, and to direct any such opportunity to another person.

  

(ii) the Manager and
its officers, employees, partners, members, other clients, Affiliates and other associated entities will have no duty (contractual
or otherwise) to communicate or present any corporate opportunities to the Company or to refrain from any action specified in Section
1.3.2(i), and the Company on its own behalf and on behalf of its Affiliates, hereby renounces and waives any right to require
the Manager or any of its Affiliates to act in a manner inconsistent with the provisions of this Section 1.3.2.

 

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(iii) Neither the Manager
nor any officer, director, employee, partner, member, stockholder, Affiliate or associated entity thereof will be liable to the
Company for breach of any duty (contractual or otherwise) by reason of any activities or omissions of the types referred to in
this Section 1.3.2 or of any such person’s participation therein.

 

  1.3.3   Limitation
of Liability. In no event will the Manager or any of its Affiliates be liable to the Company for any indirect, special, incidental
or consequential damages, including, without limitation, lost profits or savings, whether or not such damages are foreseeable,
or for any third party claims (whether based in contract, tort or otherwise), relating to the Services to be provided by the Manager
hereunder. The Manager’s liability shall be limited to direct damages not to exceed the total fees paid to Manager for the
Services provided to the Company through the date of any claim.

 

2.             Term.     The
Manager shall provide the Services set forth in Section 1 above from the date hereof until the earlier of (a) termination
of this Agreement by mutual agreement of the Manager and the Company and (b) the 5th anniversary of this Agreement;
provided that this Agreement shall be automatically extended for additional five year periods unless the Manager or the
Company provides written notice of its desire not to automatically extend the term of this Agreement to the other Parties hereto
at least ninety (90) days prior to such date (such period, the “Term”).

 

No termination of this
Agreement, whether pursuant to this Section 2 or otherwise, will affect the Company’s duty to pay any Management Fee
(as defined herein in Section 3) accrued, or to reimburse any cost or expense incurred pursuant to Section 4 hereof,
prior to the effective date of such termination. Upon termination of this Agreement, the Manager’s right to receive any
further Management Fee or reimbursement for costs and expenses that have not accrued or been incurred to the date of termination
shall cease and terminate. Additionally, the obligations of the Company under Section 4 (Expenses), Section 7 (Indemnification),
the provisions of Section 1.3.2 above (whether in respect of or relating to Services rendered prior to termination of this
Agreement or in respect of or relating to any Services provided after termination of this Agreement) and the provisions of Section
14 (Governing Law) will also survive any termination of this Agreement to the maximum extent permitted under applicable law.

 

3.             Compensation.

 

  3.1           In
consideration of the management, consulting and financial services to be rendered, the Company will pay to the Manager an annual
base management and consulting fee in cash in the aggregate amount of five hundred thousand dollars ($500,000) (the “Annual
Consulting Fee”), payable in advance in equal quarterly installments on the first business day of each calendar quarter
in each year, provided, that such Annual Consulting Fee shall be increased to $1,000,000 for each calendar year in which
the Company has Net Assets in excess of $100,000,000 at the beginning of the calendar year. For purposes of this Agreement, “Net
Assets” shall mean the difference between total assets on the one hand and current liabilities and non-capitalized
long-term liabilities on the other hand.

 

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The fees due to Manager
pursuant to this Section 3.1 shall be referred to as the “Management Fee.” Notwithstanding the foregoing,
the first Annual Consulting Fee payment shall be made on the first business day of the calendar quarter immediately following the
completion of the first equity financing for the Company that is in excess of $10,000,000 in gross proceeds. The first payment
shall include all amounts in arrears from the date hereof through such payment as well as the amounts in advance for such first
quarterly payment.

 

  3.2           Any payment pursuant
to this Section 3 shall be made in cash by wire transfer(s) of immediately available funds to or among one or more
accounts as designated from time-to-time by the Manager to the Company in writing.

 

4.             Expenses.
Actual and direct out-of-pocket expenses reasonably incurred by the Manager and its personnel in performing the Services shall
be reimbursed to the Manager by the Company upon the delivery to the Company of an invoice, receipt or such other supporting data
as the Company reasonably shall require. The Company shall reimburse the Manager by wire transfer of immediately available funds
for any amount paid by the Manager, which shall be in addition to any other amount payable to the Manager under this Agreement.

 

5.             Reserved.

 

6.             Decisions and
Authority of the Manager.

 

  6.1           No
Liability. The Company reserves the right to make all decisions with regard to any matter upon which the Manager has rendered
advice and consultation, and there shall be no liability of the Manager for any such advice accepted by the Company pursuant to
the provisions of this Agreement. The Manager will not be liable for any mistakes of fact, errors of judgment or losses sustained
by the Company or for any acts or omissions of any kind (including acts or omissions of the Manager), except to the extent caused
by intentional misconduct of the Manager as finally determined by a court of competent jurisdiction.

 

  6.2           Independent
Contractor. The Manager shall act solely as an independent contractor and shall have complete charge of its respective personnel
engaged in the performance of the Services under this Agreement. Neither the Manager nor its officers, employees or agents will
be considered employees or agents of the Company or any of its respective subsidiaries as a result of this Agreement. As an independent
contractor, the Manager shall have authority only to act as an advisor to the Company and shall have no authority to enter into
any agreement or to make any representation, commitment or warranty binding upon the Company or to obtain or incur any right,
obligation or liability on behalf of the Company. Nothing contained in this Agreement shall result in the Manager or any of its
partners or members or any of their Affiliates, investment managers, investment advisors or partners being a partner of or joint
venturer with the Company.

 

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7.           Indemnification.

 

7.1           Indemnification.
The Company shall (i) indemnify the Manager and its respective Affiliates, directors, officers, employees and agents (collectively,
the “Indemnified Party”), to the fullest extent permitted by law, from and against any and all actions, causes
of action, suits, claims, liabilities, losses, damages and costs and expenses in connection therewith, including without limitation
reasonable attorneys’ fees and expenses (“Indemnified Liabilities”) to which the Indemnified Party may
become subject, directly or indirectly caused by, related to or arising out of the Services or any other advice or Services contemplated
by this Agreement or the engagement of the Manager pursuant to, and the performance by such Manager of the Services contemplated
by, this Agreement, and (ii) promptly reimburse the Indemnified Party for Indemnified Liabilities as incurred, in connection with
the investigation of, preparation for or defense of any pending or threatened claim or any action or proceeding arising therefrom,
whether or not such Indemnified Party is a party and whether or not such claim, action or proceeding is initiated or brought by
or on behalf of the Company or Manager and whether or not resulting in any liability. If and to the extent that the foregoing
undertaking may be unenforceable for any reason, the Company hereby agrees to make the maximum contribution to the payment and
satisfaction of each of the Indemnified Liabilities that is permissible under applicable law.

 

7.2           Limited
Liability. The Company shall not be liable under the indemnification contained in Section 7.1 hereof with respect to
the Indemnified Party to the extent that such Indemnified Liabilities are found in a final non-appealable judgment by a court
of competent jurisdiction to have resulted directly from the Indemnified Party’s willful misconduct or gross negligence.
The Company further agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract, tort or
otherwise) to the Company, holders of its securities or its creditors related to or arising out of the engagement of the Manager
pursuant to, or the performance by the Manager of the Services contemplated by, this Agreement.

 

8.           Notices.
All notices, demands, or other communications to be given or delivered under or by reason of the provisions of this Agreement
shall be in writing and shall be deemed to have been given or made when (i) delivered personally to the recipient, (ii) telecopied
to the recipient (with a hard copy sent to the recipient by reputable overnight courier service (charges prepaid)) if telecopied
before 5:00 p.m. Eastern Standard Time on a business day, and otherwise on the next business day, (iii) one (1) business
day after being sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) received via electronic
mail by the recipient if received via electronic mail before 5:00 p.m. Eastern Standard Time on a business day, and otherwise
on the next business day after such receipt. Such notices, demands and other communications shall be sent to the address for such
recipient indicated below or to such other address or to the attention of such other person as the recipient party has specified
by prior written notice to the sending party.

 

 Notices
to the Manager

 

 3 Columbus
Circle, 15th Floor

 New
York, NY 10023

 Attn:
Lindsay A. Rosenwald, MD

 lr@fortressbiotech.com

  

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 Notices
to the Company:

 

 3 Columbus
Circle, 15th Floor 

 New York,
NY 10023 

 Attn: Michael
S. Weiss 

 mw@fortressbiotech.com 

 

9.
            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 best 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 such terms, provisions, covenants and
restrictions which may be hereafter declared invalid, illegal, void or unenforceable.

 

10.          Entire Agreement.
This Agreement contains the entire understanding of the Parties with respect to the subject matter hereof and supersedes any prior
communication or agreement with respect thereto.

 

11.          Counterparts.
This Agreement may be executed in multiple counterparts, and any Party may execute any such counterpart, each of which when executed
and delivered will thereby be deemed to be an original and all of which counterparts taken together will constitute one and the
same instrument. The delivery of this Agreement may be effected by means of an exchange of facsimile or portable document format
(.pdf) signatures.

 

12.
         Amendments and Waiver. No amendment or waiver of any term, provision or condition of this Agreement will be effective, unless
in writing and executed by both the Company and the Manager. No waiver on any one occasion will extend to, effect or be construed
as a waiver of any right or remedy on any future occasion. No course of dealing of any person nor any delay or omission in exercising
any right or remedy will constitute an amendment of this Agreement or a waiver of any right or remedy of any Party hereto.

 

13.          Successors and
Assigns. All covenants and agreements contained in this Agreement by or on behalf of any of the Parties hereto will bind and
inure to the benefit of the respective successors and assigns of the Parties hereto whether so expressed or not. Neither the Company
nor the Manager may assign its rights or delegate its obligations hereunder without the prior written consent of the other Party,
which consent shall not be unreasonably withheld; provided, that the Manager may assign this Agreement to any of its Affiliates.

 

14.           Governing Law.
This Agreement shall be governed by and construed in accordance with the substantive laws of the state of New York, without giving
effect to any choice of law or conflict of law provision or rule that would cause the application of the laws of any jurisdiction
other than the state of New York.

 

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15.          Waiver of Jury
Trial. To the extent not prohibited by applicable law which cannot be waived, each of the Parties hereto hereby waives, and
covenants that it will not assert (whether as plaintiff, defendant or otherwise), any right to trial by jury in any forum in respect
of any issue, claim, demand, cause of action, action, suit or proceeding arising out of or based upon this Agreement or the subject
matter hereof, in each case whether now existing or hereafter arising and whether in contract or tort or otherwise. Any of the
Parties hereto may file an original counterpart or a copy of this Agreement with any court as written evidence of the consent of
each of the Parties hereto to the waiver of its right to trial by jury.

 

16.          No Strict Construction.
The Parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question
of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the Parties hereto, and no presumption
or burden of proof will arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement.

 

17.          Headings; Interpretation.
The headings in this Agreement are for convenience and reference only and shall not limit or otherwise affect the meaning hereof.
The use of the word “including” in this Agreement will be by way of example rather than by limitation.

  

* * * * * *

 

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

 

	 	CHECKPOINT THERAPEUTICS, INC.
	 	 
	 	By:	 	/s/ Michael S. Weiss
	 	Name:	Michael S. Weiss
	 	Title:	President

 

	 	FORTRESS BIOTECH, INC.
	 	 
	 	By:	 	/s/ Lindsay A. Rosenwald
	 	Name:	Lindsay A. Rosenwald, MD
	 	Title:	President

 

    	Signature Page to Management Services AgreementExhibit
10.4 

 

CHECKPOINT
THERAPEUTICS, INC.

 

Promissory
Note

 

	Issuance
    Date: February 27, 2015	Original
    Principal Amount: U.S. $2,350,917
	Execution Date: July
    30, 2015	 

 

FOR
VALUE RECEIVED, Checkpoint Therapeutics, Inc., a Delaware corporation (the “Company”), hereby promises
to pay to the order of NSC Biotech Venture Fund I, LLC or its registered assigns (“Holder”) the amount set
out above as the Original Principal Amount (the “Principal”) on the Maturity Date (as defined below), and to
pay Interest (“Interest”) on any outstanding Principal (as defined below) at the applicable Interest Rate (as
defined below) from the date set out above as the Issuance Date (the “Issuance Date”) until the same becomes
due and payable. This Promissory Note (including all Promissory Notes issued in exchange, transfer or replacement hereof, this
“Note”) is issued is partial satisfaction of the Promissory Note under which Fortress Biotech, Inc. (f/k/a
Coronado Biosciences, Inc.) owed Holder (the “Original Note”). Accordingly, although later issued, the Issuance
Date is the date of the Original Note. The issuance of this Note is in effect a novation of the Original Note by the Company,
and Fortress Biotech, Inc. (f/k/a Coronado Biosciences, Inc.) is no longer primarily liable for the Principal, although a guarantee
may still be in effect.

 

1.          PAYMENTS
OF PRINCIPAL. During the first 24 months after the Issuance Date, no Principal will be payable. Commencing on the 25th
month (or the 31st month if the Maturity Date Extension occurs pursuant to Section 2(c)), the outstanding Principal
will be paid in 12 equal monthly installments on the Interest Dates (as defined in Section 2(a) below. The last day of the 36th
month after the Issuance Date (or the 42nd month if the Maturity Date Extension occurs) will be the “Maturity
Date”. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal,
accrued and unpaid Interest and accrued and unpaid Late Charges on such Principal and Interest. Other than as specifically permitted
by this Note, the Company may not prepay any portion of the outstanding Principal, accrued and unpaid Interest or accrued and
unpaid Late Charges on Principal and Interest, if any.

 

2.          INTEREST;
INTEREST RATE.

 

(a)         Interest
on this Note shall commence accruing on the Issuance Date and shall be computed on the basis of a 365-day year, and shall be payable
(i) for the first 24 months following the Issuance Date (or the first 30 months following the Issuance Date, if the Maturity Date
Extension occurs pursuant to Section 2(c) below), in arrears for each Quarter on January 1, April 1, July 1 and October 1 of each
year, and (ii) for the 25th through 36th months following the Issuance Date (or the 31st through
42nd months following the Issuance Date, if the Maturity Date Extension (as defined in Section 2(c)) occurs), in arrears
for each calendar month on the first day of the following calendar month (each date that interest is payable is an “Interest
Date”), with the first Interest Date being April 1, 2015, and shall compound on each Interest Date. Interest shall be
payable on each Interest Date, to the record Holder of this Note on the applicable Interest Date, in cash (the “Interest”).

 

(b)        Prior
to the payment of Interest on an Interest Date, Interest on this Note shall accrue at the rate of eight percent (8%) per annum
(the “Interest Rate”). From and after the occurrence and during the continuance of any Event of Default (as
defined in Section 4(a) below), the Interest Rate shall automatically be increased to twelve percent (12%). In the event that
such Event of Default is subsequently cured, the adjustment referred to in the preceding sentence shall cease to be effective
as of the calendar day immediately following the date of such cure; provided that the Interest as calculated and unpaid at such
increased rate during the continuance of such Event of Default shall continue to apply to the extent relating to the days after
the occurrence of such Event of Default through and including the date of such cure of such Event of Default.

 

(c)        The
Company may, in its sole discretion, upon notice to Holder, extend the Maturity Date by 6 months, if Company gives Holder notice
of such extension during the first 24 months following the Issuance Date (such extension being the “Maturity Date Extension”).

 

3.          RESERVED.

 

    	 

    	 

    

 

4.           RIGHTS
UPON EVENT OF DEFAULT.

 

(a)         Event
of Default. Each of the following events shall constitute an “Event of Default”:

 

(i)          the
Company’s failure to pay to the Holder any amount of Principal, Interest, Late Charges or other amounts when and as due
under this Note or any other agreement, document, certificate or other instrument delivered in connection with the transactions
contemplated hereby, except, in the case of a failure to pay Interest and Late Charges when and as due, only if such failure remains
uncured for a period of at least five (5) days;

 

(ii)         bankruptcy,
insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be instituted against
the Company and, shall not be dismissed within thirty (30) days of their initiation; or

 

(iii)        the
commencement by the Company of a voluntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency,
reorganization or other similar law, or the consent by it to the filing of such petition or to the appointment of or taking possession
by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial
part of its property, or the making by it of an assignment for the benefit of creditors, or the execution of a composition of
debts, or the occurrence of any other similar federal, state or foreign proceeding, or the admission by it in writing of its inability
to pay its debts generally as they become due.

 

5.          VOTING
RIGHTS. The Holder shall have no voting rights as the holder of this Note, except as required by law (including, without limitation,
the Delaware General Corporation Law) and as expressly provided in this Note.

 

6.          RESERVED.

 

7.          AMENDING
THE TERMS OF THIS NOTE. Excluding a Maturity Date Extension, the prior written consent of the Holder shall be required for
any change or amendment to this Note.

 

8.          TRANSFER.
This Note may be offered, sold, assigned or transferred by the Holder without the consent of the Company.

 

9.          REISSUANCE
OF THIS NOTE.

 

(a)         Transfer.
If this Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company will forthwith issue
and deliver upon the order of the Holder a new Note (in accordance with Section 9(c)), registered as the Holder may request, representing
the outstanding Principal being transferred by the Holder and, if less than the entire outstanding Principal is being transferred,
a new Note (in accordance with Section 9(c)) to the Holder representing the outstanding Principal not being transferred.

 

(b)         Lost,
Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Note (as to which a written certification and the indemnification contemplated below shall suffice
as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company
in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Note, the Company shall
execute and deliver to the Holder a new Note (in accordance with Section 9(c)) representing the outstanding Principal.

 

(c)         Issuance
of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such new Note (i) shall
be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal remaining outstanding
(or in the case of a new Note being issued pursuant to Section 9(a), the Principal designated by the Holder which, when added
to the principal represented by the other new Notes issued in connection with such issuance, does not exceed the Principal remaining
outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have an issuance date, as indicated
on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have the same rights and conditions
as this Note, and (v) shall represent accrued and unpaid Interest and Late Charges on the Principal and Interest of this Note,
from the Issuance Date.

 

    	 

    	 

    

 

10.          REMEDIES,
CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note shall be cumulative
and in addition to all other remedies available under this Note and Note Purchase Agreement at law or in equity (including a decree
of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder’s right to pursue actual
and consequential damages for any failure by the Company to comply with the terms of this Note. The Company covenants to the Holder
that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth
or provided for herein with respect to payments, shall be the amounts to be received by the Holder and shall not, except as expressly
provided herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that
a breach by it of its obligations hereunder may cause irreparable harm to the Holder and that the remedy at law for any such breach
may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be
entitled, in addition to all other available remedies, to seek an injunction restraining any such breach or any such threatened
breach, without the necessity of showing economic loss and without any bond or other security being required. The Company shall
provide all information and documentation to the Holder that is requested by the Holder to enable the Holder to confirm the Company’s
compliance with the terms and conditions of this Note.

 

11.          PAYMENT
OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Note is placed in the hands of an attorney for collection or enforcement
or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts due under this
Note or to enforce the provisions of this Note or (b) there occurs any bankruptcy, reorganization, receivership of the Company
or other proceedings affecting Company creditors’ rights and involving a claim under this Note, then the Company shall pay
the reasonable costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy,
reorganization, receivership or other proceeding, including, without limitation, attorneys’ fees and disbursements. The
Company expressly acknowledges and agrees that no amounts due under this Note shall be affected, or limited, by the fact that
the purchase price paid for this Note was less than the original Principal amount hereof.

 

12.          CONSTRUCTION;
HEADINGS. This Note shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against
any Person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part of, or affect
the interpretation of, this Note. Terms used in this Note but defined in the Note Purchase Agreement shall have the meanings ascribed
to such terms on the Closing Date in such Note Purchase Agreement unless otherwise consented to in writing by the Holder.

 

13.          FAILURE
OR INDULGENCE NOT WAIVER. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege. No waiver shall be effective unless it is in writing and
signed by an authorized representative of the waiving party.

 

14.          NOTICES;
CURRENCY; PAYMENTS.

 

(a)          Notices.
Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be given in accordance
with Section 6.1 of the Note Purchase Agreement. The Company shall provide the Holder with prompt written notice of all actions
taken pursuant to this Note, including in reasonable detail a description of such action and the reason therefore.

 

(b)          Currency.
All dollar amounts referred to in this Note are in United States Dollars (“U.S. Dollars”), and all amounts
owing under this Note shall be paid in U.S. Dollars.

 

(c)          Payments.
Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, unless otherwise expressly set
forth herein, such payment shall be made in lawful money of the United States of America by a check drawn on the account of the
Company and sent to such Person at such address as previously provided to the Company in writing (which address, in the case of
each of the Buyers, shall initially be as set forth on the Note Purchase Agreement), provided that the Holder may elect to receive
a payment of cash via wire transfer of immediately available funds by providing the Company with prior written notice setting
out such request and the Holder’s wire transfer instructions. Whenever any amount expressed to be due by the terms of this
Note is due on any day which is not a Business Day, the same shall instead be due on the next succeeding day which is a Business
Day. Any amount of Principal or Interest which is not paid when due shall result in a late charge being incurred and payable by
the Company in an amount equal to interest on such amount at the rate of twelve (12%) per annum from the date such amount was
due until the same is paid in full (“Late Charge”).

 

    	 

    	 

    

  

15.          CANCELLATION.
After all Principal, accrued Interest, Late Charges and other amounts at any time owed on this Note have been paid in full, this
Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation and shall not be reissued.

 

16.          WAIVER
OF NOTICE. To the extent permitted by law, the Company hereby irrevocably waives demand, notice, presentment, protest and
all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note and
the Note Purchase Agreement.

 

17.          GOVERNING
LAW. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the internal laws of the State of New York, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits
to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue
of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. In the event that any provision of this Note is invalid or unenforceable under any applicable
statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall
be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under
any law shall not affect the validity or enforceability of any other provision of this Note. Nothing contained herein shall be
deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction
to collect on the Company’s obligations to the Holder, to realize on any collateral or any other security for such obligations,
or to enforce a judgment or other court ruling in favor of the Holder. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY
HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING
OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

18.          MAXIMUM
PAYMENTS. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or other charges
in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid or other charges
hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited against amounts owed
by the Company to the Holder and thus refunded to the Company.

 

19.          CERTAIN
DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

 

(a)          “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed.

 

(b)         
“Closing Date” shall have the meaning set forth in the Note Purchase Agreement, which date is the date the
Company initially issued Notes pursuant to the terms of the Note Purchase Agreement.

 

(c)          “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.

 

    	 

    	 

    

 

(d)          “Quarter”
means each of: (i) the period beginning on and including January 1 and ending on and including March 31; (ii) the period beginning
on and including April 1 and ending on and including June 30; (iii) the period beginning on and including July 1 and ending on
and including September 30; and (iv) the period beginning on and including October 1 and ending on and including December 31. 

 

(e)          “Note
Purchase Agreement” means those certain securities purchase agreements by and among the Company and the initial Holders
pursuant to which the Company issued the Notes, as may be amended from time to time.

 

(f)          
“Subsidiary” means, as of any date of determination, any Person which the Company, directly or indirectly)
controls.

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be duly executed as of the Issuance Date set out above.

 

	 	CHECKPOINT
                    THERAPEUTICS, INC. 

	 	 
	 	By:	             /s/
    Michael S. Weiss
	 	 	Michael
    S. Weiss, President and Interim CEO

 

	Document Number: 879422	Version: 1

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